[Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Highlights) Q3 FY2025 net sales declined 10.2% due to tariffs and soft demand, with increased net income and reaffirmed free cash flow - The company's Q3 results were significantly impacted by a **145% tariff** on Chinese imports, which led to a temporary halt in purchases from China and stop shipments to retailers during price negotiations[3](index=3&type=chunk) - Management has taken corrective actions, including diversifying the supply base, implementing initial pricing adjustments to counter tariffs, and achieving over **$50 million** in cost reductions in fiscal 2025[3](index=3&type=chunk)[5](index=5&type=chunk) Q3 FY2025 Key Performance Indicators (in millions) | Metric | Value | Change (YoY) | | :--- | :--- | :--- | | Net Sales | $699.6 | -10.2% | | Organic Net Sales | - | -11.1% | | Net Income from Continuing Operations | $20.5 | +$1.4 | | Adjusted EBITDA | $76.6 | -$29.7 | | Free Cash Flow Guidance (FY25) | ~$160 | Reaffirmed | | Shares Repurchased (Q3) | 0.9M shares ($54.4) | - | - The company repurchased **17.1 million** shares for **$1.3 billion** since the HHI divestiture, reducing shares outstanding to **24.2 million**[4](index=4&type=chunk) [Consolidated Financial Performance](index=2&type=section&id=Consolidated%20Financial%20Performance) Q3 FY2025 consolidated net sales declined 10.2% and Adjusted EBITDA fell 27.9%, with net income from continuing operations increasing Q3 FY2025 Consolidated Financial Results (vs. Q3 FY2024) (in millions) | Metric | Q3 FY2025 | Q3 FY2024 | Change | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Net Sales | $699.6 | $779.4 | ($79.8) | (10.2)% | | Gross Profit | $264.1 | $302.8 | ($38.7) | (12.8)% | | Gross Margin | 37.8% | 38.9% | (110) bps | - | | Operating Income | $31.3 | $47.7 | ($16.4) | (34.4)% | | Net Income (Continuing Ops) | $20.5 | $19.1 | $1.4 | 7.3% | | Adjusted EBITDA | $76.6 | $106.3 | ($29.7) | (27.9)% | | Adjusted EBITDA Margin | 10.9% | 13.6% | (270) bps | - | | Adjusted EPS (Continuing Ops) | $1.24 | $1.13 | $0.11 | 9.7% | - The net sales decline was primarily attributed to stop shipments during price negotiations, tariff-related supply constraints, and category softness in Global Pet Care and Home & Personal Care[7](index=7&type=chunk) - Adjusted diluted EPS increased to **$1.24**, driven by lower income tax, reduced interest expense, and a reduction in outstanding shares, which offset the impact of lower adjusted EBITDA[12](index=12&type=chunk) [Segment Performance](index=3&type=section&id=Segment%20Performance) All three segments saw Q3 FY2025 net sales decline, with GPC and HPC impacted by supply issues and H&G by weather [Global Pet Care (GPC)](index=3&type=section&id=Global%20Pet%20Care%20%28GPC%29) GPC Q3 FY2025 Performance (vs. Q3 FY2024) (in millions) | Metric | Q3 FY2025 | Q3 FY2024 | Change (%) | | :--- | :--- | :--- | :--- | | Net Sales | $255.2 | $282.2 | (9.6)% | | Organic Net Sales | - | - | (11.4)% | | Adjusted EBITDA | $44.0 | $56.7 | (22.4)% | | Adjusted EBITDA Margin | 17.2% | 20.1% | (290) bps | - The sales decline was driven by low double-digit drops in both Companion Animal and Aquatics categories. North American sales were hurt by stop shipments, supply constraints from pausing Chinese purchases, and overall category weakness[8](index=8&type=chunk) [Home & Garden (H&G)](index=3&type=section&id=Home%20%26%20Garden%20%28H%26G%29) H&G Q3 FY2025 Performance (vs. Q3 FY2024) (in millions) | Metric | Q3 FY2025 | Q3 FY2024 | Change (%) | | :--- | :--- | :--- | :--- | | Net Sales | $189.2 | $211.0 | (10.3)% | | Adjusted EBITDA | $38.6 | $43.3 | (10.9)% | | Adjusted EBITDA Margin | 20.4% | 20.5% | (10) bps | - The 10.3% net sales decrease was primarily caused by unfavorable seasonal weather compared to the prior year, which delayed replenishment orders[10](index=10&type=chunk) [Home & Personal Care (HPC)](index=4&type=section&id=Home%20%26%20Personal%20Care%20%28HPC%29) HPC Q3 FY2025 Performance (vs. Q3 FY2024) (in millions) | Metric | Q3 FY2025 | Q3 FY2024 | Change (%) | | :--- | :--- | :--- | :--- | | Net Sales | $255.2 | $286.2 | (10.8)% | | Organic Net Sales | - | - | (11.4)% | | Adjusted EBITDA | $7.0 | $11.8 | (40.7)% | | Adjusted EBITDA Margin | 2.7% | 4.1% | (140) bps | - Sales were negatively impacted by weak consumer sentiment in the US and EMEA, stop shipments during tariff negotiations, and supply constraints. However, LATAM organic net sales grew by low double-digits[13](index=13&type=chunk) [Financial Position and Outlook](index=4&type=section&id=Liquidity%20and%20Debt) Spectrum Brands maintained $510.5 million liquidity and $559.1 million net debt, reaffirmed FY2025 free cash flow, but suspended earnings framework Liquidity and Debt Position (as of June 29, 2025) | Item | Amount (in millions) | | :--- | :--- | | Cash Balance | $122.0 | | Revolver Capacity (undrawn) | $388.5 | | **Total Liquidity** | **$510.5** | | Total Debt Outstanding | $681.1 | | **Net Debt** | **$559.1** | - The company reaffirmed its expectation to generate approximately **$160 million** of free cash flow in Fiscal 2025[16](index=16&type=chunk) - Due to uncertainty from global trade conditions, tariffs, and soft consumer demand, the company is not providing a Fiscal 