Financial Performance - Revenues for the three months ended May 2, 2025, increased by $30 million to $1,877 million, a 2% rise compared to the same period in the prior year[110] - Operating income decreased by 8% to $121 million, with operating income as a percentage of revenues falling to 6.4% from 7.1% in the prior year[110] - Net income for the three months ended May 2, 2025, was $68 million, down 12% from $77 million in the prior year[110] - Revenues for the Defense and Intelligence segment decreased by $3 million to $1,433 million for the three months ended May 2, 2025, compared to $1,436 million in the prior year[116] - Civilian segment revenues increased by $33 million to $444 million for the three months ended May 2, 2025, compared to $411 million in the prior year, primarily due to ramp-up in volume on existing and new contracts[118] - Total revenues for the company were $1,877 million for the three months ended May 2, 2025, compared to $1,847 million in the prior year, reflecting an overall increase[126] Taxation - The effective income tax rate for the three months ended May 2, 2025, was 20.6%, up from 19.0% in the prior year, primarily due to lower tax benefits from employee share-based compensation[112] - The effective income tax rate increased to 20.6% for the three months ended May 2, 2025, compared to 19.0% in the prior year[112] - The company does not anticipate the OECD's 15% global minimum tax framework to have a significant impact on its effective tax rate or financial results[115] Backlog and Bookings - Net bookings for the three months ended May 2, 2025, were estimated at $2.4 billion, contributing to a total backlog of $22,343 million[133] - Funded backlog as of May 2, 2025, was $3,265 million, down from $3,444 million as of January 31, 2025[133] - Total backlog included $19,078 million in negotiated unfunded backlog, up from $18,413 million[133] - The total backlog as of May 2, 2025, was $22,343 million, consisting of $3,265 million in funded backlog and $19,078 million in negotiated unfunded backlog[133] Operating Income and EBITDA - Operating income increased by 18% to $40 million, with operating income as a percentage of revenues rising to 9.0% from 8.3%[118] - Adjusted operating income rose by 13% to $52 million, with adjusted operating income as a percentage of revenues increasing to 11.7%[118] - EBITDA for the three months ended May 2, 2025, was $156 million, representing 8.3% of revenues, down from 9.0% in the prior year[126] - Adjusted EBITDA was $157 million, accounting for 8.4% of revenues, a decrease from 9.0% in the prior year[126] - Operating loss in the corporate segment increased to $17 million, a 70% decline compared to the prior year[121] - Adjusted operating income for the Defense and Intelligence segment decreased by 7% to $115 million, representing 8.0% of revenues, down from 8.6% in the prior year[116] - Adjusted EBITDA for the three months ended May 2, 2025, was $157 million, a decrease from $166 million in the prior year, with adjusted EBITDA as a percentage of revenues at 8.4%[126] Cash Flow and Liquidity - The company expects to fund future cash needs through cash on hand, operating cash flows, and access to a $1.0 billion Revolving Credit Facility[136] - Net cash provided by operating activities increased by $2 million to $100 million for the three months ended May 2, 2025, compared to $98 million in the prior year[139] - Cash used in investing activities increased by $8 million to $15 million, primarily due to higher contributions to investments[140] - Cash used in financing activities decreased by $42 million to $94 million, mainly due to higher proceeds from borrowings[141] - The company expects to fund ongoing working capital and discretionary investments with cash on hand and future operating cash flows, supported by a $1.0 billion Revolving Credit Facility and a $300 million MARPA Facility[136] - The total cash decrease for the three months ended May 2, 2025, was $9 million, compared to a decrease of $45 million in the prior year[139] - Future cash needs will focus on working capital, capital expenditures, and contractual commitments, with a strategy based on cash provided by operating activities and free cash flow[137] - The company believes existing cash, future operating cash flows, and access to financing will meet short-term liquidity and long-term capital needs[138] Competition and Market Position - Approximately 98% of revenues were generated from contracts with the U.S. government, highlighting the company's reliance on government spending[98] - The company is positioned to benefit from new defense and border defense spending as Congress works on a budget reconciliation package[99] - The company anticipates that spending packages like the infrastructure bill and CHIPS and Science Act may provide additional opportunities in digital modernization and climate resiliency[103] - The company faces increased competition due to the U.S. government's reliance on competitive bidding processes, which may pressure pricing[104] - The company is implementing strategic sourcing and developing repeatable offerings to maintain competitiveness in pricing and service delivery[106] - The company has approximately 1,700 active contracts and employs around 24,000 individuals, indicating a strong operational capacity[91] Cost Structure - Labor-related cost of revenues accounted for 59% in both Defense and Intelligence and Total SAIC segments for the three months ended May 2, 2025[135] - The proportion of subcontractor-related cost of revenues was 29% for the Defense and Intelligence segment for the three months ended May 2, 2025[135] Accounting Policies - There have been no changes to critical accounting policies and estimates during the three months ended May 2, 2025[142]

