Table of Contents ☐ 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: 001-34511 ______________________________________ FORTINET, INC. 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 (Exact name of registrant as specified in its ...

Financial Performance - Total revenues for Q3 2025 were $17,361 million, a decrease of 5.9% compared to $18,440 million in Q3 2024[20] - Net income attributable to MetLife, Inc. for Q3 2025 was $896 million, down 33.2% from $1,342 million in Q3 2024[20] - Premiums collected in Q3 2025 amounted to $10,555 million, slightly down from $10,647 million in Q3 2024[20] - The company reported a comprehensive income of $3,189 million for Q3 2025, compared to $4,838 million in Q3 2024, indicating a decline of 34.1%[20] - Basic earnings per share for Q3 2025 were $1.23, down from $1.82 in Q3 2024, reflecting a decrease of 32.4%[20] - Net income for the nine months ended September 30, 2025, was $1,685 million, compared to $1,828 million for the same period in 2024, reflecting a decrease of approximately 7.8%[24] - Total consolidated adjusted earnings for the nine months ended September 30, 2025, were $4,458 million, a slight decrease from $4,505 million in the same period of 2024[72] Investment Income - Net investment income increased to $6,089 million in Q3 2025, compared to $5,227 million in Q3 2024, reflecting a growth of 16.5%[20] - Net investment income for the nine months ended September 30, 2025, was $6,478 million, compared to $6,339 million in 2024, indicating an increase of approximately 2.2%[71] - Net investment income for Q3 2025 was $321 million for Group Benefits, $2,166 million for RIS, $1,377 million for Asia, $414 million for Latin America, $67 million for EMEA, and $1,025 million for MetLife Holdings, compared to $311 million, $2,133 million, $1,132 million, $435 million, $55 million, and $981 million in Q3 2024[67] Assets and Liabilities - Total assets as of September 30, 2025, were $719,726 million, up from $677,457 million at the end of 2024, representing a growth of 6.2%[17] - Total liabilities increased to $690,535 million as of September 30, 2025, compared to $649,754 million at the end of 2024, marking a rise of 6.3%[17] - The total future policy benefits liabilities as of September 30, 2025, amounted to $199,169 million, an increase from $193,646 million at the end of 2024[76] Policyholder Benefits and Claims - Policyholder benefits and claims for Q3 2025 were $10,369 million, a decrease of 2.1% from $10,597 million in Q3 2024[20] - Policyholder benefits and claims for Q3 2025 totaled $4,982 million for Group Benefits, $1,835 million for RIS, $1,074 million for Asia, $1,218 million for Latin America, $333 million for EMEA, and $1,152 million for MetLife Holdings, compared to $4,927 million, $2,247 million, $1,035 million, $1,091 million, $276 million, and $1,221 million in Q3 2024[67] Dividends and Stock Repurchases - The company declared dividends on common stock of $0.568 per share for the nine months ended September 30, 2025, totaling $378 million[24] - Treasury stock acquired in connection with share repurchases for the nine months ended September 30, 2025, amounted to $507 million, including $5 of excise tax[24] Segment Performance - MetLife operates in six segments: Group Benefits, Retirement and Income Solutions, Asia, Latin America, EMEA, and MetLife Holdings, indicating a diversified business model[41] - Adjusted earnings for Q3 2025 were $455 million for Group Benefits, $436 million for RIS, $543 million for Asia, $147 million for Latin America, $88 million for EMEA, and $203 million for MetLife Holdings, showing a year-over-year increase in several segments[67] - The Group Benefits segment reported revenues of $20,128 million for the nine months ended September 30, 2025, up from $19,625 million in 2024, representing a growth of 2.6%[72] Cash Flow and Operating Activities - Net cash provided by operating activities for the nine months ended September 30, 2025, was $10,016 million, compared to $9,987 million for the same period in 2024, reflecting a slight increase[26] - Cash flows from investing activities resulted in a net outflow of $11,321 million for the nine months ended September 30, 2025, compared to a net outflow of $6,129 million in 2024, indicating increased investment activity[26] Foreign Currency Impact - The effect of foreign currency exchange rates on cash and cash equivalents resulted in a positive impact of $309 million[26] - The effect of foreign currency translation positively impacted the ending balance of expected net premiums by $237 million in 2025, compared to a negative impact of $(77) million in 2024[88] Reinsurance and DAC - The company recorded a reinsurance recoverable of $8.4 billion and a funds withheld liability of $8.9 billion from a reinsurance transaction completed on July 1, 2025[187] - Total Deferred Acquisition Costs (DAC) and Value of Business Acquired (VOBA) as of September 30, 2025, amounted to $19,733 million, an increase from $18,782 million as of September 30, 2024[182] Market Risk and Securities - The gross unrealized losses on fixed maturity securities AFS decreased by $3.9 billion to $27.2 billion for the nine months ended September 30, 2025, primarily due to a decrease in interest rates[203] - The total number of securities in an unrealized loss position was 4,605 as of September 30, 2025, compared to 9,486 at December 31, 2024[201] Future Projections and Changes - The acquisition of PineBridge Investments is expected to close by the end of 2025, with a total transaction value of $1.2 billion, including $800 million in cash at closing[75] - Future provisions for credit loss will depend on economic fundamentals and issuer performance, highlighting a focus on risk management[208]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) þ 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 o 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: 001-36863 ___________________ Cable One, Inc. (Exact name of registrant as specified in its chart ...

