Core Viewpoint - Zomedica Corp. has launched the VETGuardian PLUS monitor, enhancing its Zero Touch™ patient monitoring platform for veterinary clinics, aimed at improving workflow efficiency and clinical confidence while supporting long-term growth strategy [1] Group 1: Product Launch - The VETGuardian PLUS monitor is the next generation of the original VETGuardian® system [1] - New features have been added to improve ease of use and access to patient data [1] Group 2: Company Strategy - The launch of the VETGuardian PLUS monitor aligns with Zomedica's long-term growth strategy [1] - The product aims to strengthen clinical confidence in veterinary practices [1]

Core Viewpoint - Zomedica Corp. is hosting a special session of its "Fourth Friday at Four" investor webinar series to provide strategic context for its product platforms, with the session scheduled for November 21, 2025 [1] Group 1 - The webinar will take place on the third Friday of November to accommodate the holiday calendar [1] - The session aims to highlight Zomedica's innovative diagnostic and therapeutic devices for equine and companion animals [1]

Core Insights - Zomedica Corp. has achieved ISO 13485:2016 certification for its manufacturing and distribution operations, enhancing its commitment to quality and compliance [1] Company Summary - The certification applies to Zomedica's facilities in Plymouth, Minnesota, and Roswell, Georgia, reinforcing the company's operational standards [1] - This milestone supports Zomedica's long-term growth strategy and readiness for global markets [1]

Revenue Growth - Revenue for Q3 2025 increased by 16% to $8.1 million, marking the highest quarterly revenue in company history and the 19th consecutive quarter of year-over-year revenue growth[1][10][12]. - The Diagnostics segment saw a significant growth of 51%, driven by the adoption of the TRUFORMA® platform and the introduction of a new Development Services revenue stream[5][10][16]. - International sales grew by 16% year-over-year, supported by new distribution agreements and partnerships in key markets[6]. - The introduction of new products, including enhancements to the TRUFORMA® platform and the upcoming TRUVIEW AI platform, is expected to drive future revenue growth[7]. - Zomedica's total addressable market in the U.S. exceeds $2 billion, indicating significant growth opportunities in the animal health sector[21]. Profitability and Expenses - Gross margin for the quarter was reported at 67%, contributing to improved profitability prospects[8][10][13]. - Operating expenses decreased by 4% year-over-year to $12.0 million, reflecting effective cost-reduction initiatives[8][13][14]. - Net loss for Q3 2025 was reduced by 9% to $6.1 million compared to the same period in 2024[15]. - Adjusted Non-GAAP EBITDA loss for the three months ended September 30, 2025, was $3,702 thousand, an improvement from $4,313 thousand in the same period of 2024[31]. - Interest income for the three months ended September 30, 2025, was $(561) thousand, an improvement from $(977) thousand in 2024[31]. Financial Position - The company had cash and cash equivalents of $54.4 million as of September 30, 2025, providing a strong liquidity position to support growth initiatives[18]. - Non-GAAP EBITDA loss for the nine months ended September 30, 2025, was $71,427 thousand, compared to a loss of $34,612 thousand in 2024, indicating a significant increase in losses[33]. - Total net loss for the nine months ended September 30, 2025, reached $77,223 thousand, compared to $39,536 thousand in 2024, reflecting a worsening financial position[33]. Impairment and Expenses - Impairment expense for the nine months ended September 30, 2025, was $55,833 thousand, a substantial increase from $16,024 thousand in 2024[33]. - Stock-compensation expense for the three months ended September 30, 2025, was $868 thousand, up from $473 thousand in the same period of 2024[31]. - Amortization expense for the nine months ended September 30, 2025, was $4,499 thousand, slightly lower than $4,834 thousand in 2024[33]. - Income tax benefit for the nine months ended September 30, 2025, was $(64) thousand, compared to $(336) thousand in 2024, indicating a decrease in tax benefits[33]. Proforma Adjustments - Proforma adjustments for the three months ended September 30, 2025, included $214 thousand, down from $523 thousand in 2024[31].

