Exhibit 99.1 TABLE OF CONTENTS | Condensed interim statements of financial position | 1 | | --- | --- | | Condensed interim statements of loss and comprehensive loss | 2 | | Condensed interim statements of cash flows | 3 | | Condensed interim statements of changes in equity | 4 | | Notes to the condensed interim financial statements | 5 | New Found Gold Corp. Condensed Interim Statements of Financial Position (Unaudited - Expressed in Canadian Dollars) | | | September 30, | December 31, | | --- | --- | --- ...

Third Quarter 2025 Highlights For the three months ended September 30, 2025, DraftKings reported revenue of $1,144 million, an increase of $49 million, or 4%, compared to $1,095 million during the same period in 2024. The increase in the Company's third quarter 2025 revenue was driven by continued healthy customer engagement, efficient acquisition of new customers, and higher structural Sportsbook hold percentage, partially offset by customer- friendly sport outcomes. Adjusting for sport outcome impacts acr ...

Sales and Production - Peabody sold 118.0 million tons of coal in 2024, with 16 active coal mining operations as of September 30, 2025[115]. - Total tons sold increased by 2% to 32.5 million tons for the three months ended September 30, 2025, compared to 31.9 million tons in the same period of 2024[131]. - Seaborne Metallurgical tons sold increased by 24% to 2.1 million tons for the three months ended September 30, 2025, compared to 1.7 million tons in the same period of 2024[131]. - The company had approximately 99 million tons of U.S. thermal coal priced and committed for 2025, including 86 million tons of PRB coal and 13 million tons of other U.S. thermal coal[238]. - Estimated full year 2025 thermal coal sales volumes from the Seaborne Thermal segment are projected to be between 15.1 million to 15.4 million tons[238]. - Estimated full year 2025 metallurgical coal sales from the Seaborne Metallurgical segment are projected to be between 8.3 million to 8.5 million tons[238]. Financial Performance - Adjusted EBITDA for the three months ended September 30, 2025 decreased by $125.3 million year-over-year, and by $358.2 million for the nine months[130]. - The decrease in net income from continuing operations for the three and nine months ended September 30, 2025 was $179.1 million and $422.9 million, respectively, primarily due to lower seaborne coal pricing[129]. - Total revenue decreased by 7% to $1,012.1 million for the three months ended September 30, 2025, compared to $1,088.0 million in the same period of 2024[134]. - Overall, the company's total Adjusted EBITDA decreased by $358.2 million (52%) to $336.8 million for the nine months ended September 30, 2025, compared to the prior year[147]. - Adjusted EBITDA for Q3 2025 was $99.5 million, a decrease of 56% from $224.8 million in Q3 2024[158]. - Net loss from continuing operations for Q3 2025 was $(66.6) million, compared to a profit of $112.5 million in Q3 2024, representing a 159% decrease[167]. - Diluted EPS for the three months ended September 30, 2025, was $(0.58), a decrease of 178% compared to $0.74 in 2024[169]. - Total revenue for the nine months ended September 30, 2025, was $2.8 billion, compared to $2.9 billion in 2024, a decrease of 3.4%[176]. Segment Performance - Revenue for Seaborne Thermal decreased by 23% to $242.7 million for the three months ended September 30, 2025, compared to $313.2 million in the same period of 2024[134]. - Adjusted EBITDA for Seaborne Thermal decreased by $79.0 million (66%) to $41.0 million for the three months ended September 30, 2025, compared to the same period in the prior year[147]. - Adjusted EBITDA for Seaborne Metallurgical was flat at $27.8 million for the three months ended September 30, 2025, with lower realized prices offsetting favorable operational costs[149]. - Adjusted EBITDA for Powder