Revenue and Income - Revenue for the year ended December 31, 2025, was $349.0 million, a 16% increase compared to the prior year[6] - Net income for the year was $36.4 million, compared to a net loss of $(14.3) million in the prior year[6] - Total revenues for the year ended December 31, 2025, were $348.975 million, an increase of 16.3% from $299.972 million in 2024[31] - Net income for the year ended December 31, 2025, was $36.411 million, compared to $14.325 million in 2024, representing a 154.5% increase[31] - Net income for the year ended December 31, 2025, increased to $36,411,000, compared to $14,325,000 in 2024, representing a growth of 154%[34] Adjusted EBITDA - Adjusted EBITDA for the year was $90.2 million, slightly above the previous year's $90.0 million[6] - The company projects 2026 Adjusted EBITDA to range between $95 million and $110 million[9] - Adjusted EBITDA for the twelve months ended December 31, 2025, was $90,205,000, compared to $90,005,000 in 2024, showing a slight increase of 0.2%[40] Production and Sales - RNG production increased to 4.9 million MMBtu for the year, a 29% increase compared to 2024[6] - The Fuel Station Services segment dispensed 161.9 million GGEs of transportation fuel for the year, an 8% increase compared to the prior year[6] - The company sold $42.9 million of Investment Tax Credits in 2025[6] Financial Position - The company has improved its liquidity position to $168.2 million as of December 31, 2025[15] - The company's cash and cash equivalents increased to $24.408 million as of December 31, 2025, from $24.310 million in 2024[30] - Accounts receivable increased to $61.806 million as of December 31, 2025, compared to $46.535 million in 2024, reflecting a 32.6% increase[30] - The company reported a total of $495.634 million in property, plant, and equipment as of December 31, 2025, up from $458.258 million in 2024[30] - The total liabilities as of December 31, 2025, were $461.712 million, an increase from $416.045 million in 2024[30] Expenses and Cash Flow - Interest and financing expenses for the year ended December 31, 2025, were $26.274 million, compared to $19.610 million in 2024, indicating an increase of 33.9%[31] - Operating income for the year ended December 31, 2025, was $7.414 million, down from $21.222 million in 2024[31] - Net cash provided by operating activities for 2025 was $36,498,000, up from $31,385,000 in 2024, indicating an increase of 16.7%[34] - Cash flows used in investing activities decreased to $77,320,000 in 2025 from $134,551,000 in 2024, a reduction of 42.5%[34] - Proceeds from loans in 2025 amounted to $70,000,000, down from $100,000,000 in 2024, reflecting a decrease of 30%[34] - Depreciation, amortization, and accretion expenses increased to $22,470,000 in 2025 from $17,885,000 in 2024, an increase of 25.4%[34] - Stock-based compensation remained relatively stable, with $6,499,000 in 2025 compared to $6,452,000 in 2024, a marginal increase of 0.7%[34] - The company reported a net cash increase of $738,000 in 2025, contrasting with a decrease of $19,662,000 in 2024[34] - The cash, restricted cash, and cash equivalents at the end of the period for 2025 were $28,318,000, up from $27,580,000 in 2024, an increase of 2.7%[34] Investments - OPAL Fuels invested $70.7 million in RNG projects and fueling stations in construction for the year ended December 31, 2025, down from $127.2 million in the prior year[16] - The company’s portion of capital expenditures in unconsolidated entities was $19.5 million for the year ended December 31, 2025[16] Market Projections - The average realized D3 RIN price is projected at $2.45/gallon, with each $0.10/gallon shift impacting Adjusted EBITDA by $5-$6 million[9] - The company expects to continue reporting non-GAAP financial measures to provide additional insights into its operating performance[36]

Subscriber Base - Weight Watchers has approximately 2.6 million Behavioral subscribers as of the end of fiscal 2025[46] - The Clinical business has around 130.2 thousand Clinical subscribers as of the end of fiscal 2025[48] Financial Performance and Debt - The company emerged from Chapter 11 bankruptcy on June 24, 2025, discharging approximately $1,616 million in liabilities[32] - As of December 31, 2025, the company's total outstanding debt was $465.5 million under the New Term Loan Facility[127] - The company is exposed to interest rate risk due to its variable-rate instruments in the New Term Loan Facility, which may increase debt service obligations if interest rates rise[127] - The company recorded an aggregate of $12.7 million in charges related to the closure of certain studios in fiscal 2023[122] - The Senior Secured Credit Agreement includes negative covenants that may restrict the company's ability to incur additional debt or engage in mergers and acquisitions, which could adversely affect financial flexibility[130] Membership and Program Offerings - Weight Watchers offers three primary membership tiers: Core, Core+, and Med+, with varying features and access to healthcare professionals[29] - The GLP-1 Success Program is tailored to support members using GLP-1 medications, providing personalized nutrition guidance and community