Revenue Performance - Site rental revenues for Q3 2025 were $1.012 billion, a decrease of $54 million or 5% compared to Q3 2024[117]. - Site rental revenues for Q3 2025 were $1.0 billion, a decrease of $54 million (5%) from $1.1 billion in Q3 2024, primarily due to higher towers non-renewals related to Sprint Cancellations[122]. - For the nine months ended September 30, 2025, site rental revenues totaled $3.0 billion, down $167 million (5%) from $3.2 billion in the same period in 2024[133]. - The company expects a reduction in site rental revenues by approximately $200 million in 2025 due to higher tower non-renewals related to T-Mobile and Sprint network consolidation[112]. - Approximately 89% of site rental revenues for the nine months ended September 30, 2025, were derived from T-Mobile, AT&T, and Verizon Wireless[110]. Financial Metrics - Adjusted EBITDA for Q3 2025 was $718 million, a decrease of $59 million or 8% compared to Q3 2024[117]. - Adjusted EBITDA for the first nine months of 2025 decreased by $113 million (5%) to $2.145 billion from $2.258 billion in the same period in 2024[148]. - Adjusted Site Rental Gross Margin for Q3 2025 was $767 million, down $56 million (7%) from $823 million in Q3 2024, reflecting the same factors affecting site rental revenues[122]. - Adjusted Services and Other Gross Margin increased to $31 million in Q3 2025, up $2 million (7%) from $29 million in Q3 2024, driven by carrier network enhancements[123]. - Income from continuing operations for Q3 2025 was $277 million, a decrease of $17 million (6%) from $294 million in Q3 2024, attributed to lower Adjusted Site Rental Gross Margin and increased interest expenses[128]. Cash Flow and Capital Expenditures - For the nine months ended September 30, 2025, net cash provided by operating activities was $2.2 billion[110]. - Net cash provided by operating activities for the first nine months of 2025 was $2.2 billion, an increase of $121 million or 6% compared to the same period in 2024[158]. - Net cash used for investing activities decreased by $142 million or 15% to $805 million in the first nine months of 2025, primarily due to reduced discretionary capital expenditures[159]. - Total capital expenditures for continuing operations were $123 million for the first nine months of 2025, relatively stable compared to $124 million in the same period of 2024[161]. - Discretionary capital expenditures for the nine months ended September 30, 2025, were $104 million, primarily for improvements to existing towers[110]. Debt and Financing - As of September 30, 2025, 84% of the company's debt had fixed rate coupons, with a weighted-average interest rate of 4.0%[110]. - As of September 30, 2025, the company's outstanding debt had a weighted-average interest rate of 4.0% and a weighted-average maturity of approximately six years[110]. - Net cash used for financing activities increased by $394 million to $1.4 billion for the first nine months of 2025, driven by the net impact of debt issuances and repayments[164]. - The company expects to use a portion of cash proceeds from the Strategic Fiber Transaction, anticipated in the first half of 2026, to repay existing debt and fund share repurchases[156]. - The company aims to maintain an investment-grade credit profile and compliance with financial maintenance covenants in its 2016 Credit Agreement[169]. Income and Losses - Net income for Q3 2025 was $323 million, compared to $303 million in Q3 2024, primarily due to improved income from discontinued operations[131]. - The company recognized a loss from disposal of discontinued operations of $231 million and $1.3 billion for the three and nine months ended September 30, 2025, respectively[101]. - The loss from disposal of discontinued operations was $(1.3) billion for the first nine months of 2025, primarily due to the Fiber Business being classified as "held for sale"[146]. - Income from discontinued operations before gain from disposal was $637 million for the first nine months of 2025, compared to $12 million in the same period of 2024[145]. - The company reported a loss from discontinued operations of $46 million in Q3 2025, compared to a loss of $9 million in Q3 2024[179]. Operational Changes - The company initiated a restructuring plan in July 2023 to reduce costs and align operational needs with lower tower activity[110]. - Selling, general and administrative expenses rose to $97 million in Q3 2025, an increase of $4 million (4%) from $93 million in Q3 2024, mainly due to variable employee-related costs[124]. - Stock-based compensation expense for the nine months ended September 30, 2025, was $55 million, down from $69 million in the same period of 2024, a decrease of 20.3%[174]. - Total depreciation, amortization, and accretion for Q3 2025 was $167 million, down from $181 million in Q3 2024, a decrease of 7.7%[179]. - The company plans to continue investing in small cells and fiber until the closing of the sale of the Fiber Business[150].

