UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________ FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-37700 (Address of Principal Executive Offices) (Zip Code) (920) 430-1400 (Registrant's Telephone Number, Including A ...

Financial Data and Key Metrics Changes - The company reported an adjusted EBITDA of USD 86 million for the June quarter, bringing the first half unaudited adjusted EBITDA to USD 183.6 million, which is a material outperformance compared to the previous year [4][17] - The twelve-month rolling Total Recordable Injury Frequency Rate (TRIFR) was 1.29, with a Lost Time Injury Frequency Rate (LTIFR) of 0.05 for June, indicating strong safety performance [2][3] Business Line Data and Key Metrics Changes - RKF nickel metal production was 30,463 tonnes, slightly lower than the previous quarter, impacted by kiln realignment and maintenance [4][7] - HPAL production from HNC was 2,075 tonnes of nickel, continuing to operate above nameplate capacity [4] - The Hangjai mine achieved record ore sales of over 3 million wet metric tonnes, with an EBITDA of USD 41.4 million, a 33% increase from the previous quarter [6][12] Market Data and Key Metrics Changes - MHP pricing remained stable at USD 11,449, slightly higher than the previous quarter, with payabilities for MHP close to 90% [9][10] - The EBITDA margin for HNC remained strong at USD 6,219 per tonne, with an increase in EBITDA per tonne margins from USD 4,297 to USD 4,819 [10] Company Strategy and Development Direction - The company is focusing on the completion of the E and C project, with the integrated nickel refinery for cathode expected to commence commissioning after aligning working capital requirements [11][17] - The feasibility study to increase the Anglia mine RKB from 9 million tonnes to 19 million tonnes has been approved, with optimism for receiving environmental impact study approval in August [13] - The Sampala project is progressing well, with a feasibility study lodged for an initial operation of 6 million wet metric tonnes per annum [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about achieving RKAB approval in August and expects to ramp up production from the Hangjai mine significantly in the second half of the year [40] - The company is actively managing working capital and exploring various financing sources to support operations, given the tight cash flow situation [33][34] Other Important Information - The company is targeting completion of the first 8 kilometers of the haul road for the Sampala project by early Q4, with first ore delivery expected in the second half of next year [44][45] - Current margins from the Sampala project are projected to be significant, with an exploration target of over 1 billion wet metric tonnes of ore [16] Q&A Session Summary Question: Cash flow neutrality despite good EBITDA - Management explained that the neutral cash flow was primarily due to a significant working capital build, particularly in RKF operations, which is expected to unwind [20][21] Question: MHP realizations increase - Management noted market tightness contributing to improved MHP payabilities, offsetting a decrease in LME prices [22][23] Question: Delaying commissioning of E and C - Management confirmed that delaying commissioning was a strategic decision to save on working capital, particularly for limonite inventory build [29][30] Question: Debt service requirements - Management outlined that USD 33 million in interest amortization was paid in July, with an additional USD 100 million due in Q4 across bank loans and bonds [32][33] Question: Production ramp-up from Hangjai mine - Management remains optimistic about receiving the RCAB permit in August and plans to ramp up production significantly for the remainder of the year [40]

