Client Assets and Growth - The Charles Schwab Corporation manages $11.59 trillion in client assets, representing a significant growth opportunity within the U.S. investable wealth market exceeding $75 trillion[11]. - Net new client assets increased by 48% to $134.4 billion in Q3 2025, and by 34% to $340.4 billion for the first nine months[21]. - The acquisition of Forge Global Holdings, Inc. is expected to enhance Schwab's capabilities in private markets, meeting the evolving needs of its growing client base[18]. Financial Performance - Total net revenues grew by 27% year-over-year to $6.1 billion in Q3 2025, totaling $17.6 billion for the first nine months, a 23% increase[22]. - Net income reached $2.4 billion in Q3 2025, up 67% year-over-year, and $6.4 billion for the first nine months, a 56% increase[22]. - Diluted earnings per share (EPS) rose by 77% to $1.26 in Q3 2025 and by 62% to $3.33 for the first nine months[22]. Revenue Sources - Net interest revenue rose by 37% to $3,050 million in Q3 2025, up from $2,222 million in Q3 2024[29]. - Trading revenue increased by 25% to $995 million in Q3 2025, up from $797 million in Q3 2024[29]. - Asset management and administration fees grew by 13% to $1,673 million in Q3 2025, compared to $1,476 million in Q3 2024[29]. Expenses and Cost Management - Total expenses excluding interest were $3.1 billion in Q3 2025, a 4% increase from the same period in 2024[23]. - Total expenses excluding interest increased by $109 million, or 4%, in Q3 2025, and by $416 million, or 5%, in the first nine months, compared to the same periods in 2024[47]. - Total compensation and benefits expense rose by 9% in Q3 2025 and by 8% in the first nine months, mainly due to annual merit increases and higher incentive compensation[47]. Regulatory and Economic Environment - General economic conditions, including interest rates and market volatility, are critical factors influencing Schwab's ability to attract and retain clients[18]. - The company is actively monitoring regulatory developments and their potential impacts on operations and financial results[18]. - The Federal Reserve maintained the upper bound of the target overnight rate at 5.50% through most of 2024 before reducing it to 4.25% in September 2025[31]. Capital Management and Shareholder Returns - The company repurchased $2.7 billion in common stock during Q3 2025, totaling $4.6 billion year-to-date[24]. - Cash dividends paid for common stock in the first nine months of 2025 totaled $1.477 billion, with a per share amount of $0.81, compared to $1.379 billion and $0.75 in 2024[112]. - The Company repurchased $2.7 billion of common stock in Q3 2025 and a total of $4.6 billion in the first nine months of 2025, with approximately $17.3 billion remaining on the new $20 billion share repurchase authorization[116]. Asset Quality and Risk Management - The credit quality metrics for the bank loans portfolio remain strong, with projected loss rates held constant compared to December 31, 2024[169]. - The company has no loans accruing interest that are contractually 90 days or more past due as of September 30, 2025[167]. - The company utilizes interest rate swap derivative instruments to manage interest rate risk, which is incorporated into net interest revenue analyses[66]. Liquidity and Funding - The Company maintained a Liquidity Coverage Ratio (LCR) of 134% as of September 30, 2025, above the required 100%[96]. - Cash and cash equivalents decreased by $11.5 billion from year-end 2024 to $30.6 billion at September 30, 2025, reflecting a reduction in bank supplemental funding of $35.1 billion[95]. - The company has established liquidity policies to ensure ongoing and sufficient liquidity to meet operational needs under both normal and stressed conditions[82]. Market and Trading Activity - Active brokerage accounts increased by 6% year-over-year to 38.0 million at the end of Q3 2025[21]. - The number of trading days remained stable at 63.5 days in Q3 2025, while the average revenue per trade decreased by 4% to $2.11[41]. - Schwab transferred $63.3 billion from other third-party mutual funds and ETFs to its Mutual Fund OneSource and other NTF funds in the first nine months of 2025[40].

