Financial Performance - Full year 2025 revenue reached a record $1.1 billion, representing a 10% increase from $1.04 billion in 2024[4] - Q4 2025 revenue increased 8% to $300.3 million, compared to $278.7 million in Q4 2024[4] - Q4 subscription revenue grew by 12%, while enterprise AI revenue surged by 50%[1] - GAAP net income for 2025 was $39.4 million, or 3.4% of revenue, compared to a net loss of $(12.8) million in 2024[9] - Non-GAAP net income for 2025 was $228.7 million, or 19.9% of revenue, up from $185.3 million in 2024[9] - Adjusted EBITDA for 2025 was $269.7 million, or 23.5% of revenue, compared to $196.0 million, or 18.8% of revenue in 2024[9] - GAAP net income for Q4 2025 was $19.713 million, compared to $11.577 million in Q4 2024, representing a year-over-year increase of 70.5%[33] - Non-GAAP operating income for Q4 2025 reached $61.615 million, up from $49.519 million in Q4 2024, reflecting a growth of 24.5%[36] - Adjusted EBITDA for Q4 2025 was $77.322 million, which is 25.7% of revenue, compared to $64.256 million or 23.1% of revenue in Q4 2024[33] - The company reported a total revenue increase of 23.5% for the twelve months ended December 31, 2025, compared to the previous year[33] Cash Flow and Assets - Q4 2025 GAAP operating cash flow was $83.6 million, significantly higher than $49.8 million in Q4 2024[4] - Cash flows from operating activities for the twelve months ended December 31, 2025, were $226,207 thousand, up from $143,168 thousand in 2024[27] - Total current assets decreased to $959,724 thousand in 2025 from $1,248,568 thousand in 2024, reflecting a decline of 23.1%[21] - Total liabilities decreased to $1,004,253 thousand in 2025 from $1,429,022 thousand in 2024, a reduction of 29.7%[21] - The company reported a total stockholders' equity of $785,817 thousand as of December 31, 2025, an increase from $622,192 thousand in 2024[21] Future Projections - For full year 2026, revenue is expected to be in the range of $1.247 to $1.261 billion[10] - Q1 2026 GAAP net income per share is projected to be between $0.10 and $0.17[10] - GAAP net income for the three months ending March 31, 2026, is projected to be between $8,874 and $14,954, with a year-end estimate of $75,496 to $83,176 million[46] - Non-GAAP net income for the same period is expected to range from $50,820 to $53,900, with a year-end forecast of $245,700 to $250,380 million[46] - GAAP net income per share (diluted) is anticipated to be between $0.10 and $0.17 for the three months ending March 31, 2026, and $0.86 to $0.95 for the year[46] - Non-GAAP net income per share (diluted) is projected to be between $0.66 and $0.70 for the three months ending March 31, 2026, and $3.15 to $3.21 for the year[46] Expenses and Costs - Research and development expenses for Q4 2025 were $36,104 thousand, down from $41,480 thousand in Q4 2024, a decrease of 13.4%[24] - Total stock-based compensation for the twelve months ended December 31, 2025, was $148.068 million, down from $166.315 million in the previous year[43] - Acquisition and related transaction costs, along with one-time integration costs, are projected to be between $1,710 and $2,710 million for the three months ending March 31, 2026, and $7,563 to $8,563 million for the year[46] - Legal fees related to the securities class action are expected to be $400 million for both the three months and year ending March 31, 2026[46] Strategic Initiatives - Five9 emphasizes the importance of AI in transforming the customer experience market, positioning itself to lead in this area[5] - The company completed the acquisition of Acqueon Inc., impacting cash flows and strategic positioning in the market[27] - The company plans to continue its market expansion and product development initiatives in the upcoming fiscal year[33] - The adjusted EBITDA margin improved from 18.8% in 2024 to 23.5% in 2025, indicating enhanced operational efficiency[33] Guidance and Taxation - The company does not anticipate any material impact on its worldwide income tax provision due to the tax treatment of non-GAAP adjustments[48] - Guidance provided on February 19, 2026, should not be construed as an update or reaffirmation after that date[46]

