Revenue and Growth - Revenue for the three months ended September 30, 2025, was $937,589, a significant increase from $201,960 in the same period of 2024, representing a growth of approximately 364%[14] - The company generated $22.2 million from the issuance of common shares through At-The-Market offerings during the three months ended September 30, 2025, compared to $6.9 million in the same period of 2024[18] - The company generated its initial revenue in the fourth quarter of the fiscal year ended June 30, 2024[20] Losses and Expenses - The gross loss for the three months ended September 30, 2025, was $(3,516,642), compared to $(2,340,681) for the same period in 2024, indicating a decline in gross margin[14] - The net loss attributable to common stockholders for the three months ended September 30, 2025, was $(10,299,566), compared to $(11,780,206) for the same period in 2024, reflecting an improvement of approximately 13%[14] - Cash flows from operating activities resulted in a net cash used of $7.1 million for the three months ended September 30, 2025, compared to $5.6 million for the same period in 2024, indicating a 28% increase in cash outflow[18] - The company incurred negative cash flows from operating activities of $28.9 million for the fiscal year ended June 30, 2025[21] - Management anticipates that operating losses will lessen in the near term due to revenue growth and ongoing cost efficiencies[21] Assets and Equity - Total assets increased to $101,473,201 as of September 30, 2025, up from $84,457,791 as of June 30, 2025, representing a growth of about 20%[12] - Total stockholders' equity increased to $95,998,304 as of September 30, 2025, from $70,599,023 as of June 30, 2025, marking an increase of about 36%[12] - Cash and cash equivalents rose to $30,122,498 as of September 30, 2025, compared to $7,474,304 as of June 30, 2025, indicating a substantial increase of approximately 303%[11] Shareholder Activity - The company issued 8,217,533 shares pursuant to an At-The-Market offering, raising approximately $21 million in additional paid-in capital[15] - The weighted average shares outstanding for the three months ended September 30, 2025, were 112,240,128, compared to 69,519,432 for the same period in 2024, indicating a significant increase in share count[14] - Total common shares of 6,666,651 were issued upon conversion of $5,000,000 of the 2024 Notes, with a fair market value of $16.0 million[72] Research and Development - Research and development expenses for the three months ended September 30, 2025, were $2,697,639, compared to $2,032,135 for the same period in 2024, reflecting an increase of about 33%[14] Inventory and Grants - As of September 30, 2025, total inventories amounted to $104.1 million, a decrease from $408.1 million on June 30, 2025[43] - Grants receivable increased from $0.2 million on June 30, 2025, to $0.5 million on September 30, 2025[44] - The Company completed a DOE project with cumulative funds invoiced totaling $2.3 million, representing 100% of eligible reimbursements[46] Debt and Financing - The Company amended the Purchase Agreement to issue a new series of senior secured convertible notes (the "2024 Notes") totaling $12.0 million, with a discount of $2.1 million[68] - The 2024 Notes bear zero coupon, mature on September 1, 2025, and require $5.0 million in cash to be maintained in a restricted account[68] - The Company recognized amortization of the debt discount of the 2024 Notes totaling $2.3 million for the fiscal year ended June 30, 2025[70] Tax Credits and Compliance - The Company has incurred qualifying expenditures for a tax credit of up to $19.5 million but will not recognize amounts until compliance assurance is met[50] - The Company has not incurred any qualifying expenditures toward an additional tax credit of up to $40.5 million as of September 30, 2025[52] Operational Focus - The company is focused on increasing domestic U.S. production of critical battery materials through exploration and commercialization of new technologies[19] - The Company began a third exploration program for its Tonopah Flats Lithium Project, involving 6,500 feet of total drilling[59] Stock-Based Compensation - Stock-based compensation expense for the three months ended September 30, 2025, was $2.3 million, compared to $3.2 million for the same period in 2024[105] - The Company recognized $18.1 million of unamortized expenses related to outstanding equity compensation awards to be recognized over a remaining weighted-average period of 3.5 years[106] Other Financial Metrics - The operating lease cost for the three months ended September 30, 2025, was $144,511 compared to $86,937 for the same period in 2024[78] - Total accounts payable and accrued liabilities decreased to $5.2 million as of September 30, 2025, from $5.8 million on June 30, 2025[64]

