Revenue Performance - Total revenues decreased by $4.2 million to $8.6 million in the three months ended September 30, 2025, a decline of 33% compared to the same period in 2024[96]. - Product revenue fell by $4.4 million to $6.8 million in the three months ended September 30, 2025, representing a 39% decrease year-over-year[97]. - Research and development revenue increased by $0.1 million to $1.8 million in the three months ended September 30, 2025, a 7% increase compared to the same period in 2024[98]. - Product revenue for the three months ended September 30, 2025, was $6,807,000, a decrease of $4,351,000 or 39% compared to $11,158,000 in 2024[101]. Expenses and Losses - Total costs and operating expenses decreased by $1.8 million to $27.6 million in the three months ended September 30, 2025, a 6% reduction compared to the same period in 2024[100]. - Loss from operations increased by $2.4 million to $18.9 million in the three months ended September 30, 2025, a 14% increase compared to the same period in 2024[92]. - Research and development expenses increased by $2.4 million in the three months ended September 30, 2025, primarily due to higher employee-related costs and lab supplies[103]. - Selling, general and administrative expenses decreased by $2.4 million during the three months ended September 30, 2025, mainly due to lower consulting and outside services[105]. - Net loss for the three months ended September 30, 2025, was $19.6 million, a slight improvement from a net loss of $20.6 million in the same period in 2024[113]. Cash Flow and Financing - Cash and cash equivalents increased to $25,351,000 as of September 30, 2025, compared to $19,264,000 at December 31, 2024[116]. - The company borrowed an additional $10.0 million on June 27, 2025, under a loan agreement, bringing the total borrowed to $40.0 million[115]. - Net cash used in operating activities increased by $6.5 million to $(39,468) thousand for the nine months ended September 30, 2025, compared to $(32,942) thousand in 2024[125]. - Net cash provided by investing activities increased by $71.9 million to $17,789 thousand for the nine months ended September 30, 2025, compared to $(54,117) thousand in 2024[126]. - Net cash provided by financing activities decreased by $31.6 million to $27,748 thousand for the nine months ended September 30, 2025, compared to $59,390 thousand in 2024[127]. - As of September 30, 2025, unrestricted cash, cash equivalents, and short-term investments totaled $58.7 million[131]. Interest Income and Other Income - Interest income decreased by $0.2 million to $0.6 million in the three months ended September 30, 2025, a 25% decline year-over-year[92]. - Interest income decreased by $0.2 million and $0.8 million in the three and nine months ended September 30, 2025, respectively, due to lower average cash balances[109]. - Total other income (expense), net for the three months ended September 30, 2025, was $(4,073,000), a decrease of $1,248,000 or 84% compared to the same period in 2024[107]. Future Outlook and Risks - The company expects that existing cash and cash equivalents, along with future product revenues, will provide adequate funds for operations for at least the next 12 months[122]. - The company may require additional capital for product development and commercialization, depending on various factors including financial success and market opportunities[123]. - The company is exposed to foreign currency risk, particularly from non-functional currency denominated monetary assets, which may affect operational results[133]. - A hypothetical 10% decrease in market interest rates would result in a $0.3 million impact on future interest income and cash flows[131]. Research and Development Initiatives - The ECO Synthesis Innovation Lab was completed at the end of 2024, enabling the synthesis of gram-scale quantities of siRNA constructs for pre-clinical testing[90]. - In 2025, the company expects to manufacture GLP-grade siRNA for customers and anticipates entering a partnership with a large-scale CDMO for GMP-grade siRNA production[90]. - The company reported a 19% increase in research and development expenses to $40.6 million for the nine months ended September 30, 2025, compared to $34.2 million in the same period in 2024[100]. - Product gross margin improved to 64% for both the three and nine months ended September 30, 2025, compared to 61% and 53% in the corresponding periods in 2024[101].

