Management's Discussion and Analysis For the three and six months ended June 30, 2025 (Expressed in United States Dollars, unless otherwise stated) Management's Discussion and Analysis For the three and six months ended June 30, 2025 This Management's Discussion and Analysis ("MD&A") of the financial position and results of operations for Equinox Gold Corp. (the "Company" or "Equinox Gold") should be read in conjunction with the audited consolidated financial statements of the Company as at and for the year ...

Table of Contents 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: 001-42199 ADAGIO MEDICAL HOLDINGS, INC. (Exact Name of Registrant as Specified in Its Charter) Delaware 99-1151466 (S ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT UNDER 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 001-42425 PANTAGES CAPITAL ACQUISITION CORPORATION (Exact name of registrant as specified in its charter) Cayman Islands N/A (I.R.S. ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT UNDER 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 001-42425 PANTAGES CAPITAL ACQUISITION CORPORATION (Exact name of registrant as specified in its charter) Cayman Islands N/A (State o ...

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 quarter ended June 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 001-40049 SPRINGBIG HOLDINGS, INC. (Exact name of registrant as specified in its charter) | Delaware | 88-2789488 | | --- | --- | | (State or ...

[Q2-2025 Financial and Operational Highlights](index=1&type=section&id=Q2-2025%20Financial%20and%20Operational%20Highlights) Contango ORE, Inc. announced record high income from operations of **$23.0 million** and net income of **$15.9 million** for the quarter ended June 30, 2025 (Q2-2025) - Production during Q2-2025 exceeded quarterly guidance, with **17,764 ounces of gold** sold at cash costs of **$1,416 per ounce** and all-in-sustaining costs (AISC) of **$1,548 per ounce**, which is well below the **2025 target of $1,625 per ounce**[2](index=2&type=chunk)[3](index=3&type=chunk) - The third campaign of 2025 is scheduled to commence on August 14, 2025, with Contango's share of production expected to be **15,000 ounces of gold**[2](index=2&type=chunk) [Financial Performance Overview](index=1&type=section&id=Financial%20Performance%20Overview) [Statement of Operations (Q2-2025 vs Q2-2024)](index=1&type=section&id=Statement%20of%20Operations%20%28Q2-2025%20vs%20Q2-2024%29) Contango ORE, Inc. achieved a substantial turnaround in its Q2-2025 statement of operations, reporting significant income from operations and net income, a stark contrast to losses in the prior year period Q2-2025 vs Q2-2024 Financial Performance | Metric | Q2-2025 | Q2-2024 | | :-------------------------- | :---------- | :---------- | | Income from Operations | $23.0 M | ($3.1 M) | | Net Income (Loss) | $15.9 M | ($18.5 M) | | EPS (Issued Share) | $1.26 | ($1.90) | | EPS (Fully-Diluted Share) | $1.24 | ($1.90) | | Gold Ounces Sold | 17,764 oz | N/A | | Cash Costs per Ounce | $1,416 | N/A | | AISC per Ounce | $1,548 | N/A | [Statement of Cash Flows (YTD-2025 vs YTD-2024)](index=1&type=section&id=Statement%20of%20Cash%20Flows%20%28YTD-2025%20vs%20YTD-2024%29) Year-to-date cash flow from operating activities saw a significant positive shift, primarily driven by gold production and distributions from the Peak Gold JV, while investing activities decreased substantially YTD-2025 vs YTD-2024 Cash Flow Summary | Metric | YTD-2025 | YTD-2024 | | :-------------------------------- | :---------- | :---------- | | Net Cash from Operating Activities | $36.9 M | ($6.9 M) | | Cash Used in Investing Activities | $0.16 M | $27.2 M | | Cash Used in Financing Activities | $20.5 M | ($42.7 M) | | Unrestricted Cash (as of June 30) | $36.5 M | N/A | | Unrestricted Cash (as of Dec 31, 2024) | N/A | $20.1 M | - The increase in net cash provided by operating activities was primarily driven by gold production at the Manh Choh project and the receipt of **$54.0 million** in cash distributions from the Peak Gold JV[4](index=4&type=chunk) - Cash used in investing activities significantly decreased to **$0.16 million** in YTD-2025 compared to **$27.2 million** in YTD-2024, which related to funding Contango's share of Manh Choh development costs in 2024[4](index=4&type=chunk) - Cash used in financing activities for YTD-2025 was **$20.5 million**, primarily due to **$22.0 million** in principal repayments on its credit facility, contrasting with YTD-2024 inflows from debt drawdowns and an equity raise[4](index=4&type=chunk)[5](index=5&type=chunk) [Operational Updates](index=2&type=section&id=Operational%20Updates) [Manh Choh Project](index=2&type=section&id=Manh%20Choh%20Project) The Manh Choh Project demonstrated robust production and sales figures for Q2-2025 and YTD-2025, with costs