Financial Performance - Third quarter revenues increased 3% to $183.2 million compared to $178.5 million in the same quarter last year[9] - Adjusted EBITDA for the third quarter rose 9% to $49.9 million, up from $45.7 million year-over-year[12] - Net income for the third quarter was $4.3 million, or $0.18 per diluted share, compared to a net loss of $(32.7) million, or $(2.26) per diluted share, in the prior year[11] - Total revenue for the three months ended September 30, 2025, was $183.165 million, compared to $178.451 million for the same period in 2024, representing an increase of 3.97%[43] - Net income attributable to ATN International, Inc. stockholders for the three months ended September 30, 2025, was $4.343 million, compared to a net loss of $32.691 million for the same period in 2024[43] - Operating income for the three months ended September 30, 2025, was $9.830 million, compared to an operating loss of $38.358 million for the same period in 2024[43] - For the nine months ended September 30, 2025, the net loss was $16,715,000, a significant improvement from a net loss of $36,059,000 in the same period of 2024, representing a reduction of approximately 53%[45] - Total revenue for the three months ended September 30, 2025, was $183,165,000, compared to $178,451,000 for the same period in 2024, indicating a year-over-year increase of about 2%[47][49] - The total operating income for the three months ended September 30, 2025, was $9,830,000, a recovery from an operating loss of $38,358,000 in the same period of 2024[47][49] - Adjusted EBITDA for the nine months ended September 30, 2025, was $140,067,000, up from $45,670,000 in the same period of 2024, reflecting a substantial increase of approximately 206%[51][52] - Adjusted EBITDA for the nine months ended September 30, 2025, was $140,067 million, compared to $137,861 million for the same period in 2024, indicating a stable performance[57] Capital Expenditures and Debt Management - Capital expenditures for the year-to-date period were $60.9 million, down from $85.7 million in the prior-year period[23] - Capital expenditures are expected to be in the range of $90 to $100 million, down from $110.4 million in 2024[30] - The company's Net Debt Ratio was 2.47x as of September 30, 2025, with expectations to remain flat at approximately 2.54x for the full year 2024[22] - Net Debt Ratio is expected to remain flat with full year 2024 at approximately 2.54x, with potential for slight improvement exiting 2025[30] - The total debt, including the current portion, was $579,607,000 as of September 30, 2025, compared to $557,356,000 at the end of September 2024, reflecting an increase of approximately 4%[47][49] - The net debt ratio improved to 2.47 as of September 30, 2025, down from 2.54 at the end of 2024, reflecting better debt management[61] Cash and Liquidity - Cash and cash equivalents increased to $106.163 million as of September 30, 2025, from $73.393 million as of December 31, 2024[41] - Cash, cash equivalents, and restricted cash at the end of the period on September 30, 2025, totaled $119,640,000, compared to $89,243,000 at the end of the same period in 2024, marking an increase of about 34%[47][52] - The company reported net cash provided by operating activities of $97,689,000 for the nine months ended September 30, 2025, slightly up from $97,426,000 in the same period of 2024[45] - Total current liabilities as of September 30, 2025, were $259,735,000, compared to $267,314,000 at the end of September 2024, showing a decrease of about 3%[47][49] - Total assets decreased to $1.698681 billion as of September 30, 2025, from $1.727103 billion as of December 31, 2024[41] - Total liabilities decreased slightly to $1.050747 billion as of September 30, 2025, from $1.055349 billion as of December 31, 2024[41] Strategic Focus and Future Outlook - The company is focused on disciplined execution of its strategic roadmap, with revenue growth in domestic operations driven by carrier-managed services[27] - The company plans to continue focusing on market expansion and new product development to drive future growth[46] - The company incurred total operating expenses of $557,994 million, with depreciation and amortization expenses accounting for $107,196 million[53] - Stock-based compensation expenses totaled $6,521 million, indicating ongoing investment in employee incentives[58] - The company is focusing on restructuring and reorganization expenses, which amounted to $8,727 million for the nine months ended September 30, 2025, to enhance operational efficiency[57] Segment Performance - High-speed broadband homes passed increased by 8% to 432,500, while total high-speed subscribers grew by 1% to 142,500[20] - Total revenue for the company reached $548,527 million, with a significant contribution from Communications Services at $533,055 million, representing a year-over-year increase[53] - The international telecom segment generated an operating income of $18,091 million, showcasing strong performance in this area[55] - The company reported a net loss attributable to non-controlling interests of $6,059 million, highlighting challenges in certain segments[53]