support[40] - Weight Watchers for Business offers tailored solutions for employers and health plans to manage GLP-1 medication costs[50] - The Points Program uses a proprietary nutritional algorithm to assign food values based on various health metrics[36] - The app includes features for tracking macronutrients, activity, and weight, along with an AI Body Scanner for enhanced body composition analysis[37] - Weight Watchers Med+ members demonstrated average weight loss of 19.4% (approximately 42.3 lbs) at 12 months when using obesity medication[53] - In a 6-month clinical trial, Weight Watchers Med+ members lost an average of 12.3% of their body weight and reported a 32.8% reduction in hunger[54] - A 12-week trial showed a 54% greater weight loss when combining bupropion and naltrexone with the Weight Watchers behavioral program compared to medication alone[56] - Weight Watchers' Points Program resulted in 3.5 times more weight loss and 4.7 times greater improvements in diet quality compared to standard nutritional guidelines[57] - The company launched a tailored behavioral support program for individuals on GLP-1 medications and another for women in perimenopause or menopause[100] - The company began offering access to registered dietitians for personalized nutrition counseling in December 2024, expanding its Clinical business[168] Digital Transformation and Innovation - The company is executing a digital transformation to unify the user experience across its app[44] - The company launched a fully integrated digital offering in December 2025, combining GLP-1 prescribing, personalized nutrition, behavioral support, coaching, and community within a redesigned app experience[100] - The digital platform provides U.S. members access to licensed healthcare professionals who can prescribe GLP-1 medications[222] - Weight Watchers has redefined weight management for the GLP-1 era, integrating community support with personalized nutrition and digital innovation[222] Market Challenges and Competition - The company faces intense competition in the weight management and health and wellness market, which includes various service providers and products[89] - Revenue from the Behavioral business line has been negatively impacted by the rise of pharmacotherapy treatments and low-cost alternatives[90] - The clinical weight management market is rapidly evolving, and the company may struggle to maintain market share against established competitors[91] - Retaining and growing the subscriber base is critical for revenue generation, and the company is investing resources to enhance user experience and digital platform[92] - The company's future financial performance is dependent on the growth of the clinical weight management market and effective marketing strategies[94] Regulatory and Compliance Risks - The company may face legal and regulatory challenges related to advertising and marketing weight loss medications, which could impact its operations[106] - The FDA has indicated intentions to restrict GLP-1 active pharmaceutical ingredients for non-FDA-approved compounded drugs, which could affect the company's market position[107] - The company is subject to evolving data privacy regulations, such as the GDPR and CCPA, which could increase compliance costs and affect business operations[136] - The regulatory framework for AI is rapidly changing, which may require significant resources to ensure compliance and could impact the company's operations[141] - The company faces risks from potential changes in telehealth regulations that may affect service delivery and compliance costs[157] - The company is subject to the Federal Civil False Claims Act, which prohibits false claims for payment and could result in significant penalties[162] - Increased scrutiny from the Office of the Inspector General and DOJ may lead to investigations that divert management's attention and increase costs[165] Cybersecurity and Data Management - Cybersecurity threats are a critical component of the company's risk management program, with annual assessments conducted through independent evaluations[182] - The Company has implemented a comprehensive cybersecurity program overseen by the Audit Committee, which receives quarterly updates on cybersecurity risks and incidents[185] - The Company conducts regular mandatory training for personnel on cybersecurity threats to enhance awareness and preparedness[184] - The Company has not experienced any cybersecurity incidents that materially affected its business strategy or financial condition, although threats remain a concern[189] Operational and Strategic Risks - The company faces risks related to the actions of franchisees, licensees, and suppliers, which could harm its reputation and result in decreased recruitment and revenue[102] - The company is dependent on relationships with managed professional corporations (PCs) for telehealth services, and disruptions in these relationships could adversely affect its business[103] - The company may incur additional impairment charges in the future, which would adversely impact its results of operations[109] - The company depends heavily on its coaches, guides, and customer service teams, and failure to manage these personnel effectively could negatively impact sales[112] - The company may face challenges in making acquisitions or entering collaborations, as seen with its 2023 acquisition of Weekend Health, Inc.