Financial Performance - As of December 31, 2024, the company reported a working capital deficit of approximately $17.3 million and an accumulated deficit of approximately $113.0 million[28]. - The company has incurred net losses since inception and expects to continue doing so, with significant fluctuations in losses depending on various operational activities[28]. - The company incurred a net loss of $58.7 million and $37.4 million for the years ended December 31, 2024 and 2023, respectively, with an accumulated deficit of $115.7 million as of December 31, 2024[198]. - The company generated negative operating cash flows of $10.5 million for the year ended December 31, 2024[198]. - The company has cash of only $0.6 million, which raises concerns about its ability to meet current liabilities[208]. Product Development and Commercialization - The company has generated revenue only from Proclarix since its acquisition, while ENTADFI has not generated any revenue and commercialization activities have been abandoned[27]. - The company is working with an investment advisor to assist with the potential sale or other transaction of the ENTADFI assets, with no current plans to resume its commercialization[25]. - The company has abandoned the commercialization of ENTADFI due to cash runway and indebtedness, and the assets were fully impaired as of June 30, 2024[73]. - Proclarix is an in vitro diagnostic test for prostate cancer, approved for sale in the European Union, and aims to reduce unnecessary biopsies by providing a risk score for patients with elevated PSA levels[48]. - Proclarix is designed to aggregate multimodal information to develop a patient-centric diagnostic approach, with plans to enhance the risk score with additional biomarkers in the future[48]. Acquisitions and Partnerships - The acquisition of Proteomedix was completed on December 15, 2023, providing Proteomedix shareholders with an initial 16.4% ownership stake in the company[45]. - The acquisition of Proteomedix by Onconetix was valued at approximately $75 million, with 91,885 shares of Common Stock and 2,696,729 shares of Series B Preferred Stock issued as consideration[52]. - The Company purchased assets related to Veru's ENTADFI business for a total possible consideration of $100 million, with an initial payment of $20 million[68]. - The Company entered into a Subscription Agreement for a private placement of $5 million, with each unit consisting of one share of Common Stock and a warrant to purchase additional shares[61]. - Proteomedix entered an exclusive partnership with LabCorp in 2023 for the development and commercialization of Proclarix in the United States, receiving an upfront license fee and future royalty payments[109]. Regulatory and Compliance - The company has received multiple deficiency notices from Nasdaq regarding compliance with listing standards, including failure to maintain a minimum bid price and timely filing of reports[38][40]. - The maximum timeframe for the evaluation of a Marketing Authorization Application (MAA) by the EMA is 210 days, with potential accelerated reviews in urgent cases[147]. - The EMA requires a risk management plan (RMP) for all new MAAs, detailing measures to minimize risks associated with the product[153]. - Compliance with the General Data Protection Regulation (GDPR) is mandatory for processing personal health data in the EU, imposing significant obligations on pharmaceutical companies[137]. - Proteomedix has CE marked Proclarix IVDs under IVDD in 2019 and is now in compliance with IVDR, which includes performance and safety testing[161]. Market and Competitive Landscape - The global market for in vitro diagnostic (IVD) products is projected to reach $101 billion in 2024, with Europe and North America being the largest markets[116]. - In 2022, there were 1,467,854 new cases of prostate cancer and 397,430 related deaths worldwide, highlighting the significant market need for improved diagnostic tools[114]. - The molecular diagnostics field is highly competitive, with many companies developing tests that could pose technological and market access advantages over Proclarix[120]. - Proclarix aims to address the diagnostic "grey zone" where approximately 10% of men have elevated PSA levels, with only 20-40% presenting clinically with cancer[115]. - The use of MRI for prostate cancer diagnosis has increased, but costs range from $415 to $900, indicating a need for more accessible non-invasive diagnostic tests like Proclarix[119]. Operational Challenges - The company has significant debt obligations to Veru, including $10 million due, with forbearance agreements in place until June 30, 2025[204]. - The marketing approval process for Proclarix is lengthy and unpredictable, which may harm the company's business if approval is not obtained[209]. - The company may face significant delays and costs in obtaining foreign regulatory approvals for its products[217]. - Coverage and adequate reimbursement for the product may not be available, impacting its commercial success[219]. - The company has no manufacturing facilities and outsources the production of its IVD kits to a CMO in Germany[186].

Financial Performance - As of December 31, 2024, the company reported a working capital deficit of approximately $17.3 million and an accumulated deficit of approximately $113.0 million[28]. - The company has incurred net losses since inception and expects to continue doing so, with significant fluctuations in losses anticipated based on various operational activities[28]. - The company generated negative operating cash flows of $10.5 million for the year ended December 31, 2024[198]. - The company incurred a net loss of $58.7 million and $37.4 million for the years ended December 31, 2024 and 2023, respectively, with an accumulated deficit of $115.7 million as of December 31, 2024[198]. - The company has no assurance of generating sufficient revenue to support self-sustaining cash flows, raising substantial doubt about its ability to continue as a going concern[30]. - The company has abandoned the commercialization of ENTADFI due to cash constraints and is seeking to sell or transact the ENTADFI assets[205]. - The company plans to seek funding through a combination of equity offerings, debt financing, or other capital sources, which may not be available on favorable terms[207]. Product Development and Commercialization - Proclarix is an in vitro diagnostic test for prostate cancer, approved for sale in the European Union, and is expected to be marketed in the U.S. as a lab-developed test[23]. - Proclarix aims to address the issue of overdiagnosis in prostate cancer, which can lead to unnecessary biopsies and increased healthcare costs[48]. - Proclarix generated revenues of $86,957 in 2024, while prior to its acquisition by Onconetix, Proteomedix had revenues of $67,380 from Proclarix sales[49]. - The marketing approval process for Proclarix is lengthy and unpredictable, and the company cannot commercialize Proclarix in the U.S. without obtaining approval from CMS and state