Peloton Announces Q1 2026 Financial Results, Raises Full Year 2026 Adjusted EBITDA Guidance Cash Provided by Operating Activities was $72 million; Free Cash Flow* was $67 million, an increase of $57 million year-over-year NEW YORK, NY – November 6, 2025 – Peloton Interactive, Inc. today reported financial results for the quarter ended September 30, 2025. Q1 FY2026 Financial Highlights "In this quarter leading up to the launch of our new equipment lineup and Peloton IQ, our team once again demonstrated the p ...

Revenue and Profitability - Revenue for the three months ended September 30, 2025, was $2,134,588, an increase of $603,324 or 39% compared to $1,531,264 in the same period of 2024, driven by growth in both enterprise and retail channels [184]. - Gross profit for the three months ended September 30, 2025, was $840,388, representing an increase of $440,901 or 110% from $399,487 in the same period of 2024, with a gross margin of 39.4% compared to 26.1% in 2024 [186]. - For the three months ended September 30, 2025, net income totaled $1,603,465, an increase of $3,747,715 or 174% compared to a net loss of $2,144,250 for the same period in 2024 [192]. - Revenue for the nine months ended September 30, 2025, was $6,300,857, representing an increase of $2,739,554 or 77% from $3,561,303 in the same period in 2024, driven by growth in the retail channel and enterprise sales [193]. - Gross margin for the nine months ended September 30, 2025, was $2,131,873, an increase of $1,139,779 or 115%, with a gross margin percentage of 33.8% compared to 27.9% in 2024 [195]. Expenses - Operating expenses increased to $636,705 for the three months ended September 30, 2025, up $418,579 or 192% from $218,126 in the same period of 2024, primarily due to costs associated with the new motor factory [187]. - General and administrative expenses increased to $4,730,063 for the three months ended September 30, 2025, up $3,355,074 or 244% from $1,374,989 in the same period of 2024, largely due to increased non-cash stock compensation [190]. - Operating expenses for the nine months ended September 30, 2025, totaled $1,343,584, an increase of $799,364 or 147% from $544,220 in 2024, primarily related to warehouse operations and new motor production facility costs [196]. - General and administrative expenses for the nine months ended September 30, 2025, totaled $15,151,160, an increase of $11,422,411 or 306% from $3,728,749 in 2024, largely due to increased stock-based compensation [199]. Research and Development - Research and development expenses rose to $39,369 for the three months ended September 30, 2025, an increase of $24,369 or 162% compared to $15,000 in the same period of 2024, reflecting ongoing new product development [188]. - Research and development expenses for the nine months ended September 30, 2025, were $110,002, an increase of $67,924 or 161% compared to $42,078 in 2024, focusing on new product development [197]. Cash and Assets - As of September 30, 2025, current assets totaled $91,704,048, with cash balances of $64,285,750 and current liabilities of $5,933,935, resulting in net working capital of $85,770,113 [206]. - As of November 6, 2025, the company had approximately $133.0 million in cash, sufficient to fund operating plans for more than the next 12 months [209]. Orders and Acquisitions - The company secured a $12.8 million defense purchase order from Strategic Logix for NDAA compliant components, covering over 160,000 manufactured components [175]. - A purchase order from the U.S. Army's 101 Airborne Division for 3,500 NDAA-compliant motors was secured, with plans for an additional order of 20,000 components in 2026 [173]. - The acquisition of Rotor Lab Pty Ltd was finalized on September 3, 2025, for $4 million in common stock, with potential additional earnout consideration of up to $3 million [172]. Capital and Executive Appointments - The company entered into a Capital on Demand Sales Agreement to issue and sell up to $300 million worth of common stock, with $72.1 million raised from the sale of 4,666,600 shares at an average price of $15.46 per share in October 2025 [167][169]. - The company appointed several key executives in 2025, including a Vice President of Engineering and a Vice President of Marketing, to enhance its operational capabilities and market presence [179][180].

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 September 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 001-41109 INTENSITY THERAPEUTICS, INC. (Exact name of registra ...

