Financial Performance - Total revenues for Q3 2025 were $136.4 million, a decrease of 27% compared to $186.6 million in Q3 2024[19]. - Net loss for Q3 2025 was $19.7 million, compared to a net income of $9.2 million in Q3 2024[21]. - For the nine months ended September 30, 2025, Vivid Seats Inc. reported a net loss of $292.828 million, compared to a net income of $18.716 million for the same period in 2024[29]. - Net income for the quarter was $5,296,000, showing a significant increase compared to the previous period[24]. - The company reported a loss from operations of $22.8 million for the three months ended September 30, 2025, compared to income from operations of $10.8 million for the same period in 2024[53]. - For the three months ended September 30, 2025, Vivid Seats reported a net loss of $19.713 million compared to a net income of $9.196 million in the same period of 2024, representing a significant decline[164]. - The net income attributable to Class A common stockholders for the nine months ended September 30, 2025, was a loss of $154.143 million, down from a profit of $10.311 million in 2024[164]. Assets and Liabilities - Total current assets decreased to $233.9 million as of September 30, 2025, down from $345.2 million as of December 31, 2024[16]. - Total liabilities decreased to $771.6 million as of September 30, 2025, compared to $1.0 billion as of December 31, 2024[16]. - The company’s total assets decreased to $1.1 billion as of September 30, 2025, down from $1.6 billion as of December 31, 2024[16]. - Cash and cash equivalents decreased to $145.1 million as of September 30, 2025, from $243.5 million as of December 31, 2024[16]. - The company’s accumulated deficit increased to $1.1 billion as of September 30, 2025, compared to $930.2 million as of December 31, 2024[16]. Impairment and Expenses - The company reported a significant impairment charge of $320.4 million for the nine months ended September 30, 2025[19]. - The company incurred impairment charges of $320.449 million during the nine months ended September 30, 2025[29]. - Goodwill, net, decreased to $648.6 million as of September 30, 2025, from $943.1 million at the end of 2024, primarily due to a non-cash impairment expense of $297.4 million recognized in Q2 2025[62]. - A non-cash impairment expense of $23.0 million was recognized for certain indefinite-lived trademarks during the three and nine months ended September 30, 2025, following a quantitative impairment test[72]. Revenue Breakdown - For the three months ended September 30, 2025, Marketplace revenues were $104.8 million, a decrease of 31.3% from $152.7 million in the same period of 2024[43]. - Resale revenues for the three months ended September 30, 2025, were $31.5 million, down from $34.0 million in the same period of 2024, representing a decline of 7.4%[44]. - The contribution margin for the three months ended September 30, 2025, was $36.1 million, down from $67.7 million in the same period of 2024, representing a decline of 46.6%[53]. Stock and Equity - Issuances of Class A common stock totaled 16,563 shares during the quarter[24]. - The company experienced a repurchase of Class A common stock amounting to $2,929,000, demonstrating a commitment to shareholder value[24]. - The company repurchased Class A common stock amounting to $18.292 million during the nine months ended September 30, 2025[29]. - The company authorized a share repurchase program for up to $100.0 million of Class A common stock on February 29, 2024[116]. - As of September 30, 2025, $59.1 million remained available for future repurchases under the Share Repurchase Program[118]. Tax and Compliance - For the nine months ended September 30, 2025, Vivid Seats recorded an income tax benefit of $9.2 million and an income tax expense of $70.1 million[134]. - The total Tax Receivable Agreement (TRA) payment obligation was estimated at $155.7 million as of September 30, 2025, with $5.9 million deemed probable[139]. - The company was in compliance with all debt covenants related to the 2025 First Lien Loan and the 2024 First Lien Loan as of September 30, 2025[97]. Corporate Structure and Changes - The company entered into a Corporate Simplification Agreement on October 19, 2025, aimed at simplifying its corporate structure, which included the merger of three Blocker Corporations into wholly owned subsidiaries[166]. - The Corporate Simplification involved the exchange of all Class B common stock for Class A common stock, resulting in the cancellation of all outstanding Class B shares[168]. - The company issued an aggregate of 403,022 shares of Class A common stock to the TRA Parties as part of the Corporate Simplification[168].

