UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission file number: 001-40920 Aeries Technology, Inc. (Exact Name of Registrant as Specified in Its Charter) | Cayman Islands | 98-15 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission file number: 001-40920 Aeries Technology, Inc. (Exact Name of Registrant as Specified in Its Charter) | Cayman Islands | 98-15 ...

PART I FINANCIAL INFORMATION [Item 1. Financial Statements (unaudited)](index=7&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) The unaudited condensed consolidated financial statements for StandardAero, Inc. show significant year-over-year growth in revenue and net income for the three and six months ended June 30, 2025. Total assets increased to **$6.48 billion** from **$6.21 billion** at year-end 2024, driven by higher contract assets and inventories. Total liabilities also rose, primarily due to increased long-term debt. Stockholders' equity grew to **$2.51 billion**. The statements reflect the impact of recent debt refinancing, acquisitions, and stock-based compensation following the company's IPO Condensed Consolidated Statements of Operations Highlights (unaudited) | Metric | Three Months Ended June 30, 2025 (in thousands) | Three Months Ended June 30, 2024 (in thousands) | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | $1,528,943 | $1,347,198 | $2,964,531 | $2,582,921 | | **Operating Income** | $135,570 | $105,077 | $264,493 | $210,584 | | **Net Income** | $67,713 | $5,404 | $130,656 | $8,591 | | **Diluted EPS** | $0.20 | $0.02 | $0.39 | $0.03 | Condensed Consolidated Balance Sheet Highlights (unaudited) | Metric | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :--- | :--- | :--- | | **Total Current Assets** | $2,769,014 | $2,485,134 | | **Total Assets** | $6,482,711 | $6,213,601 | | **Total Current Liabilities** | $1,285,227 | $1,273,544 | | **Total Liabilities** | $3,969,428 | $3,840,197 | | **Total Stockholders' Equity** | $2,513,283 | $2,373,404 | Condensed Consolidated Statements of Cash Flows Highlights (unaudited) | Metric | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :--- | :--- | :--- | | **Net cash used in operating activities** | $(21,103) | $(18,154) | | **Net cash used in investing activities** | $(72,371) | $(44,776) | | **Net cash provided by financing activities** | $81,714 | $65,912 | | **Net (decrease) increase in cash** | $(11,068) | $2,292 | [Note 3: Revenue Recognition](index=14&type=section&id=NOTE%203%3A%20REVENUE%20RECOGNITION) Revenue is disaggregated into two segments: Engine Services and Component Repair Services. For the six months ended June 30, 2025, Engine Services generated **$2.62 billion** and Component Repair Services generated **$345.5 million**. Commercial Aerospace is the largest end market, contributing **$1.75 billion** in revenue. A single customer, Customer A, accounted for **15.9%** of total revenue during this period. Contract assets grew to **$1.07 billion**, and remaining performance obligations stood at approximately **$366.8 million** as of June 30, 2025 Revenue by Segment (Six Months Ended June 30) | Segment | 2025 Revenue (in thousands) | 2024 Revenue (in thousands) | | :--- | :--- | :--- | | Engine Services | $2,618,990 | $2,308,853 | | Component Repair Services | $345,541 | $274,068 | | **Total Revenue** | **$2,964,531** | **$2,582,921** | - A single customer, Customer A, represented **15.9% of revenues** for the six months ended June 30, 2025, a decrease from 22.5% in the same period of 2024[43](index=43&type=chunk) - As of June 30, 2025, the company had approximately **$366.8 million of remaining performance obligations**, primarily related to multi-year engine utilization contracts[45](index=45&type=chunk) [Note 5: Acquisitions](index=16&type=section&id=NOTE%205%3A%20ACQUISITIONS) On August 23, 2024, the Company acquired 100% of Aero Turbine, Inc. for a purchase price of approximately **$130.7 million**. This price includes an initial cash payment and up to **$21.0 million** in contingent consideration based on future gross profit targets. The acquisition added **$75.0 million** in customer relationships and **$51.8 million** in goodwill to the Component Repair Services segment. The purchase price allocation is provisional and subject to adjustments - The company acquired Aero Turbine, Inc. on August 23, 2024, for a purchase price of approximately **$130.7 million**, including contingent consideration[49](index=49&type=chunk) - The acquisition resulted in the recognition of **$75.0 million in customer relationships** and **$51.8 million in goodwill**, which is attributed to Aero Turbine's workforce and market position[50](index=50&type=chunk) [Note 8: Long-Term Debt](index=18&type=section&id=NOTE%208%3A%20LONG-TERM%20DEBT) As of June 30, 2025, total long-term debt, including the current portion, was **$2.35 billion**. In October 2024, the company entered into a New Credit Agreement, establishing a **$2.25 billion Term Loan Facility** and a **$750 million Revolving Credit Facility**. Proceeds were used to repay all amounts under prior credit agreements. This refinancing lowered the company's weighted average interest rate to **6.4%** for the first six months of 2025, down from **9.2%** in the same period of 2024 Long-Term Debt Composition (as of June 30, 2025) | Facility | Amount (in thousands) | | :--- | :--- | | New 2024 Term Loan Facilities | $2,238,750 | | New 2024 Revolving Credit Facility | $95,000 | | Finance leases & Other | $20,227 | | **Total** | **$2,353,977** | - On October 31, 2024, the Company entered into