Financial Data and Key Metrics Changes - The company reported an adjusted EBITDA of $86 million for the June quarter, bringing the first half unaudited adjusted EBITDA to $183.6 million, which is a material outperformance compared to the previous year [4][16] - The twelve-month rolling Total Recordable Injury Frequency Rate (TRIFR) was 1.29, with a Lost Time Injury Frequency Rate (LTIFR) of 0.05 for June, indicating strong safety performance [2][3] Business Line Data and Key Metrics Changes - RKF nickel metal production was 30,463 tonnes, slightly lower than the previous quarter, impacted by kiln realignment and maintenance [4][7] - HPAL production from HNC was 2,075 tonnes of nickel, continuing to operate above nameplate capacity [4] - The Hangjai mine achieved record ore sales of over 3 million wet metric tonnes, with an EBITDA of $41.4 million, a 33% increase from the previous quarter [6][12] Market Data and Key Metrics Changes - MHP pricing remained stable at $11,449, slightly higher than the previous quarter, with payabilities for MHP close to 90% [8][9] - The Hengjia mine's EBITDA increased by CAD10.4 million, highlighting the benefits of integrated operations [8] Company Strategy and Development Direction - The company is focusing on the completion of the E and C project, with commissioning deferred to align working capital requirements [10][11] - The feasibility study to increase the Anglia mine RKB from 9 million tonnes to 19 million tonnes has been approved, indicating growth plans [13] - The Sampala project is progressing well, with a feasibility study lodged for an initial operation of 6 million wet metric tonnes per annum [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about achieving RKAB approval in August and expects to ramp up production from the Hangjai mine significantly [37] - The company remains confident in the exploration target of over 1 billion wet metric tonnes of ore at the Sao Paulo project, with strong margins expected [16][40] Other Important Information - The company is actively managing working capital due to a significant build-up, particularly in RKF operations [20][30] - There are discussions regarding various financing sources, excluding equity raises, to manage cash flow and debt obligations [32][33] Q&A Session Summary Question: Cash flow neutrality despite good EBITDA - Management explained that the neutral cash flow was due to a large working capital build, particularly in RKF operations, which is expected to unwind [20][21] Question: MHP realizations increase - Management noted market tightness leading to improved MHP payabilities, offsetting a decrease in LME prices [22][23] Question: Delaying commissioning of E and C - The decision to delay was significant enough to avoid building up working capital ahead of the sales license [28][30] Question: Debt service requirements - Management confirmed $33 million in interest amortization was paid in July, with another $100 million due in the remainder of the year [31][34] Question: Production ramp-up from Hangjai mine - Management remains optimistic about receiving the RCAB permit in August and targets significantly above 12 million tonnes for the year [37] Question: Development timing for Sao Paulo - The company is targeting completion of the haul road by early Q4, with first ore delivery expected in early H2 next year [40]

Safety and Sustainability - The company's 12-month lost time injury frequency rate (LTIFR) was 0.05 as of the end of June 2025 [4] - There were 186 million work hours registered in the twelve months to 30 June 2025, with one lost time injury (LTI) occurring [4] - The company's 12-month rolling total recordable injury frequency rate (TRIFR) was 129 as of the end of June 2025 [4] Production and Sales - RKEF nickel metal production reached 30,463 tonnes [7] - HPAL attributable production included 2,075 tonnes of nickel and 188 tonnes of cobalt in MHP, exceeding nameplate capacity by 38% [7] - Mining operations achieved record ore sales of 3,021,678 wmt, a 6% increase compared to the previous quarter [7] Financial Performance - HPAL attributable EBITDA was US$108 million, a 51% decrease from the March quarter [7] - Mining EBITDA amounted to US$414 million, a 33% increase from the March quarter [7] - RKEF Adjusted EBITDA was US$337 million, a 24% decrease from the March quarter [7]

Core Viewpoint - Delota Corp. has changed its auditor to Horizon Assurance LLP effective July 15, 2025, following the resignation of its previous auditor, Stern & Lovrics LLP, at the company's request [1][2]. Company Overview - Delota Corp. is the largest omni-channel specialty vape retailer in Ontario, aiming to become a leading national retailer of nicotine vape and alternative tobacco products [3]. - The company's growth strategy includes expanding its flagship brand, 180 Smoke Vape Store, through organic growth in Ontario and select provinces, enhancing its national e-commerce platform, and pursuing strategic mergers and acquisitions [3]. - Delota is focused on expanding its nicotine product assortment, improving customer experience, and increasing its registered customer base, which currently exceeds 280,000 accounts [3].