Financial Performance - Total revenue for Q3 2025 was $35.1 million, a decrease of 1% compared to the same period last year[8] - Total revenue for the three months ended September 30, 2025, was $35,065, a decrease of 1% compared to $35,409 in the same period of 2024[29] - Non-GAAP net income for Q3 2025 was $4.3 million, with adjusted EBITDA at $6.5 million[8] - Adjusted EBITDA for the three months ended September 30, 2025, was $6,503, down 33% from $9,676 in 2024, resulting in an adjusted EBITDA margin of 19%[32] - Non-GAAP net income for the three months ended September 30, 2025, was $4,348, a decrease of 20% from $5,432 in 2024, with a non-GAAP net income margin of 12%[32] - Net loss for the nine months ended September 30, 2025, was $14,272, compared to a net loss of $8,743 in 2024, representing a 63% increase in losses[31] Cash Flow and Guidance - Free cash flow for Q3 2025 was $1.2 million, primarily impacted by unfavorable timing of cash payments related to working capital[8] - Free cash flow for the three months ended September 30, 2025, was $1,228, significantly down from $6,679 in 2024, reflecting a free cash flow margin of 4%[32] - Free cash flow guidance for the fiscal year ending December 31, 2025, is estimated to be between $19.0 million and $23.0 million[10] Membership and Engagement - Paid members decreased by 6% year-over-year, totaling 642,000[8] - Expensify Travel bookings increased by 36% quarter-over-quarter and 95% since Q1 2025[8] Stock and Shareholder Activity - The company repurchased 1,579,763 shares of Class A common stock for approximately $3.0 million[8] Operational Metrics - Gross margin for the nine months ended September 30, 2025, was $54,217, down from $56,141 in 2024, reflecting a decrease of approximately 3%[29] - Total operating expenses for the nine months ended September 30, 2025, increased to $68,299, up 19% from $57,426 in 2024[29] Assets and Liabilities - Cash and cash equivalents at the end of the period were $104,381, an increase from $85,254 at the end of September 2024[31] - Total assets as of September 30, 2025, were $186,835, an increase of 8% from $173,680 as of December 31, 2024[27] - Total liabilities as of September 30, 2025, were $51,175, up 12% from $45,437 as of December 31, 2024[27] Product and Partnership Developments - The upgraded Concierge AI was introduced, designed to enhance user interaction and support[3][5] - Expensify became the official Travel and Expense partner of the Brooklyn Nets in Q3 2025[8]

Revenue Performance - Total net revenues for the three months ended September 30, 2025, were $191,840,000, a slight increase of 0.3% compared to $191,214,000 in the same period of 2024[163]. - Product revenues, net, increased by 2% to $191,840,000, driven primarily by a 33% increase in BAQSIMI® sales, which reached $53,608,000[163][164]. - Total net revenues decreased by 2% to $536.8 million for the nine months ended September 30, 2025, compared to $545.4 million in 2024[1]. - Product revenues increased by 2% to $536.8 million, driven primarily by a 63% increase in BAQSIMI® sales, totaling $138.7 million[1][2]. Profitability - Gross profit decreased by 3% to $98,646,000, with gross margin as a percentage of net revenues declining from 53% in 2024 to 51% in 2025[163][170]. - Gross profit declined by 6% to $270.4 million, with gross margins decreasing from 53% to 50% due to lower pricing for glucagon and epinephrine products[1][6]. Expenses - Selling, distribution, and marketing expenses rose by 28% to $11,505,000, largely due to expanded marketing efforts for BAQSIMI® and Primatene MIST®[171]. - Selling, distribution, and marketing expenses rose by 23% to $33.6 million, while general and administrative expenses increased by 59% to $69.5 million, largely due to a litigation provision[1][8]. - General and administrative expenses surged by 166% to $39,467,000, primarily due to a litigation provision that increased expenses by $23.1 million[171]. - Research and development expenses increased by 6% to $22,354,000, including a $5.3 million upfront payment related to a licensing agreement with Anji[173][175]. - Research and development expenses increased by 12% to $62.5 million, primarily due to a $6.0 million licensing agreement with Anji and increased clinical trial costs[1][10]. Non-Operating and Tax Expenses - Non-operating expenses, net, improved significantly, decreasing from $(9,365,000) in 2024 to $(3,807,000) in 2025, primarily due to foreign currency fluctuations and mark-to-market adjustments[177]. - The income tax provision for the three months ended September 30, 2025, was $4,163,000, a decrease of 43% compared to $7,254,000 in 2024[178]. - The effective tax rate increased to 19% in 2025 from 15% in 2024, influenced by differences in pre-tax income positions[180]. - The income tax provision decreased by 24% to $18.0 million, with an effective tax rate increase to 20% from 16%[1][14]. Cash Flow and Working Capital - Working capital increased by $73.9 million to $434.2 million as of September 30, 2025, compared to $360.3 million at the end of 2024[1][16]. - Net cash provided by operating activities was $123.3 million, including net income of $73.7 million for the nine months ended September 30, 2025[1][18]. - Cash requirements are expected to increase significantly due to potential milestone payments of up to $575 million for BAQSIMI® and ongoing investments in manufacturing facilities[1][20]. - Net cash provided by operating activities was $184.4 million for the nine months ended September 30, 2024, including net income of $121.6 million[206]. Investment and Financing Activities - The company incurred $26.6 million in purchases of property, plant, and equipment for the nine months ended September 30, 2025, with $16.9 million in the United States[207]. - The company made $8.1 million in principal payments on long-term debt, primarily paying off a mortgage loan with East West Bank[210]. - Net cash used in investing activities was $89.3 million for the nine months ended September 30, 2024, primarily due to a payment of $129.0 million for the BAQSIMI® acquisition[208]. - Net cash used in financing activities was $47.1 million for the nine months ended September 30, 2024, primarily due to $43.5 million used to purchase treasury stock[210]. Market and Operational Insights - The company anticipates continued fluctuations in sales of glucagon and epinephrine due to competitive dynamics and market demand[167]. - The increase in accounts receivables was primarily due to increased sales, while inventories increased due to higher purchases of raw materials and components[206]. - The company reported no critical observations from inspections conducted by regulatory agencies at its manufacturing facilities during the nine months ended September 30, 2025[216]. - The company is exposed to market risk from changes in the market values of investments, interest rate changes, and foreign currency exchange rate changes[218]. - The company continues to assume distribution responsibilities for BAQSIMI® from Lilly to customers in the United States and certain other countries[206].

