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]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 001-16209 ARCH CAPITAL GROUP LTD. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended Septe ...

Financial Performance - Net premiums earned for Q3 2025 were $4,285 million, up 7.9% from $3,970 million in Q3 2024[18]. - Total revenues for the nine months ended September 30, 2025, reached $14,995 million, a 16.3% increase from $12,892 million in the same period of 2024[18]. - Net income available to Arch common shareholders for Q3 2025 was $1,340 million, compared to $978 million in Q3 2024, reflecting a 37.0% increase[18]. - Net income for the nine months ended September 30, 2025, was $3,161 million, compared to $3,377 million for the same period in 2024, reflecting a decrease of 6.4%[27]. - Comprehensive income for Q3 2025 was $1,398 million, compared to $1,598 million in Q3 2024[21]. - The company reported net investment income of $408 million for Q3 2025, slightly up from $399 million in Q3 2024[18]. - The company provided $4,768 million in net cash from operating activities for the nine months ended September 30, 2025, down from $5,100 million in 2024, a decrease of 6.5%[27]. - The company reported unrealized holding gains of $629 million for the nine months ended September 30, 2025, compared to $500 million in the same period of 2024[27]. - The company repurchased common shares worth $1,091 million under its share repurchase program during the nine months ended September 30, 2025[27]. - The net income available to Arch common shareholders for the three months ended September 30, 2024, was $978 million, reflecting a strong performance[61]. - The net income available to Arch common shareholders for the nine months ended September 30, 2025, was $3,131 million, showcasing significant growth[64]. Assets and Liabilities - Total assets as of September 30, 2025, were $79,185 million, an increase of 11.5% from $70,906 million at the end of 2024[14]. - The total liabilities increased to $55,466 million as of September 30, 2025, from $50,086 million at the end of 2024, marking a 10.5% rise[14]. - The company’s retained earnings increased to $25,817 million as of September 30, 2025, up from $22,686 million at the end of 2024, reflecting a growth of 13.4%[14]. - Cash and cash equivalents rose to $1,063 million, compared to $979 million at the end of 2024, indicating a 8.6% increase[14]. - Cash and restricted cash at the end of the period was $1,854 million, an increase from $1,712 million in 2024, reflecting a growth of 8.3%[27]. - The reserve for losses and loss adjustment expenses increased to $32,822 million as of September 30, 2025, up from $29,369 million at the end of 2024[14]. - The total fair value of available for sale investments as of September 30, 2025, was $34.259 billion, compared to $29.819 billion at December 31, 2024, reflecting an increase of approximately 14.5%[94]. - The total liabilities measured at fair value were $89 million, including $71 million in derivative instruments[143]. Insurance Segment Performance - Gross premiums written for the insurance segment were $2,567 million, while net premiums earned were $1,969 million for the three months ended September 30, 2025[58]. - The combined ratio for the insurance segment was 93.4% for the three months ended September 30, 2025, indicating a slight increase in underwriting performance[58]. - The loss ratio for the insurance segment was 59.0% for the three months ended September 30, 2025, compared to 51.4% for the same period in 2024[58]. - The insurance segment generated $129 million in underwriting income for Q3 2025, with net premiums written nearly $2 billion, reflecting a 7.3% increase from Q3 2024[183]. - The growth in net premiums was primarily due to the U.S. MidCorp and Entertainment Insurance businesses acquired from Allianz on August 1, 2024[183]. - For the nine months ended September 30, 2025, gross premiums written reached $18,069 million, with net premiums earned at $12,810 million[64]. - The combined ratio for Q3 2025 was 93.4%, slightly up from 93.1% in Q3 2024, indicating stable underwriting performance[208]. - The loss ratio improved to 59.0% in Q3 2025 from 61.6% in Q3 2024, indicating better underwriting performance[208]. Investment Performance - Net investment income for the three months ended September 30, 2025, was $408 million, an increase of 2.3% from $399 million in the same period of 2024[102]. - Gross investment income for the nine months ended September 30, 2025, reached $1,269 million, up 9.6% from $1,158 million in the prior year[102]. - Net realized gains for the three months ended September 30, 2025, were $210 million, compared to $169 million for the same period in 2024, reflecting a 24.3% increase[105]. - The company reported net realized gains of $30 million from derivatives for the three months ended September 30, 2025, compared to $125 million for the same period in 2024[163]. - The total gains or losses from derivatives not designated as hedging instruments for the nine months ended September 30, 2025, amounted to $292 million, compared to $116 million for the same period in 2024[163]. Shareholder Returns - The company repurchased $732 million of its shares during the third quarter of 2025[181]. - The company has $1.9 billion available for share repurchases under its program as of September 30, 2025[48]. - Book value per share increased to $62.32 at September 30, 2025, up 5.3% from $59.17 at June 30, 2025, and $57.00 at September 30, 2024[187]. - The company repurchased 12.3 million common shares for an aggregate purchase price of approximately $1.1 billion during the nine months ended September 30, 2025[48]. Tax and Regulatory - The effective tax rate for the nine months ended September 30, 2025, was 14.8%, up from 8.1% in the same period of 2024, due to the Corporate Income Tax Act 2023 in Bermuda[171]. - The company had a net deferred tax asset of $1.4 billion as of September 30, 2025, down from $1.6 billion at December 31, 2024[172].