managed below target, and continued progress in development and exploration [Production and Sales Performance](index=2&type=section&id=Production%20and%20Sales%20Performance) Contango's share of gold and silver sales from the Manh Choh project contributed significantly to revenue, supported by favorable realized gold prices and substantial cash distributions from the Peak Gold JV Contango's Share (30% basis) - Manh Choh Project | Metric | Q2-2025 | YTD-2025 | Unit | | :-------------------------------- | :---------- | :---------- | :--- | | Gold ounces sold | 17,764 | 35,146 | oz | | Silver ounces sold | 15,472 | 28,242 | oz | | Total gold sales | $58,157,337 | $109,384,105 | | | Total silver sales | $531,100 | $943,964 | | | Average realized spot gold price | $3,274 | $3,112 | per oz sold | | Average realized blended Carry Trade gold price | $2,441 | $2,385 | per oz sold | | Cash distributions received from Peak Gold JV | $30,000,000 | $54,000,000 | | [Costs and Guidance](index=2&type=section&id=Costs%20and%20Guidance) The project maintained competitive cash costs and AISC, with the latter seeing a slight increase due to planned capital expenditures, while reaffirming its 2025 gold production guidance Manh Choh Project Costs and Guidance | Metric | Q2-2025 | YTD-2025 | Unit | | :-------------------------------- | :---------- | :---------- | :--- | | Cash costs on By-Product Basis | $1,416 | $1,375 | per oz sold | | AISC on By-Product Basis | $1,548 | $1,461 | per oz sold | | 2025 Gold Production Guidance | N/A | 60,000 | oz | - The increase in AISC from Q1-2025 to Q2-2025 was primarily a result of sustaining capital expenditures on planned tractor replacements and the ongoing exploration drilling program at Manh Choh[5](index=5&type=chunk) [Development and Exploration Activities](index=2&type=section&id=Development%20and%20Exploration%20Activities) The Peak Gold JV successfully processed a significant volume of ore with high gold recovery, and Contango continued its permitting and baseline environmental work for future development - During Q2-2025, the Peak Gold JV (100% basis) processed **255,000 tons of ore** with an average grade of **0.220 oz per ton**, resulting in approximately **52,000 oz of recovered gold** (Contango's 30% share amounts to **15,700 oz**)[5](index=5&type=chunk) - The Company continued with ongoing work to permit the underground exploration drift and baseline environmental and engineering work for road and barge landing easements, with field crews starting at the end of July 2025[6](index=6&type=chunk) [Debt, Hedge Contracts, and Other Assets](index=3&type=section&id=Debt%2C%20Hedge%20Contracts%2C%20and%20Other%20Assets) The company actively managed its financial position through significant debt repayments, settlement of hedge contracts, and strategic acquisition of a new royalty, while maintaining a healthy cash balance [Debt Repayments](index=3&type=section&id=Debt%20Repayments) Contango made substantial repayments on its credit facility during and after Q2-2025, significantly reducing its outstanding principal balance - During Q2-2025, Contango repaid **$8.2 million** on its credit facility, reducing the outstanding principal balance by **21% to $30.1 million**[8](index=8&type=chunk) - Subsequent to period end, on July 11, 2025, an additional **$7 million** was repaid, further reducing the outstanding principal balance by **23% to $23.1 million**[8](index=8&type=chunk) [Hedge Contract Management](index=3&type=section&id=Hedge%20Contract%20Management) The company settled a "Carry Trade" hedge contract, reducing its overall hedge agreement balance - Contango settled a "Carry Trade" on July 31, 2025, involving **11,900 ounces of gold**, with a net payment of **$15.7 million** from Contango in exchange for the reduction of ounces under the hedge agreement[5](index=5&type=chunk)[8](index=8&type=chunk) - As of July 31, 2025, the remaining hedge agreement balance was **62,900 ounces**[8](index=8&type=chunk) [Marketable Securities and Royalties](index=3&type=section&id=Marketable%20Securities%20and%20Royalties) Contango holds a significant stake in Onyx Gold Corp. and recently acquired a new royalty, diversifying its asset base - The Company owns **5 million shares** in Onyx Gold Corp., valued at **Cdn$10.4 million** as of June 30, 2025, as a result of acquiring Highgold Mining Inc. in July 2024[8](index=8&type=chunk) - On July 1, 2025, Contango acquired an existing **0.5% net smelter return royalty** on the Lucky Shot project for **$250,000**[8](index=8&type=chunk) [Corporate Information](index=4&type=section&id=Corporate%20Information) [About Contango ORE, Inc.](index=4&type=section&id=About%20Contango%20ORE%2C%20Inc.) Contango ORE, Inc. is a NYSE American-listed company focused on gold and associated mineral exploration in Alaska, holding significant interests