ABACUS GLOBAL MANAGEMENT REPORTS THIRD QUARTER 2025 RESULTS ~ Company Delivers 10 Consecutive Quarter of Strong Earnings Growth ~ th ~ Record Revenue Growth of $63.0 Million, Up 124% Y/Y ~ ~ GAAP Net Income of $7.1 Million ~ ~ Adjusted Net Income Up 60% Year-over-Year to $23.6 Million ~ ~ Adjusted EBITDA Grew 127% Year-over-Year to $37.9 Million ~ ncreases 2025 Outlook Above Prior Range; Now Expecting Year-over-Year Adjusted Net Income Growth Between 72% & 81% ~ ~ Post Quarter End, Company Completes Two Maj ...

Financial Performance - Total revenue for Q3 2025 reached $63.0 million, a 124% increase year-over-year from $28.1 million[3] - GAAP net income attributable to shareholders was $7.1 million, compared to a net loss of $5.1 million in the prior-year period[3] - Adjusted net income increased 60% year-over-year to $23.6 million, with adjusted diluted earnings per share at $0.24[3] - Adjusted EBITDA grew 127% year-over-year to $37.9 million, with an adjusted EBITDA margin of 60.2%[3] - Total revenues for Q3 2025 reached $62.98 million, a significant increase from $28.15 million in Q3 2024, representing a growth of 123.8%[22] - Net income for Q3 2025 was $7.08 million, a turnaround from a net loss of $5.28 million in Q3 2024, reflecting a positive change of $12.36 million[22] - Earnings per share for Q3 2025 were $0.07, compared to a loss of $0.07 per share in Q3 2024, indicating a positive shift in profitability[22] - For the three months ended September 30, 2025, adjusted net income was $23,608,143, compared to $14,719,496 for the same period in 2024, representing a year-over-year increase of 60.5%[23] - Adjusted EPS for the three months ended September 30, 2025, was $0.25 (basic) and $0.24 (diluted), compared to $0.20 (basic) and $0.20 (diluted) in 2024, indicating an increase of 25% in basic EPS[23] - Total revenue for the three months ended September 30, 2025, was $62,975,156, up from $28,148,491 in 2024, reflecting a growth of 123.7%[25] - Adjusted EBITDA for the three months ended September 30, 2025, was $37,904,835, compared to $16,666,306 in 2024, marking a significant increase of 127.6%[25] - The adjusted EBITDA margin for the three months ended September 30, 2025, was 60.2%, compared to 59.2% in 2024, showing a slight improvement[25] - For the nine months ended September 30, 2025, adjusted net income was $54,567,277, compared to $24,118,367 in 2024, representing an increase of 126.5%[24] Asset and Liability Management - The company reported total assets of $918.94 million as of September 30, 2025, up from $874.16 million at the end of 2024, marking an increase of 5.1%[21] - Current liabilities increased to $148.44 million in Q3 2025, compared to $62.47 million in Q4 2024, representing a rise of 137.5%[21] - The company’s total liabilities stood at $479.34 million as of September 30, 2025, compared to $450.87 million at the end of 2024, reflecting an increase of 6.3%[21] - The company’s cash and cash equivalents decreased to $86.42 million as of September 30, 2025, from $131.94 million at the end of 2024, a decline of 34.5%[21] Strategic Initiatives - Abacus completed the strategic acquisition of AccuQuote, enhancing its financial services platform[10] - The company sold $50 million in securitized life insurance assets, structured as an investment-grade rated collateralized note[10] - Abacus was added to the Russell 2000® and 3000® Indexes, effective September 22, 2025, enhancing visibility to institutional investors[10] Return on Investment - Annualized return on invested capital (ROIC) for Q3 2025 was 21% and annualized return on equity (ROE) was 22%[10] - Adjusted annualized ROIC for the period ended September 30, 2025, was 21%, up from 20% in 2024[26] - Adjusted annualized ROE for the period ended September 30, 2025, was 22%, slightly down from 23% in 2024[27] Revenue Breakdown - Life solutions revenue surged to $45.54 million in Q3 2025, compared to $28.03 million in Q3 2024, an increase of 62.6%[22]

