Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) For the quarterly period ended March 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: 000-39158 AppTech Payments Corp. (Exact Name of Registrant as Specified in its Charter) | Delaware | 7389 | 65-0847995 | | --- | --- | --- | | (State or othe ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 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: 001-39315 VROOM, INC. (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdiction of Incorporation 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 QUARTERLY PERIOD ENDED March 31, 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: 001-35947 Star Equity Holdings, Inc. (Exact name of registrant as specified in its charter) Delaware 33-0145723 (State or Other Jurisd ...

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements (Unaudited)](index=5&type=section&id=Item%201%2E%20Financial%20Statements%20%28Unaudited%29) Unaudited condensed consolidated financial statements for Q1 2025, showing $12.9 million in total revenues and a $1.2 million net loss [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q1 2025 total revenues increased to $12.9 million, gross profit nearly doubled to $3.1 million, and net loss narrowed to $1.7 million Q1 2025 vs Q1 2024 Statement of Operations (in thousands, except per share amounts) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | **Total Revenues** | **$12,924** | **$9,118** | | Building Solutions Revenue | $12,118 | $9,118 | | Energy Services Revenue | $806 | $— | | **Gross Profit** | **$3,136** | **$1,574** | | Income (loss) from operations | $(2,847) | $(2,962) | | **Net income (loss) attributable to common shareholders** | **$(1,655)** | **$(2,703)** | | Basic and diluted net loss per share attributable to common shareholders | $(0.52) | $(0.85) | [Condensed Consolidated Balance Sheets](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to $94.8 million, liabilities to $35.1 million, and stockholders' equity to $59.8 million as of March 31, 2025 Balance Sheet Summary (in thousands) | Metric | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $1,887 | $4,003 | | Total current assets | $26,148 | $24,414 | | **Total assets** | **$94,840** | **$83,048** | | Total current liabilities | $18,469 | $12,470 | | **Total liabilities** | **$35,068** | **$28,712** | | **Total stockholders' equity** | **$59,772** | **$54,336** | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Q1 2025 saw $0.6 million net cash from operations, $4.4 million used in investing for ADT acquisition, and $1.7 million from financing Cash Flow Summary (in thousands) | Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash provided (used) by operating activities | $563 | $(2,385) | | Net cash provided (used) by investing activities | $(4,374) | $(679) | | Net cash provided (used) by financing activities | $1,669 | $(605) | | **Net change in cash, cash equivalents, and restricted cash** | **$(2,142)** | **$(3,669)** | [Notes to Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail accounting policies, the new Energy Services division from ADT acquisition, revenue recognition, and debt facilities - The company is a multi-industry diversified holding company with three divisions: Building Solutions, Investments, and the newly established Energy Services division following the acquisition of Alliance Drilling Tools, Inc (ADT) on March 3, 2025[23](index=23&type=chunk)[24](index=24&type=chunk) Disaggregation of Revenue (Q1 2025, in thousands) | Segment | Revenue | | :--- | :--- | | Building Solutions | $12,118 | | Energy Services | $806 | | **Total** | **$12,924** | Debt Summary (as of March 31, 2025, in thousands) | Debt Category | Amount | Weighted-Average Interest Rate | | :--- | :--- | :--- | | Total Short-term debt | $6,014 | 8.27% | | Long Term Debt, net of current portion | $7,457 | 7.82% | | **Total Debt** | **$13,471** | **7.58%** | - On March 3, 2025, the company acquired Alliance Drilling Tools (ADT) for a total consideration of approximately **$12.6 million**, consisting of cash, preferred shares, and liabilities, forming the new Energy Services segment[84](index=84&type=chunk)[85](index=85&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=30&type=section&id=Item%202%2E%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2025 performance, strategic direction, and financial condition, with revenue growing to $12.9 million and gross profit to $3.1 million [Overview and Strategy](index=30&type=section&id=Overview%20and%20Strategy) The company operates as a diversified holding company with three divisions, focusing on capital allocation, M&A, and organic growth strategies - The company is a diversified multi-industry holding company with three divisions: Building Solutions, Energy Services (created via the ADT acquisition), and Investments[112](index=112&type=chunk) - The company's strategy includes organic growth, introducing new services, and acquiring complementary businesses, aiming to be a 'value' buyer in M&A[117](index=117&type=chunk)[122](index=122&type=chunk) [Results of Operations](index=33&type=section&id=Results%20of%20Operations) Q1 2025 total revenues increased 41.7% to $12.9 million, gross profit rose 99.2% to $3.1 million, driven by Building Solutions and new Energy Services Q1 2025 vs Q1 2024 Results Summary (in thousands) | Metric | 2025 | 2024 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Total revenues | $12,924 | $9,118 | $3,806 | 41.7% | | Gross profit | $3,136 | $1,574 | $1,562 | 99.2% | | Income (loss) from operations | $(2,847) | $(2,962) | $115 | 3.9% | | Net income (loss) | $(1,176) | $(2,224) | $1,048 | 47.1% | - Building Solutions revenue increased by **32.9%** to **$12.1 million** in Q1 2025, primarily from the inclusion of revenues from TT and improved results at KBS, partially offset by slower activity at EBGL[134](index=134&type=chunk) - The new Energy Services segment, from the ADT acquisition, generated **$806 thousand** in revenue and **$282 thousand** in gross profit in Q1 2025[135](index=135&type=chunk)[137](index=137&type=chunk) - SG&A expenses increased by **$1.2 million**, or **28.5%**, mainly due to the inclusion of SG&A from the TT and ADT acquisitions[139](index=139&type=chunk) [Liquidity and Capital Resources](index=35&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity sources include $1.9 million cash, positive operating cash flow of $0.6 million, and credit facilities, with total debt at $13.5 million Summary Cash Flows (in thousands) | Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $563 | $(2,385) | | Net cash provided by (used in) investing activities | $(4,374) | $(679) | | Net cash provided by (used in) financing activities | $1,669 | $(605) | - As of March 31, 2025, the company had **$1.9 million** in cash and cash equivalents and approximately **$13.5 million** in total debt[147](index=147&type=chunk) - The company has several credit facilities, including a new loan agreement for ADT, a **$6.0 million** facility for EBGL, and a **$4.0 million** facility for KBS[151](index=151&type=chunk)[152](index=152&type=chunk)[154](index=154&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=38&type=section&id=Item%203%2E%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This section is not applicable for the reporting period - Not applicable[163](index=163&type=chunk) [Item 4. Controls and Procedures](index=38&type=section&id=Item%204%2E%20Controls%20and%20Procedures) Disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal controls reported during the quarter - The CEO and CFO concluded that disclosure controls and procedures were effective as of the end of the period covered by the report[164](index=164&type=chunk) - Management's assessment of internal control over financial reporting as of Dec 31, 2024 concluded they were effective, but this assessment excluded the internal controls of the acquired TT business[165](index=165&type=chunk)[166](index=166&type=chunk) - There were no changes in internal control over financial reporting during the most recent fiscal quarter that materially affected, or are reasonably likely to materially affect, internal controls[167](index=167&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=39&type=section&id=Item%201%2E%20Legal%20Proceedings) The company is subject to litigation but does not expect a material adverse effect on its financial position or operations - The company is involved in various legal proceedings in the normal course of business but does not expect them to have a material adverse effect[74](index=74&type=chunk)[169](index=169&type=chunk) [Item 1A. Risk Factors](index=39&type=section&id=Item%201A%2E%20Risk%20Factors) Key risks include those from the acquisition strategy, such as management diversion and integration difficulties, and potential losses in the investment portfolio - The company's acquisition strategy entails numerous risks, including diverting management's attention, incurring substantial costs, and difficulties in assimilating acquired businesses, which could negatively affect profitability[171](index=171&type=chunk)[172](index=172&type=chunk) - The company may sustain losses in its investment portfolio, which consists of equity securities and other investments, due to adverse changes in economic conditions or company-specific setbacks[174](index=174&type=chunk) [Item 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities](index=39&type=section&id=Item%202%2E%20Unregistered%20Sales%20of%20Equity%20Securities%2C%20Use%20of%20Proceeds%20and%20Issuer%20Purchases%20of%20Equity%20Securities) No unregistered sales or issuer purchases of equity securities occurred during the period - None[175](index=175&type=chunk) [Item 3. Defaults Upon Senior Securities](index=39&type=section&id=Item%203%2E%20Defaults%20Upon%20Senior%20Securities) No defaults upon senior securities occurred during the period - None[176](index=176&type=chunk) [Item 4. Mine Safety Disclosures](index=40&type=section&id=Item%204%2E%20Mine%20Safety%20Disclosures) This section is not applicable - Not applicable[177](index=177&type=chunk) [Item 5. Other Information](index=40&type=section&id=Item%205%2E%20Other%20Information) No directors or executive officers adopted or terminated trading arrangements during the quarter - None of the Company's directors or executive officers adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the quarter[178](index=178&type=chunk) [Item 6. Exhibits](index=41&type=section&id=Item%206%2E%20Exhibits) This section lists exhibits filed with the Form 10-Q, including purchase agreements and officer certifications - The report includes exhibits such as the merger agreement for the ADT acquisition, the associated loan agreement, and various officer certifications and XBRL data files[181](index=181&type=chunk)