[113] - The company’s business is sensitive to economic downturns, which could reduce consumer spending and negatively affect subscription revenues[118] - The company has experienced fluctuations in quarterly results due to the seasonal nature of its business, particularly during the winter peak season[119] Corporate Governance and Management - The reconstituted Board of Directors may implement changes in business strategy that could impact operations and financial objectives[88] - The company may face significant expenses and operational disruptions from actions initiated by activist shareholders, which could affect its strategic plans[178]

Financial Performance - Olema's net losses were $162.5 million and $129.5 million for the years ended December 31, 2025 and 2024, respectively, with an accumulated deficit of $597.6 million as of December 31, 2025 [581]. - The company has not generated any revenue from product sales and does not expect to do so for the foreseeable future [586]. - Net loss for the year ended December 31, 2025 was $162.5 million, compared to a net loss of $129.5 million in 2024, indicating an increase of $32.9 million [600]. - The company has incurred significant operating losses and negative cash flows, with net losses of $162.5 million and $129.5 million for the years ended December 31, 2025 and 2024, respectively [605]. - Total operating expenses for 2025 were $178.7 million, compared to $142.3 million in 2024, resulting in a loss from operations of $178.7 million [600]. - Net cash used in operating activities for the year ended December 31, 2025 was $146.716 million, compared to $104.351 million for 2024 [625]. - The company reported a net loss of $162.5 million for the year ended December 31, 2025, primarily due to $157.7 million in research and development expenses [626]. Research and Development - Research and development expenses are expected to increase substantially as Olema advances its lead product candidate, palazestrant, and its second candidate, OP-3136, through clinical trials [592]. - Research and development expenses for the year ended December 31, 2025 were $157.7 million, an increase of $33.2 million from $124.5 million in 2024, primarily due to increased spending on clinical operations and a $5.0 million milestone payment to Aurigene [602]. - The pivotal Phase 3 clinical trial of palazestrant, OPERA-01, was initiated in November 2023, with top-line results anticipated in fall 2026 and potential NDA submission in 2027 [576]. - Olema is also conducting a Phase 1 study for OP-3136, with the first clinical data expected in the second quarter of 2026 [578]. - The execution of the OPERA-02 trial, which combines palazestrant with ribociclib, is supported by a collaboration agreement with Novartis, with top-line data expected in 2028 [577]. - The company expects to incur significant expenses and operating losses for the foreseeable future as it advances clinical development, necessitating additional capital for operations [614]. Financial Position and Funding - As of December 31, 2025, the company had $505.4 million in cash, cash equivalents, and marketable securities, with an accumulated deficit of $597.6 million [606]. - The company completed a follow-on public offering on November 19, 2025, selling 11,500,000 shares at a price of $19.00 per share, resulting in net proceeds of $204.8 million [613]. - As of December 31, 2025, the company expects cash, cash equivalents, and marketable securities to fund its operating plan through mid-2028 [618]. - The company has material cash requirements totaling $3.0 million under its Credit Facility and $1.241 million in operating leases due within one year [619]. - The company has potential future milestone payments of up to $45.0 million in clinical development and regulatory milestones, and up to $370.0 million in commercial milestones under the Aurigene Agreement [619]. - The company anticipates financing its cash needs through equity offerings, debt financings, collaborations, and licensing arrangements [623]. - Net cash provided by financing activities in 2025 was $211.297 million, mainly from a follow-on public offering [631]. - As of December 31, 2025, the company had cash, cash equivalents, and marketable securities of $505.4 million, an increase from $434.1 million in 2024 [641]. - The company had an outstanding long-term borrowing of $3.0 million under its Credit Facility as of December 31, 2025 [642]. Administrative Expenses - Olema's general and administrative expenses are expected to increase as the company expands its headcount and enhances its IT infrastructure to support future commercialization efforts [597]. - General and administrative expenses for the year ended December 31, 2025 were $21.0 million, up from $17.7 million in 2024, reflecting higher corporate and personnel-related costs [603]. Company Classification - The company qualifies as a "smaller reporting company" due to annual revenue being less than $100.0 million in 2025 [638].