Financial Performance - Consolidated net income for the nine months ended September 30, 2025, was $14.9 million, down from $17.2 million for the same period in 2024, with earnings per share decreasing from $3.77 to $2.27[145] - For the three months ended September 30, 2025, net income decreased by $2.8 million, or 37.2%, compared to the same period in 2024, primarily due to a $2.2 million, or 72.5%, decrease in noninterest income[184] - Return on average equity decreased to 12.93% for the nine months ended September 30, 2025, down from 25.00% for the same period in 2024[150] Income and Expenses - Net interest income before provision for credit losses was $37.9 million for the nine months ended September 30, 2025, compared to $33.0 million for the same period in 2024, while net interest income after provision was $38.4 million, up from $33.4 million[150] - Noninterest expense increased by $2.874 million, or 15.0%, for the nine months ended September 30, 2025, compared to the same period in 2024, driven by costs associated with operational growth and functioning as a public company[185] - Noninterest income for the nine months ended September 30, 2025, decreased by $5.0 million, or 67.8%, compared to the same period in 2024, reflecting a reduction in deposit placement services income[185] Assets and Liabilities - Total assets increased to $1.5 billion as of September 30, 2025, from $1.4 billion at December 31, 2024, and total deposits rose to $1.4 billion from $1.2 billion[150] - The total debt securities portfolio balance increased to $831.5 million as of September 30, 2025, from $658.8 million at December 31, 2024[150] - Total loans outstanding as of September 30, 2025, were $284.084 million, compared to $300.032 million at the end of 2024[288] Deposits - As of September 30, 2025, approximately 61.1% of total deposits were uninsured by the FDIC, indicating a high level of account balances exceeding coverage limits[165] - Total consolidated deposits increased by $262.4 million, reaching $1.4 billion as of September 30, 2025, with three political organization accounts exceeding 5% of total deposits[294] - Noninterest-bearing deposits accounted for 69.2% of total deposits, while savings, interest-bearing, and money market accounts increased by $85.4 million, or 26.3%, from December 31, 2024, to September 30, 2025[295] Interest Income and Expense - Net interest income for the three months ended September 30, 2025, was $12.276 million, a decrease of $1.370 million, or 10.0%, compared to $13.646 million in 2024[185] - Interest income from taxable securities increased by 57.8% to $5,637,000 in Q3 2025, up from $3,573,000 in Q3 2024[187] - Interest expense for the three months ended September 30, 2025, was $1.158 million, an increase of $136,000, or 13.3%, compared to $1.022 million in 2024[185] Credit Losses and Risk Management - The provision for credit losses for the three months ended September 30, 2025, was $(94,000), a decrease of $24,000, or 20.3%, compared to $(118,000) in 2024[185] - The company employs a multi-pronged approach to address credit risk, including underwriting policies and an internal and external loan review process[265] - The allowance for credit losses (ACL) was $4.110 million, down from $4.514 million at the end of 2024, reflecting a ratio of 1.45% to total loans outstanding[288] Capital and Equity - Stockholders' equity increased to $163.1 million as of September 30, 2025, up $18.9 million from $144.2 million as of December 31, 2024, with net income contributing $14.9 million to this increase[313] - The total risk-based capital ratio was 42.41% as of September 30, 2025, significantly above the well-capitalized requirement of 10.00%, up from 32.94% as of December 31, 2024[316] - Book value per share rose to $24.86 as of September 30, 2025, compared to $21.98 as of December 31, 2024, primarily driven by earnings and improved market value of AFS securities[314] Interest Rate Risk - The one-year cumulative gap in rate-sensitive assets and liabilities was $640.8 million as of September 30, 2025, indicating that assets will reprice before liabilities[319] - Interest rate risk analysis showed that a 100 bps increase in rates could lead to a 4.14% increase in net interest income as of September 30, 2025[324] - The Bank's ALCO meets quarterly to manage interest rate risk and ensure compliance with policies approved by the board of directors[320]