Core Insights - Zomedica reported its highest quarterly revenue ever for the third quarter ended September 30, 2025, marking a record year-over-year revenue for the 19th consecutive quarter [1] Financial Performance - The company achieved significant financial growth, with consolidated financial results indicating a strong performance in the animal health sector [1] - The report highlights the effectiveness of Zomedica's point-of-care diagnostic and therapeutic products for equine and companion animals, contributing to the revenue increase [1]

Impairment Charges - The company reported a non-cash goodwill impairment charge of $45,555 for the three months ended March 31, 2025, due to its carrying amount exceeding fair value by approximately 163% for the PulseVet reporting unit and 128% for the Assisi reporting unit [139]. - The company recognized $8,297 in non-cash impairment charges related to amortizable intangible assets during the first quarter of 2025, with no impairment indicators identified for the third quarter of 2025 [140]. - A non-cash impairment charge of $1,981 related to property and equipment was recorded during the three months ended March 31, 2025, with no impairment indicators identified for the third quarter of 2025 [141]. - The company evaluates goodwill for impairment annually or when triggering events occur, with significant assumptions including financial projections and discount rates [135]. - The company uses a discounted cash flow method for estimating fair values of reporting units, considering various internal and external factors [136]. Revenue and Profitability - Revenue for the three months ended September 30, 2025 was $8,095, an increase of $1,098, or 16% compared to the same period in 2024 [152]. - Revenue for the nine months ended September 30, 2025 was $21,559, an increase of $2,169, or 11% compared to the same period in 2024 [152]. - Cost of revenue for the three months ended September 30, 2025 was $2,659, an increase of $722, or 37% compared to the same period in 2024 [154]. - Gross profit margin for the three months ended September 30, 2025 was 67%, down from 72% in the same period in 2024 [156]. - Net loss for the three months ended September 30, 2025 was $6,121, a decrease of $576, or 9% compared to the same period in 2024 [167]. Operating Expenses - Operating expenses consist of general and administrative, research and development, and selling and marketing expenses, with a focus on supporting business operations and product development [119]. - General and administrative expense for the three months ended September 30, 2025 was $5,900, a decrease of $865, or 13% compared to the same period in 2024 [158]. - Research and development expense for the nine months ended September 30, 2025 was $5,523, an increase of $401, or 8% compared to the same period in 2024 [161]. - Selling and marketing expense for the three months ended September 30, 2025 was $4,358, an increase of $468, or 12% compared to the same period in 2024 [163]. Cash Flow and Financial Position - Cash used in operating activities for the nine months ended September 30, 2025 was $16,750, a decrease of $2,355, or 12% compared to the same period in 2024 [170]. - As of September 30, 2025, the company had an accumulated deficit of $295,243 [173]. - The company's long-term cash requirements are expected to be sufficient to fund operational needs beyond the next twelve months [176]. - The company's long-term cash requirements have not changed materially since the 2024 Form 10-K [179]. Taxation - Deferred tax assets for U.S. federal income tax purposes amount to $20,005, with non-capital loss carryforwards for Canada at $6,419, expiring in fiscal year 2035 [180]. - The company derecognized $3,814 of U.S. federal income tax net operating loss carryforwards, reducing the carryforward to $16,191 [180]. - The One Big Beautiful Bill Act enacted on July 4, 2025, had an immaterial impact on the company's income tax provision [181]. Climate Change Impact - Increased public awareness of climate change may lead to more stringent requirements for reducing greenhouse gas emissions and shifting to sustainable energy sources [182]. - The potential impact of climate change on operations remains uncertain, with risks including changes in rainfall patterns and increased operating costs [183]. - Climate change may indirectly increase resource prices and affect the demand and availability of property and casualty insurance [183]. Business Development and Future Capital Requirements - The company's future capital requirements will depend on various factors, including development costs and expenses related to being a public company [177]. - Ongoing business development activities may require liquidity and additional capital for newly acquired operations [176].