Financial Performance - Total revenues for Q3 2025 were $43,207,000, a decrease of 7.0% compared to $46,544,000 in Q3 2024[18] - Net income for Q3 2025 was $4,997,000, compared to a net loss of $5,831,000 in Q3 2024, marking a significant turnaround[18] - The company reported a loss from operations of $7,348,000 for Q3 2025, slightly improved from a loss of $7,388,000 in Q3 2024[18] - The company incurred total costs and operating expenses of $50,555,000 in Q3 2025, down from $53,932,000 in Q3 2024, a reduction of 6.4%[18] - For the nine months ended September 30, 2025, the net loss was $12.766 million, a decrease from a net loss of $25.199 million in the same period of 2024, representing a 49% improvement[25] - The company reported a net loss of $12.8 million for the nine months ended September 30, 2025, an improvement compared to a net loss of $25.2 million for the same period in 2024[98] Assets and Liabilities - Total current assets decreased to $125,621,000 as of September 30, 2025, down from $135,128,000 at December 31, 2024, representing a decline of 7.5%[16] - Total liabilities decreased to $34,506,000 as of September 30, 2025, down from $41,554,000 at December 31, 2024, a reduction of 16.9%[16] - Stockholders' equity as of September 30, 2025, was $114,181,000, down from $118,137,000 at December 31, 2024, reflecting a decrease of 3.9%[16] - Cash and cash equivalents were $103,186,000 as of September 30, 2025, compared to $111,835,000 at December 31, 2024, a decrease of 7.8%[16] - Total assets as of September 30, 2025, were $99,057,000, an increase from $97,917,000 as of December 31, 2024[53] Cash Flow and Financing - Net cash provided by operating activities was $2.000 million, compared to $1.846 million for the same period in 2024, indicating an 8% increase[25] - The net cash used in financing activities was $4.484 million, significantly lower than $18.150 million in the same period of 2024, indicating a 75% reduction[25] - Cash used in investing activities for the nine months ended September 30, 2025 was $6.2 million, consistent with the $6.2 million used in the same period of 2024, primarily for software and computer hardware investments[157] - Cash used in financing activities for the nine months ended September 30, 2025 was $4.5 million, a significant decrease from $18.2 million in the same period of 2024[158][159] Stock-Based Compensation - Stock-based compensation increased to $9.791 million for the nine months ended September 30, 2025, compared to $8.774 million in 2024, marking a 12% rise[25] - Stock-based compensation expense for the nine months ended September 30, 2025, was $9.8 million, up from $8.8 million in 2024, reflecting a year-over-year increase of 11.6%[70] - Total stock-based compensation cost for the nine months ended September 30, 2025, was $10.4 million, compared to $9.3 million in 2024, representing a 11.9% increase[70] Revenue Sources - Dealer revenue for the nine months ended September 30, 2025, was $124.5 million, an increase of 6.0% from $116.6 million in 2024[79] - Dealer revenue accounted for 93.5% of total revenues in Q3 2025, compared to 90.1% in Q3 2024, while OEM incentives revenue decreased to 5.9% from 9.4%[130] - The company expects fluctuations in OEM revenue in future quarters due to changes in agreements with affinity group marketing partners[131] Market and Economic Conditions - The macroeconomic environment has caused significant disruptions, with ongoing concerns about inflation and high interest rates impacting consumer sentiment and spending[102] - Economic conditions, such as interest rates and inflation, have led to a decrease in consumer demand for automobiles, with new vehicle sales dropping from 17.0 million in 2019 to 13.8 million in 2022[197] - The automotive industry has faced inventory supply challenges, with inventory levels in Q4 2024 at the highest since June 2020, but still below historic levels[193] Merger Agreement - The company entered into a Merger Agreement on October 14, 2025, with Fair Holdings, Inc., where each share of common stock will be converted into $2.55 in cash[86] - The consummation of the Merger is subject to customary closing conditions, including stockholder approval, and will result in the company's stock being delisted from Nasdaq[101] - The Merger Agreement includes a requirement for Parent to secure an additional $60.0 million in financing commitments for completion[172] - The company may incur a termination fee of either $4.0 million or $8.0 million if the Merger Agreement is terminated under specified circumstances[175][182] Operational Challenges - TrueCar experienced a decline in lead quality and quantity since 2021, attributed to industry-wide automobile inventory shortages and macroeconomic factors such as inflation and interest rates[206] - Labor disputes and supply chain disruptions could adversely impact inventory supply and demand for new automobiles[195] - The company recognizes the importance of providing a compelling value proposition to both consumers and dealers through its offerings[207] Product Development - The company aims to develop and improve new products, including TrueCar+, to drive dealer adoption and increase revenue[211] - TrueCar+ aims to create a seamless end-to-end car-buying experience, but technical integration with existing dealer software remains a significant hurdle[208]

