Revenue Performance - Inuvo's net revenue for the three months ended September 30, 2025, increased by approximately $199,000 (0.9%) year-over-year, while revenue for the nine-month period increased by approximately $14.3 million (24.9%) compared to the same period in 2024[105]. - Platform clients accounted for 82.8% of overall revenue in Q3 2025, down from 83.8% in Q3 2024, while their contribution for the nine-month period was 86.2%, up from 83.6% in 2024[105]. - The company expects revenue to increase as it complies with new requirements from a Platform client that affected revenue in Q3 2025[115]. Cost and Expenses - The cost of revenue for the three months ended September 30, 2025, increased by 131.3% to $6,002,423, and for the nine months, it increased by 126.3% to $17,199,909 compared to the same periods in 2024[103][106]. - Operating expenses for the three months ended September 30, 2025, decreased by 16.0% to $18,237,852, while for the nine months, they increased by 8.1% to $60,233,075 compared to 2024[107]. - Marketing costs for the three months ended September 30, 2025, decreased by 21.4% to $13,375,136, while for the nine months, they increased by 5.8% to $45,026,458 compared to the same period in 2024[107]. Financial Position - Inuvo reported a net loss of $4,501,648 for the nine months ended September 30, 2025, compared to a net loss of $5,903,142 for the same period in 2024[118][119]. - As of September 30, 2025, Inuvo had approximately $3.4 million in cash and cash equivalents, with a net working capital deficit of $4.9 million[115]. - Inuvo's accumulated deficit reached $177.7 million as of September 30, 2025[115]. Cash Flow Activities - Net cash used in investing activities was $1,240,992 for the nine months ended September 30, 2025, primarily due to capitalized internal development costs[120]. - Net cash provided by financing activities was $3,968,636 during the nine months ended September 30, 2025, mainly from the utilization of the Financing Agreement[121]. - Net cash used in financing activities during the nine months ended September 30, 2024, was $343,526, primarily due to taxes paid on restricted stock unit grants exercised[121]. Other Financial Information - As of September 30, 2025, there are no off-balance sheet arrangements that materially affect the company's financial condition[122]. - The company does not have any market risk disclosures applicable as it is classified as a smaller reporting company[123]. Stock Activity - The company utilized its ATM Agreement to sell 165,641 shares of common stock for gross proceeds of $1,184,740 during 2025[112].

Revenue and Profitability - Revenue for the first quarter of fiscal 2026 increased by $46.3 million, or 28%, compared to the first quarter of fiscal 2025, driven by higher volumes in the Storage and Terminal Solutions and Utility and Power Infrastructure segments [62][77]. - Gross profit rose by $6.4 million, or 82%, in the first quarter of fiscal 2026, with a gross margin of 6.7%, up from 4.7% in the same period last year [78]. - Total revenue for the three months ended September 30, 2025, was $211.9 million, an increase of $46.3 million, or 28%, compared to $165.6 million in the same period last year [82]. - Total gross profit increased by $6.4 million, or 82%, reaching $14.2 million for the three months ended September 30, 2025 [82]. - The company reported a net loss of $3.7 million for the first quarter of fiscal 2026, a 60% improvement compared to a net loss of $9.2 million in the same quarter of the previous year [77]. Project Awards and Backlog - Project awards during the quarter totaled $187.8 million, resulting in a book-to-bill ratio of 0.9x, with significant contributions from the Storage and Terminal Solutions segment [63][67]. - Backlog as of September 30, 2025, was $1,161 million, down from $1,382 million as of June 30, 2025, primarily due to revenue recognized and adjustments in project awards [67]. - The Storage and Terminal Solutions segment booked $136.1 million in project awards, indicating strong demand for storage infrastructure projects related to LNG and NGLs [69]. - The Utility and Power Infrastructure segment secured $34.7 million in project awards, although backlog was impacted by the removal of a previously awarded project due to increased risk [70]. - The Process and Industrial Facilities segment recorded $16.9 million in project awards, with ongoing opportunities in mining, chemicals, and renewable fuels [73]. Expenses and Cost Management - Selling, general and administrative expenses decreased by $2.2 million, or 12%, due to cost reductions from organizational realignment [79]. - The company incurred $3.3 million in restructuring costs during the first quarter of fiscal 2026 related to organizational restructuring [79]. - The company initiated a restructuring effort in the fourth quarter of fiscal 2025 to improve efficiency and align