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 REPORTS PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 0-24006 NEKTAR THERAPEUTICS (Exact name of registrant as specified in its charter) (State or other jurisdiction of inco ...

Financial Performance - For the three months ended October 3, 2025, net sales increased by $17.3 million, or 4.8%, to $376.4 million compared to $359.1 million for the same period in 2024[164]. - Gross profit for the three months ended October 3, 2025, was $114.5 million, representing a gross margin of 30.4%, compared to $107.5 million and 29.9% for the same period in 2024[162]. - The company reported a net loss of $0.7 million for the three months ended October 3, 2025, compared to a net income of $4.8 million for the same period in 2024[162]. - Consolidated net sales for the nine months ended October 3, 2025 increased by $65.1 million, or 6.3%, to $1,106.2 million, driven by increased demand for aftermarket products and motorcycle business expansion[178]. - For the nine months ended October 3, 2025, the company reported a net loss of $257.7 million, a decrease of $264.4 million from a net income of $6.7 million for the same period in 2024, representing a change of (3,946.3)%[186]. Operating Expenses - Operating expenses for the three months ended October 3, 2025, totaled $99.4 million, up from $88.7 million in the same period in 2024[162]. - Total operating expenses for the three months ended October 3, 2025 were $99.4 million, an increase of $10.7 million, or 12.1%, driven by higher general and administrative, sales and marketing, and research and development expenses[166]. - Total operating expenses for the nine months ended October 3, 2025 were $558.1 million, a significant increase of $282.8 million, or 102.7%, primarily due to a goodwill impairment charge of $262.1 million[181]. Cost of Sales - The cost of sales as a percentage of net sales decreased to 69.6% for the three months ended October 3, 2025, from 70.1% for the same period in 2024[163]. - Cost of sales for the three months ended October 3, 2025 increased by $10.3 million, or 4.1%, to $261.9 million compared to the same period in the prior year, primarily due to increased sales and tariffs[165]. - Cost of sales for the nine months ended October 3, 2025 increased by $45.6 million, or 6.3%, to $765.1 million, with a gross margin decrease of 10 basis points to 30.8%[179]. Income and Loss - Income from operations decreased by $3.7 million, or 19.7%, to $15.1 million for the three months ended October 3, 2025 compared to the prior year[167]. - Loss from operations for the nine months ended October 3, 2025 was $217.0 million, a decrease of $263.3 million, or 568.7%, compared to the prior year[182]. - Net loss for the three months ended October 3, 2025 was $0.7 million, a decrease of $5.5 million, or 114.6%, from net income of $4.8 million in the same period last year[171]. Market Conditions - The company faces headwinds from high interest rates, high vehicle costs, and macro-economic conditions impacting industry and consumer demand[164]. - Interest expense for the three months ended October 3, 2025, was $13.9 million, slightly down from $14.2 million in the same period in 2024[162]. - Interest and other expense, net for the nine months ended October 3, 2025 decreased by $1.7 million, or 4.2%, to $39.2 million, attributed to foreign currency exchange rates[183]. Cash Flow and Investments - Net cash provided by operating activities for the nine months ended October 3, 2025, was $42.8 million, a decrease from $50.1 million in the same period of 2024[195]. - The company used $27.2 million in investing activities for property and equipment additions during the nine months ended October 3, 2025, compared to $42.5 million in the same period of 2024[199]. - As of October 3, 2025, the company held $12.7 million of its $65.4 million cash and cash equivalents in accounts of subsidiaries outside the U.S.[194]. Future Outlook - The company expects that cash on hand, cash flows from operations, and availability under its Credit Agreement will be sufficient to fund operations during the next 12 months[196]. - Interest rate volatility may impact borrowing costs and overall financial condition, with significant increases potentially leading to higher interest expenses on variable-rate debt[213]. - The company utilizes interest rate swaps to manage exposure to interest rate fluctuations, enhancing predictability[213]. - There have been no material changes to the disclosures regarding market risk since the last annual report filed with the SEC[214].