Financial Performance - For the nine months ended September 30, 2025, DXP Enterprises reported approximately $1.3 billion in sales for its Service Centers and Innovative Pumping Solutions segments, reflecting a 14.1% increase compared to the same period in 2024[100]. - The Supply Chain Services segment generated approximately $191.7 million in sales for the nine months ended September 30, 2025, a decrease of 1.1% compared to the same period in 2024[101]. - Acquisition sales for the nine months ended September 30, 2025, were $74.1 million, up from $63.7 million in the same period in 2024[102]. - Organic sales for the nine months ended September 30, 2025, totaled $1.414 billion, compared to $1.267 billion for the same period in 2024, indicating a significant growth[105]. - The net income for the nine months ended September 30, 2025, was $65.8 million, compared to $49.1 million for the same period in 2024, representing a 33.9% increase[105]. - EBITDA for the nine months ended September 30, 2025, was $161.1 million, an increase from $133.3 million in the same period in 2024, reflecting a growth of 20.8%[105]. - Sales for the three months ended September 30, 2025 increased by $40.8 million, or 8.6%, to approximately $513.7 million from $472.9 million for the prior year's corresponding period[115]. - Net income for the three months ended September 30, 2025 was $21.6 million, or 4.2% of sales, compared to $21.1 million, or 4.5% of sales, for the prior year's corresponding period[114]. - Sales for the nine months ended September 30, 2025 increased by $157.8 million, or 11.9%, to approximately $1.5 billion from $1.3 billion for the prior year's corresponding period[125]. Profitability Metrics - The gross profit margin for the nine months ended September 30, 2025, improved to 31.5%, compared to 30.6% for the same period in 2024[105]. - Gross profit margin for the three months ended September 30, 2025 was 31.4%, compared to 30.9% for the prior year's corresponding period, positively impacted by 50 basis points due to recent acquisitions[119]. - Gross profit margin for the nine months ended September 30, 2025 was 31.5%, compared to 30.6% for the prior year's corresponding period, positively impacted by 90 basis points due to recent acquisitions[129]. - Operating income for the three months ended September 30, 2025 increased by $4.1 million to $43.7 million, primarily driven by increases in the Service Centers segment[121]. - Operating income for the nine months ended September 30, 2025 increased by $24.1 million, or 22.7%, to $130.2 million from $106.1 million in the prior year's corresponding period[131]. Cash Flow and Capital Expenditures - Free cash flow for the nine months ended September 30, 2025, was $19.5 million, down from $54.4 million in the same period in 2024[105]. - Net cash provided by operating activities for the nine months ended September 30, 2025, was $56.5 million, down from $70.1 million in the prior year[145]. - Capital expenditures for the nine months ended September 30, 2025, were $37.0 million, compared to $15.7 million in 2024[159]. - Free Cash Flow for the nine months ended September 30, 2025, was $19.5 million, a significant decrease from $54.4 million in 2024[140]. Debt and Working Capital - Total outstanding debt as of September 30, 2025, was $644.0 million, accounting for 56.9% of total capitalization of $1.1 billion[149]. - Net working capital as of September 30, 2025, increased to $364.6 million, up $73.6 million from $291.0 million as of December 31, 2024[157]. - Interest expense for the nine months ended September 30, 2025 decreased by $2.3 million compared with the prior year's corresponding period, primarily due to refinancing of the Term Loan[132]. Strategic Focus - The company is actively monitoring economic conditions and adjusting strategies to mitigate adverse effects from inflation and supply chain challenges[97]. - DXP Enterprises continues to focus on maintaining strong margins despite vendor price increases, demonstrating resilience in its operations[100]. - The Company invested $24.4 million in acquisitions during the nine months ended September 30, 2025, a decrease from $149.4 million in the same period of 2024[158]. Tax and Expenses - The effective tax rate for the three months ended September 30, 2025 was 26.6%, compared to 11.1% for the prior year's corresponding period, primarily due to a lower tax benefit from research and development tax credits[122]. - Selling, general and administrative expenses (SG&A) for the three months ended September 30, 2025 increased by $11.1 million, or 10.4%, to $117.6 million from $106.5 million for the prior year's corresponding period[120]. - Adjusted EBITDA for the three months ended September 30, 2025, was $56.5 million, representing a 7.3% increase from $52.4 million in 2024[138].

