Financial Performance - Net earnings attributable to common shareholders for Q3 2025 were $358 million, or $1.33 per diluted share, compared to $266 million, or $0.97 per share in Q3 2024, representing a 34.5% increase in net earnings[4] - Adjusted net earnings attributable to common shareholders for Q3 2025 were $439 million, or $1.63 per share, up from $356 million, or $1.30 per share in Q3 2024, reflecting a 23.3% increase[5] - Total revenue for the third quarter of 2025 was $4,030 million, an increase from $3,603 million in the same quarter of 2024, representing a growth of approximately 11.8%[29] - Adjusted EPS attributable to common shareholders for Q3 2025 was $1.63, up from $1.30 in Q3 2024, indicating a growth of 25.4%[31] - Net earnings attributable to common shareholders for the nine months ended September 30, 2025, were $719 million, compared to $820 million in 2024, reflecting a decrease of 12.4%[39] - Adjusted net earnings attributable to common shareholders for the nine months ended September 30, 2025, were $970 million, up from $900 million in 2024, indicating an increase of 7.8%[39] Revenue and Sales - Total revenue for the Title Segment was $2.3 billion in Q3 2025, an 8% increase from $2.1 billion in Q3 2024, with adjusted pre-tax title margin reaching 17.8%[8] - The Title Segment's commercial revenue increased by 34% year-over-year, reaching $389 million in Q3 2025[11] - Direct title premiums in Q3 2025 reached $678 million, compared to $571 million in Q3 2024, marking an increase of 18.7%[29] - Total title and escrow revenue for the nine months ended September 30, 2025, was $8,013 million, compared to $7,296 million in 2024, marking a growth of 9.8%[39] - F&G gross sales for Q3 2025 were $4.2 billion, an 8% increase compared to $3.9 billion in Q3 2024, with net sales rising to $2.8 billion from $2.4 billion[18] Expenses and Costs - Total expenses for Q3 2025 were $3,577 million, up from $3,290 million in Q3 2024, which is an increase of 8.7%[29] - Personnel costs in Q3 2025 were $899 million, an increase from $810 million in Q3 2024, representing a rise of 11%[29] - The company incurred total expenses of $9,448 million for the nine months ended September 30, 2025, compared to $8,958 million in 2024, an increase of 5.5%[39] Assets and Investment - F&G Segment achieved record assets under management (AUM) of $71.4 billion, a 14% increase from $62.9 billion in Q3 2024, driven by strong annuity sales[8] - Cash and investment portfolio increased to $74,379 million as of September 30, 2025, from $67,094 million at the end of 2024, a rise of 10.1%[45] - Total assets grew to $106,636 million as of September 30, 2025, compared to $95,263 million at the end of 2024, reflecting an increase of 11.9%[45] Market and Operational Metrics - Total opened orders in Q3 2025 reached 370,000, a 5% increase from 352,000 in Q3 2024, with a purchase percentage of 70%[49] - Total closed orders in Q3 2025 were 250,000, a 7.8% increase from 232,000 in Q3 2024, with a purchase percentage of 74%[49] - Total commercial closed orders for Q3 2025 were 30.8 million, up from 29.6 million in Q2 2025, indicating a 4% increase[49] - Total staffing in field operations increased to 10,600 employees in Q3 2025, compared to 10,500 in Q2 2025, showing a slight growth[49] Risks and Challenges - The company faced various risks including changes in economic conditions, consumer spending, and regulatory compliance, which could impact future performance[27] Non-GAAP Measures - Management considers non-GAAP financial measures useful for assessing the size and performance of the investment portfolio[60] - Management excludes non-recurring, infrequent, or unusual items from adjusted net earnings to better reflect core business operations[58] - Certain income tax adjustments are excluded from adjusted net earnings if they do not reflect core business performance[58]

Exhibit 99.1 Mesa Labs Announces Second Quarter Results Lakewood, Colorado, November 6, 2025 – Mesa Laboratories, Inc. (NASDAQ:MLAB) ("Mesa" or "the Company"), a global leader in the design and manufacture of life science tools and critical quality control solutions, today announced results for its second fiscal quarter ("2Q26") ended September 30, 2025 (amounts in thousands). Financial Summary – 2Q26 versus the same year ago period We operate a diversified business across four divisions: Sterilization and ...