River Basin increased by $42.5 million during the nine months ended September 30, 2025, driven by favorable volume and higher realized prices[152]. - Other U.S. Thermal segment revenue decreased by 11% to $192.0 million for the three months ended September 30, 2025, compared to $216.7 million in the same period of 2024[138]. Costs and Expenses - Total segment costs increased by 6% to $887.4 million for the three months ended September 30, 2025, compared to $840.2 million in the same period of 2024[140]. - Corporate and Other Adjusted EBITDA decreased by $24.8 million (800%) to $(27.9) million for the three months ended September 30, 2025, driven by unfavorable variances in Middlemount's results and higher selling and administrative expenses[155]. - The company incurred costs of $54.0 million and $75.2 million related to the terminated Anglo acquisition for the three and nine months ended September 30, 2025, respectively[129]. - Depreciation, depletion, and amortization expense increased by 18% to $100.0 million in Q3 2025 compared to $84.7 million in Q3 2024[158]. - Cash paid for interest amounted to $35.0 million during the nine months ended September 30, 2025, compared to $32.6 million in the prior year[215]. Regulatory and Environmental Factors - The SEC adopted final rules on March 6, 2024, requiring public companies to disclose climate-related risks that could materially impact their business, but implementation was stayed pending judicial review[189]. - The EPA proposed to rescind the 2009 endangerment finding regarding GHG emissions and repeal vehicle rules based on GHG emissions on August 1, 2025[182]. - The Company continues to monitor litigation related to "climate superfund" laws filed by the U.S. Department of Justice against several states, which could impact the coal mining industry[186]. - The Company is facing potential additional security requirements for self-insuring black lung liabilities due to regulatory changes[178]. Liquidity and Capital Expenditures - As of September 30, 2025, the Company's cash and cash equivalents totaled $603.3 million, with approximately $377 million held by U.S. subsidiaries and $215 million by Australian subsidiaries[201]. - The Company's available liquidity decreased from $1,072.5 million as of December 31, 2024 to $951.2 million as of September 30, 2025, with cash and cash equivalents at $603.3 million and revolving credit facility availability at $270.7 million[202]. - The Company expects capital expenditures of approximately $420 million for 2025[212]. - Total indebtedness as of September 30, 2025 was $337.3 million, with long-term debt at $321.8 million[214]. Other Financial Metrics - Interest income decreased by 21% to $13.9 million in Q3 2025, driven by lower average cash balances[163]. - The company recorded a $109.5 million insurance recovery related to Shoal Creek losses, with $28.7 million recognized in Adjusted EBITDA for the nine months ended September 30, 2024[162]. - The maximum aggregate collateral amount was $519.2 million as of September 30, 2025, consisting of $392.8 million in trust accounts and $126.4 million in letters of credit[205]. - The restricted cash and collateral balance increased by $41.2 million during the nine months ended September 30, 2025, due to an increase in bonding requirements and foreign currency rate changes[231].

Exhibit 99.1 Delek Logistics Reports Record Third Quarter 2025 Results BRENTWOOD, Tenn., November 7, 2025 -- Delek Logistics Partners, LP (NYSE: DKL) ("Delek Logistics") today announced its financial results for the third quarter 2025. "During the third quarter Delek Logistics continued its strong execution by making progress on the development of sour gas gathering and acid gas injection capabilities. Delek Logistics also had record crude gathering volumes in its Delaware Business. Due to the strong progre ...