- Announced Positive Data from Phase 1 Dose Expansion Study of varsetatug masetecan ("Varseta-M") EpCAM PROBODY® ADC in Patients with Advanced Colorectal Cancer (CRC) - - FDA interactions targeted for mid-year with goal to align on potential Varseta-M registrational trial design in late line CRC - - Varseta-M Phase 1 study evaluating combination with bevacizumab initiated; Phase 1b/2 chemotherapy combination study to be initiated by the end of 2026 - - Initial CX-801 PROBODY Interferon-alpha-2b Phase 1 comb ...

Oncology Development - CytomX is focused on developing innovative therapies for oncology, utilizing its PROBODY technology platform to create conditionally activated biologics[20]. - The current clinical pipeline includes two programs: Varsetatug Masetecan (Varseta-M) and CX-801, with Varseta-M targeting colorectal cancer (CRC) as its lead indication[21]. - Varseta-M is designed to target EpCAM in CRC, with a payload of a topoisomerase-1 inhibitor, aiming to minimize toxicities in healthy tissues[22][24]. - CRC represents a significant unmet need, with over 1.9 million cases diagnosed annually worldwide, projected to exceed 3 million cases by 2040[25]. - Varseta-M is designed to optimize the therapeutic index for EpCAM-expressing epithelial cancers, including CRC, and has demonstrated encouraging initial data in Phase 1[58]. - CX-801 is designed to locally activate anti-tumor immune responses and is currently in a Phase 1 clinical trial[69]. Clinical Trial Results - In a Phase 1 trial, 28% of patients demonstrated confirmed partial responses, with a median progression-free survival (PFS) of 5.8 months[32]. - As of January 16, 2026, the confirmed overall response rate at the 10 mg/kg dose was 32%, with a median PFS of 7.1 months[38]. - The safety profile of Varseta-M was generally well-tolerated, with most treatment-related adverse events being Grade 1 or Grade 2[33][40]. - Positive interim data from Phase 1 dose expansions in 93 patients with advanced colorectal cancer (CRC) were announced as of January 16, 2026[66]. - The Phase 1 study of Varseta-M in combination with bevacizumab was initiated in Q1 2026, with initial data expected by the first half of 2027[46]. - Phase 1 clinical data from the CX-801 and KEYTRUDA combination study are expected by the end of 2026[53]. Drug Development and Regulatory Approvals - The investigational new drug application for Varseta-M was allowed to proceed by the FDA in January 2024, with the Phase 1 trial commencing in April 2024[30]. - The IND for CX-801 was allowed to proceed by the FDA in January 2024, with the first patient dosed in Q3 2024[52]. - The Phase 1 dose escalation study for CX-801 began in Q3 2024, focusing on advanced melanoma patients, with the first patient dosed[72]. - The FDA regulates biologics under the Federal Food, Drug, and Cosmetic Act, requiring substantial time and financial resources for regulatory approvals[140]. - The BLA approval process involves multiple stages, including preclinical studies, clinical trials, and compliance with good manufacturing practices[142]. - The FDA aims to complete a standard review of a Biologics License Application (BLA) within ten months after the filing date, or within six months for applications qualifying for Priority Review[154]. Financial Overview - As of December 31, 2025, the company reported an accumulated deficit of $711.9 million, up from $691.6 million in 2024, indicating ongoing financial losses[214]. - Research and development expenses for the year ended December 31, 2025, were $68.7 million, compared to $83.4 million in 2024, reflecting a decrease in spending[211]. - The company has not generated any revenue from product sales and expects to continue incurring significant losses for the foreseeable future[214]. - The company raised