Nicolet Bankshares (NIC) came out with quarterly earnings of $2.35 per share, beating the Zacks Consensus Estimate of $2.14 per share. This compares to earnings of $1.88 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +9.81%. A quarter ago, it was expected that this bank holding company would post earnings of $1.96 per share when it actually produced earnings of $2.1, delivering a surprise of +7.14%.Over the last four quarters ...

[Financial Performance Highlights](index=1&type=section&id=Financial%20Performance%20Highlights) [Second Quarter 2025 Performance Overview](index=1&type=section&id=Second%20Quarter%202025%20Performance%20Overview) Nicolet Bankshares achieved a record **$36 million** net income in Q2 2025, driven by loan and deposit growth, mortgage revenue, and an expanding net interest margin Net Income and Diluted EPS (Millions of USD) | Metric | Q2 2025 | Q1 2025 | Q2 2024 | | :--- | :--- | :--- | :--- | | **Net Income** | $36 million | $33 million | $29 million | | **Diluted EPS** | $2.34 | $2.08 | $1.92 | - CEO Mike Daniels attributed consistent performance to **strong loan and core deposit growth**, seasonal mortgage revenue, and **healthy net interest margin expansion**[3](index=3&type=chunk) [Key Financial Metrics](index=1&type=section&id=Key%20Financial%20Metrics) Q2 2025 saw record net income, the highest return on average assets since March 2023, a 14 bps NIM increase, and solid loan and deposit growth - **Record quarterly net income** of **$36 million**[6](index=6&type=chunk) - **Return on Average Assets (ROAA)** reached **1.62%**, highest since March 2023[6](index=6&type=chunk) - **Net Interest Margin (NIM)** increased **14 bps** over Q1 2025 to **3.72%**[6](index=6&type=chunk) - Quarter-over-quarter loan growth of **$94 million** (**5.6% annualized**) and core deposit growth of **$68 million** (**4.1% annualized**)[6](index=6&type=chunk) - Repurchased **257,402 common shares** for **$30 million** during the quarter[6](index=6&type=chunk) [Financial Condition Analysis](index=1&type=section&id=Financial%20Condition%20Analysis) [Balance Sheet Review](index=1&type=section&id=Balance%20Sheet%20Review) Total assets were **$8.9 billion** as of June 30, 2025, with **$94 million** loan growth and **$68 million** core deposit growth, partially offset by reduced brokered deposits Balance Sheet Summary (Millions of USD) | Balance Sheet Item | June 30, 2025 | Change from Mar 31, 2025 | | :--- | :--- | :--- | | **Total Assets** | $8.9 billion | -$44 million | | **Total Loans** | - | +$94 million | | **Total Deposits** | $7.5 billion | -$31 million | | **Core Deposits** | - | +$68 million | | **Brokered Deposits** | - | -$99 million | | **Total Capital** | $1.2 billion | +$7 million | [Asset Quality](index=1&type=section&id=Asset%20Quality) Asset quality remained strong in Q2 2025, with nonperforming assets at **0.32%** of total assets and a stable **1.00%** allowance for credit losses Asset Quality Ratios | Metric | June 30, 2025 | March 31, 2025 | June 30, 2024 | | :--- | :--- | :--- | :--- | | **Nonperforming Assets / Total Assets** | 0.32% | 0.33% | 0.34% | | **Allowance for Credit Losses / Total Loans** | 1.00% | 1.00% | 1.00% | - Asset quality trends remain solid, with **negligible loan net charge-offs** for the quarter[5](index=5&type=chunk) [Detailed Financial Review](index=2&type=section&id=Detailed%20Financial%20Review) [Income Statement Analysis (Quarterly)](index=2&type=section&id=Income%20Statement%20Analysis%20(Quarterly)) Q2 2025 net income rose to **$36 million**, driven by a **$4 million** increase in net interest income and a **14 bps** NIM expansion to **3.72%** - Net interest income grew by **$4 million** sequentially, driven by solid loan growth, with net interest margin expanding **14 bps** to **3.72%**[8](index=8&type=chunk) - Noninterest income increased by **$2 million** quarter-over-quarter, primarily from seasonal mortgage improvements and favorable deferred compensation asset valuations[9](index=9&type=chunk) - Noninterest expense rose by **$2 million** sequentially, with personnel costs increasing **$3 million** due to higher incentives from strong earnings[10](index=10&type=chunk) [Consolidated Financial Statements & Metrics](index=3&type=section&id=Consolidated%20Financial%20Statements%20%26%20Metrics) [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets reached **$8.93 billion**, supported by increased net loans to **$6.77 billion** and total deposits to **$7.54 billion** year-over-year Consolidated Balance Sheet (Thousands