with market conditions, aiming to reduce overall cost structure [64]. Cash Flow and Liquidity - Unrestricted cash and cash equivalents totaled $192.3 million as of September 30, 2025, with total liquidity of $248.9 million [90]. - Cash used by operating activities was $25.9 million for the three months ended September 30, 2025, compared to cash provided of $11.9 million in the same period last year [96]. - Accounts payable increased by $17.7 million, contributing positively to cash flows from operating activities [99]. - Inventories and other current assets increased by $9.1 million, negatively impacting cash flows from operating activities [99]. - Cash flows used by investing activities were $1.8 million and $1.9 million for the three months ended September 30, 2025, and 2024, respectively, primarily due to capital expenditures [100]. - Financing activities used $4.3 million and $1.2 million of cash in the three months ended September 30, 2025, and 2024, respectively, mainly for tax withholding obligations related to stock-based compensation [101]. Financial Instruments and Risk Management - The ABL Facility has a maximum loan amount of $90.0 million, with availability under the facility totaling $56.6 million as of September 30, 2025 [95]. - As of September 30, 2025, there were $186.2 million of surety bonds in force, with $126.9 million expected to expire within the next 12 months [104]. - The company has never paid cash dividends on common stock, and future dividend payments will depend on financial condition and other relevant factors [102]. - The Stock Buyback Program allows for the repurchase of up to 2,707,175 shares, with 1,349,037 shares available for repurchase as of September 30, 2025 [103]. - There have been no material changes in critical accounting policies and estimates from those reported in the fiscal 2025 Annual Report [105]. - No material changes in market risk have been reported since the fiscal year ended June 30, 2025 [106].

Financial Performance - The company reported a net loss of $9.4 million, or $(0.34) per diluted share, for Q3 2025, an increase in loss of $2.3 million compared to Q3 2024[105][106]. - Net sales decreased by $3.6 million, or 1.7%, to $210.3 million in Q3 2025, primarily due to lower production volumes in North American and European commercial vehicle markets[106][126]. - The Control Devices segment net sales decreased by 2.1% to $71.6 million, impacted by declines in the China and North American automotive markets[107][126]. - The Electronics segment net sales decreased by 4.7% to $121.5 million, primarily due to lower production volumes in North America and Europe, offset by higher sales in the European off-highway vehicle market[108][127]. - North American net sales decreased by $12.4 million (11.3%) primarily due to a $13.8 million decline in the commercial vehicle market[128]. - Net sales for the nine months ended September 30, 2025, totaled $656.1 million, a decrease of $33.9 million (4.9%) compared to the same period in 2024[144]. Segment Performance - Stoneridge Brazil segment net sales increased by 29.7% to $17.1 million, driven by higher OEM product sales[109][126]. - Stoneridge Brazil segment net sales increased by $3.9 million due to higher OEM product sales[128]. - South America net sales increased by $3.9 million (29.7%) driven by higher OEM product sales of $4.4 million[129]. - Europe and Other net sales rose by $4.9 million (5.4%) due to increased volumes in European off-highway and China commercial vehicle markets, partially offset by declines in other markets[130]. - Stoneridge Brazil segment net sales for the nine months increased by $9.2 million (24.8%) driven by higher OEM product sales[146]. Margins and Expenses - Gross margin as a percentage of sales decreased to 20.3% in Q3 2025 from 20.8% in Q3 2024, attributed to lower sales contribution in the Electronics segment[106]. - Gross margin decreased to 20.3% in Q3 2025 from 20.8% in Q3 2024, with material costs as a percentage of net sales decreasing to 55.1%[131]. - SG&A expenses increased by $5.1 million in Q3 2025, primarily due to higher professional services related to a strategic review of the Control Devices segment[110][124]. - SG&A expenses increased by $5.1 million due to higher professional services and incentive compensation, partially offset by a non-recurring royalty liability adjustment[133]. - Operating loss increased to $3.3 million in Q3 2025 from an income of $0.3 million in Q3 2024, with North America showing a significant loss increase of $9.2 million[135]. Interest and Cash Flow - Interest expense increased to $3.8 million in Q3 2025 from $3.6 million in Q3 2024 due to higher credit facility interest rates[139]. - Interest expense decreased to $10.1 million from $11.0 million due to lower outstanding borrowings and interest rates[158]. - Cash provided by operating activities decreased to $25.2 