AOXY reported Q3 2025 revenue of 10.585 million USD with an implied gross margin of 100% (gross profit 10.585; gross margin 1.00), EBITDA of 5.103 million and net income of 2.818 million, yielding a net margin of 26.6% and an EPS of 0.0009. YoY revenue and gross profit declined 1.72%, while QoQ revenue declined 20.15% as the quarter lapped a stronger Q2 base. The operating margin remained robust at 48.21%, supported by controlled operating expenses (GA&A of 5.482 million) and a streamlined cost structure. Balance-sheet data depict a asset-heavy profile (PPE at 585.65 million) financed with a modest debt load (short-term debt 127.029 million; total debt 127.029 million) and a cash balance of 57.705 million, producing a net debt position of 69.324 million. Liquidity metrics are tight (current ratio and quick ratio both at 0.202), suggesting limited cushion to fund short-term obligations without accessing external financing. Despite the negative retained earnings balance (-20.75 billion), the company generated operating cash flow of 11.224 million and free cash flow of 11.224 million during the quarter, with financing activities contributing an outflow of 18.93 million, primarily driven by debt repayments. Management commentary from the earnings call is not provided in the available transcript, limiting direct quote-based interpretation, but the results imply a deliberate capital structure management strategy and a focus on asset-backed cash flow. Investors should monitor balance-sheet resilience, potential asset monetization, and any guidance on Danish property lease activity and diversification of revenue streams.