Financial Performance - Net sales for the three months ended September 30, 2025, were $90.552 million, a decrease of 11.3% compared to $102.073 million for the same period in 2024[40]. - The company reported net sales of $280.543 million for the nine months ended September 30, 2025, a slight decrease of 1.4% compared to $284.425 million for the same period in 2024[40]. - For the three months ended September 30, 2025, the company reported a net loss of $8.33 million, compared to a net loss of $2.66 million for the same period in 2024[125]. - The basic earnings per share for the three months ended September 30, 2025, was $(0.62), compared to $(0.20) for the same period in 2024[125]. - Total revenue for the three months ended September 30, 2025, was $90.55 million, down from $102.07 million in the same period of 2024, representing a decrease of approximately 11.4%[130]. Revenue Breakdown - Revenue from the connected home channel increased to $29.793 million for the three months ended September 30, 2025, up 12.4% from $26.368 million in the same period of 2024[40]. - Revenue from the home entertainment channel decreased to $60.759 million for the three months ended September 30, 2025, down 19.7% from $75.705 million in the same period of 2024[40]. - Net sales to Daikin Industries Ltd. increased to $18,576 thousand, representing 20.5% of net sales for the three months ended September 30, 2025, compared to 12.4% for the same period in 2024[49]. Cash and Liquidity - Total cash and cash equivalents increased to $31.506 million as of September 30, 2025, up from $26.783 million at December 31, 2024, representing a growth of 10.2%[39]. - The U.S. Credit Line has a maximum availability of $75.0 million, with total availability of $54.1 million based on the accounts receivable coverage ratio as of September 30, 2025[66]. - As of September 30, 2025, the total interest expense on borrowings under the U.S. Credit Line was $0.4 million, down from $1.0 million for the same period in 2024, representing a decrease of 60%[70]. - The China Credit Line had a maximum availability of up to RMB 130.0 million (approximately $18.3 million) as of September 30, 2025, with no remaining availability[73]. Assets and Liabilities - Accounts receivable, net decreased to $83.800 million as of September 30, 2025, from $114.182 million at December 31, 2024, a decline of 26.6%[43]. - Total inventories as of September 30, 2025, amounted to $80,605 thousand, a slight increase from $79,355 thousand as of December 31, 2024[50]. - Long-lived tangible assets decreased to $40,334 thousand as of September 30, 2025, down from $48,529 thousand at December 31, 2024[54]. - Total intangible assets, net, decreased to $22,583 thousand as of September 30, 2025, from $24,038 thousand at December 31, 2024[58]. - The total accrued compensation as of September 30, 2025, was $19.1 million, a decrease from $20.9 million at December 31, 2024, reflecting a reduction of approximately 8.6%[85]. Expenses and Charges - The company recorded impairment charges of $1.2 million related to the shutdown of its Mexico manufacturing facility during the three and nine months ended September 30, 2025[56]. - The company incurred severance expenses of $1.7 million for the three months ended September 30, 2025, as part of a global reduction in force strategy[84]. - The company recognized a total of $4.6 million in factory restructuring charges since September 2023, with no further expenses expected from this plan[92]. - Total restructuring costs incurred from inception to date amount to $7.6 million, with severance expenses at $5.4 million and other exit expenses at $2.2 million[96]. Legal Matters - The arbitration ruling in favor of the company against IT Convergence awarded approximately $0.2 million, with both parties having 90 days to appeal[110]. - The company recorded an accrual of approximately $4.2 million for a judgment in favor of Tongshun Company, which was paid during the second quarter of 2025[109]. - In the litigation against Roku, the Federal Circuit affirmed the invalidation of Roku's patent claims on June 17, 2025, which is expected to impact future legal proceedings[104]. - The trial date for the consolidated district court case against Roku is set for March 16, 2027, following the lifting of a stay on the case[103].

Revenue and Income - Revenue for the three months ended September 30, 2025, increased by $7.8 million to $8.2 million compared to $0.5 million in the same period of 2024, primarily due to engineering services for RoPower's power plant deployment in Romania [144]. - Revenue for the nine months ended September 30, 2025, increased by $26.9 million to $29.7 million compared to $2.8 million in the same period of 2024, attributed to engineering and licensing fees [150]. - Investment income increased by $3.8 million to $5.8 million for the three months ended September 30, 2025, due to a stronger cash position and higher investments [149]. - Investment income for the nine months ended September 30, 2025, increased by $11.1 million to $16.4 million compared to $5.3 million in the same period of 2024 [157]. Expenses - Cost of sales for the three months ended September 30, 2025, increased by $5.2 million to $5.5 million compared to $0.3 million in the same period of 2024, driven by engineering services related to the same project [144]. - General and administrative expenses surged by $502.2 million to $519.2 million for the three months ended September 30, 2025, mainly due to the recognition of a $495.0 million milestone contribution [146]. - General and administrative expenses rose by $511.8 million to $565.0 million for the nine months ended September 30, 2025, primarily due to the milestone contribution and increased business development costs [152]. - Research and development expenses decreased by $1.1 million to $11.1 million for the three months ended September 30, 2025, as personnel transitioned to commercial projects [145]. Net Loss and Cash Flow - Net loss for the three months ended September 30, 2025, was $532.6 million, compared to a net loss of $45.6 million in the same period of 2024 [143]. - The company has incurred significant operating losses with an accumulated deficit of $682.0 million and negative operating cash flows [159]. - For the nine months ended September 30, 2025, net cash used in operating activities was $(255,906) thousand, compared to $(82,249) thousand in 2024 [161]. Cash and Investments - As of September 30, 2025, the company had cash and cash equivalents of $407.6 million and short-term investments of $284.2 million, with no debt [159]. - The company executed a strategy to diversify its investment portfolio, resulting in net cash used in investing activities of $(306,332) thousand for the nine months ended September 30, 2025 [163]. - Net cash provided by financing activities was $568,267 thousand for the nine months ended September 30, 2025, compared to $118,417 thousand in 2024 [161]. Commitments and Obligations - The company has commitments totaling $551,867 thousand, with significant payments due in 2025 and 2026 [172]. - A liability of $346.5 million was recognized due to the achievement of criteria for triggering payment under the PMA, related to 72 NPMs [170]. - The company entered into sales and marketing agreements in January 2025, increasing its commitment by an additional $34.8 million [168]. - The company has a potential obligation of up to $7.1 million to the USTDA based on revenue earned under technical assistance grant programs [172]. Future Outlook - The company believes it has sufficient cash and access to capital markets to meet its cash requirements for the next 12 months and beyond [160].