agencies[210]. - The company’s ability to commercialize its product depends on obtaining adequate reimbursement from government health programs and private insurers[219]. - Coverage and reimbursement for newly approved products may be delayed and may not cover the costs of manufacture, sale, and distribution[220]. Regulatory Compliance - The company received multiple deficiency notices from Nasdaq regarding compliance with listing standards, including failure to maintain a minimum bid price and timely filing of reports[38][40][41]. - The EMA requires a risk management plan (RMP) for all new MAAs, detailing measures to minimize risks associated with the product[153]. - Compliance with the General Data Protection Regulation (GDPR) is mandatory for processing personal health data in the EU, imposing significant obligations on pharmaceutical companies[137]. - Regulatory approval processes vary significantly between countries, impacting the timeline and requirements for marketing products internationally[139]. - The IVDR introduces significant changes for IVD manufacturers, including a new risk-based classification system and stricter regulatory responsibilities throughout the supply chain[159]. Partnerships and Acquisitions - The company signed a Non-Binding Letter of Intent with Ocuvex Therapeutics for a potential business combination, where Ocuvex equity holders would own approximately 90% of the combined company[33]. - Proteomedix entered an exclusive partnership with LabCorp in 2023 for the commercialization of Proclarix in the United States, receiving an upfront license fee and future royalty payments[109]. - The company entered into an asset purchase agreement to acquire six FDA-approved pharmaceutical assets for a total of $8.5 million in cash and 1 million shares of common stock[74][75]. - The partnership with Immunovia AB aims to leverage Proteomedix's R&D capabilities to accelerate the roll-out of their proprietary IMMray PanCan-d test[179]. - Proteomedix has entered into a research and development partnership with New Horizon Health Limited to enhance cancer patient management[178]. Market Opportunity and Competitive Landscape - In 2022, there were 1,467,854 new cases of prostate cancer and 397,430 related deaths worldwide, highlighting the significant market opportunity for Proclarix[114]. - The worldwide market for in vitro diagnostic (IVD) products is projected to be valued at $101 billion in 2024, with Europe and North America being the largest markets[116]. - The molecular diagnostics field is highly competitive, with many companies developing tests for prostate cancer, but Proclarix offers advantages such as being blood-based and minimally invasive[120]. - Proclarix is positioned as a complementary tool to MRI-based diagnosis, supporting the decision-making process for patients undergoing MRI and targeted biopsy[127]. Product Features and Efficacy - Proclarix is designed to indicate the risk of clinically significant prostate cancer using a risk score derived from a clinical decision support system[86]. - Proclarix has demonstrated a 90% sensitivity and a 95% negative predictive value for clinically significant prostate cancer in clinical studies[95]. - The validation study showed that Proclarix could reduce unnecessary biopsies by approximately 43% compared to clinical comparators[95]. - EAU guidelines recommend using Proclarix as an additional biomarker test to reduce negative biopsies in men with PSA levels between 3–10 ng/mL[99]. - Proclarix was included in the 2023 AUA/SUO clinical practice guideline, emphasizing its role in the early detection of clinically significant prostate cancer (GG2+) and improving biopsy safety[100]. Financial Instruments and Debt - The Company issued a non-convertible debenture to the PMX Investor for $5 million, with an interest rate of 4% per annum[62]. - The Altos Debenture was amended to extend the maturity date to October 31, 2024, and the outstanding debt was settled through the issuance of units[64]. - Following the PMX Transaction, sellers owned approximately 87.2% of Onconetix's outstanding equity interests[55]. - The PMX Transaction involved Onconetix issuing shares valued at approximately $75 million as consideration for the acquisition of Proteomedix[52]. - The fair value of the shares issued in the PMX Transaction was approximately $65.1 million, based on the closing price of $9.528 per share[53].

Financial Performance - Net sales for the three months ended April 27, 2025, were $2,475 million, an increase of 4.5% compared to $2,369 million for the same period in 2024[9]. - Net earnings attributable to The Campbell's Company for the three months ended April 27, 2025, were $66 million, a decrease of 50% from $133 million in the same period last year[9]. - Total costs and expenses for the three months ended April 27, 2025, were $2,314 million, up 9.1% from $2,121 million for the same period in 2024[9]. - The company reported a total comprehensive income of $67 million for the three months ended April 27, 2025, down from $141 million in the same period last year[10]. - Net earnings for the nine months ended April 27, 2025, were $457 million, a decrease of 19.74% compared to $570 million for the same period in 2024[16]. - Cash flows from operating activities provided $872 million, slightly down from $897 million in the prior year[16]. - The company reported accumulated other comprehensive loss of $15 million as of April 27, 2025[37]. - Net sales for the three months ended April 27, 2025, were $2.475 billion, an increase from $2.369 billion for the same period in 2024, representing a growth of approximately 4.5%[50]. - Total net sales for Q3 2025 were $2.475 billion, a 4% increase from $2.369 billion in Q3 2024, driven by a 15% increase in Meals & Beverages segment sales[139]. Costs and Expenses - Research and development expenses for the three months ended April 27, 2025, were $23 million, down from $27 million in the same period last year[9]. - The total cost of products sold was $1,747 million for the three months ended April 27, 2025, compared to $1,637 million for the same period in 2024[88]. - The total interest expense was $85 million for the three months ended April 27, 2025, up from $70 million for the same period in 2024[88]. - Other expenses increased to $160 million in 2025 from $30 million in 2024, primarily due to a $150 million impairment charge related to the Snyder's of Hanover