Revenue and Profit - Total revenue for the nine months ended September 30, 2025, was $115.4 million, a slight increase of 0.5% compared to $114.8 million during the same period in 2024[134] - Gross profit for the nine months ended September 30, 2025, was $29.2 million, up from $27.2 million in the same period of 2024, reflecting growth in consumable revenue[134] - Instrument revenue for the third quarter of 2025 was $32.6 million, a decrease of 8% from $35.3 million in the same quarter of 2024, primarily due to a lower number of Revio systems sold[142] - Consumables revenue increased by 15% to $21.5 million in the third quarter of 2025, driven by higher Revio consumables sales[147] - Total revenue for the nine months ended September 30, 2025, was $115.36 million, a slight increase of $0.57 million or approximately 0.5% compared to $114.79 million in 2024[161] - Product revenue decreased by $5.26 million, or 5%, primarily due to a 28% decline in instrument revenue, offset by a 46% increase in service and other revenue[165] - Gross profit increased by $2.0 million, or 7%, during the nine months ended September 30, 2025, driven mainly by growth in consumable revenue[172] - Gross profit for the third quarter of 2025 increased by 59% to $15.9 million, compared to $10.0 million in the same quarter of 2024[154] Operating Expenses - Operating loss increased to $512.7 million for the nine months ended September 30, 2025, compared to $321.3 million during the same period in 2024, primarily due to a $193.4 million increase in operating expenses[134] - Research and development expenses decreased by 10% to $22.8 million in the third quarter of 2025, compared to $25.5 million in the same quarter of 2024[155] - Research and development expenses decreased by $33.0 million, or 31%, due to lower personnel costs and reduced product development expenses[173] - Sales, general, and administrative expenses decreased by 29% to $31.1 million in the third quarter of 2025, compared to $43.7 million in the same quarter of 2024[156] - Sales, general, and administrative expenses decreased by $25.9 million, or 19%, primarily due to reduced personnel and related expenses[174] Cash and Investments - Cash, cash equivalents, and short-term investments decreased by 23% to $298.7 million at September 30, 2025, compared to $389.9 million at December 31, 2024[141] - As of September 30, 2025, the company had cash, cash equivalents, and investments totaling $298.7 million, down from $389.9 million at the end of 2024[182] - Cash provided by investing activities during the nine months ended September 30, 2025, was primarily from $280.1 million of maturities of investments[191] - Cash provided by investing activities for the nine months ended September 30, 2024, was $488.5 million from maturities and sales of investments, partially offset by $418.2 million in purchases of investments[192] - Cash provided by financing activities during the nine months ended September 30, 2024, was $7.7 million from the issuance of common stock through equity compensation plans[194] - As of September 30, 2025, cash equivalents and available-for-sale securities amounted to $298.7 million[204] - A hypothetical 100 basis-point increase or decrease in interest rates would have affected the fair value of the investment portfolio by approximately $1.6 million[205] Impairments and Charges - The company recorded impairment charges of $15.0 million related to in-process research and development during the nine months ended September 30, 2025[175] - Amortization of acquired intangible assets included $359.3 million of accelerated amortization related to developed technology from the 2021 Omniome acquisition[177] - The company reported a goodwill impairment charge of $93.2 million as part of the net loss for the nine months ended September 30, 2024[190] Other Financial Information - Net cash used in operating activities was $92.14 million, a decrease from $175.41 million in the same period of 2024[187] - Cash used in operating activities for the nine months ended September 30, 2024, was $175.4 million, primarily due to a net loss of $312.2 million, which included a goodwill impairment charge of $93.2 million[190] - Cash flow impact from changes in net operating assets and liabilities was primarily driven by an increase in inventory and decreases in accrued expenses[190] - There were no material changes to contractual obligations during the nine months ended September 30, 2025[195] - The company has not incurred costs to defend lawsuits or settle claims related to indemnification agreements as of September 30, 2025[200]

DoW Price Protection Agreement commenced October 1, 2025 Return to profitability expected in Q4 2025 and beyond MP Targets Mid-2026 for heavy rare earth commissioning with Dy/Tb production focus Generated consolidated revenue of $53.6 million Exhibit 99.1 MP Materials Reports Third Quarter 2025 Results Record NdPr production of 721 metric tons, a 51% increase year over year Second best quarterly REO production of 13,254 metric tons MP plans to begin commissioning its new heavy rare earth separation facility ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 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: 001-38090 SOLARIS ENERGY INFRASTRUCTURE, INC. (Exact name of registrant as specified in its charter) Delaware ...