million from $28.5 million compared to 2024[162]. - The Credit Facility had an outstanding balance of $170.2 million as of September 30, 2025, with a maximum borrowing capacity of $275.0 million[164]. - The Company had a cash and cash equivalents balance of approximately $54.0 million, with 86.7% held in foreign locations[175]. - The Company expects to maintain sufficient liquidity for the next twelve months based on current financial position and cash flows from operations[176]. Market Outlook - The company expects a decrease in North American automotive market production from 15.4 million units in 2024 to 15.1 million units in 2025[117]. - The company anticipates continued growth in the Electronics segment driven by ongoing launches of the OEM MirrorEye programs in North America and Europe[118]. - The company is focusing on operational excellence and cost reduction strategies to improve margins amid ongoing market challenges[121]. Risks and Accounting - The company is affected by foreign currency exchange rates and economic conditions in certain countries, which could significantly impact profitability[181]. - There have been no material changes in significant accounting policies or critical accounting estimates during Q3 2025[179]. - There have been no material changes to the quantitative and qualitative information about the company's market risk from previous disclosures[182].

Financial Performance - Revenue for Q3 2025 reached $62.6 million, representing a 20% year-over-year organic revenue growth[3] - Adjusted EBITDA for Q3 2025 was $16.2 million, an increase of 17% from $13.9 million in the same period last year[3] - Net income for Q3 2025 was $8.3 million, or $0.26 per basic share, compared to $17.4 million, or $0.60 per basic share, in the same period last year[3] - Adjusted EBITDA for the nine months ended September 30, 2025, was $42.2 million, an increase of 106% from $20.4 million in the same period last year[3] - Consolidated net income for the nine months ended September 30, 2025, was $23,348 million, compared to $18,372 million for the same period in 2024, reflecting a growth of 27.5%[28] - Adjusted Gross Profit for the three months ended September 30, 2025, was $27,677 million, a 21.5% increase from $22,887 million in 2024[30] - Total revenue for the nine months ended September 30, 2025, was $179,287,000, compared to $111,281,000 for the same period in 2024, marking a 60.9% increase[34] - Adjusted EBITDA for the nine months ended September 30, 2025, was $42,164,000, significantly higher than $20,427,000 in 2024[32] Cash and Investments - Cash, cash equivalents, and short-term investments totaled $73.9 million as of September 30, 2025, up from $46.9 million as of December 31, 2024[3] - Cash and cash equivalents as of September 30, 2025, rose to $73,859 million, compared to $46,897 million at the end of 2024, marking a 57.4% increase[26] - The company reported a net cash provided by operating activities of $33,871 million for the nine months ended September 30, 2025, compared to $17,684 million in 2024, indicating a significant increase of 91.1%[28] Growth Projections - The company anticipates 45% or more year-over-year organic revenue growth in 2025, with transformative growth expected in 2026[6] - The company has reiterated guidance for continued transformative growth based on new wins and strong momentum[6] Segment Performance - DDS segment revenue for the three months ended September 30, 2025, reached $54,779,000, a 22.6% increase compared to $44,694,000 in 2024[34] - The DDS segment's net income for the nine months ended September 30, 2025, was $23,464,000, compared to $16,492,000 in 2024, reflecting a 42.2% increase[32] - Synodex segment reported a net loss of $44,000 for the three months ended September 30, 2025, compared to a profit of $381,000 in the same period of 2024[32] - Agility segment adjusted EBITDA for the three months ended September 30, 2025, was $854,000, a decrease from $1,236,000 in the prior year[32] - The Synodex segment's adjusted EBITDA for the nine months ended September 30, 2025, was $1,012,000, down from $1,515,000 in 2024[32] Assets and Liabilities - Total assets increased to $152,916 million as of September 30, 2025, up from $113,449 million at the end of 2024, representing a growth of 34.7%[26] - The total liabilities as of September 30, 2025, were $55,676 million, compared to $50,060 million at the end of 2024, reflecting a rise of 11.3%[26] Stock-Based Compensation - Stock-based compensation for the consolidated entity increased to $8,309,000 for the nine months ended September 30, 2025, from $2,881,000 in the same period of 2024[32]

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 Commission file number 814-00998 Goldman Sachs BDC, Inc. (Exact Name of Registrant as Specified in Its Charter) Delaware 46-2176593 (State or Other Jurisdiction of Incorporation or Organization) ( ...