trademark[145]. - Marketing and selling expenses increased by 5% in 2025, primarily due to the impact of the acquisition of Sovos Brands[143]. Assets and Liabilities - The company's total assets as of April 27, 2025, were $14,828 million, a decrease from $15,235 million as of July 28, 2024[13]. - Current liabilities decreased to $2,849 million as of April 27, 2025, from $3,576 million as of July 28, 2024[13]. - Long-term debt increased to $6,097 million as of April 27, 2025, compared to $5,761 million as of July 28, 2024[13]. - Total equity at April 27, 2025, was $3,872 million, reflecting a decrease from $3,915 million at April 28, 2024[18]. - As of April 27, 2025, the company had negative working capital of $623 million, with total debt maturing within one year at $799 million[182]. Acquisitions and Divestitures - The company completed the acquisition of Sovos Brands, Inc. for a total consideration of $2.899 billion, with cash paid to shareholders amounting to $2.339 billion[27]. - The acquisition contributed $166 million to net sales and resulted in a loss of $75 million to net earnings for the period from March 12, 2024, to April 28, 2024[31]. - The company sold its Pop Secret popcorn business for $70 million, recognizing a pre-tax loss of $25 million[33]. - The noosa yoghurt business, part of the Sovos Brands acquisition, was sold for $188 million, with an after-tax loss of $15 million recorded[35]. - The company sold its Pop Secret popcorn business for $70 million and the noosa yoghurt business for $188 million in early 2025[185]. Impairment and Restructuring - The company incurred impairment charges of $176 million during the nine months ended April 27, 2025, compared to no impairment charges in the same period last year[16]. - The company recognized an impairment charge of $150 million on the Snyder's of Hanover trademark in the third quarter of 2025, reducing its carrying value to $470 million[44]. - The total aggregate impact of impairment charges year-to-date in 2025 was $176 million ($131 million after tax, or $0.44 per share)[135]. - Total pre-tax charges related to restructuring and optimization initiatives amounted to $895 million, with approximately $720 million being cash expenditures[57]. Shareholder Returns - Dividends paid amounted to $343 million, compared to $334 million in the same period last year[16]. - The company has approximately $200 million remaining under its September 2024 share repurchase program and $301 million under the September 2021 program[188]. - The company repurchased 1.247 million shares at a cost of $60 million during the nine-month period ended April 27, 2025[101]. Future Outlook and Guidance - The company plans to adopt new accounting guidance regarding segment disclosures starting with the 2025 annual reporting[24]. - The fiscal year ends on August 3, 2025, with 53 weeks expected in 2025, compared to 52 weeks in 2024[22]. - The company expects amortization expense to be approximately $70 million in 2025 and $40 million per year for the following four years[41]. - The company anticipates continued supply chain productivity and benefits from cost savings initiatives to mitigate inflationary pressures in 2025[127]. - The company expects total estimated pre-tax costs for identified actions to be approximately $210 million, with 70% allocated to Meals & Beverages, 9% to Snacks, and 21% to Corporate[63].

Financial Performance - Net sales increased 4% to $2.5 billion, with organic net sales up 1% driven by a 2% favorable volume/mix[4] - Adjusted EBIT rose 2% to $362 million, benefiting from the Sovos Brands acquisition[4] - Adjusted EPS decreased 3% to $0.73, reflecting higher adjusted net interest expense[14] - Fiscal 2024 net sales reached $9.6 billion, with a 4% increase in net sales for the three months ended April 27, 2025, compared to $2.369 billion in the same period last year[35][43] - Net earnings attributable to The Campbell's Company for the three months ended April 27, 2025, were $66 million, a 50% decrease from $133 million in the same period last year[40][43] - Earnings before interest and taxes (EBIT) dropped by 35% to $161 million for the three months ended April 27, 2025, compared to $248 million in the prior year[40][43] - Net earnings for the nine months ended April 27, 2025, were $457 million, reflecting a 20% decline from $570 million in the same period last year[42][44] - Total net sales for the nine months ended April 27, 2025, were $7,176 million, a decrease of 9.5% compared to $7,932 million for the same period in 2024[52] - The company reported a net cash used in investing activities of $(80) million for the nine months ended April 27, 2025, compared to $(2,987) million in the prior year[48] Cost Management - The company delivered approximately $110 million in savings under its $250 million cost savings program announced in September 2024[16] - The company plans to continue focusing on cost savings and optimization initiatives to improve operational efficiency moving forward[54] - The company recognized total aggregate impacts related to cost savings and optimization initiatives of $91 million for the nine months ended April 27, 2025, which equates to $0.23 per share[55] Segment Performance - Meals & Beverages segment net sales increased 15%, while Snacks segment net sales decreased 8%[24] - Meals & Beverages segment sales increased by 15% to $1.463 billion, while Snacks segment sales decreased by 8% to $1.012 billion for the three months ended April 27, 2025[43] - For the nine months ended April 27, 2025, total sales increased by 8% to $7.932 billion, with Meals & Beverages up 19% and Snacks down 6%[42][44] - Organic net sales for the nine months ended April 27, 2025, decreased by 1% compared to the previous year, with Meals & Beverages segment showing a 1% increase while Snacks segment decreased by 4%[52] Impairment and Charges - The company recorded impairment charges of $176 million for the nine months ended April 27, 2025, significantly impacting net earnings[48] - In Q4 fiscal 2024, the company recognized an impairment charge of $76 million on the Pop Secret trademark due to lower sales and operating performance[60] - For the year ended July 28, 2024, the total aggregate impact of impairment charges was $129 million, or $0.33 per share after tax[61] - In Q3 fiscal 2025, the company recorded an impairment charge of $150 million on the Snyder's of Hanover trademark, amounting