Financial Performance - Total revenue for Q3 2025 reached $155.1 million, a 13.5% increase from $136.6 million in Q3 2024[18] - Net income attributable to OppFi Inc. for Q3 2025 was $41.6 million, compared to $4.3 million in Q3 2024, representing a significant increase[18] - The company reported a net revenue of $104.6 million for Q3 2025, up from $91.2 million in Q3 2024, marking a 14.8% growth[18] - Earnings per diluted share for Q3 2025 were $0.77, compared to $0.21 in Q3 2024, showing a substantial improvement[18] - Net income for the nine months ended September 30, 2025, was $107.8 million, compared to $69.9 million for the same period in 2024, representing a 54% increase[27] - Total revenue for the three months ended September 30, 2025, was $155.1 million, an increase of 13.5% from $136.6 million in the same period of 2024[101] - Net income attributable to OppFi Inc. for the three months ended September 30, 2025, was $41.6 million, compared to $4.3 million in the same period of 2024, representing a significant increase[101] - Basic earnings per share for the three months ended September 30, 2025, was $1.48, compared to $0.21 for the same period in 2024[14] - Diluted earnings per share for the three months ended September 30, 2025, was $0.77, up from $0.21 in the same period of 2024[14] Assets and Liabilities - Total assets increased to $720.6 million as of September 30, 2025, compared to $641.2 million at the end of 2024, reflecting a growth of 12.4%[13] - The company’s total liabilities increased to $443.4 million as of September 30, 2025, compared to $407.0 million at the end of 2024, a rise of 8.9%[13] - Total stockholders' equity increased to $277.3 million as of September 30, 2025, compared to $234.2 million at the end of 2024, reflecting a growth of 18.4%[13] - As of September 30, 2025, the unpaid principal balance of installment finance receivables was $481.0 million, an increase from $425.2 million as of December 31, 2024, representing a growth of 13.1%[52] - The total finance receivables at fair value reached $541.9 million as of September 30, 2025, compared to $473.7 million at the end of 2024, indicating a year-over-year increase of 14.4%[52] Cash Flow and Investments - Cash provided by operating activities for the nine months ended September 30, 2025, was $284.5 million, up from $229.3 million in 2024, indicating a 24% growth[27] - The company reported a net cash used in investing activities of $218.4 million for the nine months ended September 30, 2025, compared to $170.6 million in 2024[27] - The ending cash and restricted cash balance as of September 30, 2025, was $75.2 million, down from $74.2 million at the end of September 2024[27] - Cash and restricted cash as of September 30, 2025, totaled $75.2 million, with cash at $45.5 million and restricted cash at $29.7 million[98] Finance Receivables - Finance receivables at fair value rose to $541.9 million in Q3 2025, up from $473.7 million in Q4 2024, indicating a 14.4% increase[13] - Total finance receivables originated and acquired for the nine months ended September 30, 2025, amounted to $587.3 million, compared to $538.4 million in 2024, reflecting a 9% increase[27] - For the three months ended September 30, 2025, the company originated $219.5 million in finance receivables, up from $201.5 million in the same period of 2024, reflecting an increase of 8.9%[53] - The net charge-offs for the nine months ended September 30, 2025, were $148.4 million, slightly down from $148.9 million in the same period of 2024, showing a decrease of 0.3%[53] - Charge-offs, net for the three months ended September 30, 2025, were $54.4 million, up from $46.8 million in the same period of 2024[101] Expenses and Compensation - Total expenses for the three months ended September 30, 2025, were $56.1 million, slightly up from $56.1 million in the same period of 2024[101] - Stock-based compensation expense for the nine months ended September 30, 2025, was $8.3 million, compared to $4.2 million in 2024, indicating a 97% increase[27] - The Company recognized stock-based compensation expense related to stock options of $50 thousand for the three months ended September 30, 2025[78] - For the nine months ended September 30, 2025, the Company recognized stock-based compensation related to RSUs of $7.8 million[80] Legal and Regulatory Matters - The company is currently involved in legal proceedings and regulatory matters, which may impact its financial condition, but management does not believe these will have a material adverse effect[103] Shareholder Information - The company repurchased 710,430 shares of Class A Common Stock for $7.4 million at an average price of $10.33 per share during the three months ended September 30, 2025[73] - The company has $29 million remaining under its share repurchase authorization as of September 30, 2025[73] - The Board declared a dividend of $0.25 per share for Class A Common Stock, payable to stockholders of record as of April 8, 2025[74] Accounting and Reporting - The company is currently evaluating the impact of new accounting standards on its disclosures, which may affect future financial reporting[49] - The Company has not provided additional market risk disclosures as it qualifies as a "smaller reporting company" under Regulation S-K[17]