Core Insights - Zomedica has entered into an expanded distribution agreement with Grovet b.v., enhancing its presence in the European market and broadening its product portfolio [1] - This agreement positions Zomedica to capture growth opportunities in the multi-billion-dollar global veterinary diagnostics and therapeutic device markets [1] Company Developments - The expanded agreement with Grovet b.v. is aimed at strengthening Zomedica's distribution capabilities in Europe [1] - Zomedica specializes in innovative point-of-care diagnostic and therapeutic device products for equine and companion animals [1] Market Implications - The partnership is expected to facilitate Zomedica's entry into a growing market, which is characterized by increasing demand for veterinary diagnostics and therapeutic devices [1] - The global veterinary diagnostics and therapeutic device markets are projected to be worth several billion dollars, indicating significant growth potential for Zomedica [1]

Core Insights - Zomedica Corp. has expanded its distribution agreement with UXR Inc. to enhance access to its veterinary health products in Canada [1] Group 1: Agreement Details - UXR Inc. will become the exclusive distributor of Zomedica's PulseVet® system in Canada [1] - UXR will also be the co-exclusive distributor of the system's consumable Trode accessories [1]

Summary of Zomedica (ZOM) Conference Call - August 07, 2025 Company Overview - **Company**: Zomedica Corporation - **Ticker Symbol**: ZOMDF (OTCQB Venture Market) - **Industry**: Animal Health and Veterinary Services Key Points and Arguments 1. **Market Opportunity**: The total addressable market for Zomedica exceeds $2.7 billion annually, with the veterinary services segment in the U.S. valued at over $62 billion and growing [4][6]. 2. **Revenue Growth**: Zomedica has reported an increase in year-over-year revenues for 18 consecutive quarters, with revenues rising from $1 million in 2020 to $27 million in the last year [27][28]. 3. **Product Portfolio**: The company has developed six proprietary technology platforms aimed at improving veterinary care and practice profitability [4][5]. 4. **Capital and Liquidity**: Zomedica has $59 million in capital to support growth towards profitability [5][28]. 5. **High Margins**: The company maintains gross margins between 67% to 70%, with a focus on manufacturing its products to control costs [28][34]. 6. **Recurring Revenue Model**: A significant portion of revenue comes from consumable products, with nearly 70% of revenue from the PulseVet system derived from reorders of handpieces [13][14]. 7. **Innovative Technologies**: Key products include: - **PulseVet**: A shockwave therapy system generating significant revenue [10][11]. - **Assisi Loop**: A targeted pulse electromagnetic field therapy device, contributing about one-third of revenue from reorders [17][18]. - **Vetagel Hemostatic Gel**: A fast-acting gel for stopping bleeding, licensed for distribution in the U.S. [19][20]. - **TrueView Microscope**: A digital microscopy platform with AI capabilities, enhancing diagnostic capabilities for veterinarians [21][50]. - **TruForm Platform**: A diagnostic device utilizing bulk acoustic wave sensors, showing over 75% growth this year [22][23]. - **VetGuardian**: A pet monitoring device that provides vital signs without attachments, enhancing post-surgery care [24][25]. 8. **International Expansion**: Approximately 20% of revenue comes from international markets, with a 13% growth in international sales last quarter [30]. 9. **Future Growth Strategy**: Focus on leveraging commercial infrastructure, expanding product portfolio, and pursuing M&A opportunities while maintaining high margins [29][33]. 10. **Market Positioning**: The company believes it is undervalued, with a negative enterprise value despite significant revenue growth and potential [46][47]. Additional Important Insights - **COVID-19 Impact**: The pandemic led to an increase of 23 million pets in households, expanding the market for veterinary services [7]. - **Veterinary Challenges**: Veterinarians face staffing shortages and revenue loss to online competitors, which Zomedica aims to address with its products [9]. - **Economic Model**: The economic model for veterinarians using Zomedica's products is favorable, allowing them to achieve profitability quickly [15][16]. - **R&D and M&A Balance**: The company is shifting focus from R&D to scaling commercial adoption while still considering M&A opportunities for growth [39][40]. - **Future Product Launches**: New product launches are expected to enhance revenue and market presence, with AI integration in diagnostic tools [50][51]. This summary encapsulates the key insights from the Zomedica conference call, highlighting the company's market position, growth strategies, and innovative product offerings in the veterinary sector.