Revenue Performance - Total revenue for Q3 2025 increased by 2% to $73.8 million compared to $72.3 million in Q3 2024, while total revenue for the nine months ended September 30, 2025 rose by 6% to $201.0 million from $189.2 million in the same period of 2024[137]. - The customer under the Updated Services Agreements accounted for 63% of total revenue in the nine months ended September 30, 2025, up from 58% in the same period of 2024[126]. - Wholesale capacity services revenue increased by 8% and 16% for the three and nine months ended September 30, 2025, compared to the same periods in 2024, reaching $47,346 thousand and $126,440 thousand respectively[141]. - Commercial IoT service revenue grew by 3% and 4% for the three and nine months ended September 30, 2025, with average subscribers increasing by 6% and 5% respectively, totaling 542,715 for the three months[142]. - SPOT service revenue decreased by $1.0 million and $3.0 million for the three and nine months ended September 30, 2025, primarily due to a decline in average subscribers[143]. - Duplex service revenue fell by $1.2 million and $3.8 million for the three and nine months ended September 30, 2025, attributed to fewer average subscribers following the discontinuation of Duplex device sales[144]. Subscriber and Market Expansion - As of September 30, 2025, the company had approximately 783,000 subscribers worldwide, reflecting the demand for MSS services in remote areas[127]. - The company plans to expand its global network with approximately 90 new antennas across 35 ground stations in 25 countries to enhance service coverage and quality[116]. - The company retains 15% of its current and future network capacity to support other customers, indicating potential for subscriber base growth[125]. Satellite and Technology Development - The company expects to acquire 17 replacement satellites by early 2026, with an option for an additional nine satellites, to ensure continuous service delivery[118]. - The company entered into Launch Services Agreements with SpaceX for two launches of the replacement satellites, anticipated to be completed in 2026[119]. - The company released the RM200M two-way module in October 2025, aimed at integrating into IoT and industrial solutions, reflecting ongoing product development efforts[128]. Financial Position and Cash Flow - Total operating expenses rose to $63.7 million and $193.2 million for the three and nine months ended September 30, 2025, compared to $62.9 million and $185.9 million in 2024[145]. - Cash and cash equivalents decreased to $346.3 million as of September 30, 2025, down from $391.2 million at December 31, 2024, primarily due to capital expenditures[158]. - The principal amount of debt outstanding was $418.7 million at September 30, 2025, an increase from $417.5 million at December 31, 2024, due to new debt issuance[159]. - Net cash provided by operating activities was $445,762 thousand for the nine months ended September 30, 2025, compared to $98,535 thousand in 2024[160]. - Net cash used in investing activities was $485.9 million for the nine months ended September 30, 2025, compared to $107.7 million for the same period in 2024, primarily due to milestone payments totaling $334.8 million to MDA Space and SpaceX[163]. - Net cash used in financing activities was $6.1 million during the nine months ended September 30, 2025, compared to net cash provided of $4.9 million in the same period of 2024[164]. - Deferred revenue, net, as of September 30, 2025, totaled $734.4 million, with the majority expected to be earned over a period exceeding five years[165]. Risk and Compliance - There were no material changes to market risk during the quarter ended September 30, 2025[170]. - No material off-balance sheet transactions were reported[167]. Tax and Currency Impact - The company recorded foreign currency losses of $0.6 million and gains of $15.5 million for the three and nine months ended September 30, 2025, compared to gains and losses in the same periods of 2024[155]. - Income tax expense decreased by $0.6 million and increased by $2.0 million for the three and nine months ended September 30, 2025, compared to the same periods in 2024[156].

Financial Performance - Mach reported total revenue of $273 million and net losses of $36 million for Q3 2025[6]. - Adjusted EBITDA for Q3 2025 was reported at $124 million[20]. Production and Pricing - Average net production was 94.0 thousand barrels of oil equivalent per day, consisting of 21% oil, 56% natural gas, and 23% NGLs[8]. - The average realized price was $64.79 per barrel of oil, $2.54 per Mcf of natural gas, and $21.78 per barrel of NGLs[6]. - Mach achieved a combined initial production rate in excess of 100 million cubic feet of natural gas per day from its first five wells in the Mancos Shale[5]. Capital Expenditures and Costs - Mach incurred total development costs of $59 million, including $53 million of upstream capital[11]. - The 2026 drilling and completion capital program was reduced by 18%, or $63 million, while maintaining prior production guidance[13]. Cash and Debt Position - As of September 30, 2025, Mach had a cash balance of $54 million and remaining availability under the Revolving Credit Facility of $295 million[7]. - The pro forma net-debt-to-Adjusted-EBITDA ratio was 1.3x as of September 30, 2025[7]. Distributions - The company declared a quarterly cash distribution of $0.27 per common unit, payable on December 4, 2025[12].