Financial Performance - For Q3 2025, the company reported income before income tax of $111 million, down from $328 million in Q3 2024, with pro forma pretax income for Q3 2024 at $255 million[104]. - Total operating revenue for Q3 2025 increased by $27 million, or 1%, to $3,766 million compared to pro forma results for Q3 2024[114]. - Total operating expenses rose by $185 million, or 5%, with aircraft fuel expenses accounting for $761 million and non-fuel operating expenses at $2,793 million[120]. - The company anticipates fourth quarter unit revenue to increase low single digits year-over-year, with capacity growth expected to be 2% to 3%[110]. - Total operating revenue increased by $362 million, or 4%, with passenger revenue rising by $263 million, or 3%[144]. - Adjusted net income for the nine months ended September 30, 2025, was $243 million, or $2.01 per share, compared to $500 million, or $3.90 per share, for the same period in 2024[194]. - Total operating expenses for the three months ended September 30, 2025, were $3,618 million, compared to $2,731 million for the same period in 2024[196]. Revenue Sources - Passenger revenue remained flat on a pro forma basis, with a 2% increase in yield offset by a 2% decrease in traffic, while Hawaiian passenger revenue improved due to strong demand in Hawaii[117]. - Cargo and other revenue increased by $24 million, or 20%, driven by additional aircraft in Hawaiian's cargo fleet and increased international cargo volumes[119]. - On a pro forma basis, loyalty program other revenue increased by $24 million, or 4%, due to higher commission revenue from bank card and third-party partners[148]. - Cargo and other revenue increased by $75 million, or 23%, driven by six additional A330-300F aircraft in the cargo fleet and increased international cargo volumes[149]. Operating Expenses - Total non-fuel operating expenses increased by $539 million, or 26%, compared to the previous year, driven by higher wages and increased variable costs[125]. - Wages and benefits increased by $127 million, or 12%, due to increased headcount and higher wage rates across multiple labor groups[127]. - Landing fees and rentals rose by $65 million, or 27%, attributed to increased terminal rents and higher volumes of departures[131]. - Total operating expenses increased by $371 million, or 4%, with significant increases in non-fuel operating expenses, which rose by $633 million, or 9%[150]. - Wages and benefits increased by $316 million, or 10%, driven by increased headcount and higher wage rates across multiple labor groups[157]. Profitability - Alaska Airlines reported a pretax profit of $187 million, a decrease of $164 million from the previous year, primarily due to increased non-fuel operating expenses[139]. - Hawaiian Airlines improved its pretax loss to $42 million, a $14 million improvement driven by $190 million in increased revenue from higher traffic[140]. - Hawaiian Airlines reported a pretax loss of $129 million, an improvement of $183 million compared to a pro forma loss of $312 million in the same period in 2024, driven by $417 million in increased revenue[170]. Cash Flow and Liquidity - Cash and marketable securities as of September 30, 2025, totaled $2.3 billion, with an $850 million bank line-of-credit facility available[172]. - Operating cash flows provided $1.1 billion during the first nine months of 2025, with significant payments made to employees for the 2024 Performance-Based Pay program[174]. - Cash used in financing activities was $490 million during the first nine months of 2025, with $540 million for share repurchases and $389 million for debt payments[178]. - The company's liquidity as a percentage of trailing twelve months' revenue decreased to 22% as of September 30, 2025, down from 28% as of December 31, 2024[181]. - Trailing twelve months' revenue increased by 21% to $14,141 million as of September 30, 2025, compared to $11,735 million as of December 31, 2024[181]. Debt and Capital Expenditures - The debt-to-capitalization ratio, including leases, increased to 60% as of September 30, 2025, up from 58% as of December 31, 2024[183]. - Capital expenditures for 2025 are expected to be between $1.4 billion and $1.6 billion, with cash used in investing activities amounting to $996 million in the first nine months of 2025[175]. - The company has firm orders to purchase 75 B737 aircraft and 8 B787 aircraft, with deliveries expected between 2025 and 2029[186]. Operational Metrics - Revenue passengers increased by 20.0% to 15,879,000 in Q3 2025 compared to Q3 2024, and by 26.9% to 44,272,000 for the nine months ended September 30, 2025[198]. - RPMs (revenue passenger miles) rose by 22.2% to 20,739 million in Q3 2025 and by 29.8% to 58,174 million for the nine months ended September 30, 2025[198]. - ASMs (available seat miles) grew by 23.2% to 24,447 million in Q3 2025 and by 30.5% to 69,724 million for the nine months ended September 30, 2025[198]. - Load factor decreased by 0.7 percentage points to 84.8% in Q3 2025 and by 0.5 percentage points to 83.4% for the nine months ended September 30, 2025[198]. - Departures increased by 18.4% to 144,000 in Q3 2025 and by 23.6% to 407,400 for the nine months ended September 30, 2025[198]. - The operating fleet expanded by 12 aircraft to 406 as of September 30, 2025[198]. Other Notable Events - The launch of the Atmos Rewards loyalty program in August 2025 did not materially impact Q3 financial results but is being monitored for future engagement[108]. - A cybersecurity incident identified on June 23, 2025, is not expected to have a material impact on the company's business or financial condition[102]. - Subsequent to Q3, the company obtained a single operating certificate from the FAA, marking a significant integration milestone[111]. - There were no material changes in critical accounting estimates during the three and nine months ended September 30, 2025[201].

