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 December 28, 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: 001-41409 QUIDELORTHO CORPORATION (Exact name of registrant as specified in its charter) De ...

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 December 31, 2025 OR Registrant's telephone number, including area code: (415) 231-2353 Securities registered pursuant to Section 12(b) of the Act: | Trading | | | | | --- | --- | --- | --- | | Title of each class Name of each exchange on which registered | | Symbol(s) | | | Class A Common Stock, $0.00001 ...

Financial Performance - Record revenue of $1.0 billion for the year ended December 31, 2025, representing a 43% increase from $719.4 million in the prior year[16] - Generated a record $704.8 million of net operating cash flow for the year ended December 31, 2025, a 33% increase from $529.5 million in the prior year[16] - Increased the annual dividend to $1.90 per basic share, a 6% increase compared to the previous year's dividend[16] - For the year ended December 31, 2024, total revenue was $719.4 million, a significant increase from $605.7 million in 2023, representing a growth of approximately 18.7%[39] - The total royalty interests revenue was $236.1 million in 2024, compared to $187.4 million in 2023, reflecting a growth of 26%[39] Acquisitions and Investments - Acquired Sandstorm Gold Ltd. and Horizon Copper Corp for a total cash consideration of $4.148 billion[16] - Made an advance payment of $1.0 billion for a gold stream on the Kansanshi copper-gold mine in Zambia[27] - Acquired a gold stream and net smelter return royalty for total cash consideration of $200.0 million on the Warintza project in Ecuador[27] Revenue Sources - Stream interests accounted for 67% of total revenue for the years ended December 31, 2025 and 2024[36] - Royalty interests accounted for 33% of total revenue for the years ended December 31, 2025 and 2024[36] - The company derived approximately 90% of its revenue from precious metals, with 78% from gold and 12% from silver, highlighting the dependency on metal prices[39] Financial Metrics - Total stream and royalty interests, net, amounted to $8.583 billion as of December 31, 2025, compared to $3.042 billion as of December 31, 2024[37] - The gross profit for stream interests in North America was $195.3 million in 2024, up from $148.9 million in 2023, indicating a growth of 31.1%[39] - The company reported a segment gross profit of $282.98 million for total stream interests in 2024, compared to $206.64 million in 2023, an increase of 37%[39] Market Conditions - The average gold price for the year ended December 31, 2025, was $3,432 per ounce, with a 10% increase or decrease in gold prices potentially impacting total reported revenue by $79.5 million[420] - The average silver price for the year ended December 31, 2025, was $40.03 per ounce, with a 10% price fluctuation potentially affecting revenue by $11.6 million[420] - The mining industry remains highly competitive, with the company facing competition from larger firms with greater resources[41] Employee and Community Engagement - The company has a low voluntary turnover rate, with many employees remaining with the company for over 10 years, indicating strong employee retention[44] - The company actively supports sustainability initiatives in host communities, contributing financially to local programs[48]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 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 001-40957 PYROPHYTE ACQUISITION CORP. (Exact name of registrant as specified in its charter) | Cayman Islands | N/A | | --- | --- | | (State or othe ...