Financial Performance - Snap Inc. reported a net loss of $103,541,000 for the three months ended September 30, 2025, compared to a net loss of $153,247,000 for the same period in 2024, representing a 32.5% improvement[31]. - Revenue for the third quarter of 2025 was $1,506,839,000, an increase of 9.7% from $1,372,574,000 in the third quarter of 2024[31]. - Operating loss for the three months ended September 30, 2025, was $128,362,000, compared to an operating loss of $173,210,000 in the same period of 2024, indicating a 26.0% reduction in operating losses[31]. - Snap Inc. reported a total comprehensive loss of $102,371,000 for Q3 2025, compared to a total comprehensive loss of $127,180,000 in Q3 2024, reflecting a 19.5% improvement[34]. - The net loss attributable to common stockholders for the three months ended September 30, 2025, was $88.0 million, resulting in a basic net loss per share of $(0.06)[63]. - The diluted net loss per share attributable to common stockholders for the three months ended September 30, 2025, was also $(0.06)[63]. - The company reported a net loss of $505.7 million for the nine months ended September 30, 2025, an improvement from a net loss of $707.0 million in the same period of 2024[211]. Revenue Breakdown - Advertising revenue for the three months ended September 30, 2025, was $1,317,119, compared to $1,249,322 in 2024, an increase of approximately 5.4%[56]. - Other revenue for the three months ended September 30, 2025, was $189,720, up from $123,252 in 2024, reflecting an increase of approximately 53.8%[56]. - For the nine months ended September 30, 2025, total revenue reached $4,214,986, compared to $3,804,115 in 2024, marking an increase of approximately 10.8%[56]. - North America generated $870,030 in revenue for the three months ended September 30, 2025, compared to $826,179 in 2024, an increase of approximately 5.3%[57]. - Revenue from Europe for the three months ended September 30, 2025, was $285,800, up from $241,342 in 2024, representing an increase of approximately 18.4%[57]. - Revenue from the Rest of World for the three months ended September 30, 2025, was $351,009, compared to $305,053 in 2024, an increase of approximately 15.1%[57]. Cash Flow and Liquidity - Cash flows from operating activities generated $146,488,000 in Q3 2025, up from $115,872,000 in Q3 2024, reflecting a 26.4% increase[29]. - Cash, cash equivalents, and marketable securities totaled $3.0 billion as of September 30, 2025[144]. - Cash paid for interest was $58.1 million for Q3 2025 and $62.7 million for the nine months ended September 30, 2025, compared to $2.3 million and $8.1 million for the same periods in 2024[98]. - Free Cash Flow for the third quarter of 2025 was $93.4 million, compared to $71.8 million in the prior year[144]. - Net cash provided by operating activities was $386.6 million for the nine months ended September 30, 2025, a 111% increase from $182.8 million in the same period of 2024[201]. - Net cash provided by investing activities was $110.3 million for the nine months ended September 30, 2025, compared to a net cash used of $568.3 million in 2024, indicating a significant turnaround[202]. Expenses and Costs - Total costs and expenses for the third quarter of 2025 were $1,635.2 million, compared to $1,545.8 million in the prior year[144]. - Cost of revenue for the three months ended September 30, 2025, increased to $674,220, a 6% increase from $638,907 in 2024[177]. - Research and development expenses for the three months ended September 30, 2025, were $453,418, a 10% increase from $412,791 in 2024[178]. - Sales and marketing expenses for the three months ended September 30, 2025 decreased by $16.9 million (6%) compared to the same period in 2024, totaling $256.2 million[179]. - General and administrative expenses for the three months ended September 30, 2025 increased by $30.4 million (14%) compared to the same period in 2024, totaling $251.3 million[180]. Debt and Financing - As of September 30, 2025, total debt amounted to $3.54 billion, with a net carrying amount of $3.54 billion after accounting for debt issuance costs and discounts[97]. - The company issued $550.0 million principal amount of senior notes due in 2034, with net proceeds of $541.1 million after debt issuance costs of $8.9 million[75]. - In February 2025, the company issued $1.50 billion principal amount of senior notes due in 2033, with net proceeds of $1.47 billion after $26.9 million in debt issuance costs[79]. - The company repurchased and retired 57.3 million shares of Class A common stock for $500.6 million during the nine months ended September 30, 2025[70]. - The company had $3.9 billion in non-cancelable commitments primarily related to data processing and storage services, due within three years as of September 30, 2025[105]. Legal and Regulatory Matters - The company was named as a defendant in a federal securities class action lawsuit related to misleading statements about the impact of Apple's App Tracking Transparency framework[227]. - The lawsuit seeks monetary damages and other relief, and while a settlement has been reached, it is subject to court approval[227]. - If the settlement is not approved, the company will continue to litigate the case, which poses a risk to its business[227]. User Metrics - Daily Active Users (DAUs) increased 8% year-over-year to 477 million[144]. - Average Revenue Per User (ARPU) was $3.16, compared to $3.10 in the prior year[144].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Table of Contents FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-40694 Traeger, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporat ...