Revenue Performance - SaaS and license revenue increased by 10% to $175.4 million for the three months ended September 30, 2025, compared to $159.3 million for the same period in 2024[174]. - Total revenue rose by 7% to $256.4 million for the three months ended September 30, 2025, up from $240.5 million in the same period in 2024[174]. - SaaS and license revenue represented 68% of total revenue for the three and nine months ended September 30, 2025, compared to 66% and 67% in the same periods of the prior year[170]. - Hardware and other revenue accounted for 32% of total revenue for the three and nine months ended September 30, 2025, down from 34% and 33% in the same periods of the prior year[172]. - Total revenue for the three months ended September 30, 2025, was $256,400,000, a 7% increase from $240,497,000 in the same period of 2024[215]. - SaaS and license revenue increased by $16,096,000, or 10%, to $175,372,000 for the three months ended September 30, 2025, compared to $159,276,000 in 2024[219]. - Hardware and other revenue for the three months ended September 30, 2025, was $81,028,000, a slight decrease from $81,221,000 in the same period of 2024[215]. - Total revenue for the nine months ended September 30, 2025, was $749.53 million, with SaaS and license revenue accounting for $509.17 million[245]. - Total revenue for the company was $697.6 million for the nine months ended September 30, 2024, compared to $742.5 million in the same period last year, reflecting a decrease of approximately 6.0%[246]. Profitability Metrics - Net income decreased to $35.1 million for the three months ended September 30, 2025, compared to $36.5 million for the same period in 2024, while it increased to $97.0 million for the nine months ended September 30, 2025, from $92.4 million in 2024[174]. - Non-GAAP adjusted EBITDA increased to $59.2 million for the three months ended September 30, 2025, from $50.0 million in the same period in 2024[174]. - Operating income for the three months ended September 30, 2025, was $37,021,000, representing a 14% margin, compared to $33,194,000, also a 14% margin, in 2024[215]. - Net income for the three months ended September 30, 2025, was $35,100,000, or 14% of total revenue, compared to $36,456,000, or 15%, in the same period of 2024[215]. - Operating income for the nine months ended September 30, 2025, was $98.69 million, compared to $33.19 million for the same period in the prior year[245]. - Non-GAAP adjusted EBITDA for the nine months ended September 30, 2025, was $151.1 million, compared to $129.9 million for the same period in 2024, reflecting a year-over-year increase[279]. Expenses and Costs - Total cost of revenue for the three months ended September 30, 2025, was $87,562,000, which is 34% of total revenue, compared to $84,748,000, or 35%, in 2024[221]. - Research and development expenses for the three months ended September 30, 2025, were $66,637,000, accounting for 26% of total revenue, compared to $62,221,000, also 26%, in 2024[215]. - Sales and marketing expenses increased by $2.5 million (9%) for the three months ended September 30, 2025, and by $8.9 million (11%) for the nine months ended September 30, 2025, primarily due to increased personnel costs[227][228]. - General and administrative expenses rose by $2.2 million (8%) for the three months ended September 30, 2025, mainly due to a $1.9 million increase in legal costs related to intellectual property litigation[229]. - Research and development expenses increased by $4.4 million (7%) for the three months ended September 30, 2025, and by $10.2 million (5%) for the nine months ended September 30, 2025, primarily due to higher personnel and external consultant costs[231][233]. - The cost of SaaS and license revenue includes payments to wireless network providers and costs associated with network operations, while hardware costs include raw materials and