Financial Performance - Delek US reported a net income of $178.0 million or $2.93 per share for Q3 2025, compared to a net loss of $76.8 million or $(1.20) per share in Q3 2024[4]. - Adjusted net income for Q3 2025 was $434.2 million or $7.13 per share, significantly up from an adjusted loss of $93.0 million or $(1.45) per share in the same quarter last year[5]. - Total net revenues for Q3 2025 were $2,887.0 million, a decrease of 5.1% from $3,042.4 million in Q3 2024[23]. - Operating income for Q3 2025 was $295.7 million, compared to a loss of $121.9 million in Q3 2024[23]. - Cash provided by operating activities from continuing operations was $44.3 million in Q3 2025, compared to a cash outflow of $22.1 million in Q3 2024[24]. - Reported net income attributable to Delek for Q3 2025 was $178.0 million, a significant improvement from a loss of $76.8 million in Q3 2024[23]. - Reported diluted net income per share for Q3 2025 was $2.93, compared to a loss of $(1.20) in Q3 2024[37]. - Adjusted net income per share for Q3 2025 was $7.13, while the adjusted net loss per share for Q3 2024 was $(1.45)[37]. EBITDA and Adjustments - Adjusted EBITDA for Q3 2025 reached $759.6 million, a substantial increase from $70.6 million in Q3 2024, driven by a $280.8 million benefit from Small Refinery Exemptions (SREs)[4][5]. - The refining segment's adjusted EBITDA was $696.9 million in Q3 2025, compared to $10.2 million in Q3 2024, reflecting a 46.8% increase in benchmark crack spreads[6]. - Total adjusting items for Q3 2025 amounted to $347.4 million, while in Q3 2024, it was a negative $19.1 million[38]. - Adjusted EBITDA from continuing operations for Q3 2025 was $760.0 million, compared to $62.4 million in Q3 2024[39]. - Total adjusting items for Q3 2025 amounted to $71.9 million, compared to a negative $16.7 million in Q3 2024[50]. Segment Performance - The logistics segment's adjusted EBITDA increased to $131.5 million in Q3 2025 from $106.1 million in the prior-year quarter, attributed to acquisitions and increased wholesale margins[7]. - The refining segment contributed $464.1 million to the segment EBITDA in Q3 2025, while logistics contributed $102.0 million[41]. - Segment EBITDA attributable to Delek US for Q3 2025 reached $566.1 million, a substantial increase from $81.4 million in Q3 2024[41]. - The company reported total revenues of $3,103.4 million for the three months ended September 30, 2025, compared to $3,241.9 million for the same period in 2024, reflecting a decrease of approximately 4.3%[47]. Cash Flow and Debt - As of September 30, 2025, Delek US had a cash balance of $630.9 million and total consolidated long-term debt of $3,177.3 million, resulting in a net debt of $2,546.4 million[9]. - Cash and cash equivalents at the end of Q3 2025 were $630.9 million, down from $1,037.6 million at the end of Q3 2024[24]. - Long-term debt, net of current portion, increased to $3,167.8 million as of September 30, 2025, from $2,755.7 million at the end of 2024[22]. - Total long-term debt as of September 30, 2025, was $3,177.3 million, an increase from $2,765.2 million as of December 31, 2024[50]. Operational Metrics - Total sales volume of refined products averaged 317,587 barrels per day (bpd) in Q3 2025, up from 309,175 bpd in Q3 2024, representing a 2.9% increase[44]. - Total refining production margin increased to $9.59 per barrel in Q3 2025, compared to $4.88 per barrel in Q3 2024, marking a 96% increase[44]. - The average water disposal and recycling throughput in the Midland Water Gathering System increased significantly to 616,484 bpd in 2025 from 311,290 bpd in 2024[46]. - Operating expenses per barrel of throughput were $5.43 in Q3 2025, compared to $5.12 in Q3 2024, reflecting a 6% increase[44]. Costs and Expenses - The company incurred significant costs to comply with Renewable Identification Number (RIN) obligations due to the EPA's decisions on Small Refinery Exemption petitions[25]. - The company reported impairment charges of $16.3 million ($12.6 million after-tax) primarily related to software development costs for the three months ended September 30, 2025[27]. - Restructuring costs totaled $34.1 million ($26.4 million after-tax) in Q3 2025, associated with a business transformation initiative[29]. - General and administrative expenses, excluding transaction and restructuring costs, were $49.8 million for the three months ended September 30, 2025[30]. Market Conditions - The U.S. Gulf Coast 5-3-2 crack spread averaged $22.57 per barrel in the three months ended September 30, 2025, compared to $15.64 per barrel in the same period of 2024, representing a year-over-year increase of approximately 44.5%[49]. - The average WTI Cushing crude oil price per barrel was $65.06 in the three months ended September 30, 2025, down from $75.28 in the same period of 2024, indicating a decrease of approximately 13.5%[49].