approximately $93.4 million in net proceeds through a public offering in May 2025, which is expected to fund operations into the second quarter of 2027[217]. - As of December 31, 2025, the company had cash, cash equivalents, and short-term investments totaling $137.1 million[219]. - The company acknowledges the capital-intensive nature of biopharmaceutical development and the need for substantial additional funds to advance its product candidates[217]. Collaborations and Partnerships - The collaboration with Astellas included an upfront payment of $80 million and potential future milestones totaling approximately $1.2 billion[93]. - Astellas initiated GLP toxicology studies for a collaboration target, triggering a $5 million milestone payment in Q1 2025[95]. - The collaboration with Amgen included an upfront payment of $40 million and co-development of conditionally activated T-cell engagers targeting EGFR[85]. - Bristol Myers Squibb made an upfront payment of $200.0 million under Amendment 1 of the collaboration agreement, with potential contingent payments for development and sales milestones[98]. - CytomX is eligible to receive milestone payments of up to $1.2 billion for all Moderna Licensed Products under the Moderna Agreement, which includes an upfront payment of $35.0 million[107]. - Regeneron made an upfront payment of $30.0 million under the Regeneron Agreement, with potential milestone payments of up to approximately $0.8 billion for initial collaboration programs[111]. Market and Competitive Landscape - The competitive landscape for biopharmaceutical products, particularly in ADC, TCE, and immuno-oncology therapeutics, is intense with numerous companies actively developing potentially competitive products and technologies[122]. - Major pharmaceutical companies such as AbbVie, Daiichi Sankyo, and Pfizer are involved in the research and commercialization of antibody-drug conjugates (ADCs)[123]. - Cancer immunotherapy is a rapidly growing segment, with almost every large pharmaceutical company, including Amgen and Novartis, developing or commercializing related therapies[124]. - The competition in colorectal cancer therapeutics is increasing, with several approved therapies and numerous experimental therapies in development, including those targeting specific genetic mutations[128]. - The melanoma treatment landscape includes major pharmaceutical companies and has seen significant advancements with checkpoint inhibitors like Keytruda and Opdivo, which are widely used in early treatment settings[129]. Intellectual Property - The PROBODY platform has resulted in a patent portfolio of at least 245 granted patents and 300 pending applications as of January 2026[77]. - The patent portfolio includes claims related to the PROBODY platform technology, including PROBODY drug conjugates and cancer immunotherapy therapeutics[133]. - The company intends to pursue patent protection for new technologies and product candidates as part of its intellectual property strategy[136]. - The company holds a strong global intellectual property position with at least 245 granted patents and 300 pending patent applications as of January 2026[132]. Operational Challenges - The supply chain for manufacturing investigational product candidates is complex, relying on third-party contract manufacturers, which poses risks for clinical trial timelines[113]. - The transition from a research and development focus to supporting commercial activities poses significant risks for the company[215]. - The company is subject to evolving healthcare regulations that could impact its operations and financial performance[199]. - The company’s monthly spending levels fluctuate based on ongoing clinical trials and R&D activities, making it difficult to estimate future cash flow savings[219].

