Sparta Commercial Services (SRCO) reported a solid quarterly uptick in revenue for QQ3 2025, with revenue of 78,998 (USD thousands) representing approximately a 115% year-over-year increase and a 65% quarter-over-quarter rise. Gross margin remained exceptionally robust at 90.57%, underscoring a favorable product mix and strong pricing on the core revenue line. However, the quarter delivered a substantial net and operating loss driven by an outsized SG&A burden and significant interest/other expenses; EBITDA registered a negative 365,796, yielding an EBITDAR of -4.63x and an operating loss of -185,720. Net income deteriorated to -411,012, translating to a net margin of -5.20% and an EPS of -0.0126. Cash flow from operations remained negative at -179,114, with free cash flow also negative by the same amount, while financing activities provided a modest £134,738 in net cash, resulting in a net decrease in cash of -$44,376 in the period. The balance sheet shows acute liquidity stress with a current ratio of 0.0751 and a cash balance of 49,464, but a substantial liability base (total liabilities of 11,277,716) and negative stockholders’ equity (-11,461,438). These dynamics imply a near-term burn-rate risk, a high dependence on external financing, and a material need for operating leverage improvements to restore profitability and balance-sheet resilience. Investors should weigh the combination of topline growth against the persistent cash burn and leverage; near-term catalysts would include SG&A rationalization, working-capital optimization, and any strategic initiatives aimed at monetizing core software/app platforms.