in several key projects including the Manh Choh project - Contango is a NYSE American listed company engaged in exploration for gold and associated minerals in Alaska[10](index=10&type=chunk) - The Company holds a **30% interest** in the Peak Gold JV, which operates the Manh Choh project, with the remaining **70%** owned by KG Mining (Alaska), Inc., a subsidiary of Kinross Gold Corporation[10](index=10&type=chunk) - Contango also holds leases on the Johnson Tract and Lucky Shot projects, and **100% interest** in approximately **153,600 acres** of State of Alaska mining claims[10](index=10&type=chunk) [Conference Call and Webcast](index=4&type=section&id=Conference%20Call%20and%20Webcast) Contango will host a conference call and webcast on August 14, 2025, to discuss its second-quarter results - Contango will host a conference call and webcast to discuss the second quarter results on **Thursday, August 14, 2025, at 1:00pm EST / 10:00am PST**[9](index=9&type=chunk) - Participants may join the webcast using the link: https://6ix.com/event/contango-ore-q2-update[9](index=9&type=chunk) [Forward-Looking Statements](index=4&type=section&id=Forward-Looking%20Statements) This section serves as a cautionary note, highlighting that the press release contains forward-looking statements subject to various risks and uncertainties inherent in the mining industry, which could cause actual results to differ materially - This press release contains forward-looking statements intended to be covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995[11](index=11&type=chunk) - Forward-looking statements are based on current expectations, estimates, and projections that involve a number of risks and uncertainties, which could cause actual results to differ materially from those reflected in the statements[11](index=11&type=chunk) - Key risks include operational risks in exploration and mining, geological uncertainties, volatility of natural resources prices, availability and cost of financing, and potential delays or changes in government policies or approvals[11](index=11&type=chunk) [Contacts](index=5&type=section&id=Contacts) Provides contact information for Contango ORE, Inc. for further inquiries - Contact: Rick Van Nieuwenhuyse, President and CEO of Contango ORE, Inc[13](index=13&type=chunk) - Phone: (907) 888-4273[13](index=13&type=chunk) - Website: www.contangoore.com[13](index=13&type=chunk)

PART I - Financial Information [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) Unaudited financial statements reflect a Q2 2025 net loss of $17.6 million amid rising operating costs and impairment charges Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | July 1, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $2,264 | $1,149 | | Total current assets | $21,266 | $20,192 | | Property and equipment, net | $122,936 | $137,237 | | Total assets | $294,575 | $324,648 | | **Liabilities & Stockholders' Deficit** | | | | Total current liabilities | $68,372 | $65,717 | | Long-term debt, net | $106,441 | $100,742 | | Total liabilities | $325,350 | $330,227 | | Total stockholders' deficit | ($30,775) | ($5,579) | - Total assets decreased from **$324.6 million** at year-end 2024 to **$294.6 million** as of July 1, 2025, while the company's stockholders' deficit widened significantly from **$5.6 million** to **$30.8 million**[13](index=13&type=chunk) Q2 2025 vs Q2 2024 Statement of Operations (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Total revenue | $126,433 | $127,352 | | Total costs and expenses | $141,211 | $138,870 | | Loss from operations | ($14,778) | ($11,518) | | Net loss | ($17,552) | ($13,625) | | Basic and diluted loss per share | ($0.38) | ($0.30) | First Half 2025 vs First Half 2024 Statement of Operations (in thousands, except per share data) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Total revenue | $250,227 | $248,746 | | Total costs and expenses | $271,392 | $264,360 | | Loss from operations | ($21,165) | ($15,614) | | Net loss | ($26,609) | ($19,765) | | Basic and diluted loss per share | ($0.58) | ($0.44) | - The company's net loss widened to **$17.6 million** in Q2 2025 from **$13.6 million** in Q2 2024, driven by higher costs and expenses, particularly restaurant impairments and closure costs[15](index=15&type=chunk) - The total stockholders' deficit increased from **$5.6 million** at the end of 2024 to **$30.8 million** as of July 1, 2025, primarily driven by the **net loss of $26.6 million** incurred during the first half of 2025[18](index=18&type=chunk) Cash Flow Summary for the Two Fiscal Quarters Ended (in thousands) | Cash Flow Activity | July 1, 2025 | July 2, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $3,181 | $11,728 | | Net cash used in investing activities | ($6,318) | ($15,774) | | Net cash provided by financing activities | $4,252 | $2,839 | | **Net increase (decrease) in cash** | **$1,115** | **($1,207)** | - Cash provided by operating activities significantly decreased to **$3.2 million** in the first half of 2025 from **$11.7 million** in the same period of 2024[23](index=23&type=chunk) - As of July 1, 2025, the company operated **453 restaurants** system-wide, consisting of 364 company-owned and 89 franchise locations[26](index=26&type=chunk) - The company had **$108.3 million** of indebtedness outstanding under its A&R Credit Agreement as of July 1, 2025, with interest rates ranging from **8.07% to 10.25%** during the first half of the year[36](index=36&type=chunk)[37](index=37&type=chunk) - In Q2 2025, the company recorded **$11.9 million** in restaurant impairment charges on 15 restaurants, an increase from the **$10.9 million** impairment on 12 restaurants in Q2 2024[47](index=47&type=chunk)[49](index=49&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=19&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Comparable restaurant sales grew 1.5% in Q2 2025, but profitability declined due to higher costs and impairment charges - System-wide comparable restaurant sales increased **1.5%** in Q2 2025, with a **1.5%** increase at company-owned and **1.6%** at franchise-owned restaurants[71](index=71&type=chunk) - The company is responding to macroeconomic uncertainty with a comprehensive menu upgrade, increased marketing, and plans for new value offerings[72](index=72&type=chunk) - The company permanently closed nine company-owned restaurants in the first half of 2025 and anticipates closing an additional **19 to 23 restaurants** during the remainder of the year[77](index=77&type=chunk) - The company uses key metrics including revenue, comparable restaurant sales, average unit volumes (AUVs), and adjusted EBITDA to evaluate performance[78](index=78&type=chunk) - Comparable restaurant sales are a key metric, defined as year-over-year sales comparisons for restaurants open at least 18 full periods[81](index=81&type=chunk) Adjusted EBITDA Reconciliation (in thousands) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Net loss | $(17,552) | $(13,625) | $(26,609) | $(19,765) | | EBITDA | $(7,639) | $(4,151) | $(6,936) | $(877) | | Adjusted EBITDA | $6,016 | $9,195 | $8,420 | $14,695 | Restaurant Contribution Margin | Period | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Restaurant Contribution Margin | 12.8% | 15.5% | 11.6% | 14.4% | - In Q2 2025, total revenue decreased slightly by **0.7%** to **$126.4 million**, while net loss increased by **28.8%** to **$17.6 million** compared to Q2 2024[100](index=100&type=chunk)[101](index=101&type=chunk) - For the first half of 2025, total revenue increased by **0.6%** to **$250.2 million**, while net loss widened by **34.6%** to **$26.6 million** compared to the same period in 2024[113](index=113&type=chunk)[114](index=114&type=chunk) - The company believes it has sufficient cash sources for at least the next twelve months from available cash, its revolving credit facility, and cash flows from operations[125](index=125&type=chunk) - Net cash from operating activities decreased to **$3.2 million** in H1 2025 from **$11.7 million** in H1 2024, primarily due to lower net income adjusted for non-cash items[126](index=126&type=chunk)[127](index=127&type=chunk) - Capital expenditures for fiscal year 2025 are estimated to be between **$12.0 million** and **$13.0 million**[133](index=133&type=chunk) - As of July 1, 2025, the company had a cash balance of **$2.3 million** and **$13.7 million** available for future borrowings under its A&R Credit Agreement[135](index=135&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=34&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company is exposed to market risks from interest rate fluctuations, commodity volatility, and inflation - The company is exposed to interest rate risk on its **$108.3 million** of outstanding variable-rate debt; a **1.0%** change in the effective interest rate would result in an annualized pre-tax interest expense fluctuation of approximately **$1.1 million**[141](index=141&type=chunk) - The company faces commodity price risk for products like food and uses purchasing contracts to manage this risk[142](index=142&type=chunk) - Inflationary factors affecting operations include food, labor, and energy costs, and the company anticipates that inflation may continue to affect its results[143](index=143&type=chunk) [Item 4. Controls and Procedures](index=34&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective - Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of July 1, 2025[145](index=145&type=chunk) - No changes occurred during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[146](index=146&type=chunk) PART II - Other Information [Item 1. Legal Proceedings](index=37&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently a party to any material legal proceedings - As of the report date, the company is not a party to any material legal proceedings[148](index=148&type=chunk) [Item 1A. Risk Factors](index=37&type=section&id=Item%201A.