Revenue and Subscribers - Total revenue for Q4 2025 was $163 million, with clinical subscription revenue of $27 million, representing a 32% year-over-year increase[1] - End of period subscribers reached 2.8 million, including 130 thousand clinical subscribers, which is a 42% increase year-over-year[1] - Subscription revenue for Q4 2025 was $161,454,000, a decrease of 11.2% from $181,733,000 in Q4 2024[28] - Total revenue for Q4 2025 was $162,812,000, down 11.7% from $184,413,000 in Q4 2024[28] - For the fiscal year ended December 31, 2025, subscription revenue totaled $344,461,000, a decrease of 4.5% from $360,953,000 in the previous fiscal year[32] - Total revenue for the fiscal year 2025 was $347,070,000, down 4.6% from $363,568,000 in the previous fiscal year[32] - Total revenue for the fiscal year ended December 31, 2025, was $710,638, reflecting a 9.6% decline from $785,921 in 2024[41] - Behavioral subscription revenue for the fiscal year was $592,574, down 15.2% from $698,992 in 2024[41] Financial Performance - Q4 net loss was $6 million, resulting in a net loss margin of 3.6%, while adjusted EBITDA was $18 million with an adjusted EBITDA margin of 11.1%[1] - The company incurred a net loss of $62,095,000 for the fiscal year 2025, compared to a net income of $1,118,103,000 in the previous fiscal year[32] - The company reported a net loss of $5,833,000 in Q4 2025, contrasting with a net income of $25,124,000 in Q4 2024[28] - Adjusted EBITDA for the three months ended December 31, 2025, was $18.043 million, with an adjusted EBITDA margin of 11.1%, down from $65.261 million and 18.8% in the prior year[62] - The company’s overall EBITDA for the three months ended December 31, 2025, was $13.990 million, down from $50.511 million in the same period last year, indicating a margin decline from 14.6% to 8.6%[62] Expenses and Costs - Marketing expenses for Q4 2025 were $65,474,000, an increase of 35.8% from $48,207,000 in Q4 2024[28] - The company incurred transaction costs of $8,787 thousand related to strategic alternatives and Chapter 11 financial reorganization[59] - Restructuring charges included in the adjustments were $1,641 thousand for the fiscal year, reflecting expenses associated with headcount reduction[59] - Interest expenses for the period were $11.767 million, compared to $38.664 million in the previous year[62] - The company reported a significant increase in depreciation and amortization expenses, totaling $26.308 million, compared to $14.201 million in the prior year[62] Assets and Liabilities - Cash and cash equivalents at December 31, 2025, were $160 million, reflecting significant marketing spend for Q1 2026[7] - The total assets as of December 31, 2025, were $946,758,000, significantly higher than $550,276,000 as of December 28, 2024[26] - Total liabilities as of December 31, 2025, were $628,687,000, down from $1,664,648,000 as of December 28, 2024[26] Future Guidance and Strategy - The company provided guidance for Q1 2026, estimating approximately 2.65 million total end of period subscribers, including around 200 thousand clinical subscribers[4] - Full year 2026 revenue guidance is set between $620 million and $635 million, with adjusted EBITDA guidance of $105 million to $115 million[8] - The company is focusing on integrating clinical capabilities with behavioral support to create a comprehensive weight health platform[2] - The company views 2026 as a pivotal year for sustainable growth, emphasizing the transformation towards integrated care models[2] - The company anticipates a shift in revenue mix between behavioral and clinical lines of business, driving average revenue per user (ARPU) accretion[5] Profitability Metrics - For the three months ended December 31, 2025, GAAP Gross Profit was $114,095 thousand, representing 70.1% of revenue, compared to $128,513 thousand and 69.7% for the three months ended December 28, 2024[55] - Adjusted Gross Profit for the same period was $121,063 thousand, or 74.4% of revenue, compared to $133,307 thousand and 72.3% for the prior year[55] - For the fiscal year ended December 31, 2025, GAAP Gross Profit was $247,115 thousand, or 71.2% of revenue, compared to $263,384 thousand and 72.4% for the previous fiscal year[58] - Adjusted Gross Profit for the fiscal year was $259,571 thousand, representing 74.8% of revenue, compared to $269,579 thousand and 74.1% for the prior year[58]

Financial Performance - AirSculpt Technologies, Inc. announced preliminary, unaudited financial information for Q4 and full fiscal year 2025 on March 16, 2026[4] - The company provided an update on current revenue trends for 2026, indicating a focus on growth[4] - The press release is attached as Exhibit 99.1, which includes detailed financial data[5]

