UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended: September 30, 2025 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from to . Commission File Number: 000-20288 COLUMBIA BANKING SYSTEM, INC. (Exact Name of Registrant as Specified in Its Charter) Washington 91-1422237 (State or Other Ju ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number: 001-36437 Dorian LPG Ltd. (Exact name of registrant as specified in its charter) | Marshall Island ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Table of Contents FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-13252 McKESSON CORPORATION (Exact name of registrant as specified in its charter) | (Title of each class) | (Trading S ...

For the quarterly period ended September 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 For the transition period from _______to_______ | | Exact name of registrant as specified in its charter, | | | --- | --- | --- | | Commission | state of incorporation, address o ...

Financial Performance - Total revenue for Q3 2025 was $901.2 million, a 2.5% increase from $875.8 million in Q3 2024[14] - Subscription and services revenue increased to $598.7 million, up 5.1% from $568.2 million year-over-year[14] - Net income for Q3 2025 was $111.5 million, compared to $40.6 million in Q3 2024, representing a significant increase of 174.6%[14] - Gross margin improved to $621.1 million in Q3 2025, compared to $575.6 million in Q3 2024, reflecting a gross margin percentage increase[14] - For the first three quarters ended October 3, 2025, Trimble Inc. reported a net income of $267.4 million, a decrease of 81.1% compared to $1,414.2 million in the same period of 2024[22] - The company experienced a net cash provided by operating activities of $225.9 million for the first three quarters of 2025, down from $416.3 million in 2024[22] - The company had a comprehensive income of $389.5 million for the first three quarters of 2025, compared to a comprehensive income of $27.8 million in 2024[22] - Operating income for the first three quarters of 2025 was $765.5 million, compared to $739.8 million in the first three quarters of 2024, reflecting a 3.5% year-over-year growth[57] - For Q3 2025, the net income was $111.5 million, a significant increase from $40.6 million in Q3 2024, resulting in basic earnings per share of $0.47 compared to $0.17 in the prior year[69] Expenses and Investments - Research and development expenses were $152.9 million, slightly down from $155.6 million in Q3 2024[14] - The company plans to continue investing in research and development to introduce new products and enhance market solutions[5] - The company recorded a depreciation and amortization expense of $149.3 million for the first three quarters of 2025, down from $179.2 million in 2024[22] - Stock-based compensation expense of $111.1 million for the first three quarters of 2025, slightly up from $110.3 million in 2024[22] Cash and Debt - The company reported cash and cash equivalents of $232.7 million as of Q3 2025, a decrease from $738.8 million at year-end 2024[12] - Long-term debt remained stable at $1,391.8 million, compared to $1,390.6 million at year-end 2024[12] - Total outstanding debt as of the third quarter of 2025 was $1,391.8 million, slightly up from $1,390.6 million at the end of 2024[58] - The company had no amounts outstanding under its $1.25 billion revolving credit facility at the end of the third quarter of 2025[60] Equity and Stock Repurchase - Trimble Inc. reported a total stockholders' equity of $5,790.0 million as of October 3, 2025, an increase from $5,745.3 million at the beginning of the year[18] - Stock repurchases amounted to $727.4 million in the first three quarters of 2025, compared to $175.0 million in the same period of 2024[22] - In Q1 2025, the Board of Directors approved a new stock repurchase program authorizing up to $1.0 billion, replacing the previous program from 2024[33] - As of the end of Q3 2025, remaining authorized funds for stock repurchase amounted to $272.6 million, with approximately 0.6 million shares repurchased in Q3 2025 at an average price of $80.88 per share[34][35] Asset Management - Total assets decreased to $9,019.6 million from $9,488.3 million at year-end 2024[12] - Total inventories decreased from $194.3 million at year-end 2024 to $174.7 million by Q3 2025, with finished goods inventory at $105.5 million[51] - The company had cash and cash equivalents of $232.7 million at the end of the period, a decrease from $1,054.0 million at the end of the previous year[22] - Goodwill increased to $5,237.1 million by the end of Q3 2025, reflecting foreign currency translation and adjustments[50] Revenue Recognition and Deferred Revenue - The company recognized $140.0 million in revenue from prior year deferred revenue during the third quarter of 2025[66] - At the end of the third quarter of 2025, approximately $1.7 billion of revenue is expected to