[Overview and Management Commentary](index=1&type=section&id=Overview%20and%20Management%20Commentary) CEO Anil Singhal announced a solid start to fiscal year 2026, with Q1 growth driven by Cybersecurity and Service Assurance, focusing on product innovation and margin improvement [CEO Remarks](index=1&type=section&id=CEO%20Remarks) CEO Anil Singhal announced a solid start to fiscal year 2026, with Q1 growth driven by Cybersecurity and Service Assurance, focusing on product innovation and margin improvement - The company delivered a solid start to fiscal year 2026, with growth in its Cybersecurity and Service Assurance product lines[2](index=2&type=chunk) - Strategic priorities include driving product innovation, achieving annual revenue growth, and enhancing margins via cost management[3](index=3&type=chunk) [Financial Performance](index=1&type=section&id=Financial%20Performance) NETSCOUT reported a 6.9% YoY revenue increase to $186.7 million in Q1 FY2026, significantly reducing GAAP net loss and growing non-GAAP net income and EPS [Q1 FY26 Financial Results](index=1&type=section&id=Q1%20FY26%20Financial%20Results) NETSCOUT reported a 6.9% YoY revenue increase to $186.7 million in Q1 FY2026, significantly reducing GAAP net loss and growing non-GAAP net income and EPS [Revenue Analysis](index=1&type=section&id=Revenue%20Analysis) Total revenue grew 6.9% YoY to $186.7 million, primarily driven by a 19.3% increase in product revenue, with service revenue remaining flat and product backlog significantly increasing Q1 Revenue Performance (in millions) | Metric | Q1 FY2026 | Q1 FY2025 | YoY Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | **$186.7** | **$174.6** | **+6.9%** | | Product Revenue | $73.0 | $61.2 | +19.3% | | Service Revenue | $113.8 | $113.4 | +0.3% | - Total product backlog increased significantly to **$30.9 million** as of June 30, 2025, compared to **$15.3 million** a year prior[5](index=5&type=chunk) [Profitability Analysis](index=2&type=section&id=Profitability%20Analysis) GAAP loss from operations narrowed dramatically to $6.6 million due to the absence of a prior-year goodwill impairment, while non-GAAP income from operations nearly doubled to $26.6 million Q1 Profitability Metrics (in millions, except per share data) | Metric | Q1 FY2026 (GAAP) | Q1 FY2025 (GAAP) | Q1 FY2026 (Non-GAAP) | Q1 FY2025 (Non-GAAP) | | :--- | :--- | :--- | :--- | :--- | | Income (Loss) from Operations | $(6.6) | $(463.3) | $26.6 | $14.0 | | Operating Margin | (3.5)% | (265.4)% | 14.2% | 8.0% | | Net Income (Loss) | $(3.7) | $(443.4) | $24.7 | $20.6 | | Diluted EPS | $(0.05) | $(6.20) | $0.34 | $0.28 | - The significant reduction in GAAP loss from operations was mainly due to the absence of the **$427.0 million** goodwill impairment charge recorded in Q1 FY2025[7](index=7&type=chunk) [Balance Sheet and Cash Flow](index=2&type=section&id=Balance%20Sheet%20and%20Cash%20Flow) NETSCOUT's cash and marketable securities increased to $543.5 million as of June 30, 2025, with the company repurchasing $15.0 million in stock and maintaining zero debt - Cash, cash equivalents, and marketable securities increased to **$543.5 million** as of June 30, 2025, from **$492.5 million** as of March 31, 2025[9](index=9&type=chunk) - Repurchased **761,249 shares** of common stock for an aggregate price of approximately **$15.0 million** during the quarter[9](index=9&type=chunk) - The company had no debt outstanding under its **$600 million** revolving credit facility as of the quarter's end[9](index=9&type=chunk) [Business Outlook](index=2&type=section&id=Business%20Outlook) NETSCOUT reaffirmed its full-year fiscal 2026 guidance, projecting revenue between $825 million and $865 million, along with specific GAAP and non-GAAP diluted EPS ranges [Fiscal Year 2026 Outlook](index=2&type=section&id=Fiscal%20Year%202026%20Outlook) NETSCOUT reaffirmed its full-year fiscal 2026 guidance, projecting revenue between $825 million and $865 million, along with specific GAAP and non-GAAP diluted EPS ranges FY2026 Financial Outlook | Metric | Guidance Range | | :--- | :--- | | Revenue | $825 million to $865 million | | GAAP Net Income per Share (diluted) | $1.07 to $1.22 | | Non-GAAP Net Income per Share (diluted) | $2.25 to $2.40 | [Recent Developments](index=3&type=section&id=Recent%20Developments) NETSCOUT completed a foreign investment sale and rolled out significant AI-backed enhancements to its Arbor DDoS and Omnis Cyber Intelligence solutions, improving threat detection capabilities [Corporate and Product Updates](index=3&type=section&id=Corporate%20and%20Product%20Updates) NETSCOUT completed a foreign investment sale and rolled out significant AI-backed enhancements to its Arbor DDoS and Omnis Cyber Intelligence solutions, improving threat detection capabilities - Completed the sale of a foreign investment for