Revenue Performance - Consolidated revenue increased by $30.4 million, or 8.1%, for the three months ended September 30, 2025, and by $64.1 million, or 5.9%, for the nine months ended September 30, 2025, compared to the same periods in 2024 [117]. - Digital revenue for the three months ended September 30, 2025, was $170.963 million, a 15.6% increase from $147.886 million in 2024, representing 42.1% of total consolidated revenue [119]. - America revenue increased by $17.1 million, or 5.9%, for the three months ended September 30, 2025, and by $34.5 million, or 4.1%, for the nine months ended September 30, 2025, compared to the same periods in 2024 [142]. - Digital revenue in America increased by $7.3 million, or 6.9%, for the three months ended September 30, 2025, and by $24.1 million, or 8.2%, for the nine months ended September 30, 2025, compared to the same periods in 2024 [144]. - Airports revenue increased by $13.3 million, or 16.1%, for the three months ended September 30, 2025, and by $29.8 million, or 12.1%, for the nine months ended September 30, 2025, compared to the same periods in 2024 [150]. - Airports digital revenue increased by $15.8 million, or 37.4%, for the three months ended September 30, 2025, and by $37.6 million, or 28.3%, for the nine months ended September 30, 2025, compared to the same periods in 2024 [152]. Expenses and Losses - Consolidated direct operating expenses rose by $17.3 million, or 10.4%, for the three months ended September 30, 2025, driven by higher site lease expenses related to the new MTA contract [120]. - Consolidated selling, general and administrative expenses increased by $2.7 million, or 4.3%, for the three months ended September 30, 2025, primarily due to higher employee compensation [123]. - Loss from continuing operations was $49.587 million for the three months ended September 30, 2025, compared to a loss of $28.074 million in 2024 [116]. - Corporate expenses decreased by $1.0 million, or 3.3%, for the three months ended September 30, 2025, due to prior year legal costs related to property and casualty settlements [126]. - Corporate expenses decreased by $14.0 million, or 14.7%, for the nine months ended September 30, 2025, compared to the same period in 2024, primarily due to $10.1 million in insurance proceeds related to a resolved legal matter [127]. - America direct operating expenses increased by $10.6 million, or 9.6%, for the three months ended September 30, 2025, compared to the same period in 2024, primarily due to higher site lease expenses [145]. - Airports SG&A expenses increased by $1.7 million, or 18.3%, for the three months ended September 30, 2025, compared to the same period in 2024, driven by higher employee compensation [155]. Financial Position and Debt Management - The company reduced outstanding debt by approximately $605 million in 2025, improving its capital structure [109]. - The company sold its businesses in Mexico, Peru, and Chile for $34.0 million, and the Europe-North segment for $625.0 million, enhancing liquidity and financial flexibility [104][105]. - The company anticipates using net proceeds from asset sales to further reduce outstanding debt and improve liquidity [105][106]. - Interest expense, net, decreased by $5.0 million for the nine months ended September 30, 2025, compared to the same period in 2024, primarily due to the repurchase of Senior Notes and lower average interest rates [134]. - Loss on extinguishment of debt was $43.8 million during the three months ended September 30, 2025, related to senior secured notes refinancing [135]. - The company repurchased $229.7 million aggregate principal amount of Senior Notes in the second quarter of 2025 for a total cash payment of $203.4 million [162]. - As of September 30, 2025, the company had $178.3 million of cash and cash equivalents [179]. - As of September 30, 2025, the total credit facilities amounted to $300 million, with excess availability of $211.4 million [186]. - The Revolving Credit Facility commitment was reduced from $115.8 million to $100 million, while the Receivables-Based Credit Facility limit increased from $175 million to $200 million [186]. Cash Flow and Capital Expenditures - Cash provided by operating activities was $58.6 million for the nine months ended September 30, 2025, compared to $50.5 million in the same