IPO and Financial Transactions - Forgent Power Solutions, Inc. completed its IPO on February 6, 2026, raising $491.8 million in net proceeds from the sale of 16,586,427 shares of Class A common stock at a public offering price of $27.00 per share[28]. - The company indirectly purchased 19,074,391 capital ownership interests of Opco using the proceeds from the IPO[28]. - Following the IPO, Forgent Power Solutions, Inc. owns 76.65% of the economic interests of Opco, consolidating its financial results[28]. - Forgent Power Solutions received $491.8 million in proceeds from its IPO, which was used to purchase Opco LLC Interests[115]. Financial Performance - Total revenues for the three months ended December 31, 2025, were $296,404 thousand, representing a 69% increase compared to $175,338 thousand for the same period in 2024[45]. - Gross profit for the six months ended December 31, 2025, was $199,708 thousand, up from $130,200 thousand in the same period of 2024, indicating a 53% increase[45]. - Net income attributable to Forgent Intermediate LLC for the six months ended December 31, 2025, was $10,259 thousand, compared to $10,874 thousand for the same period in 2024, reflecting a slight decrease of 6%[45]. - Revenues for the three months ended December 31, 2025, were $296,404 thousand, a 69% increase from $175,338 thousand in the same period of 2024[105]. - Custom products revenue increased to $234,517 thousand for the three months ended December 31, 2025, compared to $147,099 thousand in 2024, representing a 59% growth[105]. - Gross profit for the six months ended December 31, 2025, was $199,708 thousand, up from $130,200 thousand in 2024, reflecting a 53% increase[105]. - Net loss for the three months ended December 31, 2025, was $(91) thousand, a decrease from a net income of $6,431 thousand in the same period of 2024[105]. Expenses and Liabilities - Operating expenses for the six months ended December 31, 2025, were $148,455 thousand, significantly higher than $88,654 thousand for the same period in 2024, reflecting a 67% increase[45]. - Operating expenses for the three months ended December 31, 2025, were $81,666 thousand, compared to $44,810 thousand in 2024, marking an increase of 82%[105]. - Total liabilities rose to $1,107,633 thousand as of December 31, 2025, compared to $963,400 thousand as of June 30, 2025, indicating a 15% increase[43]. - Long-term debt, net of discount and deferred financing costs, was $579.0 million as of December 31, 2025, compared to $496.9 million as of June 30, 2025, an increase of 16.5%[77]. - Accrued expenses totaled $106.1 million as of December 31, 2025, compared to $79.5 million as of June 30, 2025, reflecting an increase of 33.5%[76]. Cash Flow and Assets - Cash and cash equivalents at the end of the period were $106,165 thousand, down from $111,322 thousand at the beginning of the period, marking a decrease of 5%[50]. - Total assets increased to $1,697,131 thousand as of December 31, 2025, from $1,536,686 thousand as of June 30, 2025, representing an increase of 10%[43]. - The company reported a net cash provided by operating activities of $6,007 thousand for the six months ended December 31, 2025, a decrease from $59,713 thousand in the same period of 2024[50]. - Accounts receivable, net increased to $251.0 million as of December 31, 2025, up from $160.0 million as of June 30, 2025, reflecting a growth of 56.5%[67]. - Inventory, net rose to $160.5 million as of December 31, 2025, compared to $117.6 million as of June 30, 2025, marking an increase of 36.4%[68]. - Property and equipment, net increased to $157.6 million as of December 31, 2025, from $108.2 million as of June 30, 2025, representing a growth of 45.6%[69]. Risks and Challenges - The company faces risks from reliance on fewer customers for Powertrain Solutions, which could significantly impact sales if orders decline[15]. - Environmental, health, and safety laws may result in substantial costs and liabilities for the company[15]. - The integration of business acquisitions poses operational risks that could affect the company's performance[15]. - The company is subject to various risks from external factors such as geopolitical conflicts and economic volatility, which may disrupt operations[15]. - Delaware law and anti-takeover provisions may delay or prevent changes in control or management, impacting shareholder value[15]. Accounting and Compliance - The company is evaluating the impact of new accounting standards effective in 2026 and 2027, which may affect financial statement disclosures[64][65]. - The effective interest rate for the Senior Credit Facilities as of December 31, 2025, was 7.39% per annum[81]. - Interest expense for the three months ended December 31, 2025, was $21.0 million, compared to $13.7 million for the same period in 2024, reflecting an increase of 53.4%[88]. - The company's effective income tax rate for the three months ended December 31, 2025, was 81.5%, significantly higher than the 11.6% rate for the same period in 2024[91]. Strategic Focus - The company has a significant focus on custom-engineered electrical distribution equipment for data centers and industrial facilities, indicating a strategic emphasis on high-demand applications[51]. - The company has four principal offerings: Custom Products, Powertrain Solutions, Standard Products, and Services, with revenue recognized based on specific performance obligations[98][99][100][101]. - The 2026 Incentive Award Plan was approved, granting 670,185 restricted stock units (RSUs) at an aggregate fair value of $18.1 million, vesting over one to three years[39]. - The company incurred sponsor fees totaling $10.5 million for the three months ended December 31, 2025, compared to $2.7 million in 2024[111].