approximately **$12 million** on August 4, 2025[11](index=11&type=chunk) - Announced new AI-backed enhancements to its Arbor DDoS solutions to automate defense, capable of mitigating up to **80%** of all DDoS attacks without further analysis[13](index=13&type=chunk) - Introduced Adaptive Threat Analytics for its Omnis Cyber Intelligence Network Detection and Response (NDR) solution to improve incident response and reduce risk[13](index=13&type=chunk) - Participated in TM Forum's NeuroNOC Catalyst event, deploying its Omnis AI Insights Solution to demonstrate AI-driven operations for 5G networks[13](index=13&type=chunk) [Financial Statements and Reconciliations](index=7&type=section&id=Financial%20Statements%20and%20Reconciliations) This section provides detailed unaudited financial statements, including condensed consolidated statements of operations, balance sheets, and comprehensive reconciliations of GAAP to non-GAAP measures [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) This section provides the detailed unaudited income statement for the three months ended June 30, 2025, highlighting revenues, costs, and operating expenses, notably the absence of a goodwill impairment charge in FY2026 Condensed Consolidated Statements of Operations (in thousands) | Line Item | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Total revenue | $186,747 | $174,565 | | Gross profit | $143,325 | $130,196 | | Total operating expenses | $149,889 | $593,520 | | Loss from operations | $(6,564) | $(463,324) | | Net loss | $(3,679) | $(443,376) | | Diluted net loss per share | $(0.05) | $(6.20) | [Consolidated Balance Sheets](index=8&type=section&id=Consolidated%20Balance%20Sheets) This section presents the company's balance sheet as of June 30, 2025, detailing assets, liabilities, and stockholders' equity, showing a slight decrease in total assets and liabilities over the quarter Consolidated Balance Sheet Highlights (in thousands) | Line Item | June 30, 2025 | March 31, 2025 | | :--- | :--- | :--- | | Cash, cash equivalents, marketable securities and investments | $532,509 | $491,473 | | Total current assets | $683,915 | $713,184 | | Total assets | $2,157,426 | $2,186,578 | | Total current liabilities | $386,982 | $407,932 | | Total liabilities | $609,875 | $626,183 | | Total stockholders' equity | $1,547,551 | $1,560,395 | [Reconciliation of GAAP to Non-GAAP Measures](index=9&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Measures) This section provides detailed reconciliations of GAAP to non-GAAP financial measures for key metrics and the full-year FY2026 outlook, detailing adjustments like share-based compensation and amortization Q1 FY26 Reconciliation of GAAP Loss from Operations to Non-GAAP Income from Operations (in thousands) | Description | Amount | | :--- | :--- | | **Loss from Operations (GAAP)** | **$(6,564)** | | Share-based compensation expense | $19,959 | | Amortization of acquired intangible assets | $11,669 | | Restructuring charges | $529 | | Executive Transition Costs | $959 | | Other adjustments | $12 | | **Non-GAAP Income from Operations** | **$26,564** | FY2026 Outlook Reconciliation of GAAP to Non-GAAP Net Income (in millions) | Description | Amount | | :--- | :--- | | **GAAP net income** | **~$79 to ~$90** | | Total adjustments (Amortization, Share-based comp, etc.) | ~$111 | | Related impact of adjustments on income tax | (~$23) | | **Non-GAAP net income** | **~$167 to ~$178** |

– Generated Record Quarterly Net Revenue of $188.0 Million, Up 29% Year-over-Year – – Generated Record Quarterly Jornay PM® Net Revenue of $32.6 Million and Grew Prescriptions by 23% Year-over-Year – – Generated Net Revenue of $155.4 Million from the Pain Portfolio, Up 7% Year-over-Year with All Three Core Products Recording Revenue Growth in the Quarter – – Raised Full-Year 2025 Net Revenue Guidance to be in the Range of $745 to $760 Million and Adjusted EBITDA Guidance in the Range of $440 to $455 Million ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ☐ 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: 814-00967 WHITEHORSE FINANCE, INC. (Exact Name of Registrant as Specified in its Charter) Delaware 45-4247759 (State or Other Jurisdiction of (I.R.S. Employer Incorporation or Organization) Identification No.) Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO S ...

Exhibit 99.1 Nortech Systems Reports Second Quarter Results MINNEAPOLIS – August 7, 2025 – Nortech Systems Incorporated (Nasdaq: NSYS) ("Nortech" or the "Company"), a leading provider of engineering and manufacturing solutions for complex electromedical and electromechanical products serving the medical imaging, medical device, industrial and aerospace & defense markets, reported financial results for the second quarter ended June 30, 2025. 2025 Q2 Highlights: Summary Financial Information The following tab ...