Financial Performance - Net income for Q3 2025 was $3.2 million, or $0.16 per diluted share, up from $1.9 million, or $0.09 per diluted share in Q3 2024, representing a 68.4% increase[166] - Net income for the three months ended September 30, 2025, was $3.2 million, or $0.16 per diluted share, compared to $1.9 million, or $0.09 per diluted share, for the same period in 2024[216] - For the nine months ended September 30, 2025, the company reported net income of $10.1 million, or $0.50 per diluted share, compared to $8.4 million, or $0.40 per diluted share for the same period in 2024[236] - Return on average assets and return on average equity were 0.50% and 5.64% for the nine months ended September 30, 2025, respectively, compared to 0.44% and 4.74% for the same period in 2024[236] Income and Expenses - Net interest income increased by $3.4 million, or 22.8%, to $18.1 million in Q3 2025, driven by a $112.6 million, or 4.6%, increase in average interest-earning assets[166] - Net interest income increased by $3.4 million, or 22.8%, while non-interest expense rose by $1.4 million, or 9.5%, year-over-year[216] - Non-interest income rose by $32,000, or 1.0%, to $3.2 million for the three months ended September 30, 2025[231] - Non-interest income decreased by $306,000, or 3.2%, to $9.3 million for the nine months ended September 30, 2025, from $9.6 million in 2024[252] - Non-interest expense increased by $3.1 million, or 7.2%, to $46.6 million for the nine months ended September 30, 2025, compared to $43.5 million in 2024[253] Asset and Loan Growth - Total assets rose by $82.4 million, or 3.1%, to $2.7 billion as of September 30, 2025, primarily due to a $60.8 million, or 2.9%, increase in total loans[171] - Total loans increased by $60.8 million, or 2.9%, with residential real estate loans rising by $52.3 million, or 6.7%[176] - Average interest-earning assets rose by $112.6 million, or 4.6%, to $2.6 billion, driven by a $73.8 million, or 3.6%, increase in average loans[226] Credit Quality and Provisions - The allowance for credit losses was $20.5 million, or 0.96% of total loans, compared to $19.5 million, or 0.94% of total loans at the end of 2024[178] - The company recorded a provision for credit losses of $1.3 million in Q3 2025, a 37.4% increase from $941,000 in Q3 2024, due to increased unfunded commitments[167] - Provision for credit losses increased by $352,000, or 37.4%, to $1.3 million in Q3 2025, primarily due to an increase in unfunded commitments and a slight deterioration in macroeconomic forecasts[229] - The Company recorded a provision for credit losses of $820,000 for the nine months ended September 30, 2025, an increase of $723,000 from $97,000 in the same period of 2024[249] Capital and Regulatory Ratios - At September 30, 2025, shareholders' equity was $243.6 million, maintaining 8.9% of total assets, with a net income contribution of $10.1 million[215] - As of September 30, 2025, the Bank is categorized as "well-capitalized" under regulatory requirements, exceeding all applicable capital ratios[270] - Total Capital to Risk Weighted Assets for the Bank was 13.58% as of September 30, 2025, above the minimum requirement of 8.00%[272] - Tier 1 Capital to Risk Weighted Assets for the Bank was 12.52% as of September 30, 2025, exceeding the minimum requirement of 6.00%[272] - Common Equity Tier 1 Capital to Risk Weighted Assets for the Bank was 12.52% as of September 30, 2025, above the minimum requirement of 4.50%[272] - Tier 1 Leverage Ratio for the Bank was 9.30% as of September 30, 2025, surpassing the minimum requirement of 4.00%[272] Deposits and Borrowings - As of September 30, 2025, total deposits increased by $87.2 million, or 3.9%, to $2.3 billion from December 31, 2024[210] - Core deposits rose by $97.4 million, or 6.3%, from $1.6 billion (68.9% of total deposits) to $1.7 billion (70.5% of total deposits) during the same period[210] - Non-interest-bearing deposits increased by $24.5 million, or 4.3%, to $590.2 million, representing 25.1% of total deposits[210] - Total borrowings decreased by $2.4 million, or 1.9%, to $120.7 million as of September 30, 2025[213] - The Company had $468.7 million of additional borrowing capacity at the FHLB as of September 30, 2025[214] Market and Risk Management - The company continues to monitor loans for credit quality deterioration due to market conditions, including increased interest rates and reduced occupancy[207] - The Board has implemented heightened risk management procedures and strong underwriting criteria for its commercial real estate portfolio[188] - The Company has no off-balance sheet arrangements that materially affect its financial condition[273] - There have been no material changes in the Company's assessment of market risk sensitivity since the 2024 Annual Report[275]

Financial Performance - Pre-tax net income for Q3 2025 was $14.2 million, a decrease of $1.3 million or 8.5% from $15.5 million in Q3 2024[144] - Return on average assets was 2.33% and return on average equity was 18.11% for Q3 2025, down from 2.73% and 23.67% respectively in Q3 2024[145] - Net interest income for Q3 2025 was $23.0 million, compared to $21.2 million in Q3 2024[149] - Net interest income increased by $1.5 million, or 10.1%, for the three months ended September 30, 2025, compared to the same period in 2024[166] - Noninterest income for the three months ended September 30, 2025, was $2.2 million, a decrease of $1.5 million, or 39.9%, compared to $3.7 million for the same period in 2024[163] - The efficiency ratio for Q3 2025 was 41.12%, compared