Financial Performance - 3Q25 sales were $374 million, a decrease of approximately 6% compared to the prior year[4] - Net income for 3Q25 was a loss of $2.6 million, down $24.9 million from a net income of $22.3 million in 3Q24[4] - Adjusted earnings per share for 3Q25 were $0.08, a decrease of $0.80 from $0.88 in 3Q24[6] - Adjusted EBITDA for the quarter was $24.7 million, down $28.4 million year-over-year, primarily due to lower pricing in Chemical Intermediates[6] - Free cash flow for the three months ended September 30, 2025, was $66 thousand, a significant decrease from $26,760 thousand in the same period of 2024[25] - For the three months ended September 30, 2025, the company reported a net loss of $2.638 million compared to a net income of $22.266 million for the same period in 2024[27] - Adjusted net income (non-GAAP) for the three months ended September 30, 2025, was $2.148 million, down from $23.989 million in 2024, reflecting a significant decline[27] - The basic EPS for the three months ended September 30, 2025, was $(0.10), compared to $0.83 in the same period of 2024, indicating a decrease of 112%[27] - The diluted EPS for the three months ended September 30, 2025, was $(0.10), down from $0.82 in 2024, marking a decline of 112%[27] - The adjusted EPS (non-GAAP) for the three months ended September 30, 2025, was $0.08, down from $0.90 in 2024, reflecting a decrease of 91%[27] Cash Flow and Capital Expenditures - Cash flow from operations was $26.6 million, a decrease of $30.7 million compared to the prior year[8] - Capital expenditures for 3Q25 were $26.5 million, down $4.0 million from the previous year[8] - The company expects capital expenditures for 2025 to be approximately $120 to $125 million, reflecting a focus on cash conservation[10] Assets and Liabilities - Total assets increased to $1,688,347 thousand as of September 30, 2025, up from $1,594,920 thousand at December 31, 2024, representing a growth of 5.9%[20] - Total current liabilities decreased to $334,328 thousand as of September 30, 2025, down from $357,103 thousand at December 31, 2024, reflecting a reduction of 6.4%[20] - Total stockholders' equity rose to $818,232 thousand as of September 30, 2025, compared to $774,650 thousand at December 31, 2024, an increase of 5.6%[20] - Cash and cash equivalents at the end of the period increased to $23,696 thousand from $19,564 thousand at the beginning of the period, marking a rise of 20.8%[24] Operational Insights - The company is focused on optimizing production output and sales volume mix while managing inventory levels[3] - The company experienced a pre-tax income impact of approximately $15 million due to additional maintenance at the Frankford phenol plant during a multi-site planned plant turnaround[32] - An additional unfavorable impact of approximately $17 million to pre-tax income was noted due to reduced production and delayed ramp-up at the Hopewell plant during the same turnaround[32] Future Projections - Anticipated cash flow tailwinds in 2026 from 45Q carbon capture tax credits and 100% bonus depreciation[10] - The company plans to achieve a pre-tax income of approximately $25 million from sulfuric acid operations in 2025E, compared to $30 million in 2023[30] - The company anticipates a total pre-tax income of approximately $58 million from ammonia operations in 2024, up from $50 million in 2022[30]