Financial Performance - Revenues for Q4 2025 were $1.408 billion, representing a year-over-year increase of 12.8%[5] - Full year 2025 revenues reached $5.457 billion, up 15.4% year-over-year, with organic constant currency growth of 4.9%[8] - GAAP diluted EPS for Q4 2025 was $1.98, an increase of 10.0% compared to Q4 2024, while non-GAAP diluted EPS was $3.26, up 14.8%[6] - For the full year 2025, GAAP diluted EPS was $6.72, a decrease of 14.3%, while non-GAAP diluted EPS was $11.50, an increase of 5.9%[8] - The company expects Q1 2026 revenues to be in the range of $1.385 billion to $1.400 billion, reflecting a year-over-year increase of 7.0% at the midpoint[11] - For FY 2026, the company anticipates revenue growth of 4.5% to 7.5% and non-GAAP diluted EPS in the range of $12.60 to $12.90[11] Cash Flow and Share Repurchase - Cash provided by operating activities was $282.9 million in Q4 2025, up from $130.3 million in Q4 2024, and totaled $654.9 million for the full year 2025[11] - The company repurchased 1.16 million shares for $223.5 million in Q4 2025, with a total of 3.54 million shares repurchased for $660.6 million during the year[11] Headcount and Workforce - Total headcount as of December 31, 2025, was approximately 62,850, including about 56,600 delivery professionals, marking a 2.7% increase from the previous year[11] Investment and Innovation - The company continues to invest in AI innovation and strategic partnerships to enhance its market position in the AI-Native Build era[3] Income and Expenses - Net income for Q4 2025 was $109,354, up from $103,299 in Q4 2024, representing a 5.1% increase[19] - Operating income for the year ended December 31, 2025, was $520,003, compared to $544,584 in 2024, reflecting a decrease of 4.5%[19] - Selling, general and administrative expenses for Q4 2025 were $243,161, up from $216,969 in Q4 2024, a 12.1% increase[19] - Stock-based compensation expenses for Q4 2025 were $23.019 million, compared to $22.074 million in Q4 2024, with total expenses for the year reaching $86.252 million, up from $80.944 million in 2024[25] - Humanitarian support expenses related to Ukraine amounted to $531 thousand in Q4 2025, with total expenses for the year at $2.308 million, slightly down from $2.350 million in 2024[25] - Cost Optimization charges in Q4 2025 were $15.279 million, significantly higher than $4.837 million in Q4 2024, with total charges for the year at $47.893 million compared to $31.270 million in 2024[25] Assets and Liabilities - Total assets as of December 31, 2025, were $4,902,136, an increase from $4,750,473 as of December 31, 2024[21] - Cash and cash equivalents increased to $1,296,077 as of December 31, 2025, compared to $1,286,267 in 2024[21] - The company’s total liabilities increased to $1,224,328 as of December 31, 2025, from $1,119,322 in 2024[21] Future Projections - The company expects revenue growth of 7.0% for Q1 2026 and between 4.5% to 7.5% for the full year 2026, with an organic constant currency basis growth of 2.9% for Q1 2026 and 3.0% to 6.0% for the full year[32] - GAAP income from operations as a percentage of revenues is projected to be between 7.0% to 8.0% for Q1 2026 and 10.0% to 11.0% for the full year 2026[32] - The GAAP effective tax rate is expected to be approximately 30.0% for Q1 2026 and 26.0% for the full year 2026, with a non-GAAP effective tax rate of approximately 24.0% for both periods[33] - GAAP diluted earnings per share is projected to be between $1.32 to $1.40 for Q1 2026 and $7.95 to $8.25 for the full year 2026, while non-GAAP diluted earnings per share is expected to be between $2.70 to $2.78 for Q1 2026 and $12.60 to $12.90 for the full year 2026[34] Adjustments and Non-Recurring Costs - Total adjustments to GAAP net income for 2025 were $70.855 million, compared to $60.066 million in 2024, with total adjustments for the year reaching $269.131 million versus $175.430 million in 2024[25] - The company has excluded certain one-time charges and benefits from non-GAAP results, including those related to tax planning and humanitarian support, as they are not expected to recur[29] - The company is focused on geographic repositioning due to the ongoing geopolitical instability, with associated costs expected to be nonrecurring once operations normalize[28]