[Executive Summary & Business Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Business%20Highlights) [Company Overview & Business Model](index=1&type=section&id=Company%20Overview%20%26%20Business%20Model) Intuitive Machines is a leading diversified space technology, infrastructure, and services company focused on fundamentally disrupting lunar access economics, having successfully soft-landed lunar landers in 2024 and 2025 - Intuitive Machines is a leading space technology and infrastructure services company[2](index=2&type=chunk) - The company is a diversified space technology, infrastructure, and services company focused on fundamentally disrupting lunar access economics[12](index=12&type=chunk) - Successfully soft-landed Nova-C class lunar landers on the Moon in 2024 and 2025, returning the United States to the lunar surface for the first time since 1972[12](index=12&type=chunk) - Products and services are focused through three pillars of space commercialization: Delivery Services, Data Transmission Services, and Infrastructure as a Service[12](index=12&type=chunk) [CEO Commentary & Strategic Vision](index=1&type=section&id=CEO%20Commentary%20%26%20Strategic%20Vision) CEO Steve Altemus highlighted decisive execution in Q2 2025, including bringing satellite manufacturing in-house and the strategic acquisition of KinetX, with plans for continued opportunistic M&A and internal investments to accelerate growth - Executed decisively in Q2, bringing satellite manufacturing in-house for performance, schedule clarity, and integration[3](index=3&type=chunk) - Moved to acquire KinetX, a company specializing in space navigation and flight dynamics software, crucial for future network operations[3](index=3&type=chunk)[5](index=5&type=chunk) - Will remain opportunistic on strategic M&A and evaluate internal investments to accelerate growth and drive long-term shareholder value[4](index=4&type=chunk) - Intends to remain aggressive in the marketplace, particularly in data services and National Security Space markets[4](index=4&type=chunk) [Second Quarter 2025 Operational & Financial Highlights](index=1&type=section&id=Second%20Quarter%202025%20Operational%20%26%20Financial%20Highlights) Q2 2025 saw significant strategic moves including the acquisition of KinetX, investment in in-house satellite production, and expansion of production footprint, with revenue growing 21% year-over-year to $50.3 million and the company ending the quarter debt-free with $345 million cash - Signed purchase agreement to acquire KinetX, positioning Intuitive Machines for Earth Orbit, Moon, and Mars constellation management[5](index=5&type=chunk) - Strategically invested in in-house satellite production to support the Near Space Network Services (NSNS) contract, aligning Mission 3 for satellite deployment in H2 2026[5](index=5&type=chunk) - Expanded production footprint at Houston Spaceport by 140,000 square feet for satellite and spacecraft production, testing, and mission operations[5](index=5&type=chunk) Q2 2025 Revenue Performance (in millions of dollars) | Metric | Q2 2025 (Millions) | Q2 Prior Year (Millions) | Change (%) | | :----- | :----------------- | :----------------------- | :--------- | | Revenue | $50.3 | $41.6 | +21% | - Awarded **$9.8 million** for a phase two contract from a National Security customer to advance the Orbital Transfer Vehicle[5](index=5&type=chunk) - Partnered with Space Forge for space-based semiconductor manufacturing and Rhodium Scientific for in-space biopharmaceutical testing, supported by a **$10 million** Texas Space Commission award for the Earth Reentry Program[5](index=5&type=chunk) - Ended Q2 debt-free with **$345 million cash**, indicating continued balance sheet strength and ample liquidity[5](index=5&type=chunk) [Outlook](index=1&type=section&id=Outlook) The company projects full-year 2025 revenue near the low-end of prior outlook, with additional opportunities potentially supporting revenue near the prior mid-point of $275 million, and positive adjusted EBITDA still expected in 2026 - Full-year 2025 revenue is projected to be near the low-end of prior outlook, with additional opportunities potentially supporting revenue near the prior mid-point of **$275 million**[6](index=6&type=chunk) - Continues to expect positive adjusted EBITDA in 2026[6](index=6&type=chunk) [Financial Statements](index=5&type=section&id=Financial%20Statements) [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets increased to $475.6 million from $355.4 million at December 31, 2024, primarily driven by a significant increase in cash and cash equivalents, while total liabilities decreased substantially due to the elimination of earn-out liabilities and a reduction in warrant liabilities Condensed Consolidated Balance Sheets Highlights (in thousands of dollars) | Metric | June 30, 2025 | December 31, 2024 | Change | | :--------------------------------- | :-------------- | :---------------- | :----- | | Cash and cash equivalents | $344,901 | $207,607 | +$137,294 | | Total current assets | $396,753 | $293,161 | +$103,592 | | Property and equipment, net | $40,607 | $23,364 | +$17,243 | | Total assets | $475,639 | $355,404 | +$120,235 | | Total current liabilities | $107,295 | $98,831 | +$8,464 | | Earn-out liabilities | $0 | $134,156 | -$134,156 | | Warrant liabilities | $38,809 | $68,778 | -$29,969 | | Total liabilities | $184,746 | $351,483 | -$166,737 | | Total shareholders' deficit | $(379,123) | $(1,008,034) | +$628,911 | - Significant increase in cash and cash equivalents, contributing to the overall rise in total assets[17](index=17&type=chunk) - Substantial reduction in total liabilities, primarily driven by the elimination of earn-out liabilities and a decrease in warrant liabilities[17](index=17&type=chunk) [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For Q2 2025, revenue increased 21% year-over-year to $50.3 million, but the company reported a net loss of $38.2 million, compared to a net income of $16.7 million in Q2 2024, largely influenced by changes in the fair value of warrant liabilities and the absence of earn-out liability changes Condensed Consolidated Statements of Operations Highlights (in thousands of dollars) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--------------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Revenue | $50,313 | $41,641 | $112,837 | $114,860 | | Operating loss | $(28,640) | $(27,500) | $(38,717) | $(30,275) | | Change in fair value of earn-out liabilities | $0 | $22,109 | $(33,369) | $(488) | | Change in fair value of warrant liabilities | $(13,033) | $21,009 | $29,969 | $(2,955) | | Net income (loss) | $(38,206) | $16,655 | $(37,231) | $(101,376) | | Net income (loss) attributable to the Company | $(25,181) | $18,671 | $(36,577) | $(78,815) | - Q2 2025 revenue increased by **$8.672 million (20.8%)** year-over-year[19](index=19&type=chunk) - Reported a net loss of **$38.206 million** in Q2 2025, a significant decline from a net income of **$16.655 million** in Q2 2024[19](index=19&type=chunk) - The change in fair value of earn-out liabilities (zero in Q2 2025 vs. **$22.109 million** gain in Q2 2024) and warrant liabilities (loss of **$13.033 million** in Q2 2025 vs. gain of **$21.009 million** in Q2 2024) significantly impacted net income/loss[19](index=19&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash provided by operating activities was $0.156 million, a substantial improvement from net cash used of $37.702 million in the prior year period, largely due to positive changes in working capital and significantly increased net cash from financing activities due to warrant exercises Condensed Consolidated Statements of Cash Flows Highlights (in thousands of dollars) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--------------------------------------- | :------------------------------- | :------------------------------- | | Net cash provided by (used in) operating activities | $156 | $(37,702) | | Net cash used in investing activities | $(14,176) | $(3,793) | | Net cash provided by financing activities | $151,314 | $70,608 | | Net increase in cash, cash equivalents and restricted cash | $137,294 | $29,113 | | Cash and cash equivalents at end of the period | $344,901 | $31,631 | - Operating cash flow improved significantly, shifting from **$37.702 million** cash used in H1 2024 to **$0.156 million** cash provided in H1 2025[21](index=21&type=chunk) - Purchases of property and equipment increased to **$14.176 million** in H1 2025, up from **$3.793 million** in H1 2024[21](index=21&type=chunk) - Net cash provided by financing activities more than doubled to **$151.314 million** in H1 2025, primarily driven by **$176.620 million** from warrant exercises[21](index=21&type=chunk) [Non-GAAP Financial Measures & Key Metrics](index=3&type=section&id=Non-GAAP%20Financial%20Measures%20%26%20Key%20Metrics) [Adjusted EBITDA Reconciliation](index=3&type=section&id=Adjusted%20EBITDA%20Reconciliation) Adjusted EBITDA for Q2 2025 was a loss of $25.368 million, comparable to Q2 2024, while the six-month period saw an increased loss of $31.978 million compared to $23.543 million in the prior year - Adjusted EBITDA is a key performance measure used by management to assess operating performance, excluding non-operating sources like interest income/expense, share-based compensation, and fair value changes[10](index=10&type=chunk) Adjusted EBITDA (in thousands of dollars) | Metric | 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 income (loss) | $(38,206) | $16,655 | $(37,231) | $(101,376) | | Adjusted EBITDA | $(25,368) | $(25,108) | $(31,978) | $(23,543) | - Q2 2025 Adjusted EBITDA loss remained relatively stable year-over-year[24](index=24&type=chunk) - For the six-month period, Adjusted EBITDA loss increased from **$23.543 million** in 2024 to **$31.978 million** in 2025[24](index=24&type=chunk) [Free Cash Flow Reconciliation](index=3&type=section&id=Free%20Cash%20Flow%20Reconciliation) Free Cash Flow for the six months ended June 30, 2025, improved significantly to a negative $14.020 million, compared to a negative $41.495 million in the prior year period, driven by a positive shift in operating cash flow despite increased capital expenditures - Free cash flow is defined as net cash provided by (used in) operating activities less purchases of property and equipment, serving