Financial Results Announcement - Biglari Holdings Inc. announced its financial results for Q3 and the first nine months of 2025, ending September 30, 2025[4] - The press release detailing the financial results was issued on November 7, 2025[4] - The report includes key performance metrics and financial data, which are incorporated by reference[4]

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 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 0-14690 WERNER ENTERPRISES, INC. (Exact name of registrant as specified in its charter) Nebraska 47-0648386 (State or other jurisdiction of inc ...

Financial Performance - The net loss for the three months ended September 30, 2025, was $3,066,589, representing an increase of 24.51% from a net loss of $2,462,870 in the same period in 2024[97]. - The company incurred a net loss of $7.6 million for the nine months ended September 30, 2025, compared to a net loss of $10.5 million for the year ended December 31, 2024[110]. - The company had an accumulated deficit of $224.3 million as of September 30, 2025, and has not yet achieved profitability[110]. Research and Development Expenses - For the three months ended September 30, 2025, research and development expenses were $930,894, an increase of 5.9% from $879,041 in the same period in 2024[98]. - For the nine months ended September 30, 2025, research and development expenses totaled $1.7 million, a decrease of 29.7% from $2.4 million in the same period in 2024[100]. - The company anticipates increased R&D expenses in future periods as it initiates Phase IIa clinical trials and IND-enabling work for ONP-002[102]. Operating Expenses - Total operating expenses for the three months ended September 30, 2025, were $3,123,773, an increase of 28.17% from $2,437,280 in the same period in 2024[97]. - General and administrative (G&A) expenses for Q3 2025 were $2.2 million, a 40.7% increase from $1.6 million in Q3 2024, primarily due to higher legal and professional fees[103]. - For the nine months ended September 30, 2025, G&A expenses totaled $5.1 million, an 8.2% increase from $4.8 million in the same period in 2024, driven by a $798,760 rise in patent-related legal expenses[105]. - The company expects G&A expenses to continue to increase modestly in future periods to maintain compliance with public-company reporting requirements[106]. Cash Flow and Financing Activities - As of September 30, 2025, the company had $11.4 million in cash and cash equivalents, expected to fund operations through the first half of 2026[88]. - In February 2025, the company sold 260,000 shares for net proceeds of $2.6 million[79]. - On July 2, 2025, the company completed a public offering resulting in net proceeds of approximately $15.2 million[80]. - Net cash used in operating activities for the nine months ended September 30, 2025, was $6.4 million, slightly lower than $6.6 million in the same period in 2024[112]. - Net cash provided by financing activities was $16.9 million for the nine months ended September 30, 2025, compared to $6.2 million for the same period in 2024, primarily due to the July 2025 Series H Preferred Stock financing[116]. Other Income and Expenses - Total other income for Q3 2025 was $57,184, compared to an expense of $25,590 in Q3 2024, mainly due to higher interest income from invested cash[107]. - Significant non-cash items affecting operating cash flows included $771,437 of amortization of debt discount for the nine months ended September 30, 2025[113]. Company Operations - The company operates in a single reportable segment focused on the development of ONP-002 for mild traumatic brain injury[94]. - The company completed pre-clinical studies and is estimating to start Phase 2a trials in Q4 2025 and Phase 2b trials in Q4 2026[77]. Inflation Impact - Inflation has not had a material impact on the company's results of operations for the nine-month periods ending September 30, 2025, and 2024[124].

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 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 95 Sawyer Road, Suite 110 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 Nu ...