Financial Performance - Total revenues for Q3 2025 were $186.6 million, a decrease of 6.4% compared to $200.4 million in Q3 2024[24] - Net loss for Q3 2025 was $144.1 million, compared to a net loss of $107.0 million in Q3 2024, representing a 34.6% increase in losses year-over-year[24] - Comprehensive loss for Q3 2025 was $149.5 million, compared to a comprehensive loss of $112.6 million in Q3 2024, indicating a worsening of overall financial performance[26] - For the nine months ended September 30, 2025, Hudson Pacific Properties reported a net loss of $312,124, compared to a net loss of $207,925 for the same period in 2024, reflecting an increase in losses of approximately 50.1%[34] - Total revenues for the nine months ended September 30, 2025, were $575,078, a decrease of 9.1% compared to $632,416 for the same period in 2024[182] Assets and Liabilities - Total assets decreased to $7.8 billion as of September 30, 2025, down from $8.1 billion at the end of 2024, reflecting a 4.1% decline[22] - Total liabilities decreased to $4.3 billion as of September 30, 2025, down from $5.0 billion at the end of 2024, a reduction of 13.1%[22] - The company's total liabilities decreased to $4,310,391 from $4,954,508 at the end of 2024, reflecting a reduction of approximately 13.0%[37] - The total capital of Hudson Pacific Properties rose to $3,433,338 from $3,118,637, an increase of about 10.1%[37] Cash and Liquidity - Cash and cash equivalents increased to $190.4 million from $63.3 million at the end of 2024, indicating a significant improvement in liquidity[22] - Cash provided by operating activities for the nine months ended September 30, 2025, was $61,673 thousand, a decrease of 62.5% compared to $164,495 thousand in 2024[51] - The company’s total cash and cash equivalents and restricted cash at the end of the period was $214,447 thousand, compared to $113,935 thousand at the end of the previous year, reflecting an increase of approximately 88.1%[51] Revenue Segments - Office rental revenues for Q3 2025 were $148.3 million, down 9.0% from $162.9 million in Q3 2024[24] - Studio rental revenues remained relatively stable at $13.6 million in Q3 2025 compared to $13.7 million in Q3 2024[24] - Studio segment revenues for Q3 2025 were $32,038, a decline of 4.2% from $33,451 in Q3 2024[182] Shareholder Information - The weighted average shares of common stock outstanding increased to 451.0 million in Q3 2025 from 141.2 million in Q3 2024, reflecting a significant increase in share count[24] - The company reported a net loss attributable to common unitholders of $138.2 million for the three months ended September 30, 2025, compared to a loss of $100.5 million in 2024[40] - The basic and diluted net loss available to common stockholders for the three months ended September 30, 2025, was $(136,467,000), compared to $(97,918,000) for the same period in 2024[153] Operating Expenses - Operating expenses for Q3 2025 totaled $211.8 million, a decrease of 4.2% from $221.1 million in Q3 2024[24] - The company experienced a total other expenses of $118.9 million for the three months ended September 30, 2025, compared to $84.2 million in the prior year[40] Dividends and Stockholder Equity - The company declared a dividend of $5,047,000 for the three months ended September 30, 2024, compared to $5,047,000 for the previous quarter[32] - As of September 30, 2024, Hudson Pacific Properties, Inc. reported total stockholders' equity of $3,286,312,000, a decrease from $3,395,808,000 as of June 30, 2024[32] Investment and Development - The company owns 20% of the unconsolidated joint venture entity that owns the Bentall Centre property, which is part of its broader investment strategy[54] - The company has five future development properties totaling 2,044,865 square feet, indicating ongoing expansion plans[54] Debt and Financing - Proceeds from unsecured and secured debt amounted to $1,291,000, while payments of unsecured and secured debt were $1,801,467, resulting in net cash provided by financing activities of $117,693[34] - The Company has a total capacity of $795.3 million available under its unsecured revolving credit facility, which can be increased up to $2.0 billion[102] Impairments and Charges - The Company recorded an impairment charge of $18.4 million related to the 625 Second office property during the nine months ended September 30, 2025[75] - The company recognized a loss on deconsolidation of $77.9 million related to Sun Valley Peoria, LLC and Sun Valley Services, LLC during the nine months ended September 30, 2025[64]

Financial Performance - Total revenues for Q3 2025 reached $119.2 million, a 23.1% increase from $96.8 million in Q3 2024[17] - Subscription service revenue grew to $74.8 million, up 24.5% from $59.9 million year-over-year[17] - Net loss for Q3 2025 was $18.2 million, compared to a net loss of $19.8 million in Q3 2024, showing a slight improvement[19] - The company reported a comprehensive loss of $29.0 million for Q3 2025, compared to a comprehensive loss of $16.0 million in Q3 2024[19] - For the nine months ended September 30, 2025, the company reported a net loss of $63.57 million compared to a net income of $16.07 million in the same period of 2024[25] - The company reported a net loss of $24,350,000 for the quarter ending March 31, 2025, and a net loss of $21,040,000 for the quarter ending June 30, 2025[21] - The company experienced a net income of $54,190,000 for the quarter ending June 30, 2024, following a net loss of $18,288,000 for the quarter ending March 31, 2024[23] - The company reported a net loss of $19,832,000 for the quarter ending September 30, 2024[23] Revenue Breakdown - Total revenues for the nine months ended September 30, 2025, were $335.4 million, an increase of $90.5 million or 36.9% compared