of USD) | (In thousands) | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | **Total Assets** | $8,930,809 | $8,557,017 | | **Loans, net** | $6,770,733 | $6,463,720 | | **Total Deposits** | $7,541,673 | $7,241,078 | | **Total Stockholders' Equity** | $1,190,098 | $1,091,413 | [Consolidated Statements of Income](index=4&type=section&id=Consolidated%20Statements%20of%20Income) Q2 2025 net income reached **$36.0 million**, a significant increase from Q2 2024, primarily driven by a rise in net interest income to **$75.1 million** Consolidated Statements of Income (Thousands of USD) | For the Three Months Ended (In thousands) | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | **Net Interest Income** | $75,109 | $65,342 | | **Total Noninterest Income** | $20,633 | $19,609 | | **Total Noninterest Expense** | $49,919 | $46,853 | | **Net Income** | $36,035 | $29,273 | [Consolidated Financial Summary & Key Ratios](index=5&type=section&id=Consolidated%20Financial%20Summary%20%26%20Key%20Ratios) Q2 2025 financial summary shows strong profitability and efficiency, with ROAA improving to **1.62%**, NIM expanding to **3.72%**, and efficiency ratio decreasing to **51.79%** Selected Financial Ratios | Selected Ratios | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | **Return on average assets** | 1.62% | 1.39% | | **Return on average common equity** | 12.21% | 11.00% | | **Net interest margin** | 3.72% | 3.42% | | **Efficiency ratio** | 51.79% | 55.24% | - The company repurchased **257,402 shares** of common stock for approximately **$30.0 million** during Q2 2025[16](index=16&type=chunk) [Loan and Deposit Composition](index=6&type=section&id=Loan%20and%20Deposit%20Composition) As of June 30, 2025, total loans were **$6.84 billion**, with commercial loans at **$5.25 billion**, and total deposits were **$7.54 billion**, including **$6.78 billion** in core customer deposits Period End Loan Composition (Thousands of USD) | Period End Loan Composition (6/30/2025) | Amount (In thousands) | | :--- | :--- | | Commercial-based loans | $5,252,368 | | Retail-based loans | $1,586,773 | | **Total loans** | **$6,839,141** | Period End Deposit Composition (Thousands of USD) | Period End Deposit Composition (6/30/2025) | Amount (In thousands) | | :--- | :--- | | Total customer deposits (core) | $6,783,198 | | Total brokered deposits | $758,475 | | **Total deposits** | **$7,541,673** | [Net Interest Income and Margin Analysis](index=7&type=section&id=Net%20Interest%20Income%20and%20Margin%20Analysis) Q2 2025 net interest margin increased to **3.72%**, driven by a higher average rate on earning assets (**5.82%**) while the cost of interest-bearing liabilities remained stable Net Interest Margin and Rate Analysis | For the Three Months Ended | Q2 2025 | Q1 2025 | Q2 2024 | | :--- | :--- | :--- | :--- | | **Net Interest Margin** | 3.72% | 3.58% | 3.42% | | **Average Rate on Earning Assets** | 5.82% | 5.67% | 5.68% | | **Average Rate on Bearing Liabilities** | 2.86% | 2.83% | 3.09% | [Non-GAAP Financial Measures](index=2&type=section&id=Non-GAAP%20Financial%20Measures) [Use of Non-GAAP Measures](index=2&type=section&id=Use%20of%20Non-GAAP%20Measures) Nicolet uses non-GAAP measures like tangible book value and return on average tangible common equity to enhance understanding of operational performance and capital strength - The company utilizes non-GAAP measures including **adjusted net income**, **tangible book value per common share**, and **return on average tangible common equity**[12](index=12&type=chunk) - Management considers these measures useful for understanding operating performance, trends, and for peer bank comparisons[12](index=12&type=chunk) [Reconciliation of Non-GAAP Measures](index=8&type=section&id=Reconciliation%20of%20Non-GAAP%20Measures) The report reconciles GAAP to non-GAAP figures, showing Q2 2025 adjusted net income of **$36.2 million** and tangible common equity of **$805.0 million** Non-GAAP Adjusted Net Income Reconciliation (Thousands of USD) | Reconciliation (Q2 2025, In thousands) | Amount | | :--- | :--- | | Net income (GAAP) | $36,035 | | Adjustments: Assets gains, net | $199 | | Tax on Adjustments | $39 | | **Adjusted net income (Non-GAAP)** | **$36,195** | Non-GAAP Tangible Common Equity Reconciliation (Thousands of USD) | Tangible Reconciliation (June 30, 2025, In thousands) | Amount | | :--- | :--- | | Total stockholders' equity (GAAP) | $1,190,098 | | Less: Goodwill and other intangibles, net | $385,107 | | **Tangible common equity (Non-GAAP)** | **$804,991** |