Enrollment and Retention - Total pets enrolled at the end of September 30, 2025, was 1,654,414, a decrease from 1,688,903 in 2024[92] - Total subscription pets enrolled at the end of September 30, 2025, was 1,082,412, an increase from 1,032,042 in 2024[92] - Average monthly retention rate remained stable at 98.33% as of September 30, 2025, compared to 98.29% in 2024[92] - Total pets enrolled at the end of the period decreased by 2% to 1,654,414 compared to 1,688,903 in 2024[130] - Total subscription pets enrolled at period end increased by 5% to 1,082,412 for the three months ended September 30, 2025[139] Revenue and Growth - Subscription business revenue for Q3 2025 was $252.7 million, up from $219.0 million in Q3 2024, representing a growth of 15.0% year-over-year[126] - Total revenue for the nine months ended September 30, 2025, reached $1.06 billion, compared to $948.4 million for the same period in 2024, reflecting an increase of 11.8%[126] - Total revenue for the three months ended September 30, 2025, increased by $39.5 million, or 12%, to $366.9 million compared to the same period in 2024[128] - Subscription business revenue rose by $33.7 million, or 15%, to $252.7 million for the three months ended September 30, 2025, driven by a 10% increase in monthly average revenue per pet[128] - Subscription business revenue for the nine months ended September 30, 2025, increased by $99.2 million, or 16%, to $727.9 million, driven by an 11% increase in monthly average revenue per pet[129] Expenses and Costs - Average pet acquisition cost (PAC) rose to $278 in 2025 from $227 in 2024, indicating an increase of about 22.5%[92] - Subscription cost of paying veterinary invoices (non-GAAP) was $516,600 for the nine months ended September 30, 2025, accounting for 71.0% of subscription revenue[101] - Subscription variable expenses (non-GAAP) were $65,681, representing 9.0% of subscription revenue for the nine months ended September 30, 2025[101] - New pet acquisition expense was $62,305 for the nine months ended September 30, 2025, with subscription acquisition cost (non-GAAP) at $56,307, or 7.7% of subscription revenue[101] - Cost of revenue for the subscription business was $200.8 million in Q3 2025, which is 79.3% of subscription revenue, down from 81.0% in Q3 2024[127] - Total cost of revenue for the subscription business segment increased by $60.9 million, or 12%, to $586.1 million for the nine months ended September 30, 2025[132] - General and administrative expenses for the nine months ended September 30, 2025, increased by $11.4 million, or 24%, to $58.3 million compared to the same period in 2024[138] - New pet acquisition expenses increased by $3.6 million, or 20%, to $21.9 million for the three months ended September 30, 2025, driven by increased marketing spend[139] Profitability - Operating income for Q3 2025 was $5.9 million, compared to an operating loss of $1.7 million in Q3 2024[126] - Net income for the nine months ended September 30, 2025, was $13.8 million, a significant improvement from a net loss of $11.3 million in the same period of 2024[126] Cash Flow and Financial Position - Net cash provided by operating activities was $60.2 million for the nine months ended September 30, 2025, compared to $24.6 million for the same period in 2024[152] - Net cash used in investing activities was $53.8 million for the nine months ended September 30, 2025, primarily due to purchases of investment securities totaling $183.0 million[153] - As of September 30, 2025, the company had $348.5 million in cash, cash equivalents, and short-term investments[150] - The company repaid $15.7 million on the Credit Facility during the nine months ended September 30, 2025[154] Underwriting and Risk Management - The company plans to assume full insurance risk for certain products currently underwritten by third parties in Continental Europe[88] - The other business segment, primarily from underwriting policies for Pets Best, is expected to see a decline in enrollment as it engages other third-party underwriters[90] - The company aims to assume full insurance risk for certain products in Continental Europe through direct underwriting or reinsurance arrangements[106] - GPIC began underwriting a material portion of the company's business in Canada in the third quarter of 2025[161] - WICL is required to maintain available statutory capital and surplus at a level equal to or in excess of a prescribed minimum based on net written premiums and loss reserves[165] Accounting and Compliance - There have been no material changes to critical accounting policies or estimates compared to the previous fiscal year[170] - Management believes there have been no material changes to quantitative or qualitative disclosures about market risk during the first nine months ended September 30, 2025[172]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 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 UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to _____________ Commission File Number: 001-39645 GUILD HOLDINGS COMPANY (Exact Name of Registrant as Specified in its Charter) ____________ ...