Execution SECURITIES PURCHASE AGREEMENT This SECURITIES PURCHASE AGREEMENT (this "Agreement") is entered into as of November 6, 2025, by and among Archer Aviation Inc., a Delaware corporation (the "Company"), and each purchaser identified on the signature pages hereto (each, including its successors and assigns, an "Investor" and collectively the "Investors"). WHEREAS, subject to the terms and conditions set forth in this Agreement and pursuant to an effective registration statement under the Securities Act ...

Financial Performance - For Q3 2025, Con Edison reported net income of $688 million or $1.91 per share, up from $588 million or $1.70 per share in Q3 2024, representing a 17% increase in net income[1] - Adjusted earnings for Q3 2025 were $686 million or $1.90 per share, compared to $583 million or $1.68 per share in Q3 2024, reflecting a 17.7% increase[1] - For the first nine months of 2025, net income reached $1,726 million or $4.84 per share, compared to $1,510 million or $4.37 per share in the same period of 2024, marking a 14.3% increase[2] - Adjusted earnings for the first nine months of 2025 were $1,718 million or $4.82 per share, up from $1,528 million or $4.42 per share in 2024, indicating a 12.4% increase[2] - The total adjusted net income (Non-GAAP basis) was $190 million, or $0.40 per share, after accounting for various impacts[22] - The total reported net income on a GAAP basis was $216 million[22] Future Outlook - Con Edison expects adjusted earnings per share for 2025 to be in the range of $5.60 to $5.70, an increase from the previous forecast of $5.50 to $5.70[3] Infrastructure and Investments - The company plans to complete construction of 14 new substations and upgrades by 2030 to enhance energy reliability[3] - Con Edison has reached a Joint Settlement Agreement for a three-year investment plan aimed at funding critical infrastructure while maintaining affordability[3] Project Highlights - The company highlighted landmark projects such as New York's first all-electric skyscraper and JFK Airport's redevelopment, showcasing growing energy demand[3] Financial Stability - Con Edison’s strong balance sheet and revenue predictability make it an attractive option for investors[3] - The increase in electric rate base contributed $57 million to net income, while the lower commercial paper interest expense added $34 million[22] - The higher income from allowance for funds used during construction contributed $23 million to net income[22] - The overall performance reflects the utilities' revenue decoupling mechanisms, which stabilize revenues despite changes in delivery volumes[22] Other Financial Impacts - CECONY reported a net income of $189 million, translating to earnings per share of $0.41[22] - O&R's total net income was $12 million, with a gas base rate increase contributing $7 million[22] - Con Edison Transmission experienced a total loss of $4 million, primarily due to an income tax adjustment[22] - The impact of the May 2024 NYSPSC order resulted in a $37 million reduction in net income[22] - Other impacts related to the sale of the Clean Energy Businesses resulted in a loss of $23 million[22] - The adjusted earnings exclude impacts from the sale of the Clean Energy Businesses and other strategic evaluations, emphasizing ongoing financial performance[9]