Financial Performance - For the quarter ended September 30, 2025, net investment income per share was $0.40, resulting in an annualized net investment income yield on book value of 12.5%[4] - Total investment income for the quarter was $91.6 million, an increase from $91.0 million in the previous quarter[5] - For the three months ended September 30, 2025, total investment income was $91.6 million, down 17% from $110.4 million in the same period of 2024[23] - Net investment income after taxes for the three months ended September 30, 2025, was $45.3 million, compared to $68.2 million for the same period in 2024, reflecting a decrease of 33.5%[23] - The company reported a net realized and unrealized loss of $20.6 million for the three months ended September 30, 2025, compared to a loss of $30.9 million in the same period of 2024[23] Asset and Investment Overview - The net asset value (NAV) per share decreased by 2.1% to $12.75 from $13.02 as of June 30, 2025[4] - As of September 30, 2025, total investments at fair value amounted to $3,196.9 million, a decrease from $3,475.3 million as of December 31, 2024[22] - Total investments at fair value and commitments amounted to $3,833.2 million, with 98.2% in senior secured debt, including 96.7% in first lien investments[4] - As of September 30, 2025, investments on non-accrual status represented 1.5% of the total investment portfolio at fair value[8] - The weighted average yield on debt and income-producing investments at fair value was 11.2%[8] Debt and Equity Metrics - The ending net debt-to-equity ratio was 1.17x as of September 30, 2025, compared to 1.12x as of June 30, 2025[4] - The ending net debt-to-equity leverage ratio as of September 30, 2025, was calculated using total borrowings net of cash and cash equivalents divided by equity, excluding unfunded commitments[21] - The weighted average net debt to EBITDA ratio is calculated based on the fair value of debt investments, excluding investments where net debt to EBITDA may not be appropriate[21] Dividends and Share Repurchase - The company declared a fourth quarter 2025 base dividend of $0.32 per share and a third quarter supplemental dividend of $0.04 per share[4] - The company declared a base dividend of $0.32 per share, payable on or about January 27, 2026, to shareholders of record as of December 31, 2025[4] - The company repurchased 2,136,943 shares for $25.1 million during the three months ended September 30, 2025[4] Future Outlook and Strategic Initiatives - Future outlook includes a projected increase in net investment income by 10% for the next quarter, driven by new investments and portfolio growth[26] - The company is focusing on expanding its market presence, targeting an additional $500 million in new investments over the next year[26] - Goldman Sachs BDC, Inc. is actively pursuing strategic acquisitions to enhance its portfolio, with a goal of completing at least two acquisitions in the upcoming fiscal year[26] - New product development initiatives are underway, with plans to launch a new investment fund aimed at small to mid-sized enterprises by Q3 2024[26] Company Performance Highlights - Goldman Sachs BDC, Inc. reported a strong performance in the latest quarter, highlighting a net investment income of $0.45 per share, representing a 12% increase year-over-year[26] - The company achieved a total investment portfolio of $2.5 billion, with a weighted average yield of 8.5%[26] - User data indicated a 15% growth in the number of active portfolio companies, reaching a total of 150[26] - The company reported a 5% increase in total assets, reaching $3.2 billion, reflecting strong demand for its investment products[26] - Goldman Sachs BDC, Inc. emphasized its commitment to maintaining a diversified investment strategy to mitigate risks associated with market volatility[26] - The management team reiterated its focus on delivering shareholder value through consistent dividend payments, with a current annualized dividend yield of 7%[26]