manufacturing expenses[199]. - The cost of hardware and other revenue as a percentage of hardware and other revenue was 78% for the three months ended September 30, 2025, compared to 76% for the same period in the prior year[223]. Taxation - The effective tax rate for the three months ended September 30, 2025, was above the 21% statutory rate, primarily due to state taxes and foreign withholding taxes[213]. - Provision for income taxes increased by $8.5 million (126%) for the three months ended September 30, 2025, and $17.6 million (170%) for the nine months ended September 30, 2025, compared to the same periods in the prior year[238]. - The effective tax rate increased to 30.2% for the three months ended September 30, 2025, compared to 15.6% for the same period in the prior year[238]. - The company anticipates that its effective tax rate will vary from quarter to quarter based on stock price and equity compensation activities[213]. Employee and Workforce - As of September 30, 2025, the company had 2,075 employees, an increase from 2,055 employees as of September 30, 2024, indicating growth in workforce to support business expansion[202]. - The number of employees in sales and marketing functions increased from 583 as of September 30, 2024, to 614 as of September 30, 2025[228]. - The number of employees in the Alarm.com segment decreased slightly from 1,815 as of September 30, 2024, to 1,810 as of September 30, 2025[241]. Acquisitions and Investments - On August 15, 2025, Alarm.com acquired Bridge to Renewables, Inc. for $12.4 million, enhancing its managed charging solutions for electric vehicles[176][177]. - The company paid $23.6 million in cash for 81% of CHeKT's shares on February 10, 2025, after a working capital adjustment[255]. - The company paid $23.6 million to acquire 81% of CHeKT and $12.4 million for all shares of BTR during the nine months ended September 30, 2025[273]. Cash Flow and Liquidity - Cash and cash equivalents as of September 30, 2025, were $1.07 billion, down from $1.22 billion as of December 31, 2024[249]. - Working capital decreased to $691.7 million as of September 30, 2025, from $1.29 billion as of December 31, 2024, representing a decline of approximately 46.5%[249]. - Cash flows from operating activities for the nine months ended September 30, 2025, were $117.4 million, a decrease of $32.8 million compared to $150.2 million in the prior year[269]. - Cash flows used in investing activities increased to $250.0 million for the nine months ended September 30, 2025, compared to $16.6 million in the prior year, primarily due to increased investments in unconsolidated entities[273]. - Cash flows used in financing activities were $21.5 million for the nine months ended September 30, 2025, a significant decrease from $344.3 million in the prior year, mainly due to the absence of proceeds from the issuance of the 2029 Notes[275]. - The company’s future liquidity needs may require additional borrowing or equity financing if cash flows from operations are insufficient[261]. Market and Economic Conditions - Alarm.com processed over 345 billion data points from more than 160 million connected devices during 2024, reinforcing its leadership in the connected property market[165]. - The company generates hardware revenue from the sale of various devices, including video cameras and smart thermostats, which may be negatively impacted by macroeconomic conditions[198]. - The company has begun passing through baseline tariffs to customers, which may negatively impact hardware revenue margins due to additional costs absorbed[201]. - Market risk exposure is primarily due to inflation and foreign exchange rates, with significant volatility in financial markets noted post-September 30, 2025[280].

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 001-40994 NerdWallet, Inc. (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incor ...