2025 earnings framework[16](index=16&type=chunk) - The company continues to target a long-term net leverage ratio of **2.0 - 2.5 times**[16](index=16&type=chunk) [Financial Statements](index=11&type=section&id=Financial%20Statements) Unaudited financial statements show lower Q3 revenue and operating income but higher net income from continuing operations, with reduced cash from operations and lower total assets [Condensed Consolidated Statements of Income](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Income Statement Summary - Three Months Ended | (in millions) | June 29, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Net sales | $699.6 | $779.4 | | Gross profit | $264.1 | $302.8 | | Operating income | $31.3 | $47.7 | | Net income from continuing operations | $20.5 | $19.1 | | Net income | $19.7 | $6.0 | [Condensed Consolidated Statements of Cash Flow](index=12&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flow) Cash Flow Summary - Nine Months Ended | (in millions) | June 29, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $32.5 | $81.9 | | Net cash (used) provided by investing activities | ($25.2) | $885.0 | | Net cash used by financing activities | ($245.0) | ($1,563.9) | | Net change in cash | ($245.0) | ($596.2) | [Condensed Consolidated Statements of Financial Position](index=13&type=section&id=Condensed%20Consolidated%20Statements%20of%20Financial%20Position) Balance Sheet Summary | (in millions) | June 29, 2025 | Sept 30, 2024 | | :--- | :--- | :--- | | Total current assets | $1,338.9 | $1,578.6 | | Total assets | $3,542.3 | $3,842.3 | | Total current liabilities | $553.1 | $687.1 | | Total liabilities | $1,648.5 | $1,700.6 | | Total equity | $1,893.8 | $2,141.7 | [Supplemental Information (Non-GAAP Reconciliations)](index=14&type=section&id=Supplemental%20Information%20%28Non-GAAP%20Reconciliations%29) This section provides GAAP to non-GAAP reconciliations for organic net sales, Adjusted EBITDA, Adjusted Diluted EPS, and Adjusted Free Cash Flow, enhancing insight into core operational performance [Net Sales and Organic Net Sales](index=14&type=section&id=Net%20Sales%20and%20Organic%20Net%20Sales) Q3 FY2025 Net Sales to Organic Net Sales Reconciliation | (in millions) | Net Sales | FX Effect | Organic Net Sales | YoY Organic Change | | :--- | :--- | :--- | :--- | :--- | | GPC | $255.2 | ($5.3) | $249.9 | (11.4)% | | H&G | $189.2 | $0.1 | $189.3 | (10.3)% | | HPC | $255.2 | ($1.6) | $253.6 | (11.4)% | | **Total** | **$699.6** | **($6.8)** | **$692.8** | **(11.1)%** | [Adjusted EBITDA and Adjusted EBITDA Margin](index=15&type=section&id=Adjusted%20EBITDA%20and%20Adjusted%20EBITDA%20Margin) Q3 FY2025 Net Income to Adjusted EBITDA Reconciliation | (in millions) | Q3 FY2025 | Q3 FY2024 | | :--- | :--- | :--- | | Net income from continuing operations | $20.5 | $19.1 | | Adjustments (Taxes, Interest, D&A, etc.) | $49.8 | $67.8 | | Other Adjustments (Impairment, Restructuring, etc.) | $6.3 | $19.4 | | **Adjusted EBITDA** | **$76.6** | **$106.3** | [Adjusted Diluted EPS](index=16&type=section&id=Adjusted%20Diluted%20EPS) Q3 FY2025 Diluted EPS to Adjusted Diluted EPS Reconciliation | (per share amounts) | Q3 FY2025 | Q3 FY2024 | | :--- | :--- | :--- | | Diluted EPS from continuing operations | $0.83 | $0.66 | | Pre-tax adjustments | $0.65 | $0.68 | | Tax impact of adjustments | ($0.24) | ($0.21) | | **Adjusted Diluted EPS** | **$1.24** | **$1.13** | [Adjusted Free Cash Flow](index=17&type=section&id=Adjusted%20Free%20Cash%20Flow) YTD FY2025 Operating Cash Flow to Adjusted Free Cash Flow | (in millions) | Nine Months Ended June 29, 2025 | | :--- | :--- | | Net cash provided by operating activities | $33.1 | | Purchases of property, plant and equipment | ($25.1) | | **Free cash flow** | **$8.0** | | Adjustments (Deal costs, etc.) | $4.6 | | **Adjusted free cash flow** | **$12.6** | [Forward-Looking Statements](index=8&type=section&id=Forward-Looking%20Statements) This section details forward-looking statements and risks, including geopolitical and economic conditions, supplier reliance, tariffs, consumer spending, and supply chain complexities - The report identifies significant risks that could impact future performance, including[29](index=29&type=chunk)[30](index=30&type=chunk)[31](index=31&type=chunk) - Economic, social, and political conditions, including the Russia-Ukraine and Israel-Hamas wars - Reliance on third-party suppliers and distributors, especially with government intervention in China - The impact of tariffs, trade policies, inflation, and potential recession on the business - Fluctuations in transportation, fuel, and commodity costs - Loss of or reduced sales to any significant retail customer[29](index=29&type=chunk)[30](index=30&type=chunk)

INSTALLED BUILDING PRODUCTS REPORTS RECORD SECOND QUARTER 2025 RESULTS; DECLARES REGULAR QUARTERLY CASH DIVIDEND Columbus, Ohio, August 7, 2025, Installed Building Products, Inc. (the "Company" or "IBP") (NYSE: IBP), an industry-leading installer of insulation and complementary building products, today announced results for the second quarter ended June 30, 2025. Second Quarter 2025 Highlights (Comparisons are to Prior Year Period) Recent Developments • IBP's Board of Directors declared the third quarter re ...

