Financial Performance - Revenue for the three months ended September 30, 2025, was $885.7 million, representing a year-over-year growth of 28% compared to $690.0 million in the same period of 2024[124]. - For the nine months ended September 30, 2025, revenue was $2,474.0 million, reflecting a year-over-year growth of 27% from $1,946.5 million in 2024[124]. - Revenue for the three months ended September 30, 2025, was $885,651,000, representing an increase of $195,635,000 or 28% compared to $690,016,000 for the same period in 2024[156]. - Revenue increased by $527.4 million, or 27%, to $2,473.964 million for the nine months ended September 30, 2025, compared to the same period in 2024[164]. - The company generated net income of $33.9 million for the three months ended September 30, 2025, down from $51.7 million in 2024[124]. - Net income for the three months ended September 30, 2025, was $33,885,000, compared to $51,697,000 for the same period in 2024[152]. - Operating loss for the three months ended September 30, 2025, was $(5,809,000), compared to operating income of $20,278,000 for the same period in 2024[152]. - Total operating expenses for the three months ended September 30, 2025, were $715,003,000, up from $531,982,000 in the same period in 2024[152]. - Cash provided by operating activities was $723.066 million for the nine months ended September 30, 2025, an increase of $117.7 million compared to the prior year[177]. - Free cash flow for the nine months ended September 30, 2025, was $623.696 million, up from $534.131 million in 2024[182]. Customer Metrics - The number of customers increased to approximately 32,000 as of September 30, 2025, up from approximately 29,200 a year earlier[127]. - The company had approximately 4,060 customers with annual run-rate revenue (ARR) of $100,000 or more, representing 89% of total ARR, an increase from 3,490 customers (88% of ARR) a year earlier[129]. - The trailing 12-month dollar-based net retention rate was about 120% as of September 30, 2025, up from mid-110% a year earlier, indicating increased usage growth from existing customers[130]. - Revenue from regions outside of North America accounted for approximately 29% of total revenue for the nine months ended September 30, 2025[134]. Expenses - Research and development expenses increased by $110,180,000 or 38% to $401,982,000 for the three months ended September 30, 2025, accounting for 45% of revenue[160]. - Sales and marketing expenses rose by $51,000,000 or 27% to $238,729,000 for the three months ended September 30, 2025, maintaining 27% of revenue[161]. - General and administrative expenses increased by $21,884,000 or 42% to $74,292,000 for the three months ended September 30, 2025, representing 8% of revenue[162]. - Research and development expenses increased by $294.1 million, or 35%, to $1,130.525 million, representing 46% of revenue for the nine months ended September 30, 2025[167]. - Sales and marketing expenses rose by $143.4 million, or 26%, totaling $692.046 million, maintaining 28% of revenue for the nine months ended September 30, 2025[168]. - General and administrative expenses increased by $59.8 million, or 41%, to $205.059 million, representing 8% of revenue for the nine months ended September 30, 2025[170]. Cash and Investments - As of September 30, 2025, the company had $540.6 million in cash and cash equivalents and $3.6 billion in marketable securities[124]. - As of September 30, 2025, the company had $506.8 million in cash equivalents and $3.6 billion in marketable securities[188]. - The company's investments are primarily in corporate debt, commercial paper, U.S. government treasury securities, certificates of deposit, and U.S. government agency securities[188]. - A hypothetical 10% relative change in interest rates would not have a material impact on the company's condensed consolidated financial statements[188]. - The company expects research and development expenses to increase in absolute dollars as the business grows, particularly due to investments in its platform[147]. Strategic Plans - The company plans to continue investing in geographic expansion, particularly in EMEA and APAC, despite potential short-term adverse effects on operating results[134]. - The company intends to evaluate strategic acquisitions and investments to drive product and market expansion[133]. Foreign Currency Risk - The company's reporting currency is the U.S. dollar, and all sales are denominated in U.S. dollars, minimizing foreign currency risk[189]. - Operating expenses are denominated in the currencies of the countries where operations are located, primarily the U.S., France, Ireland, and the U.K.[189]. - The company's consolidated results are subject to fluctuations due to changes in foreign currency exchange rates[189]. - A hypothetical 10% increase or decrease in the relative value of the U.S. dollar to other currencies would not have a material effect on the company's operating results[189]. - The company has not entered into any hedging arrangements regarding foreign currency risk or other derivative financial instruments[189]. - Future decisions regarding hedging may be considered to mitigate foreign currency risk[189].

