[APA Corporation Second-Quarter 2025 Results](index=1&type=section&id=APA%20Corporation%20Announces%20Second-Quarter%202025%20Financial%20and%20Operational%20Results) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) APA Corporation reported Q2 2025 net income of $603 million ($1.67 diluted EPS), adjusted earnings of $313 million ($0.87 diluted EPS), and strong cash flow with $1.2 billion from operations and $1.3 billion adjusted EBITDAX Q2 2025 Key Financial Metrics | Metric | Amount (in millions) | | :--- | :--- | | Net Income (attributable to common stock) | $603 | | Diluted EPS | $1.67 | | Adjusted Earnings | $313 | | Adjusted Diluted EPS | $0.87 | | Net Cash Provided by Operating Activities | $1,200 | | Adjusted EBITDAX | $1,300 | [Operational Highlights](index=1&type=section&id=Operational%20Highlights) APA exceeded Q2 2025 production guidance with 465,000 BOE/day reported (394,000 adjusted), reduced Permian rig count while maintaining outlook, and expanded Egypt's footprint Q2 2025 Production | Metric | Volume (BOE/day) | | :--- | :--- | | Reported Production | 465,000 | | Adjusted Production | 394,000 | - Permian rig count reduced from **eight to six** due to drilling efficiencies, maintaining flat Permian volumes with fewer rigs[5](index=5&type=chunk)[7](index=7&type=chunk) - Egypt exceeded gas production guidance and secured presidential approval for **2 million additional acres**, expanding its footprint by over **35%**[4](index=4&type=chunk)[5](index=5&type=chunk) [Capital Allocation and Balance Sheet](index=2&type=section&id=Capital%20Allocation%20and%20Balance%20Sheet) APA returned $140 million to shareholders, reduced net debt by over $850 million (15%), and set a new long-term net debt target of $3 billion - Returned **$140 million** to shareholders through dividends and share repurchases[5](index=5&type=chunk)[9](index=9&type=chunk) - Reduced net debt by over **$850 million** (more than **15%**), supported by asset sales and Egypt working capital inflows[5](index=5&type=chunk)[9](index=9&type=chunk) - Initiated a new long-term net debt target of **$3 billion**, reflecting confidence in durable cash flows and investment-grade credit profile[10](index=10&type=chunk) [Strategic Initiatives](index=3&type=section&id=Strategic%20Initiatives) APA accelerated cost reduction targets to $350 million run-rate savings by 2026 and increased 2025 realized savings to $200 million, while GranMorgu project remains on track Updated Cost Reduction Targets | Metric | Previous Target | New Target | | :--- | :--- | :--- | | 3-Year Run-Rate Savings Goal | $350M by YE 2027 | $350M in 2026 | | 2025 Realized Savings | $130M | $200M | | 2025 Year-End Run-Rate Savings | $225M | $300M | - GranMorgu project in Suriname remains on schedule for first oil in **mid-2028**; 2025 capital guidance raised to **$275 million** for milestone payments, with no change to total project costs[13](index=13&type=chunk)[14](index=14&type=chunk) [Financial Statements and Supplemental Data](index=7&type=section&id=Financial%20Statements%20and%20Supplemental%20Data) [Statement of Consolidated Operations](index=7&type=section&id=Statement%20of%20Consolidated%20Operations) Q2 2025 total revenues decreased to $2.18 billion from $2.54 billion, while net income attributable to common stock increased to $603 million ($1.67 diluted EPS) Q2 2025 vs Q2 2024 Income Statement Highlights (in millions, except per share data) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Total Revenues | $2,178 | $2,543 | | Net Income Before Income Taxes | $1,028 | $928 | | Net Income Attributable to Common Stock | $603 | $541 | | Diluted EPS | $1.67 | $1.46 | [Production Information](index=8&type=section&id=Production%20Information) Q2 2025 total reported production decreased 2% to 465,078 BOE/day, with US down 4% and Egypt up 8% driven by gas volumes Q2 2025 Production by Region (BOE/day) | Region | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | United States | 289,902 | 303,416 | (4)% | | Egypt | 143,818 | 133,215 | 8% | | North Sea | 31,358 | 36,778 | (15)% | | **Total** | **465,078** | **473,409** | **(2)%** | [Adjusted Production Information](index=9&type=section&id=Adjusted%20Production%20Information) Q2 2025 adjusted production decreased 3% to 394,041 BOE/day, with US and North Sea declines offset by 11% growth in Egypt's adjusted volumes Q2 2025 Adjusted Production by Region (BOE/day) | Region | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | United States | 289,902 | 303,416 | (4)% | | Egypt | 72,781 | 65,296 | 11% | | North Sea | 31,358 | 36,778 | (15)% | | **Total** | **394,041** | **405,490** | **(3)%** | [Price Information](index=10&type=section&id=Price%20Information) APA realized lower Q2 2025 oil prices at $65.58/barrel (down from $82.28) but higher natural gas prices at $2.28/Mcf (up from $1.77) Average Realized Prices | Commodity | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Oil (per barrel) | $65.58 | $82.28 | | Natural Gas (per Mcf) | $2.28 | $1.77 | | NGL (per barrel) | $20.49 | $21.68 | [Supplemental Financial Information](index=11&type=section&id=Supplemental%20Financial%20Information) Q2 2025 net cash from operations was $1.18 billion, with total assets at $18.08 billion, total debt at $4.55 billion, and cash at $107 million [Summary Cash Flow Information](index=12&type=section&id=Summary%20Cash%20Flow%20Information) Q2 2025 net cash provided by operating activities was $1.18 billion, with net cash used in investing and financing activities Q2 2025 Cash Flow Summary (in millions) | Category | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $1,181 | $877 | | Net cash used in investing activities | $(95) | $(64) | | Net cash used in financing activities | $(1,046) | $(755) | [Summary