Financial Performance - For the three months ended September 30, 2025, the total operating revenues were $179.6 million, with regulated energy contributing $146.4 million and unregulated energy contributing $40.7 million[153]. - For the nine months ended September 30, 2025, total operating revenues were $671.1 million, an increase from $572.2 million in the same period of 2024, representing a growth of 17.3%[156]. - Revenue for the quarter ended September 30, 2025, was $146.4 million, an increase of $15.8 million, or 12.1%, from $130.6 million in the same quarter of 2024[210]. - For the nine months ended September 30, 2025, revenue was $195.3 million, up $35.2 million from $160.1 million in the same period of 2024[234]. Adjusted Metrics - The Adjusted Gross Margin for the same period was $137.2 million, compared to a Gross Margin (GAAP) of $91.8 million[153]. - Adjusted net income for the nine months ended September 30, 2025, was $94.9 million, compared to $84.2 million for the same period in 2024, reflecting an increase of 12.7%[163]. - Adjusted gross margin for the quarter ended September 30, 2025, increased by $12.5 million, or 12.2%, compared to the same period in 2024, reaching $114.7 million[210]. - Adjusted gross margin for the nine months ended September 30, 2025, was $101.9 million, reflecting a $12.7 million increase compared to $89.2 million in the prior year[234]. Operating Income - Operating income for the third quarter of 2025 was $45.0 million, an increase of $4.1 million or 10% compared to the same period in 2024[164]. - Operating income for the nine months ended September 30, 2025, was $182.1 million, an increase of $20.8 million compared to the same period in 2024[169]. - Operating income for the nine months ended September 30, 2025, was $20.9 million, an increase of $2.2 million from $18.7 million in the same period of 2024[234]. Margins and Contributions - The total adjusted gross margin for the three months ended September 30, 2025, was $137.2 million, an increase of $15.2 million or 12.5% compared to the same period in 2024[166]. - The increase in adjusted gross margin in the third quarter of 2025 was driven by regulatory initiatives, infrastructure programs, and increased demand for CNG, RNG, and LNG services[164]. - Natural gas transmission service expansions contributed $11.7 million to adjusted gross margins for the nine months ended September 30, 2025[173]. - Contributions from regulated infrastructure programs added $3.9 million to adjusted gross margin in the third quarter of 2025[213]. Customer Growth and Consumption - The average number of residential customers served on the Delmarva Peninsula increased by approximately 4.3% for the three months ended September 30, 2025[208]. - Total customer growth for the three months ended September 30, 2025, was $1.4 million, with residential customer growth contributing $1.2 million and commercial and industrial customers contributing $0.2 million[209]. - Increased customer consumption due to colder weather conditions resulted in a $4.8 million increase in adjusted gross margin for the nine months ended September 30, 2025[205]. Capital Expenditures and Financing - Capital expenditures for the nine months ended September 30, 2025, totaled $335.6 million, with a forecasted range for total capital expenditures in 2025 between $425.0 million and $450.0 million[249][250]. - The company entered into a Note Purchase Agreement for the issuance of Senior Notes totaling $200.0 million, with an initial funding of $150.0 million in August 2025 and an additional $50.0 million in September 2025, at an average interest rate of 5.04%[261]. - The company issued 5.20% Senior Notes due in November 2029 in the aggregate principal amount of $100.0 million, with proceeds used to reduce short-term borrowings and fund capital expenditures[262]. Regulatory and Rate Changes - The Maryland natural gas distribution businesses filed for a rate increase of approximately $6.9 million, with a cumulative increase of $3.5 million approved[200][203]. - The Delaware natural gas division filed for a rate increase of approximately $12.1 million, with an annual revenue increase of $6.1 million approved in June 2025[202][203]. - The Florida Electric division's rate case resulted in a total revenue increase of approximately $8.6 million annually, with $2.4 million incremental adjusted gross margin generated for the three months ended September 30, 2025[204]. Sustainability and Growth Strategy - The company’s growth strategy includes investments in renewable natural gas-related projects and expansion of Marlin Gas Services' CNG transport business[145]. - The focus on sustainability is supported by the Board of Directors and includes environmental stewardship initiatives[147]. - The company is committed to enhancing sustainability disclosures, with the first sustainability micro-report launched in 2024[150]. Interest and Debt Management - Interest charges for the nine months ended September 30, 2025, were $54.1 million, an increase of $3.2 million from $50.9 million in 2024[171]. - The company is required to maintain a funded indebtedness ratio of no greater than 65% under its financial covenants, and as of September 30, 2025, it was in compliance with this covenant[259]. Inflation and Risk Management - Inflation impacts the costs of supply, labor, and services, prompting the company to seek rate increases from regulatory commissions to mitigate these effects[284]. - The Risk Management Committee evaluates credit risks related to counterparties in commodity derivative contracts before approval[283].