%20Risk%20Factors) The company faces risks from potential Nasdaq delisting and more restrictive future debt covenants - On June 24, 2025, the company received a notice from Nasdaq for non-compliance with the minimum **$1.00 bid price requirement**, giving it 180 days to regain compliance[151](index=151&type=chunk) - Failure to regain compliance with Nasdaq's listing requirements could result in **delisting**, leading to reduced liquidity and difficulty in obtaining future financing[154](index=154&type=chunk) - The company's credit facility covenants become more restrictive beginning in Q4 2025, and non-compliance could trigger **default and debt acceleration**[159](index=159&type=chunk)[160](index=160&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=39&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during the period - None[162](index=162&type=chunk) [Item 3. Defaults Upon Senior Securities](index=39&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities - None[163](index=163&type=chunk) [Item 4. Mine Safety Disclosures](index=39&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[164](index=164&type=chunk) [Item 5. Other Information](index=39&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted or terminated Rule 10b5-1 trading arrangements during the quarter - No director or officer adopted or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the quarter[165](index=165&type=chunk) [Item 6. Exhibits](index=41&type=section&id=Item%206.%20Exhibits) This section provides an index of exhibits filed with the Form 10-Q

[Q2 2025 Financial & Operational Highlights](index=1&type=section&id=Q2%202025%20Financial%20%26%20Operational%20Highlights) [Key Performance Indicators](index=1&type=section&id=Key%20Performance%20Indicators) For the second quarter of 2025, Binah Capital Group reported a 2% year-over-year revenue increase to $42 million and an 11% growth in Assets Under Management (AuM) to $28 billion. While the GAAP net loss remained stable at $0.7 million, EBITDA, a non-GAAP measure, increased to $1.0 million from $0.6 million in the prior-year period Q2 2025 Key Metrics (Year-over-Year) | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Total Revenue | $42 million | ~$41.2 million | +2% | | Assets Under Management (AuM) | $28 billion | ~$25.2 billion | +11% | | Gross Profit | $8.8 million | $7.3 million | +21% | | GAAP Net Loss | $0.7 million | $0.7 million | Comparable | | EBITDA (Non-GAAP) | $1.0 million | $0.6 million | +67% | [Management Commentary](index=1&type=section&id=Management%20Commentary) The CEO, Craig Gould, expressed satisfaction with the quarter's strong performance, attributing the growth in revenue and EBITDA to the company's advisor-centric platform and disciplined execution of its strategy. He conveyed confidence in the company's position to capture future growth opportunities and create long-term shareholder value - Management credits the sustained momentum and growth in **revenue** and **EBITDA** to their advisor-centric business model and effective strategic execution[2](index=2&type=chunk) - The company believes its differentiated business model and execution capabilities position it well for **future growth** and **long-term value creation**[2](index=2&type=chunk) [Financial Statements](index=2&type=section&id=Financial%20Statements) [Consolidated Statement of Operations](index=5&type=section&id=Consolidated%20Statement%20of%20Operations) For Q2 2025, total revenues grew 2% YoY to $41.5 million, driven by increases in commissions and advisory fees. Total expenses remained relatively flat, resulting in a stable net loss of $0.7 million, or ($0.04) per share, comparable to the prior-year period. For the six-month period, the company swung to a net income of $0.4 million from a net loss of $2.3 million in the prior year, primarily due to lower professional fees and interest expenses Statement of Operations Summary (in thousands) | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | **$41,497** | **$40,648** | **$90,431** | **$82,095** | | Commissions | $33,998 | $33,663 | $75,137 | $68,057 | | Advisory fees | $6,627 | $6,320 | $13,542 | $12,004 | | **Total Expenses** | **$42,058** | **$41,171** | **$89,537** | **$84,062** | | **Net Income (Loss)** | **($654)** | **($736)** | **$378** | **($2,319)** | | EPS (basic and diluted) | ($0.04) | ($0.04) | $0.02 | ($0.18) | [Consolidated Balance Sheet](index=4&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's total assets increased slightly to $67.8 million from $66.7 million at year-end 2024. Total liabilities also grew to $51.4 million