Balance Sheet Information](index=12&type=section&id=Summary%20Balance%20Sheet%20Information) As of June 30, 2025, total assets were $18.08 billion, total debt was $4.55 billion, and APA shareholders' equity was $5.91 billion Balance Sheet Highlights (in millions) | Account | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $107 | $625 | | Total assets | $18,078 | $19,390 | | Current debt | $263 | $53 | | Long-term debt | $4,288 | $5,991 | | Total debt | $4,551 | $6,044 | | APA shareholders' equity | $5,905 | $5,280 | [Non-GAAP Reconciliations](index=13&type=section&id=Non-GAAP%20Reconciliations) This section reconciles GAAP to non-GAAP metrics, including Q2 2025 upstream capital investment of $648 million, free cash flow of $134 million, and adjusted EBITDAX of $1.3 billion [Reconciliation to Upstream capital investment](index=13&type=section&id=Reconciliation%20to%20Upstream%20capital%20investment) Q2 2025 total upstream capital investment was $648 million, a decrease from $827 million in the prior year - Total Upstream capital investment for Q2 2025 was **$648 million**, down from **$827 million** in Q2 2024[40](index=40&type=chunk) [Reconciliation to Free cash flow](index=13&type=section&id=Reconciliation%20to%20Free%20cash%20flow) Q2 2025 free cash flow was $134 million, an increase compared to $103 million in the prior-year quarter - Free cash flow for Q2 2025 was **$134 million**, compared to **$103 million** in Q2 2024[42](index=42&type=chunk) [Reconciliation to Adjusted EBITDAX](index=14&type=section&id=Reconciliation%20to%20Adjusted%20EBITDAX) Q2 2025 Adjusted EBITDAX was $1.3 billion, a decrease from $1.58 billion in the prior-year quarter - Adjusted EBITDAX for Q2 2025 was **$1,299 million**, compared to **$1,576 million** in Q2 2024[44](index=44&type=chunk) [Reconciliation to net debt](index=14&type=section&id=Reconciliation%20to%20net%20debt) Net debt as of June 30, 2025, was $4.44 billion, a significant reduction from $5.42 billion at year-end 2024 - Net debt as of June 30, 2025, was **$4,444 million**, a significant reduction from **$5,419 million** at the end of 2024[46](index=46&type=chunk) [Reconciliation to Adjusted earnings](index=15&type=section&id=Reconciliation%20to%20Adjusted%20earnings) Q2 2025 adjusted earnings were $313 million, or $0.87 per diluted share, after accounting for various adjustments Q2 2025 Adjusted Earnings Reconciliation | Metric | Amount (in millions) | Per Diluted Share | | :--- | :--- | :--- | | Net income attributable to common stock (GAAP) | $603 | $1.67 | | Adjustments (net) | $(290) | $(0.80) | | **Adjusted earnings (Non-GAAP)** | **$313** | **$0.87** |

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This section presents the unaudited condensed consolidated financial statements and management's discussion and analysis for the period ended June 30, 2025 [ITEM 1. FINANCIAL STATEMENTS (Unaudited)](index=3&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS%20%28Unaudited%29) This section presents the unaudited condensed consolidated financial statements, highlighting key financial positions, operational results, equity changes, and cash flows for the period ended June 30, 2025 [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This section provides a snapshot of the company's financial position, detailing assets, liabilities, and equity as of June 30, 2025 Condensed Consolidated Balance Sheet Highlights (in millions) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $674 | $714 | | Inventories | $918 | $893 | | Goodwill | $2,570 | $2,479 | | Total assets | $8,826 | $8,590 | | **Liabilities & Equity** | | | | Total current liabilities | $832 | $775 | | Long-term debt, net | $4,357 | $4,488 | | Total liabilities | $6,273 | $6,268 | | Total stockholders' equity | $2,553 | $2,322 | - Total assets increased to **$8.826 billion** as of June 30, 2025, from **$8.590 billion** at the end of 2024, driven by increases in goodwill and property, plant, and equipment[7](index=7&type=chunk) - Total liabilities remained relatively stable at approximately **$6.3 billion**, while stockholders' equity increased from **$2.322 billion** to **$2.553 billion**, primarily due to retained earnings and changes in accumulated other comprehensive loss[7](index=7&type=chunk) [Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income%20%28Loss%29) This section details the company's financial performance, including revenues, gross profit, and net income for the second quarter and year-to-date periods of 2025 Consolidated Statement of Operations Highlights (in millions, except per share data) | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | Total net revenues | $973 | $887 | $1,910 | $1,755 | | Gross profit | $453 | $419 | $897 | $834 | | Income from operations | $135 | $127 | $246 | $233 | | Net income | $62 | $23 | $114 | $37 | | Diluted EPS | $0.92 | $0.33 | $1.69 | $0.55 | - Net revenues for Q2 2025 increased by **9.7% YoY** to **$973 million**, and for the six months ended June 30, 2025, revenues grew by **8.8% YoY** to **$1.91 billion**[9](index=9&type=chunk) - Net income for Q2 2025 more than doubled to **$62 million** compared to **$23 million** in Q2 2024, driven by higher revenues and lower interest and debt extinguishment expenses[9](index=9&type=chunk) [Condensed Consolidated Statements of Stockholders' Equity](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders%27%20Equity) This section outlines changes in the company's equity, including share repurchases and dividend payments, for the period ended June 30, 2025 - Total stockholders' equity increased from **$2.322 billion** at the end of 2024 to **$2.553 billion** at June 30, 2025[11](index=11&type=chunk) - During the first six months of 2025, the