Exhibit 99.1 United Parks & Resorts Inc. Reports Third Quarter and First Nine Months 2025 Results ORLANDO, FL, November 6, 2025 - United Parks & Resorts Inc. (NYSE: PRKS), a leading theme park and entertainment company, today reported its financial results for the third quarter and first nine months of fiscal year 2025. Third Quarter 2025 Highlights First Nine Months 2025 Highlights Other Highlights "We are obviously not happy with the results we delivered in the quarter. Performance during the quarter was ...

Attendance and Guest Metrics - Attendance in Q3 2025 was 6.8 million guests, a decrease of approximately 240,000 guests or 3.4% from Q3 2024[8] - Attendance for the first nine months of 2025 was 16.4 million guests, a decrease of approximately 252,000 guests or 1.5% from the first nine months of 2024[16] - Attendance for the three months ended September 30, 2025, was 6,789, a decrease of 240 visitors or 3.4% compared to 7,029 in 2024[43] Financial Performance - Total revenue for Q3 2025 was $511.9 million, a decrease of $34.1 million or 6.2% from Q3 2024[8] - Total revenue for the first nine months of 2025 was $1,289.0 million, a decrease of $51.9 million or 3.9% from the first nine months of 2024[16] - For the three months ended September 30, 2025, total revenues decreased by 6.2% to $511.8 million compared to $545.9 million in the same period of 2024[35] - Net income for Q3 2025 was $89.3 million, a decrease of $30.4 million or 25.4% from Q3 2024[8] - Net income for the first nine months of 2025 was $153.3 million, a decrease of $46.3 million or 23.2% from the first nine months of 2024[16] - Net income for the three months ended September 30, 2025, was $89.3 million, down 25.4% from $119.6 million in 2024[35] - Basic earnings per share for the three months ended September 30, 2025, was $1.62, compared to $2.09 in the same period of 2024[35] Adjusted EBITDA and Cash Flow - Adjusted EBITDA for Q3 2025 was $216.3 million, a decrease of $42.1 million or 16.3% from Q3 2024[8] - Adjusted EBITDA for the three months ended September 30, 2025, was $216.3 million, a decrease of 42.1% from $258.4 million in 2024[36] - Free Cash Flow is highlighted as a crucial liquidity measure, although it excludes significant expenditures like mandatory debt service[28] Capital Expenditures and Investments - Capital expenditures for the nine months ended September 30, 2025, were $222.2 million, down $54.98 million from 2024[36] - Capital expenditures for the nine months ended September 30, 2025, totaled $167,227, down 24.7% from $222,207 in the same period of 2024[41] - Expansion/ROI projects capital expenditures for the nine months ended September 30, 2025, were $25,052, a significant decrease of 63.8% from $69,147 in 2024[41] Per Capita Metrics - In-park per capita spending increased 1.1% to $35.82 in Q3 2025 compared to Q3 2024[8] - Total revenue per capita for the nine months ended September 30, 2025, was $78.53, down 2.4% from $80.46 in 2024[43] - Admission per capita for the three months ended September 30, 2025, decreased to $39.57, a decline of 6.3% from $42.24 in 2024[43] - In-Park per capita spending increased slightly to $35.82 for the three months ended September 30, 2025, up 1.1% from $35.42 in 2024[43] Share Repurchase and Stockholder Deficit - The company has repurchased over 635,000 shares for an aggregate total of approximately $32.2 million from the beginning of Q3 through November 4, 2025[8] - The total stockholders' deficit improved to $(308,735) as of September 30, 2025, from $(461,540) as of December 31, 2024[39] Risks and Forward-Looking Statements - Forward-looking statements indicate potential risks affecting attendance and guest spending, including economic uncertainties and labor shortages[32] - The Company acknowledges the impact of external factors such as weather, inflation, and geopolitical events on its operations[32] - Management warns that actual results may vary materially from forward-looking statements due to inherent uncertainties[32] - The Company is subject to various risks, including regulatory changes, labor disputes, and cybersecurity threats, which could impact its business[32] - The Company undertakes no obligation to update forward-looking statements unless required by law, reflecting