[Zomedica Announces Second Quarter 2025 Financial Results](index=1&type=section&id=Zomedica%20Announces%20Second%20Quarter%202025%20Financial%20Results) [Executive Summary & Key Highlights](index=1&type=section&id=1.1.%20Executive%20Summary%20%26%20Key%20Highlights) Zomedica reported strong Q2 2025 results with record revenue growth for the 18th consecutive quarter, driven by therapeutic and diagnostic product adoption - Zomedica achieved its **18th consecutive quarter** of record year-over-year revenue growth[1](index=1&type=chunk)[2](index=2&type=chunk) Q2 2025 Key Financial Highlights | Metric | Q2 2025 | Change YoY | Source | | :----- | :------ | :--------- | :----- | | Revenue | $7.0 million | +14% | [1, 9] | | Gross Margin | 67% | N/A | [1, 6] | | Operating Expenses Reduction | $0.7 million | -5% (adjusted) | [7, 14] | | Liquidity (Cash, Equivalents, Securities) | $59.1 million | N/A | [1, 20] | [Strategic Initiatives and Product Enhancements](index=1&type=section&id=1.2.%20Strategic%20Initiatives%20and%20Product%20Enhancements) The company advanced its product portfolio and market presence through international expansion, a new Equine Asthma registry, and platform enhancements - International sales grew by **13%** compared to Q2 2024, driven by organic growth and new distributor partnerships[4](index=4&type=chunk) - Launched a national Equine Asthma registry which provides a low-cost way to accumulate data to support expanded usage of the PulseVet system[4](index=4&type=chunk) - Introduced an enhanced **TRUFORMA® T4 assay** and a **VetGuardian® onboarding app**, with additional enhancements planned for VetGuardian and TRUVIEW® platforms in the upcoming quarter[5](index=5&type=chunk) [2025 Second Quarter Financial Performance](index=1&type=section&id=2025%20Second%20Quarter%20Financial%20Performance) [Revenue Overview](index=1&type=section&id=2.1.%20Revenue%20Overview) Total revenue increased 14% year-over-year to $7.0 million, propelled by strong growth in the Diagnostics segment and consumable sales Q2 2025 Revenue Performance | Metric | Q2 2025 Revenue | Q2 2024 Revenue | YoY Change | Source | | :----- | :-------------- | :-------------- | :--------- | :----- | | Total Revenue | $7.0 million | $6.1 million | +14% | [9, 13] | [Revenue by Product Segment](index=1&type=section&id=2.1.1.%20Revenue%20by%20Product%20Segment) The Diagnostics segment grew 86% year-over-year, driven by TRUFORMA platform adoption, while the Therapeutic Device segment grew 8% Q2 2025 Revenue by Product Segment | Segment | Q2 2025 Revenue | YoY Change | Primary Driver | Source | | :-------- | :-------------- | :--------- | :------------- | :----- | | Diagnostics | $0.8 million | +86% | TRUFORMA point-of-care diagnostic platform, expanded menu of assays | [3, 9, 10] | | Therapeutic Device | $6.2 million | +8% | PulseVet® and Assisi® products | [10, 11] | [Revenue by Product Category](index=1&type=section&id=2.1.2.%20Revenue%20by%20Product%20Category) Consumable revenues grew 21% year-over-year, led by TRUFORMA and PulseVet products, while capital revenues remained flat Q2 2025 Revenue by Product Category | Category | Q2 2025 Revenue | YoY Change | Primary Driver | Source | | :------- | :-------------- | :--------- | :------------- | :----- | | Consumables | $5.3 million | +21% | TRUFORMA products, PulseVet® trodes | [3, 21] | | Capital | $1.7 million | Flat | N/A | [21] | [Gross Margin](index=1&type=section&id=2.2.%20Gross%20Margin) Zomedica maintained a strong gross margin of 67% for the second quarter of 2025 Q2 2025 Gross Margin | Metric | Q2 2025 | | :----- | :------ | | Gross Margin | 67% | [Operating Expenses](index=2&type=section&id=2.3.%20Operating%20Expenses) Total operating expenses decreased significantly due to the non-recurrence of a prior-year impairment charge, with a 5% adjusted reduction Q2 2025 Operating Expenses | Metric | Q2 2025 | Q2 2024 | YoY Change | Source | | :----- | :------ | :------ | :--------- | :----- | | Total Operating Expenses | $12.7 million | $29.4 million | -56.8% | [14] | | Total Operating Expenses (Excl. Impairment) | $12.7 million | $13.4 million (adjusted) | -5% | [14] | | Impairment Charge (Q2 2024) | N/A | $16.0 million | N/A | [14] | [Research and Development (R&D) Expenses](index=2&type=section&id=2.3.1.