Revenue Performance - In Q3 2025, total operating revenues decreased by $118 million, or 2%, to $5,847 million compared to $5,965 million in Q3 2024[116] - Crude oil and condensate revenues fell by $245 million, or 7%, to $3,243 million in Q3 2025, primarily due to a lower composite average price[121] - Natural gas revenues surged by $335 million, or 90%, to $707 million in Q3 2025, driven by a 39% increase in natural gas deliveries[123] - Total operating revenues for the first nine months of 2025 decreased by $1,119 million, or 6%, to $16,994 million from $18,113 million in the same period of 2024[144] - Crude oil and condensate revenues for the first nine months of 2025 decreased by $1,150 million, or 11%, to $9,510 million, attributed to a lower composite average price[147] - Natural gas revenues for the first nine months of 2025 increased by $887 million, or 84%, to $1,944 million, driven by a higher composite average price and increased natural gas deliveries[149] Operating Expenses - Operating expenses for Q3 2025 were $4,011 million, an increase of $135 million from $3,876 million in Q3 2024[127] - Operating expenses for the first nine months of 2025 were $11,552 million, a decrease of $71 million from $11,623 million in the same period of 2024[152] - G&A expenses for the first nine months of 2025 increased by $116 million to $596 million, primarily due to increased professional services and costs related to the Encino acquisition[157] - Exploration costs for Q3 2025 were $71 million, an increase of $28 million from $43 million in Q3 2024, primarily due to geological and geophysical expenditures in Trinidad and the United States[138] Financial Metrics - EOG's cash return commitment was increased to a minimum of 70% of annual net cash provided by operating activities starting in fiscal year 2024[110] - The Board declared a quarterly cash dividend of $1.02 per share for Q4 2025, an increase from the previous $0.975 per share[113] - The net effective tax rate for Q3 2025 decreased to 19% from 22% in Q3 2024, primarily due to a reduction in state deferred income tax liability[143] - Cash and cash equivalents on hand at September 30, 2025, were $3.5 billion, with an additional $1.9 billion available under the senior unsecured revolving credit facility[162] - Net cash provided by operating activities for the first nine months of 2025 was $7,432 million, a decrease of $1,948 million compared to the same period of 2024[165] - Total impairments for the first nine months of 2025 were $154 million, an increase from $115 million in the same period of 2024[160] Investment and Financing Activities - Net cash used in investing activities for the first nine months of 2025 was $9,174 million, an increase of $4,483 million compared to the same period in 2024, primarily due to the acquisition of Encino for $4,464 million[166] - Net cash used in financing activities for the first nine months of 2025 was $1,820 million, which included treasury stock purchases of $1,887 million and dividend payments of $1,611 million[167] - Total expenditures for the full year 2025 are estimated to range from $6.2 billion to $6.4 billion, excluding the Encino acquisition[169] - Exploration and development expenditures for the first nine months of 2025 were $11,493 million, which is $7,160 million higher than the same period in 2024, primarily due to increased property acquisitions[172] - Property acquisitions for the first nine months of 2025 included $6,721 million related to the Encino acquisition[170] Strategic Initiatives and Risks - EOG's acquisition of Encino Acquisition Partners, LLC is expected to enhance its operational capabilities and strategic positioning in the market[191] - The company aims to increase production levels and achieve anticipated rates of return from its existing and future crude oil and natural gas projects[192] - EOG is focused on controlling drilling, completion, and operating costs to maximize reserve recoveries and improve overall efficiency[192] - The company is actively working on cost-mitigation initiatives to offset inflationary pressures on operating costs and capital expenditures[192] - EOG's future financial performance may be impacted by fluctuations in commodity prices, which are subject to market demand and supply dynamics[193] - The company is committed to developing and implementing emissions and environmental initiatives to meet its sustainability targets[193] - EOG's ability to integrate Encino's assets and operations effectively is crucial for realizing the anticipated benefits of the acquisition[193] - The company faces risks related to cybersecurity threats that could disrupt its business operations[192] - EOG's financial performance is influenced by geopolitical factors and economic conditions in the regions where it operates[193] - The company is exposed to market risks including commodity price risk, interest rate risk, and foreign currency exchange rate risk[196] Commodity and Derivative Contracts - EOG recognized net gains on financial commodity derivatives of $116 million in Q3 2025, up from $79 million in Q3 2024[124] - The total fair value of EOG's financial commodity and other derivative contracts was a net asset of $46 million as of September 30, 2025[175] - The net cash received from settlements of financial commodity derivative contracts during the third quarter of 2025 was $27 million[175] - EOG entered into a 10-year agreement to sell 180,000 MMBtud of domestic natural gas production starting in 2027, with a portion indexed to Brent crude oil prices[184] - EOG's updated budget for exploration and development expenditures for 2025 reflects a significant increase in capital expenditures compared to 2024[169] - EOG believes it has significant flexibility regarding financing alternatives and can adjust its exploration and development expenditure budget as needed[173]