Financial Performance - Net income for Q3 2025 was $23.2 million, an increase from $22.4 million in Q3 2024, with diluted earnings per share rising to $0.82 from $0.79[164] - Adjusted net income (non-GAAP) for the three months ended September 30, 2025, was $23,174 thousand, slightly down from $23,655 thousand in 2024, indicating a decrease of 2.03%[171] - Income before income taxes increased by $9.3 million to $86.1 million for the nine months ended September 30, 2025, compared to $76.7 million for the same period in 2024[173] - Net income for the third quarter of 2025 was $23.2 million, compared to $22.4 million for the same period in 2024[188] - Diluted earnings per share increased to $0.82 for the third quarter of 2025, compared to $0.79 for the same period in 2024[188] Assets and Equity - Total assets as of September 30, 2025, were $8.495 billion, compared to $8.138 billion as of September 30, 2024, reflecting a growth of 4.4%[166] - Total stockholders' equity (GAAP) increased to $1,127,513 thousand as of September 30, 2025, compared to $1,034,085 thousand in 2024, reflecting a growth of 9.05%[170] - The company reported a book value per share of $40.48 as of September 30, 2025, up from $37.38 a year earlier[166] - The total stockholders' equity rose to $1.1 billion at September 30, 2025, up from $1.0 billion at December 31, 2024, reflecting a 10.0% increase[236] Income and Revenue - Net interest income for Q3 2025 was $80.953 million, up from $76.158 million in Q3 2024, indicating a year-over-year increase of 10.5%[166] - Noninterest income accounted for 24.5% of total revenue in Q3 2025, compared to 22.5% in Q3 2024[167] - Revenue from mortgage banking services increased by $5.7 million to $36.9 million for the nine months ended September 30, 2025, compared to $31.2 million for the same period in 2024[176] - Noninterest income for the nine months ended September 30, 2025, rose by $7.0 million to $75.1 million compared to the same period in 2024[223] Loans and Deposits - The loan growth rate was 10.6% annualized, while deposit growth was modest at 0.3% annualized[167] - Total loans held-for-investment increased to $6.7 billion at September 30, 2025, from $6.4 billion at December 31, 2024, reflecting a growth of 4.8%[243] - Total deposits increased by $0.4 billion to $7.1 billion as of September 30, 2025, compared to $6.67 billion at December 31, 2024[257] - Total consumer deposits rose to $3.61 billion, up from $3.39 billion, while total business deposits increased to $3.07 billion from $2.84 billion[257] Credit Losses and Risk Management - The provision for credit losses was $10.1 million in Q3 2025, compared to $5 million in Q3 2024, reflecting increased caution in credit risk management[166] - Provision for credit losses increased by $4.2 million to $10.5 million for the third quarter of 2025, compared to $6.4 million in 2024, reflecting a significant rise of 65.63%[172] - The allowance for credit losses is maintained to absorb expected losses in the loan portfolio, reflecting ongoing evaluations of credit quality and risk[210] - The allowance for credit losses at the end of the period is $84,040,000, representing 1.26% of total loans[252] Efficiency and Cost Management - The efficiency ratio improved to 64.22% in Q3 2025 from 65.83% in Q3 2024, indicating better cost management[168] - Noninterest expenses increased by $4.2 million to $68.9 million for Q3 2025, compared to $64.7 million in Q3 2024, representing a 6.5% increase[228] - Salary and employee benefits rose to $34.5 million for the third quarter of 2025, up from $30.5 million in 2024, marking an increase of 16.39%[172] Interest Rates and Economic Impact - Inflation primarily impacts operations through increasing operating costs and non-interest expenses, with net interest margin being more affected by interest rate changes than general inflation[276] - The interest rate shock simulation shows that a +300 basis point change in interest rates could lead to an 8.6% increase in net interest income for 2025[278] - A +200 basis point change in interest rates would result in a 5.8% increase in net interest income for 2025[278] - A -100 basis point change in interest rates would lead to a 2.5% increase in net interest income for 2025[278]

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 001-38621 PCB BANCORP (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or or ...

Financial Position - The company reported cash and cash equivalents of $25.3 million as of September 30, 2025, with no debt[99]. - Cash and cash equivalents increased to $25.3 million as of September 30, 2025, up from $13.4 million as of March 31, 2025[129]. - The company believes existing cash and cash equivalents will be sufficient for working capital and capital expenditures for at least the next 12 months[135]. - Cash and cash equivalents totaled $25.3 million at September 30, 2025, primarily invested in money market funds[144]. - As of September 30, 2025, the company had $13.2 million in purchase obligations, with $1.9 million payable in the next twelve months[137]. Revenue and Sales Performance - Direct and indirect sales to networking and telecommunications OEMs accounted for 19% to 34% of net revenues over the last three fiscal years[103]. - The largest end user customers in fiscal 2025 were KYEC, Nokia, and Cadence Design Systems, with significant fluctuations in sales expected[109]. - Net revenues increased by 41.6% from $4.6 million in Q3 2024 to $6.4 million in Q3 2025, and by 38.0% from $9.2 million in the first half of 2024 to $12.7 million in the first half of 2025[117]. - Direct and indirect sales to KYEC increased by $152,000 in Q3 2025 compared to Q3 2024, while sales to Nokia decreased significantly[117]. - The overall average selling price of units shipped increased by 19.2% in Q3 2025 compared to Q3 2024, while the number of units shipped increased by 19.0%[117]. Profitability and Expenses - Gross profit rose by 101.1% from $1.8 million in Q3 2024 to $3.5 million in Q3 2025, with gross margin increasing from 38.6% to 54.8%[121]. - Research and development expenses decreased by 21.3% from $4.8 million in Q3 2024 to $3.8 million in Q3 2025, and by 23.7% from $9.0 million in the first half of 2024 to $6.9 million in the first half of 2025[122]. - Selling, general and administrative expenses increased by 15.6% from $2.6 million in Q3 2024 to $3.0 million in Q3 2025, and by 10.2% from $5.2 million in the first half of 2024 to $5.7 million in the first half of 2025[123][124]. - The net loss was $5.5 million in Q3 2024 compared to $3.2 million in Q3 2025, and $4.4 million in the first half of 2024 compared to $5.4 million in the first half of 2025[128]. - Cost of revenues increased by 4.2% from $2.8 million in Q3 2024 to $2.9 million in Q3 2025[120]. Cash Flow and Financing Activities - Net cash used in operating activities was $2.6 million for the six months ended September 30, 2025, a decrease from $7.7 million for the same period in 2024[130]. - The primary sources of cash in the six months ended September 30, 2025 included reductions in accounts receivable and prepaid expenses, while the primary uses were a net loss of $5.4 million and a decrease of $1.9 million in accrued expenses[130]. - Net cash provided by investing activities was $40,000 in the six months ended September 30, 2025, significantly lower than $11.3 million in the same period of 2024[132]. - Net cash provided by financing activities in the six months ended September 30, 2025 included proceeds of $14.3 million from an At-the-Market offering and $263,000 from employee stock plans[133]. - The company entered into a registered direct offering on October 21, 2025, issuing 1,508,462 shares at $10.00 per share, with gross proceeds of approximately $50 million[100][101]. Market and Economic Conditions - The company anticipates continued inflationary pressures and geopolitical tensions to negatively impact demand and financial performance through fiscal 2026[102]. - The company expects fluctuations in quarterly net revenues due to the cancelable nature of orders and the timing of product releases[105]. - The average selling price of the company's products has increased or remained unchanged in recent years, but historical trends show a decline over the product life cycle[104]. - The company has minimal exposure to foreign currency exchange risks as revenues and expenses are primarily denominated in U.S. dollars[143]. - A hypothetical 100 basis point change in interest rates is not expected to materially affect the fair value of the company's interest-sensitive financial instruments[144]. Contracts and Milestones - The company received milestone payments totaling approximately $1.25 million for the development of the APU2, with $435,000, $318,000, and $316,000 received in fiscal 2024, 2025, and 2026, respectively[96]. - The company has been awarded a contract worth $1.1 million by AFWERX to demonstrate high-data computation use cases leveraging the APU2 architecture[97].