Exhibit 99.1 Prime Medicine Reports Third Quarter 2025 Financial Results and Provides Business Updates -- New preclinical data for PM577 in Wilson's Disease (WD) to be presented at AASLD; on-track to file IND and/or CTA in H1'26, with initial clinical data expected in 2027 -- -- Nominated PM647 as development candidate for Alpha-1 Antitrypsin Deficiency (AATD); on-track to file IND and/or CTA in mid- 2026, with initial clinical data expected in 2027 -- -- Strengthened leadership team with the appointment of ...

Financial Performance - Total revenue for the three months ended September 30, 2025, was $28.1 million, an increase of 14.5% compared to $24.6 million for the same period in 2024[135] - The net income for the three months ended September 30, 2025, was $274,000, a significant decrease from $91.5 million for the same period in 2024[135] - Total revenue for the nine months ended September 30, 2025, was $84.8 million, up from $80.5 million in 2024, reflecting a 5% increase[148] - Net loss for the nine months ended September 30, 2025, was $47.5 million, compared to a net income of $14.5 million in 2024, representing a decline of $62.0 million[148] - Total costs and expenses decreased to $91.8 million in 2025 from $108.0 million in 2024, a reduction of 15%[148] Income Sources - Interest income increased to $1.2 million for the three months ended September 30, 2025, from $0.5 million for the same period in 2024, reflecting an increase in the average balance of performing loans[136] - Other income rose to $23.5 million during the three months ended September 30, 2025, compared to $16.2 million for the same period in 2024, primarily due to a $7.0 million legal settlement[137] - Interest income rose significantly to $3.4 million in 2025 from $1.4 million in 2024, marking a 147% increase driven by a higher average balance of performing loans and new lending investments[151] - Other income increased to $42.5 million in 2025 from $35.5 million in 2024, a growth of 20% primarily due to a $7.0 million legal settlement related to a legacy asset[152] Expenses - Real estate expenses increased to $15.6 million for the three months ended September 30, 2025, from $12.9 million in 2024, largely due to a legal settlement[141] - General and administrative expenses decreased to $11.3 million in 2025 from $16.5 million in 2024, a reduction of 32% due to lower management fees[158] Cash Flow and Financial Position - Cash flows used in operating activities improved to $(3.7) million in 2025 from $(24.4) million in 2024, indicating a positive trend in operational cash flow[168] - As of September 30, 2025, the company was in compliance with all financial covenants related to its debt facilities[173] Interest Rate Risks - In a rising interest rate environment, defaults could increase, leading to additional credit losses that adversely affect liquidity and operating results[177] - The company monitors the spreads between interest-earning assets and interest-bearing liabilities and may implement hedging strategies to mitigate interest rate risks[179] - Estimated changes in annual net income based on interest rate fluctuations show a potential decrease of $335,000 if rates increase by 100 basis points[181] - As of September 30, 2025, the company has $146.2 million in floating-rate debt obligations and $55.8 million in cash and cash equivalents[181] - A decrease of 100 basis points in interest rates could result in an increase of $335,000 in net income[181] - The company does not engage in derivative contracts for speculative purposes or to hedge against credit risk[179] - Interest rates are influenced by various factors, including governmental policies and economic conditions, which are beyond the company's control[178] - The potential impact of a 50 basis point increase in interest rates could lead to a decrease of $168,000 in net income[181] - The company aims to limit the effects of interest rate changes on operations through interest rate swaps and caps[179] - Actual results may differ significantly from estimated changes in net income due to interest rate fluctuations[180] Asset Valuation - As of September 30, 2025, the aggregate carrying value of the Asbury Park Waterfront investment was approximately $130.7 million[123] - As of September 30, 2025, the aggregate carrying value of the monetizing portfolio was approximately $160.2 million, primarily consisting of loans and operating properties[128] - The carrying value of the Magnolia Green assets was $27.7 million as of September 30, 2025, with 2,237 residential lots sold to homebuilders[126][127] - The fair value of Safe Shares was $209.5 million based on a closing price of $15.49 as of September 30, 2025[132]