Revenue Performance - Revenue for Q1 2025 was $7.1 million, a 45% increase from $4.9 million in Q1 2024[5] - Revenue for the period ended March 31, 2025, was $7,056,116, compared to $4,877,378 for the same period in 2024, representing a year-over-year increase of approximately 44.7%[26] - For the full year 2025, revenue is expected to be in the range of $28 to $30 million[11] Net Loss and Adjusted EBITDA - Net loss for the quarter was $1.1 million, or $0.04 per share, compared to a net loss of $1.2 million, or $0.04 per share, in the prior year[5] - Net loss for the period ended March 31, 2025, was $(1,125,862), an improvement from a net loss of $(1,212,615) in the prior year, indicating a reduction in losses of about 7.1%[26] - Adjusted EBITDA for the quarter was $(0.1) million, a decline of 149% from $0.1 million in the prior year[5] - Adjusted EBITDA for the full year 2025 is expected to be in the range of ($1.0) to $1.0 million[11] - Adjusted EBITDA for the period ended March 31, 2025, was $(50,778), compared to $104,417 in the same period of 2024, reflecting a decline in operational performance[26] Cash and Liquidity - Cash, cash equivalents, and marketable securities totaled $35.7 million as of March 31, 2025[5] - Cash and cash equivalents at the end of the period were $5,704,671, up from $1,029,128 at the end of the previous year, marking a significant increase in liquidity[17] - Net cash provided by operating activities was $448,180 for the period, a substantial recovery from $(2,208,070) in the prior year[17] - Cash used in financing activities was $(172,295) for the period, a decrease from $(1,031,363) in the prior year, indicating improved cash management[17] Assets and Liabilities - Total current assets increased to $46.4 million from $44.5 million as of December 31, 2024[13] - Total liabilities increased to $18.6 million from $17.1 million as of December 31, 2024[13] Operational Improvements - The company achieved continued growth from pharmaceutical and biotech companies, reflecting increased adoption of its data solutions[5] - The company integrated Kyber Data Science's platform, enhancing its predictive analytics and financial services capabilities[5] - The company incurred stock-based compensation expense of $1,292,786 for the period, down from $1,658,915 in the previous year, indicating a reduction of approximately 22.1%[26] - The company reported accrued interest on convertible notes of $51,344 for the period, significantly lower than $197,630 in the previous year, reflecting a decrease of approximately 74.0%[17] - The company’s accounts receivable decreased by $(1,400,838) compared to $(1,694,851) in the previous year, indicating improved collection efforts[17] Marketable Securities - The company reported a gain on sale of marketable securities amounting to $30,546,000, compared to $45,359,108 in the previous year, showing a decrease of about 32.6%[17]