Financial Performance - Sutro Biopharma reported revenue of $9.7 million for Q3 2025, an increase from $8.5 million in Q3 2024, primarily driven by the Astellas collaboration[14]. - Total operating expenses for Q3 2025 were $58.2 million, a decrease from $76.4 million in Q3 2024, reflecting cost reductions from recent restructuring efforts[15][22]. - The net loss for Q3 2025 was $56.9 million, compared to a net loss of $48.8 million in Q3 2024, with a net loss per share of $0.67[22]. Cash and Liquidity - The company had cash, cash equivalents, and marketable securities of $167.6 million as of September 30, 2025, down from $388.3 million a year earlier, with a cash runway extended into at least mid-2027[4][13]. - Sutro's total liabilities as of September 30, 2025, were $296.9 million, with total stockholders' equity showing a deficit of $87.3 million[23]. Research and Development - Sutro received U.S. FDA clearance for its IND application for STRO-004, a potential best-in-class Tissue Factor ADC, and plans to dose the first patient before year-end[3][4]. - The company is advancing its dual-payload ADC program, with an IND submission targeted for 2027[5]. - Sutro's dual-payload ADC collaboration with Astellas includes two R&D programs, with one entering IND-enabling toxicology studies in Q1 2025[6]. - The company will host a virtual R&D Day on November 12, 2025, to provide updates on its ADC programs[4][11]. Restructuring Efforts - Sutro's restructuring is expected to incur costs of approximately $4.1 million to $4.3 million, primarily in Q4 2025[16].

Sales Performance - Net sales decreased by $0.5 million, or 2%, to $28.5 million for the three months ended September 30, 2025, compared to $28.9 million for the same period in 2024[125] - Service sales increased by $1.0 million, or 4%, to $25.4 million for the three months ended September 30, 2025, primarily due to a $0.7 million increase in airtime service sales driven by LEO service growth[125] - LEO service sales represented over 40% of airtime services sales for the three months ended September 30, 2025, compared to less than 15% for the same period in 2024[125] - Net sales for the nine months ended September 30, 2025, decreased by $6.4 million, or 7%, to $80.5 million, with service sales down 5% and product sales down 19%[135] Costs and Expenses - Costs of sales increased by $6.8 million, or 35%, to $26.5 million for the three months ended September 30, 2025, driven by a $5.1 million increase in costs of product sales[127] - For the three months ended September 30, 2025, service sales costs increased by $1.7 million, or 11%, to $16.7 million, with costs as a percentage of service sales rising to 66% from 61% in the same period of 2024[128] - Product sales costs surged by $5.1 million, or 109%, to $9.8 million, with costs as a percentage of product sales increasing to 321% from 103% year-over-year[129] - Costs of sales increased by $3.2 million, or 5%, to $62.0 million, with costs as a percentage of net sales rising to 77% from 68%[137] - For the nine months ended September 30, 2025, costs of service sales increased by $0.6 million, or 1%, to $45.1 million, with costs as a percentage of service sales at 64% compared to 60% in 2024[138] - General and administrative expenses decreased by $2.4 million, or 18%, to $10.8 million, representing 13% of net sales, down from 15% in the previous year[142] - Research and development expenses decreased by $0.4 million, or 31%, to $1.0 million, representing 3% of net sales compared to 5% in the prior year[130] Cash Flow and Liquidity - As of September 30, 2025, the company had $72.8 million in cash and cash equivalents, with $104.5 million in working capital[147] - Net cash generated in operations was $13.7 million for the nine months ended September 30, 2025, compared to a net cash used in operations of $13.6 million for the same period in 2024, resulting in a $27.3 million change[149] - The decrease in cash outflows related to prepaid expenses and current assets was $23.0 million, including a $17.0 million purchase of the Starlink data pool in 2024[149] - Net cash provided by investing activities was $9.8 million for the nine months ended September 30, 2025, down from $16.5 million for the same period in 2024, primarily due to a $23.1 million decrease in proceeds from net sales of marketable securities[150] - Net cash used in financing activities was $1.3 million for the nine months ended September 30, 2025, compared to net cash provided by financing activities of $0.1 million for the same period in 2024, reflecting a $1.4 million increase in cash outflows related to the purchase of treasury stock[151] Strategic Actions - The company incurred $3.9 million in severance charges during 2024 due to a workforce reduction of approximately 75 employees, or 20% of total workforce[116] - In February 2024, the company announced a staged wind-down of its product