as a meaningful indicator of liquidity[11](index=11&type=chunk)[25](index=25&type=chunk) Free Cash Flow (in thousands of dollars) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--------------------------------------- | :------------------------------- | :------------------------------- | | Net cash provided by (used in) operating activities | $156 | $(37,702) | | Purchases of property and equipment | $(14,176) | $(3,793) | | Free cash flow | $(14,020) | $(41,495) | - Free cash flow improved by **$27.475 million** in H1 2025 compared to H1 2024[26](index=26&type=chunk) - Free Cash Flow is a non-GAAP measure with limitations, including potential incomparability to other companies and sensitivity to capital investments and working capital fluctuations[27](index=27&type=chunk) [Backlog](index=3&type=section&id=Backlog) Contracted backlog decreased by $71.4 million to $256.909 million as of June 30, 2025, from $328.345 million at December 31, 2024, primarily due to performance on existing contracts and IM-2 mission close-out adjustments, partially offset by new awards - Contracted backlog is defined as the total estimated future revenue from awarded contracts, less previously recognized revenue[11](index=11&type=chunk) Backlog (in thousands of dollars) | Metric | June 30, 2025 | December 31, 2024 | Change | | :------ | :-------------- | :---------------- | :----- | | Backlog | $256,909 | $328,345 | $(71,436) | - The decrease in backlog was primarily due to **$112.8 million** from performance on existing contracts and **$8.4 million** from IM-2 mission close-out adjustments[28](index=28&type=chunk) - The decrease was partially offset by **$49.8 million** in new awards, including **$18.0 million** for the NSN contract, **$10.0 million** for the TSC grant, and **$7.0 million** for the OMES III contract[28](index=28&type=chunk) [Additional Information](index=3&type=section&id=Additional%20Information) [Conference Call Information](index=3&type=section&id=Conference%20Call%20Information) Intuitive Machines hosted a conference call on August 7, 2025, at 8:30 am Eastern Time to discuss the Q2 2025 results, with a webcast replay available on the company's investor relations website - Conference call held on August 7, 2025, at 8:30 am Eastern Time to discuss financial results[7](index=7&type=chunk) - A live webcast and replay are available on the investors portion of the Intuitive Machines' website: https://investors.intuitivemachines.com[7](index=7&type=chunk)[8](index=8&type=chunk) [Forward-Looking Statements](index=4&type=section&id=Forward-Looking%20Statements) This press release includes forward-looking statements regarding future expectations, plans, financial performance, and industry outlook, which are subject to various risks and uncertainties and are not guarantees of future performance, with no obligation to update them unless required by applicable securities laws - The press release includes 'forward-looking statements' as defined by the Private Securities Litigation Reform Act of 1995, identified by words such as 'anticipate,' 'expect,' 'plan,' etc[13](index=13&type=chunk) - These statements cover expectations and plans related to business combinations, lunar missions, product demand, contract bids, revenue, operations, financial performance, and business strategy[13](index=13&type=chunk) - Actual results may differ materially due to various factors, including reliance on key personnel, limited operating history, competition, safety performance, cyber incidents, market failures, launch delays, customer concentration, and regulatory compliance[13](index=13&type=chunk) - Forward-looking statements are based on information available as of the presentation date, and the company does not undertake any obligation to update them, except as required by applicable securities laws[14](index=14&type=chunk) [Contacts](index=4&type=section&id=Contacts) Contact information for investor and media inquiries is provided - For investor inquiries: investors@intuitivemachines.com[15](index=15&type=chunk) - For media inquiries: press@intuitivemachines.com[15](index=15&type=chunk)

Exhibit 99.1 • Signed purchase agreement to acquire KinetX, an industry leading space navigation and flight dynamics software company, which positions Intuitive Machines for Earth Orbit, Moon, and Mars constellation management across commercial, civil, and national security customers • Strategically invested in in-house satellite production to control delivery of our satellites to support the Near Space Network Services (NSNS) contract, and aligned Mission 3 to support deployment and operation of our first ...