to $244.9 million for the same period in 2024[108] - Subscription service revenues for the nine months ended September 30, 2025, were $215.1 million, an increase of $71.9 million or 50.2% compared to $143.2 million for the same period in 2024[109] - Hardware revenues for the nine months ended September 30, 2025, were $78.6 million, an increase of $17.6 million or 28.9% compared to $61.0 million for the same period in 2024[110] - Subscription service revenue for the three months ended September 30, 2025, was $74,763,000, up from $59,909,000 in the same period of 2024, representing a year-over-year increase of 24.5%[42] - Hardware revenue increased by 32.0% year-over-year to $29.9 million, accounting for 25.1% of total revenue[100] Expenses and Costs - Research and development expenses for Q3 2025 were $19.3 million, an increase of 8.1% from $17.8 million in Q3 2024, highlighting ongoing investment in innovation[17] - Operating expenses for the nine months ended September 30, 2025, totaled $199.3 million, an increase of 21.7% compared to $163.8 million for the same period in 2024[108] - General and administrative expenses for the nine months ended September 30, 2025, rose by $14.8 million or 19.0% to $92.7 million from $77.9 million in 2024[124] - Sales and marketing expenses for the nine months ended September 30, 2025, increased by $5.3 million or 17.0% to $36.5 million from $31.2 million in 2024[121] - Stock-based compensation expenses amounted to $7,181,000 for the quarter ending June 30, 2025, and $5,937,000 for the quarter ending September 30, 2024[21][23] Assets and Liabilities - Total current assets increased to $227.1 million as of September 30, 2025, compared to $218.0 million at the end of 2024[15] - Total liabilities rose to $539.3 million, up from $509.0 million at the end of 2024, indicating increased financial obligations[15] - Cash and cash equivalents decreased to $92.5 million from $108.1 million at the end of 2024, reflecting cash outflows[15] - Goodwill increased to $898.5 million as of September 30, 2025, from $887.5 million at the end of 2024, indicating potential acquisitions or business growth[15] - As of September 30, 2025, total shareholders' equity stands at $838,049,000, with an accumulated deficit of $343,510,000[21] Acquisitions and Investments - The company acquired GoSkip for approximately $4.8 million to enhance its PAR Retail product offerings, focusing on self-checkout solutions[43] - The Delaget Acquisition was completed for a total consideration of $125.1 million, which included $16.9 million in cash and equity consideration valued at $108.2 million[50] - Goodwill from the Delaget Acquisition was preliminarily valued at $97.954 million, reflecting expected synergies from the acquisition[56] - The company incurred acquisition expenses of approximately $0.6 million related to the GoSkip Asset Acquisition, which were capitalized as part of the asset cost[45] Cash Flow and Financing - Cash used in operating activities for continuing operations was $15.41 million, a decrease from $24.44 million in the prior year[25] - The company experienced a net cash decrease of $14.65 million in cash and cash equivalents, ending the period with $106.89 million compared to $121.07 million at the end of the previous year[27] - Cash used in investing activities significantly decreased to $10.9 million for the nine months ended September 30, 2025, compared to $178.1 million for the same period in 2024[164] - Cash provided by financing activities was $11.5 million for the nine months ended September 30, 2025, down from $279.3 million for the same period in 2024[165] - The company raised $194,490,000 from a private placement of common stock, net of issuance costs of $5.5 million[23] Market and Customer Insights - The U.S. market contributed $98.2 million in revenue for Q3 2025, up from $81.6 million in Q3 2024, while international revenue increased to $21.0 million from $15.1 million[84] - McDonald's Corporation accounted for 23% of total revenues in Q3 2025, up from 18% in Q3 2024, highlighting the importance of this customer[85] Risk and Compliance - The company does not believe it has any pending litigation that would have a material adverse effect on its financial condition or results of operations[178] - There have been no material changes to the Risk Factors described in the 2024 Annual Report[179] - The company's management evaluated the effectiveness of disclosure controls and procedures as of September 30, 2025, concluding they were effective[175] - There were no changes in internal control over financial reporting during the quarter ended September 30, 2025, that materially affected the internal control over financial reporting[176]

Revenue Performance - Site rental revenues for Q3 2025 were $1.012 billion, a decrease of $54 million or 5% compared to Q3 2024[117]. - Site rental revenues for Q3 2025 were $1.0 billion, a decrease of $54 million (5%) from $1.1 billion in Q3 2024, primarily due to higher towers non-renewals related to Sprint Cancellations[122]. - For the nine months ended September 30, 2025, site rental revenues totaled $3.0 billion, down $167 million (5%) from $3.2 billion in the same period in 2024[133]. - The company expects a reduction in site rental revenues by approximately $200 million in 2025 due to higher tower non-renewals related to T-Mobile and Sprint network consolidation[112]. - Approximately 89% of site rental revenues for the nine months ended September 30, 2025, were derived from T-Mobile, AT&T, and Verizon Wireless[110]. Financial Metrics - Adjusted EBITDA for Q3 2025 was $718 million, a decrease of $59 million or 8% compared to Q3 2024[117]. - Adjusted EBITDA for the first nine months of 2025 decreased by $113 million (5%) to $2.145 billion from $2.258 billion in