Revenue Performance - Solaris Power Solutions segment generated revenues of $104.9 million and $229.9 million for the three and nine months ended September 30, 2025, respectively, compared to $4.7 million in the same periods of 2024, reflecting a significant increase due to expanded capacity [202]. - Total revenues for the Company increased by $91.8 million, or 122%, to $166.8 million in the three months ended September 30, 2025, compared to $75.0 million in the same period of 2024 [202]. - Solaris Power Solutions contributed 63% of total revenue and 77% of total segment Adjusted EBITDA in the third quarter of 2025, indicating its dominant role in the Company's financial performance [192]. Capital Expenditures and Investments - The Company expects total capital expenditures for 2025 to be approximately $405 million, with about $190 million allocated to Stateline, primarily to support Solaris Power Solutions growth [196]. - The Company ordered an additional approximately 500 megawatts of power generation equipment, expecting total capacity to reach approximately 2,200 megawatts by early 2028 [195]. - The Company acquired HVMVLV, LLC on August 15, 2025, enhancing its capabilities in power control and distribution solutions [187]. Costs and Expenses - Cost of revenue for Solaris Power Solutions was $44.4 million in the three months ended September 30, 2025, with a cost of revenue percentage of 42%, up from 27% in the same period of 2024 [208]. - Solaris Logistics Solutions' cost of revenue increased by $14.9 million, or 11%, to $146.6 million in the nine months ended September 30, 2025, primarily due to higher last mile and ancillary service costs [210]. - Selling, general and administrative expenses increased by $20.7 million, or 83%, to $45.7 million for the nine months ended September 30, 2025, compared to $25.0 million in the same period of 2024 [214]. Interest and Tax Expenses - Interest expense increased by $15.3 million to $19.7 million for the nine months ended September 30, 2025, compared to $4.4 million in the same period of 2024, primarily due to higher borrowings and interest rates [218]. - The company recognized a combined income tax expense of $13.9 million for the nine months ended September 30, 2025, an increase of $10.3 million compared to $3.7 million in the same period of 2024 [220]. Cash Flow and Liquidity - Net cash provided by operating activities increased to $113.2 million for the nine months ended September 30, 2025, compared to $46.3 million in the same period of 2024, representing an increase of $66.9 million [237]. - Net cash used in investing activities was $422.1 million for the nine months ended September 30, 2025, an increase of $232.1 million from $189.9 million in the same period of 2024 [238]. - As of September 30, 2025, cash and cash equivalents totaled $106.7 million, providing adequate liquidity to meet obligations for the next 12 months and beyond [232]. Debt and Share Repurchase - The company had an outstanding principal balance of $320.9 million under its Term Loan as of September 30, 2025, which was fully repaid on October 8, 2025 [222]. - The company entered into purchase commitments totaling $209.8 million due within the subsequent 12 months and $520.8 million extending beyond one year as of September 30, 2025 [229]. - The company issued $747.5 million aggregate principal amount of the 2031 Notes in October 2025, enhancing liquidity and extending debt maturity [225]. - The company has collectively repurchased and retired 4,272,127 shares of Class A common stock for $34.6 million, with $15.4 million remaining under the authorized share repurchase program as of September 30, 2025 [234].