period of 2024 [180]. - Total capital expenditures for the nine months ended September 30, 2025, were $56.9 million, a decrease from $85.3 million in 2024 [168]. - The company received $589.2 million in net cash proceeds from the sale of businesses during the nine months ended September 30, 2025 [181]. - On October 1, 2025, the company sold its business in Brazil for approximately $15.0 million [183]. - A definitive agreement was entered into to sell the business in Spain for approximately $134.9 million, expected to close by early 2026 [184]. Asset Valuation and Impairment - The company performed an annual goodwill impairment test on July 1, 2025, which did not result in any impairment, indicating stable asset valuations [188]. - A hypothetical 10% reduction in estimated fair value of reporting units with goodwill would not have resulted in impairment [190]. - The company projected cash flows to grow at a perpetual growth rate of 3.0% and applied a discount rate of 10.0% for its reporting units [197]. - There were no indicators of impairment as of September 30, 2025, suggesting that the company's estimates and assumptions remain reasonable [192]. Market Risk and Hedging - The company entered into a foreign exchange option in Q3 2025 to hedge anticipated U.S. dollar proceeds from the euro-denominated sale of its business in Spain [200]. - The letter of credit outstanding under the Revolving Credit Facility was $7 million, primarily related to operations in Spain [186]. - The company has not experienced material changes in market risk disclosures, maintaining exposure to interest rates and inflation [199]. - The maximum commitment under the Receivables-Based Credit Facility is capped by a borrowing base that fluctuates based on accounts receivable [186].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number 814-00941 CĪON Investment Corporation (Exact name of registrant as specified in its charter) Maryland 45-3058280 (Sta ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 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 September 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-40817 AMPLITUDE, INC. (Exact Name of Registrant as Specified in its Charter) Delaware 45-3937349 (State or other jurisdiction ...

Financial Performance - Consolidated revenue for Q3 2025 was $405.6 million, an increase of 8.1% compared to $375.2 million in Q3 2024[5] - Adjusted EBITDA for Q3 2025 was $132.5 million, up 9.5% from $121.0 million in Q3 2024[5] - The company reported a loss from continuing operations of $49.6 million, a 76.6% increase compared to a loss of $28.1 million in Q3 2024[5] - The company reported a consolidated net loss of $58.8 million for the three months ended September 30, 2025, compared to a loss of $31.6 million in the same period of 2024[31] - Segment Adjusted EBITDA for Q3 2025 was $132.5 million, compared to $121.0 million in Q3 2024, reflecting a year-over-year increase of 9.3%[49] - Funds From Operations (FFO) for Q3 2025 was $(16.5) million, compared to $19.0 million in Q3 2024, showing a significant decline[51] - Adjusted Funds From Operations (AFFO) for the nine months ended September 30, 2025, was $35.4 million, up from $21.8 million in the same period of 2024, representing a 62.5% increase[51] - The company expects Adjusted EBITDA for the full year of 2025 to be between $490 million and $505 million[53] - The guidance for Adjusted Funds From Operations (AFFO) for the full year of 2025 is projected to be between $85 million and $95 million[54] Revenue Segments - The Airports segment saw revenue growth of 16.1% to $95.6 million, driven by new contracts and improved performance in key markets[18] - The company reported a revenue of $405.6 million for the three months ended September 30, 2025, an increase of 8.2% compared to $375.2 million in the same period of 2024[31] Business Transactions - The company completed the sale of its Brazilian business for $15 million and announced an agreement to sell its Spanish business for approximately $134.9 million[7][8] - Clear Channel Outdoor is currently in the process of selling its business in Spain, with expectations regarding proceeds and their intended use[57] Cash and Debt Management - For the nine months ended September 30, 2025, the net cash provided by operating activities was $58.6 million, while net