Revenue Performance - Revenue for the first fiscal quarter of 2026 was $151.2 million, a 16.5% increase from $129.7 million in the same quarter of the previous year[3] - Revenue growth was driven by key verticals: Retail & E-commerce (+25.0%), HealthTech (+19.5%), and Travel, Transportation and Logistics (+15.4%)[5] - Revenue for the three months ended September 30, 2025, was $151,179,000, an increase of 16.5% compared to $129,717,000 in 2024[24] Net Income and Earnings - Net income rose to $12.0 million, up 59.9% from $7.5 million year-over-year, resulting in a net income margin of 8.0%, compared to 5.8% in the prior year[11] - Diluted earnings per share (EPS) grew 91.4% year-over-year to $0.82, while adjusted EPS increased 74.1% to $0.90[3] - Net income for the same period was $12,042,000, representing a 60.5% increase from $7,531,000 in 2024[24] - Adjusted net income increased to $13,134,000 in 2025, up from $9,032,000 in 2024, reflecting a margin improvement from 7.0% to 8.7%[28] EBITDA and Adjusted EBITDA - Adjusted EBITDA increased to $19.5 million, a 24.9% growth from $15.6 million in the prior year, with an adjusted EBITDA margin of 12.9%[11] - EBITDA for Q3 2025 was $18,107,000, compared to $14,044,000 in Q3 2024, indicating a year-over-year growth of 28.8%[30] - Adjusted EBITDA for Q3 2025 was $19,466,000, compared to $15,588,000 in Q3 2024, with an adjusted EBITDA margin of 12.9%[30] Cash Flow and Financial Position - Free cash flow reached $8.0 million, compared to $4.1 million in the prior year quarter[11] - Free cash flow for the three months ended September 30, 2025, was $8,031,000, up from $4,132,000 in 2024, marking a 94.5% increase[32] - Cash and cash equivalents at the end of Q3 2025 totaled $22,694,000, an increase from $15,350,000 at the beginning of the quarter[34] - The company reported a net cash position of $21,121,000 as of September 30, 2025, up from $13,731,000 in June 2025[34] Guidance and Future Outlook - The company raised its fiscal year 2026 revenue guidance to a range of $605 to $620 million, up from $590 to $610 million[12] - Adjusted EBITDA guidance for fiscal year 2026 was also raised to a range of $78 to $81 million, up from $75 to $79 million[12] Capital Expenditures and Share Repurchase - Capital expenditures for the quarter were $7.6 million, an increase from $3.6 million in the prior year quarter, driven by capacity expansion[11] - The company repurchased 91,658 shares for $2.7 million during the quarter, improving net cash to $21.1 million, an increase of $7.4 million from the previous quarter[11] Debt and Compensation - Total debt as of September 30, 2025, was $1,573,000, slightly down from $1,619,000 as of June 30, 2025[34] - Stock-based compensation expense increased to $2,550,000 in Q3 2025 from $670,000 in Q3 2024, reflecting increased investment in employee incentives[28]

Financial Performance - Gross sales for Q3 2025 reached $4.2 billion, an increase of 8% compared to Q3 2024[6] - Net sales for Q3 2025 were $2.8 billion, up 17% from Q3 2024[6] - Common adjusted net earnings (ANE) for 3Q25 were $546 million, with an adjusted return on assets (ROA) of 0.87%[70] - Adjusted net earnings for Q3 2025 were $165 million, with investment income from alternative investments $67 million below the long-term expected return of approximately 10%[141] - For the nine months ended September 30, 2025, adjusted net earnings totaled $359 million, reflecting a significant increase compared to previous periods[140] Assets Under Management (AUM) - Assets under management (AUM) as of Q3 2025 totaled $56.6 billion, reflecting an 8% year-over-year increase[7] - The total assets under management (AUM) before flow reinsurance reached a record $71.4 billion, including retained AUM of $56.6 billion[68] - The company aims to grow AUM by 50% and increase adjusted ROA to between 1.33% and 1.55%[19] Returns on Assets and Equity - Adjusted return on assets (ROA) for Q3 2025 was 0.92%, consistent with the previous quarter[6] - Adjusted return on equity (ROE) for Q3 2025 was 8.8%, in line with Q2 2025[6] - The company is targeting an increase in adjusted ROE to 13% to 14%[19] Capital Management - Year-to-date capital return to shareholders reached $98 million as of Q3 2025[6] - The debt-to-capitalization ratio was managed to a long-term target of 25%, with total equity ex AOCI at $6.3 billion as of 3Q25[74] - The target long-term debt-to-total capitalization is approximately 25%, maintaining a 400% risk-based capital (RBC) ratio[2] - F&G has returned $98 