be recognized from remaining performance obligations, with $1.2 billion (69%) expected to be recognized in the next 12 months[67] - Deferred revenue at the end of the third quarter of 2025 was $841.6 million, compared to $757.2 million at the end of the third quarter of 2024[66] Taxation - The effective income tax rate for Q3 2025 was 10.9%, down from 44.5% in Q3 2024, primarily due to disallowed losses related to the Mobility divestiture[70] - The effective income tax rate for the first three quarters of 2025 was 17.7%, down from 25.9% in the same period of 2024, influenced by gains from the Ag divestiture[70] - Unrecognized tax benefits at the end of Q3 2025 amounted to $42.2 million, which could positively impact future effective income tax rates if recognized[71] - The OBBBA legislation is expected to result in cash tax reductions of approximately $32 million in 2025 and $80 million in subsequent years[72] - The company accrued interest and penalties of $9.6 million related to tax benefits at the end of Q3 2025[71] Business Strategy and Market Position - The Connect & Scale strategy is expected to enhance business visibility and recurring revenue over time[5] - The company’s reportable segments include AECO, Field Systems, and Transportation and Logistics, with performance evaluated based on segment revenue and operating income[52][54] - North America accounted for $528.6 million of total segment revenue in the third quarter of 2025, representing a 0.8% increase from $524.5 million in the third quarter of 2024[57] Foreign Currency and Interest Rates - In Q3 2025, revenue was positively impacted by $8.5 million due to foreign currency fluctuations, while operating income was negatively impacted by $1.5 million[143] - The company uses foreign currency forward contracts to hedge against exchange rate fluctuations, with a nominal amount of purchased contracts at $343.5 million at the end of Q3 2025[145] - The company does not anticipate any material effect on its portfolio due to fluctuations in interest rates, as cash equivalents are primarily in interest-bearing deposits[140] Divestitures - The Mobility business was sold to Platform Science for equity interests valued at $253.9 million, resulting in a cumulative pre-tax loss of $30.6 million from the held for sale date to the closing date[38][39] - The Ag business was sold to AGCO for $1.9 billion in cash and an equity interest in a joint venture valued at $275.6 million, resulting in a pre-tax gain of $1.7 billion[41][42] - The company’s equity investment in Platform Science was valued at $253.9 million at the end of Q3 2025, representing a 32.5% ownership interest[48]

Revenue Performance - LNG Product revenue increased by $3.27 million, or 22.9%, to $17.53 million for the three months ended September 30, 2025, compared to $14.26 million for the same period in 2024[95] - Total revenues for the current quarter were $20.33 million, reflecting a $2.70 million, or 15.3%, increase from $17.63 million in the prior year quarter[95] - Total revenues for the nine months ended September 30, 2025, decreased by $1.0 million, or 2%, to $54.972 million compared to $55.995 million in the prior year[108] - LNG product revenues increased by $1.805 million, or 4.1%, to $46.1 million, while rental and service revenues decreased by 22.8% and 22.3%, respectively[107] Expenses and Income - Cost of revenues rose by $2.1 million, or 17%, to $14.72 million, maintaining 72% of total revenue for both quarters[96] - Net income for the current quarter was $1.12 million, a 12.2% increase from $0.997 million in the prior year quarter[95] - Operating expenses increased by $2.462 million, or 4.5%, totaling $56.708 million, with selling, general, and administrative expenses rising by $1.025 million, or 10.4%[107] - Net income for the nine months ended September 30, 2025, was a loss of $1.092 million, compared to a net income of $2.493 million in the prior year[107] - Selling, general and administrative expenses decreased by $0.3 million, primarily due to lower compensation expenses[99] - The company experienced a decrease in net equity income from foreign joint ventures by $0.2 million due to reduced profits[102] Financing and Investments - The company executed a 10-year bunkering agreement to supply LNG and develop a new 350,000 gallon-per-day liquefaction facility in Galveston, Texas[89] - The company is pursuing financing for the Galveston LNG facility, with no guarantee of successful completion by the required timeframe[89] - Capital expenditures for the nine months ended September 30, 2025, were $5.0 million, primarily for the Galveston expansion and upgrades to existing assets[127] - The company executed a 10-year bunkering agreement to supply LNG for a new 350,000 gallon-per-day liquefaction facility in Galveston, Texas, with project financing to be finalized by Q1 2026[128] Cash Flow and Financial Position - Cash provided by operating