[Financial & Operational Highlights](index=1&type=section&id=Financial%20%26%20Operational%20Highlights) Backblaze reported strong Q2 2025 results with 16% total revenue growth, 29% B2 Cloud Storage growth, significantly improved profitability, and key operational achievements in AI and cybersecurity Q2 2025 Financial Highlights (YoY) | Metric | Q2 2025 (USD) | Q2 2024 (USD) | % Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | $36.3 million | $31.3 million | +16% | | B2 Cloud Storage Revenue | $19.8 million | $15.3 million | +29% | | Computer Backup Revenue | $16.5 million | $15.9 million | +4% | | **Gross Profit** | $23.0 million | $17.2 million | +33.7% | | Gross Margin | 63% | 55% | +8 p.p. | | **Net Loss** | $(7.1) million | $(10.3) million | N/A | | Net Loss Per Share | $(0.13) | $(0.25) | N/A | | **Adjusted EBITDA** | $6.6 million | $2.7 million | +144% | | Adjusted EBITDA Margin | 18% | 9% | +9 p.p. | | **Non-GAAP Net Income (Loss)** | $0.8 million | $(4.8) million | N/A | - B2 Cloud Storage revenue growth accelerated sequentially from **23%** in Q1 to **29%** in Q2, solidifying the company's path to be Adjusted Free Cash Flow positive in **Q4 2025**[2](index=2&type=chunk) - Key operational developments include: - **AI Momentum**: Signed the first six-figure B2 Overdrive customer for AI workloads just two months after launch - **Cybersecurity**: Launched a suite of enterprise security features, including AI-powered 'Anomaly Alerts' - **Up-Market Growth**: The number of customers contributing over $50,000 in ARR grew **53%** year-over-year[2](index=2&type=chunk)[7](index=7&type=chunk) Key Business Metrics (YoY) | Metric | Q2 2025 (USD) | Q2 2024 (USD) | | :--- | :--- | :--- | | Annual Recurring Revenue (ARR) | $145.9 million (+16%) | N/A | | B2 Cloud Storage ARR | $80.7 million (+29%) | N/A | | Computer Backup ARR | $65.2 million (+3%) | N/A | | Net Revenue Retention (NRR) | 109% | 114% | | B2 Cloud Storage NRR | 112% | 126% | [Financial Outlook](index=2&type=section&id=Financial%20Outlook) The company issued positive Q3 2025 guidance and raised its full-year revenue forecast, expecting continued strong B2 Cloud Storage growth accelerating to over 30% by Q4 2025 Q3 and Full-Year 2025 Guidance | Metric | Q3 2025 Outlook (USD) | Full-Year 2025 Outlook (USD) | Previous FY2025 Outlook (USD) | | :--- | :--- | :--- | :--- | | **Revenue** | $36.7 million - $37.1 million | $145.0 million - $147.0 million | $144.0 million - $146.0 million | | **Adjusted EBITDA Margin** | 17% - 19% | 17% - 19% | N/A | B2 Business YoY Growth Outlook for 2025 | Quarter | Q1 2025 (Actual) | Q2 2025 (Actual) | Q3 2025 (Outlook) | Q4 2025 (Outlook) | | :--- | :--- | :--- | :--- | :--- | | **YoY Growth** | 23% | 29% | 28-30% | 30%+ | [Consolidated Financial Statements](index=7&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements detail the company's financial position and performance, reflecting growth in assets and liabilities, increased revenue, improved gross margins, a smaller net loss, and positive cash from operations [Condensed Consolidated Balance Sheets](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets increased to $186.0 million and total liabilities grew to $106.4 million, with cash and marketable securities totaling $50.5 million Balance Sheet Summary (in thousands) | Account | June 30, 2025 (in thousands USD) | December 31, 2024 (in thousands USD) | | :--- | :--- | :--- | | Cash and cash equivalents | $32,187 | $45,776 | | Marketable securities | $18,354 | $9,139 | | **Total Assets** | **$186,045** | **$168,558** | | Total current liabilities | $59,914 | $59,803 | | **Total Liabilities** | **$106,403** | **$90,936** | | **Total Stockholders' Equity** | **$79,642** | **$77,622** | [Condensed Consolidated Statements of Operations](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For Q2 2025, revenue grew 16% to $36.3 million, gross profit increased 33.7% to $23.0 million with margin expanding to 63%, and net loss significantly reduced to $7.1 million Statement of Operations Summary - Q2 (in thousands) | Account | Three Months Ended June 30, 2025 (in thousands USD) | Three Months Ended June 30, 2024 (in thousands USD) | | :--- | :--- | :--- | | **Revenue** | $36,298 | $31,285 | | **Gross Profit** | $23,041 | $17,229 | | Total operating expenses | $29,758 | $27,038 | | Loss from operations | $(6,717) | $(9,809) | | **Net Loss** | **$(7,097)** | **$(10,348)** | | Net loss per share | $(0.13) | $(0.25) | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash from operations improved to $8.5 million, while investing and financing activities resulted in a net decrease in cash of $13.6 million Cash Flow Summary (in thousands) | Activity | Six Months Ended June 30, 2025 (in thousands USD) | Six Months Ended June 30, 2024 (in thousands USD) | | :--- | :--- | :--- | | Net cash provided by operating activities | $8,488 | $5,643 | | Net cash used in investing activities | $(14,689) | $(4,942) | | Net cash used in financing activities | $(7,388) | $(3,376) | | **Net decrease in cash** | **$(13,589)** | **$(2,675)** | [Reconciliation of GAAP to Non-GAAP Measures](index=10&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Measures) This section reconciles key non-GAAP financial measures to GAAP, demonstrating significant improvement in underlying profitability with positive Non-GAAP net income, doubled Adjusted EBITDA, and nearly halved adjusted free cash flow burn [Adjusted Gross Profit](index=10&type=section&id=Adjusted%20Gross%20Profit) Adjusted gross profit for Q2 2025 was $28.8 million, with an adjusted gross margin of 79%, a slight improvement from 78% in Q2 2024 after excluding non-cash items Adjusted Gross Profit Reconciliation - Q2 (in thousands) | Metric | Q2 2025 (in thousands USD) | Q2 2024 (in thousands USD) | | :--- | :--- | :--- | | GAAP Gross Profit | $23,041 | $17,229 | | Stock-based compensation | $432 | $354 | | Depreciation and amortization | $5,384 | $6,879 | | **Adjusted Gross Profit** | **$28,844** | **$24,462** | | **Adjusted Gross Margin** | **79%** | **78%** | [Adjusted EBITDA](index=10&type=section&id=Adjusted%20EBITDA) Adjusted EBITDA for Q2 2025 more than doubled to $6.6 million from $2.7 million, with the margin expanding significantly to 18% from 9%, reflecting strong operating profitability improvement Adjusted EBITDA Reconciliation - Q2 (in thousands) | Metric | Q2 2025 (in thousands USD) | Q2 2024 (in thousands USD) | | :--- | :--- | :--- | | Net Loss | $(7,097) | $(10,348) | | Depreciation and amortization | $5,474 | $7,025 | | Stock-based compensation | $7,304 | $5,528 | | Other adjustments | $929 | $538 | | **Adjusted EBITDA** | **$6,610** | **$2,743** | | **Adjusted EBITDA Margin** | **18%** | **9%** | [Non-GAAP Net Income (Loss)](index=12&type=section&id=Non-GAAP%20Net%20Income%20%28Loss%29) In Q2 2025, Backblaze achieved a Non-GAAP net income of $0.8 million ($0.01 per share), a significant turnaround from a $4.8 million loss in Q2 2024, primarily by excluding stock-based compensation Non-GAAP Net Income (Loss) Reconciliation - Q2 (in thousands) | Metric | Q2 2025 (in thousands USD) | Q2 2024 (in thousands USD) | | :--- | :--- | :--- | | Net Loss | $(7,097) | $(10,348) | | Stock-based compensation | $7,304 | $5,528 | | Other adjustments | $549 | $(1) | | **Non-GAAP Net Income (Loss)** | **$756** | **$(4,821)** | | **Non-GAAP Net Income (Loss) per share** | **$0.01** | **$(0.11)** | [Adjusted Free Cash Flow](index=12&type=section&id=Adjusted%20Free%20Cash%20Flow) For the first six months of 2025, adjusted free cash flow outflow significantly improved to $(6.0) million from $(11.6) million, with the margin improving to (8)% from (19)%, indicating progress towards cash flow positivity Adjusted Free Cash Flow Reconciliation (in thousands) | Metric | Six Months Ended June 30, 2025 (in thousands USD) | Six Months Ended June 30, 2024 (in thousands USD) | | :--- | :--- | :--- | | Net cash provided by operating activities | $8,488 | $5,643 | | Capital expenditures | $(5,471) | $(7,522) | | Principal payments on finance leases | $(9,277) | $(9,711) | | Other adjustments | $242 | $0 | | **Adjusted Free Cash Flow** | **$(6,018)** | **$(11,590)** | [Definitions of Key Metrics & Non-GAAP Measures](index=4&type=section&id=Definitions%20of%20Key%20Metrics%20%26%20Non-GAAP%20Measures) This section defines key business metrics like ARR, NRR, and Gross Customer Retention Rate, alongside non-GAAP financial measures such as Adjusted Gross Profit, Adjusted EBITDA, and Adjusted Free Cash Flow, used to assess performance and provide a clearer view of core operations - **Annual Recurring Revenue (ARR)**: Defined as the annualized value of all B2 and Computer Backup arrangements as of the end of a period, calculated by multiplying the last month's revenue by 12[21](index=21&type=chunk) - **Net Revenue Retention Rate (NRR)**: Calculated as the average of the last four quarters' NRR. A quarterly NRR is the revenue from a cohort of customers in the current quarter divided by the revenue from the same cohort in the prior-year quarter[22](index=22&type=chunk) - **Gross Customer Retention Rate**: Measures the ability to retain customers, irrespective of revenue changes. It is the trailing four-quarter average of the quarterly retention rate[23](index=23&type=chunk) - **Non-GAAP Measures**: The company uses several non-GAAP metrics, including **Adjusted Gross Profit**, **Adjusted EBITDA**, **Non-GAAP Net Income**, and **Adjusted Free Cash Flow**, to supplement GAAP results. These typically exclude expenses such as stock-based compensation, depreciation & amortization, and other non-recurring charges to better reflect core operational performance[13](index=13&type=chunk)[16](index=16&type=chunk)[17](index=17&type=chunk)