company repurchased **0.5 million shares** for **$45 million** and paid cash dividends of **$30 million** (**$0.44 per share**)[11](index=11&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This section details the company's cash inflows and outflows from operating, investing, and financing activities for the first half of 2025 Consolidated Statement of Cash Flows Highlights (in millions) | Cash Flow Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $306 | $189 | | Net cash used in investing activities | ($45) | ($44) | | Net cash used in financing activities | ($309) | ($159) | | **Decrease in cash and cash equivalents** | **($40)** | **($25)** | - Cash from operations significantly increased to **$306 million** for the first half of 2025, up from **$189 million** in the prior-year period, primarily due to higher net income[14](index=14&type=chunk) - Financing activities used **$309 million**, mainly for debt repayments of **$225 million**, common stock repurchases of **$45 million**, and dividend payments of **$30 million**[14](index=14&type=chunk) [Notes to Unaudited Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed disclosures on the company's segments, revenue by end market, and debt structure, supporting the financial statements - The company operates under three reportable segments: Vacuum Solutions Division (VSD), Photonics Solutions Division (PSD), and Materials Solutions Division (MSD)[17](index=17&type=chunk) Revenue by End Market (in millions) | End Market | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | Semiconductor | $432 | $369 | $846 | $720 | | Electronics and Packaging | $266 | $229 | $519 | $437 | | Specialty Industrial | $275 | $289 | $545 | $598 | | **Total net revenues** | **$973** | **$887** | **$1,910** | **$1,755** | Debt Summary (in millions) | Debt Instrument | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Term Loan Facility, net | $2,981 | $3,114 | | Convertible Notes, net | $1,376 | $1,374 | | **Total long-term debt, net** | **$4,357** | **$4,488** | Revenue by Segment (in millions) | Segment | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | VSD | $407 | $335 | $793 | $668 | | PSD | $243 | $254 | $507 | $507 | | MSD | $323 | $298 | $610 | $580 | | **Total** | **$973** | **$887** | **$1,910** | **$1,755** | [ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](index=34&type=section&id=ITEM%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management discusses the company's financial performance, condition, and operational results, highlighting revenue drivers, expense trends, and liquidity for the period ended June 30, 2025 [Overview and Markets](index=34&type=section&id=Overview%20and%20Markets) This section provides an overview of the company's market focus and details revenue performance across its key end markets - The company delivers foundational technology solutions to the semiconductor manufacturing, electronics and packaging, and specialty industrial applications markets[117](index=117&type=chunk) Net Revenues by End Market (in millions) | End Market | Q2 2025 | Q1 2025 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | Semiconductor | $432 | $413 | $846 | $720 | | Electronics and Packaging | $266 | $253 | $519 | $437 | | Specialty Industrial | $275 | $270 | $545 | $598 | | **Total net revenues** | **$973** | **$936** | **$1,910** | **$1,755** | - Semiconductor market revenue increased **5% sequentially** in Q2 2025 due to strength in logic and foundry applications and upgrades for NAND memory production[127](index=127&type=chunk) - Electronics and Packaging market revenue grew **5% sequentially**, driven by a seasonal rebound in chemistry sales after the Lunar New Year[131](index=131&type=chunk) - Specialty Industrial market revenue decreased **9% year-over-year** for the six-month period, mainly due to lower chemistry sales in the automotive market and lower revenues in the general industrial market[138](index=138&type=chunk) [Results of Operations](index=40&type=section&id=Results%20of%20Operations) This section analyzes key operational metrics including gross margin, research and development expenses, and interest expense for the reporting period - Total gross margin for Q2 2025 was **46.6%**, a decrease of **0.8 percentage points** from Q1 2025, primarily due to higher duty/tariff costs and unfavorable product mix[151](index=151&type=chunk)[154](index=154&type=chunk) - Research and development expenses increased to **$76 million** in Q2 2025 from **$70 million** in Q1 2025, mainly due to higher compensation-related costs[157](index=157&type=chunk)[158](index=158&type=chunk) - Selling, general and administrative expenses decreased by **$10 million** sequentially to **$175 million** in Q2 2025, primarily from lower stock compensation costs[162](index=162&type=chunk) - Interest expense, net, decreased by **$54 million** for the first six months of 2025 compared to the same period in 2024, due to debt refinancing at a lower interest rate and voluntary prepayments[169](index=169&type=chunk) - The effective tax rate for the six months ended June 30, 2025 was **13.0%**, lower than the U.S. statutory rate due to deductions for foreign derived intangible income (FDII) and R&D credits[174](index=174&type=chunk) [Liquidity and Capital Resources](index=50&type=section&id=Liquidity%20and%20Capital%20Resources) This section discusses the company's cash position, operating cash flow, debt management, and capital allocation strategies - The company held **$674 million** in cash and cash equivalents as of June 30, 2025, with **$577 million** held by foreign subsidiaries[179](index=179&type=chunk)[180](index=180&type=chunk) - Net cash from operating activities was **$306 million** for the first six months