%20Research%20and%20Development%20%28R%26D%29%20Expenses) R&D expenses increased by 25% year-over-year, reflecting continued investment in internal product development capabilities Q2 2025 R&D Expenses | Metric | Q2 2025 | Q2 2024 | YoY Change | Source | | :----- | :------ | :------ | :--------- | :----- | | R&D Expenses | $1.9 million | $1.5 million | +25% | [15] | - The increase was driven by costs related to building internal capabilities for developing next-generation therapeutic and diagnostic products[15](index=15&type=chunk) [Selling and Marketing (S&M) Expenses](index=2&type=section&id=2.3.2.%20Selling%20and%20Marketing%20%28S%26M%29%20Expenses) S&M expenses rose by 19% year-over-year due to increased sales headcount and higher commissions from sales growth Q2 2025 S&M Expenses | Metric | Q2 2025 | Q2 2024 | YoY Change | Source | | :----- | :------ | :------ | :--------- | :----- | | S&M Expenses | $4.6 million | $3.9 million | +19% | [16] | - The increase was primarily driven by a larger sales department headcount and higher commissions associated with sales growth[16](index=16&type=chunk) [General and Administrative (G&A) Expenses](index=2&type=section&id=2.3.3.%20General%20and%20Administrative%20%28G%26A%29%20Expenses) G&A expenses decreased by 23% year-over-year, mainly due to non-recurring prior-year fees and reduced salary costs Q2 2025 G&A Expenses | Metric | Q2 2025 | Q2 2024 | YoY Change | Source | | :----- | :------ | :------ | :--------- | :----- | | G&A Expenses | $6.2 million | $8.0 million | -23% | [17] | - The decrease was primarily driven by the non-recurrence of prior-year special meeting and impairment-related accounting fees, as well as lower salary and severance expenses[17](index=17&type=chunk) [Net Loss and Profitability](index=2&type=section&id=2.4.%20Net%20Loss%20and%20Profitability) The company significantly reduced its net loss to $7.4 million from $23.9 million in the prior-year quarter Q2 2025 Net Loss | Metric | Q2 2025 | Q2 2024 | YoY Change | Source | | :----- | :------ | :------ | :--------- | :----- | | Net Loss | $7.4 million | $23.9 million | -69.1% | [18] | - The Q2 2024 net loss included a **non-cash impairment charge of $16.0 million**[14](index=14&type=chunk)[18](index=18&type=chunk) [Non-GAAP Financial Measures](index=2&type=section&id=2.5.%20Non-GAAP%20Financial%20Measures) The Non-GAAP EBITDA loss improved significantly, while the Adjusted Non-GAAP EBITDA loss remained relatively stable year-over-year Q2 2025 Non-GAAP EBITDA Loss | Metric | Q2 2025 | Q2 2024 | YoY Change | Source | | :----- | :------ | :------ | :--------- | :----- | | Non-GAAP EBITDA Loss | $5.8 million | $22.3 million (adjusted) | -74.0% | [18] | | Adjusted Non-GAAP EBITDA Loss | $5.5 million | $5.2 million | +5.8% | [19] | [Liquidity and Capital Structure](index=2&type=section&id=Liquidity%20and%20Capital%20Structure) [Cash and Securities](index=2&type=section&id=3.1.%20Cash%20and%20Securities) Zomedica maintained a strong liquidity position with $59.1 million in cash, cash equivalents, and available-for-sale securities Liquidity as of June 30, 2025 | Metric | Amount | | :----- | :----- | | Cash, Cash Equivalents, and Available-for-Sale Securities | $59.1 million | [Outstanding Share Capital](index=2&type=section&id=3.2.%20Outstanding%20Share%20Capital) As of June 30, 2025, the company had approximately 980 million common shares issued and outstanding Outstanding Common Shares as of June 30, 2025 | Metric | Amount | | :----- | :----- | | Common Shares Issued and Outstanding | 979,949,668 | [Company Profile and Additional Information](index=3&type=section&id=Company%20Profile%20and%20Additional%20Information) [About Zomedica](index=3&type=section&id=4.1.%20About%20Zomedica) Zomedica is a veterinary health company providing innovative solutions for animals, targeting a U.S. market exceeding $2 billion - Zomedica is a leading equine and companion animal healthcare company dedicated to improving animal health by providing veterinarians innovative therapeutic and diagnostic solutions[25](index=25&type=chunk) - Key products include **PulseVet®** shock wave system, **Assisi® Loop**, **TRUFORMA®** diagnostic platform, **TRUVIEW®** digital cytology system, **VETGuardian®** no-touch monitoring system, and **VETIGEL®** hemostatic gel[25](index=25&type=chunk) - The total addressable market in the U.S. for Zomedica's products **exceeds $2 billion**[25](index=25&type=chunk) - Strategic focus areas include advancing product offerings, leveraging strategic acquisitions, and expanding internationally[25](index=25&type=chunk) [Investor Relations & Communications](index=3&type=section&id=4.2.