to $0.37 per share after tax[62] Acquisition Costs - The company incurred $93 million in costs associated with the acquisition of Sovos Brands, Inc., with an aggregate after-tax impact of $81 million, or $0.27 per share[64] - For the year ended July 28, 2024, the total costs associated with the acquisition reached $126 million, resulting in an after-tax impact of $109 million, or $0.36 per share[64] - Costs associated with acquisition for the three months ended April 27, 2025, were $0 million, while costs for the same period last year were $93 million[66] Cash Flow and Shareholder Returns - Cash flow from operations for the year-to-date was $872 million, with $403 million returned to shareholders through dividends and share repurchases[4] - Cash flows from operating activities for the nine months ended April 27, 2025, were $872 million, slightly down from $897 million in the prior year[48] - Cash and cash equivalents at the end of the period were $143 million, an increase from $107 million at the end of the same period last year[48] Tax and Earnings Adjustments - The effective income tax rate reported was 18.5%, down 840 basis points from 26.9% in the same quarter last year[66] - The adjusted effective income tax rate for the three months ended April 27, 2025, was 22.7%, a decrease of 10 basis points from 22.8% in the same period last year[67] - Adjusted net earnings attributable to The Campbell's Company decreased by 3% to $218 million for the three months ended April 27, 2025, compared to $224 million in the same period last year[67]

Financial Performance - Revenues for the first quarter of fiscal year 2026 were $1.88 billion, representing a 2% increase compared to $1.85 billion in the same period last year[5]. - Net income decreased to $68 million, down 12% from $77 million in the prior year quarter[6]. - Adjusted EBITDA was $157 million, accounting for 8.4% of revenues, a decrease from 9.0% in the prior year[8]. - Adjusted diluted earnings per share for the quarter was $1.92, unchanged from the prior year[8]. - Net income for the three months ended May 2, 2025, was $68 million, a decrease of 11.7% from $77 million in the same period of 2024[28]. - Operating income decreased to $121 million, down 7.6% from $131 million in the prior year, with an overall operating margin of 6.4% compared to 7.1%[30]. - Income before income taxes for the three months ended May 2, 2025, was $86 million, down from $95 million in the same period in 2024, a decrease of 9.5%[43]. - The company incurred restructuring and impairment costs of $3 million for the three months ended May 2, 2025, compared to $2 million in the same period in 2024[43]. Cash Flow and Dividends - Free cash flow for the quarter was $(44) million, a significant decrease from $13 million in the prior year[6]. - The company expects net cash provided by operating activities for FY26 to be between $545 million and $565 million, with free cash flow projected to be between $510 million and $530 million[46]. - The company declared a cash dividend of $0.37 per share, payable on July 25, 2025[11]. Bookings and Backlog - Net bookings for the quarter were approximately $2.4 billion, resulting in a book-to-bill ratio of 1.3[12]. - The estimated backlog at the end of the quarter was approximately $22.3 billion, with $3.3 billion funded[12]. - Funded backlog as of May 2, 2025, was $3,265 million, a decrease from $3,444 million as of January 31, 2025[34]. - Total backlog increased to $22,343 million, up from $21,857 million in the previous quarter, indicating growth in future revenue potential[34]. Segment Performance - The Defense and Intelligence segment reported revenues of $1,433 million, a slight decrease of 0.2% from $1,436 million year-over-year[30]. - Civilian segment revenues increased by $33 million, or 8%, primarily due to ramp-up in volume on existing and new contracts[31]. Corporate Activities - SAIC was awarded a $1.8 billion contract for the U.S. Army Combat Capabilities Development Command during the quarter[13]. - Principal payments on borrowings increased significantly to $689 million from $310 million, reflecting a strategic shift in financing activities[28]. - Corporate operating loss increased to $17 million, up from $10 million in the prior year, attributed to higher selling, general, and administrative expenses[32]. Expenditures and Provisions - Expenditures for property, plant, and equipment for the three months ended May 2, 2025, were $8 million, up from $6 million in the same period in 2024[46]. - The company reported a provision for income taxes of $18 million for both the three months ended May 2, 2025, and May 3, 2024[43]. - The recovery of acquisition and integration costs and restructuring and impairment costs contributed to the adjusted diluted earnings per share calculation[43]. Guidance - Management reaffirmed fiscal year 2026 guidance, projecting revenues between $7.60 billion and $7.75 billion[18].

Development Projects - Broadstone Net Lease has added a new development project with an estimated total investment of approximately $78.2 million to its build-to-suit pipeline[1]. - The new project will be completed in partnership with Prologis, Inc., a leader in high-quality industrial property development[2]. - The company has secured land and commenced construction on a state-of-the-art distribution warehouse for FCA US, expected to deliver in Q3 2026[3]. - As of April 24, 2025, Broadstone's cumulative investments in active developments total approximately $311.4 million[3]. - The weighted average estimated yield on the total project investments is approximately 7.4%[3]. - The company plans to pursue additional opportunities with Prologis in the near future, marking the beginning of a new relationship[3]. Portfolio and Investment Strategy - Broadstone's diversified portfolio consists of 765 individual net leased commercial properties across 44 U.S. states and four Canadian provinces as of December 31, 2024[6]. - The company emphasizes a commitment to long-term value creation through strong credit analysis and prudent real estate underwriting[6]. - Broadstone's investment strategy focuses on single-tenant commercial real estate properties net leased on a long-term basis[6]. Risks and Forward-Looking Statements - Forward-looking statements indicate potential risks related to economic conditions, inflation, and tenant financial health that may impact future results[7].