the same period in 2024[148]. - Adjusted Site Rental Gross Margin for Q3 2025 was $767 million, down $56 million (7%) from $823 million in Q3 2024, reflecting the same factors affecting site rental revenues[122]. - Adjusted Services and Other Gross Margin increased to $31 million in Q3 2025, up $2 million (7%) from $29 million in Q3 2024, driven by carrier network enhancements[123]. - Income from continuing operations for Q3 2025 was $277 million, a decrease of $17 million (6%) from $294 million in Q3 2024, attributed to lower Adjusted Site Rental Gross Margin and increased interest expenses[128]. Cash Flow and Capital Expenditures - For the nine months ended September 30, 2025, net cash provided by operating activities was $2.2 billion[110]. - Net cash provided by operating activities for the first nine months of 2025 was $2.2 billion, an increase of $121 million or 6% compared to the same period in 2024[158]. - Net cash used for investing activities decreased by $142 million or 15% to $805 million in the first nine months of 2025, primarily due to reduced discretionary capital expenditures[159]. - Total capital expenditures for continuing operations were $123 million for the first nine months of 2025, relatively stable compared to $124 million in the same period of 2024[161]. - Discretionary capital expenditures for the nine months ended September 30, 2025, were $104 million, primarily for improvements to existing towers[110]. Debt and Financing - As of September 30, 2025, 84% of the company's debt had fixed rate coupons, with a weighted-average interest rate of 4.0%[110]. - As of September 30, 2025, the company's outstanding debt had a weighted-average interest rate of 4.0% and a weighted-average maturity of approximately six years[110]. - Net cash used for financing activities increased by $394 million to $1.4 billion for the first nine months of 2025, driven by the net impact of debt issuances and repayments[164]. - The company expects to use a portion of cash proceeds from the Strategic Fiber Transaction, anticipated in the first half of 2026, to repay existing debt and fund share repurchases[156]. - The company aims to maintain an investment-grade credit profile and compliance with financial maintenance covenants in its 2016 Credit Agreement[169]. Income and Losses - Net income for Q3 2025 was $323 million, compared to $303 million in Q3 2024, primarily due to improved income from discontinued operations[131]. - The company recognized a loss from disposal of discontinued operations of $231 million and $1.3 billion for the three and nine months ended September 30, 2025, respectively[101]. - The loss from disposal of discontinued operations was $(1.3) billion for the first nine months of 2025, primarily due to the Fiber Business being classified as "held for sale"[146]. - Income from discontinued operations before gain from disposal was $637 million for the first nine months of 2025, compared to $12 million in the same period of 2024[145]. - The company reported a loss from discontinued operations of $46 million in Q3 2025, compared to a loss of $9 million in Q3 2024[179]. Operational Changes - The company initiated a restructuring plan in July 2023 to reduce costs and align operational needs with lower tower activity[110]. - Selling, general and administrative expenses rose to $97 million in Q3 2025, an increase of $4 million (4%) from $93 million in Q3 2024, mainly due to variable employee-related costs[124]. - Stock-based compensation expense for the nine months ended September 30, 2025, was $55 million, down from $69 million in the same period of 2024, a decrease of 20.3%[174]. - Total depreciation, amortization, and accretion for Q3 2025 was $167 million, down from $181 million in Q3 2024, a decrease of 7.7%[179]. - The company plans to continue investing in small cells and fiber until the closing of the sale of the Fiber Business[150].

Financial Performance - Net sales for the three months ended September 30, 2025, were $90.552 million, a decrease of 11.3% compared to $102.073 million for the same period in 2024[40]. - The company reported net sales of $280.543 million for the nine months ended September 30, 2025, a slight decrease of 1.4% compared to $284.425 million for the same period in 2024[40]. - For the three months ended September 30, 2025, the company reported a net loss of $8.33 million, compared to a net loss of $2.66 million for the same period in 2024[125]. - The basic earnings per share for the three months ended September 30, 2025, was $(0.62), compared to $(0.20) for the same period in 2024[125]. - Total revenue for the three months ended September 30, 2025, was $90.55 million, down from $102.07 million in the same period of 2024, representing a decrease of approximately 11.4%[130]. Revenue Breakdown - Revenue from the connected home channel increased to $29.793 million for the three months ended September 30, 2025, up 12.4% from $26.368 million in the same period of 2024[40]. - Revenue from the home entertainment channel decreased to $60.759 million for the three months ended September 30, 2025, down 19.7% from $75.705 million in the same period of 2024[40]. - Net sales to Daikin Industries Ltd. increased to $18,576 thousand, representing 20.5% of net sales for the three months ended September 30, 2025, compared to 12.4% for the same period in 2024[49]. Cash and Liquidity - Total cash and cash equivalents increased to $31.506 million as of September 30, 2025, up from $26.783 million at December 31, 2024, representing a growth of 10.2%[39]. - The U.S. Credit Line has a maximum availability of $75.0 million, with total availability of $54.1 million based on the accounts receivable coverage ratio as of September 30, 2025[66]. - As of September 30, 2025, the total interest expense on