Financial Performance - Third-quarter 2025 reported and adjusted EPS of $1.81, representing over 11% growth compared to third-quarter 2024[6] - The company narrows 2025 adjusted EPS guidance range to $6.25 to $6.35 and reaffirms long-term adjusted EPS growth rate of 5% to 7% through 2029[4] - Duke Energy Corporation reported net income available to common stockholders of $1,407 million for the three months ended September 30, 2025, resulting in an earnings per share (EPS) of $1.81[36] - For the nine months ended September 30, 2025, net income available to common stockholders was $3,743 million, with an EPS of $4.81[38] - The adjusted earnings per share (EPS) for Q3 2025 was $2.13, an increase from $1.90 in Q3 2024, marking a 12.1% rise[54] - Year-to-date adjusted EPS for 2025 reached $5.31, compared to $4.66 in 2024, indicating a 13.9% increase[59] - Basic and diluted earnings per share for Q3 2025 were $1.81, compared to $1.57 in Q3 2024, reflecting a 15.3% increase[63] - Operating income for the nine months ended September 30, 2025, was $6,507 million, a 12.0% increase from $5,814 million in the prior year[63] Segment Performance - Electric Utilities and Infrastructure segment income for Q3 2025 was $1,658 million, up from $1,451 million in Q3 2024[9] - Gas Utilities and Infrastructure segment loss for Q3 2025 was $26 million, compared to a loss of $25 million in Q3 2024[11] - Other segment recognized a loss of $225 million in Q3 2025, slightly higher than the $222 million loss in Q3 2024[13] - The Electric Utilities and Infrastructure segment generated income of $4,128 million for the nine months ended September 30, 2025, while the Gas Utilities and Infrastructure segment contributed $329 million[38] - The total reportable segment income for the nine months ended September 30, 2025, was $4,457 million[38] - Duke Energy Corporation's total reportable segment income for the three months ended September 30, 2025, was $1,632 million[36] Revenue and Expenses - Total operating revenues for Q3 2025 reached $8,542 million, a 4.8% increase from $8,154 million in Q3 2024[63] - Total operating revenues for the nine months ended September 30, 2025, were $24,299 million, with regulated electric revenues contributing $22,138 million[72] - Total operating expenses for the nine months ended September 30, 2025, were $17,829 million, with fuel costs for electric generation at $6,266 million[72] - The company reported a net cash used in investing activities of $9,976 million for the nine months ended September 30, 2025, compared to $9,851 million in 2024[67] Tax and Cost Management - The effective tax rate for Q3 2025 was 10.8%, down from 11.2% in Q3 2024, primarily due to increased amortization of income tax credits[15] - The effective tax rate for reported income tax expense from continuing operations was 10.8% for Q3 2025, slightly down from 11.2% in Q3 2024[51] - The effective tax rate for adjusted tax expense for the nine months ended September 30, 2025, was 11.3%, compared to 12.8% for the same period in 2024[51] - Management emphasizes cost management to keep customer rates below the national average and average changes below the rate of inflation[5] Capital and Investment Plans - The company expects to announce a new capital plan for 2026-2030 between $95 billion and $105 billion in February 2026[5] - Duke Energy is focused on energy modernization, investing in electric grid upgrades and cleaner generation sources[29] Customer and Market Data - The company serves 8.6 million electric customers and 1.7 million gas customers across multiple states[28] - The average number of residential customers grew by 1.6% to 7,549,514 in Q3 2025, while total retail customers increased by 1.4% to 8,636,364[118] - The average number of customers in Duke Energy Carolinas rose by 1.8% to 2,968,440 in Q3 2025[121] - The average number of residential customers for Duke Energy Florida increased by 1.4% to 1,822,296 in Q3 2025[128] Energy Generation and Sales - Total consolidated electric sales for Duke Energy increased by 0.2% to 72,880 GWh in Q3 2025 compared to 72,756 GWh in Q3 2024[118] - Renewable energy generation saw a significant increase of 18.8% to 1,119 GWh in Q3 2025, contributing to a total generation of 59,901 GWh[118] - Coal generation decreased by 9.9% to 2,649 GWh in Q3 2025, while nuclear generation increased by 4.8% to 11,688 GWh[121] - Total electric sales for Duke Energy Indiana reached 8,704 GWh, marking a 1.8% increase year-over-year[134] Financial Position and Assets - Cash and cash equivalents increased to $688 million as of September 30, 2025, compared to $314 million at December 31, 2024[65] - Total assets rose to $192,293 million as of September 30, 2025, up from $186,343 million at December 31, 2024[65] - Long-term debt increased to $79,301 million as of September 30, 2025, compared to $76,340 million at December 31, 2024[65] - Duke Energy's total equity was reported at $52,627 million, reflecting the company's financial stability[84]