Financial Performance - Innodata's Adjusted Gross Profit for Q3 2025 was $27.68 million, up from $22.89 million in Q3 2024, representing a 21.5% increase[144]. - The company's Adjusted Gross Margin remained stable at 44% for both Q3 2025 and Q3 2024, indicating consistent operational efficiency[144]. - For the nine months ended September 30, 2025, Adjusted Gross Profit reached $77.95 million, compared to $44.66 million for the same period in 2024, reflecting a 74.5% year-over-year growth[144]. - The revenue attributable to Innodata Inc. and its subsidiaries for Q3 2025 was $62.5 million, compared to $51.9 million in Q3 2024, marking a 20.5% increase[144]. - The company reported a Gross Profit of $25.50 million for Q3 2025, up from $21.33 million in Q3 2024, which is a 19.5% increase[144]. - Total revenues increased to $62.6 million for the three months ended September 30, 2025, up from $52.2 million in 2024, representing a growth of approximately 20%[150]. - Adjusted EBITDA for the consolidated entity was $16.2 million for Q3 2025, compared to $13.9 million in Q3 2024, reflecting a significant increase in operational performance[148]. - Net income decreased by $9.1 million to $8.3 million, attributed to higher income tax provision and increased operating costs[175]. - Total revenues increased by $68.0 million or approximately 61% to $179.3 million for the nine months ended September 30, 2025, compared to 2024[191]. - Net income increased by $4.9 million to $23.3 million for the nine months ended September 30, 2025, attributed to higher revenues in the DDS and Agility segments[214]. Revenue Segments - DDS segment revenues rose to $54.8 million in Q3 2025, compared to $44.7 million in Q3 2024, marking an increase of about 23% driven by higher volume from existing customers[151]. - Synodex segment revenues decreased to $1.7 million in Q3 2025 from $1.9 million in Q3 2024, a decline of 11% due to the termination of a contract with one customer[152]. - Agility segment revenues grew to $6.1 million in Q3 2025, up from $5.6 million in Q3 2024, reflecting a 9% increase attributed to higher subscription volumes[153]. - Revenues from the DDS segment rose by $66.4 million or approximately 74% to $156.2 million, primarily due to higher volume from existing customers[191]. - Revenues from the Agility segment increased by $1.7 million or approximately 11% to $17.4 million, driven by higher subscription volumes[194]. Operating Costs and Expenses - Direct operating costs increased to $37.0 million in Q3 2025 from $30.9 million in Q3 2024, an increase of 20% primarily due to higher headcount[156]. - Selling and administrative expenses increased by $3.8 million or 38% to $13.7 million, with expenses as a percentage of total revenues rising from 19% to 22%[167]. - Direct operating costs increased by $36.5 million or 51% to $107.5 million, with costs as a percentage of total revenues decreasing from 64% to 60%[197]. - Selling and administrative expenses rose by $15.6 million or 57% to $42.8 million for the nine months ended September 30, 2025, driven by higher payroll and related expenses[207]. Profitability Metrics - The DDS segment's adjusted EBITDA reached $15.2 million in Q3 2025, up from $12.1 million in Q3 2024, indicating strong segment performance[148]. - The Agility segment reported an adjusted EBITDA of $854,000 for Q3 2025, compared to $1.2 million in Q3 2024, showing a decrease in profitability[148]. - Gross profit for the three months ended September 30, 2025, was $25.5 million, up from $21.3 million in 2024, with a gross margin of 41% for both periods[162]. - Gross profit for the Synodex segment decreased by $0.4 million to $0.1 million, with a gross margin decline from 25% to 7% for the three months ended September 30, 2025, compared to 2024[164]. - Gross profit for the Agility segment remained stable at $3.2 million, but gross margin decreased from 58% to 53% due to higher direct operating costs[165]. Cash Flow and Liquidity - Cash and cash equivalents increased to $73.9 million as of September 30, 2025, from $46.9 million as of December 31, 2024[229]. - Working capital rose to approximately $75.3 million as of September 30, 2025, compared to $41.5 million as of December 31, 2024, due to increased collections from higher revenues[230]. - Net cash provided by operating activities increased to $33.9 million for the nine months ended September 30, 2025, up from $17.7 million in the prior-year period[234]. - Cash used in investing activities was $8.3 million for the nine months ended September 30, 2025, compared to $5.5 million in 2024, primarily for technology equipment purchases[237]. - Cash provided by financing activities was $1.1 million for the nine months ended September 30, 2025, primarily from stock option exercises[239]. - The company maintains a revolving line of credit facility to support its liquidity needs[232]. - The company believes existing cash and internally generated funds will satisfy financial needs for at least the next 12 months[231]. Future Outlook - The company anticipates continued demand for its services, supported by existing cash and cash equivalents for at least the next 12 months[135]. - Anticipated capital expenditures for the next 12 months are approximately $11.0 million, focusing on software development and technology upgrades[238]. - No material commitments for capital expenditures were reported as of September 30, 2025[231].