[Q2 2025 Executive Summary](index=1&type=section&id=Q2%202025%20Executive%20Summary) Altice USA reported improved broadband subscriber trends and year-over-year ARPU growth in Q2 2025, despite a revenue decline and a net loss, highlighting progress in fiber and mobile penetration, operational efficiencies, and a significant $1.0 billion asset-backed loan to enhance its capital structure - CEO Dennis Mathew emphasized continued momentum, citing **improved broadband subscriber trends**, **year-over-year broadband ARPU growth**, and the **lowest second-quarter churn in three years**, driven by targeted offers, better sales execution, and scaling of value-added services[2](index=2&type=chunk) Q2 2025 Key Financial Metrics | Metric | Q2 2025 | Q2 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Total Revenue | $2.15 billion | $2.24 billion | -4.2% | | Net Income (Loss) | ($96.3) million | $15.4 million | N/A | | Diluted EPS | ($0.21) | $0.03 | N/A | | Adjusted EBITDA | $803.8 million | $867.2 million | -7.3% | | Net Cash from Operating Activities | $0.4 billion | $0.3 billion | +34.3% | | Free Cash Flow (Deficit) | $28.4 million | ($40.9) million | N/A | - The company successfully completed a first-of-its-kind **$1.0 billion asset-backed loan**, secured primarily by its HFC assets in the Bronx and Brooklyn service areas, maturing in January 2031[1](index=1&type=chunk)[8](index=8&type=chunk) [Key Operational Performance](index=1&type=section&id=Key%20Operational%20Performance) The company demonstrated operational improvements with reduced broadband net losses, accelerated growth in fiber and mobile subscribers, and enhanced customer service metrics, alongside strategic initiatives including new value-added services and AI integration for efficiency [Broadband and Customer Trends](index=1&type=section&id=Broadband%20and%20Customer%20Trends) Broadband net losses improved to -35k, a positive trend both year-over-year (from -51k) and sequentially (from -37k), attributed to targeted offers and better execution, with churn at a three-year low for the second quarter Broadband Subscriber Net Losses (in thousands) | Period | Net Losses | | :--- | :--- | | Q2 2025 | -35 | | Q1 2025 | -37 | | Q2 2024 | -51 | - The improvement in broadband trends was driven by **targeted localized offers**, **improved sales channel performance**, and **stronger go-to-market execution**[2](index=2&type=chunk) [Fiber Network Growth](index=1&type=section&id=Fiber%20Network%20Growth) Fiber customer base grew by 53% year-over-year, reaching 663k subscribers, with net additions accelerating to +56k and customer penetration on the fiber network increasing significantly to 21.9% from 15.3% a year ago - Fiber net additions accelerated to **+56k** in Q2 2025, compared to **+40k** in Q2 2024[5](index=5&type=chunk) Fiber Network Penetration | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Total Fiber Customers (in thousands) | 663 | 434 | | Total Fiber Passings (in millions) | 3.0 | 2.8 | | Customer Penetration | 21.9% | 15.3% | [Mobile Business Expansion](index=2&type=section&id=Mobile%20Business%20Expansion) The mobile segment showed strong growth, with a 42% year-over-year increase in lines to 546k, as mobile net additions accelerated compared to the prior year and penetration of the broadband customer base rose to 6.8% - Mobile line net additions accelerated to **+38k** in Q2 2025 from **+33k** in Q2 2024[9](index=9&type=chunk) Mobile Subscriber Growth | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Total Mobile Lines (in thousands) | 546 | 385 | | Mobile Penetration of Broadband Base | 6.8% | 4.7% | [Efficiency and Network Initiatives](index=2&type=section&id=Efficiency%20and%20Network%20Initiatives) Altice USA implemented a 5% workforce reduction and improved service call rates to drive efficiency, reinforcing its goal of approximately $3.4 billion in FY 2025 Adjusted EBITDA, while focusing on high-impact network investments including fiber builds and DOCSIS 3.1 upgrades - A workforce reduction of approximately **5%** was implemented, primarily in Q2 2025, to streamline the organization and align resources with key priorities[9](index=9&type=chunk) - Customer service metrics improved year-over-year, with the unique service call rate down by **~3%** and the unique service visit rate down by **~19%**[9](index=9&type=chunk) - The company is targeting approximately **$1.2 billion** in cash capital expenditures and **175k** new passings for FY 2025, with a focus on fiber new builds and DOCSIS 3.1 mid-split upgrades[9](index=9&type=chunk) [Financial Performance](index=5&type=section&id=Financial%20Performance) In Q2 2025, Altice USA generated $2.15 billion in revenue, a 4.2% decrease year-over-year, reporting a net loss of $96.3 million compared to a net income of $15.4 million in Q2 2024, with Adjusted EBITDA also declining by 7.3% to $803.8 million, though net cash from operating activities for the quarter increased significantly [Consolidated Operating Results (Income Statement)](index=5&type=section&id=Consolidated%20Operating%20Results%20(Income%20Statement)) The decline in total revenue was primarily driven by lower Residential revenue, particularly from the Video segment which fell to $660.5 million from $739.4 million year-over-year, with operating income falling to $311.1 million from $501.6 million due to lower revenue and higher restructuring costs, resulting in a net loss influenced by a substantial income tax benefit compared to the prior year's expense Q2 2025 Selected Income Statement Data (in millions) | Line Item | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Total Revenue | $2,147.2 | $2,240.8 | | Residential Revenue | $1,647.9 | $1,753.6 | | Operating