a new credit agreement, refinancing its debt structure with new term loan and revolving credit facilities, and used the proceeds to repay prior facilities[57](index=57&type=chunk) - The weighted average interest rate on borrowings decreased to **6.4%** for the six months ended June 30, 2025, compared to **9.2%** for the same period in 2024, due to the refinancing[70](index=70&type=chunk) [Note 19: Segment Information](index=30&type=section&id=NOTE%2019%3A%20SEGMENT%20INFORMATION) The company operates in two segments: Engine Services and Component Repair Services. For the six months ended June 30, 2025, Engine Services revenue was **$2.62 billion** with a Segment Adjusted EBITDA of **$352.5 million (13.5% margin)**. Component Repair Services revenue was **$345.5 million** with a Segment Adjusted EBITDA of **$99.0 million (28.7% margin)**. Both segments showed year-over-year growth in revenue and profitability Segment Performance (Six Months Ended June 30, 2025) | Segment | Total Segment Revenue (in thousands) | Segment Adjusted EBITDA (in thousands) | Segment Adjusted EBITDA Margin | | :--- | :--- | :--- | :--- | | Engine Services | $2,618,990 | $352,518 | 13.5% | | Component Repair Services | $345,541 | $99,001 | 28.7% | Segment Performance (Six Months Ended June 30, 2024) | Segment | Total Segment Revenue (in thousands) | Segment Adjusted EBITDA (in thousands) | Segment Adjusted EBITDA Margin | | :--- | :--- | :--- | :--- | | Engine Services | $2,308,853 | $303,681 | 13.2% | | Component Repair Services | $274,068 | $70,310 | 25.7% | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=35&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the **14.8%** revenue growth for the first six months of 2025 to continued strength in commercial aerospace and business aviation, alongside contributions from the Aero Turbine acquisition. Adjusted EBITDA margin improved to **13.6%** from **13.0%** year-over-year, driven by favorable product mix, volume growth, and pricing. The company's liquidity remains strong with **$715.5 million** available as of June 30, 2025. Key operational factors include the aging aircraft fleet driving maintenance demand, offset by ongoing supply chain risks - Key business drivers include an aging installed base of aircraft requiring more maintenance, while supply chain disruptions pose a risk to parts availability and engine throughput[144](index=144&type=chunk)[145](index=145&type=chunk)[146](index=146&type=chunk) Reconciliation of Net Income to Adjusted EBITDA (Six Months Ended June 30) | Metric | 2025 (in thousands) | 2024 (in thousands) | | :--- | :--- | :--- | | **Net Income** | $130,656 | $8,591 | | Income tax expense | $46,211 | $37,879 | | Depreciation and amortization | $97,223 | $92,876 | | Interest expense | $87,626 | $155,599 | | Other Adjustments | $41,148 | $41,005 | | **Adjusted EBITDA** | **$402,864** | **$335,950** | | **Adjusted EBITDA Margin** | 13.6% | 13.0% | [Results of Operations](index=39&type=section&id=Results%20of%20Operations) For Q2 2025, revenue increased **13.5% to $1.53 billion**, and net income surged to **$67.7 million** from **$5.4 million** in Q2 2024. For H1 2025, revenue grew **14.8% to $2.96 billion**, with net income reaching **$130.7 million** compared to **$8.6 million** in H1 2024. The significant increase in profitability was primarily driven by higher revenue and a **43.7%** decrease in interest expense due to debt refinancing - Q2 2025 revenue grew **13.5% YoY**, driven by strength in commercial aerospace (**+13.7%**), business aviation (**+8.9%**), and military/helicopter (**+11.7%**) end markets[169](index=169&type=chunk) - Interest expense for H1 2025 decreased by **$68.0 million (43.7%)** compared to H1 2024, mainly due to the repayment of Prior Senior Notes and the new credit agreement[181](index=181&type=chunk) - SG&A expense for H1 2025 increased by **$31.6 million**, primarily due to higher personnel costs, professional fees related to being a public company, and stock compensation expense[179](index=179&type=chunk) [Segment Results](index=42&type=section&id=Segment%20Results) In Q2 2025, Engine Services revenue grew **11.5% to $1.35 billion**, with Segment Adjusted EBITDA up **16.2% to $178.5 million**. Component Repair Services revenue surged **31.3% to $178.3 million**, with Segment Adjusted EBITDA up **49.6% to $51.6 million**. The strong performance in Component Repair was significantly aided by the Aero Turbine acquisition, which contributed **$27.3 million** in revenue for the quarter - Engine Services Segment Adjusted EBITDA for H1 2025 increased **16.1% to $352.5 million**, driven by favorable product mix, volume growth, pricing, and improved productivity[192](index=192&type=chunk) - Component Repair Services segment revenue for H1 2025 grew **26.1%**, with the Aero Turbine acquisition contributing **$49.2 million** of this growth[193](index=193&type=chunk) [Liquidity and Capital Resources](index=43&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, the company had total available liquidity of **$715.5 million**, consisting of **$91.5 million in cash** and **$639.0 million** available under its revolving credit facility. Total debt stood at **$2.32 billion**. Net cash used in operating activities was **$21.1 million** for the first six months of 2025, reflecting working capital investments to support business growth. The company was in compliance with all debt covenants - Total available liquidity as of June 30, 2025, was **$715.5 million**, comprising **$91.5 million in cash** and **$639.0 