from $50.5 million, primarily due to an increase in accounts payable and accrued expenses. Total stockholders' equity and mezzanine equity saw a modest increase to $16.4 million Balance Sheet Summary (in thousands) | Account | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Cash, cash equivalents and restricted cash | $8,170 | $8,486 | | **Total Assets** | **$67,791** | **$66,677** | | Notes payable, net | $18,620 | $19,561 | | **Total Liabilities** | **$51,404** | **$50,499** | | **Total Stockholders' Equity and Mezzanine Equity** | **$16,387** | **$16,178** | [Liquidity and Capital](index=2&type=section&id=Liquidity%20and%20Capital) The company reported $8.2 million in cash and cash equivalents and $18.6 million in outstanding long-term debt (net of unamortized issuance costs) as of the end of the second quarter of 2025 - As of June 30, 2025, the company held **$8.2 million** in cash and cash equivalents[6](index=6&type=chunk) - Outstanding long-term debt, net of unamortized issuance costs, was **$18.6 million**[6](index=6&type=chunk) [Non-GAAP Financial Measures](index=1&type=section&id=Non-GAAP%20Financial%20Measures) [EBITDA Reconciliation](index=6&type=section&id=EBITDA%20Reconciliation) The company uses EBITDA, a non-GAAP measure defined as net income adjusted for interest, taxes, depreciation, and amortization, to evaluate earnings from operations. For Q2 2025, EBITDA increased to $1.0 million from $0.6 million in Q2 2024. This was derived from a net loss of $0.7 million, adjusted for items including interest expense ($0.5M), share-based compensation ($0.8M), taxes ($0.1M), and D&A ($0.2M) Reconciliation of Net Income to EBITDA (in millions) | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | Net income (loss) | ($0.7) | ($0.7) | $0.4 | ($2.3) | | Interest expense | $0.5 | $0.8 | $1.1 | $1.9 | | Share-based compensation | $0.8 | - | $0.8 | - | | Provision for income taxes | $0.1 | $0.2 | $0.5 | $0.4 | | Depreciation and amortization | $0.2 | $0.3 | $0.4 | $0.6 | | **EBITDA** | **$1.0** | **$0.6** | **$3.2** | **$0.5** | - EBITDA is presented as management believes it is a **useful metric** for understanding the company's earnings from operations, though it is not a GAAP measure and has limitations[9](index=9&type=chunk)[16](index=16&type=chunk) [Company Information and Disclosures](index=2&type=section&id=Company%20Information%20and%20Disclosures) [About Binah Capital Group](index=2&type=section&id=About%20Binah%20Capital%20Group) Binah Capital Group is a financial services enterprise that operates a network of firms to empower independent financial advisors. It functions as a national broker-dealer aggregator with an innovative hybrid-friendly model, providing Registered Investment Advisors (RIAs) with resources and a platform to manage both commission-based and advisory business - The company's business model is a **national broker-dealer aggregator** focused on empowering independent financial advisors[8](index=8&type=chunk) - Binah utilizes a **hybrid-friendly model** to support RIAs in managing both commission-based and advisory practices[8](index=8&type=chunk) [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) This section contains standard "safe harbor" language, cautioning investors that the press release includes forward-looking statements regarding the company's financial outlook and strategic initiatives. These statements are subject to numerous risks and uncertainties, such as regulatory compliance, advisor misconduct, investment performance, and market conditions, which could cause actual results to differ materially - The report includes **forward-looking statements** subject to a **'safe harbor' provision**, which are based on assumptions and subject to uncertainties[10](index=10&type=chunk) - Key risks that could affect future results include **regulatory compliance, advisor misconduct, investment performance, and brand reputation**[11](index=11&type=chunk) - The company advises against placing **undue reliance** on these statements and does not intend to update them unless required by law[12](index=12&type=chunk)

Exhibit 99.1 CALIBER REPORTS SECOND QUARTER 2025 RESULTS Company remains on track for its goal of achieving platform adjusted EBITDA profitability in the second half of 2025 SCOTTSDALE, Ariz., August 13, 2025 (GLOBE NEWSWIRE) – Caliber (NASDAQ: CWD; "CaliberCos Inc."), a real estate investor, developer, and asset manager, today reported results for the second quarter ended on June 30, 2025. Second Quarter 2025 Platform Financial Highlights (compared to Second Quarter 2024) Management Commentary "The second ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR o 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 001-40760 ATLANTIC INTERNATIONAL CORP. (Exact name of registrant as specified in its charter) (State or other j ...