Executive Summary

Revenue was $8.53M (+39% year over year), driven primarily by Telecommunications Products & Services; gross profit fell to $0.44M (-30% YoY) as cost of revenue rose 47% .
Quarterly net loss improved to $1.66M (-15% YoY) and loss per share to $0.03 vs $0.04 last year .
Liquidity is tight: cash and equivalents were $164,600 at quarter end; the company raised ~$4.44M net via a registered direct offering in December to support initiatives .
Management highlighted expansion into Command & Communications and plans to accelerate Big Data monetization as near-term growth drivers .

What Went Well and What Went Wrong

What Went Well

Revenue grew 39% YoY; Telecommunications Products & Services was cited as the primary growth engine .
Operating discipline: G&A expenses decreased by $676,566 (-30%) in Q3 2025 .
Management tone constructive on new segments: “well-positioned to capitalize on new growth opportunities” in Command & Communications and Big Data partnerships .

What Went Wrong

Gross profit declined 30% YoY to $0.44M as cost of revenue increased 47% YoY, pressuring margins .
Big Data generated $0 revenue in the quarter (vs $5,584 last year), and SMS & MMS remains very small at $44,457 (vs $7,900 last year) .
Quarter-end cash was $164,600, underscoring near-term liquidity constraints despite subsequent financing .

Financial Results

Income statement trajectory (quarterly)

Metric	Q1 2025	Q2 2025	Q3 2025
Revenue ($USD Millions)	$8.37	$8.46	$8.53
Cost of Revenue ($USD Millions)	$7.69	$8.16	$8.09
Gross Profit ($USD Millions)	$0.68	$0.30	$0.44
Net Loss ($USD Millions)	$1.66	$1.69 (attrib. to shareholders)	$1.66
Diluted EPS ($USD)	$(0.03)	$(0.03)	$(0.03)
Gross Margin (%)	8.1% (calc.)	3.5% (calc.)	5.2% (calc.)

Notes: Gross margin percentages are calculated from reported revenue and gross profit; citations reference the source figures.

YoY snapshot (Q3 2025 vs Q3 2024)

Metric	Q3 2024	Q3 2025	YoY
Revenue ($USD Millions)	$6.14	$8.53	+39%
Cost of Revenue ($USD Millions)	$5.50	$8.09	+47%
Gross Profit ($USD Millions)	$0.64	$0.44	-30%
Net Loss ($USD Millions)	$1.94	$1.66	-15%
Diluted EPS ($USD)	$(0.04)	$(0.03)	+$0.01

Segment breakdown (reported)

Segment Revenue ($USD)	Q3 2024	Q3 2025
Telecommunications Products & Services	Not disclosed; -41% YoY change cited	Not disclosed; +$2.36M and +39% YoY change cited
SMS & MMS	$7,900	$44,457
Big Data	$5,584	$0
Command & Communication	$0 (not launched)	Not disclosed in Q3 release
Total Revenue	$6.14M	$8.53M

KPIs and balance sheet items (quarterly)

KPI ($USD)	Q1 2025 (May 31)	Q2 2025 (Aug 31)	Q3 2025 (Nov 30)
Cash & Equivalents	$1,064,124	$810,284	$164,600
Working Capital	$10,732,123	$9,708,861	$9,426,608
Shareholders’ Equity	$10,906,006	$9,878,372	$9,583,495
Total Assets	$26.31M	$30.19M	$31.94M
Total Liabilities	$15.40M	$20.31M	$22.36M
Shares Outstanding	52,712,850	52,712,850	53,807,850

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	Balance of FY 2025	No numeric guidance provided	Management expects cloud-based services and Command & Communications to drive significant revenue growth; accelerating Big Data monetization	N/A (qualitative)
Gross Margin	Balance of FY 2025	Aim to optimize product mix to improve margins	Continued focus on higher-margin segments; expansion into Command & Communications	Maintained qualitative focus

No formal numeric ranges for revenue, margins, OpEx, OI&E, tax rate, or dividends were provided in Q3 materials .

Earnings Call Themes & Trends

No Q3 2025 earnings call transcript was available in the filing set; we searched and found none [List: earnings-call-transcript=0].

Tracking narrative across the last three quarters (press releases):

Topic	Previous Mentions (Q1 & Q2)	Current Period (Q3 2025)	Trend
Big Data monetization	Sapientus platform progressing; commercialization expected longer-term	“Accelerate the monetization of partnerships within our Big Data Business”; Q3 Big Data revenue $0	Continued focus; revenue timing still pending
Command & Communications / Cloud	Cloud and Command & Communication expected to drive growth; $28,730 revenue in Q2	Expanding presence in Command & Communications; Q3 release referenced segment without revenue detail	Scaling initiatives; disclosure still limited
Product mix and margins	Q2: higher-margin Cloud mix; goal to improve gross margin	Q3: gross profit fell; cost of revenue increased; management still targeting margin improvement	Margin pressure persists; optimization ongoing
SMS & MMS	Q1: very large increase vs prior year; strategic reallocation	Q3: revenue $44,457 (small); regulatory backdrop previously a headwind	Stabilizing at low level
Liquidity/financing	Q1/Q2: adequate working capital; raising profile of new services	December registered direct offering raised ~$4.44M net	Liquidity bolstered post-Q3

Management Commentary

“We are proud to report a 39% increase in our revenue performance in Q3 2025... primarily due to substantial growth in our Telecommunications Products and Services division.” — Martin Shen, CEO .
“Going forward, we are well-positioned to capitalize on new growth opportunities as we expand our presence in the new Command and Communications segment and accelerate the monetization of partnerships within our Big Data Business.” — Martin Shen, CEO .
Q2 set the tone for margin strategy: “We saw a positive shift in our product mix, with increased revenue from our higher-margin Cloud services... we are confident in our ability to optimize our product mix and improve our gross margin performance.” — Martin Shen, CEO .
Q1 outlook emphasized Da Ge app utilization and Insuretec partnerships as drivers, alongside cloud-based services and lifestyle app contributions later in the fiscal year .

Q&A Highlights

No Q3 2025 earnings call transcript or Q&A was located in the filings; therefore, no call-based clarifications or tone changes can be provided [List: earnings-call-transcript=0].

Estimates Context

Wall Street consensus estimates via S&P Global were unavailable in this session; we were unable to retrieve Q3 2025 consensus revenue/EPS due to data access limits. As such, we cannot assess beat/miss versus consensus for this quarter [GetEstimates error].

Key Takeaways for Investors

Top-line growth re-accelerated (+39% YoY to $8.53M), but gross profit fell and margin pressure persists as cost of revenue rose faster than sales .
Near-term liquidity was constrained at Q3 end ($164,600 cash), partly mitigated by ~$4.44M net proceeds raised in late December; monitor cash burn and any additional financing needs .
Execution priorities are clear: scale Command & Communications and monetize Big Data partnerships; watch for measurable revenue contribution and improved mix in the next quarters .
Segment disclosure remains limited; Telecom Products & Services drives results, while SMS & MMS is small and Big Data had no Q3 revenue—additional granularity would help in modeling .
Operating discipline (G&A -30% YoY) is a positive offset; sustained cost control alongside mix shift is critical to restoring margin .
With no numeric guidance and no consensus context available, the stock’s near-term narrative hinges on tangible updates to Command & Communications wins, Big Data contracts, and margin inflection .
Risk factors include regulatory impacts on SMS/MMS, China market dynamics, and reliance on partnerships; management’s safe harbor highlights these uncertainties .

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