Financial Performance - Total revenues for Q3 2025 were $29.3 million, a 19.2% decrease from $36.3 million in Q3 2024, primarily due to lower sales volume across all markets[4] - Gross profit for Q3 2025 was $8.5 million, down 30.3% from $12.3 million in Q3 2024, with a gross profit margin decreasing to 29.1% from 33.8%[7] - Net loss for Q3 2025 was $6.2 million, compared to a net loss of $3.1 million in Q3 2024, with net loss attributable to common shareholders at $6.5 million[10] - Adjusted EBITDA for Q3 2025 was negative $0.4 million, a decrease from $2.2 million in Q3 2024[13] - Total revenues for the nine months ended September 30, 2025, were $82.6 million, a 26.2% decrease from $111.9 million in the same period of 2024[14] - Total revenues for Q3 2025 were $29,337,000, a decrease of 19% compared to $36,289,000 in Q3 2024[32] - Constant-currency revenues for Q3 2025 were $28,796,000, reflecting a 19% decrease from $35,746,000 in Q3 2024[32] - Total revenues for the nine months ended September 30, 2025, were $82,612,000, down 26% from $111,897,000 in the same period of 2024[32] - Constant-currency revenues for the nine months ended September 30, 2025, were $81,368,000, a 26% decrease from $110,418,000 in the prior year[32] - Net loss for Q3 2025 was $6,184,000, compared to a net loss of $3,061,000 in Q3 2024[36] - Net loss attributable to common stockholders for Q3 2025 was $6,501,000, versus $3,378,000 in Q3 2024[36] - Adjusted EBITDA for Q3 2025 was $(412,000), compared to $2,195,000 in Q3 2024[37] Operating Expenses and Assets - Total operating expenses for Q3 2025 were $12.5 million, accounting for 42.5% of revenues, compared to $13.1 million and 36.1% of revenues in Q3 2024[8] - Total current assets decreased to $69,930,000 as of September 30, 2025, from $78,382,000 at the end of 2024[34] - Total assets decreased to $99,590,000 as of September 30, 2025, down from $115,305,000 at the end of 2024[34] - Total liabilities decreased to $90,544,000 as of September 30, 2025, compared to $99,692,000 at the end of 2024[34] Company Developments - Boxlight launched the CL Totem in North America, targeting high-traffic environments with modern digital signage solutions[6] - The company ended the quarter with $11.8 million in cash and $1.5 million in working capital[6] - The company raised $3.6 million in gross proceeds from a Class A common stock offering and $1.9 million from the exercise of warrants[6] - Boxlight regained compliance with Nasdaq listing rules, allowing its stock to continue trading on the Nasdaq Stock Market[6]

EXHIBIT 99.1 Upland Software Reports Third Quarter 2025 Financial Results November 6, 2025 AUSTIN, Texas--(BUSINESS WIRE)-- Upland Software, Inc. (Nasdaq: UPLD), a leader in AI-powered knowledge and content management software, today announced its financial and operating results for the third quarter 2025 and issued guidance for its fourth quarter and full year of 2025. Business Outlook For the quarter ending December 31, 2025, Upland expects reported total revenue to be between $46.4 and $52.4 million, inc ...

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 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 1-8993 WHITE MOUNTAINS INSURANCE GROUP, LTD. (Exact name of Registrant as specified in its charter) Bermuda (State or other jurisdiction of incorpora ...