Financial Performance - Total revenue for Q3 2025 was $115.593 million, a 12.5% increase from $102.638 million in Q3 2024[19] - Subscription revenue reached $114.720 million, up from $101.813 million year-over-year, representing a 12.7% growth[19] - Gross profit for Q3 2025 was $89.809 million, compared to $79.406 million in Q3 2024, reflecting a 13.0% increase[19] - Net loss for Q3 2025 was $9.381 million, an improvement from a net loss of $17.087 million in Q3 2024[21] - Operating expenses totaled $98.920 million in Q3 2025, slightly up from $96.285 million in Q3 2024[19] - Revenue recognized during the three months ended September 30, 2025, from deferred revenue at the beginning of the period was $81.2 million, compared to $70.1 million for the same period in 2024[46] - Revenue for the three months ended September 30, 2025, was $115,593,000, representing an increase from $102,638,000 in the same period of 2024, a growth of approximately 12.5%[79] - The net loss attributable to common shareholders for the three months ended September 30, 2025, was $(9,381,000), compared to $(17,087,000) for the same period in 2024, indicating a reduction in losses[81] - Basic and diluted net loss per share for the three months ended September 30, 2025, was $(0.16), an improvement from $(0.30) in the same period of 2024[81] Assets and Equity - Cash and cash equivalents increased to $90.639 million as of September 30, 2025, from $86.437 million at the end of 2024[14] - Total assets grew to $481.396 million as of September 30, 2025, compared to $428.341 million at December 31, 2024[14] - The total stockholders' equity rose to $194.126 million as of September 30, 2025, up from $166.594 million at the end of 2024[16] - The total stockholders' equity increased to $194,126 thousand as of September 30, 2025, up from $158,086 thousand at the same date in 2024, representing a growth of about 22.8%[25] Cash Flow and Operating Activities - Cash provided by operating activities for the nine months ended September 30, 2025, was $32,492 thousand, compared to $22,179 thousand for the same period in 2024, indicating a year-over-year increase of approximately 46.5%[27] - The total cash, cash equivalents, and restricted cash at the end of the period was $92,572 thousand, compared to $86,855 thousand at the end of September 2024, marking an increase of approximately 6.5%[27] - Cash payments related to operating leases for the nine months ended September 30, 2025, were $4.7 million, down from $6.2 million in the same period in 2024[51] Acquisitions and Goodwill - The company incurred $50,333 thousand in payments for business acquisitions during the nine months ended September 30, 2025[27] - The acquisition of NewsWhip was completed on July 30, 2025, for a total purchase consideration of $63.978 million, which includes an upfront cash payment of $52.3 million and contingent consideration valued at $8.5 million[91][92][97] - Goodwill increased significantly to $166.972 million from $121.315 million, indicating potential acquisitions or market expansion[14] - Goodwill resulting from the acquisition of NewsWhip amounted to $45.657 million, increasing the total goodwill balance to $166.972 million as of September 30, 2025[95][104] - The company acquired net operating loss carryforwards of approximately $31.8 million from NewsWhip, with a full valuation allowance recorded on the related deferred tax asset[101] Legal and Regulatory Matters - The company is currently facing multiple legal actions related to alleged securities fraud, which could have material impacts on its financial position[75] - The company has recorded a full valuation allowance on its deferred tax assets related to domestic operations due to historical operating losses[55] Future Expectations - As of September 30, 2025, the company expects to recognize $357.1 million in revenue from remaining performance obligations, with 72% expected to be recognized in the next 12 months[47] Stock and Shares - The company reported a weighted-average share count of 58,930,087 for Q3 2025, compared to 57,179,710 in Q3 2024[19] - The total number of shares outstanding increased from 57,398,808 shares as of September 30, 2024, to 59,175,178 shares as of September 30, 2025[25] - The weighted average common shares outstanding for the three months ended September 30, 2025, was 58,930,087, compared to 57,179,710 for the same period in 2024[81] Contingent Consideration - The company has a contingent consideration liability of $8,450,000 related to the acquisition of NewsWhip Group Holdings Limited, based on future performance metrics[86] - The fair value of contingent consideration in connection with