UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Address of principal executive office) (Zip Code) Registrant's telephone number, including area code: (415) 763-4520 Not Applicable (Former name, former address and formal fiscal year, ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-38131 Esquire Financial Holdings, Inc. (Exact Name of Registrant as Specified in Its Charter) Maryland 27-5107901 (State ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-35436 TECNOGLASS INC. (Exact Name of Registrant as Specified in Its Charter) (Issuer's telephone number) Securities registered ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _____________ Commission file number: 001-11460 Ernexa Therapeutics Inc. (Exact name of registrant as specified in its charter) Securities re ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 333-275062 Commission file number IMPACT BIOMEDICAL, INC. (Exact name of registrant as specified in its charter) (State or other Jurisdiction of (IRS Employer incorporation- or Organization) Identifi ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Table of Contents ——————————————— FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-38469 ———————————————— Securities registered pursuant to Section 12(b) of the Act: Securities registered ...

Property Ownership and Sales - As of September 30, 2025, the company owned interests in 14 hotel properties with a total of 3,438 rooms, representing 3,298 net rooms[159]. - The company sold the Marriott Seattle Waterfront hotel for $145 million in cash and repaid approximately $88.4 million on the related mortgage loan[168]. - The company sold The Clancy for $115 million in cash, repaying approximately $64.7 million on the related mortgage loan[175]. - The company owns 3,298 rooms across various hotel properties, with 75% ownership in the Capital Hilton and 100% ownership in several other properties[282]. - The Ritz-Carlton Reserve Dorado Beach has 96 rooms, fully owned by the company, contributing to its portfolio[282]. Financial Performance - Total revenue decreased by $4.8 million, or 3.3%, to $143.6 million for the three months ended September 30, 2025, compared to $148.4 million in 2024[180]. - Rooms revenue declined by $6.7 million, or 7.3%, to $85.7 million in the 2025 quarter, primarily due to the sales of Marriott Seattle and Hilton La Jolla Torrey Pines[182]. - Net income attributable to the Company decreased by $6.9 million, or 54.4%, to $5.7 million in the 2025 quarter from $12.6 million in 2024[181]. - Total hotel revenue decreased by $16.6 million, or 3.0%, to $538.5 million for the nine months ended September 30, 2025, compared to $555.1 million in 2024[211]. - Net income attributable to the Company decreased by $5.7 million, or 33.5%, from $16.9 million in 2024 to $11.3 million in 2025[211]. Expenses and Costs - Total hotel operating expenses decreased by $2.1 million, or 1.8%, to $111.6 million in the 2025 quarter compared to $113.7 million in 2024[180]. - Corporate general and administrative expenses increased significantly by $5.1 million, or 57.1%, to $3.8 million in the 2025 quarter[180]. - Depreciation and amortization expenses decreased by $5.3 million, or 7.0%, from $75.2 million in 2024 to $69.9 million in 2025[211]. - Property taxes, insurance, and other expenses decreased by $4.2 million, or 13.6%, to $26.6 million in 2025 compared to $30.7 million in 2024[211]. Revenue Streams - Food and beverage revenue increased by $1.9 million, or 5.3%, to $36.6 million in the 2025 quarter compared to $34.8 million in 2024[182]. - Other hotel revenue increased slightly by $28,000, or 0.1%, to $21.2 million in the 2025 quarter[184]. - Food and beverage revenue decreased by $1.9 million, or 1.4%, to $134.0 million during the 2025 period[216]. - Other hotel revenue increased by $873,000, or 1.2%, to $72.8 million during the 2025 period[217]. Debt and Financing - The company refinanced its $140 million mortgage loan secured by the Four Seasons Scottsdale, increasing the loan balance to $180 million with a new interest rate of SOFR + 3.00%[169]. - Total indebtedness as of September 30, 2025, was approximately $1.2 billion, with about $1.1 billion in variable-rate debt[284]. - A 25-basis point increase in interest rates would impact the results of operations by approximately $2.7 million per year on the variable-rate debt[284]. Strategic Initiatives - The company entered into a cooperation agreement with the Ghassemieh Group, appointing Mr. Ghassemieh to the board of directors[170]. - The company plans to rebrand and convert Mr. C Beverly Hills to Cameo Beverly Hills, with renovations expected to complete by the end of 2025[282]. - The company may enter into hedging arrangements to manage interest rate and currency fluctuations, particularly for international operations[283]. Market and Operational Insights - The company operates under an investment strategy focused on high RevPAR luxury hotels, with a target of at least twice the U.S. national average RevPAR, which was $199 for 2024[158]. - The company acknowledges that its properties' operations are seasonal, which can lead to fluctuations in quarterly lease revenue[268]. - The analysis of market risk indicates that interest rate changes have no impact on the remaining $86.3 million of fixed-rate debt[284]. Cash Flow and Dividends - Net cash flows provided by operating activities were $32.4 million for the nine months ended September 30, 2025, down from $60.2 million in 2024[260]. - The company expects to pay a quarterly cash dividend of $0.05 per share for 2025, totaling $0.20 per share on an annualized basis[267]. - The board of directors will review the dividend policy on a quarter-to-quarter basis, indicating no commitment to future dividends[267].