Financial Performance - Pangaea reported non-GAAP adjusted net income of $11.2 million, or $0.17 per share, on total revenue of $168.7 million for Q3 2025, reflecting a 10.5% increase in revenue year-over-year [3]. - The company reported a GAAP net income of $12.2 million, or $0.19 per share, for the third quarter [9]. - For the nine months ended September 30, 2025, net income was $7,888,773, a decrease of 65.3% compared to $22,716,256 for the same period in 2024 [21]. - Adjusted EBITDA for the nine months ended September 30, 2025, was $59,276,451, a slight decrease of 1.2% from $60,005,756 in 2024 [23]. - The company reported a gross profit of $47,624,288 for the nine months ended September 30, 2025, compared to $52,075,557 in 2024, reflecting a decline of 8.5% [23]. - Basic net income per share for the nine months ended September 30, 2025, was $0.12, unchanged from the same period in 2024 [23]. Operational Metrics - Total Adjusted EBITDA increased by 20.3% to $28.9 million, with an Adjusted EBITDA margin of 17.1%, up from 15.7% in the prior year [5]. - The average Time Charter Equivalent (TCE) rate was $15,559 per day, which is 10% above the average Baltic Panamax, Supramax, and Handysize indices [4]. - Total shipping days increased by 22% to 5,872 days, primarily due to the acquisition of fifteen handy-sized vessels completed in late 2024 [3]. - Pangaea's fleet utilization remained strong, supported by robust demand across key Arctic trade routes, with an owned fleet of 40 vessels and an average of 24 chartered-in vessels [12]. Cash and Debt Position - The company had $94.0 million in unrestricted cash and cash equivalents, with total debt of $386.3 million as of September 30, 2025 [6]. - Cash and cash equivalents at the end of the period were $94,020,373, an increase of 8.0% from $86,805,470 at the beginning of the period [21]. - Total liabilities decreased to $466,585,306 as of September 30, 2025, down 2.5% from $478,141,746 at December 31, 2024 [19]. - The current portion of secured long-term debt remained stable at $16,696,990, compared to $16,576,195 at December 31, 2024 [19]. Strategic Initiatives - Pangaea is advancing strategic growth investments across terminal operations, with new activities underway at Aransas, Pascagoula, and Lake Charles, and operations at Tampa set to launch in early 2026 [11]. - The company completed the sale of the Strategic Endeavor for $7.7 million and has an agreement to sell the Bulk Freedom for $9.6 million, expected to generate a gain of approximately $2.7 million [8]. Non-GAAP Financial Measures - Pangaea Logistics Solutions Ltd. utilizes non-GAAP financial measures for internal decision-making and performance evaluation, providing transparency to investors [25]. - Adjusted EBITDA excludes interest, taxes, depreciation, and other non-recurring items, providing a clearer view of operational performance [28]. - Adjusted earnings per share (EPS) accounts for various losses and non-recurring charges, offering a more accurate measure of profitability [28]. - Limitations exist in comparing non-GAAP measures like adjusted EBITDA and adjusted EPS to GAAP measures, highlighting the need for careful analysis [29]. Market and Risk Factors - Forward-looking statements indicate potential risks, including fluctuations in charter rates, operating expenses, and regulatory changes [31]. - The company disclaims any obligation to update forward-looking statements, emphasizing the inherent uncertainties in the logistics and transportation sector [31]. Assets and Equity - Total current assets increased to $212,622,757 as of September 30, 2025, up 10.7% from $191,993,893 at December 31, 2024 [19]. - The company’s total assets were $932,145,629 as of September 30, 2025, a slight decrease from $936,457,081 at December 31, 2024 [19]. - The company’s total stockholders' equity decreased to $465,560,323 as of September 30, 2025, down from $474,664,335 at December 31, 2024 [19]. Revenue Recognition - Gross profit is calculated as total revenue minus net transportation and service revenue, as well as vessel depreciation and amortization [26]. - Net transportation and service revenue is defined as total revenue less direct costs, including charter hire and vessel operating expenses, and is not recognized under U.S. GAAP [27].