Financial Performance - Sylvamo reported a 7% sales volume growth quarter-over-quarter in Q3 2025, with net sales reaching $846 million compared to $794 million in Q2 2025[6][21]. - Year-to-date net income for 2025 was $57 million, or $1.41 per diluted share, with adjusted EBITDA of $151 million, reflecting an 18% margin[6][21]. - Net sales for the three months ended September 30, 2025, were $846 million, a decrease of 12.3% compared to $965 million for the same period in 2024[35]. - Net income for the three months ended September 30, 2025, was $57 million, down 40% from $95 million in the same period last year[35]. - Adjusted EBITDA for the three months ended September 30, 2025, was $151 million, representing an adjusted EBITDA margin of 18%[52]. - Operating profit for North America segment was $84 million for the three months ended September 30, 2025, compared to $98 million in the same period of 2024[47]. - Latin America segment reported net sales of $228 million for the three months ended September 30, 2025, down from $247 million in the same period last year[46]. - Adjusted EBITDA for North America was $101 million for the three months ended September 30, 2025, down from $113 million in the same period of 2024, reflecting a decrease of 10.6%[53]. - Total Business Segment Net Sales decreased to $862 million for the three months ended September 30, 2025, compared to $973 million in the same period of 2024, a decline of 11.4%[53]. - Adjusted EBITDA Margin for Europe was negative 6% for the three months ended September 30, 2025, compared to a positive 6% in the same period of 2024[53]. - Net income for the nine months ended September 30, 2025, was $99 million, a decrease of 55% from $221 million in the same period of 2024[57]. Shareholder Returns - The company returned a total of $60 million to shareholders in Q3 2025, consisting of $42 million in share repurchases and $18 million in dividends[3][6]. - The company has authorized a new $150 million share repurchase program, emphasizing its commitment to disciplined capital allocation[8]. Cost and Expense Management - The company is focused on strategic initiatives to improve margins and reduce costs, including optimizing product and customer mix in response to changing market conditions[10][12]. - Total costs and expenses for the three months ended September 30, 2025, were $758 million, compared to $833 million for the same period in 2024[35]. - The company incurred a net special items expense of $1 million for the three months ended September 30, 2025[44]. Tax and Income Provisions - The effective tax rate for Q3 2025 was reported at 35%, an increase from 25% in Q2 2025, attributed to the mix of earnings across regions[26]. - Income tax provision for the three months ended September 30, 2025, was $31 million, compared to $37 million for the same period in 2024[52]. Cash Flow and Assets - Cash provided by operating activities for the nine months ended September 30, 2025, was $174 million, down from $305 million in the same period of 2024, a decrease of 43%[57]. - Free Cash Flow for the nine months ended September 30, 2025, was $6 million, significantly lower than $148 million in the same period of 2024[59]. - Cash and temporary investments decreased to $94 million as of September 30, 2025, from $205 million at the beginning of the period, a decline of 54%[56]. - Total assets increased to $2,703 million as of September 30, 2025, compared to $2,604 million as of December 31, 2024, an increase of 3.8%[55]. - The company reported a total equity of $977 million as of September 30, 2025, up from $847 million as of December 31, 2024, an increase of 15.4%[55]. Market Outlook - The fourth quarter outlook projects a decrease in price and mix by $20 million to $25 million, while volume is expected to improve by $15 million to $20 million[6]. - In Europe, uncoated freesheet demand decreased by 5% year-over-year through September, while supply fell by 7%, indicating challenging industry conditions[13]. Future Projections - The company plans to achieve an Adjusted EBITDA of $115 to $130 million for the fourth quarter of 2025[62].