million** in revolving credit facility availability[195](index=195&type=chunk) - Net cash used in operating activities for H1 2025 was **$21.1 million**, primarily due to a **$251.3 million increase** in operating assets and liabilities (working capital) driven by business growth[204](index=204&type=chunk) - The company was in compliance with all covenants in the New Credit Agreement as of June 30, 2025[201](index=201&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=47&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to interest rate, inflation, and currency risks. Interest rate risk on its variable-rate debt is managed through interest rate swap and cap agreements. Inflation risk affects costs for labor and materials, which the company attempts to mitigate through price increases and operational efficiencies. Currency risk from foreign operations is managed through natural hedges and foreign exchange contracts - The company uses interest rate swaps and caps to manage exposure on its floating-rate debt. As of March 2023, it has a **$400 million swap** fixing SOFR at **3.71%** and a **$1.5 billion cap** on SOFR at **4.45%**[215](index=215&type=chunk) - To manage currency risk, the company entered into a foreign currency contract on April 7, 2025, with a notional value of **GBP 39.5 million** and **CAD 136.5 million**, maturing at year-end[217](index=217&type=chunk) [Item 4. Controls and Procedures](index=48&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that as of June 30, 2025, the company's disclosure controls and procedures were not effective at a reasonable assurance level. This is due to previously identified material weaknesses in internal control over financial reporting related to the control environment, risk assessment, monitoring, IT general controls, and the period-end financial reporting process. The company is in the process of implementing remediation efforts, including hiring additional personnel and improving control design and testing - Management concluded that disclosure controls and procedures were **not effective** as of June 30, 2025, due to existing material weaknesses in internal control over financial reporting[220](index=220&type=chunk) - Material weaknesses identified include deficiencies in the control environment, risk assessment, monitoring, written policies, management review processes, and IT general controls[221](index=221&type=chunk)[224](index=224&type=chunk) - Remediation efforts are underway, including hiring more accounting and IT staff, developing monitoring controls, and improving the design and testing of IT controls[223](index=223&type=chunk)[225](index=225&type=chunk) PART II OTHER INFORMATION [Item 1. Legal Proceedings](index=50&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings arising in the normal course of business. Management does not expect the outcome of these matters to have a material adverse effect on the company's consolidated financial position - The company is involved in legal actions and claims in the ordinary course of business but does not expect them to have a material adverse effect on its financial position[228](index=228&type=chunk) [Item 1A. Risk Factors](index=50&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes from the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2024 - No material changes have occurred to the risk factors disclosed in the 2024 Form 10-K[229](index=229&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=50&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reports no unregistered sales of equity securities or purchases of equity securities by the issuer during the period - There were no unregistered sales of equity securities or use of proceeds to report for the period[230](index=230&type=chunk) [Item 3. Defaults Upon Senior Securities](index=50&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reports no defaults upon senior securities - None[231](index=231&type=chunk) [Item 4. Mine Safety Disclosures](index=50&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[232](index=232&type=chunk) [Item 5. Other Information](index=50&type=section&id=Item%205.%20Other%20information) The company disclosed the adoption of Rule 10b5-1 trading plans by two executive officers, Alexander Trapp and Marc Drobny, on June 11, 2025. These plans cover the potential sale of up to **46,320** and **90,626 shares** of common stock, respectively, and are scheduled to expire on September 18, 2026 Executive Rule 10b5-1 Trading Plans Adopted | Name and Title | Date of Adoption | Expiration Date | Aggregate Number of Securities to be Sold | | :--- | :--- | :--- | :--- | | Alexander Trapp, Chief Strategy Officer | 6/11/2025 | 9/18/2026 | Up to 46,320 shares | | Marc Drobny, President, Engine Services | 6/11/2025 | 9/18/2026 | Up to 90,626 shares | [Item 6. Exhibits](index=52&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including certifications by the Principal Executive Officer and Principal Financial Officer as required by the Sarbanes-Oxley Act, and Inline XBRL documents

Exhibit 99.1 (Furnished herewith) News Release Contact: Jen Hartmann Director, Public Relations HartmannJenniferA@JohnDeere.com Deere Reports Third Quarter Net Income of $1.289 Billion MOLINE, Illinois (August 14, 2025) — Deere & Company reported net income of $1.289 billion for the third quarter ended July 27, 2025, or $4.75 per share, compared with net income of $1.734 billion, or $6.29 per share, for the quarter ended July 28, 2024. For the first nine months of the year, net income attributable to Deere ...