Revenue Performance - Total revenues for the three months ended September 30, 2025, increased by $19,548, reaching $158,262, a 14% increase compared to the same period in 2024[121] - Revenues from entertainment offerings rose by $16,229 to $131,310, driven by higher concert revenues of $8,263 and increased revenues from other live events of $6,806[124] - Food, beverage, and merchandise revenues increased by $3,862 to $22,837, primarily due to higher sales at concerts and other events[125] Operating Loss and Expenses - The net loss for the three months ended September 30, 2025, was $21,654, a 12% increase from the net loss of $19,321 in the same period last year[121] - The operating loss for the period was $29,739, which is a 61% increase compared to the operating loss of $18,482 in the prior year[121] - Direct operating expenses increased by $4,661 to $102,370, reflecting a 5% rise compared to the prior year[129] - For the three months ended September 30, 2025, operating loss increased by $11,257, or 61%, compared to the prior year period, primarily due to higher impairment of long-lived assets and increased selling, general, and administrative expenses[136] - Selling, general, and administrative expenses increased by $10,839 for the three months ended September 30, 2025, mainly due to higher employee compensation and benefits[132] Impairment and Depreciation - The company experienced an impairment of long-lived assets amounting to $13,782, which was not present in the previous year[121] - Impairment of long-lived assets rose by $13,782 for the three months ended September 30, 2025, compared to the prior year, reflecting significant losses recognized on right-of-use lease assets[134] - Depreciation and amortization expenses increased by $293, or 2%, for the three months ended September 30, 2025, primarily due to fixed asset additions[133] Cash Flow and Debt - As of September 30, 2025, the company's unrestricted cash and cash equivalents balance was $29,950, with total debt outstanding at $621,758[149] - The company had $112,573 of available borrowing capacity under the National Properties Revolving Credit Facility as of September 30, 2025[149] - Net cash provided by operating activities for the three months ended September 30, 2025 was $19,808, a significant increase of $47,167 compared to the prior year period[160] - Net cash used in investing activities increased by $108 to $6,798 compared to the prior year period, primarily due to the absence of proceeds from the sale of investments[161] - Net cash used in financing activities increased by $64,184 to $26,077 compared to the prior year period, driven by increased stock repurchases and decreased proceeds from the National Properties Revolving Credit Facility[162] Interest Income and Expense - Interest income increased by 40% to $520, while interest expense decreased by 21% to $11,028[121] - Interest income increased by $148 for the three months ended September 30, 2025, due to higher average balances in cash and cash equivalents[137] - Interest expense decreased by $3,015 for the three months ended September 30, 2025, primarily due to lower average borrowing rates[138] Tax and Seasonality - The effective tax rate for the three months ended September 30, 2025, was 46%, resulting in an income tax benefit of $18,765, up from $13,601 in the prior year[141] - The Company experiences seasonality in revenues, with a disproportionate share earned in the second and third quarters due to events like the Christmas Spectacular and arena license fees[163] Hypothetical Scenarios - A hypothetical 200 basis point increase in floating interest rates would increase the Company's interest expense by $12,435 on outstanding amounts under credit facilities[167]

Financial Performance - Total revenues for Q3 2025 reached $391.0 million, a significant increase from $193.4 million in Q3 2024, representing a growth of 102%[16] - Net income attributable to shareholders for Q3 2025 was $13.9 million, compared to $9.0 million in Q3 2024, marking a year-over-year increase of 56%[16] - Operating income for the nine months ended September 30, 2025, was $196.3 million, up from $154.8 million in the same period of 2024, reflecting a growth of 27%[16] - Net income for the nine months ended September 30, 2025, was $52.123 million, compared to $40.736 million for the same period in 2024, representing a year-over-year increase of 28.5%[19] - For the nine months ended September 30, 2025, net income increased to $127.9 million from $107.0 million in 2024, representing a growth of approximately 19%[23] - For the three months ended September 30, 2025, the company reported net income of $55,044,000, an increase from $45,546,000 in the same period of 2024, representing a growth of 11%[86] - The basic earnings per share for the three months ended September 30, 2025, was $0.44, compared to $0.36 for the same period in 2024, reflecting a 22% increase[86] Assets and Liabilities - Cash and cash equivalents as of September 30, 2025, totaled $462.6 million, down from $537.5 million at the end of 2024[15] - Total assets increased to $4.1 billion as of September 30, 2025, compared to $2.9 billion at the end of 2024, indicating a growth of 42%[15] - Current liabilities rose to $291.0 million as of September 30, 2025, compared to $216.1 million at the end of 2024, an increase of 35%[15] - The company reported a total equity of $2.2 billion as of September 30, 2025, up from $1.9 billion at the end of 2024, reflecting a growth of 16%[15] - The balance of retained earnings as of September 30, 2025, was $1.519 billion, reflecting an increase from $1.432 billion at March 31, 2025[19] - As of September 30, 2025, the total long-term debt net is $918.8 million, an increase from $286.8 million as of December 31, 2024[57] Equity and Dividends - Class A dividends increased from $0.06 per share to $0.08 per share during the same period, reflecting a 33.3% increase[19] - The total equity balance at September 30, 2025, was $2.195 billion, up from $1.931 billion at March 31, 2025, indicating a growth of approximately 13.7%[19] - EELP declared and paid distributions totaling $6.562 million to Class B interests and $2,675,000 in dividends to Class A Common Stock for the quarter ended September 30, 2025[81] Revenue and Growth - For the nine months ended September 30, 2025, total revenues reached $1.059 billion, up from $851.8 million in 2024, reflecting a growth of approximately 24%[39] - The Asia Pacific region generated $267.045 million in revenue for the nine months ended September 30, 2025, up from $204.125 million in 2024, marking an increase of about 30.8%[99] - The company expects to recognize $12.821 billion in revenue from contracts exceeding one year, with significant amounts projected for 2026 ($907.152 million) and 2027 ($903.305 million)[105] Acquisitions and Investments - The company completed the acquisition of New Fortress Energy Inc.'s business in Jamaica for approximately $1.055 billion in cash, which included the acquisition of three LNG facilities[36] - The company finalized the acquisition