management's opinions as of the date of the press release[33] Other Financial Metrics - Net cash provided by operating activities for the nine months ended September 30, 2025, was $367.7 million, a decrease of $65.982 million compared to the same period in 2024[36] - The provision for income taxes for the three months ended September 30, 2025, was $29.0 million, down 30.2% from $41.6 million in 2024[36] - As of September 30, 2025, total assets increased to $2,740,133, up from $2,573,578 as of December 31, 2024, representing a growth of approximately 6.5%[39] - Total long-term debt, including current maturities, decreased to $2,251,875 from $2,263,442, a reduction of about 0.5%[39]

Financial Performance - Revenue for Q3 2025 was $318.8 million, a 42% increase from $224.2 million in Q3 2024, primarily due to acquisitions and favorable foreign currency effects of approximately $5.0 million[3] - Gross profit reached $105.7 million, up 116% from $48.9 million in the prior year, with gross margin increasing to 33.2% from 21.8%[7] - Adjusted EBITDA for Q3 2025 was $19.2 million, a 66% increase from $11.5 million in Q3 2024[7] - Revenue for Q3 2025 reached $318.77 million, a 42.3% increase from $224.18 million in Q3 2024[31] - Gross profit for Q3 2025 was $105.75 million, compared to $48.87 million in Q3 2024, reflecting a significant improvement in profitability[31] - The net loss for Q3 2025 was $19.69 million, compared to a net income of $6.70 million in Q3 2024, indicating challenges in maintaining profitability[31] - Adjusted EBITDA for Q3 2025 was $19.17 million, compared to $11.53 million in Q3 2024, reflecting a 66.5% increase[38] - Free cash flow for Q3 2025 was $(29.44) million, compared to $8.67 million in Q3 2024[40] - Adjusted diluted net loss per share for Q3 2025 was $(0.17), compared to $0.11 in Q3 2024[40] Cash and Debt Position - Cash, cash equivalents, and investments in marketable securities totaled $138.3 million as of September 30, 2025[7] - Cash and cash equivalents as of September 30, 2025, were $130.75 million, up from $89.09 million at the end of 2024, showing improved liquidity[33] - Total debt obligations amounted to $621.6 million, including $604.0 million in Notes and $17.6 million under a short-term overdraft facility[9] - Cash, cash equivalents, and restricted cash at the end of Q3 2025 totaled $131.88 million, down from $150.63 million at the beginning of the quarter[40] Growth and Market Presence - Connected TV (CTV) revenue grew by approximately 40% year-over-year in Q3 2025 on a pro-forma basis, with over 2,500 campaigns run since the launch of the CTV HomeScreen product[6] - Revenue generated through cross-selling increased 67% sequentially from Q2 to Q3 2025, with cross-screen adoption reaching over 10% of branding advertisers[8] - Total assets increased to $1.71 billion as of September 30, 2025, compared to $549.21 million at the end of 2024, reflecting significant growth in the company's balance sheet[33] - Teads is directly partnered with over 10,000 publishers and 20,000 advertisers globally, enhancing its market presence[28] Future Outlook and Strategic Initiatives - The company expects Ex-TAC gross profit for Q4 2025 to be between $142 million and $152 million, and Adjusted EBITDA to be between $26 million and $36 million[14] - The company plans to host an Investor Day in March 2026, with details to be shared closer to the event[8] - The company is focusing on leveraging predictive AI technology to drive advertising effectiveness and improve business outcomes[28] Risks and Challenges - Teads is navigating various risks including economic downturns, geopolitical tensions, and regulatory challenges that may impact advertising demand[31] - Operating expenses increased to $112.03 million in Q3 2025 from $51.82 million in Q3 2024, driven primarily by higher sales and marketing costs[31] - The company incurred $598.32 million in cash outflow for business acquisitions in the nine months ended September 30, 2025[40] - Traffic acquisition costs for Q3 2025 were $188.23 million, an increase from $164.48 million in Q3 2024[38]