Portfolio Overview - As of September 30, 2025, the company's Portfolio totaled approximately $7.5 billion, including $3.7 billion in Behind-the-Meter (BTM) assets, $2.8 billion in Grid-Connected (GC) assets, and $1.0 billion in Fuels, Transport, and Nature (FTN) assets[208]. - The company's pipeline of potential new opportunities as of September 30, 2025, consisted of more than $6.0 billion, with approximately 39% related to BTM assets, 38% to GC assets, and 18% to FTN assets[203]. - Approximately 53% of the Portfolio consisted of equity method investments in renewable energy-related projects, while 37% consisted of fixed-rate receivables and debt securities[208]. - The average size of transactions in the Portfolio was approximately $11 million, with a weighted average remaining life of about 16 years[208]. - The GAAP-based Portfolio increased to $7.542 billion as of September 30, 2025, compared to $6.594 billion as of December 31, 2024, reflecting a growth of 14.4%[235]. Financial Performance - The company completed approximately $649 million and $1.5 billion of transactions during the three and nine months ended September 30, 2025, respectively, compared to approximately $396 million and $1.2 billion during the same periods in 2024[200]. - Total revenue for Q3 2025 reached $103.064 million, a 26% increase from $81.965 million in Q3 2024[215]. - Net income for Q3 2025 was $84.906 million, a significant increase of $104.082 million compared to a net loss of $19.176 million in Q3 2024[216]. - For the nine months ended September 30, 2025, total revenue was $285.690 million, a slight increase of 1% from $282.298 million in the same period of 2024[217]. - Net income for the nine months ended September 30, 2025, was $242.886 million, an increase of $110.570 million or 84% compared to $132.316 million in 2024[217]. Income and Expenses - Interest and rental income for Q3 2025 increased to $68.976 million, up 8% from $64.151 million in Q3 2024[215]. - Interest expense rose to $71.481 million in Q3 2025, reflecting a 20% increase from $59.401 million in Q3 2024[215]. - The average cost of debt for Q3 2025 was 5.9%, compared to 5.6% in Q3 2024[215]. - Adjusted Earnings for Q3 2025 were $102.5 million, or $0.80 per share, up from $62.6 million, or $0.52 per share in Q3 2024[228]. - The company reported a return of capital of $25 million in Q3 2025, compared to $6 million in Q3 2024[226]. Cash Flow and Liquidity - Cash collected in Q3 2025 was $93 million, significantly higher than $32 million in Q3 2024[226]. - The total cash collected for the nine months ended September 30, 2025, was $187 million, compared to $67 million in the same period of 2024[226]. - Total liquidity available as of September 30, 2025, was $1.136 billion, consisting of $302 million in unrestricted cash and $804 million in unused capacity under the unsecured revolving credit facility[250]. - Cash provided by financing activities for the nine months ended September 30, 2025, was $759 million, significantly higher than the $(89) million reported for the same period in 2024[271]. - Cash used in investing activities decreased by $565 million compared to the same period in 2024, with increased investments in equity method investments and receivables[270]. Debt and Financing - The company has a strategic partnership with KKR for joint investments in eligible projects, enhancing its investment capabilities[202]. - The company entered into a delayed-draw term loan facility of up to $250 million, available from March 16, 2026, to June 15, 2026, with a maturity date of June 15, 2028[252]. - As of September 30, 2025, the company's long-term recourse debt obligations totaled $5.189 billion, with a debt-to-equity ratio of approximately 1.9 to 1, below the board-approved limit of 2.5 to 1[260][261]. - The percentage of fixed-rate debt was approximately 88% as of September 30, 2025, within the targeted range of 75% to 100%[261]. - The company plans to continue issuing debt, which may be secured or unsecured, and may also issue additional equity to finance its business[258]. Risk Management - The company anticipates that its primary market risks will relate to credit quality, market interest rates, liquidity of assets, and commodity prices[278]. - The company actively manages credit risk through thorough due diligence, strong structural protections, and continuous portfolio monitoring[290]. - The company employs various interest rate management techniques to mitigate risks, including matching debt maturities with asset maturities and using interest rate swaps[282]. - Environmental risks are integral to the company's investment parameters, and ongoing asset management includes monitoring these risks[290]. - Changes in discount rates will impact the fair value of certain assets recorded at fair value in the financial statements[285].