[Second Quarter 2025 Financial and Business Highlights](index=1&type=section&id=Second%20Quarter%202025%20Financial%20and%20Business%20Highlights) Youdao achieved its first profitable second quarter in 2025, driven by a 7.2% increase in net revenues to RMB1.4 billion and strong AI Native Strategy execution, despite a gross margin decline [Management Commentary](index=1&type=section&id=Management%20Commentary) The CEO emphasized the first profitable second quarter, driven by the AI Native Strategy, new AI product features, and significant growth in AI-driven subscription services - Achieved the **first-ever profitable second quarter**, driven by the successful execution of the AI Native Strategy[3](index=3&type=chunk) - Released the latest Large Language Model (LLM) Confucius 3 and open-sourced Confucius 3-Math[3](index=3&type=chunk) - Launched new AI-powered features: AI Essay Grading in Youdao Lingshi, which led to a record-high retention rate, and an AI Ad Placement Optimizer for marketing services[3](index=3&type=chunk) - Total sales of AI-driven subscription services grew by approximately **30% year-over-year**[3](index=3&type=chunk) - Future focus remains on advancing the AI Native Strategy by optimizing LLMs for specific scenarios and accelerating technological innovation in learning and advertising[5](index=5&type=chunk) [Key Financial Highlights](index=1&type=section&id=Key%20Financial%20Highlights) Youdao reported Q2 2025 net revenues of RMB1.4 billion (+7.2% YoY), achieving an operating income of RMB28.8 million, despite a gross margin decline to 43.0% Q2 2025 Key Financial Metrics (vs. Q2 2024) | Metric | Q2 2025 | Q2 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Total Net Revenues | RMB 1.4 billion | RMB 1.3 billion | +7.2% | | - Learning Services | RMB 657.8 million | RMB 643.8 million | +2.2% | | - Smart Devices | RMB 126.8 million | RMB 166.7 million | -23.9% | | - Online Marketing Services | RMB 632.9 million | RMB 511.2 million | +23.8% | | Gross Margin | 43.0% | 48.2% | -5.2 p.p. | | Income/(Loss) from Operations | RMB 28.8 million | (RMB 72.6 million) | Turnaround to profit | | Basic Net Loss per ADS | RMB 0.15 | RMB 0.85 | N/A | | Non-GAAP Basic Net Income per ADS | RMB 0.11 | (RMB 0.82) | Turnaround to profit | [Second Quarter 2025 Detailed Financial Results](index=2&type=section&id=Second%20Quarter%202025%20Detailed%20Financial%20Results) This section provides a detailed breakdown of Youdao's Q2 2025 financial performance, covering revenue streams, gross margins, operating expenses, profitability, and balance sheet items [Net Revenues](index=2&type=section&id=Net%20Revenues) Total net revenues increased 7.2% YoY to RMB1.4 billion, driven by strong growth in online marketing services, while smart devices revenue declined - Total net revenues grew **7.2% YoY** to **RMB 1.4 billion**[6](index=6&type=chunk) - Net revenues from learning services increased by **2.2% YoY** to **RMB 657.8 million**[6](index=6&type=chunk) - Net revenues from smart devices decreased by **23.9% YoY** to **RMB 126.8 million**, attributed to declining consumer electronics demand[7](index=7&type=chunk) - Net revenues from online marketing services grew significantly by **23.8% YoY** to **RMB 632.9 million**, thanks to increased demand from the gaming industry and overseas markets, supported by AI technology investments[8](index=8&type=chunk) [Gross Profit and Gross Margin](index=2&type=section&id=Gross%20Profit%20and%20Gross%20Margin) Overall gross profit decreased 4.3% YoY to RMB609.4 million, with gross margin falling to 43.0%, primarily due to lower online marketing services margin Gross Margin by Segment (Q2 2025 vs. Q2 2024) | Segment | Q2 2025 Gross Margin | Q2 2024 Gross Margin | Change | | :--- | :--- | :--- | :--- | | **Overall** | **43.0%** | **48.2%** | **-5.2 p.p.** | | Learning Services | 59.8% | 59.8% | Flat | | Smart Devices | 41.5% | 30.3% | +11.2 p.p. | | Online Marketing Services | 25.8% | 39.1% | -13.3 p.p. | - The improvement in smart devices' gross margin was driven by the newly launched Youdao Dictionary Pen[10](index=10&type=chunk) - The decrease in online marketing services' gross margin was a result of strategic expansion to a new client base, with margins expected to improve as collaborations mature[11](index=11&type=chunk) [Operating Expenses](index=2&type=section&id=Operating%20Expenses) Total operating expenses significantly decreased to RMB580.6 million, primarily due to reductions in sales and marketing and R&D expenses, despite an increase in G&A Operating Expenses Breakdown (Q2 2025 vs. Q2 2024) | Expense Category | Q2 2025 (RMB million) | Q2 2024 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Sales and Marketing | 401.8 | 515.7 | -22.1% | | Research and Development | 128.3 | 153.0 | -16.1% | | General and Administrative | 50.4 | 40.6 | +24.1% | | **Total Operating Expenses** | **580.6** | **709.3** | **-18.1%** | - The decrease in R&D expenses was mainly due to a reduction in employee headcount, leading to payroll savings[13](index=13&type=chunk) [Profitability and Earnings Per Share](index=3&type=section&id=Profitability%20and%20Earnings%20Per%20Share) Youdao achieved an operating income of RMB28.8 million and a non-GAAP net income of RMB12.5 million in Q2 2025, marking a significant turnaround to profitability - Income from operations was **RMB 28.8 million**, compared to a loss from operations of **RMB 72.6 million** in Q2 2024[15](index=15&type=chunk) - Net loss attributable to ordinary shareholders was **RMB 17.8 million**, a substantial improvement from a net loss of **RMB 99.5 