Company Operations and Structure - Codere Online has only operated as an independent company since June 4, 2021, following the spin-off of its online casino and sports betting businesses [138]. - Codere Online's operations are subject to a 19% VAT tax on online deposits and a 1% stamp duty on documents effective from February 22, 2025, which may adversely affect its business in Colombia [176]. - Codere Online's reporting currency is the euro, and fluctuations in exchange rates of non-euro currencies could lead to foreign exchange gains or losses, impacting its financial condition [186]. - Codere Online's management and key personnel are critical to its business strategy, and the loss of these individuals could negatively impact operations [251][253]. - Codere Online is organized under the laws of Luxembourg, with substantial assets located outside the United States, making it difficult for U.S. investors to enforce judgments against the company [311]. Regulatory Environment and Compliance - The online gaming industry is subject to extensive regulation, including a 20% tax on gross gaming revenue in Spain, which can significantly impact profitability [148]. - Codere Online relies on licenses to conduct operations, and failure to renew or obtain these licenses could adversely affect its business [143]. - Regulatory changes, such as the recent ruling by the Spanish Supreme Court, may affect advertising practices and market strategies [150]. - The DGOJ has introduced new advertising restrictions and reinforced due diligence and client verification requirements as of August 5, 2023 [152]. - Codere Online's licenses may be revoked by regulatory authorities even if the company is in compliance with obligations, particularly in Mexico [160]. Financial Performance and Risks - Codere Online's future performance may differ significantly from prospective financial information due to various uncontrollable factors [136]. - The company may require additional capital to support growth plans, which may not be available on favorable terms [132]. - The gaming industry is subject to significant taxation, and increases in gaming taxes may impact profitability and have a material adverse effect on Codere Online's business [166]. - Codere Online faces increased regulatory and tax compliance costs due to potential increases in taxation, which could materially affect its business [169]. - Codere Online's performance is subject to significant volatility due to the nature of sports betting, where actual results can differ markedly from theoretical profit expectations [222]. Cybersecurity and Operational Risks - Codere Online faces risks related to cyberattacks and system breaches, which could disrupt operations and affect financial performance [132]. - The company faces risks from cyberattacks, which could lead to system failures, business disruptions, or loss of customer data, adversely affecting its financial condition [218]. - Codere Online has implemented internal controls to monitor unusual transaction patterns to mitigate exposure to fraud, but success is not guaranteed [238]. - The company relies on third-party providers for geolocation and identity verification, and any failure in these systems could adversely affect its compliance with legal requirements [229]. - Codere Online's platforms contain third-party open source software, which may expose the company to risks if it fails to comply with open source software licenses [230]. Market and Competitive Landscape - Codere Online operates in emerging markets, including Mexico, Panama, Colombia, and Argentina, which presents additional costs and risks [132]. - The company may face increased competition from retail operators as the threat of the COVID-19 pandemic diminishes and consumer preferences shift [177]. - Codere Online operates in a highly competitive environment, facing competition from larger companies and illegal gaming activities, which could adversely affect its revenues and profitability [195][197]. - The success of Codere Online's mobile apps relies on compatibility with major operating systems and high-bandwidth data capabilities, which are outside the company's control [223]. - Codere Online's business is sensitive to reductions in discretionary consumer spending, influenced by economic and political conditions in its operating markets [179]. Internal Controls and Governance - Codere Online has identified a material weakness in its internal control over financial reporting, which could negatively impact its market price [133]. - The company reported four material weaknesses related to technical accounting personnel, cash disbursement controls, cybersecurity processes, and overall internal controls [270]. - As of December 31, 2023, three of the four material weaknesses were remediated, but the fourth remains unresolved [271]. - Codere Online's management is implementing enhancements to its internal control system to address the fourth material weakness, but cannot assure timely remediation [273]. - Codere Online's corporate governance is governed by Luxembourg law, which may not provide the same level of protection for minority shareholders as U.S. laws [317]. Shareholder and Market Dynamics - Codere Newco controls approximately 65.7% of Codere Online's outstanding Ordinary Shares, which may lead to conflicts of interest [281]. - Codere Online received a determination letter from Nasdaq regarding potential delisting due to failure to timely file its Form 20-F for the year ended December 31, 2023 [286]. - If Codere Online's securities are delisted from Nasdaq, it may face significant adverse consequences, including reduced liquidity and increased regulatory scrutiny [284]. - Codere Online's shareholders' proportionate ownership interest will decrease with the issuance of additional Ordinary Shares [293]. - The ability to amend the terms of Codere Online Warrants is unlimited, which could adversely affect holders without their approval [294]. Legal and Tax Considerations - The company may face tax liabilities due to its historical membership in a consolidated tax group, which could adversely affect its financial condition [261][262]. - Luxembourg insolvency and bankruptcy laws may offer less protection to Codere Online shareholders compared to U.S. laws, complicating recovery in liquidation scenarios [316]. - The enforceability of U.S. court judgments in Luxembourg is subject to specific conditions, including compliance with Luxembourg procedural codes [312]. - Codere Online believes it should not be treated as a U.S. corporation for U.S. federal income tax purposes, as the ownership percentage of DD3 stockholders in Codere Online was less than 60% [321]. - If treated as a U.S. corporation, Codere Online could face substantial additional U.S. income tax liabilities and a 30% withholding tax on dividends paid to non-U.S. shareholders [322].