Company Operations - As of September 30, 2025, the company operated 628 standalone occupational health centers and 413 onsite health clinics across 47 states and the District of Columbia[130]. - The company’s onsite health clinics serve medium to large-sized employers, providing a range of occupational health services[135]. - The company’s telemedicine program serves 43 states and the District of Columbia, enhancing its service delivery capabilities[130]. - The company’s operating segments are aggregated into a single reportable segment based on similar services and economic characteristics[133]. Revenue and Growth - For the three months ended September 30, 2025, revenue from occupational health centers accounted for 92% of total revenue, while onsite health clinics contributed 6%[133]. - Revenue increased 17.0% to $572.8 million for the three months ended September 30, 2025, compared to $489.6 million for the same period in 2024, driven by an increase in patient visits and revenue per visit[156]. - Revenue increased by 13.2% to $1,624.3 million for the nine months ended September 30, 2025, compared to $1,435.2 million for the same period in 2024, driven by increased patient visits and revenue per visit[167]. Patient Visits and Revenue per Visit - Total patient visits rose 9.2% to 3,557,697 for the three months ended September 30, 2025, compared to 3,258,605 visits in the same period of 2024[157]. - Revenue per visit increased 4.2% to $147.31 for the three months ended September 30, 2025, compared to $141.42 for the same period in 2024[158]. - Total patient visits rose by 6.8% to 10,282,385 for the nine months ended September 30, 2025, compared to 9,628,515 visits for the same period in 2024[168]. - Revenue per visit increased by 4.7% to $146.72 for the nine months ended September 30, 2025, compared to $140.12 for the same period in 2024[169]. Acquisitions - The company acquired Nova Medical Centers for $265 million, financed through $102.1 million in new debt and $50 million from existing credit facilities[137]. - The acquisition of Pivot Onsite Innovations for $54.4 million expanded the company's onsite health clinics to over 400 locations[140]. - The company added over 240 onsite locations through acquisition in June 2025, contributing to revenue growth[156]. - The company completed the acquisition of Nova for $102.1 million and Pivot Onsite Innovations for $35.0 million, financed through a combination of debt and cash on hand[195]. Financial Performance - Net income attributable to the Company was $48.3 million for the three months ended September 30, 2025, compared to $44.3 million for the same period in 2024[151]. - Adjusted EBITDA for the three months ended September 30, 2025, was $118.9 million, or 20.8% of revenue, compared to $101.6 million, or 20.7% of revenue, in the same period of 2024[151]. - For the nine months ended September 30, 2025, adjusted net income attributable to the company was $139.8 million, or $1.09 per share, compared to $146.2 million, or $1.33 per share for the same period in 2024, indicating a decrease of 4.8% in adjusted net income[187]. Expenses - Cost of services was $405.5 million, or 70.8% of revenue, for the three months ended September 30, 2025, down from 71.7% in the same period of 2024[160]. - General and administrative expenses increased to $52.9 million, or 9.2% of revenue, for the three months ended September 30, 2025, compared to 7.6% in the same period of 2024[161]. - Interest expense for the three months ended September 30, 2025, was $28.7 million, up from $21.4 million in the same period of 2024, due to increased borrowings[164]. - Cost of services was $1,152.0 million, or 70.9% of revenue, for the nine months ended September 30, 2025, down from 71.6% of revenue in the same period in 2024[170]. - General and administrative expenses increased to $152.5 million, or 9.4% of revenue, for the nine months ended September 30, 2025, compared to 7.7% of revenue in the same period in 2024[171]. - Interest expense rose significantly to $82.4 million for the nine months ended September 30, 2025, compared to $21.3 million for the same period in 2024, due to new debt issuances[175]. Cash Flow and Capital Structure - Cash flows from operating activities for the nine months ended September 30, 2025, were $160.7 million, down from $181.0 million in 2024, primarily due to increased interest payments following debt recapitalization[191]. - Investing activities used $394.7 million in cash for the nine months ended September 30, 2025, compared to $54.6 million in 2024, with $333.3 million allocated for acquisitions, including Nova and Pivot Onsite Innovations[192]. - The company had $393.0 million of