Financial Performance - Rocket Pharmaceuticals reported a net loss of $50.3 million, or $0.45 per share, for Q3 2025, compared to a net loss of $66.7 million, or $0.71 per share, for Q3 2024[9]. - Total operating expenses for Q3 2025 were $52.2 million, down from $69.4 million in Q3 2024[15]. - The company incurred approximately $3.3 million in restructuring expenses in 2025[8]. Research and Development - Research and development expenses decreased to $34.1 million in Q3 2025 from $42.3 million in Q3 2024, reflecting a reduction of $8.2 million[9]. - The Phase 2 trial of RP-A501 for Danon disease is set to resume in the first half of 2026, with three additional patients to be treated at a recalibrated dose[4]. Administrative Expenses - General and administrative expenses were $18.4 million for Q3 2025, down from $27.1 million in Q3 2024, a decrease of $8.7 million[9]. Cash and Assets - Cash, cash equivalents, and investments totaled approximately $222.8 million as of September 30, 2025, expected to fund operations into Q2 2027[9]. - Rocket's total assets were $368.0 million as of September 30, 2025, compared to $527.7 million at the end of 2024[15]. Regulatory Updates - The FDA has set a PDUFA date of March 28, 2026, for KRESLADI™ for the treatment of severe leukocyte adhesion deficiency-I (LAD-I)[4]. Leadership Changes - Rocket Pharmaceuticals appointed Dr. Syed Rizvi as Chief Medical Officer, bringing over 20 years of experience in cell and gene therapy[5].

Premiums and Revenue - For the quarter ended September 30, 2025, net premiums earned decreased to $555,000 from $595,000 for the same quarter in 2024, reflecting a decrease in the weighted average rate on reinsurance contracts[6] - For the nine-month period ended September 30, 2025, net premiums earned increased to $1.73 million from $1.71 million for the same period in 2024, attributed to a higher weighted average rate on reinsurance contracts[7] - Total revenue for the three months ended September 30, 2025, was $645 million, a significant increase from $205 million in the same period of 2024[27] - Net investment and other income rose to $79 million in Q3 2025, compared to $62 million in Q3 2024[27] Losses - The net loss for the quarter ended September 30, 2025, was $187,000, or ($0.02) per share, compared to a net loss of $540,000, or ($0.09) per share, for the same quarter in 2024[8] - The net loss for the nine-month period ending September 30, 2025, was $2.19 million, or ($0.30) per share, compared to a net loss of $2.27 million, or ($0.37) per share, for the same period in 2024[9] - The loss ratio for the nine-month period ended September 30, 2025, increased to 132.4% compared to the prior period, due to a full limit loss on a reinsurance contract affected by Hurricane Milton[13] - The loss ratio for the nine months ended September 30, 2024, was 132.4%, indicating a significant increase in losses relative to net premiums earned[27] Expenses - Total expenses for the quarter ended September 30, 2025, increased to $815,000 from $498,000 for the same quarter in 2024, primarily due to increased professional costs[10] - Total expenses for the nine-month period ending September 30, 2025, rose to $4.99 million from $1.67 million for the same period in 2024, driven by increased professional costs and the recording of a full limit loss on a reinsurance contract[11] - Total expenses increased to $815 million in Q3 2025, up from $498 million in Q3 2024[27] - General and administrative expenses surged to $754 million in Q3 2025, compared to $432 million in Q3 2024[27] Ratios - The expense ratio for the three-month period ending September 30, 2025, increased to 146.8% from 83.7% for the same period in 2024, reflecting higher operational costs[15] - The combined ratio for the nine-month period ending September 30, 2025, increased to 288.6% from 98% for the same period in 2024, indicating a significant rise in expenses and losses[16] - The combined ratio for the nine months ended September 30, 2024, was 288.6%, reflecting high expense levels relative to earned premiums[27] Shareholder Information - The net loss attributable to ordinary shareholders for the three months ended September 30, 2025, was $187 million, compared to a loss of $540 million in the same period of 2024[27] - Basic and diluted loss per share attributable to shareholders for Q3 2025 was $(0.02), an improvement from $(0.09) in Q3 2024[27] Reserves - The change in unearned premiums reserve showed a positive adjustment of $555 million in Q3 2025, compared to a negative adjustment of $(490) million in the same period of 2024[27] Cash and Cash Equivalents - As of September 30, 2025, restricted cash and cash equivalents increased by $1.28 million, or 21.7%, to $7.18 million from $5.9 million as of December 31, 2024[12]