Revenue Performance - Total revenues for the three months ended September 30, 2025, decreased by $34.1 million, or 6.2%, to $511.9 million compared to $545.9 million in the same period of 2024[126]. - Total revenues for the nine months ended September 30, 2025 decreased by $51.9 million, or 3.9%, to $1,289.0 million compared to $1,340.9 million for the same period in 2024[135]. - Admissions revenue for the nine months ended September 30, 2025 decreased by $46.3 million, or 6.4%, to $680.5 million compared to $726.8 million for the same period in 2024[136]. Attendance and Admissions - Admissions revenue decreased by $28.3 million, or 9.5%, to $268.7 million, primarily due to a decrease in admission per capita and attendance, which fell by approximately 240,000 guests, or 3.4%[127]. - Attendance levels are influenced by factors such as affordability, new attractions, competitive offerings, and global economic conditions[118]. - Total attendance for the first nine months of 2025 decreased by approximately 252 thousand guests, or 1.5%, compared to the first nine months of 2024[136]. Operating Expenses - Operating expenses increased by $7.1 million, or 3.4%, to $214.4 million, primarily due to higher labor-related costs and increased non-cash self-insurance adjustments[130]. - Selling, general and administrative expenses rose by $5.3 million, or 9.6%, to $60.7 million, driven by increased third-party consulting costs and legal fees[131]. - Inflation has significantly impacted the company's operations, affecting costs related to food, merchandise, labor, and utilities[171]. Net Income and Profitability - Net income for the three months ended September 30, 2025, was $89.3 million, a decrease of $30.4 million, or 25.4%, compared to $119.7 million in the prior year[126]. - Net income for the nine months ended September 30, 2025 decreased by $46.3 million, or 23.2%, to $153.3 million compared to $199.6 million for the same period in 2024[135]. - Operating income for the nine months ended September 30, 2025 decreased by $78.5 million, or 20.3%, to $309.0 million compared to $387.5 million for the same period in 2024[135]. Cash Flow and Financing - Net cash provided by operating activities was $301.7 million during the nine months ended September 30, 2025, down from $367.7 million during the same period in 2024[150]. - Net cash used in financing activities for the nine months ended September 30, 2025, was $16.3 million for share repurchases and $11.6 million for long-term debt repayments, compared to $445.3 million and $238.2 million respectively in 2024[155][158]. - As of September 30, 2025, the company had $1.527 billion in Term B-3 Loans maturing on December 4, 2031, and a $700 million Revolving Credit Facility with approximately $689.1 million available for borrowing[158]. Cost Management and Strategic Initiatives - The company has identified meaningful cost savings opportunities, including technology initiatives, to improve operating margins[120]. - The company incurred $4.4 million in business optimization costs for the three months ended September 30, 2025, reflecting ongoing strategic initiatives[166]. Debt and Compliance - Approximately $1.5 billion of the company's long-term debt is variable-rate debt, with a hypothetical 100 bps increase in Term SOFR potentially increasing annual interest expense by approximately $22.3 million[173][174]. - The company was in compliance with all covenants in the credit agreement governing the Senior Secured Credit Facilities and the indentures governing its Senior Notes as of September 30, 2025[160]. Depreciation and Amortization - Depreciation and amortization expense for the nine months ended September 30, 2025 increased by $8.3 million, or 6.9%, to $129.4 million compared to $121.0 million for the same period in 2024[141]. In-Park Spending - Food, merchandise, and other revenue decreased by $5.7 million, or 2.3%, to $243.2 million, despite a 1.1% increase in in-park per capita spending, which rose to $35.82[128]. - In-park per capita spending increased by 0.6% to $37.07 for the nine months ended September 30, 2025 compared to $36.85 for the same period in 2024[137]. EBITDA Metrics - Adjusted EBITDA for the nine months ended September 30, 2025, was $489.98 million, compared to $555.72 million in 2024, reflecting a decrease of approximately 11.7%[166]. - Covenant Adjusted EBITDA for the last twelve months ended September 30, 2025, was $654.73 million, which includes estimated cost savings adjustments[166]. Seasonal Trends - The theme park industry is seasonal, with approximately two-thirds of attendance and revenues generated in the second and third quarters[123]. Contractual Obligations - There were no material changes to the company's contractual obligations as of September 30, 2025, compared to previous disclosures[167].