million of capital to shareholders year-to-date in Q3 2025 through common and preferred dividends[1] Investment Income - Investment income from alternative investments for YTD Q3 2025 was $213 million, up from $113 million in YTD Q3 2024[9] - Investment income from alternative investments was significantly below expectations across multiple quarters, impacting overall earnings[141] Market Position and Growth - The company completed a common stock offering with net proceeds of $269 million to support future growth and liquidity[74] - The company completed the FNF merger and launched new bank and broker dealer channels in 2025, expanding its market presence[138] - F&G's market capitalization reached $4.2 billion as of September 30, 2025[138] Portfolio Diversification - The CLO portfolio is well diversified across industries, with 12% in High Tech and 8% in Services: Business[7] - The CMBS portfolio has a market value of $4.1 billion, with an investment grade credit quality of 87%[14] - The Commercial Mortgage Loan (CML) portfolio has an average loan-to-value ratio of approximately 60% and consists of 86 holdings[23] - The Alternative LPs portfolio has a net asset value of $3 billion, representing 5% of the total portfolio, with a historical average return of 12%[27] - The real estate portfolio has a market value of $13 billion, with a weighted average life of 5.5 years[30] - The CLO exposure has a market value of $5 billion, with 99% rated investment grade[17] - The average loan size in the CML portfolio is $28 million, with only 1.2% of loans having a debt service coverage ratio (DSCR) below 1x[23] - The portfolio is focused on high-quality CLO securities backed by a highly diversified pool of loans[18] Financial Health and Ratings - The company received multiple ratings upgrades, including an upgrade to 'A-' from S&P Global, indicating strong financial health and growth potential[138] - F&G's diversified investment portfolio and strong capitalization were highlighted as key factors in maintaining financial flexibility and meeting stringent capital requirements[139] - F&G's total equity, excluding AOCI, is a critical measure for assessing its capital position and financial stability[160] - Total F&G equity attributable to common shareholders, excluding AOCI, is based on total F&G Annuities & Life, Inc. shareholders' equity excluding the effect of AOCI and preferred stocks[161] Business Strategy - The company is focused on expanding its fee-based, higher margin, and capital-light business model[17] - The company is actively diversifying its sources of earnings and scaling its business to generate profitable growth[139] - The company expects steady and growing adjusted net earnings over time, driven by asset growth and operating expense discipline[71]

Financial Performance - Adjusted EBITDA for Q3 2025 was $23.9 million, a 13.2% increase from $21.1 million in Q3 2024, primarily due to clinic additions[3]. - Net income attributable to USPH shareholders for Q3 2025 was $13.1 million, compared to $6.6 million in Q3 2024, with earnings per share increasing to $0.48 from $0.39[3][24]. - Total revenue from physical therapy operations increased by $25.4 million, or 17.8%, to $168.1 million in Q3 2025 from $142.7 million in Q3 2024[3][10]. - Total net revenue for the first nine months of 2025 increased by $87.4 million, or 17.8%, to $578.3 million from $490.9 million in the same period of 2024[26]. - Operating income for the first nine months of 2025 was $69.9 million, compared to $43.3 million for the same period in 2024, marking a significant increase[31]. - Net income for the first nine months of 2025 was $35.4 million, compared to $22.2 million for the same period in 2024, with earnings per share increasing to $1.85[33]. - Comprehensive income attributable to USPH shareholders for the three months ended September 30, 2025, was $12,870, compared to $3,883 in the same period of 2024[50]. - Adjusted EBITDA for the nine months ended September 30, 2025, was $70,256,000, up from $59,966,000 in 2024, reflecting an 17.0% growth[62]. Patient Visits and Clinic Operations - Total patient visits reached 1,554,207 in Q3 2025, an 18.0% increase from 1,317,051 in Q3 2024[3][10]. - Average daily patient visits per clinic reached a record-high of 32.2 in Q3 2025, compared to 30.1 in Q3 2024[3]. - The company added 18 clinics and closed 7 in Q3 2025, bringing the total to 779 clinics as of September 30, 2025, compared to 700 a year earlier[3]. - Revenues from physical therapy operations rose by $72.2 million, or 17.2%, in the first nine months of 2025, driven by the addition of 84 net owned clinics[27]. - The total number of clinics increased to 779 by the end of Q3 2025, up from 700 at the end of Q3 2024, indicating a net addition of 79 clinics year-over-year[70]. - The average visits per clinic per day increased to 32.2 in Q3 2025, compared to 30.1 in Q3 2024, showing an improvement in clinic utilization[68]. Revenue and Costs - Industrial injury prevention services revenue was $29.0 million for Q3 2025, a 14.6% increase from $25.3 million in Q3 2024[3][15]. - Corporate office costs increased to $17.4 million in Q3 2025 from $14.4 million in Q3 2024, primarily due to supporting a larger number of clinics[16]. - Corporate office costs were $51.1 million for the first nine months of 2025, up from $42.7 million in the same period of 2024[29]. - The company reported a total operating cost of $394,060,000 for the nine months ended September 30, 2025, compared to $336,917,000 for the same period in 2024, representing an increase of approximately 17%[65]. - Operating costs per visit decreased slightly to $86.88 in Q3 2025 from $88.61 in Q3 2024, indicating improved cost efficiency[65]. - Salaries and related costs per visit remained stable at $62.07 in Q3 2025, compared to $62.47 in Q3 2024[65]. Cash and Investments - Total cash and cash equivalents decreased to $31.1 million as of September 30, 2025, from $117.0 million a year earlier[35]. - Cash and cash equivalents as of September 30, 2025, were $31,102, down from $41,362 as of December 31, 2024[52]. - Net cash provided by operating activities for the nine months ended September 30, 2025, was $50,126,000, down from $55,531,000 in 2024, a decrease of 9.0%[55]. - Net cash used in investing activities for the nine months ended September 30, 2025, was $(31,269,000), compared to $(54,597,000) in 2024, showing a 42.7% improvement[55]. - Cash and cash equivalents at the end of the period were $31,102,000, down from $116,959,000 at the end of September 30, 2024, a decrease of 73.4%[55]. Acquisitions and Dividends - The company acquired a 60% equity interest in a three-clinic practice, generating $5.3 million in annual revenue[3]. - The company acquired a 60% equity interest in a three-clinic practice on July 31, 2025, which generates approximately $5.3 million in annual revenue[36]. - The company declared dividends of $0.45 per common share for the three months ended September 30, 2025, compared to $0.44 in the same period of 2024[49].

Revenue Generation and Growth - BlackSky's revenue is generated through subscription-based On-Demand and Assured product offerings, with a focus on national security and economic intelligence [128]. - BlackSky expects continued revenue growth year-over-year driven by new customer sales orders and increased demand from existing customers [133]. - Professional and engineering services revenue is expected to contribute significantly, primarily from contracts with defense and intelligence customers [134]. - The company targets U.S. and international defense and intelligence markets, with plans to expand services to various commercial sectors including energy, agriculture, and logistics [127]. Financial Performance - Total revenue for the three months ended September 30, 2025, was $19,618, a decrease of $2,931 or 13.0% compared to $22,549 in 2024 [140]. - Imagery & software analytical services revenue decreased by $1,494 or 8.6% for the three months ended September 30, 2025, compared to the same period in 2024 [140]. - Professional & engineering services revenue decreased by $1,437 or 27.3% for the three months ended September 30, 2025, compared to the same period in 2024 [142]. - Operating loss for the three months ended September 30, 2025, was $16,826, an increase of $3,596 or 27.2% compared to $13,230 in 2024 [140]. - Net loss for the three months ended September 30, 2025, was $15,340, an increase of $2,749 or 21.8% compared to $12,591 in 2024 [140]. Expenses and Costs - Selling, general and administrative expenses increased by $3,774 or 21.0% for the three months ended September 30, 2025, compared to $17,961 in 2024 [148]. - Research and development expenses decreased by $13 or 30.2% for the three months ended September 30, 2025, compared to the same period in 2024 [150]. - Total costs for the three months ended September 30, 2025, were $6,815, an increase of $165 or 2.5% compared to $6,650 in 2024 [144]. - Professional & engineering service costs increased by $4,049 or 40.5% for the nine