Revenue Performance - Revenue for Q3 2025 was $1.34 billion, an increase of 31.0% year-over-year[6] - Year-to-date revenue for 2025 reached $3.93 billion, reflecting a 36.4% increase compared to the prior year period[6] - Full-year 2024 revenue was $4.09 billion, up 31.4% from full year 2023[6] - Total revenue for Q3 2025 reached $1,344,567, a 31.1% increase from $1,026,305 in Q3 2024[24] - Patient and resident service revenue increased to $1,344,302 in Q3 2025, up 31.3% from $1,024,276 in Q3 2024[24] - Skilled nursing services revenue for the nine months ended September 30, 2025, was $3,843,153, a 34.9% increase from $2,849,806 in 2024[30] Net Income and Profitability - Net income for Q3 2025 was $52.3 million, with year-to-date net income of $131.7 million[6] - Net income attributable to PACS Group, Inc. for the nine months ended September 30, 2025, was $131,841, compared to $18,559 for the same period in 2024, representing a 610.5% increase[24] - Operating income for the nine months ended September 30, 2025, was $214,908, compared to $51,094 in 2024, reflecting a 320.5% increase[24] - Net income for the three months ended September 30, 2025, was $52,330,000, a significant increase from $16,210,000 in the same period of 2024, representing a year-over-year growth of 223%[40] Adjusted EBITDA - Adjusted EBITDA for Q3 2025 was $131.5 million, while year-to-date adjusted EBITDA was $363.0 million[6] - Adjusted EBITDA for the three months ended September 30, 2025, reached $131,515,000, compared to $49,082,000 in the same period of 2024, indicating a growth of 168%[40] - Adjusted EBITDAR for the nine months ended September 30, 2025, was $646,216,000, up from $200,954,000 in the same period of 2024, reflecting a substantial increase of 221%[40] - Adjusted EBITDA for full-year 2025 is projected to be between $480 million and $490 million[14] Cash and Liquidity - As of September 30, 2025, cash and cash equivalents totaled $355.7 million, up from $157.7 million as of December 31, 2024[6] - Net cash at the end of the period was $359,056, significantly up from $62,012 at the end of September 2024[25] - Cash provided by operating activities for the nine months ended September 30, 2025, was $407,614, compared to $302,751 in 2024[25] Occupancy and Facilities - Mature facilities occupancy was 94.8%, significantly higher than the industry average of 79%[6] - The occupancy rate for skilled nursing services was 88.9% for the nine months ended September 30, 2025, down from 90.8% in 2024[30] - The occupancy rate for skilled nursing services decreased to 86.2% in 2025 from 94.4% in 2024, reflecting an 8.2% decline[31] - The number of facilities at period end increased to 290 in Q3 2025, up 16.5% from 249 in Q3 2024[28] - The number of operational beds at period end increased to 32,677 in Q3 2025, a 19.0% increase from 27,467 in Q3 2024[30] - The total number of facilities at period end increased by 3 to 79 in new facilities, representing a 3.9% growth[31] - The number of facilities decreased by 31 to 62 in ramping facilities, a decline of 33.3% compared to 93 in 2024[31] Costs and Expenses - The company reported a total rent-cost of services of $95,107,000 for the three months ended September 30, 2025, compared to $72,632,000 in the same period of 2024, which is an increase of 31%[40] - Interest expense for the three months ended September 30, 2025, was $8,529,000, slightly down from $9,029,000 in the same period of 2024, showing a decrease of 6%[40] - Provision for income taxes for the three months ended September 30, 2025, was $23,966,000, compared to $17,446,000 in the same period of 2024, marking an increase of 37%[40] - Depreciation and amortization expenses for the three months ended September 30, 2025, totaled $14,401,000, up from $10,523,000 in the same period of 2024, which is an increase of 37%[40] - The company incurred acquisition-related costs of $101,000 for the three months ended September 30, 2025, compared to $845,000 in the same period of 2024, indicating a decrease of 88%[40] - Stock-based compensation expense for the three months ended September 30, 2025, was $12,516,000, slightly up from $12,304,000 in the same period of 2024, reflecting an increase of 2%[40] - Legal and other costs for the three months ended September 30, 2025, amounted to $19,596,000, with no comparable costs reported in the same period of 2024, indicating new expenditures in this area[40] Patient Acuity and Rates - The average daily rate for Medicare patients increased to $988.41 in mature facilities for the three months ended September 30, 2025, compared to $947.82 in 2024[35] - The skilled mix by revenue for mature facilities increased to 56.4% in 2025 from 55.0% in 2024, indicating a shift towards higher acuity patients[34] - The average daily rate for total skilled patient payors increased to $824.34 in 2025 from $805.90 in 2024[35] - The skilled mix by nursing patient days for new facilities increased to 24.7% in 2025 from 22.3% in 2024, indicating improved patient acuity[34] - Skilled nursing services revenue for new facilities increased by $143,808 or 19.3% to $887,886 in 2025 from $744,078 in 2024[31]