activities was $7.934 million, down from $11.522 million in the prior year, a decrease of $3.588 million[123] - As of September 30, 2025, the company had $10.3 million in cash and cash equivalents and $9.5 million in outstanding debt[120] - The company had no off-balance sheet arrangements that could materially affect its financial position as of September 30, 2025[129] Accounting and Reporting - The Company has prepared its financial statements in accordance with U.S. GAAP, requiring estimates and assumptions that impact reported amounts of assets and liabilities[130] - There have been no significant changes in the Company's "Critical Accounting Policies and Estimates" during the three and nine months ended September 30, 2025, compared to the previous year[130] - The Company is classified as a "smaller reporting company" and is not required to provide quantitative and qualitative disclosures about market risk[131] Derivatives and Losses - The company reported an unrealized loss of $19,000 on natural gas derivatives in the current quarter, compared to a loss of $13,000 in the prior year quarter[99]

Revenue Performance - Total revenue for the three months ended September 30, 2025, was $87,767 thousand, consistent with the prior year, while revenue for the nine months was $262,626 thousand, a slight decrease of $0.8 million compared to the previous year[113][114]. - Corporate revenue increased by $3.2 million or 6% for the three months ended September 30, 2025, while SoHo revenue decreased by $3.2 million or 9%[114]. - Total revenues for the three months ended September 30, 2025, were $87.767 million, consistent with $87.753 million in 2024, while revenues for the nine months ended September 30, 2025, decreased slightly to $262.626 million from $263.399 million in 2024[113]. Customer Metrics - Average Revenue per Customer Account (ARPA) for Corporate was $293.12 for the three months ended September 30, 2025, down from $310.13 in 2024, while consolidated ARPA increased to $39.79 from $36.19[109]. - The total number of customer accounts decreased to 726 thousand as of September 30, 2025, down from 799 thousand in the prior year[109]. - Monthly churn rate for Corporate customers increased to 3.47% for the three months ended September 30, 2025, compared to 2.61% in 2024[109]. - The company serves approximately 726 thousand customers across 41 countries, with top 10 customers contributing about 9% of total revenues[105]. Expenses and Costs - Cost of revenues for the three months ended September 30, 2025, was $17,520 thousand, a decrease of 1% from the prior year, while for the nine months, it increased by 3% to $53,214 thousand[115][116]. - Sales and marketing expenses for the three months ended September 30, 2025, were $13,006 thousand, a 4% increase from the prior year, and for the nine months, they rose to $38,246 thousand, also a 4% increase[118][120]. - Research, development, and engineering costs for Q3 2025 were $1,950,000, a decrease of 4% compared to Q3 2024, and for the nine months ended September 30, 2025, costs were $5,406,000, down 3% year-over-year[121][122]. - General and administrative expenses for Q3 2025 were $17,361,000, an increase of 1% from Q3 2024, while for the nine months ended September 30, 2025, expenses decreased by 4% to $51,284,000[123][125]. - Share-based compensation for Q3 2025 totaled $3,966,000, up from $3,422,000 in Q3 2024, and for the nine months ended September 30, 2025, it was $12,437,000 compared to $11,610,000 in the prior year[126]. Financial Position - Cash and cash equivalents as of September 30, 2025, were $97,600,000, significantly up from $33,500,000 as of December 31, 2024[135]. - The company entered into a $75,000,000 revolving credit facility and a $150,000,000 delayed-draw term loan facility as part of the 2025 Credit Agreement[136]. - As of September 30, 2025, the company had $582,400,000 in outstanding debt and total minimum lease payments of $15,200,000[137]. Cash Flow - Net cash provided by operating activities for the nine months ended September 30, 2025, was $120,900,000, an increase from $110,600,000 in the prior year[142]. - Net cash used in investing activities increased to $27.3 million for the nine months ended September 30, 2025, compared to $25.5 million in 2024, primarily due to investments made in the current period[143]. - Net cash used in financing activities decreased significantly to $33.1 million for the nine months ended September 30, 2025, from $116.8 million in 2024, mainly due to reduced cash outflows related to debt repurchases[144]. Taxation - The effective tax rate for Q3 2025 was 26.3%, up from 22.5% in Q3 2024, primarily due to changes in the geographical mix of income and an increase in the officer's compensation limitation[133]. - The provision for income taxes was $7.9 million for the three months ended September 30, 2025, compared to $6.1 million for the same period in 2024[132].

