Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q _________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission file number 001-42504 _________________________ SIONNA THERAPEUTICS, INC. (Exact name of ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-16769 WW INTERNATIONAL, INC. (Exact name of registrant as specified in its charter) Virginia 11-6040273 (State or other jurisdiction of incorporation or organization) FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For th ...

[Q2 2025 Financial & Operational Highlights](index=1&type=section&id=AAON%20Reports%20Second%20Quarter%202025%20Results) Overview of the company's second quarter 2025 financial and operational performance, highlighting key results and strategic responses [Second Quarter 2025 Performance Summary](index=1&type=section&id=Second%20Quarter%202025%20Results) Q2 2025 results fell short of expectations due to ERP implementation issues, impacting sales and profitability, despite strong backlog growth Q2 2025 Key Financial Metrics (Year-over-Year) | Metric | Q2 2025 (USD) | Q2 2024 (USD) | Change | | :--- | :--- | :--- | :--- | | Net Sales | $311.6 million | $313.6 million | -0.6% | | Gross Profit Margin | 26.6% | 36.1% | -950 bps | | GAAP Diluted EPS | $0.19 | $0.62 | -69.4% | | Non-GAAP Adj. Diluted EPS | $0.22 | $0.62 | -64.5% | | Non-GAAP Adj. EBITDA Margin | 14.9% | 26.1% | -1,120 bps | - The primary driver of underperformance was poor operational execution, mainly associated with the implementation of a new ERP system at the Longview, TX facility, which impacted production at both Longview and Tulsa[6](index=6&type=chunk) - Despite operational setbacks, booking trends remain strong for both AAON- and BASX-branded equipment, leading to a significant **71.9% year-over-year increase** in adjusted backlog to **$1.12 billion**, suggesting continued market share gains[7](index=7&type=chunk)[8](index=8&type=chunk) - The company is taking immediate actions to address production issues and expects sequential improvement in the second half of the year, but has revised its full-year 2025 outlook downward due to the challenges[6](index=6&type=chunk)[8](index=8&type=chunk) [Segment Performance](index=2&type=section&id=Segment%20Results) Detailed analysis of financial performance across AAON Oklahoma, AAON Coil Products, and BASX segments [AAON Oklahoma](index=2&type=section&id=AAON%20Oklahoma) AAON Oklahoma segment experienced an **18.0% decrease** in net sales and a **970 basis point** gross margin contraction due to ERP-related coil shortages and supply chain issues AAON Oklahoma Q2 Performance | Metric | Q2 2025 (USD) | Q2 2024 (USD) | Change | | :--- | :--- | :--- | :--- | | Net Sales | $185.1 million | $225.7 million | -18.0% | | Gross Profit | $50.9 million | $83.9 million | -39.3% | | Gross Profit Margin | 27.5% | 37.2% | -970 bps | - The sales decrease was driven by lingering supply chain issues from the refrigerant transition and coil supply shortages from the Longview facility's ERP implementation[10](index=10&type=chunk) - Gross profit margin contraction was primarily caused by suboptimal overhead absorption from lower volumes and **$3.0 million** in costs from the new Memphis plant with minimal offsetting sales[11](index=11&type=chunk) [AAON Coil Products](index=3&type=section&id=AAON%20Coil%20Products) AAON Coil Products saw **86.4% sales growth** driven by BASX products, but ERP implementation caused significant production disruptions and a **1,990 basis point** gross margin contraction AAON Coil Products Q2 Performance | Metric | Q2 2025 (USD) | Q2 2024 (USD) | Change | | :--- | :--- | :--- | :--- | | Net Sales | $58.5 million | $31.4 million | +86.4% | | Gross Profit | $12.9 million | $13.2 million | -2.2% | | Gross Profit Margin | 22.0% | 41.9% | -1,990 bps | - Sales growth was driven by BASX branded products for a large liquid cooling data center, while AAON branded products declined due to disruptions from the new ERP system[13](index=13&type=chunk) - Gross margin contracted significantly to **22.0%** from **41.9%** a year ago, a result of production inefficiencies from the ERP system implementation[14](index=14&type=chunk) [BASX](index=3&type=section&id=BASX) The BASX segment delivered strong results with **20.4% net sales growth** driven by data center demand, maintaining a stable gross