Core Insights - Viridien reported solid performance in Q2 2025, achieving a net cash flow of $30 million, reaffirming its full-year target of $100 million despite a volatile market environment [2][20]. Financial Performance - Q2 2025 revenue reached $234 million, a decrease of 26% year-on-year, while adjusted EBITDAs were $68 million, down 55% [12][30]. - The company generated a net cash flow of $30 million in Q2 2025, compared to a negative cash flow of $6 million in Q2 2024 [14][30]. - Net income for Q2 2025 was $6 million, a significant drop from $35 million in Q2 2024 [12][30]. Segment Performance - Geoscience segment revenue was $115 million, up 10% year-on-year, driven by increased demand for high-quality subsurface imaging [7][31]. - Data, Digital and Energy Transition (DDE) segment revenue was $181 million, reflecting a 3% increase year-on-year, primarily due to Geoscience [4][31]. - Sensing and Monitoring (SMO) segment revenue increased by 14% to $93 million, with strong performance in land activities [9][31]. Operational Highlights - The company achieved a 39% margin in adjusted EBITDAs for the Geoscience segment, an increase of approximately 270 basis points year-on-year [6][31]. - Earth Data segment adjusted EBITDAs reached $101 million, up 6% year-on-year, benefiting from improved margins following the end of a vessel capacity agreement [8][31]. - The company has a healthy Geoscience backlog of $317 million, up 29% from the previous year [32]. Cash Flow and Debt Management - The company reported a total net cash flow of $10 million for the first half of 2025, with significant pressure on working capital due to overdue receivables from PEMEX [14][18]. - Net debt increased by 8% to $997 million as of June 30, 2025, compared to $921 million at the end of 2024 [18][37]. - A successful refinancing effort extended bond maturity to October 2030, providing ample liquidity with a $125 million revolving credit facility [14][18]. Market Outlook - The oil price environment remains volatile but consistently above $60 per barrel, supporting exploration and development commitments from oil and gas companies [20][23]. - Viridien expects to maintain momentum in its operations, driven by a strong backlog and anticipated licensing activities towards year-end [2][20].

Core Insights - Viridien reported solid performance in Q2 2025, achieving a net cash flow of $30 million, reaffirming its full-year target of $100 million despite a volatile environment [2][21] - The company experienced year-on-year growth in segment revenue and margins, driven by a focus on offshore markets and leading oil companies [2][7] Financial Performance - Segment revenue for Q2 2025 was $274 million, up 6% from $258 million in Q2 2024, while H1 2025 revenue increased by 8% to $575 million [30] - Adjusted EBITDAs for Q2 2025 reached $107 million, a 14% increase year-on-year, with a margin of 39% [7][30] - Consolidated IFRS revenue for Q2 2025 was $234 million, down 26% from $317 million in Q2 2024, with EBITDAs at $68 million, a decrease of 55% [13][30] Segment Performance - Data, Digital and Energy Transition (DDE) segment revenue was $181 million in Q2 2025, a 3% increase year-on-year, driven by Geoscience [4][30] - Geoscience (GEO) segment revenue was $115 million, up 10% from $105 million in Q2 2024, with a strong backlog supporting future growth [30] - Sensing and Monitoring (SMO) segment revenue increased by 14% to $93 million, primarily driven by land segment activities [10][30] Cash Flow and Debt Management - The company generated a net cash flow of $30 million in Q2 2025, with a total of $10 million for H1 2025, despite significant working capital pressures [15][18] - Net debt increased by 6% to $997 million as of June 30, 2025, compared to $941 million at the end of 2024 [19][30] - Bond maturity was extended to October 2030 following successful refinancing, with $125 million available in revolving credit facilities [7][18] Market Outlook - The oil price environment remains volatile but consistently above $60 per barrel, supporting exploration and development commitments from oil and gas companies [21] - Viridien expects to maintain momentum in generating cash flow, supported by a healthy Geoscience backlog and anticipated licensing activity [2][21]

Core Viewpoint - Viridien is set to announce its second quarter 2025 financial results on July 31, after market close, indicating a significant upcoming event for stakeholders [1]. Company Overview - Viridien is an advanced technology, digital, and Earth data company focused on sustainable solutions for complex challenges in natural resources, digital, energy transition, and infrastructure [3]. - The company employs approximately 3,400 people globally and is listed on Euronext Paris SA under the ticker VIRI [3]. Conference Call Details - Participants must register for the conference call to receive a dial-in number and PIN code, with options to join via live webcast [2]. - A replay of the conference call will be available for 12 months in audio format on the company's website [2]. - The press release and presentation will be accessible on the company's website at 5:45 PM (CET) on July 31, followed by an English-language conference call at 6:00 PM (CET) [6].