Revenue and Sales Performance - Total revenue increased by $2.0 million, or 16.3%, from $12.1 million in Q3 2024 to $14.1 million in Q3 2025, driven by a $2.2 million increase in product sales[78] - Product sales accounted for 90% of total revenue in Q3 2025, up from 86% in Q3 2024[76] - Total revenue increased by $3.2 million, or 8.7%, from $37.2 million in the nine months ended September 30, 2024, to $40.4 million in the same period of 2025[93] - Product sales revenue increased by $3.6 million, or 11.6%, from $31.2 million in the nine months ended September 30, 2024, to $34.8 million in the same period of 2025[91] Income and Profitability - Adjusted net income for Q3 2025 was $1.5 million, compared to a loss of $1.8 million in Q3 2024[75] - The net loss for the nine months ended September 30, 2025, was $1.8 million, an increase from a net loss of $0.4 million in the same period of 2024[109][110] Expenses - Research and development expenses increased by $0.2 million, or 5.9%, to $3.6 million in Q3 2025, representing 25% of total revenue[84] - General and administrative expenses rose by $0.3 million, or 9.7%, to $3.7 million in Q3 2025, accounting for 26% of total revenue[85] - Sales and marketing expenses increased by $0.2 million, or 12.0%, from $1.3 million in Q3 2024 to $1.5 million in Q3 2025[86] - Research and development expenses increased by $0.3 million, or 2.5%, from $10.3 million in the nine months ended September 30, 2024, to $10.5 million in the same period of 2025[99] - General and administrative expenses increased by $0.5 million, or 4.9%, from $10.7 million in the nine months ended September 30, 2024, to $11.2 million in the same period of 2025[100] Margins and Cost - Gross margin improved from 49.2% in Q3 2024 to 51.3% in Q3 2025 due to better yields and fabrication facility utilization[82] - Gross margin decreased from 52.0% in the nine months ended September 30, 2024, to 51.3% in the same period of 2025[96] - Cost of product sales increased by $0.9 million, or 15.2%, from $5.8 million in Q3 2024 to $6.6 million in Q3 2025[80] Cash Flow and Financial Position - Cash provided by operating activities was $7.3 million for the nine months ended September 30, 2025, compared to $3.3 million for the same period in 2024[108] - As of September 30, 2025, the company had $45.3 million in cash and cash equivalents, up from $42.1 million as of December 31, 2024[105] - Cash provided by operating activities for the nine months ended September 30, 2025, was $7.3 million, compared to $3.3 million for the same period in 2024, representing a 121.2% increase[109][110] - Cash used in investing activities during the nine months ended September 30, 2025, was $4.7 million, significantly higher than $1.3 million in 2024, primarily due to $3.2 million in manufacturing equipment purchases[111] - Cash provided by financing activities for the nine months ended September 30, 2025, was $0.6 million, slightly lower than $0.7 million in 2024[112][113] Other Income and Revenue Streams - Licensing, royalty, patent, and other revenue decreased by $0.3 million, or 17.0%, from $1.7 million in Q3 2024 to $1.4 million in Q3 2025[79] - Interest income decreased by $31,000, or 6.7%, from $0.5 million in Q3 2024 to $0.4 million in Q3 2025, primarily due to a decrease in interest rates[87] - Other income, net decreased by $2.8 million, or 70.4%, from $3.9 million in Q3 2024 to $1.2 million in Q3 2025, related to a strategic award for manufacturing services[88] Operational Insights - The company maintains a direct selling relationship with key customers and organizes its sales team into three primary