Revenue Performance - Total revenue for Q3 2025 was $6,783,000, a 76% increase from $3,860,000 in Q3 2024[18] - Product revenue increased to $2,195,000 in Q3 2025, up 12% from $1,958,000 in Q3 2024[18] - Service revenue surged to $4,588,000 in Q3 2025, compared to $1,902,000 in Q3 2024, representing a 142% increase[18] - For the three months ended September 30, 2025, the company incurred a net loss of $5.4 million, compared to a net loss of $2.6 million for the same period in 2024[149] - Pro forma net revenue for the three months ended September 30, 2025, was $6.8 million, compared to $5.8 million for the same period in 2024[88] Financial Losses - Operating loss for Q3 2025 was $(4,734,000), compared to $(2,645,000) in Q3 2024, indicating a worsening of 79%[18] - Net loss for Q3 2025 was $(5,400,000), compared to $(2,616,000) in Q3 2024, representing a 106% increase in losses[18] - For the nine months ended September 30, 2025, the net loss was $14.276 million, compared to a net loss of $8.309 million for the same period in 2024, representing a 72% increase in losses[24] Assets and Liabilities - Total assets as of September 30, 2025, were $25,644,000, significantly up from $15,284,000 as of December 31, 2024[15] - Total liabilities increased to $23,112,000 as of September 30, 2025, compared to $7,330,000 at the end of 2024[15] - Stockholders' equity decreased to $2,532,000 as of September 30, 2025, down from $7,954,000 as of December 31, 2024[15] Cash Flow and Financing - Net cash used in operating activities was $11.451 million for the nine months ended September 30, 2025, compared to $9.751 million for the same period in 2024, indicating a 17% increase in cash outflow[24] - The company reported net cash provided by financing activities of $14.223 million for the nine months ended September 30, 2025, compared to $14.822 million for the same period in 2024, showing a slight decrease of 4%[24] - Cash and cash equivalents at the end of the year were $3.087 million, down from $6.311 million at the end of the previous year, reflecting a decrease of 51%[24] Strategic Acquisitions and Business Model - The company acquired all operating assets of The Sleep Center of Nevada for a total consideration of $6.0 million in cash and $1.5 million in common stock, marking a strategic expansion into sleep disorder treatment[29] - The company is exploring additional acquisitions and collaborations with medical sleep practices to expand its business model and revenue streams[37] - The company has shifted its focus to direct patient services, including home sleep screenings and telemedicine, under its new business strategy[32] Revenue Recognition and Customer Contracts - Revenue recognition follows ASC Topic 606, with legacy VIP enrollment revenue expected to continue through 2026[44] - Estimated customer life for VIP contracts ranges from 14 to 27 months, impacting revenue recognition timing[48] - Revenue from appliance sales is recognized upon transfer of control to the VIP, with the company acting as the principal in the transaction[59] Market and Operational Challenges - The Federal Reserve's elevated interest rates pose a risk to the company's revenue, earnings, and access to capital[207] - Changes in U.S. trade policy and tariffs may materially impact the company's sourcing strategy and competitiveness of contract manufacturers[205] - Ongoing geopolitical tensions, including the war in Ukraine and Middle East hostilities, could adversely affect demand for the company's products and capital market stability[209] Compliance and Regulatory Matters - The company received a notice from Nasdaq regarding non-compliance with the $2,500,000 minimum stockholders' equity requirement as of March 31, 2024[211] - Following a $7.5 million equity private placement, the company reported compliance with the equity requirement and received continued listing approval from Nasdaq[211] - The company is exploring additional equity capital financings to maintain compliance with Nasdaq's equity requirement[212]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 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 000-21617 ProPhase Labs, Inc. (Exact name of registrant as specified in its charter) | Delaware | 23-2577138 | | --- | --- | | (State or ...