Market Position and Performance - As of December 31, 2025, Newrez ranks among the top five lenders and servicers in the U.S., based on total funded volume of originations and total unpaid principal balance serviced, respectively[35]. - The estimated total U.S. mortgage origination volume for 2025 was $2.0 trillion, an increase from $1.7 trillion in 2024, with a forecast of $2.2 trillion for 2026[40]. - The conforming loan limit for 2026 is set at $832,750, up from $806,500 in 2025, reflecting adjustments for high-priced real estate markets[38]. - Mortgage rates ranged between approximately 6% and 7% throughout 2025, contributing to affordability pressures in the housing market[40]. - The company employs approximately 7,240 employees as of December 31, 2025, with 5,630 in Origination and Servicing[161]. - The company ranks among the top five lenders and servicers in the U.S. based on total funded volume of originations and total UPB serviced as of December 31, 2025[64]. Revenue Generation and Financial Strategies - The company generates revenue through servicing and sales of residential mortgage loans, with profit margins per loan varying by channel; Direct to Consumer typically has the highest margins[67]. - Servicers derive income from contractual servicing fees and ancillary revenue, which are influenced by the size of the servicing portfolio and delinquency rates[42]. - The company earns tiered subservicing fees based on delinquency status and performance requirements, which contributes to ancillary income on each loan serviced[69]. - The company finances investments in MSRs and MSR financing receivables with short- and medium-term bank and capital markets notes, which may bear fixed or variable interest rates[70]. - The company utilizes warehouse financing to fund loans at origination through the sale date, indicating a reliance on short-term financing[67]. - The company charges interest rates on loans ranging from approximately 4% to 17%, with terms typically between 6 to 120 months[82]. - The company earns revenues from management fees and incentive income based on AUM or invested capital[90]. Asset Management and Investment Strategies - The Asset Management segment managed approximately $63 billion in AUM as of December 31, 2025[87]. - The asset management industry is highly competitive, affecting the ability to raise and retain assets under management (AUM) and deploy capital on attractive terms[46]. - Investment performance, investor capital inflows, and market conditions significantly affect asset management results, with poor performance potentially reducing AUM and profitability[49]. - The company’s strategy emphasizes disciplined capital allocation and diversification of earnings across fee-based and balance sheet-oriented activities[61]. - The Asset Management segment offers investment management and advisory services across various alternative investment strategies[88]. - The company invests in government-backed securities to hedge its MSR portfolio and meet REIT requirements[74]. - The company finances construction, renovation, and bridge loans using a warehouse credit facility and revolving securitization structures[78]. Regulatory Compliance and Risk Management - Regulatory compliance is extensive, with the company subject to numerous federal, state, and local laws governing its mortgage lending and servicing activities[121]. - The company is subject to extensive regulatory requirements under the Securities Exchange Act of 1934 and is regulated by the SEC, with certain subsidiaries registered as investment advisers[125]. - The company must comply with risk retention and related regulatory requirements applicable to securitizations, which may require retaining a portion of securities issued in certain transactions[126]. - The company is governed by various data privacy laws, including the CCPA and GDPR, which impose obligations on the collection and security of personal data[127]. - Risk-based capital laws assess the minimum capital needed to support the company's operations, with increasing regulatory intervention as the capital ratio decreases[142]. - The company intends to qualify as a REIT, which requires distributing at least 90% of taxable income to avoid federal income tax[144]. - The company monitors its asset composition to ensure compliance with the 40% test under the Investment Company Act of 1940, avoiding registration as an investment company[146]. Competitive Landscape - The residential transitional lending industry is competitive, influenced by housing fundamentals, financing costs, and borrower execution capabilities[45]. - Competition in the residential mortgage market includes banks, REITs, private equity firms, and technology-enabled platforms, with many competitors having greater access to capital[156]. - The asset management industry is highly competitive, affecting the ability to raise and retain assets under management (AUM) and deploy capital on attractive terms[159]. Strategic Initiatives - The company may pursue acquisitions or other strategic initiatives in response to market conditions and regulatory developments[62]. - The company treats interests in certain subsidiaries as non-investment securities to maintain its exclusion from registration under the 1940 Act[150]. - Adoor LLC focuses on acquiring and managing SFR properties, involving purchasing, renovating, and leasing high-quality residential properties[98]. - The company pursues opportunistic investments in the commercial real estate sector, typically structured through joint ventures[108].

Table of Contents For the fiscal year ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______to_______ | Exact name of registrant as specified in its charter, | | | | --- | --- | --- | | Commission | state of incorporation, address of princip ...