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________ FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-37700 NICOLET BANKSHARES, INC. (Exact Name of Registrant as Specified in its Charter) Wisconsin 47-0871001 (State o ...

Corporate Update - Delota Corp. has completed the early redemption of Senior Secured Convertible Debentures amounting to $900,000 plus accrued interest [1][4] - The Debentures were originally issued on December 19, 2023, and were set to mature 18 months from issuance with a 1% monthly interest rate [2][3] Debenture Details - Each Debenture had a principal amount of $1,000 and was convertible into shares at a price of $0.10 per share [3] - The associated warrants allowed holders to acquire additional shares at a price of $0.15 per share, expiring on December 19, 2026 [3][4] Security and Obligations - The obligations under the Debentures were secured by a general security agreement from the Company and its subsidiaries, which will be discharged following the Prepayment [5] Management Changes - Christina Pan, the Chief Operating Officer, has left the Company as of April 16, 2025, and the position will not be replaced, indicating a restructuring for a more efficient management structure [6] Company Overview - Delota is the largest omni-channel specialty vape retailer in Ontario, aiming to expand nationally in the specialty retail market for nicotine vape and alternative tobacco products [7][8] - The Company's growth strategy includes expanding its flagship brand, enhancing its e-commerce platform, and pursuing strategic mergers and acquisitions [8]

分组1 - Nicolet Bankshares reported quarterly earnings of $2.10 per share, exceeding the Zacks Consensus Estimate of $1.96 per share, and up from $1.72 per share a year ago, representing an earnings surprise of 7.14% [1] - The company posted revenues of $89.43 million for the quarter ended March 2025, slightly missing the Zacks Consensus Estimate by 0.52%, but up from $82.73 million year-over-year [2] - Over the last four quarters, Nicolet Bankshares has surpassed consensus EPS estimates four times and topped consensus revenue estimates three times [2] 分组2 - The current consensus EPS estimate for the upcoming quarter is $2.07 on revenues of $92.8 million, and for the current fiscal year, it is $8.18 on revenues of $372.2 million [7] - The Zacks Industry Rank for Banks - Northeast is currently in the top 26% of over 250 Zacks industries, indicating a favorable outlook for the industry [8] - The stock has lost about 1.2% since the beginning of the year, while the S&P 500 has declined by 8.1% [3]