of 2025, a significant increase from **$189 million** in the prior year period[182](index=182&type=chunk) - The company made voluntary debt prepayments of **$100 million** in January 2025 and **$100 million** in June 2025 on its USD Tranche B loan. An additional **$100 million** was prepaid on August 1, 2025[187](index=187&type=chunk)[193](index=193&type=chunk) - In the first half of 2025, the company repurchased **$45 million** of its common stock and paid **$30 million** in dividends[183](index=183&type=chunk)[185](index=185&type=chunk)[186](index=186&type=chunk) - As of June 30, 2025, the principal outstanding on the Term Loan Facility was **$3.1 billion** with a weighted average interest rate of **5.9%**. There were no borrowings under the **$675 million** Revolving Facility[190](index=190&type=chunk) [ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](index=41&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) This section confirms no material changes in the company's market risk exposure since December 31, 2024, referencing prior disclosures - As of June 30, 2025, there were no material changes in the company's exposure to market risk from the levels reported at December 31, 2024[215](index=215&type=chunk) [ITEM 4. CONTROLS AND PROCEDURES](index=41&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management confirms the effectiveness of disclosure controls and procedures as of June 30, 2025, with no material changes to internal control over financial reporting - Based on an evaluation as of June 30, 2025, the Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective[216](index=216&type=chunk) - There were no changes in internal control over financial reporting during the quarter ended June 30, 2025, that have materially affected, or are reasonably likely to materially affect, internal controls[217](index=217&type=chunk) [PART II. OTHER INFORMATION](index=42&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section includes disclosures on risk factors, other information, and a list of exhibits filed with the report [ITEM 1A. RISK FACTORS](index=42&type=section&id=ITEM%201A.%20RISK%20FACTORS) This section incorporates by reference the company's risk factors from its Annual Report on Form 10-K and prior Quarterly Report on Form 10-Q - The company's risk factors are incorporated by reference from its Annual Report on Form 10-K for the year ended December 31, 2024, and its Quarterly Report on Form 10-Q for the period ended March 31, 2025[218](index=218&type=chunk) [ITEM 5. OTHER INFORMATION](index=42&type=section&id=ITEM%205.%20OTHER%20INFORMATION) This section confirms that no directors or officers adopted or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during Q2 2025 - During the second quarter of 2025, none of the company's directors or officers adopted or terminated a trading arrangement under Rule 10b5-1(c) or a non-Rule 10b5-1 trading arrangement[219](index=219&type=chunk) [ITEM 6. EXHIBITS](index=43&type=section&id=ITEM%206.%20EXHIBITS) This section lists all exhibits accompanying the Form 10-Q, including required certifications and XBRL data files - The report includes standard exhibits such as CEO and CFO certifications pursuant to Sarbanes-Oxley Act Sections 302 and 906, and Inline XBRL documents[221](index=221&type=chunk)

Table of Contents Commission File Number 0-16759 FIRST FINANCIAL CORPORATION (Exact name of registrant as specified in its charter) | Indiana | 35-1546989 | | --- | --- | | (State or other jurisdiction | (I.R.S. Employer | | incorporation or organization) | Identification No.) | 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 June 30, 2025 ☐ TRANSITION RE ...

[PART I - FINANCIAL INFORMATION](index=5&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) This part details the company's financial performance, condition, and cash flows, along with management's analysis and market risk disclosures [Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) The unaudited condensed consolidated financial statements for Avadel Pharmaceuticals plc for Q2 and H1 2025 and 2024 are presented, including income, comprehensive income, balance sheets, equity, cash flows, and detailed notes [Summary of Significant Accounting Policies](index=11&type=section&id=NOTE%201%3A%20Summary%20of%20Significant%20Accounting%20Policies) The company is a biopharmaceutical firm whose sole commercial product is LUMRYZ, an extended-release sodium oxybate for treating cataplexy or EDS in narcolepsy patients - LUMRYZ was approved by the FDA for adults with narcolepsy on **May 1, 2023**, and for pediatric patients (age 7+) on **October 16, 2024**[35](index=35&type=chunk) - The company has initiated a pivotal Phase 3 trial, REVITALYZ, to evaluate LUMRYZ for the treatment of Idiopathic Hypersomnia (IH)[37](index=37&type=chunk) - LUMRYZ was granted Orphan Drug Designation (ODD) by the FDA for the treatment of IH on **June 5, 2025**[37](index=37&type=chunk) [Revenue Recognition](index=14&type=section&id=NOTE%202%3A%20Revenue%20Recognition) All net product revenue for the reported periods is derived from U.S. sales of LUMRYZ, with sales highly concentrated among three customers Percentage of Total Gross Sales by Customer | Customer | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Caremark | 41% | 52% | 43% | 48% | | Accredo | 40% | 33% | 42% | 36% | | Optum | 19% | 15% | 15% | 16% | [Royalty Financing Obligation](index=17&type=section&id=NOTE%206%3A%20Royalty%20Financing%20Obligation) The company has a royalty financing obligation with RTW Investments, L.P. stemming from a $30 million tranche received in August 2023, requiring quarterly payments of 3.75% of worldwide LUMRYZ net product revenue until $75 million is repaid - The company received **$30 million** from RTW and must pay **3.75%** of worldwide LUMRYZ net revenue until a total of **$75 million** is repaid[64](index=64&type=chunk)[65](index=65&type=chunk) Royalty Financing Obligation Activity (in thousands) | Description | June 30, 2025 | | :--- | :--- | | Beginning Balance (Dec 31, 2024) | $37,139 | | Accretion of imputed interest | $4,593 | | Royalty payments made | $(3,859) | | Ending Balance (before current portion) | $37,873 | | Non-current Royalty financing obligation | $35,318 | - Interest expense related to the royalty financing obligation was **$2.4 million** for Q2 2025 and **$4.6 million** for the six months ended June 30, 2025[68](index=68&type=chunk) [Commitments and Contingencies](index=21&type=section&id=NOTE%2012%3A%20Commitments%20and%20Contingencies) This section details the extensive and complex litigation between Avadel and Jazz Pharmaceuticals, involving multiple patent infringement lawsuits and countersuits - In the 'First Jazz Complaint', a jury found Avadel infringed one Jazz patent (U.S. Patent No. 11147782) and awarded damages of **$234**, with a subsequent injunction largely reversed or vacated on appeal by the Federal Circuit in **May 2025**[98](index=98&type=chunk)[102](index=102&type=chunk) - Avadel successfully forced Jazz to delist its REMS Patent (U.S. Patent No. 8731963) from the Orange Book following a court order, which was affirmed on appeal in **February 2023**[93](index=93&type=chunk) - Jazz's lawsuit challenging the FDA's approval of LUMRYZ was dismissed, and the D.C. Court of Appeals affirmed the ruling in **June 2025**, upholding the FDA's approval[140](index=140&type=chunk)[141](index=141&type=chunk) - Avadel has filed its own lawsuits against Jazz, alleging infringement of its patents by Jazz's product XYWAV®, as well as claims of trade secret misappropriation, with these cases ongoing and trial dates set for **2025** and **2028**[120](index=120&type=chunk)[131](index=131&type=chunk)[132](index=132&type=chunk) Consolidated Statements of Income (Loss) Highlights (in thousands) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Net product revenue | $68,129 | $41,504 | $120,640 | $68,682 | | Gross profit | $61,763 | $38,716 | $108,697 | $64,372 | | Operating income (loss) | $8,884 | $(12,741) | $5,883 | $(38,776) | | Net income (loss) | $9,665 | $(13,822) | $4,745 | $(41,164) | | Net income (loss) per share - diluted | $0.10 | $(0.14) | $0.05 | $(0.44) | Consolidated Balance Sheet Highlights (in thousands) | Metric | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $63,402 | $51,371 | | Total current assets | $159,105 | $134,208 | | Total assets | $187,157 | $164,236 | | Total current liabilities | $57,065 | $48,834 | | Total liabilities | $96,448 | $90,388 | | Total shareholders' equity | $90,709 | $73,848 | Consolidated Statements of Cash Flows Highlights (in thousands) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $4,465 | $(47,890) | | Net cash provided by investing activities | $4,063 | $31,937 | | Net cash provided by financing activities | $1,672 | $13,913 | | Net change in cash and cash equivalents | $12,031 | $(2,320) | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=32&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's transition to profitability in Q2 2025, driven by LUMRYZ commercialization, highlighting revenue growth, stable operating expenses, and sufficient liquidity for the next twelve months - The company achieved profitability in Q2 2025 with a net income of **$9.7 million**, a significant turnaround from a net loss of **$13.8 million** in Q2 2024[161](index=161&type=chunk) - Net product revenue for LUMRYZ increased **64.2%** to **$68.1 million** in Q2 2025 compared to Q2 2024, driven by patient growth to approximately **3,100** as of June 30, 2025[162](index=162&type=chunk) - The company initiated the REVITALYZ Phase 3 trial for LUMRYZ in Idiopathic Hypersomnia (IH), with the first patient dosed on **July 31, 2024**, and enrollment expected to complete by the end of **2025**[153](index=153&type=chunk)[154](index=154&type=chunk) - Cash, cash equivalents, and marketable securities increased by **$7.8 million** in the first six months of 2025 to **$81.5 million**, supported by **$4.5 million** in cash from operations[160](index=160&type=chunk) [Results of Operations](index=36&type=section&id=2.1%20Results%20of%20Operations) A detailed analysis of the financial results for the three and six months ended June 30, 2025, compared to the same periods in 2024, showing significant revenue growth, slight gross margin decrease, and shifts in R&D and SG&A expenses Gross Profit Analysis - Six Months Ended June 30 (in thousands) | Metric | 2025 | 2024 | Change $ | Change % | | :--- | :--- | :--- | :--- | :--- | | Net product revenue | $120,640 | $68,682 | $51,958 | 75.7% | | Cost of products sold | $11,943 | $4,310 | $7,633 | 177.1% | | Gross profit | $108,697 | $64,372 | $44,325 | 68.9% | | Gross profit margin | 90% | 94% | - | - | - R&D expenses increased by **$1.5 million (20.9%)** in H1 2025, primarily due to costs for the Phase 3 REVITALYZ clinical trial for LUMRYZ in IH[164](index=164&type=chunk) - SG&A expenses decreased by **$1.8 million (1.9%)** in H1 2025, driven by a **$10.6 million** reduction in legal costs, offsetting increased spending on commercial activities, including higher employee costs (**$5.5M**) and patient/market access costs (**$4.7M**)[166](index=166&type=chunk) [Liquidity and Capital Resources](index=38&type=section&id=2.2%20Liquidity%20and%20Capital%20Resources) The company's liquidity position improved significantly, generating $4.5 million in cash from operations in H1 2025, driven by net income and non-cash adjustments, with management believing existing