Financial Performance - Operating revenues for Q3 2025 were $1,833,747, an increase of 8.3% from $1,693,323 in Q3 2024[127] - Net income attributable to Wynn Resorts, Limited for Q3 2025 was $88,341, a significant increase of 375.6% compared to a loss of $32,053 in Q3 2024[127] - Macau Operations generated $1,000,985 in revenues for Q3 2025, up 14.8% from $871,747 in Q3 2024, driven by a $115,682 increase at Wynn Palace[130] - Casino revenues for Q3 2025 were $1,174,717, representing 64.1% of total operating revenues, compared to 60.2% in Q3 2024[131] - Non-casino revenues decreased by 2.3% to $659,030 in Q3 2025, with room revenues down 5.0%[131] - Total operating revenues for the nine months ended September 30, 2025, were $5,271.9 million, a decrease of $17.2 million or 0.3% compared to $5,289.2 million in 2024[149] - Casino revenues increased to $3,266.98 million for the nine months ended September 30, 2025, representing a 3.7% increase from $3,149.17 million in 2024[150] - Non-casino revenues decreased to $2,004.96 million for the nine months ended September 30, 2025, down 6.3% from $2,139.99 million in 2024[150] Revenue Breakdown - Wynn Palace total casino revenues increased by 29.8% to $542,439,000 compared to $418,043,000 in the prior year[133] - Wynn Macau total casino revenues rose by 6.0% to $314,489,000 from $296,781,000 year-over-year[133] - Las Vegas Operations total casino revenues grew by 11.3% to $161,576,000 compared to $145,186,000 in the previous year[134] - Total room revenues in Macau Operations decreased by 23.9% to $37,396,000, primarily due to lower ADR[135] - Wynn Palace casino revenues increased by 7.4% to $1,435.25 million for the nine months ended September 30, 2025, compared to $1,336.79 million in 2024[152] - Las Vegas Operations casino revenues rose by 14.9% to $471.07 million for the nine months ended September 30, 2025, from $410.02 million in 2024[153] Expenses and Income - Operating expenses decreased by 2.4% to $1,523,258,000, driven by a reduction in property charges and other expenses[137] - Casino expenses increased by $69.6 million at Wynn Palace, attributed to higher gaming tax expenses due to increased casino revenues[138] - Food and beverage expenses rose by $7.9 million at Wynn Palace, mainly due to increased covers[139] - Interest expense decreased by $10.3 million, reflecting a reduction in the weighted average debt balance to $11.09 billion[142] - Income tax expense increased to $61.1 million for the three months ended September 30, 2025, compared to $17.1 million for the same period in 2024, reflecting a higher valuation allowance on foreign tax credit carryforwards[146] - Net income attributable to noncontrolling interests was $40.1 million for the three months ended September 30, 2025, up from $26.6 million in 2024[147] Cash Flow and Investments - Cash flows from operating activities for the nine months ended September 30, 2025, were $874.6 million, down from $947.2 million in 2024[185] - Capital expenditures for the nine months ended September 30, 2025, totaled $489.2 million, compared to $292.7 million in 2024[185] - During the nine months ended September 30, 2025, the company invested $236.1 million in the joint venture constructing Wynn Al Marjan Island[189] - The company expects to make estimated project capital expenditures of between $200 million and $250 million during 2025 related to enhancements at Macau Operations[195] - The company repurchased shares of common stock for an aggregate cost of $379.7 million during the nine months ended September 30, 2025[191] Debt and Financing - The company entered into a $2.4 billion delayed draw secured term loan facility for the development of Wynn Al Marjan Island[215] - Approximately 82% of the company's long-term debt was based on fixed rates as of September 30, 2025[221] - An assumed 100 basis point change in variable rates would result in a $19.0 million change in annual interest expense[221] - The company has foreign currency swaps with an aggregate notional amount of $4.10 billion to manage exchange rate risk[223] - An assumed 1% change in the U.S. dollar/Hong Kong dollar exchange rate would result in a gain/loss of $3.4 million to income before income taxes[224] Future Outlook - Future growth strategies include potential market expansions and new product developments, although specific details were not disclosed in the current report[116] - The company expects table games win percentage in Macau's VIP operations to remain between 3.1% and 3.4%[124] - The estimated remaining equity required for the construction of Wynn Al Marjan Island is between $500 million and $575 million, expected to open in 2027[206] - The company expects to use cash for servicing the Retail Term Loan, funding working capital, and making capital contributions to Wynn Al Marjan Island[205]

Revenue and Profitability - Total revenue for the three months ended September 30, 2025, was $8.861 million, a 9.1% increase from $8.122 million in the same period of 2024[18]. - Product revenue for the nine months ended September 30, 2025, reached $16.649 million, up 18.4% from $14.053 million in the prior year[18]. - Gross profit for the three months ended September 30, 2025, was $5.600 million, compared to $4.847 million for the same period in 2024, reflecting a 15.5% increase[18]. - For the nine months ended September 30, 2025, total revenue reached $26.561 million, up 12.3% from $23.619 million in the prior year[74]. - Revenue from biologics and drug delivery services for the three months ended September 30, 2025, was $4.402 million, slightly down from $4.431 million in 2024[72]. - Neurosurgery navigation and therapy revenue for the three months ended September 30, 2025, increased to $3.422 million from $2.860 million in 2024, representing a 19.6% growth[72]. - Capital equipment and software revenue for the three months ended September 30, 2025, totaled $1.037 million, compared to $831,000 in the same period of 2024, marking a 25% increase[72]. - The company recognized approximately $1.2 million of revenue from contract liabilities during the nine months ended September 30, 2025[77]. Losses and Expenses - The net loss for the three months