regions: North America, EMEA, and APAC[78] - The company is a leading supplier of discrete MRAM components and has over 15 years of MRAM technology and manufacturing leadership[71] Changes in Assets and Liabilities - The change in net operating assets and liabilities for the nine months ended September 30, 2025, included a decrease in accounts receivable of $3.0 million and an increase in inventory of $2.7 million[109] - The increase in deferred revenue for the nine months ended September 30, 2025, was $0.9 million, indicating growth in future revenue recognition[109] - The company reported an increase in accrued liabilities of $0.5 million and contract obligations of $0.5 million during the nine months ended September 30, 2025[109] Accounting Policies - There were no changes to critical accounting policies and estimates that materially impacted the condensed financial statements[116] - The company continues to prepare its financial statements in accordance with GAAP, relying on historical experience and reasonable assumptions[114][115]

Financial Performance - Core business revenue for Q3 2025 was $6.4 million, a 21% decrease from $8.1 million in Q3 2024[5] - Total revenue for Q3 2025 was $6.8 million, down 16% from $8.2 million in Q3 2024[5] - Gross margin for Q3 2025 was $5.2 million, representing a 77% gross margin; Non-GAAP adjusted gross margin was 81%[5] - 2025 revenue guidance for core business revenue is expected to be flat to a 10% decline compared to 2024[10] - SPL Program-related revenue is projected to be approximately $5 million for the year[10] Client and Market Development - The company added one new Strategic Platform License (SPL) client, bringing the total number of SPL agreements to 32[5] - The installed base of instruments increased to 830 in Q3 2025, up from 739 in Q3 2024[7] - Core revenue generated by SPL clients accounted for 53% of total core revenue in both Q3 2025 and Q3 2024[7] Financial Position - Cash, cash equivalents, and investments totaled $158.0 million as of September 30, 2025[5] Operational Changes - The company is undergoing an operational restructuring, which is expected to impact near-term cash utilization[8]

Financial Performance - Revenue from contracts with collaborators for Q3 2025 was $13.3 million, compared to $9.5 million for the same period in 2024, representing a 40% increase[12] - Net loss for Q3 2025 was $48.2 million, or $0.21 basic net loss per share, compared to a net loss of $30.8 million, or $0.14 basic net loss per share in Q3 2024[12] - General and Administrative (G&A) expenses for Q3 2025 were $9.4 million, compared to $8.5 million in Q3 2024, reflecting a 10.6% increase[12] - Research and Development (R&D) expenses for Q3 2025 were $45.5 million, up from $34.9 million in Q3 2024, indicating a 30% increase[12] - Total liabilities as of September 30, 2025, were $291.2 million, compared to $285.8 million at the end of 2024[17] - The accumulated deficit increased to $1.39 billion as of September 30, 2025, from $1.27 billion at the end of 2024[17] Cash and Securities - Cash, cash equivalents, and marketable securities totaled $180.2 million as of September 30, 2025[12] Clinical Trials - The PROSERA Phase 3 Study completed enrollment with 390 PAH patients, with topline results expected in February 2026[5] - The SERANATA Phase 3 Study for PH-ILD patients activated its first clinical site in Q4 2025, aiming to enroll approximately 480 patients[8] Strategic Agreements - A strategic option agreement was entered to acquire Respira Therapeutics Inc., with the option to issue 1.5 million shares of Gossamer Bio common stock[8]