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 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 0-7406 PrimeEnergy Resources Corporation (Exact name of registrant as specified in its charter) Delaware 84-0637348 (State or other jurisdi ...

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 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: 001-40932 CYNGN INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation ...

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 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 GOLDENSTONE ACQUISITION LIMITED (Exact Name of Registrant as Specified in Charter) Delaware 001-41328 85-3373323 (State or Other Jurisdiction of Incorporation) (C ...

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 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 GOLDENSTONE ACQUISITION LIMITED (Exact Name of Registrant as Specified in Charter) Delaware 001-41328 85-3373323 (State or Other Jurisdiction of Incorporation) (C ...

IPO and Fundraising - The company completed its Initial Public Offering on November 8, 2021, raising gross proceeds of $172.5 million from the sale of 15 million Units at $10.00 per Unit and an additional 2.25 million Units from the underwriters' over-allotment option [151][152]. - The company generated gross proceeds of $172,500,000 from the sale of 17,250,000 Units at a price of $10.00 per Unit during its Initial Public Offering on November 8, 2021 [179]. - As of November 2, 2023, $175.95 million from the IPO proceeds was placed in a Trust Account, which was invested in U.S. government securities and money market funds [153]. - The company entered into an Investment Agreement with Sunorange on April 27, 2023, which included the acquisition of 3,557,813 Class B Ordinary Shares and 6,160,000 Private Placement Warrants [154]. - Following the Sunorange Investment, the company raised an additional $300,000 to support the first three months of the 2023 Extension, with a commitment for $100,000 for each subsequent month until May 8, 2024 [156]. Shareholder Redemptions - At the 2023 EGM, shareholders redeemed 12,626,668 Class A Ordinary Shares for approximately $132.62 million, at a redemption price of about $10.50 per share [157]. - The company approved the extension of the business combination period to November 8, 2024, with shareholders redeeming 2,374,826 Class A ordinary shares for approximately $26.91 million at $11.33 per share [162]. - At the November 2024 EGM, shareholders redeemed 1,383,214 Class A ordinary shares for approximately $16.16 million at $11.68 per share [163]. - The company held a May 2025 EGM, where shareholders redeemed 742,834 Class A ordinary shares for approximately $9.0 million at $12.18 per share [164]. Financial Performance - As of March 31, 2025, the company reported a net income of $75,299, consisting of $81,092 in interest earned and $5,793 in operating expenses [174]. - The company had cash outside the Trust Account of $99,772 available for working capital needs as of March 31, 2025 [176]. - As of March 31, 2025, approximately $10.42 million of the Initial Public Offering proceeds and interest earned were held in the Trust Account [179]. - The company has until November 8, 2025, to complete a Business Combination, as approved by shareholders at the May 2025 EGM [188]. Debt and Obligations - The company had no outstanding borrowings under the Working Capital Loan as of March 31, 2025 [181]. - The company issued a promissory note in the principal amount of up to $1,500,000 to Sunorange, with $1,204,630 outstanding as of March 31, 2025 [183]. - The company issued the May 2024 Note for up to $225,000, with $225,000 outstanding as of March 31, 2025 [185]. - The company had no long-term debt, capital, or operating lease obligations as of March 31, 2025 [190]. Business Operations - The company has not commenced any operations and will not generate operating revenues until after the completion of an initial Business Combination [173]. - Engaged EarlyBirdCapital as an advisor for the initial Business Combination, agreeing to pay a fee of 1.75% of the gross proceeds of the IPO, amounting to $3,018,750 recorded in service fees [191]. - A contingent fee of at least $3,500,000 was agreed upon with a third-party consultant for assistance in the Business Combination, but no expenses were recorded as the agreement was terminated on May 8, 2023 [192]. - A new agreement with a third-party consultant on August 29, 2023, includes a contingent fee of 0.05% of the implied enterprise value of the target, with $400,000 recorded in service fees [193]. Accounting and Reporting - Class A Ordinary Shares subject to possible redemption are classified as temporary equity, presented at redemption value outside of the shareholder's equity section [196]. - Basic and diluted net income per share is calculated by dividing net income by the weighted average number of Ordinary Shares outstanding, with earnings shared pro rata between redeemable and non-redeemable shares [199]. - The calculation of diluted income per Ordinary Share excludes the effect of Warrants issued in connection with the IPO, as their exercise is contingent upon future events [200]. - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new or revised accounting standards [206]. - The company is evaluating the benefits of relying on reduced reporting requirements provided by the JOBS Act, which may exempt it from certain disclosures for five years following the IPO [207]. - No critical accounting estimates have been identified as of the end of the reporting period [194]. - The company does not expect the adoption of recently issued accounting standards to have a material impact on its future consolidated financial statements [205].