manufacturing operations, expecting to cease substantially all manufacturing activity by the end of 2026[115] - The company prepaid $17.0 million for access to a large block of Starlink Global Priority data under a bulk data distribution agreement, expected to be fully consumed by Q4 2025[117] - The company recorded a $5.5 million inventory write-down primarily due to reduced demand for certain hardware products as of September 30, 2025[121] - The company completed the sale of 75 Enterprise Center for $8.5 million in September 2025, resulting in a loss of $0.3 million[119] - The company plans to continue facilitating customer transitions to third-party hardware products compatible with its mobile satellite communications services[115] - The company anticipates purchasing a substantial block of Starlink Global Priority data in Q4 2025, with an upfront payment of a material portion of the purchase price[148] - The company expects to have sufficient funds for at least twelve months to meet short-term and long-term working capital requirements[148] - The company may need to seek additional funding if operating results do not meet expectations, which could negatively impact business and results[148] Shareholder Actions - The Board of Directors authorized a share repurchase program with an aggregate purchase price of up to $10 million on December 9, 2024[152] - During the three months ended September 30, 2025, the company repurchased 22 shares of common stock at a cost of approximately $0.1 million[154] - For the nine months ended September 30, 2025, the company repurchased 264 shares of common stock at a cost of approximately $1.4 million[154] Other Financial Metrics - Interest income decreased by $0.6 million to $1.8 million, primarily due to lower cash balances resulting from a $17.0 million prepayment in June 2024[143] - The company sold its inertial navigation business for net proceeds of $54.9 million in August 2022, contributing to its liquidity[146]

Financial Performance - Net sales increased by 12% to $128.3 million compared to $114.6 million in the same quarter last year[3] - Adjusted EBITDA rose by 42% to $15.2 million, up from $10.7 million in the prior year[10] - Gross profit margin improved by 200 basis points to 73.3%, the highest level in 15 quarters[5] - Full-year net sales outlook raised to a range of $476 - $480 million, up from $460 - $475 million[13] - GAAP net income attributable to common shareholders increased to $5.3 million, or $0.30 per diluted share, compared to $4.3 million, or $0.23 per diluted share, in the prior year[9] - Operating income increased to $9.0 million, or 7.0% of net sales, compared to $5.3 million, or 4.6% of net sales, in the year-ago quarter[7] - Net income attributable to common shareholders for the nine months ended September 30, 2025, was $15,414 million, more than doubling from $8,017 million in the same period of 2024[35] - Basic earnings per share attributable to common shareholders increased to $0.30 in Q3 2025 from $0.23 in Q3 2024, a rise of 30.4%[35] Sales and Growth - Digital sales surged by 52% year-over-year, driven by new customer acquisition and strong retention[2] - Asia-Pacific region saw over 30% growth in both Japan and China during the quarter[2] - Net sales for Q3 2025 reached $128,339 million, a 12% increase from $114,615 million in Q3 2024[27] - Gross profit for the nine months ended September 30, 2025, was $257,945 million, up from $239,624 million in the same period of 2024, reflecting a growth of 7.6%[27] - Operating income for Q3 2025 was $8,975 million, compared to $5,284 million in Q3 2024, representing a significant increase of 70.5%[27] Cash Flow and Assets - Net cash provided by operating activities for the nine months ended September 30, 2025, was $25.4 million, compared to $13.1 million in the prior year[11] - Total current assets as of September 30, 2025, were $186,084 million, up from $160,579 million at the end of 2024, indicating a growth of 15.9%[29] - Cash and cash equivalents at the end of Q3 2025 were $95,554 million, an increase from $84,700 million at the beginning of the period, reflecting a growth of 12.2%[31] Expenses and Liabilities - Selling, general and administrative expenses (SG&A) were $45.7 million, representing 35.6% of net sales, a slight decrease from 35.7% in the previous year[6] - Total liabilities increased to $98,101 million as of September 30, 2025, compared to $79,864 million at the end of 2024, marking a rise of 22.7%[29] Non-GAAP Measures - Adjusted EBITDA for the nine months ended September 30, 2025, was $37,421 million, compared to $30,277 million in the same period of 2024, representing a growth of 23.4%[33] - Non-GAAP net income attributable to common shareholders for the nine months ended September 30, 2025, was $17,843 million, up from $8,819 million in the same period of 2024, indicating a substantial increase of 101.5%[35]