Core Insights - Viridien has launched the Sercel Accel, the first onshore drop node solution aimed at transforming land seismic data acquisition [1][5] - The Accel solution significantly reduces deployment time and labor requirements, enhancing operational efficiency and reducing costs by up to 30% [2][5] Product Features - Accel eliminates the need for nodes to be buried or planted, streamlining logistics and improving in-field agility [2] - The solution is powered by the Sercel QuietSeis MEMS sensor, ensuring total data integrity and reliability [3] - Accel includes modular Solution Packs that combine nodes, software, and services, allowing customization based on project needs [4] Company Overview - Viridien is a technology and Earth data company focused on sustainable solutions for natural resources and infrastructure challenges, employing around 3,400 people globally [6]

Part I: Financial Information [Item 1. Consolidated Financial Statements](index=3&type=section&id=Item%201.%20Consolidated%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for Q1 2025, detailing a **$10.9 million net loss**, **$97.0 million total assets**, and financing activities that improved equity and Nasdaq compliance, despite going concern doubts [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Condensed Consolidated Balance Sheet Highlights (Unaudited) | Account | March 31, 2025 ($) | December 31, 2024 ($) | | :--- | :--- | :--- | | Cash | $17,539,004 | $14,847,949 | | Total Assets | $96,984,688 | $94,308,246 | | Total Liabilities | $14,235,733 | $30,027,223 | | Total Stockholders' Equity (Deficit) | $7,086,931 | $(10,124,339) | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) Condensed Consolidated Statements of Operations (Unaudited) | Account | Three Months Ended March 31, 2025 ($) | Three Months Ended March 31, 2024 ($) | | :--- | :--- | :--- | | Revenue | $0 | $0 | | Research and development | $2,436,998 | $343,717 | | General and administrative expenses | $1,992,928 | $970,384 | | Loss from operations | $(4,429,926) | $(1,314,101) | | Loss on debt conversion with related party | $(6,134,120) | $0 | | Net loss | $(10,924,952) | $(1,291,335) | | Net loss per common share, basic and diluted | $(8.45) | $(1.68) | [Condensed Consolidated Statements of Changes in Series A Non-Voting Convertible Preferred Stock and Stockholders' Equity (Deficit)](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders%27%20Equity%20%28Deficit%29) - Stockholders' equity (deficit) improved from a deficit of **$(10.1) million** at year-end 2024 to positive equity of **$7.1 million** at March 31, 2025, primarily driven by the conversion of debt into **$25.0 million** of Series A-1 Preferred Stock and **$4.3 million** in net proceeds from a common stock offering, which offset the **$10.9 million** net loss for the quarter[14](index=14&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Condensed Consolidated Statements of Cash Flows (Unaudited) | Cash Flow Activity | Three Months Ended March 31, 2025 ($) | Three Months Ended March 31, 2024 ($) | | :--- | :--- | :--- | | Net cash used in operating activities | $(4,682,554) | $(937,414) | | Net cash provided by financing activities | $7,372,378 | $0 | | Net increase (decrease) in cash | $2,689,824 | $(937,414) | | Cash, end of period | $17,539,004 | $2,379,532 | [Notes to Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Condensed%20Financial%20Statements) These notes detail accounting policies, the company's pre-revenue biopharmaceutical nature, significant development risks, and substantial doubt about going concern, alongside the Pharmagesic acquisition and Q1 2025 financing activities crucial for Nasdaq compliance - The company is a pre-revenue, development-stage biopharmaceutical company focused on developing medicines for pain and fatigue-related disorders, with a pipeline including Halneuron® for pain and antiviral therapies IMC-1 and IMC-2[19](index=19&type=chunk) - Management has concluded there is substantial doubt about the Company's ability to operate as a going concern for at least 12 months from the financial statement issuance date, as current cash is insufficient to fund operations beyond Q1 2026[24](index=24&type=chunk) - In March 2025, the company converted **$19.5 million** in principal and **$0.4 million** in accrued interest from a related-party loan into 284.2638 shares of Series A-1 Preferred Stock, resulting in a **$6.1 million** loss on debt extinguishment[83](index=83&type=chunk)[86](index=86&type=chunk) - In March 2025, the company raised approximately **$4.25 million** in net proceeds through a registered direct offering of 578,950 shares of common stock at **$8.26 per share**[23](index=23&type=chunk)[110](index=110&type=chunk) - The company regained compliance with Nasdaq's minimum stockholders' equity requirement on April 8, 2025, following the debt conversion and equity offering[25](index=25&type=chunk)[26](index=26&type=chunk)[141](index=141&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial condition and operational results, highlighting its pre-revenue biopharmaceutical status, increased R&D and G&A expenses, and liquidity challenges with **$17.5 million cash** funding operations only through Q1 2026, raising going concern doubts - The company's lead product candidate, Halneuron®, commenced its Phase 2b clinical trial (HALT-CINP-203) in Q1 2025 for chemotherapy-induced neuropathic pain, with an interim analysis expected in Q4 2025 and top-line data anticipated in the second half of 2026[129](index=129&type=chunk) Operating Expense Comparison (Q1 2025 vs. Q1 2024) | Expense Category | Q1 2025 ($) | Q1 2024 ($) | Change ($) | | :--- | :--- | :--- | :--- | | Research and Development | $2.4 million | $0.3 million | +$2.1 million | | General and Administrative | $2.0 million | $1.0 million | +$1.0 million | - The increase in R&D expenses was primarily due to **$1.8 million** in costs for the HALT-CINP-203 study, while the rise in G&A expenses was driven by **$0.6 million** in legal/professional fees related to the Combination and increased personnel costs[143](index=143&type=chunk)[144](index=144&type=chunk) - As of March 31, 2025, the company had **$17.5 million** in cash, which is anticipated to fund operations only through the first quarter of 2026, raising substantial doubt about the company's ability to continue as a going concern[145](index=145&type=chunk)[150](index=150&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=31&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) As a smaller reporting company, the company is not required to provide disclosures on quantitative and qualitative market risk - This item is not required for smaller reporting companies[162](index=162&type=chunk) [Item 4. Controls and Procedures](index=31&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal control over financial reporting during the quarter - Based on an evaluation as of the end of the reporting period, the CEO and CFO concluded that the company's disclosure controls and procedures were effective[164](index=164&type=chunk) - There were no changes in internal control over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, such controls[165](index=165&type=chunk) Part II: Other Information [Item 1. Legal Proceedings](index=32&type=section&id=Item%201.%20Legal%20Proceedings) The company reports no pending or ongoing material legal proceedings - The company does not currently have any pending or ongoing material litigation[167](index=167&type=chunk) [Item 1A. Risk Factors](index=32&type=section&id=Item%201A.%20Risk%20Factors) This section refers readers to the detailed risk factors outlined in the company's 2024 Annual Report on Form 10-K - Readers are referred to the risk factors section of the 2024 Annual Report on Form 10-K for information on risks that could materially affect the business[168](index=168&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=32&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities or use of proceeds during the period - None reported[169](index=169&type=chunk) [Item 3. Defaults Upon Senior Securities](index=32&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities - None reported[170](index=170&type=chunk) [Item 4. Mine Safety Disclosures](index=32&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company's operations - Not applicable[171](index=171&type=chunk) [Item 5. Other Information](index=32&type=section&id=Item%205.%20Other%20Information) This section discloses no Rule 10b5-1 trading arrangement changes by directors or officers, and the board's ratification of a Series A Preferred Stock dividend payment on May 8, 2025 - No director or officer adopted or terminated a Rule 10b5-1 trading arrangement during the three months ended March 31, 2025[172](index=172&type=chunk) - On May 8, 2025, the board of directors ratified the payment of a dividend of 55.345 shares of Series A Preferred Stock to holders of Series A Preferred Stock[173](index=173&type=chunk) [Item 6. Exhibits](index=32&type=section&id=Item%206.%20Exhibits) This section refers to the Exhibit Index, listing all documents filed as exhibits with this Quarterly Report on Form 10-Q - Refers to the Exhibit Index for a list of filed documents[174](index=174&type=chunk)