to 37.87% in Q3 2024, indicating increased operational costs[145] Loan and Deposit Growth - Total loans increased to $1.53 billion as of September 30, 2025, up by $96.7 million or 6.7% from the previous year[143] - Total deposits reached $1.64 billion as of September 30, 2025, an increase of $112.6 million or 7.4% compared to the same date in 2024[143] - As of September 30, 2025, the company's gross loans amounted to $1.54 billion, an increase from $1.40 billion as of December 31, 2024, representing a growth of approximately 10.3%[171] - The net loans as of September 30, 2025, were $1.51 billion, compared to $1.38 billion at the end of 2024, indicating a year-over-year increase of about 9.7%[171] - Total deposits increased to $1.64 billion as of September 30, 2025, up from $1.52 billion as of December 31, 2024, reflecting an increase of 14.5%[193] Credit Losses and Asset Quality - The provision for credit losses increased by $0.7 million or 100.0% for Q3 2025 compared to the same period in 2024, attributed to loan growth[146] - The provision for credit losses increased from $0 to $0.7 million for the three months ended September 30, 2025, with the allowance as a percentage of total loans increasing by 2 basis points to 1.26%[162] - The allowance for credit losses was $19.4 million as of September 30, 2025, up from $17.9 million at December 31, 2024, reflecting a 8.3% increase[177] - Total nonperforming assets as of September 30, 2025, were $5,317,000, a decrease from $7,170,000 as of December 31, 2024, representing a reduction of 25.8%[184] - The ratio of nonperforming loans to total loans improved to 0.35% as of September 30, 2025, compared to 0.51% as of December 31, 2024[184] Operational Strategy - The company plans to grow organically by selectively opening additional branches and pursuing strategic acquisitions[141] - The company maintains internal concentration limits for various loan types, ensuring all loan types are within established limits[172] - The Company has various borrowing mechanisms in place to meet both short-term and long-term liquidity needs[207] Capital and Liquidity - Total shareholders' equity increased by $28.5 million to $241.7 million as of September 30, 2025, compared to $213.2 million as of December 31, 2024[205] - The Company exceeded all regulatory capital requirements and was categorized as "well-capitalized" as of September 30, 2025[202] - The Company maintained a CET1 capital ratio of 14.22% as of September 30, 2025, exceeding the minimum requirement of 7.00%[205] - The total capital to risk-weighted assets ratio was 15.43% for the Company as of September 30, 2025, above the required 10.50%[205] - As of September 30, 2025, the Bank had borrowing availability with the FHLB of $217.6 million and access to approximately $298.4 million in liquidity with the Federal Reserve Bank[201] Interest Rate and Market Risk - Interest rate risk is a primary component of market risk, with potential economic losses reflected as a loss of future net interest income and/or current fair market values[230] - The ALCO Committee manages interest rate exposure, considering factors such as earnings impact, regional economies, and liquidity[232] - Simulation models indicate that a +400 basis point change in interest rates could increase net interest income by 23.29% as of September 30, 2025[236] - The Company’s internal policy specifies that estimated net interest income at risk for a -100 basis point shift should not decline by more than 10%[234] Tax and Regulatory Compliance - The Company's effective tax rate for Q3 2025 was 23.6%, slightly lower than 24.2% in Q3 2024, primarily due to state income taxes and nondeductible expenses[224] - The Company believes it is more likely than not that all of its tax positions will be utilized in future years[223] Miscellaneous - The Company reviews its portfolio of debt securities in an unrealized loss position at least quarterly, assessing whether it intends to sell or is likely to be required to sell the securities[226] - The impact of inflation on the Company is less significant compared to interest rates, as most assets and liabilities are monetary in nature[238] - The Company’s financial statements are prepared in accordance with GAAP, measuring financial position in historical dollars without considering inflation[237]