Loan Portfolio and Performance - As of September 30, 2025, the company's loan portfolio totaled $6.3 billion with an average loan balance of approximately $393 thousand[155]. - The annualized yield on the total portfolio for the three months ended September 30, 2025, was 9.54%, while for the nine months it was 9.44%[155]. - The portfolio-related net interest margin for the three months ended September 30, 2025, was 3.65%, an increase from 3.60% in the same period of 2024[157]. - For the three months ended September 30, 2025, the company generated pre-tax income of $35.4 million, compared to $21.2 million for the same period in 2024, representing a 67% increase[157]. - The total loans (UPB) increased from $4.75 billion as of September 30, 2024, to $6.28 billion as of September 30, 2025, reflecting a growth of approximately 32%[175]. - Nonperforming loans as a percentage of total loans decreased from 10.6% as of September 30, 2024, to 9.8% as of September 30, 2025[175]. - The weighted average loan-to-value ratio at origination for the portfolio was 65.5% as of September 30, 2025[175]. - Total loan originations including unfunded commitments increased to $738.96 million for the three months ended September 30, 2025, up $13.6 million from the previous quarter and $262.2 million from the same quarter last year[179]. - The unpaid principal balance of loans held for investment as of September 30, 2025, was $6.27 billion, an increase from $5.06 billion as of December 31, 2024[181]. - Nonperforming loans represented 12.3% of the total unpaid principal balance of loans held for investment as of September 30, 2025[190]. - Total loans held for investment amounted to $6.27 billion as of September 30, 2025, with 90.2% classified as performing loans[191]. - Loans due in more than five years accounted for 95.9% of the total loans held for investment as of September 30, 2025[181]. Financial Results and Income - The company reported a total gain on real estate owned (REO) of $3.26 million for the nine months ended September 30, 2025[183]. - The company resolved $108.0 million of nonperforming assets in Q3 2025, up from $104.0 million in Q2 2025 and $68.6 million in Q3 2024, with net gains of $2.8 million, $3.6 million, and $2.3 million for the respective quarters[193]. - The recovery rate on resolved nonperforming assets was 102.7% for Q3 2025, compared to 103.4% for Q2 2025 and 103.0% for Q3 2024[194]. - The company generated approximately $47.0 million in net cash and cash equivalents from operating, investing, and financing activities during the nine months ended September 30, 2025, compared to $5.3 million in 2024[275]. - Net income attributable to Velocity Financial, Inc. was $25.4 million for the three months ended September 30, 2025, compared to $15.8 million in 2024, and $70.3 million for the nine months ended September 30, 2025, compared to $47.8 million in 2024[233]. - Interest income increased by $39.0 million to $144.1 million for the three months ended September 30, 2025, compared to $105.1 million for the same period in 2024, driven by higher average loan portfolio balances and yield[235]. - Net interest income - portfolio related rose 34.0% to $55.2 million for the three months ended September 30, 2025, up from $41.2 million in 2024, and increased 33.1% to $152.6 million for the nine months ended September 30, 2025, compared to $114.6 million in 2024[234]. Operating Expenses - Total operating expenses increased to $50.4 million for the three months ended September 30, 2025, from $34.6 million in 2024, and to $144.5 million for the nine months ended September 30, 2025, from $100.5 million in 2024[233]. - Provision for credit losses increased to $0.4 million for the three months ended September 30, 2025, from a reversal of $0.1 million in 2024, and to $3.9 million for the nine months ended September 30, 2025, from $1.2 million in 2024[245]. - Compensation and employee benefits increased by $5.7 million to $23.3 million for the three months ended September 30, 2025, compared to $17.6 million for the same period in 2024, mainly due to higher headcount and commissions[255]. - Securitization expenses increased to $6.4 million for the three months ended September 30, 2025, from $3.2 million for the same period in 2024, resulting from more securitization transactions[257]. - Loan servicing expenses increased to $7.7 million for the three months ended September 30, 2025, from $5.7 million for the same period in 2024, primarily due to the growth of the loan portfolio[258]. Debt and Liquidity - The company completed 44 securitization transactions from May 2011 through September 2025, issuing $9.9 billion in principal amount of securities[281]. - Outstanding bond balances for securitized debt as of September 30, 2025, totaled $5.55 billion, an increase from $4.27 billion as of December 31, 