Financial Performance - Total revenues for Q3 2025 were $179.5 million, up 6% from $168.6 million in Q3 2024[5] - Net product sales for EXPAREL were $139.9 million, reflecting a 9% volume growth compared to $132.0 million in Q3 2024[5] - Non-GAAP net income was $31.8 million, or $0.72 per share (basic), compared to $38.2 million, or $0.83 per share (basic) in Q3 2024[12] - Adjusted EBITDA for Q3 2025 was $49.4 million, down from $54.7 million in Q3 2024[12] - The company reported a net income of $5.43 million in Q3 2025, a significant recovery from a net loss of $143.47 million in Q3 2024[46] - Non-GAAP net income for Q3 2025 was $31.84 million, compared to $38.16 million in Q3 2024, indicating a decrease of 16.5%[46] - Total revenues for the nine months ended September 30, 2025, were $529.54 million, up from $513.71 million in the same period of 2024, marking a 3.1% increase[44] - For the three months ended September 30, 2025, total revenues were $179.5 million, compared to $168.6 million for the same period in 2024, representing a year-over-year increase of approximately 5.5%[68] Expenses and Costs - Research and development expenses increased to $26.0 million in Q3 2025 from $19.1 million in Q3 2024[12] - Selling, general and administrative expenses rose to $91.8 million in Q3 2025, compared to $74.3 million in Q3 2024[12] - Research and development expenses increased to $25.97 million in Q3 2025, compared to $19.10 million in Q3 2024, reflecting a 36.4% rise[44] - Research and development expenses for the nine months ended September 30, 2025, were $79.9 million, compared to $57.7 million for the same period in 2024, reflecting an increase of approximately 38.5%[68] - The company recognized $7.00 million in legal settlement costs related to patent infringement suits during the nine months ended September 30, 2025[52] - The company incurred $3.7 million in employee termination benefit charges in Q3 2025 as part of a workforce reduction due to improved manufacturing efficiencies[48] - Acquisition-related expenses in Q3 2025 primarily involved costs associated with the acquisition of GQ Bio[51] - The GAAP cost of goods sold for the three months ended September 30, 2025, was $34.3 million, down from $38.9 million in the same period of 2024[68] Guidance and Projections - The company updated its full-year 2025 revenue guidance to a range of $725 million to $735 million, down from the previous range of $730 million to $750 million[13] - Non-GAAP gross margin guidance was increased to 80% to 82%, up from the previous range of 78% to 80%[13] - The company expects total revenues for the full year 2025 to be in the range of $725 million to $735 million, with a gross margin projected between 80% to 82%[74] Assets and Liabilities - Total current assets decreased from $745,130,000 in December 2024 to $562,751,000 in September 2025, a decline of approximately 24.5%[42] - Cash and cash equivalents dropped significantly from $276,774,000 in December 2024 to $147,589,000 in September 2025, representing a decrease of about 46.3%[42] - Inventories increased from $125,282,000 in December 2024 to $157,680,000 in September 2025, an increase of approximately 25.8%[42] - Total liabilities decreased from $774,168,000 in December 2024 to $522,938,000 in September 2025, a reduction of about 32.4%[42] - Long-term debt remained relatively stable, decreasing slightly from $383,545,000 in December 2024 to $376,721,000 in September 2025[42] - The total stockholders' equity decreased from $778,348,000 in December 2024 to $727,214,000 in September 2025, a decline of approximately 6.6%[42] Product Development and Research - The company reported promising Phase 1 study results for PCRX-201, showing sustained improvements in knee pain, stiffness, and function over two years[34] - The HCAd vector platform acquired in February 2025 is expected to enable the production of thousands of doses in a single batch, enhancing cost efficiency[37] - The company is currently conducting a Phase 2 study (ASCEND study) for PCRX-201, indicating ongoing commitment to product development[35] - EXPAREL sales amounted to $139.90 million in Q3 2025, up from $132.00 million in Q3 2024, representing a 5.4% growth[44] Shareholder Actions - The company repurchased 2.0 million shares at an average price of $25.30 per share, totaling $50.0 million[10]

In October 2024, in collaboration with the Swiss Cancer Group, formerly the Swiss Cancer Group for Clinical Cancer Research (SAKK), the Company initiated and dosed our first patient in the INVINCIBLE-4 Study. In September 2025, the Company paused new patient enrollment to revise the dosing regimen for patients receiving INT230-6 in cohort A due to some patients in Cohort A experiencing localized skin irritation near the tumor site. The Company plans to file a protocol amendment for this revision in dosing i ...