availability under its Revolving Credit Facility as of September 30, 2025, after accounting for $35.0 million of borrowings and $22.0 million of outstanding letters of credit[200]. - The company had a net working capital of $62.8 million at September 30, 2025, down from $130.0 million at December 31, 2024, primarily due to cash depletion from acquisitions[195]. Shareholder Returns - The company declared a cash dividend of $0.0625 per share on November 5, 2025, with a total of $24.0 million paid in dividends throughout 2025[208]. - The company authorized a share repurchase program to buy back up to $100 million of its outstanding common stock, set to expire on December 31, 2027[207]. Debt and Interest Rate Management - The company entered into derivative contracts to mitigate exposure to variable Term SOFR interest rates, limiting the rate to a fixed 3.829% on $300.0 million of principal outstanding[202]. - As of September 30, 2025, the company had outstanding borrowings of $945.3 million in term loans and $35.0 million in the Revolving Credit Facility, both subject to variable interest rates[215]. - The company entered into a derivative swap contract effective March 3, 2025, limiting the Term SOFR rate to a fixed rate of 3.829% on $300 million of principal outstanding under its term loan, applicable through February 29, 2028[216]. - A derivative collar contract was also established, capping the Term SOFR rate at 4.500% and setting a floor at 3.001% on $300 million of principal outstanding under the term loan, effective March 3, 2025[217]. - A 0.25% increase in market interest rates will increase the annual interest expense on the company's variable rate debt by $1.0 million, with an additional impact of $0.8 million due to the Term SOFR rate cap[218].

Irvine, Calif.--(BUSINESS WIRE)--November 6, 2025-- WM Technology, Inc. ("WM Technology" or the "Company") (Nasdaq: MAPS), a leading marketplace and technology solutions provider to the cannabis industry, today announced its financial results for the third quarter ended September 30, 2025. "Our third-quarter results reflect disciplined execution in a challenging market. While conditions across our core states remain pressured, we continue to focus on delivering value to our clients and strengthening our mar ...

Financial Performance - Total operating revenues for Q3 2025 reached $463.97 million, a 17% increase from $396.36 million in Q3 2024[15] - Product revenue increased to $357.61 million in Q3 2025, up 23% from $290.42 million in Q3 2024[15] - Operating income for Q3 2025 was $19.79 million, a significant decrease of 73% compared to $72.87 million in Q3 2024[15] - Net income attributable to Class A Common Stock holders was $5.27 million in Q3 2025, down 80% from $25.76 million in Q3 2024[15] - The overall financial performance shows a robust growth trajectory, with net income doubling year-over-year[26] - For the three months ended September 30, 2025, the company recorded net income of $74.2 million, compared to $35.0 million for the same period in 2024, representing a 112% increase[28] - The company reported a net income of $15.55 million for the three months ended September 30, 2025, down 81% from $83.65 million in the prior year[154] Cash Flow and Liquidity - Cash flows from operating activities for the nine months ended September 30, 2025, were $494.03 million, slightly up from $493.36 million in the same period of 2024[21] - Cash at the end of the period for September 30, 2025, was $7,737,000, a decrease of 62.2% from $20,438,000 at the end of September 30, 2024[23] - The company reported a net cash used in investing activities of $562.93 million for the nine months ended September 30, 2025[21] - Total liquidity as of September 30, 2025, was $883.5 million, including cash and cash equivalents of $7.7 million[189] - Net cash provided by operating activities increased by $0.7 million to $494.0 million for the nine months ended September 30, 2025, compared to $493.4 million for the same period in 2024[198] - Net cash provided by financing activities was $73.0 million for the nine months ended September 30, 2025, primarily from long-term debt issuance, compared to a net cash outflow of $411.5 million for the same period in 2024[200] Assets and Liabilities - Total assets increased to $7.20 billion as of September 30, 2025, compared to $6.81 billion at the end of 2024[19] - Long-term debt rose to $3.96 billion as of September 30, 2025, up from $3.36 billion at the end of 2024[19] - The company’s accumulated deficit decreased to $1.99 billion as of September 30, 2025, from $2.98 billion at the end of 2024[19] - The balance at September 30, 2025, was $4,400,882 million, with a notable