Financial Performance - Fiscal Q2 2026 revenues reached $296 million, a 69% increase year-over-year[3] - Bookings surged to $762 million, reflecting a 268% year-over-year growth, with a book-to-bill ratio of 2.6x[3][6] - Backlog increased to $1.5 billion, up 100% year-over-year and 45% quarter-over-quarter[3][6] - Adjusted Net Income for Q2 was $36 million, a 66% increase compared to the prior year[4][9] - Adjusted EBITDA for Q2 was $60 million, representing a 51% increase year-over-year[5][9] - Full year fiscal 2026 revenue guidance is set between $1,275 million and $1,325 million, indicating a 73% growth at the midpoint[10] - Adjusted EBITDA for the full year is projected to be between $300 million and $310 million, reflecting an 80% increase at the midpoint[10] Capital Expenditures and Investments - Capital expenditures in Q2 were $26 million, primarily for capacity expansion, expected to support up to $5 billion in annual revenues[7] - The company plans to maintain capital expenditures at approximately 1% of revenues annually post-expansion[7] - The initial public offering raised approximately $1.7 billion, with shares trading under the ticker symbol "FPS" starting February 5, 2026[11] Asset and Liability Management - Total current assets increased to $577,580 thousand as of December 31, 2025, compared to $445,147 thousand as of June 30, 2025, representing a 30% growth[22] - Total liabilities increased to $1,107,633 thousand as of December 31, 2025, from $963,400 thousand as of June 30, 2025, marking a 15% rise[22] - Cash and cash equivalents decreased to $106,165 thousand at the end of the period from $111,322 thousand at the beginning, a decline of 5%[26] Operational Performance - Revenues for the three months ended December 31, 2025, were $296,404 thousand, a 69% increase from $175,338 thousand in the same period of 2024[24] - Gross profit for the six months ended December 31, 2025, was $199,708 thousand, up from $130,200 thousand in 2024, reflecting a 53% increase[24] - Net cash provided by operating activities for the six months ended December 31, 2025, was $6,007 thousand, a significant decrease from $59,713 thousand in 2024[26] - Adjusted EBITDA for the six months ended December 31, 2025, was $125,483 thousand, compared to $83,094 thousand in 2024, indicating a 51% increase[27] - Adjusted net income for the six months ended December 31, 2025, was $75,087 thousand, up from $44,789 thousand in 2024, reflecting a 67% increase[30] - Operating expenses for the six months ended December 31, 2025, totaled $148,455 thousand, compared to $88,654 thousand in 2024, representing a 67% increase[24] - Net income attributable to Forgent Intermediate LLC for the six months ended December 31, 2025, was $10,259 thousand, slightly down from $10,874 thousand in 2024[24]

1 Exhibit 99.1 Dollar Tree, Inc. Reports Fourth Quarter and Full Year 2025 Results CHESAPEAKE, Va. – March 16, 2026 – Dollar Tree, Inc. (NASDAQ: DLTR) today reported financial results for its fourth quarter ended January 31, 2026. "Our strong results this quarter show that Dollar Tree remains America's retail destination for value, convenience, and discovery – underscored by our 20th consecutive year of positive same store sales," said Mike Creedon, Chief Executive Officer for Dollar Tree. "By delivering gr ...