of the Montego Bay LNG Terminal and other assets in 2025, enhancing its operational capacity[105] - The company raised $800.0 million through long-term debt issuance to fund the acquisition and other activities[23] Cash Flow and Operating Activities - Net cash provided by operating activities for the nine months ended September 30, 2025, was $356.8 million, compared to $194.8 million in 2024, indicating an increase of 83%[23] - Cash and cash equivalents at the end of the period decreased to $481.8 million from $626.5 million at the end of 2024[23] Financial Instruments and Risks - The company’s interest rate swaps hedge approximately 70% of the variability in interest payments on the 2017 Bank Loans[50] - The Company is exposed to market risks including changes in interest rates, LNG commodity prices, and foreign currency exchange rates[230] - The Company may utilize derivative instruments to manage market risks, with gains or losses typically offset by corresponding gains or losses on the hedged item[230] Stock and Shareholder Information - The weighted average shares outstanding for basic earnings per share increased to 32.0 million in Q3 2025 from 25.0 million in Q3 2024[16] - The company repurchased 2,473,787 shares of its Class A Common Stock at a weighted average price of $20.41 per share, totaling approximately $50.0 million[84] - In March 2025, the company completed an equity offering of 6,956,522 shares at a public offering price of $26.50 per share, generating net proceeds of approximately $201.8 million[85]

Financial Performance - Net income attributable to common stockholders was $674 million in Q3 2025, up from $526 million in Q3 2024, and $1.8 billion for the first nine months of 2025, compared to $1.6 billion for the same period in 2024[111]. - Consolidated revenues for Q3 2025 were $6.972 billion, up from $6.790 billion in Q3 2024, and $20.282 billion for the first nine months of 2025, compared to $19.735 billion for the same period in 2024[151][154]. - Net income attributable to common stock for Q3 2025 was $674 million, an increase from $526 million in Q3 2024, and $1.798 billion for the first nine months of 2025, compared to $1.615 billion in the same period of 2024[151]. - Other income, net, was $59 million in Q3 2025, down from $97 million in Q3 2024, and $158 million for the first nine months of 2025 compared to $295 million for the same period in 2024[176]. - Cash dividends on common stock remained consistent at $0.6 billion for both the first nine months of 2025 and 2024[285]. Production and Sales - Consolidated sales volumes for 2025 are projected at 3.5 billion pounds of copper, 1.05 million ounces of gold, and 82 million pounds of molybdenum[127]. - Copper production in Q3 2025 was 912 million recoverable pounds, down from 1,051 million in Q3 2024, and 2,743 million for the first nine months of 2025, compared to 3,173 million in the same period of 2024[152]. - Gold production in Q3 2025 was 287 thousand recoverable ounces, down from 456 thousand in Q3 2024, and 891 thousand for the first nine months of 2025, compared to 1,448 thousand in the same period of 2024[152]. - Molybdenum production totaled 8 million pounds in Q3 2025, compared to 6 million pounds in Q3 2024, and 26 million pounds for the first nine months of 2025[258]. - Copper sales from South America operations are projected to be approximately 1.1 billion pounds for 2025[218]. Costs and Expenses - Consolidated unit net cash costs for copper mines are expected to average $1.68 per pound for 2025, excluding costs related to the September 2025 mud rush incident[130]. - Site production and delivery costs averaged $2.71 per pound of copper in Q3 2025, up from $2.61 per pound in Q3 2024, and $2.67 per pound for the first nine months of 2025 compared to $2.49 per pound in the same period of 2024[167]. - Unit net cash costs per pound of copper in Q3 2025 were $3.11, down from $3.24 in Q3 2024, indicating improved efficiency[208]. - Average unit net cash costs for U.S. copper mines are expected to approximate $3.03 per pound for 2025, reflecting efficiencies and cost reduction plans[212]. - Average unit net cash costs for South America operations are expected to approximate $2.45 per pound for 2025[226]. Capital Expenditures and Investments - Capital expenditures for 2025 are expected to total $4.5 billion, including $2.3 billion for major projects and $1.6 billion for sustaining capital[133]. - The company has a potential expansion project at the Bagdad operation that could increase copper production by 200 to 250 million pounds per year, with estimated capital costs of approximately $3.5 billion[199]. - Costs for feasibility and optimization studies totaled $43 million in Q3 2025, compared to $45 million in Q3 2024, and are estimated to approximate $200 million for the year 2025[189]. Incident and Recovery - The mud rush incident on September 8, 2025, resulted in seven fatalities and approximately 800,000 metric tons of wet material entering the mine, leading to temporary suspension of operations[115][116]. - Charges related to the mud rush incident totaled $195 million in Q3 2025, including $152 million for idle facility costs[120]. - PTFI is seeking recovery of damages under insurance policies covering up to $1.0 billion in losses, subject to a $0.5 billion deductible[123]. - During Q3 2025, the company collected $25 million in insurance recoveries related to the 2024 smelter fire incident[283]. Market Conditions - The average COMEX copper settlement price was 9% higher than the average LME copper settlement price during Q3 2025, with LME prices reaching an all-time high of $5.02 per pound in October 2025[141]. - U.S. tariffs could potentially increase costs of goods purchased in the U.S. by approximately 5%, with a 50% tariff imposed on semi-finished copper products effective August 1, 2025[190][191]. - The company is the leading copper supplier in the U.S., providing approximately 70% of total U.S. refined copper production[193]. Future Outlook - A phased restart of operations at the Grasberg Block Cave underground mine is anticipated to begin in 2026 following the mud rush incident[117]. - The company estimates annual production of 300 million pounds of copper in 2026 from leaching initiatives, with potential for further significant increases in recoverable metal[186]. - PTFI is preparing an application for a long-term extension of its operating rights beyond 2041, expected to be submitted in Q4 2025[241].