2024[284]. - The company had five non-mark-to-market warehouse facilities and one mark-to-market facility as of September 30, 2025, with borrowings of $334.7 million and $600.3 million of available capacity[276]. - Total liquidity as of September 30, 2025, was $143.5 million, consisting of $99.0 million in cash and $44.5 million in borrowings from available warehouse capacity[269]. - As of September 30, 2025, the company had $555.8 million in additional available warehouse capacity, bringing total liquidity plus available warehouse capacity to $699.3 million[269]. - The company entered into a five-year $215.0 million syndicated corporate debt agreement on March 15, 2022, with a fixed interest rate of 7.125% maturing on March 15, 2027[288]. - A second five-year $75.0 million syndicated corporate debt agreement was established on February 5, 2024, with an interest rate of 9.875% maturing on February 15, 2029[289]. Market Conditions and Future Outlook - Market uncertainties, including geopolitical conflicts and macroeconomic conditions, may impact the company's operational and financial performance[160]. - The company is applying a severe stress scenario for its current expected credit loss (CECL) estimate, reflecting economic uncertainties[185]. - Forward-looking statements indicate expectations regarding loan originations and strategies for future funding and development of business and products[301]. - The company does not plan to structure any securitized debt as sales or utilize off-balance-sheet vehicles, ensuring sufficient funding for working capital requirements[287]. - The company has never maintained relationships with unconsolidated entities for off-balance-sheet arrangements, ensuring transparency in financial commitments[299].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 _________________________ FORM 10-Q _________________________ (Mark One) S 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: 001-37415 | _________________________ Evolent Health, Inc. | | | --- | --- ...

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 Number: 001-37429 EXPEDIA GROUP, INC. (Exact name of registrant as specified in its charter) Delaware 20-2705720 (State of Incor ...

Financial Performance - Total revenue for Q3 2025 was $149.002 million, a decrease of 1.1% compared to $151.654 million in Q3 2024[20] - Products and services revenue for Q3 2025 was $148.019 million, down 2.5% from $151.559 million in Q3 2024[20] - Gross profit for Q3 2025 was $100.307 million, compared to $106.393 million in Q3 2024, reflecting a gross margin of 67.3%[20] - Net loss for Q3 2025 was $27.472 million, an improvement from a net loss of $35.753 million in Q3 2024[20] - Total revenue for the nine months ended September 30, 2025, was $476.793 million, compared to $445.764 million for the same period in 2024, representing a year-over-year increase of approximately 7%[66] - The company incurred net losses of $27.5 million and $27.3 million for the three and nine months ended September 30, 2025, respectively, with an accumulated deficit of $1.5 billion as of September 30, 2025[102] Operating Expenses - Operating expenses for Q3 2025 totaled $132.549 million, down from $147.878 million in Q3 2024, primarily due to reduced research and development costs[20] - Total operating expenses decreased by $15.3 million, or 10%, to $132.5 million for the three months ended September 30, 2025, compared to the same period in 2024[114] - Research and development expenses decreased by $9.0 million, or 14%, to $57.2 million for the three months ended September 30, 2025, compared to the same period in 2024[116] - Selling, general and administrative expenses decreased by $6.3 million, or 8%, to $75.4 million for the three months ended September 30, 2025, compared to the same period in 2024[118] Cash and Liquidity - Cash and cash equivalents increased to $432.508 million as of September 30, 2025, up from $344.067 million at the end of 2024[18] - The company reported a cash balance of $432.709 million at the end of the period, up from $398.159 million at the end of September 2024[27] - The net cash provided by operating activities was $95.3 million for the nine months ended September 30, 2025, despite a net loss of $27.3 million[136] - The company anticipates making capital expenditures of between $15 million and $20 million over the next 12 months[129] - The company expects to continue incurring operating losses for the foreseeable future but believes existing cash will meet anticipated cash needs for at least the next 12 months[133] Assets and Liabilities - Total assets reached $1.027 billion as of September 30, 2025, compared to $918.636 million at the end of 2024[18] - Total liabilities increased to $242.241 million as of September 30, 2025, from $208.502 million at the end of 2024[18] - Stockholders' equity rose to $785.120 million as of September 30, 2025, compared to $710.134 million at the end of 