cash and anticipated revenue are sufficient for the next 12 months Net Cash Flow Summary - Six Months Ended June 30 (in thousands) | Activity | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Operating | $4,465 | $(47,890) | $52,355 | | Investing | $4,063 | $31,937 | $(27,874) | | Financing | $1,672 | $13,913 | $(12,241) | - The company believes its existing cash, cash equivalents, marketable securities, and anticipated cash from LUMRYZ sales provide sufficient capital for at least the next twelve months[175](index=175&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=39&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company outlines its exposure to market risks, primarily interest rate, foreign exchange, and inflation, deeming current impacts immaterial but acknowledging potential future effects on operational costs - Interest Rate Risk: A hypothetical **50 basis point** change in interest rates would not materially impact the fair value of the company's securities due to the short-term nature of the portfolio[177](index=177&type=chunk) - Foreign Exchange Risk: Exposure is primarily from one subsidiary with a euro functional currency, where a **10%** change in the euro exchange rate would have an immaterial impact on net income[178](index=178&type=chunk) - Inflation Risk: The company does not believe inflation had a material effect on its results for the period but acknowledges it could affect future costs for clinical trials, commercialization, and labor[180](index=180&type=chunk) [Controls and Procedures](index=40&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of June 30, 2025, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of **June 30, 2025**[181](index=181&type=chunk) - There were no material changes in internal control over financial reporting during the three months ended **June 30, 2025**[182](index=182&type=chunk) [PART II - OTHER INFORMATION](index=40&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) This part covers legal proceedings, updated risk factors, equity sales, and other significant corporate information [Legal Proceedings](index=41&type=section&id=Item%201.%20Legal%20Proceedings) This section incorporates by reference the detailed information on the company's ongoing litigation, primarily with Jazz Pharmaceuticals, as disclosed in Note 12 of the financial statements - Information regarding legal proceedings is incorporated by reference from **Note 12: Commitments and Contingencies - Litigation**[184](index=184&type=chunk) [Risk Factors](index=41&type=section&id=Item%201A.%20Risk%20Factors) This section updates the company's risk factors, emphasizing threats from political and trade instability, intense industry competition, and potential changes in tax law - The company faces significant competition for LUMRYZ from authorized generic versions of Jazz's Xyrem and potential future products, including orexin 2 receptor agonists[188](index=188&type=chunk) - Significant political, trade, or regulatory developments, such as tariffs and changes in U.S. federal policy, could have a material adverse effect on operations[186](index=186&type=chunk) - Changes in tax law, including the 'One Big Beautiful Bill Act' signed on **July 4, 2025**, and the OECD's Pillar Two model rules, could adversely affect the company's business and financial condition[191](index=191&type=chunk)[193](index=193&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=42&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during the reporting period - None[195](index=195&type=chunk) [Other Information](index=42&type=section&id=Item%205.%20Other%20Information) The company entered into a new employment agreement with General Counsel Jerad G. Seurer, effective August 6, 2025, and reported no Rule 10b5-1 trading arrangements adopted or modified by directors or officers during Q2 2025 - A new employment agreement was executed with General Counsel Jerad G. Seurer, providing a **$420,000** base salary and a **45%** target bonus[198](index=198&type=chunk)[199](index=199&type=chunk) - During Q2 2025, no company directors or officers adopted, terminated, or modified a Rule 10b5-1 trading arrangement[201](index=201&type=chunk) [Exhibits](index=43&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including new employment agreements and officer certifications - Filed exhibits include new employment agreements for Susan Rodriguez (dated **May 1, 2025**) and Jerad Seurer (dated **August 6, 2025**)[202](index=202&type=chunk) - Certifications from the Principal Executive Officer and Principal Financial Officer pursuant to SEC rules and the Sarbanes-Oxley Act were also filed[202](index=202&type=chunk)

Exhibit 99.1 Nebius reports second quarter financial results and raises ARR guidance for 2025 Amsterdam, August 7, 2025 – Nebius Group N.V. (NASDAQ: NBIS), a leading AI infrastructure company, today announced its unaudited financial results for the second quarter ended June 30, 2025. "Nebius is continuing to deliver exceptional results," said founder and CEO Arkady Volozh. "In Q2 we more than doubled revenue from the previous quarter, and our core business achieved positive Adjusted EBITDA ahead of plan. Be ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q 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 ☐ 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 0-16211 DENTSPLY SIRONA Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of (I.R.S. Employer incorporation ...

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 AC OF 1934 For the quarterly period ended June 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-40297 N-able, Inc. (Exact name of registrant as specified in its charter) Delaware 85-4069861 (State or other jurisdiction of inco ...