Financial Performance - Net revenue decreased 1.8% to $28.2 million for Q3 2025 compared to $28.7 million in Q3 2024[1] - The company reported an operating loss of $626 thousand for Q3 2025, compared to operating income of $1.6 million in Q3 2024[1] - For the nine-month period ended September 30, 2025, net revenue decreased 3.7% to $80.6 million from $83.7 million in the same period last year[2] - The company had a net loss of $979 thousand for the nine-month period ended September 30, 2025, compared to net income of $2.2 million for the same period last year[2] - Station operating income decreased 23.0% to $11.7 million for the nine-month period ended September 30, 2025[2] - Basic loss per share for Q3 2025 was $(0.08), compared to earnings of $0.20 per share in Q3 2024[19] - The operating loss for the nine months ended September 30, 2025, was $(1,515) million, compared to an operating income of $1,371 million for the same period in 2024, indicating a significant decline in performance[32] - The operating loss for the three months ended September 30, 2025, was $(626) million, compared to an operating income of $1,645 million for the same period in 2024, indicating a significant decline[32] Operating Expenses - Station operating expense increased by $2.0 million or 8.7% to $24.7 million for Q3 2025, primarily due to a $2.1 million retroactive rate adjustment from music licensing organizations[1] - Station operating expense increased to $24,674,000 in Q3 2025 from $22,709,000 in Q3 2024, representing an increase of 8.6%[19] - Station operating expense for the nine months ended September 30, 2025, was $68,863 million, slightly increasing from $68,473 million in the same period of 2024, representing a year-over-year increase of 0.6%[32] - Corporate general and administrative expenses for the nine months ended September 30, 2025, were $9,061 million, up from $8,987 million in the same period of 2024, showing an increase of 0.8%[32] Cash and Investments - The company had $26.3 million in cash and short-term investments as of September 30, 2025, increasing to $34.2 million by November 3, 2025[8] Capital Expenditures - Capital expenditures for Q3 2025 were $600 thousand, unchanged from the same period last year[1] Debt and EBITDA - Total long-term debt, including current maturities, was reported at $5,000,000[29] - The trailing twelve-month consolidated EBITDA was $10,725,000, compared to $7,671,000 in the previous period[29] - The leverage ratio based on trailing twelve-month consolidated EBITDA was 0.68[29] Depreciation and Amortization - Depreciation and amortization for Q3 2025 totaled $1,307,000, down from $1,391,000 in Q3 2024[21] - Depreciation and amortization for the nine months ended September 30, 2025, was $3,900 million, compared to $3,847 million for the same period in 2024, reflecting a year-over-year increase of 1.4%[32] Other Income - Other operating income for the nine months ended September 30, 2025, was $298 million, a decrease from $1,026 million in the same period of 2024, indicating a decline of 70.9%[32] Dividends - A quarterly dividend of $0.25 per share was paid on September 19, 2025, totaling approximately $1.6 million[7] Telecommunications Towers Sale - The company entered into an agreement to sell telecommunications towers for approximately $10.7 million, with net proceeds of about $8.7 million received[5]

Financial Performance - The Company reported net income of $0.6 million for Q1 2026, a 22.6% increase year-over-year[2] - Total revenue increased by $0.1 million to $3.2 million for Q1 2026, representing a 5.3% increase compared to the prior year[2] - Adjusted EBITDA rose by $0.1 million to $0.8 million for Q1 2026, marking a 15.3% increase from the same period last year[2] - Operating income increased by 23.5% year-over-year in Q1 2026, reflecting disciplined management of corporate expenses[4] - Net income for the three months ended September 28, 2025, increased to $645 million, up from $526 million in the same period last year, representing a growth of 22.6%[18] - Adjusted EBITDA rose to $830 million, compared to $720 million in the prior year, reflecting a year-over-year increase of 15.3%[18] - EBITDA for the quarter was reported at $802 million, an increase from $656 million, marking a growth of 22.2%[18] Sales Performance - Pizza Inn domestic comparable store retail sales increased by 8.1% in Q1 2026 compared to the same period of the prior year[2] - Pie Five domestic comparable store retail sales decreased by 9.1% in Q1 2026 compared to the same period of the prior year[2] Cash and Investments - Cash and short-term investments totaled $10.6 million as of September 28, 2025[2] - Total assets increased to $17.0 million as of September 28, 2025, compared to $16.6 million at the end of the previous quarter[14] Operational Developments - The Company opened one new buffet restaurant in North Texas during Q1 2026, with plans for multiple openings in Q2[4] - The Company plans to expand the I$8 promotion at Pizza Inn to more restaurants in January 2026[4] Expenses and Taxes - Interest income increased to $(91) million from $(82) million, indicating a rise in interest expenses[18] - Income taxes for the quarter were $206 million, up from $169 million, which is an increase of 21.9%[18] - Stock-based compensation expense decreased to $38 million from $73 million, showing a reduction of 48.9%[18] - Franchisee default and closed store revenue slightly increased to $(10) million from $(9) million, indicating a marginal rise in losses from franchisee operations[18] - Depreciation and amortization expenses remained relatively stable at $42 million compared to $43 million in the previous year[18]