million** in Q2 2024[17](index=17&type=chunk) - Non-GAAP net income attributable to ordinary shareholders was **RMB 12.5 million**, reversing a non-GAAP net loss of **RMB 96.0 million** in the same period last year[17](index=17&type=chunk) Earnings Per ADS (Q2 2025 vs. Q2 2024) | Metric | Q2 2025 (RMB) | Q2 2024 (RMB) | | :--- | :--- | :--- | | Basic Net Loss per ADS | (0.15) | (0.85) | | Non-GAAP Basic Net Income per ADS | 0.11 | (0.82) | [Balance Sheet, Liquidity, and Share Repurchase](index=3&type=section&id=Balance%20Sheet%2C%20Liquidity%2C%20and%20Share%20Repurchase) As of June 30, 2025, Youdao reported RMB617.0 million in cash and equivalents, RMB185.0 million in operating cash flow, and continued share repurchases, supported by NetEase Group loans - As of June 30, 2025, cash, cash equivalents, restricted cash, and short-term investments totaled **RMB 617.0 million**[19](index=19&type=chunk) - Net cash provided by operating activities was **RMB 185.0 million** for Q2 2025[19](index=19&type=chunk) - The company has received financial support from NetEase Group, including **RMB 878.0 million** in short-term loans and **US$130.7 million** in long-term loans[19](index=19&type=chunk) - Under its share repurchase program, the company has repurchased a total of approximately **7.5 million ADSs** for **US$33.8 million** as of June 30, 2025[21](index=21&type=chunk) [Conference Call and Other Information](index=4&type=section&id=Conference%20Call%20and%20Other%20Information) This section provides details for the Q2 2025 earnings conference call and important disclosures regarding non-GAAP financial measures and forward-looking statements [Conference Call Information](index=4&type=section&id=Conference%20Call%20Information) Youdao's management will host a teleconference on August 14, 2025, at 6:00 a.m. ET to discuss financial results, with dial-in and webcast details provided Conference Call Dial-in Details | Region | Number | Conference ID | | :--- | :--- | :--- | | United States (toll free) | +1-888-346-8982 | 7085699 | | International | +1-412-902-4272 | 7085699 | | Mainland China (toll free) | 400-120-1203 | 7085699 | | Hong Kong (toll free) | 800-905-945 | 7085699 | [Disclosures](index=4&type=section&id=Disclosures) This section outlines the company's use of non-GAAP financial measures, the RMB to USD exchange rate, and a safe harbor statement for forward-looking information - The company uses non-GAAP financial measures, such as non-GAAP net income, to assess operating performance, excluding items like share-based compensation and impairment of long-term investments[26](index=26&type=chunk)[27](index=27&type=chunk) - Financial figures are translated from RMB to USD at a rate of **RMB7.1636 to US$1.00** for convenience[31](index=31&type=chunk) - The press release contains forward-looking statements made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995[32](index=32&type=chunk) [Unaudited Financial Statements](index=6&type=section&id=Unaudited%20Financial%20Statements) This section presents Youdao's unaudited condensed consolidated financial statements, including balance sheets, statements of operations, segment-level details, and GAAP to non-GAAP reconciliations [Unaudited Condensed Consolidated Balance Sheets](index=6&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, the balance sheet shows total assets of RMB1.84 billion and total liabilities of RMB3.85 billion, with significant cash and NetEase Group loans Selected Balance Sheet Items (as of June 30, 2025) | Account | Amount (RMB thousands) | | :--- | :--- | | Cash and cash equivalents | 536,228 | | Total current assets | 1,573,283 | | **Total assets** | **1,841,076** | | Contract liabilities | 856,684 | | Total current liabilities | 2,881,563 | | **Total liabilities** | **3,851,363** | | Total shareholders' deficit | (2,010,287) | [Unaudited Condensed Consolidated Statements of Operations](index=7&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) For Q2 2025, Youdao reported total net revenues of RMB1.42 billion, gross profit of RMB609.4 million, operating income of RMB28.8 million, and a net loss of RMB17.8 million Statement of Operations Summary (Three Months Ended June 30, 2025) | Line Item | Amount (RMB thousands) | | :--- | :--- | | Total net revenues | 1,417,541 | | Gross profit | 609,360 | | Total operating expenses | (580,561) | | Income from operations | 28,799 | | Net loss attributable to ordinary shareholders | (17,763) | | Basic net loss per ADS (RMB) | (0.15) | [Unaudited Additional Information](index=8&type=section&id=Unaudited%20Additional%20Information) This section provides detailed segment-level breakdowns of net revenues, cost of revenues, and gross margins for the past three quarters Gross Margin by Segment (Q2 2025) | Segment | Gross Margin | | :--- | :--- | | Learning services | 59.8% | | Smart devices | 41.5% | | Online marketing services | 25.8% | | **Total gross margin** | **43.0%** | [Unaudited Reconciliation of GAAP and Non-GAAP Results](index=9&type=section&id=Unaudited%20Reconciliation%20of%20GAAP%20and%20Non-GAAP%20Results) This section reconciles GAAP net loss to non-GAAP net income for Q2 2025, primarily by adjusting for share-based compensation and impairment of long-term investments GAAP to Non-GAAP Reconciliation (Q2 2025, RMB thousands) | Line Item | Amount | | :--- | :--- | | **Net loss attributable to ordinary shareholders (GAAP)** | **(17,763)** | | Add: Share-based compensation | 6,585 | | Add: Impairment of long-term investments | 25,730 | | Less: Gain from fair value change of long-term investment | (1,765) | | **Non-GAAP net income attributable to ordinary shareholders** | **12,515** |