PART I FINANCIAL INFORMATION [Item 1. Financial Statements](index=6&type=section&id=Item%201.%20Financial%20Statements) The company's unaudited condensed consolidated financial statements for the period ended June 30, 2025, show improved net income and increased operating cash flow [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | $420,079 | $394,024 | | Accounts receivable, net | $121,416 | $56,048 | | Inventories | $150,049 | $116,347 | | **Total Assets** | **$2,486,262** | **$2,416,394** | | **Total Current Liabilities** | $103,964 | $62,488 | | Long-term debt, net | $668,439 | $667,774 | | **Total Liabilities** | **$1,307,631** | **$1,259,124** | | **Total Stockholders' Equity** | **$1,178,631** | **$1,157,270** | - The increase in total assets was primarily driven by a significant rise in **accounts receivable** and **inventories**, reflecting seasonal business activity. Total liabilities also increased, mainly due to higher current liabilities including deferred revenue and founders advisory fees payable[13](index=13&type=chunk) [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Statement of Operations Summary (in thousands, except per share data) | 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 sales | $162,639 | $127,276 | $234,669 | $186,320 | | Gross profit | $101,496 | $73,267 | $129,649 | $93,969 | | Operating (loss) income | $(26,226) | $45,018 | $51,581 | $(29,846) | | Net (loss) income | $(32,161) | $21,650 | $24,525 | $(60,908) | | Diluted (Loss) EPS | $(0.22) | $0.14 | $0.16 | $(0.42) | - For the six months ended June 30, 2025, the company reported **net income of $24.5 million**, a significant improvement from a net loss of $60.9 million in the prior-year period. This was driven by a **26% increase in net sales** and a substantial decrease in 'Founders advisory fees' expense, which fell from $68.9 million to $16.3 million[16](index=16&type=chunk) - For the three months ended June 30, 2025, the company posted a **net loss of $32.2 million**, compared to a net income of $21.7 million in the same period of 2024. The loss was primarily due to a large **$96.9 million expense for 'Founders advisory fees - related party'**, which reflects the change in fair value of the liability[16](index=16&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=12&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash Flow Summary for the Six Months Ended June 30 (in thousands) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $20,894 | $11,418 | | Net cash (used in) provided by investing activities | $(42,803) | $187 | | Net cash used in financing activities | $(40,560) | $(14,784) | | **Net change in cash and cash equivalents** | **$(57,798)** | **$(4,114)** | - **Cash from operations increased to $20.9 million** for the first six months of 2025 from $11.4 million in the prior year, despite a significant increase in accounts receivable, aided by higher net income and deferred revenue[23](index=23&type=chunk) - Investing activities used **$42.8 million**, primarily for property and equipment purchases (**$17.6 million**), intangible asset purchases (**$15.2 million**), and a business acquisition (**$10.0 million**)[23](index=23&type=chunk) - Financing activities used **$40.6 million**, dominated by **$40.4 million in common stock repurchases**[23](index=23&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=14&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) - The company operates in two segments: Fire Safety and Specialty Products. In 2024, approximately **79% of revenues were from the United States**[26](index=26&type=chunk) - On March 28, 2025, the IMS division acquired assets and data rights for certain product lines for **$10.0 million in cash**[36](index=36&type=chunk) - In May 2025, the company settled trade secret litigation with a subsidiary of Compass Minerals International, Inc. and acquired related assets for **$20.0 million**, with **$15.2 million allocated to technology-related intangible assets**[37](index=37&type=chunk) - As of June 30, 2025, the company had **$675.0 million in Senior Notes due 2029** and no outstanding borrowings under its **$100.0 million Revolving Credit Facility**[43](index=43&type=chunk)[52](index=52&type=chunk)[53](index=53&type=chunk) - On May 7, 2025, the Board re-established the limit for common stock repurchases at **$100.0 million**. As of June 30, 2025, **$78.3 million remained available** under the plan[70](index=70&type=chunk) Segment Net Sales (in thousands) | Segment | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Fire Safety | $120,284 | $98,538 | $157,447 | $123,693 | | Specialty Products | $42,355 | $28,738 | $77,222 | $62,627 | | **Total** | **$162,639** | **$127,276** | **$234,669** | **$186,320** | Segment Adjusted EBITDA (in thousands) | Segment | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Fire Safety | $77,659 | $55,639 | $87,744 | $55,398 | | Specialty Products | $13,679 | $9,269 | $21,677 | $21,646 | | **Total** | **$91,338** | **$64,908** | **$109,421** | **$77,044** | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=36&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial results, noting a **26% increase in net sales** for the first six months of 2025, a **$24.5 million net income**, and strong liquidity with **$140.7 million cash** [Results of Operations](index=38&type=section&id=Results%20of%20Operations) Consolidated Results - Three Months Ended June 30 (in thousands) | Metric | 2025 | 2024 | Change $ | Change % | | :--- | :--- | :--- | :--- | :--- | | Net sales | $162,639 | $127,276 | $35,363 | 28% | | Gross profit | $101,496 | $73,267 | $28,229 | 39% | | Operating (loss) income | $(26,226) | $45,018 | $(71,244) | (158%) | | Net (loss) income | $(32,161) | $21,650 | $(53,811) | (249%) | - **Q2 2025 net sales increased 28% YoY**, driven by a **$21.7 million increase in the Fire Safety segment** and a **$13.7 million increase in the Specialty Products segment**, including **$9.3 million from recent acquisitions**[112](index=112&type=chunk) - The **Q2 2025 net loss** was driven by a **$96.9 million