Revenue and Profitability - Total revenue for the nine months ended September 30, 2025, increased by $5.5 million to $311.96 million compared to $306.50 million for the same period in 2024[171]. - Gross profit for the nine months ended September 30, 2025, increased by $0.3 million to $110.02 million compared to $109.74 million for the same period in 2024[175]. - Net income for the nine months ended September 30, 2025, increased by $16.1 million to $39.24 million compared to $23.10 million for the same period in 2024[176]. - Cash provided by operating activities was $46.6 million for the nine months ended September 30, 2025, compared to $42.7 million for the same period in 2024[162]. - Adjusted operating profit decreased by $0.2 million to $54.933 million for the nine months ended September 30, 2025, with a corresponding operating profit margin decrease of 280 basis points to 45.1%[197]. Acquisitions and Divestitures - The company acquired eight funeral homes, one cemetery, and one cremation-focused business for an aggregate price of $56.5 million during the nine months ended September 30, 2025[149]. - The company sold nine funeral homes and four cemeteries for an aggregate of $33.8 million, resulting in a gain of $0.8 million during the nine months ended September 30, 2025[150]. - Net loss on divestitures and impairment charges totaled $6.559 million for the three months ended September 30, 2025, compared to $387,000 in the same period of 2024[204]. Revenue Breakdown - Total revenue for the Funeral Home segment for the nine months ended September 30, 2025, was $202,644 thousand, an increase of $3,516 thousand from $199,128 thousand in 2024[189]. - Cemetery operating revenue increased by $5.3 million to $109.314 million for the nine months ended September 30, 2025, compared to $107.370 million in the same period of 2024, primarily due to a 6.9% increase in the average price per preneed interment right sold[196]. - Cemetery operating revenue increased by $4.0 million to $39,964 thousand for the three months ended September 30, 2025, driven by a 15.1% increase in the average price per interment right sold[193]. - Atneed revenue increased by $1.3 million to $28.405 million for the nine months ended September 30, 2025, driven by an 11.6% increase in atneed property sold[196]. Expenses and Financial Metrics - General, administrative, and other expenses decreased by $10.9 million to $36.2 million for the nine months ended September 30, 2025, primarily due to a decrease in salary and benefits expenses[203]. - Interest expense decreased to $21.278 million for the nine months ended September 30, 2025, from $25.071 million in 2024[205]. - Income tax expense increased by $0.7 million to $13.6 million for the nine months ended September 30, 2025, with an operating tax rate of 32.0% compared to 33.2% in 2024[208]. Contract and Revenue Metrics - Average revenue per funeral contract excluding preneed interest increased by 1.9% to $5,665 for the nine months ended September 30, 2025[171]. - Average revenue per contract, excluding preneed funeral trust earnings, increased by 1.1% to $5,756 for the nine months ended September 30, 2025, compared to $5,691 in 2024[189]. - Preneed revenue as a percentage of operating revenue increased to 70.7% for the nine months ended September 30, 2025, compared to 70.4% in 2024, with preneed revenue rising to $68.385 million from $64.387 million[196]. - Preneed revenue as a percentage of operating revenue for the Cemetery segment was 73.1% for the three months ended September 30, 2025, up from 71.7% in 2024[193]. - The number of preneed interment rights sold increased to 3,567 for the three months ended September 30, 2025, compared to 3,410 in 2024, reflecting a growth of 4.6%[193]. Cash and Capital Expenditures - Capital expenditures for the nine months ended September 30, 2025, totaled $12.7 million, an increase of $1.0 million compared to $11.7 million for the same period in 2024[167]. - The company ended the quarter with $1.2 million in cash, unchanged from the beginning of the year[159]. Volume and Performance Metrics - The company experienced a 1.8% decrease in funeral contract volume for the nine months ended September 30, 2025[174]. - Adjusted operating profit for the Funeral Home segment for the three months ended September 30, 2025, was $24,908 thousand, a decrease of $189 thousand from $25,097 thousand in 2024[179]. - Adjusted operating profit margin for the Funeral Home segment decreased to 36.8% for the three months ended September 30, 2025, down from 38.1% in 2024[186]. - Cemetery adjusted operating profit increased by $1.8 million to $21,411 thousand for the three months ended September 30, 2025, compared to $19,846 thousand in 2024[194]. - Other revenue for the Funeral Home segment increased by $1.4 million to $4,713 thousand for the three months ended September 30, 2025, compared to $3,309 thousand in 2024[188]. - Other revenue decreased by $0.7 million to $11.140 million for the nine months ended September 30, 2025, primarily due to realized capital gains in the third quarter of 2024[198].