Financial Performance - Marketplace Gross Order Value (GOV) for Q3 2025 was $618.1 million, down 29% from $871.7 million in Q3 2024[7] - Revenues for Q3 2025 were $136.4 million, down 27% from $186.6 million in Q3 2024[7] - Net loss for Q3 2025 was $19.7 million, compared to net income of $9.2 million in Q3 2024[7] - Adjusted EBITDA for Q3 2025 was $4.9 million, down from $34.1 million in Q3 2024[7] - Total revenues for the three months ended September 30, 2025, were $136,373,000, a decrease of 27% compared to $186,605,000 for the same period in 2024[21] - Net loss for the nine months ended September 30, 2025, was $292,828,000, compared to a net income of $18,716,000 for the same period in 2024[23] - Adjusted EBITDA is presented as a key measure for evaluating operating performance, although it is not based on U.S. GAAP[26] - For the three months ended September 30, 2025, the net loss was $19.713 million compared to a net income of $9.196 million for the same period in 2024[29] - Adjusted EBITDA for the three months ended September 30, 2025, was $4.905 million, a decrease of 85.6% from $34.077 million in the same period of 2024[29] Cost Management - The company is targeting annualized cost savings of $60 million, more than doubling its previous target[4] - The corporate simplification agreement is expected to eliminate $6 million in cash payments due in Q1 2026 and result in up to $180 million in lifetime savings[11] - Total costs and expenses for the nine months ended September 30, 2025, were $802,854,000, compared to $536,451,000 for the same period in 2024, reflecting an increase of 49%[21] - Cash paid for interest increased to $20,984,000 for the nine months ended September 30, 2025, compared to $16,728,000 for the same period in 2024[25] - Severance compensation costs were $1.239 million for the nine months ended September 30, 2025, as part of a strategic cost reduction program[30] Asset and Liability Changes - Total current assets decreased to $233,912,000 as of September 30, 2025, from $345,171,000 as of December 31, 2024, representing a decline of 32%[19] - Total liabilities increased to $771,583,000 as of September 30, 2025, compared to $1,022,061,000 as of December 31, 2024[19] - Cash and cash equivalents decreased to $145,108,000 as of September 30, 2025, from $243,482,000 as of December 31, 2024, a decline of 40%[19] Impairment and Expenses - The company incurred impairment charges of $320,449,000 during the nine months ended September 30, 2025[21] - The company reported impairment charges of $320.449 million during the nine months ended September 30, 2025, reflecting declines in financial performance and stock price[30] - Depreciation and amortization expenses increased to $37.689 million for the nine months ended September 30, 2025, up from $31.654 million in 2024[29] - Equity-based compensation costs were $33.886 million for the nine months ended September 30, 2025, compared to $38.284 million in the same period of 2024[29] - The company recognized a loss on extinguishment of debt amounting to $801 thousand during the nine months ended September 30, 2025[30] Market Projections - Marketplace GOV is projected to be in the range of $2.2 billion to $2.6 billion for the year ending December 31, 2026[13] - Adjusted EBITDA is expected to be in the range of $30.0 million to $40.0 million for the year ending December 31, 2026[13] Leadership Changes - The leadership transition includes Lawrence Fey as the new CEO, succeeding Stan Chia, who will remain in an advisory role[3] Event Cancellations - The company experienced 39,414 event cancellations in Q3 2025, compared to 77,012 in Q3 2024[13] Foreign Currency and Transaction Costs - Foreign currency losses for the nine months ended September 30, 2025, were $2.363 million, compared to a gain of $266 thousand in 2024[29] - Transaction costs for the nine months ended September 30, 2025, amounted to $8.816 million, an increase from $6.649 million in 2024[29]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Date: 06 November 2025 Commission File Number: 001-14958 _____________________________________________________ NATIONAL GRID plc (Translation of registrant's name into English) England and Wales (Jurisdiction of Incorporation) _____________________________________________________ Washington D.C. 20549 _____________________________________________________ FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ...