Financial Performance - Net loss attributable to common stockholders for Q1 2025 was $12.2 million, or $8.45 per share, compared to a net loss of $1.3 million, or $1.68 per share, in Q1 2024[9] - Research and development expenses for Q1 2025 were $2.4 million, a significant increase of 700% compared to $0.3 million in Q1 2024, primarily due to clinical trial expenses[7] - General and administrative expenses for Q1 2025 were $2.0 million, up 100% from $1.0 million in Q1 2024, driven by increased legal and accounting fees[8] Cash and Assets - Cash on hand as of March 31, 2025, was $17.5 million, providing operational runway through Q1 2026[4] - Total assets increased to $96.98 million as of March 31, 2025, compared to $94.31 million at the end of 2024[20] - Total liabilities decreased to $14.24 million as of March 31, 2025, down from $30.03 million at the end of 2024[20] Regulatory and Development Updates - Dogwood Therapeutics commenced dosing in its Halneuron® Phase 2b Chemotherapy Induced Neuropathic Pain program, aiming to be the first FDA approved therapy for this condition[3] - Halneuron® has been granted fast track designation by the FDA for the treatment of chemotherapy induced neuropathic pain, with interim data expected in Q4 2025[10] Shareholder and Equity Changes - An affiliate of the company's largest shareholder converted a $19.5 million loan into equity, improving the company's balance sheet[3] - The company received confirmation from Nasdaq that it has regained compliance with the minimum stockholders' equity requirement of $2.5 million[5]