Financial Performance - For the three months ended September 30, 2025, net loss was $7,914,000 compared to $12,722,000 for the same period in 2024, representing a 37% improvement[17]. - The net loss attributable to Rani Therapeutics Holdings, Inc. for the nine months ended September 30, 2025, was $19,368,000, compared to $21,071,000 in 2024, a decrease of 8%[17]. - For the nine months ended September 30, 2025, the company reported a net loss of $31.9 million, compared to a net loss of $40.9 million for the same period in 2024, representing a 22.4% improvement[27]. - The company reported a net loss of $(12,738) million for the quarter ending March 31, 2025, with accumulated deficit reaching $(110,171) million[21]. - The company reported a net loss per Class A common share of $(0.50) for the nine months ended September 30, 2025, compared to $(0.78) for the same period in 2024[102]. Revenue and Contractual Agreements - The company reported no contract revenue for the three months ended September 30, 2025, consistent with the same period in 2024[17]. - The company recognized $0.2 million in contract revenue for evaluation services performed for Chugai Pharmaceutical Co., Ltd. during the nine months ended September 30, 2025[49]. - The company expects to receive a $10.0 million upfront payment from Chugai under a Collaboration and License Agreement, with potential additional milestone payments totaling up to $175.0 million[152]. Expenses and Cost Management - Research and development expenses for the nine months ended September 30, 2025, were $15,296,000, down 23% from $19,872,000 in 2024[17]. - General and administrative expenses decreased to $14,651,000 for the nine months ended September 30, 2025, from $18,484,000 in 2024, a reduction of 21%[17]. - For the three months ended September 30, 2025, total operating expenses decreased by 38.5% to $7.3 million from $11.8 million in 2024[138]. - Research and development expenses for the three months ended September 30, 2025, decreased by 47.8% to $3.2 million from $6.2 million in 2024, primarily due to a $2.4 million reduction in compensation costs[139]. Cash Flow and Liquidity - Cash flows from operating activities showed a net cash used of $19.0 million for the nine months ended September 30, 2025, down from $26.8 million in 2024, indicating a 29.0% reduction in cash outflow[27]. - The company had cash, cash equivalents, and restricted cash equivalents totaling $4.6 million as of September 30, 2025, compared to $4.8 million at the end of the same period in 2024[41]. - The company generated net cash provided by investing activities of $23.9 million for the nine months ended September 30, 2025, compared to $17.3 million in 2024, reflecting a 38.5% increase[27]. - As of September 30, 2025, total cash equivalents and restricted cash equivalents amounted to $2,823,000, up from $904,000 as of December 31, 2024, indicating a significant increase[45]. Stock and Equity - The weighted-average Class A common shares outstanding increased to 46,444 for the three months ended September 30, 2025, from 28,836 in 2024[17]. - The total stockholders' equity attributable to Rani Therapeutics Holdings, Inc. showed a deficit of $7,860,000 as of September 30, 2025, compared to a positive equity of $1,992,000 as of December 31, 2024[15]. - The Company issued 4,354,000 shares of Class A common stock and pre-funded warrants for total gross proceeds of $3.0 million in July 2025[73]. - The Company raised approximately $60.3 million in a private placement, including the conversion of $6.0 million in loans into 12,500,000 shares of Class A Common Stock[123][125]. Strategic Initiatives and Future Plans - The company continues to focus on advancing its product candidates and expanding its technology platform, with ongoing clinical trials planned[10]. - The company plans to initiate a Phase 1 trial for RT-114, an oral anti-obesity therapy, by the end of 2025[129]. - The RaniPill HC is expected to enable delivery of drug payloads up to 200µL in liquid form, with clinical testing planned to start by the end of 2025[115]. - The company is evaluating strategic financing opportunities, including future equity offerings and collaboration agreements, to support its operations moving forward[33]. Financial Obligations and Liabilities - The effective interest rate on the Company's loans was 14.60% as of September 30, 2025, with total principal payments due of $13.75 million[97]. - The total operating lease liability was $4,017,000, with a current portion of $1,049,000[72]. - The minimum annual rental payments under operating lease agreements total $4,770,000, excluding short-term leases[72]. - The company has not recorded a liability under the Tax Receivable Agreement (TRA) as it is not probable that it will realize tax benefits, with potential TRA payable ranging from $0 to $23.4 million[94].