Financial Performance - Total revenues for Q3 2025 were $208.8 million, a 1% increase year-over-year, including approximately $3.5 million from RFQ-hub and a $1.3 million increase from foreign currency fluctuations[10]. - Net income for Q3 2025 was $68 million, a 4% decrease from the previous quarter and a 4% decrease year-over-year[7]. - Diluted earnings per share (EPS) for Q3 2025 was $1.84, down 3% compared to Q3 2024[8]. - Record services revenue reached $28.7 million, a 9% increase year-over-year[15]. - Total revenues for Q3 2025 reached $208.82 million, a slight increase of 1% compared to $206.71 million in Q3 2024[30]. - Commission revenue for Q3 2025 was $180.17 million, showing a marginal decrease of less than 1% from $180.39 million in Q3 2024[31]. - Operating income for Q3 2025 was $85.58 million, a decrease of 2% from $87.06 million in Q3 2024[30]. - Net income available for common stockholders in Q3 2025 was $68.18 million, down 5% from $71.49 million in Q3 2024[30]. - EBITDA for Q3 2025 was $107,622 thousand, compared to $105,018 thousand in Q3 2024, reflecting a slight increase[36]. Expenses and Costs - Total expenses for Q3 2025 were $123.2 million, a 3% increase from the prior year, including $2.9 million in RFQ-hub expenses[19]. - Total credit commission revenue decreased by $3.5 million, or 2%, compared to the prior year, driven by a 7% decrease in U.S. credit commission revenue[12]. - Employee compensation and benefits expenses increased by 3% to $59.98 million in Q3 2025, compared to $58.43 million in Q3 2024[30]. - The company reported a provision for income taxes of $25.37 million in Q3 2025, an increase of 18% from $21.41 million in Q3 2024[30]. - The effective tax rate increased to 27.1% from 23.0% in the prior year, primarily due to increased accruals for uncertain tax positions[22]. Trading and Volume - U.S. credit portfolio trading average daily volume (ADV) increased 43% year-to-date compared to full-year 2024, with market share rising approximately 210 basis points[5]. - Block trading ADV in U.S. credit is 19% above full-year 2024 levels, with a 10% growth in the client-initiated channel[5]. - Total trading volume for Q3 2025 was $2,488,457 million, a decrease of 4% compared to Q3 2024's $2,595,888 million[32]. - Total credit trading volume increased by 3% in Q3 2025 to $932,426 million from $905,290 million in Q3 2024[32]. - U.S. government bonds trading volume decreased by 9% in Q3 2025 to $1,480,317 million compared to $1,619,337 million in Q3 2024[32]. - High-yield credit trading volume increased by 5% in Q3 2025 to $86,228 million from $81,761 million in Q3 2024[32]. Shareholder Actions - The company repurchased 239,026 shares at a cost of $45.3 million during Q3 2025, with a total of $105 million remaining under the share repurchase authorization[22]. - Cash dividends declared per common share increased to $0.76 in Q3 2025, up from $0.74 in Q3 2024[30]. Assets and Liabilities - Total assets as of September 30, 2025, were $2,013,908 thousand, an increase from $1,789,216 thousand as of December 31, 2024[34]. - Total liabilities increased to $623,725 thousand as of September 30, 2025, from $400,556 thousand as of December 31, 2024[34]. - Total stockholders' equity as of September 30, 2025, was $1,378,450 thousand, a slight decrease from $1,388,660 thousand as of December 31, 2024[34]. Cash Flow - Net cash provided by operating activities for Q3 2025 was $90,164,000, a decrease from $103,714,000 in Q2 2025 and $95,089,000 in Q3 2024[38]. - Free cash flow for Q3 2025 was $111,776,000, slightly down from $112,985,000 in Q2 2025 but up from $86,285,000 in Q3 2024[38]. - Year-to-date (YTD) free cash flow for 2025 reached $271,828,000, compared to $214,816,000 in YTD 2024, indicating a 26.5% increase[38]. Other Financial Metrics - The average variable transaction fee per million for credit decreased by 6% to $140 in Q3 2025, compared to $149 in Q3 2024[31]. - The net change in trading investments for Q3 2025 was $264,000, contrasting with a negative change of $(66,000) in Q2 2025[38]. - The net change in fail-to deliver/receive from broker-dealers, clearing organizations, and customers was $34,338,000 in Q3 2025, up from $22,053,000 in Q2 2025[38]. - Purchases of furniture, equipment, and leasehold improvements totaled $(1,496,000) in Q3 2025, compared to $(1,206,000) in Q2 2025[38]. - Capitalization of software development costs was $(11,494,000) in Q3 2025, consistent with $(11,510,000) in Q2 2025[38].