Financial Performance - Prothena reported a net loss of $21.6 million for Q4 2025 and $244.1 million for the full year, compared to a net loss of $58.0 million and $122.3 million for Q4 and the full year of 2024, respectively [13]. - Total revenue for Q4 2025 was $21 thousand and $9.7 million for the full year, a significant decrease from $2.1 million and $135.2 million in Q4 and the full year of 2024, primarily due to collaboration revenue from Bristol Myers Squibb [14]. - Collaboration revenue for Q4 2025 was $21,000, compared to $2,123,000 in Q4 2024, reflecting a significant decrease [28]. - Total revenue for the year ended December 31, 2025, was $9,684,000, down from $135,157,000 in 2024 [28]. - The net loss for Q4 2025 was $21,589,000, compared to a net loss of $57,956,000 in Q4 2024 [28]. - Cash and cash equivalents decreased to $307,531,000 as of December 31, 2025, from $471,388,000 in 2024 [29]. - Total assets decreased to $326,804,000 in 2025 from $547,108,000 in 2024 [29]. - Total liabilities decreased to $46,330,000 in 2025 from $60,182,000 in 2024 [29]. Research and Development - Research and development (R&D) expenses decreased to $14.6 million for Q4 2025 and $134.9 million for the full year, down from $50.2 million and $222.5 million in the same periods of 2024 [15]. - Research and development expenses for Q4 2025 were $14,586,000, compared to $50,172,000 in Q4 2024 [28]. - Prothena's TDP-43 CYTOPE program demonstrated potential in preclinical models, with presentations at Neuroscience 2025 and the International Symposium on ALS/MND [11]. Clinical Trials and Partnerships - Roche's Phase 3 PARAISO trial for prasinezumab in early-stage Parkinson's disease is ongoing with primary completion expected in 2029, with peak sales potential greater than $3.5 billion [10]. - Novo Nordisk's Phase 3 CLEOPATTRA trial for coramitug in ATTR amyloidosis with cardiomyopathy is also ongoing, with primary completion expected in 2029 [10]. - Bristol Myers Squibb's Phase 2 TargetTau-1 trial for BMS-986446 in early Alzheimer's disease is fully enrolled, with primary completion expected in 1H 2027 [10]. - The company plans to report data from ongoing and future clinical trials, including those for prasinezumab and other technologies [27]. - The company has the potential to earn up to $105 million in aggregate clinical milestone payments from strategic partners in 2026 related to coramitug and PRX019 [21]. Future Outlook and Shareholder Actions - Prothena expects to use $50 to $55 million in net cash for operating and investing activities in 2026, ending the year with approximately $255 million in cash [21]. - The company anticipates a net cash burn from operating and investing activities for 2026, with an expected cash balance at the end of 2026 [27]. - Shareholders approved a reduction in share capital to create distributable reserves for a potential share redemption program in 2026 [22]. - The company is exploring the potential to return capital to shareholders through a share redemption program or other means [27].

RV Industry Participation - In 2024, nearly 10 million households reported at least one RV trip, indicating substantial RV participation despite a decline from pandemic-era peaks[30]. Marine Industry Performance - The total U.S. retail expenditures on boats, engines, accessories, and related costs fell by 2.6% to $55.62 billion in 2024 compared to 2023[32]. - Marine powerboat retail unit shipments decreased approximately 8% in 2025 compared to 2024, while marine wholesale unit shipments decreased approximately 4%[33]. Housing Market Trends - The manufactured housing (MH) industry wholesale unit shipments decreased to approximately 102,700 units in 2025 from approximately 103,300 units in 2024[39]. - In 2025, combined new housing starts decreased by 2% compared to the prior year, with single-family housing starts down by 7% and multifamily housing starts up by 12%[43]. Company Acquisitions and Financials - The Company completed acquisitions for aggregate cash consideration of approximately $117 million in 2025, totaling approximately $560 million over the last three years[46]. - The Company had approximately 4,500 active customers as of December 31, 2025, with sales to Forest River and Thor accounting for 28% of consolidated net sales in 2025[54]. - Purchases of property, plant, and equipment for 2025 amounted to $83 million, primarily for advanced manufacturing automation and equipment upgrades[48]. - The company’s total debt obligations under the 2024 Credit Agreement amounted to $192.2 million as of December 31, 2025, with a potential additional annual interest cost of approximately $1.9 million for a 100 basis point increase in SOFR rates[228]. Inventory and Production Management - The Company’s inventory levels are balanced with expected OEM production, and it continues to explore alternative sources of raw materials[58]. Innovation and Development - The Company’s Design/Innovation Center, The Studio, supports product development and recently introduced a new design and visualization service leveraging virtual reality[50]. Workforce and Human Capital Management - As of December 31, 2025, the company had approximately 10,000 team members, with 80% being hourly employees and 20% salaried employees[65]. - The company has implemented various human capital management programs, including free mental health assistance and tuition reimbursement, to support team members[66]. - The company’s leadership development programs aim to foster an inclusive culture and enhance team members' leadership skills[67]. Safety and Compliance - The company’s commitment to safety includes OSHA preparedness and ergonomic assessments to ensure a healthy work environment[70]. Seasonal Sales Trends - The company’s sales and profits are historically highest in the second quarter and lowest in the fourth quarter due to seasonal trends in the RV, marine, and powersports industries[64]. Market Risks and Financial Instruments - The company is exposed to commodity price volatility, particularly in key raw materials, but has generally been able to pass price adjustments to customers[229]. - The fair value of the company’s 1.75% Convertible Notes is subject to market risk, with potential increases or decreases based on the common stock price[230]. - The company has engaged in convertible note hedge transactions to reduce potential dilution upon conversion of the 1.75% Convertible Notes[232]. Leadership and Experience - The company’s executive team includes experienced leaders with extensive backgrounds in the RV, marine, and industrial sectors[69].