Sales Performance - Total domestic retail sales for Pizza Inn increased by $2.6 million, or 10.2%, for the three months ended September 28, 2025, compared to the same period of the prior fiscal year [82]. - Comparable store retail sales for Pizza Inn increased by $2.0 million, or 8.1%, for the three months ended September 28, 2025, compared to the same period of the prior fiscal year [82]. - Total domestic retail sales for Pie Five decreased by $0.6 million, or 18.7%, for the three months ended September 28, 2025, compared to the same period of the prior fiscal year [85]. - Pizza Inn franchise revenues increased by $0.3 million to $3.0 million, representing a 9.4% increase driven by higher supplier and distributor incentives and domestic royalties due to increased system-wide sales [91]. - Pie Five franchise revenues decreased by $0.1 million to $0.2 million, a 22.2% decrease attributed to lower domestic royalties and supplier incentives from reduced system-wide sales due to unit closures [92]. Financial Performance - Adjusted EBITDA for the fiscal quarter ended September 28, 2025, increased by $0.1 million to $830,000, compared to $720,000 for the same period of the prior fiscal year [81]. - EBITDA for the fiscal quarter ended September 28, 2025, was $802,000, compared to $656,000 for the same period of the prior fiscal year [81]. - Total revenues for the three-month period ended September 28, 2025, were $3.2 million, a 5.3% increase from $3.1 million in the same period of the prior fiscal year [90]. - Basic net income per share increased by $0.01 to $0.05 per share, with net income of $0.6 million for the three months ended September 28, 2025, compared to $0.5 million in the prior year [101]. - Cash provided by operating activities was $0.6 million, an increase from $0.5 million in the same period last year, driven by increased net income [104]. - Total income tax expense increased to $206 thousand from $169 thousand, driven by higher federal taxes due to increased taxable income [99]. Operational Metrics - Average Buffet Units open increased from 78 to 79 during the three months ended September 28, 2025 [82]. - The total number of domestic Pizza Inn units remained stable at 96 during the three months ended September 28, 2025 [84]. - Total domestic Pie Five units remained stable at 17 during the three months ended September 28, 2025 [87]. - The number of international Pizza Inn units decreased by two units to 20 during the three months ended September 28, 2025 [84]. - The company anticipates a modest increase in both domestic and international Pizza Inn units in future periods [84]. Expenses and Cash Flow - Total general and administrative expenses remained stable at $1.4 million, with a 3.0% decrease driven by lower legal fees, offset by increased salaries [93]. - Cash used in investing activities was $2.1 million, up from $2.0 million in the prior year, primarily due to increased activity related to short-term investments [105]. - Interest income increased by $9 thousand to $91 thousand, primarily due to higher interest received on U.S. Treasury bills [96]. - The company believes that cash on hand combined with net cash provided by operations will be sufficient to fund operations for the next 12 months and beyond [107].