Exhibit 99.1 "Q2 was another strong quarter for N-able, as we surpassed the $500M ARR milestone, beat the high end of our top-and-bottom-line guidance, and began executing on our share repurchase program," added N-able CFO Tim O'Brien. "As we advance our strategy to deliver cyber resiliency at scale, we remain focused on growth-oriented investment and disciplined execution." Second quarter 2025 financial highlights: For a reconciliation of our GAAP to non-GAAP results, please see the tables below. N-able An ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Commission File Number: 001-40644 Kaltura, Inc. (Exact name of Registrant as specified in its Charter) Delaware 20-8128326 (State or other jurisdiction of incorporation or organization) FORM 10-Q 860 Broadway 3rd Floor New York, New York 10003 | | (Mark One) | | --- | --- | | ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | | | For the quarterly period ended June 30, 2025 | ...

[Second Quarter 2025 Highlights](index=1&type=section&id=Second%20Quarter%202025%20Highlights) Kimbell Royalty Partners reported strong Q2 2025 results with **25,355 Boe/d** production, **$74.7 million** in revenues, **$63.8 million** Adjusted EBITDA, and a **$0.38** cash distribution per common unit, maintaining **88** active rigs | Metric | Value | | :--- | :--- | | **Run-Rate Daily Production** | 25,355 Boe/d (6:1) | | **Oil, Natural Gas & NGL Revenues** | $74.7 million | | **Net Income** | ~$26.7 million | | **Consolidated Adjusted EBITDA** | $63.8 million | | **Cash G&A per BOE** | $2.36 | | **Active Rigs on Acreage** | 88 (17% U.S. market share) | | **Q2 2025 Cash Distribution** | $0.38 per common unit | - The company announced a Q2 2025 cash distribution of **$0.38 per common unit**, representing a **75% payout ratio** and a **10.3% annualized yield**. The remaining **25%** of cash available for distribution will be used to repay outstanding borrowings[4](index=4&type=chunk) - As of June 30, 2025, Kimbell's major properties had **7.99 net DUCs** and permitted locations, exceeding the estimated **6.5 net wells** required to maintain flat production[4](index=4&type=chunk) [Management Commentary and Shareholder Distributions](index=2&type=section&id=Management%20Commentary%20and%20Shareholder%20Distributions) Management emphasized resilient operational performance, including increased U.S. land rig market share and a **$0.38** per common unit cash distribution, with remaining cash flow allocated to debt reduction - The CEO emphasized the company's strong operational position, with its market share of U.S. land rigs increasing to **17%** and net DUCs growing by **9%** quarter-over-quarter, indicating near-term production growth[5](index=5&type=chunk) - Cash G&A per BOE was below the low end of guidance, which management attributes to operational discipline and positive operating leverage[5](index=5&type=chunk) | Distribution Metric | Value | | :--- | :--- | | **Q2 2025 Distribution** | $0.38 per common unit | | **Payout Ratio** | 75% of cash available for distribution | | **Debt Paydown** | ~$13.6 million (remaining 25%) | | **Payment Date** | August 25, 2025 | | **Record Date** | August 18, 2025 | - Kimbell expects approximately **100%** of the Q2 2025 distribution to be considered a non-taxable return of capital for U.S. federal income tax purposes, which reduces the unitholder's cost basis[6](index=6&type=chunk)[7](index=7&type=chunk) [Financial and Operational Performance](index=2&type=section&id=Financial%20and%20Operational%20Performance) Kimbell achieved Q2 2025 revenues of **$86.5 million**, net income of **$26.7 million**, **25,355 Boe/d** production, maintained **7.99 net DUCs**, and managed debt at **$462.1 million** with a **1.6x** leverage ratio [Financial Highlights](index=2&type=section&id=Financial%20Highlights) Q2 2025 Realized Prices | Commodity | Average Realized Price | | :--- | :--- | | **Oil** | $63.48 / Bbl | | **Natural Gas** | $2.54 / Mcf | | **NGLs** | $24.10 / Bbl | | **Combined** | $33.04 / Boe | Q2 2025 Key Financial Metrics | Metric | Value | | :--- | :--- | | **Total Revenues** | $86.5 million | | **Net Income** | ~$26.7 million | | **Net Income (to common units)** | ~$2.0 million ($0.02/unit) | | **Consolidated Adjusted EBITDA** | $63.8 million | - As of June 30, 2025, Kimbell had **$462.1 million** in debt outstanding, with