Financial Performance - Net Investment Income (NII) for the quarter ended September 30, 2025, was $79,350,000, a decrease of 11.7% from $89,877,000 in the same quarter of 2024[2] - Net Income applicable to common shareholders was $48,087,000, compared to a loss of $165,069,000 in the same quarter of 2024[2] - Total interest income (excluding PIK interest income) for the three months ended September 30, 2025, was $136,978,000, down from $151,471,000 for the same period in 2024, a decrease of about 9.6%[25] - Net investment income for the three months ended September 30, 2025, was $79,350,000, compared to $89,877,000 for the same period in 2024, reflecting a decline of approximately 11.7%[25] - The net increase in net assets resulting from operations applicable to common stockholders for the three months ended September 30, 2025, was $48,087,000, compared to a loss of $165,069,000 for the same period in 2024[25] - Total operating expenses decreased to $78,274,000 for the three months ended September 30, 2025, down from $106,431,000 for the same period in 2024, a reduction of about 26.4%[25] - The diluted net increase from operations applicable to common stockholders was $0.08 for the three months ended September 30, 2025, compared to a diluted net decrease of $0.38 for the same period in 2024[26] Asset and Investment Overview - Total assets decreased to $6,641,870,000 from $7,592,705,000 year-over-year, reflecting a decline of 12.5%[2] - Total investments at fair value decreased to $6,513,456,000 as of September 30, 2025, from $6,673,516,000 as of June 30, 2025, representing a decline of approximately 2.4%[23] - Control investments at fair value increased to $3,710,632,000 as of September 30, 2025, from $3,696,367,000 as of June 30, 2025, reflecting a growth of about 0.4%[23] - The first lien senior secured loans increased to 71.1% of the investment portfolio, up 701 basis points from June 2024[6] - The company primarily invests in private, middle-market companies in the U.S. with annual revenues of less than $750 million and enterprise values of less than $1 billion[28] - The typical investment involves a senior and secured loan of less than $250 million, focusing on capital for refinancings, acquisitions, and growth initiatives[28] - The company also invests in senior and secured debt and controlling equity positions in real estate investment trusts (REITs), generating current yields from developed properties[30] Cash and Distributions - The company declared monthly cash distributions of $0.0450 per share for November 2025, December 2025, and January 2026, totaling approximately $4.6 billion in cumulative distributions since inception[3] - Cash and cash equivalents increased to $86,541,000 as of September 30, 2025, from $50,788,000 as of June 30, 2025, marking a significant increase of approximately 70.5%[23] - The dividend payable decreased to $21,288,000 as of September 30, 2025, from $28,836,000 as of June 30, 2025, a decline of approximately 26.4%[23] - Total distributions to common stockholders were $0.14 per share for the three months ended September 30, 2025, down from $0.18 per share in the same period of 2024[26] Debt and Financing - The weighted average cost of unsecured debt financing was 4.54%, reflecting an increase of 0.02% from the previous quarter[17] - The company has a total of $2.1 billion in revolving credit facility commitments, with $2.4 million remaining of debt maturing during calendar year 2025[13] Net Asset Value - The net asset value (NAV) per common share decreased to $6.45 from $8.10 year-over-year[2] - The net asset value per common share as of September 30, 2025, was $6.45, down from $6.56 as of June 30, 2025, indicating a decrease of approximately 1.7%[23] - Net asset value per common share decreased from $8.74 at the beginning of the period to $6.45 at the end of the period, representing a decline of approximately 26.2%[26] Future Outlook - Forward-looking statements made by the company are subject to various risks and uncertainties, and actual results may vary materially from those projected[35] - The internal rate of return (IRR) calculations are gross of general expenses and are historical results, not necessarily indicative of future performance[27] Corporate Events - The company will host an earnings call on November 7, 2025, at 9:00 a.m. Eastern Time[21]

COLUMBUS, Ohio, USA – November 6, 2025 – Mettler-Toledo International Inc. (NYSE: MTD) today announced third quarter results for 2025. Provided below are the highlights: Third Quarter Results Patrick Kaltenbach, President and Chief Executive Officer, stated, "Our third quarter results were strong and reflected very good growth, especially in Industrial. I am very pleased with our team's strong execution as we leverage our Spinnaker sales and marketing program and innovative product portfolio to drive growth ...

MarketWise Reports Net Revenue of $81.3 Million and Net Income of $17.9 Million for Third Quarter 2025; Third Quarter Billings Increased 30% YoY; Announced Quarterly and Special Dividend Totaling $0.40 per Class A Share, for Total FY 2025 Dividends of $1.90 Per Share, or a 13% Cash Yield; Provides Preliminary Targets for FY 2026, Including a 50% Planned Increase in CFFO BALTIMORE, MD -- (GLOBE NEWSWIRE)—MarketWise, Inc. (NASDAQ: MKTW) ("MarketWise" or the "Company"), a leading multi-brand digital subscripti ...