Financial Performance - Net sales for the three months ended September 30, 2025, were $2,264,261, a decrease from $3,060,113 in the same period of 2024, representing a decline of approximately 26%[14] - The net income for the nine months ended September 30, 2025, was $1,456,162, down from $2,747,151 in the same period of 2024, reflecting a decrease of about 47%[14] - For the third quarter of 2025, total sales amounted to $2,264,261, a decrease from $3,060,113 in the same period of 2024, representing a decline of approximately 26%[54] - Cosmetic ingredient sales for the first nine months of 2025 were $1,998,948, down from $4,585,443 in 2024, reflecting a decrease of about 56%[54] - Pharmaceutical sales increased to $3,848,474 for the nine months ended September 30, 2025, compared to $3,485,994 in 2024, marking an increase of approximately 10%[54] - Sales to the United States for the nine months ended September 30, 2025, were $5,663,509, down from $8,089,868 in 2024, a decline of approximately 30%[56] Assets and Liabilities - The total current assets as of September 30, 2025, were $11,246,893, down from $12,665,551 as of December 31, 2024, a decrease of about 11%[16] - Total liabilities as of September 30, 2025, were $1,597,909, a decrease from $1,914,469 as of December 31, 2024, reflecting a reduction of about 17%[18] - The company’s total stockholders' equity as of September 30, 2025, was $10,582,436, down from $11,882,866 as of December 31, 2024, indicating a decline of about 11%[18] - Cash and cash equivalents at the end of the period were $860,836, a significant decrease from $1,875,655 at the beginning of the period, representing a decline of approximately 54%[16] - Total inventories as of September 30, 2025, were valued at $1,408,703, a decrease from $1,451,995 as of December 31, 2024[71] Operating Activities - The company reported a net cash provided by operating activities of $1,636,324 for the nine months ended September 30, 2025, compared to $3,196,954 in the same period of 2024, a decrease of approximately 49%[25] - Cash from operations decreased to $1,636,324 for the nine months ended September 30, 2025, down from $3,196,954 for the same period in 2024[127] - Cash provided by investing activities was $115,577 for the nine months ended September 30, 2025, compared to cash used of $6,241,837 for the same period in 2024[128] - Cash used in financing activities was $2,766,720 for the nine months ended September 30, 2025, compared to $2,756,323 for the same period in 2024[129] Research and Development - Research and development expenses for the three months ended September 30, 2025, were $117,104, compared to $111,072 in the same period of 2024, indicating an increase of approximately 5%[14] - Research and development expenses rose by $6,032 (5%) in Q3 2025 and by $13,652 (4%) for the first nine months of 2025 compared to the same periods in 2024[120] Market and Sales Trends - Approximately 31% of total sales in Q3 2025 were to customers outside the United States, up from 20% in Q3 2024[54] - For the nine months ended September 30, 2025, approximately 79% of ASI's sales were to foreign customers, with China accounting for about 39% of total sales, down from 45% in the same period of 2024[57] - The company is closely monitoring the impact of tariffs, particularly the 10% retaliatory tariff from China, which could significantly affect sales and gross margins[33][34] - The Company is closely monitoring its supply chain and pursuing growth initiatives to mitigate the impact of tariffs and global economic uncertainties[104] Investment and Securities - The net gains recognized during the three months ended September 30, 2025, on marketable securities amounted to $36,238, compared to $47,223 for the same period in 2024[64] - Total marketable securities as of September 30, 2025, had a fair value of $7,443,756, with unrealized gains of $103,648[67] - The company’s marketable equity securities are valued using Level 1 inputs, with fair value determined based on quoted prices in active markets[66] Taxation - The total provision for income taxes for the nine months ended September 30, 2025, was $368,874, compared to $720,494 for the same period in 2024[72] - The effective income tax rate was approximately 20% for the first nine months of 2025 and 2024, expected to remain the same for the current fiscal year[123] Miscellaneous - The company entered into a distribution agreement with Brenntag Specialties for the new Natrajel® line of sexual wellness ingredients, with manufacturing expected to begin in 2026 due to delays[27] - The new Medicare Part D Manufacturer Discount Program is expected to increase rebate liabilities for drug manufacturers, impacting financial results[48] - The allowance for credit losses related to accounts receivable was $14,092 as of September 30, 2025, slightly down from $14,342 at the end of 2024[44] - The allowance for credit losses is based on the Current Expected Credit Losses (CECL) model, reflecting ongoing credit evaluations and historical experience[58] - The company accrued $86,250 in contributions to the 401(k) defined contribution plan as of September 30, 2025, compared to $81,750 in 2024[75] - The company’s total accrued expenses as of September 30, 2025, were $1,341,540, down from $1,467,933 as of December 31, 2024[78]

Sales Performance - Sales for the nine-month period ended September 30, 2025, decreased to $7,583,613 from $9,705,262 in 2024, representing a decline of approximately 22.0%[2] - Third quarter sales fell to $2,264,261 in 2025 from $3,060,113 in 2024, a decrease of approximately 26.0%[2] - Sales of pharmaceutical products increased by 10% and medical products by 6% during the first nine months of 2025 compared to the same period in 2024[3] Net Income - Net income for the nine months ended September 30, 2025, decreased to $1,456,162 ($0.32 per share) from $2,747,151 ($0.60 per share), a decrease of about 47.1%[2] - Net income for the third quarter of 2025 was $268,441 ($0.06 per share), down from $865,484 ($0.19 per share) in the same quarter of 2024, a decline of about 69.0%[2] Cost Management - Total costs and expenses for the nine months ended September 30, 2025, were $6,062,166, down from $6,614,849 in 2024[8] - Research and development expenses for the nine months ended September 30, 2025, were $339,366, slightly up from $325,714 in 2024[8] Market Challenges and Opportunities - The decrease in cosmetic ingredient sales in the third quarter was primarily due to reduced purchases by Ashland Specialty Ingredients, attributed to tariff and geopolitical concerns in Asia[3] - United-Guardian is working with an outside pharmaceutical consultant to increase sales of Renacidin by including it in additional drug formularies, which is expected to significantly boost sales in the coming years[3] - New marketing agreements for personal care products have been negotiated, providing opportunities for revenue growth in the future[3]

Financial Results Announcement - Beeline Holdings, Inc. announced financial results for the three and nine months ended September 30, 2025[5]. - The press release detailing the financial results was issued on November 6, 2025[5]. - The financial results include key metrics that will be detailed in Exhibit 99.1[5]. Regulatory Information - The report is not deemed "filed" under the Securities Exchange Act of 1934, ensuring it is not subject to certain liabilities[6]. - The company is not classified as an emerging growth company under the Securities Act of 1933[4]. Signatory Information - The report was signed by Nicholas R. Liuzza, Jr., the Chief Executive Officer of Beeline Holdings, Inc.[11].