Media Contact: 858-366-6900 media@tandemdiabetes.com Investor Contact: 858-366-6900 IR@tandemdiabetes.com Exhibit 99.1 FOR IMMEDIATE RELEASE Tandem Diabetes Care Announces Fourth Quarter and Full Year 2025 Financial Results and 2026 Financial Guidance San Diego, February 19, 2026 - Tandem Diabetes Care, Inc. (Nasdaq: TNDM), a global insulin delivery and diabetes technology company, today reported its financial results for the quarter and fiscal year ended December 31, 2025 and provided its financial guidanc ...

Exhibit 99.1 Alarm.com Reports Fourth Quarter and Full Year 2025 Results -- SaaS and license revenue increased to $180.2 million, compared to $165.7 million for the fourth quarter of 2024 -- -- GAAP net income increased to $34.6 million, compared to $30.1 million for the fourth quarter of 2024-- TYSONS, VA., February 19, 2026 -- Alarm.com Holdings, Inc. (Nasdaq: ALRM), the leading platform for intelligently connected properties, today reported financial results for its fourth quarter and full year ended Dec ...

Financial Performance - Net income decreased 47.6% from $61.5 million for the year ended December 31, 2024 to $32.2 million for the year ended December 31, 2025[22] - Adjusted Funds from Operation (AFFO) increased 27% from $14.1 million for the year ended December 31, 2024 to $17.9 million for the year ended December 31, 2025; AFFO per weighted average common share increased 34.5% from $0.29 per share to $0.39 per share[22] - Total indebtedness decreased by $43.0 million from $204.6 million at December 31, 2024 to $161.6 million at December 31, 2025[22] Property Transactions - Completed dispositions of 60 properties for aggregate consideration of $90.2 million, recognizing a net gain on sale of $34.9 million[22] - Completed acquisitions of six properties in the Corn Belt region for total consideration of $7.3 million[22] - The company completed dispositions of 60 properties for a total consideration of $90.2 million, recognizing a net gain of $34.9 million during the year ended December 31, 2025[49] - The company acquired six properties in the Corn Belt region for an aggregate cash consideration of $7.3 million[51] Land and Crop Management - Owned farms with an aggregate of approximately 71,600 acres across multiple states, with 60% of the portfolio used for primary crops and 40% for specialty crops[16] - As of December 31, 2025, the company owned approximately 71,600 acres of farmland across multiple states, including Arkansas, California, and Texas[49] - Approximately 60% of the company's portfolio is comprised of properties used to grow primary crops such as corn, soybeans, wheat, rice, and cotton, which subjects the company to risks associated with these crops[95] - By value, approximately 40% of the company's portfolio is used for permanent crops, which have a higher risk profile compared to annual row crops[96] Revenue and Rental Income - The principal source of revenue is rent from tenants, with a mix of fixed and variable rents to mitigate credit-risk exposure[20] - The company expects rental income to increase over time, primarily through short-term leases[33] - The company recognizes a significant portion of rental revenue in the first and fourth quarters due to the seasonal nature of agriculture, with revenue in these quarters being meaningfully higher than in the second and third quarters[48] Financial Obligations and Risks - As of December 31, 2025, the company had approximately $161.6 million of outstanding indebtedness, primarily secured by mortgages on its farms[82] - The company’s debt agreements contain customary events of default, which could materially and adversely affect its financial condition if triggered[83] - As of December 31, 2025, $67.8 million of the company's outstanding indebtedness was subject to interest rates that reset periodically, with $26.2 million resetting in 2026[86] - The company is exposed to risks from global economic conditions, including elevated inflation and supply chain disruptions, which could adversely affect its operations and those of its tenants[89] Tenant and Market Risks - The company is subject to tenant credit risk, as certain leases do not require full payment of rent in cash in advance, exposing the company to potential defaults[101] - The company’s short-term leases make it more susceptible to decreases in prevailing market rental rates, which could adversely affect financial results[102] - The company’s tenants' profitability is crucial for its cash flow, and downturns in farming operations could materially affect rent collection[79] - Adverse weather conditions, seasonal variability, and crop diseases may significantly impact the company's revenues and tenants' ability to pay rent[113] Regulatory and Compliance Issues - The company is subject to various agricultural regulations, including those governing water usage and chemical applications, which may impact its operations[55][59] - The company is committed to ensuring compliance with labor and environmental regulations among its tenants, supporting human rights and fostering a positive company culture[65] Strategic Focus and Growth - The company intends to focus on acquiring high-quality farmland with average or better-than-average soil quality, water availability, and access to markets[42][45] - The company’s ability to expand through farmland acquisitions is critical to its growth strategy, but competition for suitable properties may increase prices and limit opportunities[98] Cybersecurity and Operational Risks - Cybersecurity risks have increased due to new technologies and sophisticated cyber-attacks, potentially impacting the company's operations and financial condition[132] - The company has experienced past cyberattacks, and while none were material, it anticipates future incidents that could disrupt operations and lead to financial losses[133] - The company employs tools to identify and mitigate cybersecurity threats, including firewalls and intrusion detection systems[194] Legal and Litigation Matters - The company filed a complaint against Sabrepoint on July 2, 2021, alleging involvement in a "short and distort scheme" that artificially lowered the company's stock price[129] - The company may incur significant unrecoverable costs if unsuccessful in the litigation against Sabrepoint, which could materially affect its business and financial condition[131] REIT Compliance and Shareholder Matters - To maintain qualification as a REIT, the company must distribute at least 90% of its REIT taxable income each year[167] - Failure to maintain REIT qualification could subject the company to U.S. federal income tax at regular corporate rates, significantly reducing distributions to stockholders[165] - The company may need to borrow funds or sell assets to meet distribution requirements to maintain REIT status[167] - The company’s charter restricts ownership of its stock to maintain REIT qualification, limiting market activity and business combinations[175]