months ended September 30, 2025, compared to the same period in 2024 [147]. Cash Flow and Liquidity - As of September 30, 2025, cash and cash equivalents totaled $28.8 million, up from $13.1 million as of December 31, 2024, while short-term investments increased to $117.7 million from $39.4 million [167]. - Current assets were $201.0 million, while current liabilities were $51.7 million, indicating sufficient cash and working capital for short-term liquidity needs [177]. - Net cash used in operating activities for the nine months ended September 30, 2025 was $19.0 million, an increase of $14.4 million compared to the same period in 2024 [182]. - Net cash used in investing activities increased to $110.4 million, primarily due to $120.5 million in purchases of short-term investments in government securities [185]. Investments and Future Plans - Upcoming satellite development capital expenditures will focus on expanding the high-frequency monitoring constellation with new multispectral satellites [179]. - The company anticipates ongoing investments in the BlackSky Spectra software platform to enhance product capabilities and operational systems [178]. Debt and Financing - The company issued $185.0 million principal amount of Convertible Notes in July 2025, with an interest rate of 8.25% per year, maturing on August 1, 2033 [169][170]. - The company has financed $18.8 million out of a $27.0 million vendor financing agreement for satellite launches, with an estimated repayment of $5.8 million in the next 12 months [172]. - The company received $185.0 million in proceeds from the issuance of Convertible Notes in July 2025, partially offset by debt repayments of $110.3 million [187]. Stock and Equity - The company issued and sold $42.5 million of newly issued shares as part of its at-the-market offering during the nine months ended September 30, 2025 [173]. - Equity issuances during the nine months ended September 30, 2025 generated $42.5 million in gross proceeds from the sale of 3.7 million shares under the ATM offering program [188]. Depreciation and Interest - Depreciation of satellites decreased by $4,281 thousand (52.1%) for the three months ended September 30, 2025, compared to the same period in 2024, primarily due to the full depreciation of several Gen-2 satellites [151]. - Depreciation expense from all other property and equipment increased by $960 thousand (34.7%) for the three months ended September 30, 2025, driven by investments in internal-use software and infrastructure [152]. - Interest income rose by $1,067 thousand (415.2%) for the three months ended September 30, 2025, due to higher short-term investment balances compared to the same period in 2024 [159]. - Interest expense increased by $895 thousand (28.5%) for the three months ended September 30, 2025, attributed to more debt outstanding despite lower interest rates [160]. Accumulated Deficit and Adjusted EBITDA - The company had an accumulated deficit of $725.6 million as of September 30, 2025 [167]. - Adjusted EBITDA for the three months ended September 30, 2025, was $(4,484) thousand, compared to $741 thousand in the same period of 2024 [166]. Valuation and Fair Value - The expected volatility of Legacy BlackSky and BlackSky Class A common stock was estimated based on the historical share price volatility of comparable companies due to a lack of observable volatility [203]. - The risk-free interest rate was extrapolated from the yield on actively traded, non-inflation indexed U.S. Treasury notes, reflecting the expected term of the underlying grants [204]. - Private Placement Warrants and Sponsor Shares are classified as long-term liabilities, recorded at fair value using Black-Scholes and Monte Carlo models, and re-measured at each reporting date [206]. - The fair value models require inputs such as the fair value of Class A common stock, risk-free interest rate, expected term, expected dividend yield, and expected volatility, which can materially affect the fair value estimates [207]. - Business combinations are accounted for using the acquisition method, where assets and liabilities are recorded at fair value upon control acquisition [208]. - Significant estimates in business combinations include determining enterprise value based on projected cash flows, which involve assumptions about revenue growth rates and operating margins [209]. - Measurement period adjustments for fair value of acquired assets and liabilities can be recorded up to one year from the acquisition date, impacting goodwill [210].