Property Ownership and Operations - As of September 30, 2025, American Healthcare REIT owned and/or operated 315 buildings with a total gross leasable area of approximately 20,132,000 square feet, representing an aggregate contract purchase price of $4,778,477,000[178]. - The company owned 133 ISHC properties with a contract purchase price of $2,245,378,000 and a leased percentage of 90.2%[190]. - The company’s triple-net leased properties totaled 19 buildings with a contract purchase price of $368,665,000, maintaining a 100% leased percentage[190]. - As of September 30, 2025, properties were 89.3% leased, with 4.0% of the leased GLA scheduled to expire during the remainder of 2025[186]. - The company’s operating partnership owned 98.8% of the OP units as of September 30, 2025[177]. Financial Performance - Total revenues for the three months ended September 30, 2025, were $572,937,000, an increase of 9.4% compared to $523,814,000 for the same period in 2024[192]. - Net income for the three months ended September 30, 2025, was $56,639,000, compared to a loss of $3,093,000 for the same period in 2024[230]. - Normalized FFO attributable to controlling interest for the three months ended September 30, 2025, was $75,530,000, up from $47,688,000 in 2024, representing a 58.5% increase[230]. - Net operating income (NOI) for the three months ended September 30, 2025, was $105,815,000, compared to $93,536,000 in 2024, reflecting a 13.1% increase[234]. - Total revenues for the nine months ended September 30, 2025, reached $1,656,043,000, a 8.4% increase from $1,527,928,000 for the same period in 2024[192]. Revenue Sources - Resident fees and services revenue for the ISHC segment increased by $40,093,000 (9.8%) for the three months ended September 30, 2025, compared to the same period in 2024, primarily due to increased occupancy and higher billing rates[193]. - SHOP segment resident fees and services revenue rose by $15,131,000 (22.5%) for the three months ended September 30, 2025, compared to the same period in 2024, driven by acquisitions and increased occupancy[194]. - The company anticipates future revenue growth from increased occupancies and resident fees in its RIDEA properties[188]. Expenses and Costs - Total property operating expenses for the ISHC segment increased by $27,172,000 (7.5%) for the three months ended September 30, 2025, compared to the same period in 2024, mainly due to increased occupancy and acquisitions[197]. - General and administrative expenses for the three months ended September 30, 2025, were $14,108,000, an increase of $2,187,000 (18.3%) compared to $11,921,000 for the same period in 2024[199]. - Depreciation and amortization related to consolidated properties for the three months ended September 30, 2025, was $49,115,000, compared to $44,208,000 in 2024, indicating a rise in property-related expenses[230]. Debt and Financing - The total contractual obligations as of September 30, 2025, amounted to $2,286,762,000, including $991,012,000 in fixed-rate mortgage loans payable and $550,000,000 in variable-rate debt[208]. - The company had $1,150,000,000 available under its 2024 Credit Facility as of September 30, 2025, with $550,000,000 borrowed and $600,000,000 remaining available[210]. - The weighted average effective interest rate on outstanding debt was 4.34% per annum as of September 30, 2025[222]. - Total interest expense decreased to $20,226,000 for the three months ended September 30, 2025, down $19,136,000 (48.6%) from $39,362,000 for the same period in 2024, primarily due to reduced debt balances[200]. Cash Flow - Cash flows from operating activities increased to $239,276,000 for the nine months ended September 30, 2025, compared to $116,578,000 for the same period in 2024, driven by improved occupancy and expense management[213]. - The net cash used in investing activities increased by $288,294,000 for real estate acquisitions and $18,173,000 for developments and capital expenditures for the nine months ended September 30, 2025, compared to the same period in 2024[214]. - The company reported a net cash provided by financing activities of $195,039,000 for the nine months ended September 30, 2025, compared to $5,239,000 for the same period in 2024, primarily due to reduced net payments on lines of credit[215]. Tax and Impairment - The company recognized a change from income tax expense to income tax benefit for the three and nine months ended September 30, 2025, primarily due to the reversal of valuation allowances against net deferred tax assets[205]. - An impairment charge of $3,768,000 was recognized for the three months ended September 30, 2025, related to one OM building[203]. - Impairment of real estate investments for the nine months ended September 30, 2025, totaled $38,133,000, with no impairments recorded in the same period of 2024[230]. Market Conditions - The annual inflation rate in the United States was 3.0% in September 2025, impacting operational costs such as labor, services, energy, and supplies[183]. - The company has implemented higher than average annual rent and care fee increases to offset inflationary pressures on costs[183]. - The increase in operating results was primarily driven by higher resident occupancies and billing rates, despite inflationary pressures on labor and service costs[188]. Distribution and Shareholder Returns - The board authorized a quarterly distribution of $0.25 per share, equating to an annualized distribution rate of $1.00 per share, dependent on various financial factors[216]. - The company is required to distribute a minimum of 90.0% of its REIT taxable income to maintain its REIT status[220].