business acquisition was reported at $8,450 thousand as of September 30, 2025[28] - The fair value of the contingent consideration was determined using a scenario-based approach, classified as Level 3 within the fair value hierarchy[100] - The fair value of the acquired intangible assets was estimated at $24.85 million, with significant components including customer relationships valued at $15.2 million and acquired technology at $8.4 million[101] Other Financial Metrics - The company recorded $2.7 million in restructuring charges for the nine months ended September 30, 2025, with cash payments totaling $2.9 million related to these plans[38] - Stock-based compensation expense for the nine months ended September 30, 2025, was $58,990 thousand, slightly lower than $61,850 thousand for the same period in 2024[27] - Total stock-based compensation for the nine months ended September 30, 2025, was $58.99 million, compared to $61.85 million for the same period in 2024[62] - The company recognized $4,622 thousand in amortization of acquired intangible assets for the nine months ended September 30, 2025, compared to $4,677 thousand for the same period in 2024[27] - Amortization of intangible assets for the nine months ended September 30, 2025, totaled $4.6 million, with expected future amortization expenses outlined for the next several years[105]

Financial Performance - Curis reported a net loss of $7.7 million or $0.49 per share for Q3 2025, an improvement from a net loss of $10.1 million or $1.70 per share in Q3 2024[12]. - Revenues for Q3 2025 were $3.2 million, up from $2.9 million in Q3 2024, with total revenues of $8.3 million for the nine months ended September 30, 2025, compared to $7.6 million for the same period in 2024[13]. - Curis reported net revenues of $3,176,000 for the three months ended September 30, 2025, an increase of 8.4% compared to $2,931,000 for the same period in 2024[26]. - Total operating expenses for the three months ended September 30, 2025, were $10,100,000, down 25.3% from $13,498,000 in the same period of 2024[26]. - The net loss for the three months ended September 30, 2025, was $7,729,000, a decrease of 23.5% compared to a net loss of $10,092,000 for the same period in 2024[26]. Expenses - Research and development expenses decreased to $6.4 million in Q3 2025 from $9.7 million in Q3 2024, totaling $22.4 million for the nine months ended September 30, 2025, down from $29.6 million in the same period in 2024[14]. - General and administrative expenses slightly decreased to $3.7 million in Q3 2025 from $3.8 million in Q3 2024, totaling $11.2 million for the nine months ended September 30, 2025, compared to $13.4 million in the same period in 2024[15]. Cash and Assets - Curis has cash and cash equivalents totaling $9.1 million as of September 30, 2025, which is expected to fund operations into Q1 2026[17]. - Curis's cash and cash equivalents decreased to $9,051,000 as of September 30, 2025, from $19,997,000 as of December 31, 2024[28]. - Total assets decreased to $27,641,000 as of September 30, 2025, from $41,265,000 as of December 31, 2024[28]. - Curis reported a weighted average of 15,680,178 common shares outstanding for the three months ended September 30, 2025[26]. Liabilities and Stockholders' Deficit - Total liabilities were $42,332,000 as of September 30, 2025, down from $47,263,000 as of December 31, 2024[28]. - Curis's total stockholders' deficit increased to $14,691,000 as of September 30, 2025, compared to $5,998,000 as of December 31, 2024[28]. Clinical Development - Curis is advancing clinical studies in PCNSL, CLL, and AML, with initial data from the frontline AML triplet study expected to be presented at the ASH annual meeting in December 2025[3]. - The company is initiating a Phase 2 study of emavusertib in combination with a BTK inhibitor in CLL, with the first patient expected to be dosed in late Q4 2025 or early Q1 2026[8]. - Curis aims to achieve accelerated approval for emavusertib in PCNSL in the US and Europe, having received orphan drug designation from both the FDA and EMA[8]. - Curis will present updated PCNSL and SCNSL data at the Society for Neuro-Oncology annual meeting in November 2026[19]. Competition and Risks - The company faces substantial competition and requires significant additional capital to fund its operations and development of emavusertib[23]. - The company may face risks related to regulatory approvals and potential adverse decisions from authorities, which could impact its business prospects[23]. Funding Activities - The company completed a registered direct offering and concurrent private placement to extend its cash runway into 2026[10].