Revenue Performance - RXO reported third-quarter 2025 revenue of $1.4 billion, a 36.5% increase from $1.0 billion in the same quarter of 2024[3] - Total revenue for Q3 2025 was $1,421 million, a 36.6% increase from $1,040 million in Q3 2024[29] - Truck brokerage revenue reached $1,039 million in Q3 2025, up 58.6% from $655 million in Q3 2024[29] - Complementary services revenue was $442 million in Q3 2025, slightly up from $419 million in Q3 2024[34] - Total revenue for the nine months ended September 30, 2025, was $4.273 billion, a 48.3% increase from $2.883 billion in the same period of 2024[34] Profitability and Loss - The company experienced a GAAP net loss of $14 million in Q3 2025, significantly improved from a net loss of $243 million in Q3 2024[4] - Net loss for Q3 2025 was $14 million, significantly improved from a net loss of $243 million in Q3 2024[31] - Adjusted EBITDA for the quarter was $32 million, slightly down from $33 million in Q3 2024, with an adjusted EBITDA margin of 2.3% compared to 3.2% in the prior year[5] - Adjusted EBITDA for Q3 2025 was $32 million, with an adjusted EBITDA margin of 2.3% compared to 3.2% in Q3 2024[31] - Gross margin for Q3 2025 was $234 million, compared to $180 million in Q3 2024, reflecting a 30% increase[34] - Gross margin as a percentage of revenue decreased to 16.5% in Q3 2025 from 17.3% in Q3 2024[34] Operational Metrics - Brokerage volume growth was 1% year-over-year, driven by a 43% increase in less-than-truckload volume, although full truckload volume declined by 11%[6][7] - Last Mile service achieved a 12% year-over-year growth in stops, marking the fifth consecutive quarter of double-digit growth[6][8] - Cost of transportation and services for Q3 2025 was $1.137 billion, up from $809 million in Q3 2024, representing a 40.5% increase[34] - Direct operating expenses for Q3 2025 were $48 million, slightly down from $49 million in Q3 2024[34] Future Outlook - RXO expects fourth-quarter 2025 adjusted EBITDA to range between $20 million and $30 million, with a projected low-single-digit percentage decline in overall volume[9] - The company anticipates brokerage gross margin to be between 12% and 13% in Q4 2025, reflecting ongoing market tightness[9] - RXO's new cost initiatives are expected to yield over $30 million in incremental savings[6] - RXO, Inc. continues to focus on expanding its truck brokerage and complementary services to drive future growth[34] Balance Sheet Highlights - Cash and cash equivalents at the end of Q3 2025 were $26 million, down from $35 million at the end of Q4 2024[27] - Total assets decreased to $3,201 million in Q3 2025 from $3,414 million in Q4 2024[25] - Total current liabilities decreased to $907 million in Q3 2025 from $1,065 million in Q4 2024[25] - Long-term debt increased to $387 million in Q3 2025 from $351 million in Q4 2024[25] - The company reported a net cash provided by operating activities of $44 million for the nine months ended September 30, 2025, compared to a net cash used of $5 million for the same period in 2024[27] Business Acquisition Costs - Business acquisition costs amounted to $10 million in Q3 2025, a significant decrease from $1,019 million in Q3 2024[27]

Revenue Performance - Total revenues for the three months ended September 30, 2025, were $127.5 million, an increase of $6.1 million compared to $121.4 million in the same period of 2024[97]. - Total revenues decreased by $25.2 million to $379.7 million for the nine months ended September 30, 2025, with oil revenues down $56.9 million and natural gas revenues up $40.6 million[109]. - The company declared cash dividends of $4.7 million during the nine months ended September 30, 2025[136]. Oil and Gas Revenue Breakdown - Oil revenues decreased by $6.7 million to $84.1 million, while natural gas revenues increased by $14.3 million to $37.4 million[97]. - Oil revenues fell by $56.98 million, while natural gas revenues increased by $40.64 million during the same period[109]. Production and Sales Volumes - Production volumes increased by 421 MBoe to 3,275 MBoe, primarily due to well stimulation work and reduced downtime[97]. - Production volumes decreased by 159 MBoe to 9,071 MBoe during the nine months ended September 30, 2025, primarily due to low gas availability and shut-ins in certain fields[109]. - Average daily equivalent sales increased by 4,576 Boe/day to 35,598 Boe/day compared to the same period in 2024[97]. Operating Expenses - Lease operating expenses rose by $3.8 million to $76.2 million, while total operating expenses decreased slightly by $0.2 million to $140.1 million[98]. - Total operating expenses decreased by $16.7 million to $413.5 million for the nine months ended September 30, 2025, with lease operating expenses increasing by $6.9 million[110]. - Average total operating expenses per Boe sold decreased by $6.38 to $42.79[98]. Depreciation and Amortization - Depreciation, depletion and amortization (DD&A) decreased by $5.6 million to $8.73 per Boe for the three months ended September 30, 2025, compared to $11.99 per Boe for the same period in 2024[102]. - Depreciation, depletion, and amortization (D&A) expenses decreased by $16.9 million, with the D&A rate dropping to $9.69 per Boe from $11.36 per Boe[114]. Financial Position and Liquidity - As of September 30, 2025, the company had $124.8 million in unrestricted cash and $50.0 million available under its New Credit Agreement, indicating strong liquidity[123]. - As of September 30, 2025, the company had $359.1 million in long-term debt outstanding, with $9.1 million due within the next twelve months[135]. Cash Flow and Investments - Net cash provided by operating activities decreased by $12.6 million to $51.3 million for the nine months ended September 30, 2025, primarily due to a $25.2 million decrease in revenues[127]. - Cash flows used in investing activities were $31.6 million for the nine months ended September 30, 2025, compared to $(104.0) million in 2024, indicating a significant improvement[128]. - Capital expenditures for exploration and development increased to $42.2 million for the nine months ended September 30, 2025, compared to $102.0 million in 2024[130]. Tax and Interest Expenses - The effective tax rate for the three months ended September 30, 2025 was not meaningful, with a $59.9 million valuation allowance recorded against net deferred tax assets[108]. - Interest expense, net decreased by $2.7 million to $27.5 million for the nine months ended September 30, 2025, primarily due to a decrease from the redemption of the 11.75% Notes[117]. Derivative Gains and Other Expenses - Derivative gain, net increased by $4.1 million to a gain of $4.1 million for the three months ended September 30, 2025, compared to a gain of $3.2 million in the same period in 2024[106]. - Other expenses decreased by $11.1 million for the three months ended September 30, 2025, primarily due to a reduction in accruals for net abandonment obligations[120]. Strategic Initiatives - The company is monitoring the impact of tariffs announced by the U.S. federal government, but does not expect a material financial impact in 2025[96]. - The company has made strategic acquisitions in the Gulf of America to exploit additional drilling projects and reduce costs[132].