Revenue Performance - Total revenues for the three months ended September 30, 2025, decreased by $34.1 million, or 6.2%, to $511.9 million compared to $545.9 million in the same period of 2024[126]. - Admissions revenue decreased by $28.3 million, or 9.5%, to $268.7 million, primarily due to a decrease in admission per capita and attendance, which fell by approximately 240 thousand guests, or 3.4%[127]. - Food, merchandise, and other revenue decreased by $5.7 million, or 2.3%, to $243.2 million, despite an increase in in-park per capita spending, which rose by 1.1% to $35.82[128]. - Net revenues for the nine months ended September 30, 2025 decreased by $51.9 million, or 3.9%, to $1,289.0 million compared to $1,340.9 million for the same period in 2024[135]. - Admissions revenue for the nine months ended September 30, 2025 decreased by $46.3 million, or 6.4%, to $680.5 million compared to $726.8 million for the same period in 2024[136]. - Total attendance for the first nine months of 2025 decreased by approximately 252 thousand guests, or 1.5%, compared to the same period in 2024[136]. Operating Expenses - Operating expenses increased by $7.1 million, or 3.4%, to $214.4 million, primarily due to increased labor-related costs and non-cash self-insurance adjustments[130]. - Selling, general and administrative expenses increased by $5.3 million, or 9.6%, to $60.7 million, driven by higher third-party consulting costs and legal fees[131]. - Depreciation and amortization expense for the nine months ended September 30, 2025 increased by $8.3 million, or 6.9%, to $129.4 million compared to $121.0 million for the same period in 2024[141]. Net Income - Net income for the three months ended September 30, 2025, was $89.3 million, a decrease of $30.4 million, or 25.4%, compared to $119.7 million in the prior year[126]. - Net income for the nine months ended September 30, 2025 was $153.3 million, a decrease of $46.3 million, or 23.2%, compared to $199.6 million for the same period in 2024[135]. - The company reported a net income of $89.3 million for the three months ended September 30, 2025, down from $119.7 million in the same period of 2024[166]. Cash Flow and Financing - Net cash provided by operating activities was $301.7 million during the nine months ended September 30, 2025, down from $367.7 million during the same period in 2024[150]. - Net cash used in financing activities for the nine months ended September 30, 2025, was $16.3 million for share repurchases and $11.6 million for long-term debt repayments, compared to $445.3 million and $238.2 million respectively in the same period of 2024[155][158]. - As of September 30, 2025, the company had $1.527 billion in Term B-3 Loans maturing on December 4, 2031, and a $700 million Revolving Credit Facility with approximately $689.1 million available for borrowing[158]. Debt and Interest - Interest expense for the nine months ended September 30, 2025 decreased by $16.3 million, or 13.8%, to $101.6 million compared to $117.8 million for the same period in 2024[142]. - Approximately $1.5 billion of the company's long-term debt is variable-rate debt, with a hypothetical 100 bps increase in Term SOFR potentially increasing annual interest expense by approximately $22.3 million[174]. - The company was in compliance with all covenants in the credit agreement governing the Senior Secured Credit Facilities and the indentures governing its Senior Notes as of September 30, 2025[160]. Strategic Initiatives and Risks - The company has identified meaningful cost savings opportunities, including technology initiatives, to improve operating margins[120]. - Inflation and interest rate fluctuations are significant risks affecting the company's operations and financial performance[171][172]. - The company incurred $4.4 million in business optimization costs for the three months ended September 30, 2025, reflecting ongoing strategic initiatives[166]. - Attendance levels are influenced by factors such as affordability, new attractions, competitive offerings, and global economic conditions[118]. - The theme park industry is seasonal, with approximately two-thirds of attendance and revenues generated in the second and third quarters[123]. Adjusted Metrics - Adjusted EBITDA for the nine months ended September 30, 2025, was $489.98 million, compared to $555.72 million for the same period in 2024, reflecting a decrease of approximately 11.8%[166]. - Covenant Adjusted EBITDA for the last twelve months ended September 30, 2025, was $654.73 million, which includes estimated cost savings adjustments[166].

Exhibit 99.1 Essent Group Ltd. Announces Third Quarter 2025 Results and Declares Quarterly Dividend HAMILTON, Bermuda, November 7, 2025--Essent Group Ltd. (NYSE: ESNT) today reported net income for the quarter ended September 30, 2025 of $164.2 million or $1.67 per diluted share, compared to $176.2 million or $1.65 per diluted share for the quarter ended September 30, 2024. Essent also announced today that its Board of Directors has declared a quarterly cash dividend of $0.31 per common share. The dividend ...

Exhibit 99.1 THE WENDY'S COMPANY REPORTS THIRD QUARTER 2025 RESULTS Dublin, Ohio (November 7, 2025) - The Wendy's Company (Nasdaq: WEN) today reported unaudited results for the third quarter ended September 28, 2025. "Third quarter results were in line with our expectations, reflecting continued strength in our international business with 8.6% systemwide sales growth, the addition of 54 new restaurants globally and adjusted EBITDA growth," said Ken Cook, Interim CEO. "In the U.S. our actions to drive operat ...