Middlesex Water Company Reports 2025 Earnings ISELIN, N.J., February 19, 2026 -- Middlesex Water Company ("Middlesex" or the "Company") (NASDAQ: MSEX) today announced financial results for the fourth quarter and year end 2025. "We appreciate the diligence and commitment of the New Jersey Board of Public Utilities Staff and the Division of Rate Counsel throughout the review of our general rate case," said Nadine Leslie, Chair, President and Chief Executive Officer of Middlesex Water Company. "This constructi ...

WILLSCOT REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS AND PROVIDES 2026 OUTLOOK Exceeded Q4 2025 Outlook for Revenue and Adjusted EBITDA, with Strong Adjusted Free Cash Flow Modular Activations Increased Year-Over-Year in Q4 2025, with Total Pending Order Book Up More than 10% Entering 2026 and Further Strength Since Provides Conservative Outlook for 2026 Relative to Run Rate Entering the Year SCOTTSDALE, February 19, 2026 - WillScot Holdings Corporation ("WillScot" or the "Company") (Nasdaq: WSC), a l ...

Real Estate Operations - The company operates a large-scale, mixed-use real estate platform with approximately 101,000 gross acres across five states[14]. - As of December 31, 2025, the company had 77 Operating Assets, including 13 retail properties, 37 office properties, and 18 multifamily properties, totaling approximately 9.3 million square feet of retail and office space[22]. - The company’s MPCs include approximately 34,000 acres of land available for sale or development, with residential sales generated primarily from finished lots and undeveloped superpads[29]. - The company’s MPCs, including Floreo, contain approximately 21,000 residential acres remaining for development in high-demand areas[34]. - The company expects to increase residential entitlements in Ward Village by 2.5 to 3.5 million gross square feet due to recent amendments in local development rules[35]. - The company has two condominium towers under construction that are 96% pre-sold, representing $1.5 billion of contracted future revenue[35]. - The company has approximately 9.3 million square feet of retail and office properties and 5,855 wholly and partially owned multifamily units[154]. - The total rentable square footage across all operating assets is 6,967,595 square feet[155]. - The total annualized base rent per square foot for retail properties averaged $37.80, indicating strong rental performance across the portfolio[156]. - The company closed 690 units at Ulana Ward Village, generating $369.5 million in condominium revenues at a break-even gross margin[205]. - Pre-sales for under-construction condominiums reached 93% at year-end, representing over $1.9 billion in future contracted revenue[205]. Financial Performance - The company ended the year with $1.5 billion in cash, with total debt at approximately 48% of the book value of total assets[35]. - The company reported a decrease in net income from continuing operations to $123.8 million in 2025, down from $285.2 million in the prior year, primarily due to a change in the product mix of condominium closings[213]. - Operating Assets net operating income (NOI) reached $262.0 million in 2025, a $16.5 million increase compared to $245.5 million in the prior year, representing a growth of 7%[204][213]. - MPC EBT totaled $476.1 million in 2025, a $127.0 million increase from $349.1 million in the prior year, attributed to higher residential and commercial land sales[213]. - In 2025, the company achieved a record high in MPC earnings before taxes (EBT), increasing by 36% year-over-year, driven by a record number of residential acres sold[203]. Strategic Acquisitions and Investments - The company plans to acquire 100% of Vantage Group Holdings Ltd. for approximately $2.1 billion, expected to close in Q2 2026, enhancing its insurance expertise[16]. - The Company has entered into a Purchase and Sale Agreement to acquire Vantage for a purchase price of $2.1 billion, as part of its strategy to become a diversified holding company[95]. - In 2025, the company issued 9,000,000 shares of common stock to Pershing Square for $900 million to support its transition to a diversified holding company[198]. - The company has a share repurchase program authorized for up to $250 million, with $15,009,600 remaining available for repurchases as of December 31, 2025[191]. Employee and Community Engagement - As of December 31, 2025, the company employed approximately 500 