change in various asset categories[26] - The fair value of consolidated debt as of September 30, 2025, was $4.19 billion, up from $3.52 billion as of December 31, 2024[80] Equity and Dividends - Cash dividends paid to Class A Common Stock amounted to $133,868,000, with a dividend rate of $2.25 per share[27] - The Company declared a cash dividend of $0.78 per share on October 15, 2025, payable to stockholders of record as of October 27, 2025[136] - The Company made cash dividend payments of $373.8 million to holders of Class A Common Stock and Common Units during the nine months ended September 30, 2025[201] Acquisitions and Investments - The company completed the acquisition of Durango, resulting in a total consideration of $423,200,000[27] - The Company completed the Barilla Draw Acquisition for $175.5 million, which included natural gas and crude gathering pipelines valued at $165.0 million and intangible right-of-way assets of $10.5 million[41] - The Durango Acquisition was consummated for an adjusted purchase price of approximately $785.7 million, with a potential earn-out of up to $75.0 million contingent on the completion of the Kings Landing Project[42] Segment Performance - Midstream Logistics segment generated $458.6 million in revenue for Q3 2025, a 17.1% increase from $391.3 million in Q3 2024[125][126] - Total segment operating revenue for Q3 2025 was $463.9 million, compared to $396.4 million in Q3 2024, reflecting a growth of 17%[125][126] - Segment Adjusted EBITDA for Midstream Logistics was $151.4 million in Q3 2025, up from $173.6 million in Q3 2024, indicating a decrease of 12.8%[125][126] Operating Expenses - General and administrative expenses accounted for over 78% of the Company's total expenses, amounting to $30.1 million in Q3 2025[122][125] - Operating expenses increased by $20.3 million, or 36%, to $76.1 million, with significant contributions from Durango's operations and the Kings Landing plant start-up[160] - Total accrued expenses as of September 30, 2025, amounted to $228.4 million, an increase from $186.7 million as of December 31, 2024[81] Future Outlook - Future outlook remains positive, with expectations for continued revenue growth driven by market expansion strategies[26] - New product developments and technological advancements are anticipated to enhance competitive positioning in the market[26] - Strategic acquisitions are being considered to bolster market presence and operational capabilities[26] Tax and Regulatory Matters - The effective tax rate for the three months ended September 30, 2025, was 6.66%, lower than the 8.99% rate in 2024, primarily due to tax impacts related to noncontrolling interests[109] - The company plans to adopt ASU 2023-09 in its Annual Report for the year ended December 31, 2025, which will enhance income tax disclosures[37] Share Repurchase and Stock Activity - The Company repurchased 2.4 million shares for a total cost of $100.0 million in Q3 2025[87] - A share repurchase program was approved, allowing up to $500 million in total repurchases of Class A Common Stock, with $321.7 million available as of September 30, 2025[203][204]

Financial Performance - Net sales for the three months ended September 30, 2025, increased to $354.8 million, up 60.5% from $220.9 million in the same period of 2024[13] - Gross profit for the three months ended September 30, 2025, was $41.4 million, compared to $37.1 million in 2024, reflecting a gross margin of 11.7%[13] - The company reported a net loss of $19.1 million for the three months ended September 30, 2025, compared to a net loss of $14.3 million in the same period of 2024[14] - Net loss for the nine months ended September 30, 2025, was $67.884 million, compared to a net loss of $55.691 million for the same period in 2024, representing an increase in losses of approximately 21.5%[18] - For the three months ended September 30, 2025, the company recognized $354.8 million in net sales, a 60.5% increase from $220.9 million in the same period of 2024[69] - Revenue from coffee and tea for the three months ended September 30, 2025, was $186.4 million, up 61.5% from $115.5 million in 2024[69] - For the nine months ended September 30, 2025, net sales totaled $849.480 million, compared to $621.749 million for the same period in 2024, marking an increase of about 36.5%[157][158] Assets and Liabilities - Total current assets increased to $393.6 million as of September 30, 2025, from $333.6 million at December 31, 2024, representing an increase of 17.9%[12] - Total liabilities rose to $893.0 million as of September 30, 2025, compared to $730.4 million at December 31, 2024, indicating an increase of 22.2%[12] - The company’s total assets