Revenue Growth - For the three months ended September 30, 2025, total revenue increased by $12.0 million, or 25.3%, primarily due to a 42.1% increase in Payor revenue[97] - For the nine months ended September 30, 2025, total revenue increased by $27.0 million, or 19.4%, primarily due to a 36.9% increase in Payor revenue[98] - Revenue for the three months ended September 30, 2025 increased by 35.4% to $34.7 million compared to $25.7 million for the same period in 2024, driven by a shift towards Payor revenue mix[101] Customer Metrics - The number of completed Payor sessions increased by 36.6% for the three months ended September 30, 2025, driven by a 29.1% increase in active Payor members and a 30.8% increase in the number of health plan customers[97] - As of September 30, 2025, the number of health plan customers increased to 34 from 26 in the previous year, while the number of enterprise customers decreased to 163 from 189[81] - Consumer active members decreased by 25.9% for the three months ended September 30, 2025, due to the company's strategic decision to focus marketing efforts on attracting Payor members[97] Financial Performance - The company reported a net income of $3.3 million for the three months ended September 30, 2025, compared to a net income of $1.9 million for the same period in 2024, representing a 73.5% increase[96] - Financial income, net decreased by 36.6% to $1.1 million for the three months ended September 30, 2025, and by 23.3% to $3.9 million for the nine months ended September 30, 2025, due to reduced interest income from marketable securities[109][110] Expenses - The cost of revenue, excluding depreciation and amortization, increased by 35.4% for the three months ended September 30, 2025, reflecting the growth in the number of sessions and provider network[96] - Cost of revenue for the nine months ended September 30, 2025 increased by 27.2% to $94.4 million from $74.2 million in the prior year, primarily due to increased therapist hours from more Payor sessions[101] - Research and development expenses decreased by 22.4% for the three months ended September 30, 2025, compared to the same period in 2024[96] - Research and development expenses decreased by 22.4% to $1.8 million for the three months ended September 30, 2025, and by 10.7% to $7.2 million for the nine months ended September 30, 2025, mainly due to reduced employee-related costs[102][103] - Sales and marketing expenses increased by 7.7% to $13.2 million for the three months ended September 30, 2025, and by 7.5% to $41.4 million for the nine months ended September 30, 2025, driven by higher direct marketing costs[105][106] - General and administrative expenses decreased by 9.3% to $16.0 million for the nine months ended September 30, 2025, primarily due to lower severance payments related to executive departures[107] Cash and Liquidity - As of September 30, 2025, the company had $43.7 million in cash and cash equivalents, down from $76.7 million as of December 31, 2024, and $52.1 million in marketable securities[119] - Net cash provided by operating activities was $3.2 million for the nine months ended September 30, 2025, a decrease from $7.6 million in the prior year, primarily due to timing of customer payments[126] - The company anticipates being able to fund its cash needs for at least the next 12 months using available cash and cash equivalents, but may require additional capital for future growth initiatives[121] Share Repurchase and Debt - The company repurchased 3,516,677 shares for $8.8 million during the three months ended September 30, 2025, and 6,577,115 shares for $17.2 million during the nine months ended September 30, 2025[123] - As of September 30, 2025, the company had no short-term or long-term debt, or significant long-term liabilities, with only a non-material long-term operating lease for office space in New York, NY[130] Legal and Compliance - There were no material legal proceedings, claims, or litigation as of September 30, 2025, and the company has not incurred any material costs related to indemnifications to date[131][132] - The company does not invest in any off-balance sheet vehicles that provide liquidity, capital resources, market or credit risk support, or expose it to any liabilities not reflected in its financial statements[134] - The company has not incurred any material costs as a result of indemnifications related to breaches of customer data or third-party intellectual property rights[132] Accounting and Risk - There were no material changes to critical accounting policies and estimates during the nine months ended September 30, 2025 compared to the previous fiscal year[137] - There were no material changes to market risk disclosures during the nine months ended September 30, 2025 compared to the previous fiscal year[144] - The company’s forward-looking statements include expectations about future results of operations, financial position, and market growth, but are subject to known and unknown risks and uncertainties[140][141] Insurance - The company maintains director and officer liability insurance coverage to recover a portion of any future amounts paid related to indemnification obligations[133]