[Management Commentary and Business Highlights](index=1&type=section&id=Management%20Commentary%20and%20Business%20Highlights) Weibo's Q2 2025 performance was driven by strategic user product enhancements, AI integration, and strong advertising monetization - Focused on integrating social products and upgrading the recommendation system to improve user engagement and content consumption[2](index=2&type=chunk) - The user community for AI-powered intelligent search grew robustly, driving an increase in overall user search needs[2](index=2&type=chunk) - The advertising business showed a solid trend, capitalizing on new product launch marketing and demand from the June 18 e-commerce festival[2](index=2&type=chunk)[5](index=5&type=chunk) [Financial Performance Summary](index=1&type=section&id=Financial%20Performance%20Summary) Weibo's Q2 2025 net revenues rose 2% to **$444.8 million**, with improved profitability and a stable user base [Revenue Analysis](index=1&type=section&id=Revenue%20Analysis) Total revenue increased 2% to **$444.8 million**, driven by advertising and marketing, with VAS revenues slightly declining Q2 2025 Revenue Breakdown (YoY) | Metric | Q2 2025 | Q2 2024 | YoY Change | | :--- | :--- | :--- | :--- | | **Total Net Revenues** | **$444.8M** | **$437.9M** | **+2%** | | Advertising & Marketing | $383.4M | $375.3M | +2% | | - from Alibaba | $35.7M | $32.4M | +10% | | - ex-Alibaba | $347.6M | $342.9M | +1% | | Value-Added Services (VAS) | $61.4M | $62.6M | -2% | [Profitability Analysis](index=1&type=section&id=Profitability%20Analysis) Profitability improved with GAAP operating income up 8% to **$145.6 million** and net income rising to **$125.7 million** - Total costs and expenses decreased by **1% YoY** to **$299.2 million**, primarily due to reduced general and administrative expenses[7](index=7&type=chunk) Q2 2025 Profitability Metrics (GAAP vs. Non-GAAP) | Metric | Q2 2025 (GAAP) | Q2 2024 (GAAP) | Q2 2025 (Non-GAAP) | Q2 2024 (Non-GAAP) | | :--- | :--- | :--- | :--- | :--- | | Income from Operations | $145.6M | $135.4M | $161.8M | $157.6M | | Operating Margin | 33% | 31% | 36% | 36% | | Net Income (to shareholders) | $125.7M | $111.9M | $143.2M | $126.3M | | Diluted EPS (to shareholders) | $0.48 | $0.43 | $0.54 | $0.48 | [Cash Flow and Balance Sheet](index=1&type=section&id=Cash%20Flow%20and%20Balance%20Sheet) Weibo maintained strong liquidity with **$2.11 billion** in cash and investments, generating **$24.8 million** from operations - Cash, cash equivalents, and short-term investments totaled **$2.11 billion** as of June 30, 2025[11](index=11&type=chunk) Q2 2025 Cash Flow Highlights | Metric | Amount | | :--- | :--- | | Cash provided by operating activities | $24.8 million | | Capital expenditures | $17.6 million | | Depreciation and amortization expenses | $14.8 million | [User Metrics](index=1&type=section&id=User%20Metrics) Weibo's user base remained stable in June 2025, with **588 million MAUs** and **261 million DAUs** User Metrics (June 2025) | Metric | Count | | :--- | :--- | | Monthly Active Users (MAUs) | 588 million | | Average Daily Active Users (DAUs) | 261 million | [Detailed Financial Statements](index=2&type=section&id=Detailed%20Financial%20Statements) This section presents unaudited consolidated financial statements, including operations, balance sheets, and GAAP to non-GAAP reconciliations [Unaudited Condensed Consolidated Statements of Operations](index=2&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) For Q2 2025, net revenues were **$444.8 million**, with income from operations at **$145.6 million** and net income of **$125.7 million** Condensed Consolidated Statements of Operations (Three Months Ended June 30) | (In thousands of U.S. dollars) | 2025 | 2024 | | :--- | :--- | :--- | | **Net revenues** | **$444,798** | **$437,873** | | Total costs and expenses | $299,228 | $302,488 | | **Income from operations** | **$145,570** | **$135,385** | | Net income | $126,698 | $113,537 | | **Net income attributable to Weibo's shareholders** | **$125,685** | **$111,931** | [Unaudited Condensed Consolidated Balance Sheets](index=3&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets were **$6.54 billion**, with liabilities decreasing and shareholders' equity growing to **$3.65 billion** Condensed Consolidated Balance Sheets Highlights | (In thousands of U.S. dollars) | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$6,539,145** | **$6,504,499** | | Cash and cash equivalents | $1,156,292 | $1,890,632 | | Short-term investments | $952,876 | $459,852 | | **Total Liabilities** | **$2,863,437** | **$2,925,613** | | **Total Shareholders' Equity** | **$3,649,891** | **$3,533,783** | [Unaudited Reconciliation of Non-GAAP to GAAP Results](index=3&type=section&id=Unaudited%20Reconciliation%20of%20Non-GAAP%20to%20GAAP%20Results) This section reconciles GAAP to non-GAAP net income, detailing adjustments for stock-based compensation and intangible amortization Reconciliation of GAAP to Non-GAAP Net Income (Three Months Ended June 30) | (In thousands of U.S. dollars) | 2025 | 2024 | | :--- | :--- | :--- | | **Net income attributable to Weibo's shareholders (GAAP)** | **$125,685** | **$111,931** | | Add: Stock-based compensation | $12,019 | $17,207 | | Add: Amortization of intangible assets | $4,161 | $5,011 | | Add: Investment related gain/loss, net | $3,112 | $(245) | | Other adjustments | $(1,747) | $(7,633) | | **Non-GAAP net income attributable to Weibo's shareholders** | **$143,215** | **$126,252** | [Other Information](index=1&type=section&id=Other%20Information) This section provides supplementary details, including conference call logistics, non-GAAP explanations, and forward-looking statements - The company will host a conference call on August 14, 2025, to discuss financial performance and business operations[12](index=12&type=chunk) - The report utilizes non-GAAP financial measures, excluding items like stock-based compensation and intangible asset amortization, to reflect ongoing operating performance[15](index=15&type=chunk)[16](index=16&type=chunk) - The press release contains forward-looking statements protected under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995[23](index=23&type=chunk)