Exhibit 99.1 AMCON DISTRIBUTING COMPANY REPORTS RESULTS FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025 NEWS RELEASE Omaha, NE, November 7, 2025 - AMCON Distributing Company ("AMCON" or "the Company") (NYSE American: DIT), an Omaha, Nebraska based Convenience and Foodservice Distributor, is pleased to announce fully diluted earnings per share of $0.92 on net income available to common shareholders of $0.6 million for the fiscal year ended September 30, 2025. "We believe AMCON's long term strategy of providing ...

Financial Performance - Total revenues for the 13 weeks ended September 28, 2025, reached $370,750 thousand, a 11.2% increase from $333,368 thousand for the same period in 2024[18] - Membership revenues rose to $122,702 thousand for the 13 weeks ended September 28, 2025, compared to $107,394 thousand in the prior year, marking a growth of 14.3%[18] - For the 39 weeks ended September 28, 2025, the net income was $14,631,000, a significant improvement compared to a net loss of $71,345,000 for the same period in 2024[25] - The company reported a comprehensive loss of $4,300 thousand for the 13 weeks ended September 28, 2025, compared to a loss of $30,006 thousand for the same period in 2024[19] - The profit attributable to Soho House & Co Inc. for the 13 weeks ended September 28, 2025, was a loss of $18,708,000, compared to a profit of $175,000 for the same period in 2024[140] Assets and Liabilities - Total assets increased to $2,684,224 thousand as of September 28, 2025, up from $2,443,512 thousand as of December 29, 2024, representing a growth of approximately 9.8%[16] - Total liabilities increased to $3,033,128 thousand as of September 28, 2025, up from $2,772,970 thousand as of December 29, 2024, reflecting a rise of approximately 9.4%[17] - Total current assets increased to $405,225 thousand as of September 28, 2025, from $388,401 thousand as of December 29, 2024, an increase of approximately 4.3%[16] - The accumulated deficit decreased to $(1,525,155) thousand as of September 28, 2025, from $(1,539,500) thousand as of December 29, 2024, indicating an improvement in the company's financial position[17] - As of September 28, 2025, total long-term debt, net of current portion, is $704,032,000, an increase from $656,868,000 as of December 29, 2024, representing a growth of approximately 7.2%[108] Cash Flow and Operating Activities - The total cash provided by operating activities for the 39 weeks ended September 28, 2025, was $98,757,000, up from $62,794,000 in the prior year[25] - The Company reported net cash provided by operations of $99 million during the 39 weeks ended September 28, 2025[42] - Cash and cash equivalents decreased to $142,490 thousand as of September 28, 2025, down from $152,716 thousand as of December 29, 2024, a decline of about 6.5%[16] Expenses and Impairments - The company recognized $14 million in impairment losses on long-lived assets, primarily related to operating lease assets[169] - The company reported a loss on impairment of long-lived assets of $2,102,000 for the 39 weeks ended September 28, 2025[25] - Other expenses included $7 million related to third-party advisory expenses and $4 million for planned ERP systems implementation[165] Membership and Revenue Streams - As of September 28, 2025, SHCO had approximately 269,600 members, including about 213,800 Soho House Members[209] - The global waitlist for SHCO membership stands at over 111,000 applicants as of September 28, 2025[212] - Membership Revenues consist of annual membership fees and one-time initial registration fees, while In-House Revenues include food and beverage, accommodation, and spa products[214] - In-house revenues for the 39 weeks ended September 28, 2025, totaled $391.879 million, demonstrating robust growth in this segment[169] Strategic Initiatives and Future Outlook - The Company is implementing a new modernized finance ERP system to enhance internal controls and support strategic growth initiatives[35] - The company entered into definitive agreements for a merger on August 15, 2025, which is subject to shareholder approval[29] - The Company has assessed the impact of BEPS Pillar Two Minimum Tax legislation and concluded it will not materially affect the effective tax rate or tax payments for this period[158] Tax and Regulatory Matters - The effective tax rate for the 13 weeks ended September 28, 2025, was 39.0%, a significant decrease from 96.2% for the same period in 2024[155] - The gross unrecognized tax benefits increased by $4 million in the 39 weeks ended September 28, 2025[157] - The Company recorded valuation allowances against deferred tax assets primarily in the U.K., U.S., and Hong Kong, with potential changes in the next twelve months[156] Shareholder and Equity Matters - The Company has 3,601,931 shares available for future awards under the 2021 Equity and Incentive Plan as of September 28, 2025[126] - The Company granted 306,146 new RSUs under the 2021 Plan during the 39 weeks ended September 28, 2025[126] - Total share-based compensation expense for the 13 weeks ended September 28, 2025, was $3,505,000, compared to $3,513,000 for the same period in 2024, while for the 39 weeks, it was $8,021,000 versus $15,150,000[129]