cash used for financing activities was $(597.3) million[27] - The company had $178.3 million in cash and cash equivalents as of September 30, 2025, including $23.3 million from discontinued operations in Spain and Brazil[27] - The total debt as of September 30, 2025, was $5.1 billion, down from $5.7 billion as of December 31, 2024[38] - The company expects to pay approximately $112 million in cash interest for the remainder of 2025 and around $400 million in 2026[29] - A loss of $43.8 million was recognized on extinguishment of debt related to the refinancing of senior secured notes in August 2025[33] - The company completed a refinancing transaction in the third quarter of 2025, issuing $2.05 billion of new senior secured notes[28] - As of September 30, 2025, the company had a stockholders' deficit of $(3.5) billion, an improvement from $(3.6) billion at the end of 2024[36] Operational Efficiency and Strategy - Capital expenditures for Q3 2025 were $13.2 million, a decrease of 25.9% compared to $17.9 million in Q3 2024[23] - As of September 30, 2025, the company operated over 61,200 advertising displays across 81 Designated Market Areas in the U.S.[24] - As of September 30, 2025, the total number of displays in the America segment reached 61,275, with 34,540 billboards and 12,976 airport displays[25] - Clear Channel Outdoor Holdings, Inc. is expanding its digital billboard and display portfolio to enhance advertising capabilities and reach millions of consumers monthly[56] - The company is integrating data analytics and programmatic capabilities to deliver measurable advertising campaigns[56] Risks and Challenges - The company faces risks including economic uncertainty, potential recession, and the impact of tariffs on its operations[58] - There are concerns regarding the ability to generate sufficient cash to service debt obligations and fund operations[58] - The company is focused on maintaining compliance with New York Stock Exchange listing standards amid stock price volatility[58] - Clear Channel Outdoor is addressing challenges related to the implementation of artificial intelligence to enhance operational efficiency[58] - The company is navigating intense competition and potential changes in market share within the out-of-home advertising industry[58] - Risks include potential breaches of information security and challenges in estimating industry forecasts accurately[58] Future Outlook - The company anticipates that the sale of its international businesses will enhance liquidity and financial flexibility, allowing for further debt reduction[7][8] - The company will host a conference call on November 6, 2025, to discuss these results[55] - The company does not undertake any obligation to update forward-looking statements unless required by law[57]

Production and Exploration - Talos produced 95.2 MBoe/d in Q3 2025, with 70% being oil and 76% liquids[17] - Full-year 2025 guidance was revised to an average daily production range of 94.0 to 97.0 MBoe/d, with 69% oil and 78% liquids[27] - Talos announced a successful exploration discovery at Daenerys and plans to drill an appraisal well in Q2 2026[4] - The company expects first production from the Monument discovery to be between 20–30 MBoe/d gross by late 2026[10] - Total production for FY 2025 is expected to range from 34.3 MMBoe to 35.5 MMBoe, with average daily production estimated between 94.0 MBoe/d and 97.0 MBoe/d[29] Financial Performance - The company generated $103.4 million in adjusted free cash flow and repurchased 5 million shares for approximately $48 million[6] - Talos achieved over $40 million in free cash flow enhancements, exceeding its $25 million Optimal Performance Plan target for 2025[4] - The company recorded a net loss of $95.9 million, or $0.55 per diluted share, including $60.2 million in non-cash impairment charges[16] - Total revenues for Q3 2025 were $450.1 million, a decrease of 11.6% compared to $509.3 million in Q3 2024[44] - Oil revenues decreased to $400.2 million in Q3 2025 from $467.6 million in Q3 2024, reflecting a decline of 14.4%[44] - Net loss attributable to Talos Energy Inc. for the nine months ended September 30, 2025, was $291.7 million, compared to a loss of $11.9 million in the same period of 2024[44] - Cash flows from operating activities for the nine months ended September 