borrowings under the U.S. Credit Line was $0.4 million, down from $1.0 million for the same period in 2024, representing a decrease of 60%[70]. - The China Credit Line had a maximum availability of up to RMB 130.0 million (approximately $18.3 million) as of September 30, 2025, with no remaining availability[73]. Assets and Liabilities - Accounts receivable, net decreased to $83.800 million as of September 30, 2025, from $114.182 million at December 31, 2024, a decline of 26.6%[43]. - Total inventories as of September 30, 2025, amounted to $80,605 thousand, a slight increase from $79,355 thousand as of December 31, 2024[50]. - Long-lived tangible assets decreased to $40,334 thousand as of September 30, 2025, down from $48,529 thousand at December 31, 2024[54]. - Total intangible assets, net, decreased to $22,583 thousand as of September 30, 2025, from $24,038 thousand at December 31, 2024[58]. - The total accrued compensation as of September 30, 2025, was $19.1 million, a decrease from $20.9 million at December 31, 2024, reflecting a reduction of approximately 8.6%[85]. Expenses and Charges - The company recorded impairment charges of $1.2 million related to the shutdown of its Mexico manufacturing facility during the three and nine months ended September 30, 2025[56]. - The company incurred severance expenses of $1.7 million for the three months ended September 30, 2025, as part of a global reduction in force strategy[84]. - The company recognized a total of $4.6 million in factory restructuring charges since September 2023, with no further expenses expected from this plan[92]. - Total restructuring costs incurred from inception to date amount to $7.6 million, with severance expenses at $5.4 million and other exit expenses at $2.2 million[96]. Legal Matters - The arbitration ruling in favor of the company against IT Convergence awarded approximately $0.2 million, with both parties having 90 days to appeal[110]. - The company recorded an accrual of approximately $4.2 million for a judgment in favor of Tongshun Company, which was paid during the second quarter of 2025[109]. - In the litigation against Roku, the Federal Circuit affirmed the invalidation of Roku's patent claims on June 17, 2025, which is expected to impact future legal proceedings[104]. - The trial date for the consolidated district court case against Roku is set for March 16, 2027, following the lifting of a stay on the case[103].

Revenue and Income - Revenue for the three months ended September 30, 2025, increased by $7.8 million to $8.2 million compared to $0.5 million in the same period of 2024, primarily due to engineering services for RoPower's power plant deployment in Romania [144]. - Revenue for the nine months ended September 30, 2025, increased by $26.9 million to $29.7 million compared to $2.8 million in the same period of 2024, attributed to engineering and licensing fees [150]. - Investment income increased by $3.8 million to $5.8 million for the three months ended September 30, 2025, due to a stronger cash position and higher investments [149]. - Investment income for the nine months ended September 30, 2025, increased by $11.1 million to $16.4 million compared to $5.3 million in the same period of 2024 [157]. Expenses - Cost of sales for the three months ended September 30, 2025, increased by $5.2 million to $5.5 million compared to $0.3 million in the same period of 2024, driven by engineering services related to the same project [144]. - General and administrative expenses surged by $502.2 million to $519.2 million for the three months ended September 30, 2025, mainly due to the recognition of a $495.0 million milestone contribution [146]. - General and administrative expenses rose by $511.8 million to $565.0 million for the nine months ended September 30, 2025, primarily due to the milestone contribution and increased business development costs [152]. - Research and development expenses decreased by $1.1 million to $11.1 million for the three months ended September 30, 2025, as personnel transitioned to commercial projects [145]. Net Loss and Cash Flow - Net loss for the three months ended September 30, 2025, was $532.6 million, compared to a net loss of $45.6 million in the same period of 2024 [143]. - The company has incurred significant operating losses with an accumulated deficit of $682.0 million and negative operating cash flows [159]. - For the nine months ended September 30, 2025, net cash used in operating activities was $(255,906) thousand, compared to $(82,249) thousand in 2024 [161]. Cash and Investments - As of September 30, 2025, the company had cash and cash equivalents of $407.6 million and short-term investments of $284.2 million, with no debt [159]. - The company executed a strategy to diversify its investment portfolio, resulting in net cash used in investing activities of $(306,332) thousand for the nine months ended September 30, 2025 [163]. - Net cash provided by financing activities was $568,267 thousand for the nine months ended September 30, 2025, compared to $118,417 thousand in 2024 [161]. Commitments and Obligations - The company has commitments totaling $551,867 thousand, with significant payments due in 2025 and 2026 [172]. - A liability of $346.5 million was recognized due to the achievement of criteria for triggering payment under the PMA, related to 72 NPMs [170]. - The company entered into sales and marketing agreements in January 2025, increasing its commitment by an additional $34.8 million [168]. - The company has a potential obligation of up to $7.1 million to the USTDA based on revenue earned under technical assistance grant programs [172]. Future Outlook - The company believes it has sufficient cash and access to capital markets to meet its cash requirements for the next 12 months and beyond [160].