profit margin with sequential improvement BASX Q2 Performance | Metric | Q2 2025 (USD) | Q2 2024 (USD) | Change | | :--- | :--- | :--- | :--- | | Net Sales | $68.0 million | $56.5 million | +20.4% | | Gross Profit | $19.0 million | $16.1 million | +18.2% | | Gross Profit Margin | 27.9% | 28.5% | -60 bps | - The primary driver of the year-over-year sales increase was stronger demand for data center equipment[16](index=16&type=chunk) - Gross profit margin showed sequential improvement for the second straight quarter, reflecting continued operational improvements[17](index=17&type=chunk) [Financial Position and Outlook](index=3&type=section&id=Financial%20Position%20and%20Outlook) Overview of the company's balance sheet, cash flow, backlog, and revised full-year 2025 financial guidance [Balance Sheet & Cash Flow](index=3&type=section&id=Balance%20Sheet%20%26%20Cash%20Flow) The company maintained **$1.3 million** in cash, drew **$317.3 million** on its credit facility, and secured a new **$500.0 million** facility to support **$220.0 million** in 2025 capital expenditures - At the end of Q2 2025, the company had cash, cash equivalents and restricted cash of **$1.3 million** and a balance on its revolving credit facility of **$317.3 million**[18](index=18&type=chunk) - A new **$500.0 million** credit facility was closed during the quarter to provide liquidity for growth investments. Capital expenditure plans for 2025 remain unchanged at **$220.0 million**[18](index=18&type=chunk) [Backlog](index=3&type=section&id=Backlog) Total backlog surged **71.9% year-over-year** to **$1.12 billion**, driven by strong demand for both AAON-branded and BASX-branded equipment, indicating significant market share gains Backlog by Brand | Brand | June 30, 2025* (USD) | March 31, 2025 (USD) | June 30, 2024 (USD) | YoY Change | QoQ Change | | :--- | :--- | :--- | :--- | :--- | :--- | | AAON-branded | $494.2 million | $403.9 million | $255.5 million | +93.4% | +22.4% | | BASX-branded* | $623.4 million | $623.0 million | $394.5 million | +58.0% | +0.1% | | **Total** | **$1.12 billion** | **$1.03 billion** | **$650.0 million** | **+71.9%** | **+8.8%** | - The significant growth in AAON-branded equipment backlog, despite weakness in the nonresidential construction market, indicates substantial market share gains[20](index=20&type=chunk) - Demand from data center customers remains exceptionally strong, driving continued backlog growth for BASX-branded equipment[21](index=21&type=chunk) [Full-Year 2025 Outlook](index=4&type=section&id=Full-Year%202025%20Outlook) The company revised its full-year 2025 guidance downwards, anticipating low-teens sales growth and a **28%-29%** gross profit margin, reflecting ongoing operational inefficiencies Updated Full-Year 2025 Outlook | Metric | Q3 2025 | Q4 2025 | FY25 | | :--- | :--- | :--- | :--- | | YoY Sales Growth | Low Single Digits | High Twenties | Low Teens | | Gross Profit Margin | 28.5%-29.5% | 30.0%-31.0% | 28%-29% | | Non-GAAP adj. SG&A % of sales | 17.0%-17.5% | 16.5%-17.0% | 16.5%-17.0% | [Financial Statements and Reconciliations](index=5&type=section&id=Financial%20Statements%20and%20Reconciliations) Presentation of unaudited consolidated financial statements and reconciliations of non-GAAP measures to their GAAP equivalents [Consolidated Financial Statements](index=5&type=section&id=Consolidated%20Financial%20Statements) Unaudited consolidated statements of income, segment results, balance sheets, and cash flows for the three and six months ended June 30, 2025, are presented with comparative 2024 data [Consolidated Statements of Income](index=5&type=section&id=Consolidated%20Statements%20of%20Income) Summary of the company's unaudited consolidated income statement for the three and six months ended June 30, 2025 Consolidated Statements of Income (Unaudited) | | Three Months Ended June 30, (USD) | Six Months Ended June 30, (USD) | | :--- | :--- | :--- | | | **2025** | **2024** | **2025** | **2024** | | Net sales | $311.6 million | $313.6 million | $633.6 million | $575.7 million | | Gross profit | $82.7 million | $113.1 million | $169.1 million | $205.3 million | | Income from operations | $23.6 million | $67.2 million | $58.7 million | $114.2 million | | Net income | $15.5 million | $52.2 million | $44.8 million | $91.2 million | | Diluted EPS | $0.19 | $0.62 | $0.54 | $1.09 | [Segment Net Sales and Profit](index=6&type=section&id=Segment%20Net%20Sales%20and%20Profit) Breakdown of gross profit by segment for the three months ended June 30, 2025 and 2024 Segment Gross Profit (Unaudited) | Segment | Three Months Ended June 30, 2025 (USD) | Three Months Ended June 30, 2024 (USD) | | :--- | :--- | :--- | | AAON Oklahoma | $50.9 million | $83.9 million | | AAON Coil Products | $12.9 million | $13.2 million | | BASX | $19.0 million | $16.1 million | | **Consolidated Gross Profit** | **$82.7 million** | **$113.1 million** | [Consolidated Balance Sheets](index=7&type=section&id=Consolidated%20Balance%20Sheets) Overview of the company's unaudited consolidated balance sheet as of June 30, 2025, and December 31, 2024 Consolidated Balance Sheet Highlights (Unaudited) | | June 30, 2025 (USD) | Dec 31, 2024 (USD) | | :--- | :--- | :--- | | Total current assets | $654.2 million | $488.2 million | | Total assets | $1.40 billion | $1.18 billion | | Total current liabilities | $210.7 million | $174.9 million | | Debt, long-term | $317.3 million | $138.9 million | | Total stockholders' equity | $832.7 million | $824.6 million | | Total liabilities and stockholders' equity | $1.40 billion | $1.18 billion | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Summary of the company's unaudited consolidated cash flow statement for the six months ended June 30, 2025 and 2024 Consolidated Cash Flow Highlights (Unaudited) | Six Months Ended June 30, | 2025 (USD) | 2024 (USD) | | :--- | :--- | :--- | | Net cash (used in) provided by operating activities | $(31.0 million) | $127.9 million | | Net cash used in investing activities | $(89.5 million) | $(75.4 million) | | Net cash provided by (used in) financing activities | $115.3 million | $(49.5 million) | | Net (decrease) increase in cash | $(5.2 million) | $3.1 million | [Non-GAAP Financial Measures](index=9&type=section&id=Use%20of%20Non-GAAP%20Financial%20Measures) This section provides reconciliations of non-GAAP financial measures, including Adjusted Net Income, EBITDA, and Adjusted EBITDA, to their GAAP counterparts, primarily adjusting for a one-time incentive fee [Reconciliation of Net Income to Non-GAAP Adjusted Net Income](index=9&type=section&id=Non-GAAP%20Adjusted%20Net%20Income) Reconciliation of GAAP net income to non-GAAP adjusted net income, highlighting adjustments for specific items - Non-GAAP adjusted net income for Q2 2025 was **$17.9 million**, or **$0.22 per diluted share**, after adjusting for a **$3.4 million** incentive fee related to the Memphis plant[37](index=37&type=chunk) Non-GAAP Adjusted Net Income Reconciliation (Q2 2025) | | Amount (USD) | | :--- | :--- | | Net income, a GAAP measure | $15.5 million | | Memphis incentive fee | $3.4 million | | Profit sharing effect | $(0.3 million) | | Tax effect | $(0.7 million) | | **Non-GAAP adjusted net income** | **$17.9 million** | [Reconciliation of Net Income to EBITDA and Adjusted EBITDA](index=9&type=section&id=EBITDA) Reconciliation of GAAP net income to EBITDA and Adjusted EBITDA, detailing adjustments for non-operating items - Adjusted EBITDA for Q2 2025 was **$46.6 million**, resulting in an Adjusted EBITDA margin of **14.9%**, compared to **26.1%** in the prior-year quarter. The adjustment accounts for the Memphis incentive fee[41](index=41&type=chunk) Adjusted EBITDA Reconciliation (Q2 2025) | | Amount (USD) | | :--- | :--- | | Net income, a GAAP measure | $15.5 million | | Depreciation and amortization | $19.9 million | | Interest expense, net | $4.0 million | | Income tax expense | $4.0 million | | **EBITDA, a non-GAAP measure** | **$43.5 million** | | Memphis incentive fee | $3.4 million | | Profit sharing effect | $(0.3 million) | | **Adjusted EBITDA, a non-GAAP measure** | **$46.6 million** | [Reconciliation of SG&A to Non-GAAP Adjusted SG&A](index=10&type=section&id=Non-GAAP%20Adjusted%20Selling%2C%20General%20and%20Administrative%20Expenses) Reconciliation of GAAP SG&A expenses to non-GAAP adjusted SG&A, excluding specific non-recurring items - Non-GAAP adjusted SG&A expenses were **$56.0 million** in Q2 2025, or **18.0% of sales**. This is adjusted from the GAAP SG&A of **$59.1 million** to exclude the Memphis incentive fee and its profit-sharing effect[42](index=42&type=chunk)

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