Income | $311.1 | $501.6 | | Interest Expense, net | ($444.7) | ($443.0) | | Net Income (Loss) | ($88.0) | $21.7 | | Net Income (Loss) to Stockholders | ($96.3) | $15.4 | [Cash Flow Statement](index=6&type=section&id=Cash%20Flow%20Statement) For the six months ended June 30, 2025, net cash from operating activities decreased to $599.4 million from $706.5 million in the prior year period, impacted by a net loss and changes in working capital, while net cash used in investing activities increased to $745.6 million from $685.9 million due to higher capital expenditures Six Months Ended June 30 - Cash Flow Highlights (in millions) | Line Item | 2025 | 2024 | | :--- | :--- | :--- | | Net Cash Provided by Operating Activities | $599.4 | $706.5 | | Capital Expenditures | ($739.6) | ($683.8) | | Net Cash Used in Investing Activities | ($745.6) | ($685.9) | | Net Cash Provided by Financing Activities | $136.0 | $40.3 | | Net (Decrease) in Cash | ($9.2) | $60.1 | [Customer Metrics](index=4&type=section&id=Customer%20Metrics) The company ended Q2 2025 with 4.46 million total unique customer relationships, a decline from the previous year, with net losses seen across residential broadband, video, and telephony services, though the rate of broadband loss has slowed, while mobile lines and FTTH customers continued to show strong growth [Overall Customer Metrics](index=4&type=section&id=Overall%20Customer%20Metrics) In Q2 2025, residential broadband net losses were -35.0k, an improvement from -51.0k in Q2 2024, while video and telephony services continued to experience significant subscriber declines, and mobile line net additions were strong at +37.8k Q2 2025 Key Customer Net Additions (in thousands) | Service | Q2 2025 Net Additions | Q2 2024 Net Additions | | :--- | :--- | :--- | | Total Customers | (43.6) | (54.5) | | Residential Broadband | (35.0) | (51.0) | | Video | (56.1) | (72.8) | | Mobile Lines | 37.8 | 33.0 | - Residential ARPU was **$133.68** in Q2 2025, a decrease from **$135.95** in Q2 2024, however, Broadband ARPU increased to **$74.77** from **$74.13** over the same period[13](index=13&type=chunk) [Fiber (FTTH) Customer Metrics](index=4&type=section&id=Fiber%20(FTTH)%20Customer%20Metrics) The FTTH business demonstrated robust growth, with total customer relationships reaching 663.0k, up from 434.1k in Q2 2024, as the company added 56.3k total FTTH customers in the quarter, driven primarily by residential additions FTTH Customer Growth (in thousands) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | FTTH Total Passings | 3,023.4 | 2,842.0 | | FTTH Total Customers | 663.0 | 434.1 | | FTTH Total Net Additions | 56.3 | 39.5 | [Balance Sheet and Debt Profile](index=3&type=section&id=Balance%20Sheet%20and%20Debt%20Profile) As of June 30, 2025, Altice USA had consolidated net debt of $25.0 billion, with a consolidated net leverage ratio of 7.8x L2QA Adjusted EBITDA, a weighted average cost of debt of 6.8%, and an average life of 3.6 years, with a key financing activity being the completion of a $1.0 billion asset-backed loan Consolidated Net Debt and Leverage (as of June 30, 2025) | Metric | Value | | :--- | :--- | | Consolidated Net Debt | $25.0 billion | | Consolidated Net Leverage (L2QA) | 7.8x | | Weighted Average Cost of Debt | 6.8% | | Weighted Average Life of Debt | 3.6 years | - The CSC Holdings, LLC Restricted Group held the majority of the debt, with **$23.6 billion** in net debt and a net leverage of **8.0x L2QA**[12](index=12&type=chunk) - On July 16, 2025, the company entered into a **$1.0 billion** Receivables Facility Loan secured by certain receivables and network assets, maturing in January 2031[8](index=8&type=chunk) [Reconciliation of Non-GAAP Financial Measures](index=7&type=section&id=Reconciliation%20of%20Non-GAAP%20Financial%20Measures) The company provides reconciliations for Adjusted EBITDA and Free Cash Flow, with Q2 2025 Adjusted EBITDA at $803.8 million (down from $867.2 million in Q2 2024 and margin contracting to 37.4%), and Free Cash Flow improving to a positive $28.4 million from a deficit of $40.9 million in the prior-year quarter, driven by higher net cash from operations and managed capital expenditures - Adjusted EBITDA is defined as net income excluding items like taxes, interest, D&A, share-based compensation, and restructuring costs, and is used to evaluate operating performance[17](index=17&type=chunk)[18](index=18&type=chunk) - Free Cash Flow is defined as net cash flows from operating activities less cash capital expenditures and is used as a liquidity measure[20](index=20&type=chunk) Q2 Non-GAAP Reconciliation Summary (in millions) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net Income (Loss) | ($88.0) | $21.7 | | Adjusted EBITDA | $803.8 | $867.2 | | Adjusted EBITDA Margin | 37.4% | 38.7% | | Net Cash from Operating Activities | $412.0 | $306.8 | | Free Cash Flow (Deficit) | $28.4 | ($40.9) |

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File No. 001-38403 __________________________ 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 June 30, 2025 or CRONOS GROUP INC. (Exact name of registrant as specified in its charter) ________________________ ...