30, 2025, were $734.0 million, compared to $613.3 million in 2024, an increase of 19.7%[46] - Adjusted Net Income attributable to Talos Energy Inc. was $(32,997) thousand, resulting in an Adjusted Earnings per Share of $(0.19) for the same period[65] Expenses and Liabilities - Operating expenses increased to $536.2 million in Q3 2025, up from $485.7 million in Q3 2024, representing an increase of 10.4%[44] - Cash operating expenses are projected to be between $545 million and $575 million, with G&A expenses estimated at $120 million to $130 million[29] - Total liabilities decreased to $3.3 billion as of September 30, 2025, from $3.4 billion at the end of 2024, a reduction of 3.3%[42] - Adjusted General and Administrative Expenses for Q3 2025 were $36.0 million, down from $41.5 million in Q3 2024, a decrease of 13.5%[49] Cash and Debt Management - Talos maintained a strong balance sheet with $332.7 million in cash and a net debt to LTM adjusted EBITDA ratio of 0.7x[25] - Cash, cash equivalents, and restricted cash at the end of Q3 2025 totaled $408.4 million, compared to $150.9 million at the end of Q3 2024, an increase of 170.5%[46] - Total Debt amounts to $1,250,000, with Net Debt calculated at $917,309 after accounting for cash and cash equivalents of $332,691[71] - The Net Debt to LTM Adjusted EBITDA ratio stands at 0.7x, which would increase to 0.8x if Finance Lease payments were included[71] Capital Expenditures - Capital expenditures for Q3 2025 totaled $104.6 million, excluding plugging and abandonment costs[21] - Capital expenditures (Capex) for FY 2025 are expected to be between $480 million and $520 million[29] Market and Pricing - The company has fixed swaps for crude oil with an average price of $71.01 per barrel for October to December 2025, and $66.03 per barrel for January to March 2026[33] - Natural gas fixed swaps are set at an average price of $3.53 per MMBtu for October to December 2025, and $4.13 per MMBtu for January to March 2026[33] - The company emphasizes the importance of market demand and prices for oil and gas in estimating future production volumes[38] Impairments and Estimates - The company reported an impairment of oil and natural gas properties amounting to $284.1 million for the nine months ended September 30, 2025[44] - Reserve estimates are subject to significant uncertainty and may differ from actual recoverable quantities due to various factors[39] Conference Call and Reporting - The company will host a conference call on November 6, 2025, to discuss its third-quarter earnings[34] - Adjusted EBITDA attributable to Talos Energy Inc. for the same period was $301,240 thousand, a slight increase from $294,247 thousand in the prior quarter[54] - Total production for the three months ended September 30, 2025, was 8,757 Boe, up from 8,494 Boe in the previous quarter[54]

Financial Performance - Total revenue for Q3 2025 was $86.2 million, an increase of 11.7% compared to $77.2 million in Q3 2024[17]. - Service revenue reached $79.4 million, up 8.9% from $72.9 million in the same quarter last year[17]. - Net loss for Q3 2025 was $1.9 million, compared to a net income of $2.8 million in Q3 2024[17]. - The company reported a comprehensive loss of $1.0 million for Q3 2025, compared to a loss of $2.8 million in Q3 2024[17]. - For the nine months ended September 30, 2025, total revenue reached $226.9 million, an increase from $214.1 million in the same period of 2024, reflecting a year-over-year growth of approximately 5.1%[109]. - The segment operating income for Q3 2025 was $9.7 million, with Gaming contributing $6.4 million and Interactive contributing $8.6 million[107]. - Net income (loss) for the three-month period was $(1.9) million, a decrease of 157% compared to a profit of $2.8 million in the same period in 2024[150]. - Net loss for the three and nine-month periods ended September 30, 2025, was $1.9 million and $9.8 million, compared to net income of $2.8 million and a net loss of $2.2 million in the same periods in 2024[167]. Assets and Liabilities - Total assets increased to $485.8 million as of September 30, 2025, up from $438.4 million at the end of 2024[15]. - Current liabilities rose to $109.1 million, compared to $104.0 million at the end of 2024[15]. - Long-term debt increased to $344.4 million, up from $292.2 million at the end of 