reached $1.18 billion as of September 30, 2025, compared to $1.10 billion at December 31, 2024[12] - The company’s total shareholders' equity decreased to $11.4 million as of September 30, 2025, from $97.5 million at December 31, 2024[12] - Total debt increased to $538.13 million as of September 30, 2025, up from $447.73 million on December 31, 2024, marking a 20.2% increase[82] Cash Flow and Expenses - Cash and cash equivalents at the end of the period on September 30, 2025, were $33.971 million, up from $22.359 million at the end of September 30, 2024, indicating a year-over-year increase of approximately 52.5%[18] - Cash flows from operating activities resulted in a net cash used of $55.703 million for the nine months ended September 30, 2025, compared to $16.023 million for the same period in 2024, indicating a significant increase in cash outflow[18] - Selling, general and administrative expenses were $47.0 million for the three months ended September 30, 2025, slightly up from $46.1 million in 2024[13] - Interest expense for the three months ended September 30, 2025, was $14.0 million, significantly higher than $6.9 million in the same period of 2024[13] - The company incurred interest expenses of $39.741 million for the nine months ended September 30, 2025, compared to $21.921 million for the same period in 2024, representing an increase of approximately 81%[157][158] Equity and Investments - The company recognized a $2.3 million gain from the de-consolidation of Rwanda Trading Company during the three months ended June 30, 2025[23] - The company holds a 49.9% equity method investment in a joint venture with a balance of $7.5 million as of September 30, 2025[44] - The company had an equity investment with a carrying value of approximately $1.0 million as of September 30, 2025, with no adjustments made to its carrying value[139] Legal Matters - The company is currently involved in legal proceedings with Dairy Farmers of America, Inc., alleging trade secret misappropriation, which may impact its financial position[167][168] - The company intends to vigorously defend against the legal claims and has not yet determined the potential financial impact of the lawsuit[168][169] Future Obligations and Financing - Future purchase obligations amount to $218.5 million as of September 30, 2025, primarily for inventory purchases over the next 12 months[170] - The company issued $30.0 million in 5.00% convertible senior notes due 2031 on November 4, 2025, with an initial conversion price of $5.25[176][177] - The company modified its Credit Agreement on November 4, 2025, extending the Covenant Relief Period until October 1, 2026[180] Segment Performance - Segment Adjusted EBITDA for the Beverage Solutions segment was $20.422 million for Q3 2025, up from $11.752 million in Q3 2024, indicating a year-over-year increase of about 74%[159][161] - Employee-related costs for the Beverage Solutions segment were $42.326 million for the nine months ended September 30, 2025, up from $35.017 million in the same period of 2024, reflecting an increase of about 20%[163][165] Inventory and Cost of Sales - Total inventories increased to $212.97 million as of September 30, 2025, up from $163.32 million on December 31, 2024, representing a 30.3% increase[70] - The company reported total costs of sales of $509.311 million for the nine months ended September 30, 2025, compared to $369.282 million for the same period in 2024, indicating an increase of approximately 38%[163][165]

Financial Performance - ONAPGO generated net product sales of $6.8 million in its first full quarter following the U.S. commercial launch in April 2025, with over 1,300 enrollment forms submitted by more than 450 prescribers[216]. - Collaboration revenue from ZURZUVAE was $20.2 million in Q3 2025, representing approximately two months of collaboration revenue since the Sage Acquisition, with U.S. sales increasing approximately 150% compared to the same period in 2024[216]. - Net sales of Qelbree increased 31% to $81.4 million in Q3 2025, with total IQVIA prescriptions reaching 238,770, a 23% increase year-over-year[216]. - Net sales of GOCOVRI increased 15% to $40.8 million in Q3 2025, driven by growth in prescriptions and the number of prescribers[216]. - Total revenues for Q3 2025 were $192.1 million, a 9% increase from $175.7 million in Q3 2024, while total revenues for the nine months ended September 30, 2025, were $507.4 million, up 4% from $487.7 million in the same period of 2024[235]. - Net product sales decreased by 1% to $168.5 million in Q3 2025 compared to $170.3 million in Q3 2024, and also decreased by 1% to $468.5 million for the nine months ended September 30, 2025, from $471.3 