Revenue and Income - Total revenues for the three months ended September 30, 2025, increased to $3,231.5 million, up from $2,967.7 million in the same period of 2024, representing a growth of 8.9%[10] - Net earned premiums for the nine months ended September 30, 2025, reached $7,777.2 million, compared to $7,238.3 million in 2024, reflecting an increase of 7.4%[10] - Net income for the three months ended September 30, 2025, was $265.6 million, significantly higher than $133.8 million in the same period of 2024, marking a year-over-year increase of 98.5%[12] - Basic earnings per share for the three months ended September 30, 2025, were $5.22, compared to $2.56 in the same period of 2024, showing a substantial increase of 104.7%[10] - The company’s total comprehensive income for the nine months ended September 30, 2025, was $936.6 million, compared to $696.7 million in 2024, reflecting an increase of 34.4%[12] - Net income for the nine months ended September 30, 2025, was $647.5 million, compared to $558.9 million for the same period in 2024, reflecting an increase of 15.8%[95] Assets and Liabilities - The company's total assets as of September 30, 2025, amounted to $35,782.1 million, an increase from $35,020.6 million at the end of 2024, indicating a growth of 2.2%[8] - Total liabilities increased to $30,023.6 million as of September 30, 2025, compared to $29,913.9 million at December 31, 2024, reflecting a rise of 0.4%[8] - The company reported a total equity of $5,758.5 million as of September 30, 2025, up from $5,106.7 million at the end of 2024, representing an increase of 12.8%[8] - Cash and cash equivalents at the end of the period were $1,712.5 million, a decrease from $1,813.4 million at the end of September 2024[16] - The Company had receivables of $189.0 million and unearned revenue of $140.8 million as of September 30, 2025, compared to $171.3 million and $153.8 million, respectively, as of December 31, 2024[46] Investment and Securities - The company reported a total of $892.2 million in sales of fixed maturity securities available for sale during the nine months ended September 30, 2025[15] - The total fixed maturity securities fair value as of September 30, 2025, was $8.29 billion, down from $7.18 billion as of December 31, 2024, reflecting a decrease of 14.8%[49] - The total fair value of fixed maturity securities was $2,074.4 billion as of September 30, 2025, with unrealized losses of $242.4 million[54] - The company does not intend to sell investments prior to an anticipated recovery in value, indicating a long-term investment strategy[54] - The carrying value of equity investments as of September 30, 2025, was $114.4 million, up from $108.3 million as of December 31, 2024[53] Expenses and Benefits - Policyholder benefits for the three months ended September 30, 2025, were $709.6 million, down from $776.8 million in the same period of 2024, a decrease of 8.6%[10] - Total benefits, losses, and expenses for the nine months ended September 30, 2025, amounted to $8,660.0 million, an increase from $8,095.4 million in the same period of 2024[10] - The expected future benefit payments for long-term care insurance contracts were $772.1 million as of September 30, 2025, down from $804.4 million at the end of 2024[87] - The company reported a net future policy benefits and expenses of $446.9 million as of September 30, 2025, compared to $470.0 million at the end of 2024[86] Segment Performance - The Global Lifestyle segment generated Adjusted EBITDA of $206.8 million for the three months ended September 30, 2025, up from $184.3 million in the same period of 2024, reflecting a growth of 12.1%[38] - The Global Housing segment's Adjusted EBITDA increased significantly to $256.3 million for the three months ended September 30, 2025, compared to $92.4 million in the same period of 2024, marking a growth of 177.0%[38] - Revenues from service contracts for Global Lifestyle reached $419.6 million in Q3 2025, up from $382.6 million in Q3 2024, representing a growth of 9.8%[42] - For the nine months ended September 30, 2025, Global Lifestyle service contract revenues totaled $1.17 billion, compared to $1.04 billion in the same period of 2024, an increase of 12.6%[42] Legal and Regulatory Matters - The Company has established an accrued liability for certain legal and regulatory proceedings, but does not believe these will have a material adverse effect on its financial condition[101] - Management does not believe that pending legal matters are likely to have a material adverse effect on the Company's financial condition[101] Pension and Benefits - The Assurant Pension Plan's funded status was $92.7 million at September 30, 2025, equating to a 119% funded status, compared to $84.1 million and 117% at December 31, 2024[98] - The net periodic benefit cost for Qualified Pension Benefits for the three months ended September 30, 2025, was $(3.4) million, unchanged from the same period in 2024[98] - No cash contributions were made to the Assurant Pension Plan during the nine months ended September 30, 2025, and no additional cash contributions are expected for the remainder of 2025[98]