IPO and Financial Proceeds - The company completed its Initial Public Offering on November 8, 2021, raising gross proceeds of $172.5 million from the sale of 15 million Units at $10.00 per Unit and an additional 2.25 million Units from the underwriters' over-allotment option [151][152]. - The company generated gross proceeds of $172,500,000 from the sale of 17,250,000 Units at a price of $10.00 per Unit during its Initial Public Offering on November 8, 2021 [179]. - As of November 2, 2023, $175.95 million from the IPO proceeds was placed in a Trust Account, which was invested only in U.S. government securities or money market funds [153]. - As of March 31, 2025, approximately $10.42 million of the Initial Public Offering proceeds and interest earned were held in the Trust Account [179]. Shareholder Redemptions - At the 2023 EGM, shareholders redeemed 12,626,668 Class A Ordinary Shares for approximately $132.62 million, at a redemption price of about $10.50 per share [157]. - The company held an extraordinary general meeting on May 2, 2024, where shareholders redeemed 2,374,826 Class A ordinary shares for approximately $26.91 million at a redemption price of about $11.33 per share [162]. - At the November 2024 EGM, shareholders redeemed 1,383,214 Class A ordinary shares for approximately $16.16 million at a redemption price of about $11.68 per share [163]. - The company held a May 2025 EGM where shareholders redeemed 742,834 Class A ordinary shares for approximately $9.0 million at a redemption price of about $12.18 per share [164]. Business Combinations and Investments - The company completed the Scage Business Combination on June 27, 2025, with the company surviving as a wholly owned subsidiary of Scage [150]. - The company entered into an Investment Agreement with Sunorange on April 27, 2023, which included the acquisition of 3,557,813 Class B Ordinary Shares and 6,160,000 Private Placement Warrants [154]. - Following the Sunorange Investment, the company had $1.2 million deposited into the Trust Account to support the 2023 Extension as of March 31, 2025 [156]. Financial Position and Income - As of March 31, 2025, the company had a net income of $75,299, consisting of $81,092 in interest earned and $5,793 in operating expenses [174]. - The company had cash outside the Trust Account of $99,772 available for working capital needs as of March 31, 2025 [176]. - The company had no outstanding borrowings under the Working Capital Loan as of March 31, 2025 [181]. - The company had no off-balance sheet arrangements as of March 31, 2025 [189]. - The company did not have any long-term debt or capital lease obligations as of March 31, 2025 [190]. Notes and Fees - The company issued a June 2023 Promissory Note for $100,000 per month until the completion of an initial Business Combination, with an outstanding balance of $1.1 million as of March 31, 2025 [158]. - The company issued a promissory note in the principal amount of up to $1,500,000 to Sunorange, with $1,204,630 outstanding as of March 31, 2025 [183]. - The company had $225,000 outstanding under the May 2024 Note as of March 31, 2025 [185]. - Engaged EarlyBirdCapital as an advisor for the initial Business Combination, agreeing to pay a fee of 1.75% of the gross proceeds of the IPO, amounting to $3,018,750 recorded in service fees [191]. - A contingent fee of at least $3,500,000 was agreed upon with a third-party consultant for assistance in the Business Combination, but no expenses were recorded as the agreement was terminated [192]. - A new agreement with a third-party consultant was established on August 29, 2023, with a contingent fee of 0.05% of the implied enterprise value of the target, resulting in $400,000 recorded in service fees [193]. Accounting and Reporting - Class A Ordinary Shares subject to possible redemption are classified as temporary equity and presented at redemption value, affecting the balance sheet presentation [196]. - Net income per share is calculated by dividing net income by the weighted average number of Ordinary Shares outstanding, with two classes of shares considered in the calculation [199]. - The diluted income per share does not account for Warrants issued in connection with the IPO, as their exercise is contingent upon future events [200]. - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new accounting standards [206]. - The company is evaluating the benefits of reduced reporting requirements under the JOBS Act, which may exempt it from certain disclosures for five years post-IPO [207]. - Recent accounting standards updates, such as ASU 2023-09 and ASU 2024-03, are being evaluated for their potential impact on financial statements [201][203].