[MACOM Fiscal Third Quarter 2025 Financial Results](index=1&type=section&id=MACOM%20Fiscal%20Third%20Quarter%202025%20Financial%20Results) MACOM's fiscal third quarter 2025 results present strong financial performance, a positive management outlook, and detailed financial statements [Financial Highlights](index=1&type=section&id=Financial%20Highlights) MACOM reported strong financial results for the third fiscal quarter of 2025, with significant year-over-year and sequential growth in revenue, and substantial increases in both GAAP and non-GAAP net income and earnings per share Q3 Fiscal 2025 GAAP Financial Highlights | Metric | Q3 FY2025 | Q3 FY2024 | YoY Change | Q2 FY2025 | QoQ Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | $252.1M | $190.5M | +32.3% | $235.9M | +6.9% | | Gross Margin | 55.3% | 53.2% | +210 bps | 55.2% | +10 bps | | Income from Operations | $37.7M | $19.7M | +91.4% | $34.9M | +8.0% | | Net Income | $36.5M | $19.9M | +83.4% | $31.7M | +15.1% | | Diluted EPS | $0.48 | $0.27 | +77.8% | $0.42 | +14.3% | Q3 Fiscal 2025 Adjusted Non-GAAP Financial Highlights | Metric | Q3 FY2025 | Q3 FY2024 | YoY Change | Q2 FY2025 | QoQ Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Adjusted Gross Margin | 57.6% | 57.5% | +10 bps | 57.5% | +10 bps | | Adjusted Income from Operations | $63.5M | $45.6M | +39.3% | $59.8M | +6.2% | | Adjusted Net Income | $68.2M | $48.9M | +39.5% | $64.3M | +6.1% | | Adjusted Diluted EPS | $0.90 | $0.66 | +36.4% | $0.85 | +5.9% | [Management Commentary and Business Outlook](index=1&type=section&id=Management%20Commentary%20and%20Business%20Outlook) Management expressed confidence in the company's performance, attributing strong results to a competitive product portfolio and growing market momentum, while issuing a positive outlook for Q4 FY2025 - President and CEO Stephen G. Daly stated that the quarterly results demonstrate the growing competitiveness of MACOM's diverse product portfolio and increasing market momentum[4](index=4&type=chunk) Q4 Fiscal 2025 Business Outlook | Metric | Expected Range | | :--- | :--- | | Revenue | $256M - $264M | | Adjusted Gross Margin | 56.0% - 58.0% | | Adjusted Earnings per Diluted Share | $0.91 - $0.95 | [Consolidated Financial Statements](index=6&type=section&id=Consolidated%20Financial%20Statements) This section presents MACOM's unaudited consolidated financial statements, detailing the company's financial position, operational performance, and cash flow activities [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For the third quarter ended July 4, 2025, MACOM generated $252.1 million in revenue, a 32.3% increase year-over-year, with net income reaching $36.5 million or $0.48 per diluted share Income Statement Summary | Line Item | Three Months Ended July 4, 2025 ($ thousands) | Three Months Ended June 28, 2024 ($ thousands) | | :--- | :--- | :--- | | Revenue | $252,079 | $190,486 | | Gross Profit | $139,436 | $101,409 | | Income from Operations | $37,660 | $19,716 | | Net Income | $36,534 | $19,939 | | Diluted EPS | $0.48 | $0.27 | [Condensed Consolidated Balance Sheets](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of July 4, 2025, MACOM's total assets increased to $2.00 billion, driven by growth in current assets including cash, cash equivalents, and short-term investments, while total liabilities also rose Balance Sheet Summary | Line Item | July 4, 2025 ($ thousands) | September 27, 2024 ($ thousands) | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $125,466 | $146,806 | | Short-term investments | $609,760 | $435,082 | | Total current assets | $1,127,355 | $903,078 | | Total assets | $2,003,272 | $1,755,640 | | **Liabilities & Equity** | | | | Total current liabilities | $294,647 | $108,184 | | Total liabilities | $739,921 | $629,297 | | Total stockholders' equity | $1,263,351 | $1,126,343 | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the nine months ended July 4, 2025, net cash provided by operating activities significantly improved to $165.7 million, while the company used $246.1 million in investing activities and generated $58.8 million from financing activities Cash Flow Summary (Nine Months Ended) | Line Item | July 4, 2025 ($ thousands) | June 28, 2024 ($ thousands) | | :--- | :--- | :--- | | Net cash provided by operating activities | $165,732 | $100,311 | | Net cash used in investing activities | ($246,131) | ($148,615) | | Net cash provided by (used in) financing activities | $58,796 | ($8,434) | | Net change in cash and cash equivalents | ($21,340) | ($56,648) | [Reconciliation of GAAP to Non-GAAP Financial Measures](index=2&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Financial%20Measures) This section explains MACOM's use of non-GAAP financial measures and provides a detailed reconciliation to comparable GAAP figures, showing an adjusted non-GAAP net income of $68.2 million for Q3 2025 - Management uses non-GAAP financial measures to evaluate ongoing operating performance by excluding items such as intangible amortization, share-based compensation, acquisition-related costs, and non-cash interest[10](index=10&type=chunk)[11](index=11&type=chunk) Q3 FY2025 GAAP to Non-GAAP Net Income Reconciliation | Description | Amount ($ thousands) | | :--- | :--- | | **Net income - GAAP** | **$36,534** | | Amortization expense | $4,967 | | Share-based compensation expense | $19,568 | | Non-cash interest, net | $381 | | Acquisition and integration related costs | $1,321 | | Tax effect of non-GAAP adjustments | $5,436 | | **Adjusted net income (Non-GAAP)** | **$68,207** | [About MACOM & Forward-Looking Statements](index=2&type=section&id=About%20MACOM%20%26%20Forward-Looking%20Statements) MACOM manufactures high-performance semiconductor products for Industrial and Defense, Data Center, and Telecommunications sectors, with this report containing forward-looking statements subject to inherent risks and uncertainties - MACOM designs and manufactures semiconductor products for the Industrial and Defense, Data Center, and Telecommunications industries, serving over **6,000 customers** annually[7](index=7&type=chunk) - The press release contains forward-looking statements about strategic plans, growth, and financial outlook, which are subject to risks and uncertainties that could cause actual results to differ materially[8](index=8&type=chunk)[9](index=9&type=chunk)

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 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 June 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: 001-38841 _____________________________________ ...