Financial Performance - Total revenue for Q3 2025 was $9.0 million, an increase of 38.5% from $6.5 million in Q3 2024[10] - Net loss for Q3 2025 was $57.1 million, compared to a net loss of $51.1 million in Q3 2024, representing a 11.7% increase in losses[5] - Net loss for the nine months ended September 30, 2024, was $128.647 million, compared to a net loss of $137.467 million for the same period in 2025[18] - Cash used in operating activities for the nine months ended September 30, 2024, was $100.556 million, slightly higher than $96.552 million in 2025[18] Expenses - Research and Development (R&D) expenses were $55.0 million, up from $41.0 million in Q3 2024, indicating a 34.1% increase[10] - Sales and Marketing (S&M) expenses decreased slightly to $2.9 million from $3.1 million in Q3 2024[10] - General & Administrative (G&A) expenses increased to $22.1 million from $19.1 million in Q3 2024, a 15.7% rise[10] - Stock-based compensation for the nine months ended September 30, 2024, was $52.355 million, down from $42.888 million in 2025[18] Liquidity and Cash Flow - Total available liquidity at the end of Q3 2025 was approximately $680 million, including $523 million in cash and cash equivalents[10] - Cash and cash equivalents and restricted cash at the end of the period were $153.930 million for 2024, down from $110.449 million in 2025[18] - Total cash, cash equivalents, and restricted cash shown on the balance sheet was $151.640 million for 2024, compared to $108.159 million in 2025[18] - Proceeds from marketable securities were $735.989 million for the nine months ended September 30, 2024, compared to $386.536 million in 2025[18] Clinical and Operational Highlights - The number of partner-initiated program starts with downstreams increased to 103 in Q3 2025, an 8% rise from 95 in Q3 2024[3] - Molecules in the clinic rose to 18, a 29% increase from 14 in Q3 2024[3] - AbCellera continues to advance its lead programs, ABCL635 and ABCL575, through Phase 1 clinical trials[5] - The company appointed Sarah Noonberg, M.D., Ph.D., as Chief Medical Officer during the quarter[5] Changes in Assets and Liabilities - Research fees and grants receivable decreased by $54.258 million for the nine months ended September 30, 2024, compared to a decrease of $15.957 million in 2025[18] - Purchases of property and equipment amounted to $62.766 million for the nine months ended September 30, 2024, compared to $32.929 million in 2025[18] - The effect of exchange rate changes on cash and cash equivalents resulted in a decrease of $457 for the nine months ended September 30, 2024, while it increased by $807 in 2025[18]

Financial Performance - For Q3 2025, total interest income was $205,958,000, a decrease of 14.3% from $240,483,000 in Q3 2024[6] - Net interest income after provision for loan losses increased to $88,813,000, up 64.1% from $54,044,000 in Q3 2024[6] - Net income attributable to Nelnet, Inc. was $106,684,000, compared to $2,388,000 in Q3 2024, marking a significant turnaround[6] - The Company reported a basic and diluted earnings per share of $2.94 for Q3 2025, compared to $0.07 in Q3 2024[6] - GAAP net income attributable to Nelnet, Inc. for Q3 2025 was $106.7 million, compared to $2.4 million in Q3 2024, representing a significant increase[11] - Non-GAAP net income attributable to Nelnet, Inc., excluding derivative market value adjustments, was $107.3 million for Q3 2025, up from $12.4 million in Q3 2024[11] - Nelnet Bank generated a net income of $6.1 million in Q3 2025, recovering from a loss of $4.8 million in Q3 2024[17] Revenue Growth - Loan servicing and systems revenue rose to $151,052,000, reflecting a 39.5% increase compared to $108,175,000 in Q3 2024[6] - The Company’s solar construction revenue was $5,738,000 for Q3 2025, a significant increase from $1,259,000 in Q2 2025[6] - The Company recognized $32.9 million of non-recurring revenue in Q3 2025 from a government servicing contract modification[21] - Venture capital investments generated a pre-tax gain of $22.4 million during Q3 2025 due to an equity raise by an unaffiliated technology company[23] Assets and Liabilities - Total assets as of September 30, 2025, were $13,876,682,000, a slight increase from $13,777,753,000 as of December 31, 2024[7] - Total liabilities decreased to $10,289,987,000 from $10,478,636,000 as of December 31, 2024, indicating improved financial stability[7] Strategic Investments - The Company is actively expanding its private education and consumer loan portfolios as part of its growth strategy[9] - The Company continues to pursue strategic investments in areas such as renewable energy and venture capital to diversify its business[9] - The Company announced the acquisition of Finastra's Canadian student loan servicing business for approximately $93 million, expected to close in Q1 2026[24] Operating Expenses - Total operating expenses for the three months ended September 30, 2025, were $225,736, compared to $219,291 for the three months ended June 30, 2025[27][28] - Total expenses for the three months ended September 30, 2025, were $294,872, an increase from $285,318 for the three months ended June 30, 2025[27][28] - Total operating expenses for the nine months ended September 30, 2024, were $873.64 million, compared