million in the prior year[236]. - The decline in net product sales was primarily due to lower sales of APOKYN (down 48% in Q3 2025) and Oxtellar XR (down 60% in Q3 2025) due to generic erosion, partially offset by increases in sales from Qelbree and GOCOVRI[236]. Acquisitions and Collaborations - The Company completed the acquisition of Sage Therapeutics, Inc. on July 31, 2025, integrating its established commercial product ZURZUVAE into its portfolio[203]. - Collaboration revenue (ZURZUVAE) was $20.2 million for the three and nine months ended September 30, 2025, attributed to the Sage Acquisition in July 2025[248]. - The company has contingent consideration milestones related to the Sage Acquisition, with potential payments totaling up to $234 million based on future sales of ZURZUVAE[272]. - The company incurred $70.9 million in acquisition-related costs associated with the Sage Acquisition in July 2025, contributing to the decline in earnings[266]. Product Development - SPN-817, a novel anticonvulsant for epilepsy, is currently in a Phase 2b study with a targeted enrollment of approximately 258 adult patients[213]. - SPN-820, a novel treatment for depression, plans to initiate a follow-on Phase 2b trial in approximately 200 adults with major depressive disorder by the end of 2025[214]. - SPN-443, a novel stimulant for ADHD, completed a Phase 1 study in 2024 and is expected to initiate a Phase 1 single-ascending/multiple ascending dose study in 2026[215]. - The FDA approved an expanded label update for Qelbree in January 2025, including new data on pharmacodynamics and use in breastfeeding mothers[205]. Inventory and Supply Chain - The Company is facing supply constraints for ONAPGO due to stronger than expected demand, prioritizing care for existing patients while working to build adequate inventory[216]. - The accrued product returns balance decreased to $43.3 million as of September 30, 2025, from $57.4 million as of September 30, 2024, primarily due to a $16.3 million estimated provision for product returns related to prior year sales[244]. - The accrued product rebates balance increased to $141.2 million as of September 30, 2025, from $111.7 million as of September 30, 2024, primarily due to the timing of payments associated with government programs[245]. Expenses and Financial Management - Selling and marketing expenses increased by 42% to $54.3 million for the three months ended September 30, 2025, and by 19% to $205.5 million for the nine months ended September 30, 2025, primarily due to higher professional and consulting expenses[252]. - General and administrative expenses surged by 565% to $15.4 million for the three months ended September 30, 2025, and by 127% to $157.7 million for the nine months ended September 30, 2025, mainly due to acquisition-related costs from the Sage acquisition[253]. - Research and Development (R&D) expenses were $29.4 million for the three months ended September 30, 2025, compared to $29.0 million in 2024, with a total of $78.4 million for the nine months ended September 30, 2025, down from $80.1 million in 2024[251]. - The provision for product rebates increased to $295.1 million for the nine months ended September 30, 2025, from $293.6 million in the same period of 2024, primarily due to higher Qelbree sales[247]. Cash Flow and Liquidity - Cash and cash equivalents increased to $151.4 million as of September 30, 2025, from $69.3 million as of December 31, 2024, representing a 118% increase[261]. - Total cash, cash equivalents, and unrestricted marketable securities amounted to $281.2 million as of September 30, 2025, which the company believes will be sufficient to meet cash requirements over the next 12 months[262]. - Net cash provided by operating activities decreased to $27.5 million in 2025 from $127.5 million in 2024, primarily due to a net loss of $34.4 million compared to net earnings of $58.5 million in the prior year[266]. - Net cash provided by investing activities was $55.4 million in 2025, a significant improvement from net cash used of $177.2 million in 2024, primarily due to higher inflows from marketable securities[267]. - Cash and cash equivalents at the end of the period increased to $152.8 million in 2025 from $31.7 million in 2024, reflecting a net change of $126.9 million[265]. Risk Management and External Factors - The company does not hedge foreign currency exchange rate risk, and all liabilities were substantially denominated in U.S. dollars as of September 30, 2025[281]. - Inflation has not significantly impacted the company's consolidated results, although there are expectations of variability in labor and vendor service costs due to uncontrollable factors[282].