IPO and Stock Offering - Circle Internet Group, Inc. is offering 32,000,000 shares of Class A common stock, with 12,800,000 shares offered by the company and 19,200,000 shares by selling stockholders[5]. - The expected initial public offering price is between $27.00 and $28.00 per share[5]. - The underwriters have an option to purchase up to 4,800,000 additional shares of Class A common stock to cover over-allotments[10]. - Following the offering, Class B common stock will represent 30% of the total voting power of the outstanding common stock[8]. - The estimated net proceeds from the offering are approximately $319.6 million, or $444.4 million if the underwriters exercise their option in full, based on an initial public offering price of $27.50 per share[162]. - Approximately $111.1 million of the net proceeds will be used to satisfy tax withholding obligations related to the vesting of outstanding RSUs[162]. - The company will have 200,550,578 shares of Class A common stock outstanding immediately after the offering, which could increase to 205,350,578 shares if the underwriters exercise their option[161]. - The company plans to reserve 28,265,461 shares of Class A common stock for future issuance under its Omnibus Incentive Plan[164]. - The company has indicated an interest from ARK Investment Management to purchase up to $150.0 million of shares in the offering[162]. - The company will not receive any proceeds from the sale of shares by selling stockholders[162]. Financial Performance - Revenue grew from $15.4 million in 2020 to $1.7 billion in 2024, with a net income of $155.7 million and Adjusted EBITDA of $284.9 million reported in 2024[57]. - Total revenue and reserve income from continuing operations for Q1 2025 was $578,573,000, a 58.6% increase from $365,094,000 in Q1 2024[166]. - Net income from continuing operations for Q1 2025 was $64,791,000, compared to $48,639,000 in Q1 2024, reflecting a 33.2% increase[166]. - Adjusted EBITDA for Q1 2025 was $122,439,000, up 60.7% from $76,258,000 in Q1 2024[168]. - Operating income from continuing operations for Q1 2025 was $92,940,000, compared to $52,319,000 in Q1 2024, marking a 77.6% increase[166]. - The company incurred $75,620,000 in compensation expenses in Q1 2025, compared to $61,149,000 in Q1 2024, representing a 23.5% increase[166]. - Total current assets as of March 31, 2025, were $61,501,891,000, with total assets at $62,262,397,000[172]. - Total stockholders' equity as of March 31, 2025, was $744,976,000, reflecting a pro forma adjustment of $1,885,478,000[172]. USDC and Stablecoin Operations - Circle has $60 billion USDC in circulation, fully backed by reserves consisting of highly liquid, price-stable cash and cash equivalents[20]. - USDC transactions can settle in seconds worldwide, with over $1 trillion USDC minted and redeemed since founding and $25 trillion in lifetime on-chain transaction volume[23]. - Circle supports wire transfers for minting and redeeming USDC in over 185 countries, with access to USDC through 600 million end-user wallet products[29]. - Circle has minted over $558 billion of USDC and redeemed more than $502 billion from January 1, 2021, to March 31, 2025, maintaining a one-for-one redemption with the U.S. dollar[56]. - As of March 31, 2025, USDC has been used for over $25 trillion in on-chain transactions, with nearly $6 trillion occurring in Q1 2025 alone[55]. - The Circle stablecoin network includes two payment stablecoins: USDC, a U.S. dollar-denominated stablecoin, and EURC, a euro-denominated stablecoin, with USDC issued by Circle Internet Financial, LLC and Circle Internet Financial Europe SAS[77]. - Circle Internet Financial Europe SAS is obligated under the Markets in Crypto-Assets Regulation to redeem all USDC and EURC on a one-for-one basis for U.S. dollars and euros, respectively[79]. - The Circle stablecoin network has $60.1 billion in circulation across 4.9 million meaningful wallets as of March 31, 2025[93]. - USDC holds a 29% share of the stablecoin market, making it the second largest stablecoin by circulation as of March 31, 2025[103]. - The Circle stablecoin network has facilitated over $25 trillion in on-chain transactions, with $5.9 trillion occurring in the first quarter of 2025, representing a 500% increase from Q1 2024[106]. - Circle stablecoins USDC and EURC are backed by highly liquid reserves and are redeemable on a one-for-one basis for U.S. dollars and euros[108]. Market Dynamics and Competition - The stablecoin market is experiencing intense competition, particularly from yield-bearing digital assets like TMMFs, which could reduce the demand for Circle's stablecoins[184]. - The amount of USDC in circulation declined while USDT's circulation increased from late 2022 to late 2023, indicating competitive dynamics between the two stablecoins[184]. - Circle issued a new TMMF, USYC, following the acquisition of Hashnote, but its success is uncertain and may impact the competitiveness of USDC and EURC[185]. - Concerns about the sufficiency and liquidity of reserves for stablecoins like USDC have been heightened, especially following the transfer issues with Silicon Valley Bank, which affected USDC's price stability[188]. - The digital asset market's systemic risks can lead to higher-than-normal redemption requests for Circle stablecoins, as seen in past market events[189]. - Negative developments regarding USDT, the largest stablecoin, could adversely affect the trust in Circle stablecoins and lead to market volatility[198]. - The acceptance of Circle stablecoins may be negatively impacted by disruptions in secondary marketplaces, affecting liquidity and market access[197]. - The emergence of new competitors and the potential for existing banks to enter the stablecoin industry could intensify competition and cannibalize growth opportunities for Circle[180]. - The launch of central bank digital currencies (CBDCs) may adversely impact the business by reducing the demand for private-sector issued stablecoins[199]. Regulatory and Compliance - Circle's approach includes engaging with regulators and policymakers globally to build a compliant internet financial system[52]. - The company emphasizes the importance of compliance and screening processes for potential Circle Mint customers, including KYC checks and sanctions screening[75]. - Circle is focused on regulatory compliance and transparency, operating under FinCEN regulations and providing daily transparency into the Circle Reserve Fund[94]. - Circle stablecoins are concluded not to be classified as "securities" under U.S. federal securities laws, which helps avoid additional regulation[200]. - Any potential classification of Circle stablecoins as "securities" could materially impact the operation of the business[200]. - The company faces increased compliance costs due to regulation by multiple authorities, which may also lower barriers for new competitors entering the stablecoin market[180]. Strategic Vision and Future Outlook - Circle's mission is to raise global economic prosperity through the frictionless exchange of value, aiming to transform how money is used globally[18]. - Circle's vision is to raise global economic prosperity through the frictionless exchange of value, differentiating itself from speculative cryptocurrency investments[51]. - The company anticipates continued growth in the Circle stablecoin network and plans to innovate and create successful new products and services[176]. - The market opportunity for the Circle stablecoin network encompasses the entire global monetary supply, with significant growth expected as developing nations engage in the financial marketplace[104]. - Circle's strategy includes simplifying blockchain technology for developers and end-users to drive global adoption of stablecoins[98]. - The integration of TMMFs with Circle's infrastructure is expected to enhance capital efficiency and reduce counterparty execution risk in digital asset trading[111]. - Circle's liquidity services support institutional minting and redemption, enhancing the overall efficiency of stablecoin transactions[114]. - Circle's mission is to enhance global economic prosperity through frictionless value exchange, leveraging blockchain technology to address inefficiencies in the legacy financial system[82].