Financial Performance - For the three months ended September 30, 2025, net sales increased to $8,003 million, up from $7,671 million in the same period of 2024, representing a growth of 4.3%[21] - Gross profit for the third quarter of 2025 was $1,569 million, compared to $1,350 million in the third quarter of 2024, reflecting a gross margin improvement[21] - Operating profit for the three months ended September 30, 2025, was $526 million, significantly higher than the $55 million reported in the same period of 2024[23] - Net income attributable to common shareholders for the third quarter of 2025 was $246 million, compared to a net loss of $150 million in the same quarter of 2024[21] - Net income for the nine months ended September 30, 2025, was $601 million, a significant increase from $173 million in the same period of 2024, representing a growth of 247%[9] - Revenue for the nine months ended September 30, 2025, was $23,599 million, compared to $13,570 million for the same period in 2024, reflecting a 74% increase[65] Assets and Liabilities - Total assets as of September 30, 2025, amounted to $45,569 million, an increase from $43,759 million at the end of 2024[19] - Total liabilities increased to $27,110 million as of September 30, 2025, compared to $26,372 million at December 31, 2024[19] - The company’s retained earnings decreased to $2,787 million as of September 30, 2025, down from $2,950 million at the end of 2024[19] - The total equity of the company at September 30, 2025, was $18,459 million, up from $17,992 million at the same date in 2024, representing a growth of 2.6%[30] Cash Flow and Expenditures - Operating cash flow for the nine months ended September 30, 2025, was $2,197 million, compared to $702 million in 2024, indicating a 213% increase[9] - Capital expenditures for the nine months ended September 30, 2025, totaled $1,609 million, up from $897 million in 2024, reflecting an increase of 79%[9] - Cash dividends paid to shareholders in the nine months ended September 30, 2025, amounted to $675 million, compared to $493 million in 2024, marking a 37% increase[9] Impairment and Restructuring - The company experienced impairment charges of $242 million in the nine months ended September 30, 2025, compared to only $2 million in 2024[9] - The company recorded impairment and restructuring costs of $360 million for the nine months ended September 30, 2025[59] - Restructuring costs for the nine months ended September 30, 2025, were $118 million, compared to $19 million in the same period of 2024, marking a 521% increase[72] Debt and Interest - Interest expense for the nine months ended September 30, 2025, was $607 million, compared to $321 million for the same period in 2024, reflecting a significant increase[24] - The total debt, excluding debt issuance costs, increased to $14,171 million as of September 30, 2025, from $13,658 million at December 31, 2024[92] - Total cash paid for interest, net of interest received, was $496 million for the nine months ended September 30, 2025, up from $236 million in 2024[24] Tax and Legal Matters - The effective tax rate for the nine months ended September 30, 2025, was 23.3%, influenced by various tax benefits and expenses[100] - The total amount in dispute regarding tax claims in Brazil was R$780 million ($146 million) as of September 30, 2025[113] - The company was awarded compensation exceeding $469 million in an international arbitration against Venezuela, with additional legal costs of $5 million[120] - On July 29, 2025, the company was named in a U.S. antitrust class action lawsuit alleging price-fixing in the containerboard market[121] Other Comprehensive Income - The company reported a comprehensive income of $326 million for the three months ended September 30, 2025, compared to a comprehensive loss of $90 million in the same period of 2024[24] - The company reported an increase in accumulated other comprehensive income of $1,099 million for the nine months ended September 30, 2025, compared to a loss of $1,011 million in 2024[30] - The accumulated other comprehensive loss decreased to $347 million as of September 30, 2025, from $1,011 million as of September 30, 2024[129] Market and Operational Insights - The company is focused on achieving synergies and value creation from the Combination of Smurfit Kappa and WestRock, with ongoing integration efforts[11] - The North America segment reported net sales of $4,639 million for the three months ended September 30, 2025, contributing to a total Adjusted EBITDA of $1,345 million[55] - The company incurred $238 million and $351 million in transaction-related costs during the three and nine months ended September 30, 2024, respectively[56]