Financial Performance - Net sales for the three months ended September 30, 2025, were $5,017.8 million, a decrease of 15.5% compared to $5,937.3 million in the same period of 2024[177][194] - Gross profit for the three months ended September 30, 2025, was $467.4 million, resulting in a gross margin of 9.3%, down from 13.1% in the prior year[177][179] - Net income decreased to $168.3 million for the three months ended September 30, 2025, compared to $424.3 million in the same period of 2024[172][179] - Total net sales decreased by $919.5 million or 15.5% year-over-year, primarily due to the timing of substantial customer orders and delays in data center readiness[195] - Net sales in the United States fell by $2,406.8 million or 56.7%, while sales in Asia increased by $1,363.7 million or 142.9%[196] - Gross profit declined by $308.2 million or 39.7%, resulting in a gross margin of 9.3%, down from 13.1%[198] Operating Expenses - Operating expenses increased by 7.0% to $285.1 million for the three months ended September 30, 2025, primarily due to higher headcount and increased compensation costs[177][179] - Operating expenses rose by $18.7 million or 7.0%, with a notable decrease in sales and marketing expenses by $21.0 million or 30.5%[201] Research and Development - Research and development expenses rose to $173.3 million for the three months ended September 30, 2025, compared to $132.2 million in 2024[192] - Research and development expenses increased by $41.1 million or 31.1%, mainly due to a rise in employee-related costs[201] - The company closely monitors product introduction cycles of industry leaders to inform its research and development investments[174] Cash Flow and Capital Expenditures - Cash and cash equivalents decreased from $5.2 billion to $4.2 billion as of September 30, 2025, indicating a need for working capital[213] - Net cash used in operating activities for the three months ended September 30, 2025, was $(917.5) million, a decrease of $1,326.4 million compared to $408.9 million in 2024[217] - Net cash used in investing activities was $(32.3) million, a decrease of $12.0 million from $(44.3) million in the same period last year, primarily due to reduced purchases of property, plant, and equipment[219] - Net cash used in financing activities was $(18.7) million, a decrease of $68.6 million compared to net cash provided of $49.9 million in 2024, mainly due to lower net proceeds from lines of credit and term loans[220] - The company anticipates capital expenditures for the remainder of fiscal year 2026 to be between $200.0 million and $220.0 million, focusing on global manufacturing capabilities and new product tooling[223] Debt and Obligations - As of September 30, 2025, the company has a current obligation of $100.6 million and a long-term obligation of $25.2 million related to long-term debt, along with a convertible debt obligation of $4,725.0 million[225] - The company has current obligations related to non-cancelable purchase commitments totaling $11.6 billion[225] - Interest rates for term loans and revolving lines of credit ranged from 1.3% to 5.8% as of September 30, 2025, with an outstanding principal indebtedness of $125.8 million[230] Market and Economic Factors - Macroeconomic factors such as inflation and supply chain constraints have impacted the company's operations and financial results[176] - The company aims to enhance product capabilities and expand service offerings to meet the growing demand in the AI and data center markets[175] - The company plans to strengthen its network of sales partners and distribution channels to expand market share[173] - The company will continue to evaluate new business opportunities and markets, which may necessitate additional facilities and capital expenditures[223] Other Financial Metrics - Other income, net increased by $44.0 million or 611.1%, primarily due to higher interest income and favorable foreign exchange rate fluctuations[206] - The income tax provision decreased by $34.5 million or 46.2%, reflecting a decline in worldwide income before tax[210] - The decrease in cash flows from operating activities was attributed to a decrease in net income and an increase in inventory purchases, partially offset by higher stock-based compensation[218] - The company has limited exposure to foreign exchange rate fluctuations as most sales and purchases are in U.S. dollars, with minimal historical impact from currency re-measurement[231] - The company has been profitable every year since its inception in 1993[172]

Financial Performance - For the three months ended September 30, 2025, total revenue decreased by $9.0 million, or 90%, to $0.983 million compared to $10.0 million in the same period of 2024[119] - The net loss for the three months ended September 30, 2025, was $71.6 million, compared to a net loss of $1.4 million in the same period of 2024, representing a decrease of $70.2 million[119] - Collaboration and license revenue dropped by $10.0 million, or 100%, for the three months ended September 30, 2025, due to the recognition of a milestone achieved in September 2024[120] - Total revenue for the nine months ended September 30, 2025, was $2.949 million, a decrease of $7.051 million, or 71%, from $10.0 million in 2024[127] - Net loss for the nine months ended September 30, 2025, was $58.867 million, an increase of $23.342 million, or 66%, compared to a net loss of $35.525 million in 2024[127] Expenses - Research and development expenses increased by $2.6 million, or 50%, to $7.8 million for the three months ended September 30, 2025, primarily due to increased manufacturing costs and lab expenses[122] - General and administrative expenses rose by $0.5 million, or 15%, to $4.1 million for the three months ended September 30, 2025, mainly due to higher professional service fees[123] - Research and development expenses increased by $4.6 million, or 29%, for the nine months ended September 30, 2025, primarily