2024[18] - As of September 30, 2025, total available-for-sale securities amounted to $448.832 million, an increase from $371.347 million as of December 31, 2024[53] Acquisitions and Investments - The company completed an asset acquisition of Scale Biosciences, Inc. for a total consideration of $22.4 million, including $9.2 million in cash and $13.5 million in stock[46][47] - The Company recorded developed technology of $51.6 million and assembled workforce of $0.7 million in connection with the Scale acquisition during Q3 2025[59] - The company expects to pay an additional $20 million in connection with technology transfer and may pay up to $30 million in contingent consideration based on future milestones[46] - The contingent consideration related to the acquisition was recorded at a fair value of $22.4 million as of the acquisition date[146] - The acquisition of Scale Biosciences, Inc. was completed on August 11, 2025, involving the unregistered issuance of 1,099,992 shares of Class A common stock valued at $13.5 million[154] Revenue Breakdown - Revenue from instruments in Q3 2025 was $11.999 million, down from $19.056 million in Q3 2024, while consumables revenue increased to $127.892 million from $126.204 million in the same period[66] - The Company recognized $4.134 million in deferred revenue for the three months ended September 30, 2025, compared to $2.713 million for the same period in 2024[66] - The Company received an upfront payment of $26.0 million from Vizgen, which included a $9.2 million gain on settlement and $16.8 million of license and royalty revenue[67] - The Company entered into a settlement agreement with Bruker Corporation, receiving a total of $68.0 million in four quarterly installment payments starting Q3 2025, with $40.7 million recorded as a gain on settlement and $27.3 million as license and royalty revenue[70] Legal and Compliance - The company has ongoing litigation with Parse Biosciences, Inc. and Illumina, Inc., with no case schedules set as of October 2025[81] - The company is regularly subject to various legal proceedings, including intellectual property disputes, which may impact its operations[151] - There have been no material changes to the company's risk factors since the last Annual Report[153] - The company’s exposure to market risk related to interest rates and foreign currency exchange rates has not changed materially since December 31, 2024[147] Stock and Equity - The company reported a weighted-average share count of 125,502,291 for Q3 2025, compared to 120,733,030 for Q3 2024[20] - As of September 30, 2025, the number of shares of Class A common stock issued and outstanding was 116,460,674[82] - The Company issued 446,766 shares of Class A common stock under the Employee Stock Purchase Plan during the nine months ended September 30, 2025[95] - As of September 30, 2025, the Company had 8,466,033 outstanding restricted stock units with a weighted-average grant date fair value of $21.00 per share[86] - The Company granted 561,603 performance stock units in March 2025, with 50% of the target PSUs based on revenue CAGR and 50% based on relative Total Shareholder Return over specified performance periods[88] Miscellaneous - The company recognized $83.899 million in stock-based compensation expense for the nine months ended September 30, 2025, compared to $108.209 million in the prior year[27] - The total stock-based compensation expense for the nine months ended September 30, 2025, was $83.585 million, compared to $108.209 million for the same period in 2024[85] - The company’s cash paid for taxes was $1.935 million for the nine months ended September 30, 2025, down from $4.863 million in the prior year[27] - The company’s investing activities resulted in a net cash outflow of $11.633 million, compared to a net cash inflow of $18.961 million in the same period of 2024[27] - The Company recorded restructuring charges of $6.0 million in Q2 2025, primarily for severance-related costs, with total restructuring costs of $6.021 million for the nine months ended September 30, 2025[50] - The Company recorded a $1.1 million loss due to changes in the fair value of contingent consideration for the three and nine months ended September 30, 2025[72] - The company expects revenues to moderately increase sequentially in the fourth quarter of 2025[109] - The company expects to pay $20.0 million in connection with the technology transfer related to the Scale acquisition in the first quarter of 2026[130] - There were no material changes in internal control over financial reporting during the three months ended September 30, 2025[149] - The Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures were effective at a reasonable assurance level as of September 30, 2025[148] - The contingent consideration will be remeasured each reporting period, with changes recognized within "other income" in the consolidated statement of operations[146]