Revenue Performance - For the three months ended September 30, 2025, total revenue was $166.7 million, a decrease of $22.2 million or 11.8% compared to $188.9 million in the same period of 2024[101] - Revenue from the Rocky Mountains segment decreased by $17.1 million or 25.2%, primarily due to lower weighted average volume[101] - The Southwest segment revenue decreased by $12.0 million or 17.5%, with lower weighted average price contributing approximately 33% to the decline[101] - The Northeast/Mid-Con segment revenue increased by $6.9 million or 13.2%, driven entirely by higher weighted average price[101] - For the nine months ended September 30, 2025, total revenue was $479.7 million, a decrease of $64.1 million, or 11.8%, compared to the prior year[110] - The Rocky Mountains segment revenue decreased by $22.2 million, or 12.7%, while the Southwest segment revenue decreased by $27.3 million, or 13.1%[110] Cost and Expenses - Cost of sales for the quarter was $130.5 million, representing 78.3% of sales, compared to $142.3 million or 75.3% of sales in the prior year[102] - Labor costs per employee increased by 0.5% compared to the same period in 2024, while repair and maintenance costs as a percentage of revenues increased by 4.1%[102] - Cost of sales for the nine months ended September 30, 2025, was $379.9 million, or 79.2% of sales, up from 77.7% in the prior year[111] - For the quarter ended September 30, 2025, SG&A expenses were $15.6 million, or 9.4% of revenues, down from $21.2 million, or 11.2% of revenues in the prior year[103] Operating Performance - The total operating loss for the quarter was $3.0 million, compared to an operating income of $1.1 million in the prior year, reflecting a decline in activity and pricing[105] - For the nine months ended September 30, 2025, net loss was $62.1 million, compared to a net loss of $38.4 million in the prior year[117] - Operating loss for the Rocky Mountains segment was $4.9 million, down from $19.0 million in the prior year, a decrease of 74.2%[114] Liquidity and Capital Structure - As of September 30, 2025, the company had $8.3 million in cash and cash equivalents, with total liquidity of $65.2 million[118] - The company completed a refinancing of long-term indebtedness on March 12, 2025, issuing approximately $232.2 million in 2030 Senior Notes[123] - The 2030 Senior Notes will mature on March 12, 2030, and bear a floating interest rate based on Term SOFR plus an applicable margin[124] - As of September 30, 2025, the outstanding principal amount under the 2030 Senior Notes was $241.7 million, with total debt related to these notes at $219.2 million after accounting for unamortized costs[130] - The effective interest rate for the 2030 Senior Notes was approximately 12.67% as of September 30, 2025[130] - The Company incurred capital expenditures of $39.7 million during the nine months ended September 30, 2025, down from $49.8 million in the same period of 2024[142] - The Company expects total capital expenditures for the year ending December 31, 2025, to be between $42.5 million and $47.5 million[142] Cash Flow - Cash flows used in operating activities for the nine months ended September 30, 2025, were approximately $5.0 million, compared to $28.2 million provided in the same period of 2024[149] - The Company had $8.3 million in cash and cash equivalents as of September 30, 2025, a decrease of $83.2 million from the previous period[150] - Net cash used in financing activities was $49.1 million for the nine months ended September 30, 2025, compared to $17.4 million in the same period of 2024[154] - The New ABL Facility has a total commitment of $125.0 million and an effective interest rate of approximately 9.02% as of September 30, 2025[136] - The Company had $40.0 million in borrowings outstanding under the New ABL Facility as of September 30, 2025[136] Financial Metrics and Reporting - The company evaluates its financial condition based on GAAP-compliant condensed consolidated financial statements, which involve estimates and assumptions that may lead to materially different reported amounts under varying conditions[155] - Adjusted EBITDA is utilized as a key performance indicator, allowing the company to assess operating performance without regard to financing methods or capital structure[158] - Adjusted EBITDA is defined as net earnings (loss) before interest, taxes, depreciation, and amortization, adjusted for specific items such as goodwill impairment and stock-based compensation[159] - The company recognizes the cyclical nature of its business and emphasizes the