Operations and Facilities - As of September 30, 2025, the company operates 320 facilities across 17 states, serving over 31,100 patients daily[180] - The number of operational beds increased by 5,210 to 32,677 as of September 30, 2025, compared to 27,467 in 2024[190] - The number of facilities at the end of the period rose to 290, reflecting a 16.5% increase from 249 facilities in 2024[193] - The company added 495 skilled nursing beds and 271 assisted living beds through acquisitions during the nine months ended September 30, 2025[187] - The company disposed of one facility with 120 skilled nursing beds during the nine months ended September 30, 2025[187] - The number of facilities increased to 79 at the end of the period, up from 76 in the previous year, marking a 3.9% growth[194] Revenue and Financial Performance - Skilled nursing services revenue for the three months ended September 30, 2025, was $1,310,933, representing a 29.8% increase from $1,010,277 in the same period of 2024[190] - Total skilled nursing services revenue for the nine months ended September 30, 2025, reached $3,843,153,000, up 34.9% from $2,849,806,000 in 2024[193] - Skilled nursing services revenue for mature facilities increased to $746,242,000, a 136.8% increase from $315,154,000 in the same period last year[192] - Patient and resident service revenue increased by $320.0 million to $1.3 billion for the three months ended September 30, 2025, representing a 31.2% increase year-over-year[222] - Total revenue for the three months ended September 30, 2025, was $1.3 billion, up 31.0% from $1.0 billion in the same period of 2024[221] - Skilled nursing services revenue rose by 34.9%, or $993.3 million, to $3.8 billion for the nine months ended September 30, 2025, driven by a 27.3% increase in patient days[234] Occupancy and Patient Metrics - The occupancy rate for skilled nursing services was 89.0% for the three months ended September 30, 2025, down from 90.5% in 2024[190] - Occupancy rate for skilled nursing services across all facilities was 88.9%, a decrease of 1.9% from 90.8% in the prior year[193] - The average Quality Measure (QM) Star rating for Mature facilities was 4.3 with an occupancy rate of 95% as of September 30, 2025[181] - Actual patient days for mature facilities increased to 4,025,794, a 117.5% increase from 1,850,627 in the same period last year[193] Cost and Expenses - Cost of services increased by $196.7 million to $1.0 billion, a 23.1% rise, primarily due to a $129.9 million increase in salaries and wages[226] - General and administrative expenses increased by $31.9 million to $102.5 million, driven by higher salaries and significant legal expenses related to ongoing investigations[228] - Total operating expenses increased by $885.3 million to $3.7 billion for the nine months ended September 30, 2025, a 31.3% increase compared to the same period in 2024[232] - General and administrative expenses increased by $47.4 million to $301.6 million for the nine months ended September 30, 2025, driven by a 28.3% increase in salaries and wages[239] Income and Profitability - Operating income for the three months ended September 30, 2025, was $86.3 million, a substantial increase of 275.7% compared to the previous year[221] - Net income for the three months ended September 30, 2025, was $52.3 million, a 222.8% increase from $16.2 million in the same period of 2024[221] - Net income for the nine months ended September 30, 2025, was $131.7 million, reflecting a 587.5% increase compared to $19.2 million for the same period in 2024[232] Cash Flow and Liquidity - Cash provided by operating activities was $407.6 million for the nine months ended September 30, 2025, compared to $302.8 million for the same period in 2024[250] - Cash and cash equivalents as of September 30, 2025, were $355.7 million, reflecting a strong liquidity position[246] - Net cash provided by operating activities for the nine months ended September 30, 2025, was $407.6 million, an increase of $104.9 million compared to the same period in 2024[252] Debt and Financing - The total principal amount outstanding under the Amended and Restated Credit Facility as of September 30, 2025, was $100.0 million[246] - As of September 30, 2025, the company had $100.0 million of variable rate debt, with no interest rate hedge in place[268] - The company had outstanding indebtedness of $253.0 million under mortgage loans and promissory notes, all at fixed interest rates as of September 30, 2025[271] Interest Rate Sensitivity - A hypothetical 10% increase in interest rates would increase annual interest expense by approximately $0.7 million, while a 10% decrease would decrease it by the same amount[268] Operational Efficiency - Days sales outstanding improved from 57.8 days as of September 30, 2024, to 50.4 days as of September 30, 2025, reflecting operational efficiencies[252]