Uranium Production and Acquisition - As of April 30, 2025, the company had 1,356,000 pounds of uranium and agreements to purchase an additional 300,000 pounds at an average price of approximately $37.05 per pound[93]. - The company completed the acquisition of Kennecott Uranium Company and Wyoming Coal Resources Company for $175.4 million in cash plus $4.2 million in acquisition-related costs[84]. - The company acquired 107,142,857 common shares of Anfield Energy Inc. for a total consideration of $10.46 million, representing approximately 17.8% of the outstanding shares on a non-diluted basis[85]. - The Irigaray central processing plant's licensed production capacity was increased to 4.0 million pounds of U3O8 annually as of October 16, 2024[80]. - The company restarted uranium extraction at the Christensen Ranch Mine in August 2024, with ramp-up expected to continue into 2025[79]. - The company has commenced uranium extraction at the Christensen Ranch Mine in August 2024, with ongoing ramp-up activities expected throughout 2025[109]. - The company aims to become a leading low-cost North American uranium supplier by expanding extraction activities and acquiring additional projects[87]. Financial Performance - For the nine months ended April 30, 2025, the company recorded revenue of $66.84 million and a gross profit of $24.48 million, primarily from sales of purchased uranium inventory[107]. - The company reported a net loss of $60.60 million ($0.14 per share) for the nine months ended April 30, 2025, compared to a net loss of $14.11 million ($0.04 per share) for the same period in 2024[108]. - For the three months ended April 30, 2025, the company reported sales and service revenue of $49,750, compared to $116 for the same period in 2024, indicating a significant increase[123]. - The net loss for the three months ended April 30, 2025, was $30,212, compared to a net loss of $19,677 for the same period in 2024, reflecting a worsening financial position[123]. - The company recorded a fair value loss of $22.58 million on equity securities for the nine months ended April 30, 2025, compared to a gain of $23.59 million for the same period in 2024[120]. - The company’s general and administrative expenses for the nine months ended April 30, 2025, were $18.29 million, an increase from $14.31 million in the same period in 2024[115]. - During the nine months ended April 30, 2025, the company generated interest income of $2.90 million, up from $1.56 million in the same period in 2024[122]. - The company reported net cash used in operating activities of $41.00 million for the nine months ended April 30, 2025, a decrease from $93.87 million in the same period in 2024[138]. - Net cash provided by financing activities totaled $165.39 million during the nine months ended April 30, 2025, compared to $159.29 million in the same period in 2024[139]. - The company had an accumulated deficit balance of $379.51 million as of April 30, 2025, indicating ongoing financial challenges[126]. - The company issued 11,516,375 shares under the 2022 ATM Offering for gross cash proceeds of $94.40 million during the nine months ended April 30, 2025[136]. - Total comprehensive loss for the three months ended April 30, 2025, was $19,796, compared to a total comprehensive loss of $25,527 for the same period in 2024[123]. Market Conditions and Demand - Uranium prices averaged $65.53 and $74.38 per pound U3O8 for the three and nine months ended April 30, 2025, respectively[100]. - The global uranium market has shown improvement, with spot prices rebounding from a low of $63.45 per pound U3O8 in March 2025 to above $70.00 per pound in May 2025[100]. - Cumulative uncommitted demand for uranium through 2035 is projected to exceed 950 million pounds U3O8, indicating strong future demand[105]. - The global nuclear energy industry is experiencing growth, with 68 new reactors connected to the grid from 2015 to March 2025 and 61 reactors currently under construction[104]. - The geopolitical landscape, including sanctions on Russian nuclear fuel and instability in Niger, is impacting uranium supply dynamics and market conditions[102]. Assets and Liabilities - Total assets as of April 30, 2025, were $1,007,810, an increase from $878,268 as of April 30, 2024[124]. - The company has significant payment obligations totaling $102,412 over the next five years, including asset retirement obligations of $88,856[143]. - Subsequent to April 30, 2025, the company received additional net cash proceeds of $54.82 million under its 2024 ATM Offering[147]. Accounting and Reporting - For a complete summary of significant accounting policies, refer to Note 2 in the Annual Report on Form 10-K for Fiscal 2024[145]. - The company discusses recently issued accounting pronouncements in note 2 of the interim condensed consolidated financial statements contained in the Quarterly Report[145]. - Refer to Item 7A for quantitative and qualitative disclosures about market risk in the Annual Report on Form 10-K for Fiscal 2024[148]. - Management's Discussion and Analysis of Financial Condition and Results of Operations is detailed in Item 7 of the Annual Report on Form 10-K for Fiscal 2024[146].