2024[15]. - The accumulated deficit increased to $451.3 million as of September 30, 2025, from $441.5 million at the end of 2024[15]. - Total liabilities classified as held-for-sale amount to $10.9 million, with a write-down loss of $5.9 million recognized in net operating income[40]. Cash Flow and Capital Expenditures - Cash flows from operating activities for the nine months ended September 30, 2025, amounted to $50.8 million, an increase from $24.8 million in the prior year[30]. - The company had cash on hand of $36.3 million as of September 30, 2025, with additional working capital of $23.0 million[29]. - Total capital and other long-lived asset expenditures for Q3 2025 were $8.0 million[107]. - Total capital and other long-lived asset expenditures for the nine months ended September 30, 2025, amounted to $27.6 million, reflecting ongoing investments in growth[109]. Debt and Financing - The company issued £270.0 million ($363.5 million) in Series B Notes on June 9, 2025, to refinance existing debt and for general corporate purposes[50]. - The Senior Notes bear interest at a rate of SONIA plus a margin of 5.50% to 6.00% and mature on June 9, 2030[54]. - The outstanding principal amount of senior debt is $363.5 million, with total long-term debt outstanding at $384.6 million as of September 30, 2025[76]. - The Company maintains a maximum consolidated senior secured net leverage ratio of 5.0x, with a reported net leverage of 2.83x as of September 30, 2025[59]. - A secured revolving credit facility of £17.8 million ($24.0 million) was established, set to terminate on December 9, 2029, for general corporate and working capital purposes[64]. Taxation - The effective income tax rate for Q3 2025 was 25.5%, compared to 27.3% in Q3 2024, resulting in a $0.7 million tax benefit for 2025 and a $1.0 million expense for 2024[13]. - For the nine months ended September 30, 2025, the effective tax rate was (44.5)%, leading to a $3.0 million tax expense, while in 2024, it was 14.5% with a $0.4 million benefit[13]. - The One Big Beautiful Bill Act ("OBBBA") signed on July 4, 2025, allows for a higher interest deduction, potentially lowering the Company's income tax expense[88]. Revenue Sources and Growth - Geographic revenue for the UK in the three months ended September 30, 2025, was $63.1 million, up from $59.7 million in the same period of 2024, showing a growth of approximately 5.7%[111]. - The company reported no customers representing at least 10% of total revenue during the three months ended September 30, 2025, indicating a diversified customer base[114]. - Gaming revenue for the three-month period increased by $3.8 million, with product sales up $2.7 million and service sales up $1.1 million[153]. - Interactive revenue for the three-month period increased by $4.5 million, driven by growth in the UK and North America[153]. - Total Gaming Revenue for the three-month period ended September 30, 2025, was £20.1 million, representing a 16% increase from £17.3 million in 2024[193]. Operational Metrics - The number of installed gaming terminals at the end of the period decreased by 1,022 (2.9%) to 33,853 for the three-month period ended September 30, 2025, compared to 34,875 in 2024[173]. - The average selling price per terminal decreased by £4,914 (66.2%) to £2,506 for the three-month period ended September 30, 2025, compared to £7,420 in 2024[173]. - Customer Gross Win per unit per day increased by £2.5 (2.6%) to £97.7 for the three-month period ended September 30, 2025, compared to £95.2 in 2024[173]. - Total Service Revenue for the nine-month period ended September 30, 2025, was $61.0 million, reflecting a 14% increase from $53.6 million in 2024[197]. Miscellaneous - The defined benefit pension scheme has a funding shortfall, with a recovery plan in place expected to eliminate the shortfall by October 31, 2026[100]. - The company identified immaterial errors in previously reported financial statements for the periods ended March 31, June 30, and September 30, 2024, leading to revisions in the financial statements[116].

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 quarter ended September 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: 001-42106 RF ACQUISITION CORP II (Exact Name of Registrant as Specified in Its Charter) Cayman Islands N/A (State or other jurisdiction of ...