Financial Performance - Net income for the community banking segment increased to $6.9 million for Q3 2025, up from $4.7 million in Q3 2024, representing a 46.8% increase[155] - Net interest income rose by $2.4 million to $14.6 million in Q3 2025 compared to $12.3 million in Q3 2024, a growth of 19.5%[155] - The mortgage banking segment reported a net income of $948,000 in Q3 2025, a turnaround from a net loss of $50,000 in Q3 2024[158] - Net income for the nine months ended September 30, 2025, totaled $17.8 million, up from $11.7 million for the same period in 2024[176] - Net income for the nine months ended September 30, 2025, increased to $18.7 million, up from $13.5 million in the same period of 2024, representing a growth of 38.8%[183] - Earnings per share (EPS) for the nine months ended September 30, 2025, rose to $1.04, compared to $0.72 for the same period in 2024, reflecting an increase of 44.4%[183] Income and Expenses - Total noninterest income decreased by $250,000, or 1.1%, to $22.3 million, primarily due to a $19.9 million, or 3.6%, decrease in total loan origination volume[172] - Total noninterest income decreased by $6.6 million, or 9.3%, to $63.7 million for the nine months ended September 30, 2025, compared to $70.3 million for the same period in 2024[194] - Total noninterest expenses decreased by $1.1 million, or 3.8%, to $27.5 million for the three months ended September 30, 2025, compared to $28.6 million for the same period in 2024[173] - Total noninterest expenses decreased by $4.2 million, or 4.8%, to $82.2 million for the nine months ended September 30, 2025, compared to $86.4 million for the same period in 2024[195] - Compensation and employee benefits expense decreased by $290,000 to $5.0 million in Q3 2025, primarily due to lower health insurance claims[157] - Total compensation and employee benefits decreased by $3.5 million, or 7.3%, to $44.1 million for the nine months ended September 30, 2025, primarily due to reduced employee headcount[181] Asset Quality and Credit Losses - The provision for credit losses was negative $269,000 for the three months ended September 30, 2025, compared to negative $377,000 for the same period in 2024, reflecting improved risk factors[170] - The provision for credit losses was a negative $836,000 for the nine months ended September 30, 2025, compared to a negative provision of $535,000 in the same period of 2024, indicating improved asset quality[192] - Total nonperforming assets decreased to $6.1 million at September 30, 2025, from $6.2 million at December 31, 2024, with total non-accrual loans to total loans remaining stable at 0.35%[212] - The allowance for credit losses decreased to $17.7 million at September 30, 2025, with a negative provision of $599,000 for the nine months ended September 30, 2025[204] - Past due loans decreased by $6.6 million, or 43.7%, to $8.5 million at September 30, 2025, from $15.1 million at December 31, 2024[221] Loan Originations and Mortgage Banking - Total mortgage loan originations decreased by $19.3 million, or 3.5%, to $539.4 million in Q3 2025 from $558.7 million in Q3 2024[158] - Mortgage banking noninterest income decreased by $7.4 million, or 11.1%, to $59.4 million for the nine months ended September 30, 2025, due to a decrease in loan production volume[179] - The company originated $1.52 billion in mortgage loans held for sale during the nine months ended September 30, 2025, a decrease of $162.0 million, or 9.7%, from the previous year[179] - Mortgage banking income declined by $7.0 million, or 10.6%, primarily due to a $150.1 million decrease in loan origination volumes, which fell to $1.51 billion[194] Interest Income and Margin - Net interest margin improved to 2.76% in Q3 2025 compared to 2.14% in Q3 2024[165] - Net interest income increased by $7.7 million, or 23.1%, to $41.0 million during the nine months ended September 30, 2025, compared to $33.3 million in 2024[190] - The average yield on loans increased by 22 basis points, contributing to a $903,000 increase in interest income on loans, despite a $48.3 million decrease in average loans receivable[191] - Interest income on loans rose by $35,000, or 0.1%, to $26.6 million, driven by a 19 basis point increase in average yield, despite a $61.0 million decrease in average loans receivable[168] Regulatory and Capital Position - As of September 30, 2025, WaterStone Bank exceeded all regulatory capital requirements and is considered "well capitalized" under regulatory guidelines[241] - Shareholders' equity increased by $6.4 million to $345.5 million at September 30, 2025, primarily due to increases in net income and the fair value of the securities portfolio[210] - The Company had approximately $365.8 million of uninsured deposits for approximately 1,462 customers as of September 30, 2025[237] Interest Rate Risk Management - WaterStone Bank's interest rate risk management strategy includes emphasizing variable rate loans and reducing the expected average life of the investment portfolio[245] - The most recent income simulation indicates that a 100 basis point increase in interest rates would decrease forecast net interest income over the next 12 months by 3.60%[249] - Conversely, a 100 basis point decrease in interest rates would increase net interest income by 1.01%[249] - The Asset/Liability Committee meets at least weekly to review asset/liability policies and interest rate risk position[244] - The bank's interest rate risk exposure is regularly monitored and evaluated quarterly[246]

Revenue Growth - Total revenue for Q3 2025 increased by 19% to $60.2 million, with product revenue reaching a record $52.7 million, up 15% year-over-year[1][3][4] - Government contract revenue for Q3 2025 was $7.5 million, a 63% increase from $4.6 million in the prior year, driven by R&D activities related to the INTERCEPT RBC program[5][3] - Hospital demand for INTERCEPT fibrinogen complex (IFC) in the U.S. rose significantly, with Q3 sales totaling $3.9 million, up from $2.3 million in the prior year, reflecting a 110% increase in volumes[3][4] - The company raised its full-year 2025 product revenue guidance to a range of $202 million to $204 million, indicating a growth of 12% to 13% from 2024[1][15] - Product revenue for Q3 2025 reached $52.698 million, a 15% increase from $46.017 million in Q3 2024[30] Profitability and Expenses - Non-GAAP adjusted EBITDA for Q3 2025 was $5.0 million, compared to $4.4 million in the same period last year, with a positive adjusted EBITDA expected for the full year[11][12] - Product gross profit for Q3 2025 was $28.1 million, a 7% increase year-over-year, while product gross margin decreased to 53.4% from 56.9% due to inflationary pressures and higher production costs[6][3] - Total operating expenses for Q3 2025 were $34.4 million, reflecting an 8% increase from $31.8 million in the prior year[7][3] - Selling, general and administrative expenses for Q3 2025 totaled $18.618 million, compared to $17.786 million in Q3 2024, reflecting a 5% increase[30] Research and Development - R&D expenses for Q3 2025 increased to $15.8 million, driven by higher government contract costs and enrollment in the Phase 3 RedeS trial[8][3] - The company completed enrollment in the U.S. RedeS trial, with results expected in the second half of 2026, further supporting its product development efforts[3][4] - Research and development expenses for Q3 2025 were $15.825 million, up from $14.013 million in Q3 2024, indicating a 13% increase[30] Financial Position - Cash, cash equivalents, and short-term investments stood at $78.5 million as of September 30, 2025, with $1.9 million generated from operations during the quarter[13][14] - Total current assets as of September 30, 2025, were $167.127 million, up from $152.022 million at the end of 2024, indicating a 10% increase[32] - Total liabilities as of September 30, 2025, were $152.981 million, compared to $144.021 million at the end of 2024, reflecting a 6% increase[32] Net Loss - Net loss attributable to Cerus Corporation for Q3 2025 was $19 thousand, a significant improvement from a net loss of $2.934 million in Q3 2024[30]