JD.com Announces Second Quarter and Interim 2025 Results BEIJING, Aug. 14, 2025 (GLOBE NEWSWIRE) -- JD.com, Inc. (NASDAQ: JD and HKEX: 9618 (HKD counter) and 89618 (RMB counter), the "Company" or " JD.com"), a leading supply chain-based technology and service provider, today announced its unaudited financial results for the three and six months ended June 30, 2025. Second Quarter 2025 Highlights "In the second quarter, we saw robust growth in user traffic, quarterly active customers, and user shopping frequ ...

Email: ir@service.netease.com Tel: (+86) 571-8985-3378 Contact for Media and Investors: NetEase Announces Second Quarter 2025 Unaudited Financial Results Hangzhou, China, August 14, 2025 - NetEase, Inc. (NASDAQ: NTES and HKEX: 9999, "NetEase" or the "Company"), a leading internet and game services provider, today announced its unaudited financial results for the second quarter ended June 30, 2025. Second Quarter 2025 Financial Highlights [1] As used in this announcement, non-GAAP net income attributable to ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended April 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For transition period from ______ to ______ Commission File Number: 001-41720 Maison Solutions Inc. (Exact name of registrant as specified in its charter) Delaware 84-2498797 (State or other jurisd ...

PART I - FINANCIAL INFORMATION [Item 1. Financial Statements](index=6&type=section&id=Item%201.%20Financial%20Statements) The unaudited consolidated financial statements for the period ended June 30, 2025, reflect significant corporate changes, including the deconsolidation of the UK subsidiary, resulting in a **$5.0 million** gain, and a shift from a **$2.2 million** stockholders' deficit to a **$3.6 million** equity, with net loss improving to **$1.4 million** from **$6.2 million** [Consolidated Balance Sheets](index=6&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets were **$4.4 million**, liabilities **$0.77 million**, and stockholders' equity **$3.6 million**, a significant improvement from a **$2.2 million** deficit in 2024 due to reduced liabilities and increased cash Consolidated Balance Sheet Summary (in $000s) | Balance Sheet Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $4,275 | $3,137 | | Total current assets | $4,383 | $3,674 | | Total assets | $4,401 | $4,094 | | **Liabilities & Equity** | | | | Accounts payable | $221 | $4,599 | | Total current liabilities | $760 | $6,268 | | Total liabilities | $770 | $6,268 | | Total stockholders' equity (deficit) | $3,631 | $(2,174) | [Consolidated Statements of Operations](index=8&type=section&id=Consolidated%20Statements%20of%20Operations) For the six months ended June 30, 2025, the company reported zero revenue and a net loss of **$1.4 million**, a substantial improvement from **$6.2 million** in 2024, driven by a **$4.9 million** deconsolidation gain and reduced R&D expenses Consolidated Statements of Operations Highlights (in $000s, except per share data) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Revenues | $0 | $33 | | Research and development | $890 | $4,825 | | General and administrative | $5,463 | $3,207 | | Operating loss | $(6,353) | $(7,999) | | Gain on deconsolidation of subsidiary | $4,947 | $0 | | Net loss | $(1,399) | $(6,203) | | Net loss per share – basic and diluted | $(1.62) | $(509.96) | [Consolidated Statements of Cash Flows](index=13&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash used in operating activities was **$4.3 million**, offset by **$5.5 million** from financing, leading to a net increase of **$1.1 million** and an ending cash balance of **$4.3 million** Cash Flow Summary (in $000s) | Cash Flow Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(4,303) | $(3,567) | | Net cash used in investing activities | $0 | $0 | | Net cash provided by financing activities | $5,526 | $6,210 | | Net increase in cash and cash equivalents | $1,138 | $2,622 | | Cash and cash equivalents, end of period | $4,275 | $6,000 | [Notes to Unaudited Consolidated Financial Statements](index=14&type=section&id=Notes%20to%20Unaudited%20Consolidated%20Financial%20Statements) The notes detail the deconsolidation of the UK subsidiary, generating a **$5.0 million** gain, two reverse stock splits, and management's substantial doubt about the company's going concern ability, with **$4.3 million** cash only funding operations into Q4 2025 - The company's UK subsidiary, Cyclacel Limited, entered into creditors voluntary liquidation and was deconsolidated as of January 24, 2025, resulting in a gain of approximately **$5.0 million**[34](index=34&type=chunk) - The company executed a **1-for-16 reverse stock split** on May 12, 2025, and a further **1-for-15 reverse stock split** on July 7, 2025, with all share and per-share data retroactively adjusted[37](index=37&type=chunk) - Management has concluded there is substantial doubt about the company's