a net debt to TTM consolidated Adjusted EBITDA ratio of approximately **1.6x**[11](index=11&type=chunk) - The company increased its borrowing base from **$550 million** to **$625 million** and redeemed **50%** of its Series A Preferred Units to simplify its capital structure[12](index=12&type=chunk) [Production](index=3&type=section&id=Production) Q2 2025 Production Breakdown | Metric | Value | | :--- | :--- | | **Average Daily Production** | 25,355 Boe/d (6:1) | | **Production Mix** | | |    Natural Gas | 47% | |    Liquids (Oil & NGLs) | 53% | |       Oil | 33% | |       NGLs | 20% | [Operational Update](index=3&type=section&id=Operational%20Update) - As of June 30, 2025, Kimbell had **88 rigs** actively drilling on its acreage, representing an approximate **16.5%** market share of all U.S. land rigs[15](index=15&type=chunk) DUCs and Permits by Basin (as of June 30, 2025) | Basin | Net DUCs | Net Permits | | :--- | :--- | :--- | | **Permian** | 3.27 | 2.15 | | **Eagle Ford** | 0.22 | 0.08 | | **Haynesville** | 0.35 | 0.13 | | **Mid-Continent** | 0.78 | 0.39 | | **Bakken** | 0.36 | 0.10 | | **Appalachia** | 0.02 | 0.02 | | **Rockies** | 0.10 | 0.02 | | **Total** | **5.10** | **2.89** | [Hedging Update](index=4&type=section&id=Hedging%20Update) Kimbell implemented fixed-price oil and natural gas swaps through Q2 2027 to stabilize cash flow by locking in future production prices Fixed Price Swaps as of June 30, 2025 | Period | Oil Volume (BBL) | Nat Gas Volume (MMBTU) | Wtd. Avg. Oil Price ($/BBL) | Wtd. Avg. Nat Gas Price ($/MMBTU) | | :--- | :--- | :--- | :--- | :--- | | **3Q 2025** | 136,068 | 1,261,964 | $74.20 | $3.74 | | **4Q 2025** | 146,372 | 1,291,680 | $68.26 | $3.68 | | **1Q 2026** | 146,880 | 1,296,000 | $70.38 | $4.07 | | **2Q 2026** | 148,512 | 1,310,400 | $70.78 | $3.33 | | **Full Year 2026** | 605,680 | 5,256,000 | ~$67.70 | ~$3.69 | | **Full Year 2027 (H1)** | 304,623 | 2,658,528 | ~$62.65 | ~$3.96 | [Financial Statements](index=7&type=section&id=Financial%20Statements) Q2 2025 unaudited financial statements report total assets of **$1.28 billion**, liabilities of **$483.5 million**, revenues of **$86.5 million**, and net income of **$26.7 million**, driven by derivative gains [Condensed Consolidated Balance Sheet](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheet) Balance Sheet Summary (as of June 30, 2025) | Account | Amount (in thousands) | | :--- | :--- | | **Total Current Assets** | $88,249 | | **Total Assets** | **$1,284,936** | | **Total Current Liabilities** | $16,185 | | **Long-Term Debt** | $462,096 | | **Total Liabilities** | **$483,533** | | **Total Unitholders' Equity** | **$643,008** | [Condensed Consolidated Statements of Operations](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Statement of Operations Summary (Three Months Ended June 30) | Account (in thousands) | 2025 | 2024 | | :--- | :--- | :--- | | **Total Revenues** | $86,548 | $76,573 | | **Operating Income** | $37,786 | $23,892 | | **Net Income** | $26,672 | $15,187 | | **Net Income Attributable to Common Units** | $2,007 | $8,410 | | **Diluted EPS** | $0.02 | $0.11 | [Supplemental Schedules (Non-GAAP Reconciliations)](index=9&type=section&id=Supplemental%20Schedules%20(Non-GAAP%20Reconciliations)) This section defines and reconciles non-GAAP measures, showing Q2 2025 Consolidated Adjusted EBITDA of **$63.8 million**, **$47.1 million** cash available for distribution, and a net debt to TTM Adjusted EBITDA ratio of **1.6x** [Definition of Non-GAAP Measures](index=9&type=section&id=Definition%20of%20Non-GAAP%20Measures) - Adjusted EBITDA is used by management to evaluate operating performance and cash flow available for distributions, excluding items like depreciation, interest, taxes, and unrealized derivative gains/losses[28](index=28&type=chunk) - Cash G&A and Cash G&A per Boe are used to measure cash costs relative to production, providing a metric for operational efficiency[29](index=29&type=chunk) [Reconciliation of Net Income to Adjusted EBITDA and Cash Available for Distribution](index=10&type=section&id=Reconciliation%20of%20Net%20Income%20to%20Adjusted%20EBITDA%20and%20Cash%20Available%20for%20Distribution) Q2 2025 Reconciliation Summary (in thousands) | Metric | Value | | :--- | :--- | | **Net Income** | $26,672 | | **Consolidated Adjusted EBITDA** | $63,844 | | **Adjusted EBITDA (attributable to KRP)** | $55,268 | | **Cash Available for Distribution (on common units)** | $47,121 | | **Cash Available per Common Unit** | $0.50 | | **Declared Distribution per Common Unit** | $0.38 | - The difference between cash available for distribution (**$0.50/unit**) and the declared distribution (**$0.38/unit**) is due to the company allocating **25%** of cash to repay debt on its revolving credit facility[33](index=33&type=chunk) [Net Debt to Trailing Twelve Month Consolidated Adjusted EBITDA Calculation](index=13&type=section&id=Net%20Debt%20to%20Trailing%20Twelve%20Month%20Consolidated%20Adjusted%20EBITDA%20Calculation) Leverage Ratio Calculation (as of June 30, 2025) | Metric (in thousands) | Value | | :--- | :--- | | **Long-Term Debt** | $462,096 | | **Cash and Cash Equivalents (capped)** | ($25,000) | | **Net Debt** | $437,096 | | **Trailing Twelve Month Adj. EBITDA** | $279,816 | | **Net Debt / TTM Adj. EBITDA** | **1.6x** |