NEWS Exhibit 99.1 Tara Kurian SVP, IR, FP&A, and International (813) 830-5311 Bloomin' Brands Announces Turnaround Strategy Releases 2025 Q3 Financial Results TAMPA, Fla., November 6, 2025 - Bloomin' Brands, Inc. (Nasdaq: BLMN) today reported results for the third quarter 2025 ("Q3 2025") compared to the third quarter 2024 ("Q3 2024"). CEO Comments "We have great momentum in our business as demonstrated by our third quarter results," said Mike Spanos, CEO. "All four brands drove positive comparable store sa ...

Financial Performance - Total revenue for Q3 2025 was $73.0 million, a 37.7% decrease from $117.3 million in Q3 2024[2] - Net loss for Q3 2025 was $6.3 million, an improvement of $6.7 million compared to a net loss of $13.0 million in Q3 2024[3] - Adjusted EBITDA for Q3 2025 was $6.3 million, down from $25.4 million in Q3 2024, reflecting a decrease of 75.2%[4] - Revenue for Q3 2025 was $73,017,000, a decrease of 37.8% compared to $117,340,000 in Q3 2024[25] - Gross profit for Q3 2025 was $20,799,000, down 57.5% from $49,043,000 in Q3 2024[25] - Net loss for Q3 2025 was $(6,334,000), compared to a net loss of $(12,970,000) in Q3 2024[30] - Adjusted EBITDA for Q3 2025 was $6,255,000, a decrease from $25,351,000 in Q3 2024[29] - Total operating expenses for Q3 2025 were $24,147,000, down from $31,643,000 in Q3 2024[25] - The full-year 2025 net loss outlook is projected between $(341,600,000) and $(333,600,000)[30] Revenue Outlook - The updated full-year 2025 revenue outlook is projected to be between $270 million and $280 million, down from the previous estimate of $297 million to $317 million[7] Cash Flow and Liquidity - The company ended Q3 2025 with cash and equivalents of $152.4 million and generated $15 million of operating cash flow[8] - Cash provided by operating activities for Q3 2025 was $16,737,000, an increase from $9,865,000 in Q3 2024[27] - The company reported a net decrease in cash of $(68,844,000) for the nine months ended September 30, 2025[27] Business Strategy and Operations - Aspen's strategy includes driving growth through innovation and building a profitable, capital-efficient business[6] - The company has taken actions to reduce fixed costs and improve operating efficiency throughout 2025[9] - The company anticipates a strong 2026 for its Energy Industrial business as project activity normalizes[6] Segment Performance - Thermal Barrier revenue was $48.7 million, a 12% decrease quarter-over-quarter, while Energy Industrial revenue increased by 7% to $24.3 million[8] - Research and development expenses for Q3 2025 were $2,494,000, down from $4,591,000 in Q3 2024[25] - Aspen received a PyroThin® Thermal Barrier contract from a major European OEM, with production expected to start in 2027[8] Share Information - The weighted-average common shares outstanding for Q3 2025 were 82,399,599, compared to 76,261,294 in Q3 2024[25]