As filed with the Securities and Exchange Commission on May 14, 2025 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 or ☒ 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 or ☐ SHELL COMPANY REPORT PURSUANT TO ...

Financial Performance - Aardvark Therapeutics raised $97.9 million in gross proceeds from its IPO, with net proceeds of approximately $87.5 million[3]. - The net loss for Q1 2025 was $9.3 million, compared to a net loss of $2.2 million in Q1 2024[7]. - Total operating expenses for Q1 2025 were $10.5 million, significantly higher than $2.2 million in Q1 2024[11]. - The weighted-average shares used in the net loss per share calculation for Q1 2025 were approximately 13.2 million[11]. Cash and Investments - As of March 31, 2025, Aardvark had cash, cash equivalents, and short-term investments totaling $151.3 million, sufficient to fund operations into 2027[6]. - Total assets as of March 31, 2025, were $157.0 million, up from $77.5 million at the end of 2024[13]. Research and Development - Research and development expenses increased to $7.8 million for Q1 2025, up from $1.2 million in Q1 2024, reflecting a $6.6 million increase[6]. - Aardvark's lead candidate, ARD-101, is in Phase 3 clinical development for treating hyperphagia associated with Prader-Willi Syndrome, with data readout expected in early 2026[5]. - Aardvark is also developing ARD-201, a fixed-dose combination aimed at addressing limitations of current GLP-1 therapies for obesity[8]. General and Administrative Expenses - General and administrative expenses rose to $2.7 million in Q1 2025, compared to $0.9 million in Q1 2024, marking a $1.9 million increase[6].

Exhibit 99.1 Kodiak Sciences Announces Recent Business Highlights and First Quarter 2025 Financial Results Palo Alto, CA — May 14, 2025 – Kodiak Sciences Inc. (Nasdaq: KOD), today reported recent business highlights and financial results for the first quarter ended March 31, 2025. "In the first quarter of 2025, we maintained a strong focus on execution. We look forward to sharing our progress at an Investor R&D Update scheduled for July 16, 2025 at 1:00pm Eastern Time. We aim to demonstrate that our vision ...

During the quarter, the company completed a $15 million equity financing from healthcare-focused institutional investors, existing Edesa shareholders and insiders to support the development of the company's vitiligo drug candidate EB06, anti-CXCL10 monoclonal antibody. The company has subsequently initiated outreach to potential investigators and manufacturing-related activities to support U.S. regulatory approval for a Phase 2 study in moderate-to-severe nonsegmental vitiligo patients. EXHIBIT 99.1 Edesa B ...

Exhibit 99.1 The Oncology Institute Reports First Quarter 2025 Financial Results and Reaffirms Full Year 2025 Guidance CERRITOS, Calif., May 14, 2025 -- The Oncology Institute, Inc. (NASDAQ: TOI) ("TOI" or the "Company"), one of the largest value-based community oncology groups in the United States, today reported financial results for its three months ended March 31, 2025. Recent Operational Highlights First Quarter 2025 Financial Highlights • Retail Pharmacy and Dispensary set fill records, contributing $ ...