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 Number: 0-25965 ZIFF DAVIS, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction (I.R.S. ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 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: 001-40128 Indicate by check mark whether the registrant (1) has filed all reports required to be fi ...

Financial Performance - Total revenue increased by 2.7% year-over-year to $50.4 million for Q3 2025, compared to $49.1 million in Q3 2024[7] - Loss from operations was $3.7 million, or 7.4% of revenue, for Q3 2025, compared to income from operations of $88 thousand, or 0.2% of revenue, for Q3 2024[8] - Net loss before income taxes was $3.9 million for Q3 2025, compared to net income before income taxes of $284 thousand in Q3 2024[10] - Net loss for the three months ended September 30, 2025, was $3,628,000, compared to a net income of $169,000 in the same period of 2024[26] - Adjusted net loss income attributable to GEN Restaurant Group, Inc. for the three months ended September 30, 2025, was $(107,000), compared to $349,000 in the same period of 2024[31] - Adjusted net loss income per share of Class A common stock for the three months ended September 30, 2025, was $(0.02), compared to $0.07 in the same period of 2024[31] Operational Metrics - Restaurant-level adjusted EBITDA was $7.6 million, or 15.0% of revenue, for Q3 2025, a decrease from 16.3% in Q2 2025[8] - Adjusted EBITDA for the three months ended September 30, 2025, was $226,000, down from $3,436,000 in the same period of 2024[26] - Restaurant-level Adjusted EBITDA margin was 15.0% for the three months ended September 30, 2025, compared to 18.2% in the same period of 2024[27] - Comparable restaurant sales performance declined by 9.9% for the three months ended September 30, 2025, compared to a decline of 9.1% in the same period of 2024[24] Expansion and Development - The company opened 15 new locations in the first nine months of 2025, exceeding its target of 12 to 13 new restaurants by the end of the year[6] - The company plans to open two more stores by the end of 2025, maintaining a strong development pipeline[6] - The number of restaurants increased to 57 as of September 30, 2025, from 41 as of September 30, 2024[24] Financial Position - Cash and cash equivalents at September 30, 2025, were $4.8 million, with total available liquidity of $20.0 million[11] - Cash and cash equivalents decreased to $4,793,000 from $23,675,000 as of December 31, 2024[24] - Total assets increased to $245,539,000 from $240,415,000 as of December 31, 2024[24] - Total liabilities rose to $205,952,000 from $194,798,000 as of December 31, 2024[24] Cost and Expenses - General and administrative expenses totaled $6.5 million, or 12.8% of revenue, for Q3 2025, up from $5.2 million, or 10.6% of revenue, in Q3 2024[9] - Cost of goods sold increased by 334 basis points compared to Q3 2024, primarily due to inflationary cost increases[13] Product Offering - The company is expanding its product offerings, including ready-to-cook meats at over 600 grocery stores in California and Hawaii[5]