expense for Founders advisory fees**, reflecting the change in fair value of the liability due to an increase in the company's share price[115](index=115&type=chunk) Consolidated Results - Six Months Ended June 30 (in thousands) | Metric | 2025 | 2024 | Change $ | Change % | | :--- | :--- | :--- | :--- | :--- | | Net sales | $234,669 | $186,320 | $48,349 | 26% | | Gross profit | $129,649 | $93,969 | $35,680 | 38% | | Operating income (loss) | $51,581 | $(29,846) | $81,427 | (273%) | | Net income (loss) | $24,525 | $(60,908) | $85,433 | (140%) | - For the first six months of 2025, **net sales grew 26% YoY**. Fire Safety sales increased by **$33.7 million**, while Specialty Products sales rose by **$14.6 million**, including **$16.9 million from acquisitions**[118](index=118&type=chunk) [Business Segments Performance](index=41&type=section&id=Business%20Segments%20Performance) - **Fire Safety Segment Adjusted EBITDA increased by $22.0 million (39.5%) in Q2 2025** and **$32.3 million (58.3%) in the first six months of 2025** compared to the prior year periods, primarily due to higher net sales[124](index=124&type=chunk)[126](index=126&type=chunk) - **Specialty Products Segment Adjusted EBITDA increased by $4.4 million (47.5%) in Q2 2025**, driven by higher sales from acquisitions. For the first six months, it was relatively flat compared to the prior year[125](index=125&type=chunk)[127](index=127&type=chunk) [Liquidity and Capital Resources](index=42&type=section&id=Liquidity%20and%20Capital%20Resources) - The company believes its existing **cash of $140.7 million**, cash from operations, and availability under its **$100.0 million Revolving Credit Facility** will be sufficient to meet its requirements for at least the next 12 months[133](index=133&type=chunk) - As of June 30, 2025, the company had **no outstanding borrowings** under its Revolving Credit Facility[137](index=137&type=chunk) - During the six months ended June 30, 2025, the company repurchased **3,774,675 shares for $40.4 million** under its Share Repurchase Plan[142](index=142&type=chunk)[151](index=151&type=chunk) - In February 2025, the company settled the 2024 Fixed Annual Advisory Amount by issuing **1,837,304 shares of Common Stock** and paying **$6.7 million in cash**[146](index=146&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=45&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to market risks from foreign currency exchange rates, interest rates on its variable-rate revolving credit facility, and commodity price fluctuations - Primary market risks include **foreign currency fluctuations**, **interest rate changes on variable-rate debt**, and **commodity price volatility**[154](index=154&type=chunk) - Foreign currency exposure is mainly to the **Euro, Canadian dollar, Norwegian krone, and Australian dollar**[155](index=155&type=chunk) - Interest rate risk is tied to the Revolving Credit Facility, which had **no outstanding balance** as of June 30, 2025[156](index=156&type=chunk) [Item 4. Controls and Procedures](index=46&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting - The company's principal executive and financial officers concluded that **disclosure controls and procedures were effective** as of June 30, 2025[160](index=160&type=chunk) - **No material changes** were made to the internal control over financial reporting during the quarter ended June 30, 2025[161](index=161&type=chunk) PART II OTHER INFORMATION [Item 1. Legal Proceedings](index=47&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings, including AFFF litigation, but does not expect a material adverse effect on its financials - The company is involved in litigation related to **aqueous film forming foam (AFFF)** but does not expect it to have a material adverse effect[162](index=162&type=chunk) [Item 1A. Risk Factors](index=47&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the company's previously disclosed risk factors were reported since the 2024 Annual Report - **No material changes** to the company's risk factors were reported since the 2024 Annual Report[163](index=163&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=47&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company details common stock repurchases for the quarter ended June 30, 2025, with **2,886,221 shares repurchased** and a re-established **$100.0 million repurchase limit** Common Stock Repurchases for the Quarter Ended June 30, 2025 | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | April 2025 | 1,071,885 | $9.70 | | May 2025 | 1,443,727 | $11.90 | | June 2025 | 370,609 | $12.28 | | **Total** | **2,886,221** | **N/A** | - On May 7, 2025, the Board re-established the limit for Common Stock repurchases at **$100.0 million**. As of June 30, 2025, approximately **$78.3 million remained available** for repurchase[166](index=166&type=chunk) [Other Items (Items 3, 4, 5, 6)](index=47&type=section&id=Other%20Items) Items 3 and 4 are not applicable, Item 5 notes no Rule 10b5-1 trading plan changes, and Item 6 lists report exhibits - **No defaults on senior securities or mine safety disclosures** were reported[167](index=167&type=chunk) - **No officers or directors adopted or terminated a Rule 10b5-1 trading arrangement** during the quarter[168](index=168&type=chunk)

(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 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☐ 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: 001-39351 Nuvation Bio Inc. (Exact Name of Registrant as Specified in its Charter) Delaware 85-0862255 ( State or other jurisdiction o ...

Exhibit 99.1 On a same station basis for the quarter ended June 30, 2025 net revenue decreased $1.5 million or 6.4% to $27.6 million and station operating expense decreased 6.4% to $21.7 million. Net revenue decreased 4.7% to $52.4 million for the six-month period ended June 30, 2025 compared to $55.0 million for the same period last year. Station operating expense decreased 3.4% for the six-month period to $44.2 million compared to the same period last year. For the six-month period, we had an operating lo ...