importance of metrics to measure operational trends and set performance baselines[157] - Adjusted EBITDA Margin is calculated as Adjusted EBITDA expressed as a percentage of revenue, providing insight into profitability relative to sales[159] - The company continues to evaluate recently issued accounting pronouncements for future adoption, indicating a proactive approach to compliance[156] - The financial performance measures are designed to provide a clearer picture of the company's ongoing operations, excluding items that may not reflect current performance[158] - The company acknowledges that actual results may differ from estimates and assumptions used in financial statement preparation, highlighting the inherent uncertainties in financial reporting[155] - The company’s Adjusted EBITDA calculations may not be directly comparable to similar measures used by other companies in the industry[160] - As a smaller reporting company, the company is not required to disclose certain market risk information, which may limit the available data for investors[161] Strategic Initiatives - The company plans to pursue strategic, accretive acquisitions to strengthen its competitive positioning and drive long-term stockholder value[83] - The company has developed tools covered by 39 patents and 6 pending patent applications, enhancing its competitive edge in the market[88]

Financial Performance - Total net revenues for Q3 2025 increased by 35% to $4,764,000 compared to $3,518,000 in Q3 2024[107] - Operating income increased by 52% to $314,000 compared to $206,000 in the previous year[107] - Net income for Q3 2025 was $337,000, an 84% increase from $183,000 in Q3 2024[107] - Net revenues increased by $1.2 million, or 35%, for the three months ended September 30, 2025, driven by higher programmatic revenue and service revenue growth[108] - Total net revenues for the nine months ended September 30, 2025, increased by $3.8 million, or 37%, compared to the same period in 2024, driven by programmatic and emergency response revenue growth[116] Gross Margin - Gross margin remained stable at 61%, with a gross margin increase of 36% to $2,915,000 from $2,149,000[107] - Gross margin was approximately 61% for the three months ended September 30, 2025, consistent with the same period in 2024[109] - Gross margin increased to approximately 63% for the nine months ended September 30, 2025, compared to approximately 61% for the same period in 2024[117] Expenses - Research and development expenses rose by 80% to $338,000, up from $188,000, indicating a focus on innovation[107] - Selling, general and administrative expenses increased by approximately $508,000, or 30%, for the three months ended September 30, 2025, primarily due to higher sales commissions and employee bonuses[110] - Research and development expenses increased approximately $150,000, or 80%, due to higher employee bonuses and salary expenses[111] - Selling, general and administrative expenses increased by $880,000, or 15%, for the nine months ended September 30, 2025, due to higher sales commissions and employee bonuses[118] - Research and development expenses increased by $290,000, or 44%, primarily due to higher employee bonuses and salary expenses[119] Cash Flow - Net cash provided by operating activities was $1.4 million for the nine months ended September 30, 2025, compared to net cash used in operating activities of approximately $1.8 million for the same period in 2024[127] - Cash and cash equivalents increased to $5.171 million as of September 30, 2025, compared to $3.760 million as of December 31, 2024[124] Product Development and Market Expansion - The company’s ultrafilters and microfilters are FDA 510(k)-cleared Class II medical devices, ensuring validated performance in critical-use environments[79] - Nephros has expanded its product portfolio with a new solution for Total PFAS reduction, addressing emerging waterborne contaminants[80] - The company anticipates growth in commercial markets, particularly in food service and hospitality sectors, following a new supply agreement with Donastar[97] - Nephros filters are increasingly relevant in schools and federally regulated facilities due to their Total PFAS reduction capabilities[86] - The company expects future revenue from the commercial market to potentially surpass its infection control revenue as demand for water testing and filtration grows[99]

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: 001-39473 LENSAR, INC. (Exact name of registrant as specified in its charter) Delaware 32-0125724 (State or other jurisdiction ...