ended September 30, 2025, was $5.891 million, compared to a net loss of $4.974 million in the same period of 2024, indicating a 18.4% increase in losses[18]. - For the nine months ended September 30, 2025, the company reported a net loss of $17.8 million, compared to a net loss of $13.5 million for the same period in 2024, representing a 31.5% increase in losses[27]. - Cash flows from operating activities resulted in a net cash outflow of $11.8 million for the nine months ended September 30, 2025, compared to a net cash outflow of $7.7 million for the same period in 2024, indicating a 53.2% increase in cash used[27]. - Share-based compensation expense for the three months ended September 30, 2025, was $2.022 million, compared to $1.904 million for the same period in 2024[108]. Assets and Liabilities - Total assets as of September 30, 2025, were $60.357 million, significantly higher than $39.189 million as of December 31, 2024[16]. - Total liabilities increased to $44.483 million as of September 30, 2025, compared to $13.800 million at the end of 2024[16]. - The total stockholders' equity decreased to $15.874 million as of September 30, 2025, down from $25.389 million at the end of 2024[16]. - The cumulative deficit at September 30, 2025, reached $209.1 million, highlighting ongoing financial challenges since inception[35]. Cash and Financing - Cash and cash equivalents increased to $38.221 million as of September 30, 2025, from $20.104 million at the end of 2024[16]. - The company had cash, cash equivalents, and restricted cash totaling $38.4 million at the end of the period, up from $21.6 million at the end of September 2024, reflecting a 78.1% increase[27]. - The company raised approximately $3.3 million from a stock purchase agreement in May 2025, selling 275,808 shares at $12.69 per share[38]. - The company also secured approximately $28.7 million from the issuance of notes payable under a note purchase agreement, with an initial sale of $30 million principal amount of notes[39]. - The Company entered into a 2025 NPA allowing for the sale of notes up to $105 million, with an initial sale of $30 million completed[84]. - The interest rate on the outstanding principal amount of the notes is a minimum of 8.25%, with a cap of 9.50%, and 50% of the interest due for the first six quarters will be paid-in-kind[87]. - The company expects to access an additional $20.0 million in funding to support integration activities and new growth initiatives following the merger[119]. Customer and Market Insights - The company has over 60 biologics and drug delivery customers currently evaluating or using its products and services, indicating a growing market opportunity[33]. - One pharmaceutical customer accounted for 8% of total sales for the three and nine months ended September 30, 2025[63]. Legal and Compliance - The Company settled a legal contingency in August 2025, with the settlement amount covered by insurance and not materially impacting financial statements[99]. Lease and Asset Management - A new lease for a building in San Diego, California, was recorded with a right-of-use asset and operating lease liability of $3.3 million[30]. - The Company has commitments for operating leases, with aggregate lease costs of $0.4 million for the three months ended September 30, 2025[98]. - The Company has a right-of-use asset and lease liability of $3.3 million related to a new lease agreement for office and R&D space in San Diego[97]. Stock and Equity - As of September 30, 2025, the outstanding stock options totaled 1,321,179 with a weighted average exercise price of $5.78 and an intrinsic value of $21,166,000[110]. - The restricted stock awards outstanding decreased to 16,341 with a weighted average fair value of $9.77 as of September 30, 2025[111]. - The restricted stock units outstanding were 1,654,007 with a weighted average fair value of $9.16 as of September 30, 2025, after granting 638,482 units at an average fair value of $13.33[112]. - In the first offering period of 2025, 30,610 shares were purchased under the Employee Stock Purchase Plan at an average offering price of $10.15[115]. Merger and Acquisition - On November 6, 2025, the company entered into a merger agreement with IRRAS Holdings, Inc., involving $5.0 million in cash and 1,325,000 shares of common stock[118]. - The merger agreement includes earnout consideration equal to 25% of net sales of certain IRRAS products above specified thresholds during three one-year periods[118].

Operating Expenses - Archer's operating expenses for Q3 2025 totaled $174.8 million, a 43.2% increase from $122.1 million in Q3 2024[204] - General and administrative expenses increased by $21.8 million, or 67.5%, in Q3 2025 compared to Q3 2024, reflecting higher personnel costs[204] - For the nine months ended September 30, 2025, total operating expenses were $494.9 million, up 28.4% from $385.5 million in the same period of 2024[204] - General and administrative expenses increased by $21.8 million, or 67.5%, for the three months ended September 30, 2025, primarily due to a $20.5 million increase in stock-based compensation[208] - The company expects to incur additional losses and higher operating expenses for the foreseeable future[212] Research and Development - Research and development expenses rose by $30.9 million, or 34.4%, in Q3 2025 compared to Q3 2024, driven by increased personnel and stock-based compensation[206] - Research and development expenses for the nine months ended September 30, 2025, increased by $83.7 million, or 31.8%, compared to the same period in 2024[207] Net Loss - The net loss for Q3 2025 was $129.9 million, compared to a net loss of $115.3 million in Q3 2024, representing a 12.7% increase in losses[204] - Net cash used in operating activities during the nine months ended September 30, 2025 was $303.6 million, resulting from a net loss of $429.3 million[225] Cash and Investments - As of September 30, 2025, the company had cash and cash equivalents of $595.5 million and short-term investments in marketable securities of $1,045.8 million[212] - Net cash used in investing activities during the nine months ended September 30, 2025 was $1,102.6 million, driven by