ability to continue as a going concern, as its cash and cash equivalents of **$4.3 million** as of June 30, 2025, are only sufficient to meet liquidity requirements into the fourth quarter of 2025[39](index=39&type=chunk) - In June 2025, the company raised **$3.0 million** in gross proceeds through the sale of **3,000,000 shares** of Series F Convertible Preferred Stock and associated warrants to accredited investors[82](index=82&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=31&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the strategic shift to focus solely on the plogosertib clinical program, highlighting a significant going concern risk with **$4.3 million** cash expected to last only into Q4 2025, while exploring a potential business combination with FITTERS Diversified Berhad - Following the liquidation of its UK subsidiary, the company has focused its development efforts exclusively on the plogosertib ('Plogo') clinical program, having repurchased the related assets for approximately **$0.3 million**[145](index=145&type=chunk) - The company has substantial doubt about its ability to continue as a going concern, with cash of **$4.3 million** as of June 30, 2025, expected to fund operations only into Q4 2025[149](index=149&type=chunk) - The company has entered into an Exchange Agreement with FITTERS Diversified Berhad, which, if completed, will result in a business combination where Cyclacel stockholders will own approximately **80.01%** of the combined entity, and the company will be renamed Bio Green Med Solution, Inc[13](index=13&type=chunk) [Liquidity and Capital Resources](index=34&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, the company held **$4.3 million** in cash and **$3.6 million** in working capital, relying on equity financing with an accumulated deficit of **$441.8 million**, and faces uncertainty in raising additional capital for drug development Key Liquidity Measures (in $000s) | Measure | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $4,275 | $6,000 | | Working capital | $3,623 | $521 | - As of June 30, 2025, the company had an accumulated deficit of **$441.8 million** and has historically relied on equity sales to finance operations[159](index=159&type=chunk) [Results of Operations](index=36&type=section&id=Results%20of%20Operations) For the six months ended June 30, 2025, R&D expenses decreased by **$3.9 million (82%)** to **$0.9 million**, while G&A expenses increased by **$2.3 million (70%)** to **$5.5 million** due to one-time costs, and other income surged by **$4.9 million** from a deconsolidation gain Research and Development Expenses by Program (in $000s) | Program | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Transcriptional Regulation (fadraciclib) | $389 | $3,244 | $(2,855) | (88)% | | Anti-mitotic (plogosertib) | $423 | $1,466 | $(1,043) | (71)% | | **Total R&D Expenses** | **$890** | **$4,825** | **$(3,935)** | **(82)%** | - General and administrative expenses increased by **$2.3 million** for the six months ended June 30, 2025, mainly due to one-time costs from two changes of control, including stock compensation (**$1.3M**), D&O insurance (**$0.7M**), and other compensation (**$0.3M**)[179](index=179&type=chunk) - Total other income increased by **$4.9 million** year-over-year, driven by a **$5.0 million** gain on the deconsolidation of the company's UK subsidiary in January 2025[181](index=181&type=chunk)[182](index=182&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=39&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, the company is exempt from providing quantitative and qualitative disclosures about market risk - As a smaller reporting company, Cyclacel is not required to provide quantitative and qualitative disclosures about market risk[189](index=189&type=chunk) [Item 4. Controls and Procedures](index=39&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with the only change to internal control over financial reporting being the hiring of a new chief financial officer - Management concluded that as of June 30, 2025, the company's disclosure controls and procedures were effective[190](index=190&type=chunk) - The hiring of a new chief financial officer was the only change in internal control over financial reporting during the quarter ended June 30, 2025[191](index=191&type=chunk) PART II - OTHER INFORMATION [Item 1. Legal Proceedings](index=40&type=section&id=Item%201.%20Legal%20Proceedings) On August 6, 2025, a minority shareholder filed a lawsuit against the company and its CEO, alleging breach of fiduciary duty and contract, seeking over **$12.5 million** in damages, which the company deems meritless - A complaint was filed on August 6, 2025, by minority shareholder David Lazar against the company and its CEO, alleging breach of fiduciary duty, minority shareholder oppression, and breach of contract[193](index=193&type=chunk) - The lawsuit seeks damages of **$11,882,683.45** for the first two causes of action and **$629,501.36** for the third, plus interest and fees, with the company considering the claims meritless[193](index=193&type=chunk) [Item 1A. Risk Factors](index=40&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the company's risk factors were reported from its Annual Report on Form 10-K for the year ended December 31, 2024 - No material changes to the company's risk factors from its 2024 Form 10-K were reported[194](index=194&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=40&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities or use of proceeds during the period - None reported[195](index=195&type=chunk)