Production Capacity and Sales - The company operates five alcohol production facilities with an annual production capacity of 350 million gallons, including up to 110 million gallons of specialty alcohols [77]. - In 2024, the company marketed and distributed approximately 386 million gallons of alcohols and over 1.4 million tons of essential ingredients [77]. - Alcohol sales from the Pekin Campus production segment increased by $2.8 million, or 3%, to $109.3 million for the three months ended September 30, 2025 [118]. - The total volume of production gallons sold from the Pekin Campus increased by 0.5 million gallons, or 1%, to 53.3 million gallons for the three months ended September 30, 2025 [118]. - Total renewable fuel gallons sold decreased by 10.1% to 66.8 million gallons for the three months ended September 30, 2025, compared to 74.3 million gallons in 2024 [113]. - The company experienced a 55.0% decline in renewable fuel gallons sold from Western production, dropping to 8.1 million gallons for the three months ended September 30, 2025 [113]. - Net sales of alcohol from the marketing and distribution segment increased by $4.1 million, or 8%, to $58.7 million for the three months ended September 30, 2025 [120]. - The volume of third-party alcohol sold increased by 1.9 million gallons, or 8%, to 27.1 million gallons for the three months ended September 30, 2025 [121]. - Net sales of alcohol from the Western production segment declined by $19.0 million, or 52%, to $17.4 million for the three months ended September 30, 2025 [122]. - The total volume of alcohol sold in the Western production segment decreased by 9.9 million gallons, or 55%, to 8.1 million gallons for the three months ended September 30, 2025 [122]. Financial Performance - Gross profit increased nearly $18 million and net income improved nearly $17 million in the third quarter compared to the same period in 2024 [92]. - Adjusted EBITDA grew by over $9 million in the third quarter, driven by higher-margin renewable fuel export sales and strong demand for liquid CO2 [92]. - For the three months ended September 30, 2025, the company reported a net income of $14,208,000 compared to a net loss of $(2,441,000) for the same period in 2024 [109]. - Adjusted EBITDA for the three months ended September 30, 2025, was $21,368,000, significantly up from $12,164,000 in 2024, reflecting a strong performance [109]. - Total net sales decreased by $10,828,000, or 4.3%, to $240,986,000 for the three months ended September 30, 2025, compared to $251,814,000 in 2024 [116]. - Gross profit for the three months ended September 30, 2025, was $23,494,000, representing a gross profit margin of 9.7%, compared to 2.4% in the same period of 2024 [116]. - Consolidated gross profit improved to $23.5 million for the three months ended September 30, 2025, from $6.0 million for the same period in 2024, representing a gross margin of 9.7% [125]. - The consolidated gross profit for the nine months ended September 30, 2025, increased to $19.8 million from $11.1 million for the same period in 2024, representing a gross margin of 2.9% [138]. - Net income attributable to common stockholders improved by $16.6 million for the three months ended September 30, 2025, reaching $13.9 million, and by $8.8 million for the nine months, resulting in a net loss of $9.4 million [146][147]. Operational Challenges and Developments - The dock at the Pekin Campus, damaged in April, resulted in $0.8 million in business interruption, and the company is working on repairs and a second dock to improve loadout capacity [104]. - The company is evaluating options for its cold-idled Magic Valley facility, including potential CO2 utilization and restarting operations [98]. - California Assembly Bill 30 could add over 600 million additional gallons per year for E15 fuel sales, creating significant demand for domestically produced ethanol [100]. Cash Flow and Financial Position - Cash generated from operations was $22.8 million for the three months