Financial Performance - The gross profit for the three months ended September 30, 2025, was $7.3 million, compared to $7.2 million for the same period in 2024, reflecting a slight increase[112]. - For the nine months ended September 30, 2025, the gross profit was $23.7 million, compared to $23.8 million for the same period in 2024, indicating a marginal decrease[113]. - The Company recorded operating income of $1.3 million for the three months ended September 30, 2025, compared to $1.5 million for the same period in 2024[112]. - The operating income for the nine months ended September 30, 2025, was $4.9 million, down from $7.6 million for the same period in 2024[113]. Investments and Receivables - As of September 30, 2025, the Company held a gross balance of investments in notes receivable of $28.4 million, with the largest borrower's balance at $21.7 million, representing 76% of total gross notes receivable[43]. - The allowance for credit losses as of September 30, 2025, was approximately $1.467 million, with specific allocations of $134,000 for accounts receivable, $346,000 for notes receivable, and $987,000 for equity method investments[47]. - The Company's notes receivable balance related to loans to buyers of charged-off and nonperforming receivable portfolios was $8.9 million as of September 30, 2025, down from $9.6 million as of December 31, 2024[64]. - The Company performed a quarterly review of all outstanding loan receivables to assess credit quality and potential impairment indicators[53]. - The Company engaged in a due diligence process to mitigate concentration risk, requiring security from each borrower and leveraging its valuation expertise[45]. - The Company has not experienced significant collectability issues with its accounts receivable, which are primarily related to well-known academic and financial institutions[49]. Stock and Compensation - The Company issued options to purchase 70,000 shares of common stock and canceled 83,500 options during the nine months ended September 30, 2025[68]. - As of September 30, 2025, there were 2,204,100 outstanding options with a weighted average exercise price of $1.74 and an intrinsic value of $761,000[68]. - Stock-based compensation expense related to common stock options was $0.4 million for both the nine months ended September 30, 2025 and 2024[68]. - The Company recognized stock-based compensation expense of approximately $0.4 million for restricted stock awards for the nine months ended September 30, 2025 and 2024[72]. - The unrecognized stock-based compensation expense related to unvested common stock options was approximately $0.6 million as of September 30, 2025[68]. Joint Ventures - The Company's joint ventures generated total revenues of $8.264 million for the nine months ended September 30, 2025, compared to $21.692 million for the same period in 2024[75]. - The net income from joint ventures for the nine months ended September 30, 2025, was $7,875,000, compared to $13,353,000 for the same period in 2024[75]. - As of September 30, 2025, the Company recognized approximately $1.2 million in life-to-date earnings from equity method investments related to KNFH II LLC[77]. Assets and Liabilities - The total right-of-use assets as of September 30, 2025, amounted to $1,694,000, down from $2,208,000 as of December 31, 2024[88]. - The total lease liabilities as of September 30, 2025, were $1,799,000, compared to $2,317,000 as of December 31, 2024[88]. - The Company purchased real estate for $7.4 million on February 11, 2025, which includes $2.8 million allocated to the building and $4.6 million to the land[91]. - As of September 30, 2025, total property and equipment, net, was $9,486,000, an increase from $1,643,000 as of December 31, 2024[92]. - The total estimated principal repayments on outstanding debt as of September 30, 2025, were $4,100,000, with no current debt outstanding[96]. - The Company’s goodwill remained unchanged at $7,446,000 as of September 30, 2025, compared to December 31, 2024[95]. - Amortization expense for the nine months ended September 30, 2025, was $0.2 million, down from $0.3 million for the same period in 2024[93]. Regulatory and Compliance - The Company plans to adopt ASU 2025-05 related to credit losses for accounts receivable and contract assets for the fiscal year beginning January 1, 2026[59]. - The Company anticipates that ASU 2024-03 will require additional disclosures related to income statement expense information starting with the Annual Report for the year ended December 31, 2026[58]. - The Company entered into a Loan Modification Agreement on December 27, 2024, extending the maturity date of the 2021 Credit Facility to June 27, 2026, and raising the interest rate floor by 0.25% to 7.0%[101]. - As of September 30, 2025, there was no outstanding balance on the 2021 Credit Facility, and the Company was in compliance with all financial and negative covenants[102]. - The Company had aggregate federal net operating loss carry-forwards of $41.0 million as of September 30, 2025, with $22.5 million expected to be utilized[107]. - The Company does not expect the One Big Beautiful Bill Act to have a material impact on its annual effective tax rate in 2025[110].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Address of principal executive offices including zip code) (State or other jurisdiction of incorporation or organization) Delaware 45-3757789 (I.R.S. Employer Identification No.) P.O. Box 125 Stewartsville, New Jersey 08886 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SEC ...