individuals, primarily in full-time roles across various U.S. locations[38]. - In 2025, the company invested in various training initiatives, including a leadership development program, to enhance employee skills and support professional aspirations[39]. - The company supported 178 local charities in 2025 through monetary donations and employee volunteerism, with employees volunteering approximately 3,150 hours[41]. Risks and Challenges - The company faces risks related to economic downturns, which could adversely affect demand for new homes and condominium units, impacting financial performance[51]. - The ability to sell condominiums is sensitive to interest rates and consumer financing availability, with potential adverse effects from rising rates[52]. - The company’s properties are concentrated in states like Arizona, Texas, and Nevada, making revenues vulnerable to local economic fluctuations[59]. - The company’s operations in tourism-dependent areas like Hawai'i and Las Vegas may be impacted by factors affecting travel and tourism[60]. - The company incurs substantial costs to comply with legal and regulatory requirements related to real estate development[44]. - The company faces risks associated with construction financing, increased construction costs, and supply chain issues that could delay projects and increase development costs[77]. - Cybersecurity risks could compromise sensitive data and expose the company to liability, potentially harming its reputation and financial condition[78]. - Global economic instability and changes in U.S. trade policies could disrupt supply chains and increase material costs, adversely affecting the company's operations[84]. - The company may not be able to sell properties quickly due to the illiquid nature of real estate, which could hinder its ability to respond to economic changes[70]. Corporate Governance - Pershing Square beneficially owns approximately 46.7% of the company's outstanding common stock as of February 12, 2026, with key executives from Pershing Square holding significant positions within the company's board[89]. - The Shareholder Agreement allows Pershing Square to nominate directors based on its ownership percentage, influencing the Company's policies and operations[93]. - The Standstill Agreement limits Pershing Square's beneficial ownership to 47% of the company's common stock and caps their voting power at 40% for board-recommended matters[141]. - The company has anti-takeover provisions that may limit stockholder actions and could affect the trading price of its common stock[143]. Development and Construction - The company continues to execute strategic developments in key locations, with construction actively underway or pending in several master planned communities[170]. - The company has entered into contracts for 51% of the total units at 'Ilima and 65% of the total units at Melia, with construction expected to begin in early 2026[177]. - The company completed construction at Ulana in November 2025, although landlord work for the retail section is still ongoing[174]. - The company acquired the 7 Waterway office property for $16.3 million in Q2 2025, with total estimated costs for redevelopment included[173]. - The company has a significant amount of debt maturing in the coming years, and its ability to refinance this debt on favorable terms is uncertain[108]. Sustainability and Compliance - The company focuses on sustainability initiatives, integrating them into the planning and operation of its MPCs to enhance community health and wellness[35]. - The company may face increased compliance costs due to new government regulations related to energy standards and climate change, which could significantly raise construction costs[122]. - Catastrophic events, including climate change, may adversely affect demand for properties and result in substantial costs for compliance with new regulations[127]. - Water and electricity shortages in regions like Phoenix and Las Vegas could impair the company's ability to develop or sell properties, increasing operational costs[128]. - Changes in tax rules may adversely affect the company's financial results, impacting both financial reporting and cash tax liabilities[129].

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 ☐ 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: 001-42400 Willow Lane Acquisition Corp. (Exact name of registrant as specified in its charter) | Cayman Islands | N ...