ended September 30, 2025, and $3.7 million for the nine months, down from $6.3 million in the same period in 2024 [148][155]. - As of September 30, 2025, the company had $33.1 million in cash and cash equivalents, with $20.3 million available for borrowing under Kinergy's operating line of credit [148]. - Working capital improved to $108.5 million at September 30, 2025, from $95.3 million at December 31, 2024, due to a decrease of $15.4 million in current liabilities [150][152]. - The fixed-charge coverage ratio was 3.73 for the three months ended September 30, 2025, significantly exceeding the required ratio of 1.10 [160]. - The company used $12.2 million in cash for investing activities, including acquisitions and capital expenditures, during the nine months ended September 30, 2025 [156]. Market Risks - The company is exposed to market risks related to ethanol and corn pricing, which can fluctuate due to various factors including supply and demand dynamics [166][169]. - A sensitivity analysis estimated that a hypothetical 10% adverse change in ethanol prices could result in a decrease of approximately $20.8 million in pre-tax income, while a similar change in corn prices could lead to a decrease of approximately $18.6 million [173]. - The company managed a physical corn volume of 42.1 million bushels and ethanol volume of 199.0 million gallons as part of its risk management strategy [173]. - The company recognized net gains of $10.2 million and $9.0 million related to changes in the fair values of derivative contracts for the nine months ended September 30, 2025 and 2024, respectively [172]. Tax Credits and Future Expectations - The company expects to earn $0.10 per gallon in Section 45Z tax credits at its Columbia plant for 2025, with potential total credits of up to $18 million for 2025 and 2026 [95]. - The company has started the process to forward sell Section 45Z tax credits to monetize them for 2026 through 2029 [95]. - The company began exporting renewable fuel to Europe in Q4 2024, capturing more demand and locking in favorable premiums to domestic renewable fuel [99].

Table of Contents 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: 001-42514 ARCHIMEDES TECH SPAC PARTNERS II CO. (Exact name of registrant as spec ...

IPO and Financial Proceeds - The company completed its Initial Public Offering (IPO) on February 12, 2025, raising gross proceeds of $230 million from the sale of 23 million units at $10.00 per unit[104]. - A total of $231.15 million from the IPO and private placement was placed in a trust account for the benefit of public shareholders[107]. - The company incurred transaction costs of $13,175,520 related to the IPO, including $4.6 million in cash underwriting fees[117]. - Underwriters are entitled to a deferred fee of $0.35 per Unit, totaling $8,050,000, payable only upon completion of an initial business combination[126]. Financial Performance - For the three months ended September 30, 2025, the company reported a net income of $2,403,801, primarily from interest earned on cash held in the trust account[113]. - For the nine months ended September 30, 2025, the company had a net income of $5,921,602, with interest income of $6,341,299 offset by general and administrative expenses of $467,299[114]. - As of September 30, 2025, the company had cash held in the trust account amounting to $237,491,299, which will be used to complete the initial business combination[120]. - As of September 30, 2025, the company had cash of $1,409,116 available for operational expenses and identifying target businesses[121]. Business Strategy and Operations - The company intends to focus its acquisition efforts on the technology industry, particularly in artificial intelligence, cloud services, and automotive technology sectors[103]. - The company has not generated any operating revenues to date and does not expect to do so until after completing an initial business combination[112]. - The company has a completion window of 21 months from the IPO closing date to consummate an initial business combination[108]. Financial Position and Obligations - As of September 30, 2025, the company has no off-balance sheet arrangements, obligations, assets, or liabilities[124]. - The company has no long-term debt or capital lease obligations, with a monthly fee of $10,000 for office space and services starting from February 10, 2025[125]. - As of September 30, 2025, there are no critical accounting estimates disclosed by the company[127]. - The company qualifies as a smaller reporting company and is not required to provide additional market risk disclosures[128].