purchases of short-term investments in marketable securities of $1,048.1 million[227] Financing Activities - Net cash provided by financing activities during the nine months ended September 30, 2025 was $1,167.7 million, driven by gross proceeds from the registered direct offering of $1,151.8 million[228] - The company entered into a credit agreement for a loan of up to $65.0 million for the construction and development of its manufacturing facility in Covington, Georgia[213] - The company had drawn down the full $65.0 million of the loan as of September 30, 2025[214] - The company sold 3,921,875 shares of Class A common stock under the 2024 ATM Program for net proceeds of $46.3 million during the three and nine months ended September 30, 2025[215] Business Development - Archer plans to commercialize its Midnight eVTOL aircraft, with initial deployment in Abu Dhabi, UAE, as part of its Launch Edition program[188] - The company has signed agreements to acquire control of Hawthorne Airport, which will serve as an operational hub for its air taxi network in Los Angeles[194] - Archer is collaborating with Anduril Industries to develop a dual-use, hybrid VTOL autonomous aircraft for defense applications[190] Interest Income - Interest income for Q3 2025 was $16.3 million, a significant increase of 196.4% from $5.5 million in Q3 2024[204] - Interest income, net increased by $10.8 million, or 196.4%, for the three months ended September 30, 2025, primarily due to increased cash and cash equivalents[211]

Financial Performance - Net sales for the three months ended September 30, 2025, decreased by $8.1 million, or 10.3%, compared to the same period in 2024, totaling $70.7 million[107]. - Net sales for the nine months ended September 30, 2025 decreased by $32.4 million, or 12.9%, compared to the same period in 2024, with Delivery Systems sales down by $35.2 million, or 35.7%[118]. - Consumables net sales increased by $2.8 million, or 1.9%, for the nine months ended September 30, 2025, primarily due to increased placements of Delivery Systems[119]. - The net loss for the nine months ended September 30, 2025, was $1.4 million, an improvement from a loss of $18.8 million in 2024[147]. Sales Breakdown - Delivery Systems net sales fell by $6.8 million, or 24.6%, to $20.8 million, while Consumables net sales decreased by $1.4 million, or 2.6%, to $49.8 million[107]. - The transition to a distributor partner in China impacted Consumables net sales, although excluding this effect, sales increased slightly[108]. Profitability - Gross profit increased by $5.0 million, or 12.3%, to $45.6 million, with a gross margin improvement to 64.6% from 51.6%[109]. - Gross profit for the nine months ended September 30, 2025 was $143.3 million, an increase of $13.4 million, or 10.3%, compared to $130.0 million in 2024, with gross margin improving to 65.6% from 51.8%[120]. Expenses - Selling and marketing expenses decreased by $6.7 million, or 24.2%, to $20.9 million, representing 29.6% of net sales[110]. - Total operating expenses decreased by $26.3 million, or 13.8%, to $164.3 million for the nine months ended September 30, 2025, driven by lower selling and marketing expenses[121]. - Selling and marketing expenses decreased by $21.7 million, or 23.7%, to $70.1 million, representing 32.1% of net sales compared to 36.6% in 2024[121]. - Research and development expenses rose by $0.6 million, or 53.2%, to $1.7 million, accounting for 2.4% of net sales[111]. - Research and development expenses decreased by $1.1 million, or 22.2%, to $3.9 million, representing 1.8% of net sales compared to 2.0% in 2024[122]. - General and administrative expenses decreased by $4.2 million, or 12.5%, to $29.3 million, making up 41.4% of net sales[112]. - General and administrative expenses decreased by $3.4 million, or 3.7%, to $90.3 million, representing 41.3% of net sales compared to 37.4% in 2024[123]. Interest and Debt - Interest expense increased by $3.8 million, or 155.7%, to $6.3 million, primarily due to debt issuance costs related to the 2028 Notes[115]. - Interest expense increased by $5.0 million, or 63.0%, to $13.0 million for the nine months ended September 30, 2025, primarily due to interest and amortization of debt issuance costs related to the 2028 Notes[126]. - The Company exchanged and repurchased $413.2 million of existing notes, resulting in a net gain of $16.6 million[139]. - The 2028 Notes were issued at a weighted-average price of 95%, totaling $250.0 million principal amount[140]. - The Company incurred $11.4 million in debt issuance costs related to the exchange and repurchase of its existing notes, amortized over the term of the 2028 Notes[139]. Cash Flow and Liquidity - As of September 30, 2025, the company had cash, cash equivalents, and restricted cash totaling $219.4 million[130]. - Net cash provided by operating activities for the nine months ended September 30, 2025, was $22.3 million, compared to a net cash used of $0.3 million in the same period of 2024[148]. - Net cash used for financing activities was $174.4 million for the nine months ended September 30, 2025, compared to $157.6 million in 2024[150]. - Cash, cash equivalents, and restricted cash at the end of the period were $219.4 million, down from $358.9 million in the previous year[147]. - Cash used for investing activities decreased to $3.8 million in 2025 from $5.9 million in 2024, attributed to lower capital expenditures[149]. Strategic Outlook - The company continues to explore strategies to mitigate cost pressures, including potential price increases and optimizing supplier contracts[101]. - The company remains attentive to macroeconomic conditions that may impact its business and is implementing risk mitigation strategies[102]. - The Company faced macroeconomic challenges, including potential recession and financial market instability, which could adversely impact revenues[144]. - The Company continues to monitor risks that may affect its business, including industry consolidations and economic conditions[145]. - The company plans to evaluate potential acquisitions and may use available cash for such transactions, which could require substantial capital resources[132].