due to increased manufacturing costs and consulting fees[130] - General and administrative expenses rose by $0.9 million, or 8%, for the nine months ended September 30, 2025, mainly due to higher professional service fees[131] Cash and Financing Activities - As of September 30, 2025, the accumulated deficit was $344.1 million, with cash and cash equivalents of $81.3 million[115] - Cash used in operating activities was $24.432 million for the nine months ended September 30, 2025, compared to $21.109 million in 2024[148] - Cash provided by financing activities was $71.3 million for the nine months ended September 30, 2025, primarily from the issuance and sale of common stock, pre-funded warrants, and warrants in the 2025 PIPE[151] - The company entered into a sales agreement to issue and sell up to $50.0 million of shares of common stock under the 2025 ATM program, with no shares sold as of September 30, 2025[140] Future Outlook and Strategic Initiatives - The company expects to incur increased expenses as it expands its pipeline and advances product candidates through clinical development[116] - SZN-8141 and SZN-8143 were nominated as development candidates for retinal diseases, with clinical studies expected to commence in 2026[106][108] - The Research Collaboration Agreement with TCGFB, Inc. is set to terminate effective November 13, 2025, following TCGFB's notice of termination[141] Economic and Regulatory Considerations - Inflation is expected to continue increasing, potentially leading to higher labor and research costs, which may adversely affect the company's financial condition[157] - The company is currently evaluating the potential impact of tariffs imposed on imports, particularly as its contract manufacturing organization is located in the United Kingdom[158] - The company intends to rely on exemptions and reduced reporting requirements provided by the JOBS Act, which may affect the comparability of its financial statements[154] - The company remains an emerging growth company under the JOBS Act until the earliest of the last day of the fiscal year 2025 or when total annual gross revenue reaches at least $1.235 billion[155] Accounting and Compliance - The company is assessing the impact of recent accounting pronouncements on its financial statements[156] - Contractual obligations as of September 30, 2025, have not materially changed since December 31, 2024[152] Intellectual Property - The company is focused on maintaining and expanding its intellectual property portfolio, which includes costs associated with licensing and patent enforcement[150] Other Income and Expenses - Interest income increased by $0.5 million, or 111%, to $0.911 million for the three months ended September 30, 2025, attributed to a rise in cash and cash equivalents[124] - Other expense, net increased by $17.8 million for the three months ended September 30, 2025, primarily due to the noncash change in fair value of warrant liabilities[126] - Interest income increased by $1.9 million, or 71%, for the nine months ended September 30, 2025, attributed to a rise in cash and cash equivalents[132]

Financial Performance - Sales for fiscal 2025 reached $2,816.7 million, an increase of $105.7 million compared to $2,711.0 million in fiscal 2024[101] - Gross profit for fiscal 2025 was $188.2 million, up from $182.4 million in fiscal 2024, maintaining a gross profit percentage of 6.7%[101] - Operating income decreased to $12.6 million in fiscal 2025 from $18.0 million in fiscal 2024, reflecting a decline of $5.4 million[101] - The Company acquired Arrowrock, contributing an additional $23.2 million in sales during fiscal 2025[103] - The Wholesale Segment's sales increased by $103.7 million, driven by acquisitions and price increases, despite a $176.3 million decrease in cigarette carton sales[103] - Operating expenses rose by $11.3 million in fiscal 2025, influenced by acquisitions and increased health and insurance costs[109] Debt and Interest - Interest expense remained stable at $10.4 million for both fiscal years 2025 and 2024, despite higher debt balances[110] - The total combined borrowing capacity of the Company's credit facilities was $305.0 million as of September 2025, with $126.8 million outstanding[114] - The average interest rate on the Facilities was 5.73% at September 2025, with peak borrowings reaching $197.1 million during fiscal 2025[117] Credit and Accounting Standards - The allowance for expected credit losses is based on historical uncollectible accounts as a percentage of total accounts receivable, with specific credit exposure assessed for higher-risk customers[127][131] - The Company adopted ASU 2023-07 on September 30, 2025, which improves reportable segment disclosure requirements but did not materially affect the consolidated financial statements[128] - ASU 2023-09, effective for fiscal 2026, enhances income tax disclosures for better transparency and comparability[129] - The Company is reviewing ASU 2024-03, effective for fiscal 2028, which improves expense disaggregation disclosures[130] Risks and Uncertainties - Forward-looking statements reflect management's beliefs and estimates of future performance, subject to risks and uncertainties[133] - Risks include potential impacts from trade tariffs, macroeconomic conditions, and retail demand fluctuations, particularly in the convenience store industry[134] - The Company faces risks related to workforce availability, wage pressures, and insurance renewals, which may affect operational costs[134] - Increased competition and market conditions in wholesale and retail health food businesses may impact asset valuations and impairments[134] - The Company is exposed to risks from supply chain disruptions, higher operational costs, and changing consumer demand for tobacco products[134] - Future results may differ from management's expectations due to various factors, including regulatory changes and economic conditions[138]