AMENDMENT NO. 14 TO THE CREDIT AGREEMENT AMENDMENT NO. 14 TO THE CREDIT AGREEMENT, dated as of August 6, 2025 (this "Amendment"), by and among Blizzard Midco, LLC, a Delaware limited liability company ("Holdings"), Norvax, LLC, a Delaware limited liability company (the "Borrower"), the Lenders party hereto (constituting the Required Lenders, all of the Revolving Lenders and all of the Term Lenders) and Blue Torch Finance, LLC, as the administrative agent and the collateral agent (in such capacities, the "Ad ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q þ 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 ☐ 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: 001-37798 Cartesian Therapeutics, Inc. (Exact name of registrant as specified in its charter) Delaware 26-1622110 (State or oth ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q þ 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 ☐ 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: 001-37798 Cartesian Therapeutics, Inc. (Exact name of registrant as specified in its charter) Delaware 26-1622110 (State or oth ...

[Q2 2025 Highlights and Updated 2025 Guidance](index=1&type=section&id=Second%20Quarter%20Highlights%20and%202025%20Guidance) Avadel reported strong Q2 2025 results with LUMRYZ™ net revenue of $68.1 million, a 64% year-over-year increase, leading to the first quarterly net income ($9.7 million) and positive cash flow since the product's launch. The number of patients on LUMRYZ grew 63% year-over-year to 3,100. Consequently, the company raised its full-year 2025 revenue guidance to $265-$275 million and provided Q3 2025 revenue guidance of $71-$75 million | Metric | Q2 2025 | Change vs Q2 2024 | | :--- | :--- | :--- | | LUMRYZ™ Net Revenue | $68.1 million | +64% | | Patients on LUMRYZ | 3,100 | +63% | | Net Income | $9.7 million | N/A (Turned from loss) | | Earnings Per Share (EPS) | $0.10 | N/A (Turned from loss) | | Guidance | 2025 Full Year | Q3 2025 | | :--- | :--- | :--- | | Net Product Revenue | $265 - $275 million (Raised) | $71 - $75 million | | Cash Operating Expenses | Not specified for full year | $50 - $55 million | - The company achieved its **first quarterly net income and positive cash flow** since the launch of LUMRYZ in 2023, driven by strong uptake, growing patient numbers, and improved persistency[3](index=3&type=chunk)[4](index=4&type=chunk) [Second Quarter 2025 Financial Results](index=2&type=section&id=Overview%20of%20Second%20Quarter%20Financial%20Results) In Q2 2025, Avadel's net product revenue from LUMRYZ sales grew 64% to $68.1 million compared to Q2 2024. The company achieved a significant financial turnaround, reporting a net income of $9.7 million, or $0.10 per diluted share, compared to a net loss of $13.8 million in the prior-year period. Total operating expenses remained relatively stable at $52.9 million | Financial Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net Product Revenue | $68.1M | $41.5M | | Total Operating Expenses | $52.9M | $51.5M | | R&D Expenses | $4.3M | $4.1M | | SG&A Expenses | $48.6M | $47.4M | | Net Income (Loss) | $9.7M | ($13.8M) | | Diluted EPS | $0.10 | ($0.14) | - The company generated positive cash flow, increasing its cash, cash equivalents, and marketable securities by $15.0 million during the quarter to a total of $81.5 million as of June 30, 2025[4](index=4&type=chunk)[11](index=11&type=chunk) - Q2 2025 marked the **first quarter the company has generated net income** since LUMRYZ was launched[10](index=10&type=chunk) [Corporate and Pipeline Updates](index=1&type=section&id=Corporate%20and%20Pipeline%20Updates) Avadel strengthened its leadership by appointing Susan Rodriguez as COO. The company received a favorable court ruling affirming LUMRYZ's FDA approval and clinical superiority. In pipeline developments, LUMRYZ was granted FDA Orphan Drug Designation for Idiopathic Hypersomnia (IH), with the pivotal Phase 3 REVITALYZ trial for this indication on track to complete enrollment by the end of 2025 - Appointed Susan Rodriguez, an experienced biopharma executive, as Chief Operating Officer