Revenue Growth - Revenue increased by $12.3 million, or 17%, from $71.7 million in Q3 2024 to $84.1 million in Q3 2025[145]. - Revenue from laboratory services reached $83.9 million in Q3 2025, up 17% from $71.7 million in Q3 2024, driven by increases in precision diagnostics, anatomic pathology, and BioPharma services[145][146]. - Precision diagnostics revenue grew by $7.2 million, or 16%, in Q3 2025 compared to Q3 2024, attributed to growth in reproductive health services[145][146][147]. - Total revenue for the nine months ended September 30, 2025, was $239.3 million, a 16% increase from $207.3 million in the same period of 2024[146]. - BioPharma services revenue surged by 83% in Q3 2025 compared to Q3 2024, reflecting the timing of service projects[145][147]. - Revenue from non-U.S. sources increased by $0.4 million, or 7%, from $6.0 million in Q3 2024 to $6.5 million in Q3 2025[152]. Profitability and Loss - Operating loss improved to $(15.4) million in Q3 2025, a 10% reduction from $(17.1) million in Q3 2024[144]. - Net loss attributable to Fulgent decreased by $8.0 million, or 55%, from $(14.6) million in Q3 2024 to $(6.6) million in Q3 2025[144]. - Gross profit increased by $8.7 million, or 33%, from $26.8 million in Q3 2024 to $35.5 million in Q3 2025, with gross margin improving from 37% to 42%[156]. Expenses - Consolidated cost of revenue increased by $3.6 million, or 8%, from $45.0 million in Q3 2024 to $48.6 million in Q3 2025, with cost of revenue as a percentage of revenue rising from 58% to 63%[153][155]. - Research and development expenses for the therapeutic development segment increased by $2.0 million, or 41%, from $4.8 million in Q3 2024 to $6.8 million in Q3 2025[161]. - Selling and marketing expenses increased by $2.5 million, or 28%, from $9.1 million in Q3 2024 to $11.6 million in Q3 2025[165]. - General and administrative expenses increased by $2.4 million, or 11%, from $21.0 million in Q3 2024 to $23.3 million in Q3 2025[167]. Cash Flow and Financial Position - Cash, cash equivalents, restricted cash, and marketable securities totaled $787.7 million as of September 30, 2025, down from $828.6 million at the end of 2024[175]. - Cash used in operating activities for the nine months ended September 30, 2025, was $23.5 million, compared to $4.0 million for the same period in 2024, primarily due to the purchase of Investment Tax Credits for $31.7 million[181]. - Cash provided by investing activities for the nine months ended September 30, 2025, was $100.2 million, mainly from $132.9 million in maturities of marketable securities and $3.8 million from the acquisition of ANP[183]. - Cash used in financing activities for the nine months ended September 30, 2025, was $14.3 million, primarily related to $10.9 million for the repurchase of common stock[185]. - As of September 30, 2025, approximately $139.6 million remained available for future repurchases of common stock under the stock repurchase program authorized in March 2022[188]. - Cash used in operating activities increased significantly due to fluctuations in cash receipts and payments, influenced by demand for tests and product mix[181]. - The company did not need to draw on any credit facilities due to a strong cash position as of September 30, 2025[187]. Future Expectations - The company expects approximately $106.7 million in refunds from the IRS related to tax credits, anticipated to be issued before the end of 2025[140]. - The company expects research and development expenses to continue increasing as clinical trials progress for FID-007, FID-022, and other preclinical studies[164]. - The company expects to incur more operating expenses in the coming quarters due to planned clinical trials for FID-007 and FID-022, impacting cash flow[181]. - The company may seek additional capital through securities offerings or collaborations, which could lead to dilution for existing stockholders[178]. - The company may incur substantial costs in pursuing future capital, including investment banking and legal fees, which could impact growth plans[179]. Revenue Concentration Risks - A single customer contributed $19.2 million, or 23%, of total revenue in Q3 2025, highlighting revenue concentration risks[149]. - The company is focusing on increasing its customer base to mitigate revenue concentration risks[149]. Tax and Interest - Interest income was $7.9 million and $24.0 million for Q3 and the nine months ended September 30, 2025, respectively[170]. - The effective tax rate was 9% and 7% for Q3 and the nine months ended September 30, 2025, compared to 21% and 14% for the same periods in 2024[171].