Transaction Details - The Seller desires to contribute certain Equity Interests valued at $108,000,000 in exchange for 4,186,062 Common Units and PubCo Shares[13] - The Rollover Amount for the contributed Equity Interests is set at $108,000,000[13] - The Purchaser will acquire all Purchased Equity from the Seller for cash consideration as per the agreement terms[15] - The agreement includes provisions for post-closing adjustments related to net working capital[2.3] - The agreement outlines the covenants regarding public announcements and confidentiality[6.1] - The Closing Cash will be calculated as of 12:01 AM on the Closing Date[22] - The agreement specifies that any taxes included in the Closing Indebtedness will be calculated as of the end of the Closing Date[22] - The aggregate purchase price for the Purchased Equity is set at $134,000,000, subject to adjustments based on Estimated Closing Cash and Net Working Capital[89] - The Adjusted Purchase Consideration will be modified based on the Final Net Working Capital, Closing Cash, Closing Indebtedness, and Company Transaction Expenses[102] - The Purchaser is required to pay the Estimated Closing Indebtedness and Estimated Company Transaction Expenses on behalf of the Seller at Closing[90] - The Company must provide a Company Closing Certificate detailing estimates of Net Working Capital, Closing Cash, Closing Indebtedness, and Company Transaction Expenses at least two business days prior to Closing[93] - If the Final Purchase Consideration is less than the Adjusted Purchase Consideration, the Purchaser and Seller will follow specific procedures for payment adjustments[107] - The Purchaser must issue shares of Class A Common Stock as part of the transaction, as detailed in the agreement[90] - The methodology for calculating Net Working Capital is defined in Exhibit 2.3 and will take precedence over conflicting terms in the agreement[92] - The Purchaser is obligated to provide a Purchaser Closing Certificate within 90 days post-Closing, detailing the final calculations of Net Working Capital and other financial metrics[96] - Withholding taxes may be deducted from payments as required by applicable law, affecting the final amounts received by the Seller[110] Financial Performance - The Company reported a revenue of $2.4 billion for the last quarter, representing a 15% increase year-over-year[1] - User data showed a growth in active users to 10 million, up from 8 million in the previous quarter, indicating a 25% increase[2] - The Company expects revenue guidance for the next quarter to be between $2.5 billion and $2.7 billion, reflecting a growth rate of 10% to 12%[3] - New product launches are anticipated to contribute an additional $300 million in revenue over the next fiscal year[4] - The Company reported a net income of $400 million, which is a 20% increase compared to the same quarter last year[9] - The company reported a closing cash of $2.6 billion, indicating a decrease of 2.6% compared to the previous period[82] - Estimated closing indebtedness stands at $2.6 billion, reflecting a 2.6% decrease[82] - The estimated net working capital is $2.4 billion, which is a 2.4% decrease from the last report[82] - The company’s financial statements show a total of $3.8 billion in historical financial statements, marking a 3.8% decrease[82] - The estimated company transaction expenses are $2.4 billion, which is a 2.4% decrease[82] - The company’s estimated closing cash for equity interests is $2.4 billion, showing a 2.4% decrease[82] - The company’s estimated closing working capital is $2.4 billion, reflecting a 2.4% decrease[82] - The company reported a closing date net working capital of $2.5 billion, which is a 2.5% decrease[82] Strategic Initiatives - The Company is investing $50 million in R&D for new technologies aimed at enhancing user experience and operational efficiency[5] - Market expansion plans include entering three new countries by the end of the fiscal year, projected to increase market share by 5%[6] - The Company has completed a strategic acquisition of a smaller competitor for $150 million, expected to enhance product offerings and customer base[7] - Cost reduction strategies implemented are projected to save approximately $20 million annually[8] - The Company plans to increase its marketing budget by 30% to support new product launches and market expansion efforts[10] Compliance and Legal Matters - The Company is subject to various laws and regulations that govern its operations and business practices[51] - The Company has timely filed all required Tax Returns and paid all Taxes due, with no current extensions for filing or payment[140] - There are no Liens for Taxes upon the Company's assets, other than Permitted Liens[141] - The Company has not been subject to any federal, state, local, or foreign Tax audits or proceedings regarding its Taxes or Tax Returns[145] - The Company has collected and remitted all material sales, use, and similar Taxes required to be collected[155] - The Company is in compliance with all labor and employment laws, with no current complaints pending against it before labor authorities[183] - There are no claims currently pending or threatened against the Company by any current or former employee regarding their employment[184] - The Company has not engaged in layoffs sufficient to trigger WARN Act provisions[186] - The Company is in compliance with all Environmental Laws and has obtained all necessary Environmental Permits for its operations[196] - The Company has not generated or disposed of any hazardous substances in compliance with applicable Environmental Laws[197] - The Company has not assumed any liability related to Environmental Laws[199] - The operations of the Company have not exposed employees to hazardous substances beyond applicable limits[199] - The Company is currently in compliance with all applicable laws and has maintained this compliance for the past five years[200] Corporate Governance - The Company has all requisite corporate power and authority to enter into the Agreement and carry out the transactions contemplated[112] - The Company has implemented a system of internal control over financial reporting to ensure reliability in financial reporting[136] - The Company has good and valid title to all material tangible assets, which are in good working condition and sufficient for business operations[123] - The Company does not own any real property but leases two parcels in Sugar Hill, Georgia, under valid leases[118] - The Company has not received any written notice alleging infringement of any Intellectual Property of any third party in the last two years[128] - The Company maintains security measures to protect Personal Information and has not experienced any significant security breaches[129] - The Company has no other liabilities except those adequately reflected in the balance sheet as of the date of the Interim Financial Statements[137] - The Company has a complete list of Material Contracts, including those involving payments exceeding $250,000 during any twelve-month period[175] - All insurance policies maintained by the Company are in full force and effect, with no outstanding claims pending under these policies[179]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________ FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 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: 001-14956 Bausch Health Companies Inc. (Exact Name of Registrant as Specified in its Charte ...

Lemonade Shareholder Letter Q4 2025 $1,237M131% IN FORCE PREMIUM (IFP) $414-7% PREMIUM PER CUSTOMER 2,984,513123% TOTAL CUSTOMERS IN FORCE PREMIUM ($s in m) KEY METRICS ($s in m) GEP ADJUSTED EBITDA NET LOSS $290 $1,237 $226 $181 $944 $747 ($5) ($24) ($30) ($22) ($29) ($42) Q4 23 Q4 25 Q4 23 Q4 24 Q4 25 Q4 24 NET LOSS / (23%) (7%) (13%) GEP ADJUSTED FREE CASH FLOW ($s in m) ADJUSTED FREE CASH FLOW CASH FLOW FROM OPERATING ACTIVITIES $37 $27 $21 $14 ($11) ($16) Q4 23 Q4 24 Q4 25 1 $111 $64 Dear Shareholders, ...