to $744.67 million in the previous year, reflecting an increase of 17.3%[31] Loan Performance - Nelnet sold $203.3 million of consumer loans in Q3 2025, resulting in a negative provision expense of $28.9 million[22] - The allowance for loan losses as a percentage of the ending loan balance for private education loans was 4.81% as of September 30, 2025, down from 5.02% as of December 31, 2024[39] - The company reported a negative provision for loan losses of $3,563 for the three months ended September 30, 2025, compared to a positive provision of $17,930 for the three months ended June 30, 2025[27][28] Other Income and Expenses - The company reported a net loss from solar investments of $10.88 million for the three months ended September 30, 2025, compared to a loss of $1.50 million in the previous quarter and a loss of $11.24 million in the same quarter of 2024[35] - Total other income for the three months ended September 30, 2025, was $35.73 million, compared to $22.98 million for the previous quarter and $15.71 million for the same quarter in 2024, reflecting a significant increase[35] Borrower Statistics - The number of government borrowers serviced as of September 30, 2025, was 12,387,665, down from 12,694,386 as of June 30, 2025[33] - The number of remote hosted borrowers increased to 2,839,493 as of September 30, 2025, compared to 2,056,358 as of June 30, 2025[33]

Financial Performance - Total revenue for Q3 2025 was $172.4 million, a decrease of 0.6% compared to Q3 2024[5] - Net loss for Q3 2025 was $(36.1) million, compared to $(20.8) million in the prior year, with a net loss margin of (21.0)%[9] - Adjusted EBITDA was $(4.4) million, a decline from $6.8 million in the prior year, with an Adjusted EBITDA Margin of (2.5)%[10] - For the thirty-nine weeks ended September 28, 2025, revenue increased to $524.3 million, up 1.5% from $515.9 million in the same period of 2024[35] - Net loss for the thirty-nine weeks ended September 28, 2025, was $84,343,000, compared to a net loss of $61,343,000 for the same period in 2024, representing a 37.5% increase in losses[37] Sales and Traffic - Same-Store Sales Change was (9.5)%, down from a positive 5.6% in the prior year period, reflecting an 11.7% decrease in traffic[6] - Same-Store Sales Change for the thirteen weeks ended September 28, 2025, was -9.5%, compared to a positive change of 5.6% in the same period of 2024[39] Profitability Metrics - Restaurant-Level Profit was $22.5 million, with a margin of 13.1%, down from $34.9 million and 20.1% in the prior year[5] - Restaurant-Level Profit for the thirty-nine weeks ended September 28, 2025, was $87,326,000, down from $104,997,000 in the same period of 2024, reflecting a decrease of 16.9%[40] - Loss from operations for the thirteen weeks ended September 28, 2025, was $(36,274,000), compared to $(21,175,000) for the same period in 2024, marking a 71.5% increase in operational losses[40] Expenses - General and administrative expenses were $30.9 million, or 17.9% of revenue, down from $36.8 million, or 21.2% of revenue in the prior year[8] - Total restaurant operating costs for the same period were $149.9 million, representing 86.9% of revenue, up from 79.9% in the prior year[32] - The total operating expenses for the thirty-nine weeks ended September 28, 2025, were $178.6 million, which is 34.1% of revenue, compared to 32.8% in the prior year[35] Digital Revenue - Total Digital Revenue Percentage increased to 61.8%, with Owned Digital Revenue Percentage at 35.3%, up from 55.1% and 29.2% respectively in the prior year[5] - Total Digital Revenue Percentage increased to 61.8% for the thirteen weeks ended September 28, 2025, up from 55.1% in the same period of 2024[39] Future Plans - The company plans to open 15-20 new restaurants in fiscal year 2026, with about half featuring Infinite Kitchen units[11] - The company opened 20 new restaurants in the thirty-nine weeks ended September 28, 2025, compared to 15 new openings in the same period of 2024, reflecting a 33.3% increase in expansion[39] Cash Flow and Assets - Cash and cash equivalents decreased to $130.0 million as of September 28, 2025, from $214.8 million at the end of 2024[30] - The company had total assets of $824.8 million as of September 28, 2025, down from $856.8 million at the end of 2024[30] - Net cash used in operating activities for the thirty-nine weeks ended September 28, 2025, was $(4,042,000), a significant decline from $37,271,000 provided in the same period of 2024[37] - Net cash used in investing activities for the thirty-nine weeks ended September 28, 2025, was $(82,033,000), compared to $(63,199,000) in the same period of 2024, indicating a 29.8% increase in cash outflow[37] Company Position - Sweetgreen's accumulated deficit increased to $959.7 million as of September 28, 2025, compared to $875.4 million at the end of 2024[30] - Sweetgreen's restaurant-level profit margin and adjusted EBITDA are not directly indicative of overall company performance due to various exclusions in their calculations[27] - The company continues to focus on building a transparent supply chain and investing in local farmers to enhance community engagement and operational efficiency[26]