Property Portfolio - As of September 30, 2025, the company owned 16 properties comprising 33 office buildings with a total of approximately 4.2 million square feet of net rentable area (NRA) and was approximately 84.5% leased[96]. - The company focuses on owning office properties in growth markets predominantly in the Sun Belt, which are characterized by growing populations and above-average employment growth forecasts[98]. - Approximately 20.1% of the NRA in the portfolio had early termination provisions as of September 30, 2025, but no tenants exercised these provisions in 2025[99]. - As of September 30, 2025, 0.7% of the leases were scheduled to expire over the remainder of the calendar year, without regard to renewal options[99]. - General Services Administration (GSA) tenants represented approximately 5.1% of the base rental revenue, with all federal or state governmental agencies accounting for 7.7%[99]. Leasing Activity - For the three months ended September 30, 2025, total leasing activity included 105,000 square feet, with new leasing at 38,000 square feet and renewal leasing at 67,000 square feet[102]. - The average effective rent per square foot for new leases was $45.50, while for renewals it was $40.25, resulting in an overall average of $42.13 per square foot[102]. - The retention rate for leases was 68%, indicating a strong ability to retain existing tenants[102]. Financial Performance - Rental and other revenues decreased by $5.1 million, or 12%, to $37.3 million for the three months ended September 30, 2025, compared to $42.4 million for the same period in 2024[111]. - Property operating expenses decreased by $2.2 million, or 12%, to $15.6 million for the three months ended September 30, 2025, from $17.8 million for the same period in 2024[112]. - General and administrative expenses remained unchanged at $3.8 million for the three months ended September 30, 2025, and 2024[113]. - Depreciation and amortization decreased by $4.0 million, or 28%, to $10.6 million for the three months ended September 30, 2025, from $14.6 million in the prior year[114]. - Rental and other revenues decreased by $7.3 million, or 6%, to $121.9 million for the nine months ended September 30, 2025, compared to $129.2 million for the same period in 2024[119]. - Property operating expenses decreased by $4.8 million, or 9%, to $48.2 million for the nine months ended September 30, 2025, from $53.0 million for the same period in 2024[120]. - General and administrative expenses increased by $0.5 million, or 5%, to $11.8 million for the nine months ended September 30, 2025, from $11.3 million in the prior year[121]. - Depreciation and amortization decreased by $2.6 million, or 6%, to $41.8 million for the nine months ended September 30, 2025, from $44.4 million in the prior year[122]. - Impairment of real estate was $102.2 million for the nine months ended September 30, 2025, compared to nil in the prior year[123]. - Interest expense decreased by $0.5 million, or 2%, to $25.0 million for the nine months ended September 30, 2025, from $25.5 million for the same period in 2024[124]. Cash Flow and Debt - Cash, cash equivalents, and restricted cash decreased from $43.0 million as of September 30, 2024, to $39.3 million as of September 30, 2025[127]. - Net cash provided by operating activities decreased by $11.3 million to $38.7 million for the nine months ended September 30, 2025, compared to $50.0 million for the same period in 2024[128]. - Net cash provided by investing activities increased by $265.6 million to $235.8 million for the nine months ended September 30, 2025, primarily due to the sale of Superior Pointe and the First Phoenix Closing[129]. - Net cash used in financing activities increased by $248.5 million to $269.1 million for the nine months ended September 30, 2025, primarily due to increased repayment of borrowings[130]. - Segment net operating income (NOI) for the nine months ended September 30, 2025, was $73.675 million, a decrease from $76.187 million in 2024[134]. - As of September 30, 2025, approximately $285.0 million, or 71.2%, of the company's debt had fixed interest rates, while $115.0 million, or 28.8%, had variable interest rates[150]. - A 1% increase in SOFR would result in a $1.2 million increase in annual interest costs on debt outstanding as of September 30, 2025[150]. - The company had approximately $21.3 million of cash and cash equivalents and $17.9 million of restricted cash as of September 30, 2025[135]. - The total contractual obligations as of September 30, 2025, amounted to $450.878 million, with principal payments on indebtedness totaling $399.970 million[146]. Merger and Acquisition - The company entered into a Merger Agreement with MCME Carell to acquire all outstanding shares for $7.00 per share in cash, subject to customary closing conditions[93]. Economic Outlook - The company anticipates that future economic downturns could adversely affect its ability to maintain or increase rental rates and fulfill lease commitments[99].