Core Insights - Viridien has sold its Sercel Marlin™ Offshore Logistics management solution to Oil and Natural Gas Corporation (ONGC) to improve operational efficiency and safety in ONGC's Western offshore exploration and production (E&P) operations in India [1][2] - The deal includes a five-year contract for dedicated on-premises software and support services, which will enhance ONGC's logistics through real-time vessel tracking and improved operational planning [1][2] - The integration of advanced AI and machine learning algorithms in the Sercel Marlin solution aims to future-proof ONGC's operations and support its carbon neutrality objectives [2][3] Company Overview - Viridien is a technology and digital company focused on Earth data, aiming to resolve complex challenges in natural resources, energy transition, and infrastructure [4] - The company employs approximately 3,400 people globally and is listed on Euronext Paris SA under the ticker VIRI [4]

Core Points - The Combined General Meeting of Viridien was held on April 30, 2025, in Paris, where all resolutions were approved [2] - The Board of Directors now consists of 8 directors, with 87.5% being independent and 50% women [3] - Patrick Choupin's term as Director representing employees ended, and no new appointment will be made due to headcount thresholds [2] - DELOITTE & ASSOCIES and BDO PARIS were appointed as statutory auditors, replacing ERNST & YOUNG et Autres and MAZARS respectively [4] - The terms of Philippe Salle, Anne-France Laclide-Drouin, and Michael Daly were renewed for four years, and Amélie Oyarzabal was co-opted as a new director [4] - Sophie Zurquiyah was appointed as Chairperson and Chief Executive Officer, while Philippe Salle continues as Vice-Chairman and Lead Independent Director [4][6] - The Board expressed gratitude to Philippe Salle for his leadership and vision, emphasizing continuity and stability in governance [6] - Viridien is an advanced technology and digital company focused on sustainable solutions, employing around 3,400 people globally and listed on Euronext Paris [7]

Core Insights - The company achieved significant milestones in Q1 2025, including the termination of a vessel capacity agreement and successful bond refinancing, enhancing operational flexibility and cash generation [3][4][5] - Financial results for Q1 2025 showed a revenue increase of 10% to $301 million and a 35% rise in adjusted EBITDA to $143 million, indicating robust business performance [2][5][9] - The company anticipates generating approximately $100 million in net cash flow for the year, assuming moderate fluctuations in the oil market [4][10] Financial Performance - Q1 2025 revenue reached $301 million, a 10% increase from the previous year, driven by growth in Geoscience and Earth Data segments [2][9] - Adjusted EBITDA for Q1 2025 was $143 million, reflecting a 35% increase, supported by revenue growth and cost reductions [2][5][9] - Net cash flow for Q1 2025 was $(20) million, compared to $30 million in the same period last year, impacted by a $42 million interest payment [2][5][12] Segment Performance - Digital, Data, and Energy Transition (DDE) segment revenue increased by 16% to $214 million, with Geoscience growing by 25% and Earth Data by 7% [5][9] - Sensing and Monitoring (SMO) segment revenue was nearly stable at $87 million, with adjusted EBITDA rising by 37% due to cost reductions [5][9] - The company reported a backlog in Geoscience of $329 million, a 45% increase year-over-year, indicating strong future demand [11] Debt and Liquidity - The company successfully refinanced $447 million and €578 million notes, replacing them with $450 million and €475 million senior secured notes due in October 2030 [5][10] - Net debt stood at $974 million, with liquidity at $257 million, reflecting a focus on cash flow generation and deleveraging [5][11] Future Outlook - The company expects continued growth in Geoscience supported by advanced technology and a strong backlog, alongside improved cash EBITDA in Earth Data following the end of vessel commitment penalty fees [10] - The restructuring plan in Sensing & Monitoring is anticipated to yield further savings, contributing positively to overall profitability [10]

Group 1 - The Combined General Meeting of Viridien is scheduled for April 30, 2025, at 10:30 a.m. [3] - The meeting will take place at Cloud Business Center, Paris, France [4] - The agenda, draft resolutions, and voting terms will be published in the Bulletin des Annonces Légales Obligatoires (BALO) [4] Group 2 - Preparatory documents for the General Meeting will be available for shareholders in compliance with applicable laws [5] - The documents can be accessed on the Company's website [5] - The General Meeting will be broadcast live on the Company's website [6]