to oversee commercial strategy and operations[13](index=13&type=chunk) - The U.S. Court of Appeals affirmed the FDA's approval of LUMRYZ and its finding that the once-at-bedtime dosing is clinically superior to other oxybates[13](index=13&type=chunk) - LUMRYZ was granted FDA Orphan Drug Designation for the treatment of Idiopathic Hypersomnia (IH)[3](index=3&type=chunk)[13](index=13&type=chunk) - The Phase 3 REVITALYZ study for LUMRYZ in IH is on track to complete enrollment by the end of 2025, with topline data expected in 2026[3](index=3&type=chunk)[13](index=13&type=chunk) [About LUMRYZ™](index=3&type=section&id=About%20LUMRYZ) LUMRYZ™ (sodium oxybate) is the first and only FDA-approved once-at-bedtime treatment for cataplexy or excessive daytime sleepiness (EDS) in narcolepsy patients aged seven and older. It has been granted seven years of Orphan Drug Exclusivity due to its clinical superiority over twice-nightly oxybate treatments. The drug carries a BOXED Warning for risks associated with CNS depressants and is available only through a restricted REMS program - LUMRYZ is an FDA-approved, once-at-bedtime treatment for cataplexy or EDS in adults and pediatric patients (7+) with narcolepsy[14](index=14&type=chunk) - The FDA granted LUMRYZ **seven years of Orphan Drug Exclusivity**, finding its once-nightly dosing a major contribution to patient care over twice-nightly products[16](index=16&type=chunk) - **BOXED WARNING**: Taking LUMRYZ with other CNS depressants (e.g., alcohol, sedatives) can cause serious medical problems, including respiratory depression and death[18](index=18&type=chunk) - Due to its active ingredient (GHB) and risk of abuse, LUMRYZ is a controlled substance available only through the restricted LUMRYZ REMS program[19](index=19&type=chunk)[20](index=20&type=chunk) [Financial Statements](index=6&type=section&id=Financial%20Statements) The consolidated financial statements detail Avadel's performance. The income statement shows a shift to profitability in Q2 2025 with a net income of $9.7 million. The balance sheet indicates growth in total assets to $187.2 million and shareholders' equity to $90.7 million. The cash flow statement highlights a significant improvement, with $4.5 million in cash provided by operations for the first six months of 2025, compared to a $47.9 million use of cash in the prior-year period [Condensed Consolidated Statements of Income (Loss)](index=6&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20INCOME%20(LOSS)) For the three months ended June 30, 2025, Avadel reported net product revenue of $68.1 million and a net income of $9.7 million, a substantial improvement from a net loss of $13.8 million in Q2 2024. For the six-month period, net income was $4.7 million, compared to a net loss of $41.2 million in the first half of 2024 | (In thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Net product revenue | $68,129 | $41,504 | $120,640 | $68,682 | | Gross profit | $61,763 | $38,716 | $108,697 | $64,372 | | Operating income (loss) | $8,884 | ($12,741) | $5,883 | ($38,776) | | Net income (loss) | $9,665 | ($13,822) | $4,745 | ($41,164) | | Net income (loss) per share - diluted | $0.10 | ($0.14) | $0.05 | ($0.44) | [Condensed Consolidated Balance Sheets](index=7&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) As of June 30, 2025, Avadel's total assets were $187.2 million, with cash, cash equivalents, and marketable securities totaling $81.5 million. Total liabilities stood at $96.4 million, resulting in total shareholders' equity of $90.7 million, an increase from $73.8 million at year-end 2024 | (In thousands) | June 30, 2025 (Unaudited) | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $63,402 | $51,371 | | Marketable securities | $18,145 | $22,406 | | Total current assets | $159,105 | $134,208 | | Total assets | $187,157 | $164,236 | | Total current liabilities | $57,065 | $48,834 | | Total liabilities | $96,448 | $90,388 | | Total shareholders' equity | $90,709 | $73,848 | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) For the six months ended June 30, 2025, net cash provided by operating activities was $4.5 million, a significant positive shift from the $47.9 million used in operations during the same period in 2024. The company's cash and cash equivalents increased by $12.0 million in the first half of 2025 to end at $63.4 million | (In thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $4,465 | ($47,890) | | Net cash provided by investing activities | $4,063 | $31,937 | | Net cash provided by financing activities | $1,672 | $13,913 | | Net change in cash and cash equivalents | $12,031 | ($2,320) | | Cash and cash equivalents at end of period | $63,402 | $28,847 |