Financial Performance - Q3 2025 revenues reached $11.5 million, a 22% increase from $9.4 million in Q3 2024, marking the highest quarterly revenues in company history [2][7] - Gross margin for Q3 2025 was 77.9%, up from 75.5% in Q3 2024 [3][22] - Operating income for Q3 2025 was $1.5 million, down from $2.0 million in Q3 2024, impacted by $1.4 million in stock-based compensation costs [4][22] - Net income for Q3 2025 was $10.3 million, compared to a net loss of $20.7 million in Q3 2024, primarily due to a non-cash gain of $6.1 million from derivative liabilities [7][22] - Adjusted EBITDA for Q3 2025 was $3.5 million, compared to $2.1 million in Q3 2024 [7][24] - Operating income for the nine months ended September 30, 2025, was $4,330,000, compared to $2,895,000 for the same period in 2024, reflecting a 49.5% increase [29] - Net income for Q3 2025 was $10,325,000, a substantial recovery from a net loss of $20,657,000 in Q3 2024 [29] - Net income for the nine months ended September 30, 2025, was $5,704, compared to a net loss of $18,624 in the same period of 2024 [32] - The company reported a basic earnings per share of $1.20 for Q3 2025, compared to a loss of $6.49 per share in Q3 2024 [29] Sales and Revenue Growth - The company sold 155 UltraMist® systems in Q3 2025, an all-time quarterly record, compared to 124 in Q3 2024 [7][8] - UltraMist® consumables revenue increased by 26% to $6.8 million in Q3 2025, up from $5.4 million in Q3 2024 [7] - The company provides guidance for Q4 2025 revenues of $13-$14 million, representing a 35-39% increase compared to full year 2024 [5][9] - Full year revenue guidance is set at $44-$45 million, reflecting significant growth compared to the previous year [9] - Total revenue for Q3 2025 was $11,451,000, representing a 22.2% increase from $9,360,000 in Q3 2024 [29] Financial Position and Assets - Total assets increased to $35,599,000 as of September 30, 2025, compared to $30,119,000 at the end of 2024, marking an 18.1% growth [25] - Current liabilities decreased to $19,577,000 from $42,345,000, showing a reduction of 53.8% [25] - Total stockholders' deficit improved to $(2,931,000) from $(12,717,000) at the end of 2024, indicating a positive shift in financial health [28] - Cash and cash equivalents were $9,602,000 as of September 30, 2025, down from $10,237,000 at the end of 2024 [25] Expenses and Cash Flow - Research and development expenses increased to $345,000 in Q3 2025 from $161,000 in Q3 2024, reflecting a focus on innovation [29] - Cash flows provided by operating activities decreased to $557, down from $1,714 in the prior year [32] - Cash paid for interest was $3,291, slightly up from $3,189 in the previous year [34] - The company capitalized interest into senior secured debt amounting to $549, compared to $3,850 in the prior year [34] - The net cash flows used in financing activities were $4,346, compared to $119 in the previous year, indicating increased financing outflows [33] Gains and Losses - The company reported a gain on the sale of patents amounting to $5,000, with no comparable figure in 2024 [32] - The change in fair value of derivative liabilities resulted in a loss of $2,186, contrasting with a gain of $17,633 in the prior year [32] - The company reported a loss on extinguishment of debt of $477, compared to a gain of $5,205 in the previous year [32] Future Outlook - The company anticipates a robust sales pipeline and increased inbound interest from customers following the recent CMS reimbursement rule [8]