%20Investor%20Relations%20%26%20Communications) The company will host a webinar to discuss its Q2 financial performance and has provided contact details for investor inquiries - Zomedica will host its 'Fourth Friday at Four Webinar' on **Friday, August 22, 2025, at 4:00 PM ET**, to review and discuss its second-quarter financial performance[23](index=23&type=chunk) - Investor Relations contact: investors@zomedica.com, 1-734-369-2555[33](index=33&type=chunk) [Cautionary Note Regarding Forward-Looking Statements](index=3&type=section&id=4.3.%20Cautionary%20Note%20Regarding%20Forward-Looking%20Statements) This section disclaims that forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially - Forward-looking information is frequently characterized by words such as 'plan', 'expect', 'project', 'intend', 'believe', 'anticipate', 'estimate' and other similar words, or statements that certain events or conditions 'may' or 'will' occur[27](index=27&type=chunk) - Forward-looking information is based on the opinions and estimates of management at the date the statements are made, including assumptions with respect to economic growth, demand for products, and the company's ability to produce and sell its products[28](index=28&type=chunk) - Readers are cautioned not to place undue reliance on forward-looking information, as actual events or results could differ materially due to various risks and uncertainties[29](index=29&type=chunk)[31](index=31&type=chunk)[32](index=32&type=chunk) [Non-GAAP Measures Definitions and Reconciliations](index=4&type=section&id=4.4.%20Non-GAAP%20Measures%20Definitions%20and%20Reconciliations) This section defines Non-GAAP EBITDA and Adjusted Non-GAAP EBITDA and provides detailed reconciliations to their closest U.S. GAAP equivalents - Non-GAAP EBITDA and Adjusted Non-GAAP EBITDA are not recognized terms under U.S. GAAP and are used by management to evaluate operating performance and assist investors in evaluating Zomedica's on-going operations[34](index=34&type=chunk) - **Non-GAAP EBITDA** is defined as net loss and comprehensive loss excluding amortization, depreciation, non-cash stock compensation, and taxes while reversing out the benefits derived from net interest income[35](index=35&type=chunk) - **Adjusted Non-GAAP EBITDA** is defined as Non-GAAP EBITDA, excluding impairment charges and non-recurring items such as specialized accounting, tax, and audit services, new facility integration/start-up costs, and other one-time items[35](index=35&type=chunk) Reconciliation of Non-GAAP Financial Measures (Three Months Ended June 30) | Metric | 2025 (in thousands) | 2024 (in thousands) | | :-------------------------------- | :------------------ | :------------------ | | Net loss and comprehensive loss | $(7,353) | $(23,980) | | Amortization expense | 1,412 | 1,626 | | Depreciation expense | 509 | 351 | | Stock-compensation expense | 260 | 858 | | Interest income | (629) | (1,038) | | Income tax benefit | 12 | (143) | | **Non-GAAP EBITDA loss** | **$(5,789)** | **$(22,326)** | | Impairment expense | - | 16,024 | | Proforma adjustments (1) | 279 | 1,083 | | **Adjusted Non-GAAP EBITDA loss** | **$(5,510)** | **$(5,219)** | (1) Proforma adjustments for the three months ended June 30, 2025 included $263 of one-time general and administrative expenses and $16 of one-time selling and marketing expenses. Reconciliation of Non-GAAP Financial Measures (Six Months Ended June 30) | Metric | 2025 (in thousands) | 2024 (in thousands) | | :-------------------------------- | :------------------ | :------------------ | | Net loss and comprehensive loss | $(71,118) | $(33,203) | | Amortization expense | 3,105 | 3,223 | | Depreciation expense | 1,030 | 685 | | Stock-compensation expense | 878 | 1,959 | | Interest income | (1,359) | (2,131) | | Income tax benefit | (45) | (309) | | **Non-GAAP EBITDA loss** | **$(67,509)** | **$(29,776)** | | Impairment expense | 55,833 | 16,024 | | (1) Proforma adjustments | 422 | 3,276 | | **Adjusted Non-GAAP EBITDA loss** | **$(11,254)** | **$(10,476)** | (1) Proforma adjustments for the six months ended June 30, 2025 included $417 of one-time general and administrative expenses and $5 of one-time selling and marketing expenses.