Financial Performance - Centrus reported a net income of $3.9 million for Q3 2025, compared to a net loss of $5.0 million in Q3 2024, marking a significant turnaround [2][5]. - Total revenue for Q3 2025 was $74.9 million, an increase of $17.2 million (or 30%) from $57.7 million in Q3 2024 [4][5]. - Revenue from the LEU segment increased to $44.8 million, up $10.0 million (or 29%) from $34.8 million in Q3 2024 [6]. - Revenue from the Technical Solutions segment rose to $30.1 million, an increase of $7.2 million (or 31%) primarily due to the HALEU production contract with the DOE [7]. - Total revenue for Q3 2025 was $74.9 million, a 29.9% increase from $57.7 million in Q3 2024 [23]. - Revenue from separative work units decreased to $10.7 million in Q3 2025 from $34.8 million in Q3 2024, representing a 69.3% decline [23]. - Technical solutions revenue increased to $30.1 million in Q3 2025, up 31.4% from $22.9 million in Q3 2024 [23]. - Gross loss for Q3 2025 was $4.3 million compared to a gross profit of $8.9 million in Q3 2024 [23]. - Operating loss for the nine months ended September 30, 2025, was $16.6 million, compared to a loss of $7.6 million for the same period in 2024 [23]. - Net income for the nine months ended September 30, 2025, was $60.0 million, significantly up from $19.5 million in the same period of 2024 [23]. - Basic net income per share for Q3 2025 was $0.21, compared to a loss of $0.30 per share in Q3 2024 [23]. Cash and Assets - The company's unrestricted cash balance increased to $1.6 billion following a successful $805 million convertible senior notes offering [5][12]. - Cash provided by operating activities was $99.4 million, compared to cash used in operating activities of $20.9 million in the prior year, indicating a positive turnaround [24]. - Total assets increased to $2,244.9 million as of September 30, 2025, up from $1,093.4 million at the end of 2024, reflecting a growth of 105.3% [25]. - Cash and cash equivalents rose to $1,631.8 million, compared to $671.4 million at the end of 2024, marking an increase of 142.7% [25]. - Inventories increased to $416.3 million as of September 30, 2025, compared to $161.6 million at the end of 2024, reflecting a growth of 157.5% [25]. Costs and Expenses - Cost of sales for the LEU segment increased to $52.6 million, up $23.0 million (or 78%) from $29.6 million in Q3 2024, primarily due to higher uranium sales volume [8]. - Total cost of sales for Q3 2025 was $79.2 million, up from $48.8 million in Q3 2024, reflecting a 62.3% increase [23]. - The gross profit for the LEU segment resulted in a loss of $7.8 million, a change of $13.0 million (or 250%) compared to a profit of $5.2 million in Q3 2024 [10]. Debt and Equity - Long-term debt increased to $1,173.5 million from $472.5 million, indicating a rise of 148.1% [25]. - Total stockholders' equity improved to $363.1 million, up from $161.4 million, representing an increase of 125.0% [25]. - Proceeds from the issuance of common stock, net, were $139.7 million, significantly higher than $23.4 million in the previous year [24]. - The company reported a gain on extinguishment of 8.25% Notes amounting to $11.8 million [24]. Operational Developments - Centrus secured U.S. government waivers for 2026 and 2027 Russian committed deliveries, enhancing its operational stability [5][3]. - The company's backlog reached $3.9 billion as of September 30, 2025, with the LEU segment backlog approximately $3.0 billion [13]. - Centrus announced plans for job hiring ahead of the planned expansion of its enrichment plant, indicating growth initiatives [5]. - Capital expenditures for the nine months ended September 30, 2025, were $10.1 million, compared to $3.4 million in the same period of 2024 [24].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended 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: 001-38669 LiveRamp Holdings, Inc. (Exact Name of Registrant as Specified in Its Charter) | Delaware | | | | --- | - ...

Financial Performance - Consolidated revenue for Q3 2025 was $1.4 billion, up 30.7% from $1.1 billion in Q3 2024, and $4.0 billion for the nine months ended September 30, 2025, up 23.8% from $3.3 billion in the same period last year[145]. - Income from construction operations for Q3 2025 was $40.1 million, a significant improvement from a loss of $106.8 million in Q3 2024, and $181.8 million for the nine months ended September 30, 2025, compared to a loss of $17.5 million in the same period last year[146][147]. - Diluted earnings per share for Q3 2025 was $0.07, compared to a loss of $1.92 in Q3 2024, and $0.97 for the nine months ended September 30, 2025, compared to a loss of $1.61 in the same period last year[150]. - Adjusted net income attributable to Tutor Perini Corporation for the three months ended September 30, 2025, was $61.9 million, compared to a loss of $84.5 million in 2024, and for the nine months ended September 30, 2025, it was $171.4 million, compared to a loss of $45.8 million in 2024[165]. Awards and Backlog - Consolidated new awards for Q3 2025 totaled $2.0 billion, down from $4.7 billion in Q3 2024, while new awards for the nine months ended September 30, 2025 were $7.0 billion, compared to $7.1 billion in the same period last year[152]. - The consolidated backlog as of September 30, 2025, was a record $21.6 billion, up 3% from $21.1 billion at the end of Q2 2025 and up 54% from the backlog at the end of Q3 2024[153]. - New awards in the Civil segment totaled $112.0 million and $3.8 billion for the three and nine months ended September 30, 2025, compared to $3.1 billion and $4.2 billion for the same periods in 2024[173]. - New awards in the Building segment totaled $1.4 billion and $2.2 billion for the three and nine months ended September 30, 2025, consistent with the same periods in 2024[180]. - New awards in the Specialty Contractors segment reached $464.7 million for Q3 2025, up 104% from $227.8 million in Q3 2024[187]. Segment Performance - Revenue for the Civil segment increased by 41.1% to $770.2 million for the three months ended September 30, 2025, compared to $545.8 million in 2024, and by 35.1% to $2,114.5 million for the nine months ended September 30, 2025, compared to $1,564.5 million in 2024[167]. - Revenue for the Building segment decreased by 3.9% to $418.7 million for the three months ended September 30, 2025, but increased by 5.9% to $1,340.5 million for the nine months ended September 30, 2025, compared to $1,265.6 million in 2024[175]. - Revenue for the Specialty Contractors segment increased by 123.8% to $226.5 million for the three months ended September 30, 2025, and by 35.3% to $580.7 million for the nine months ended September 30, 2025, compared to $429.2 million in 2024[184]. Operating Margins - Operating margin for the Civil segment improved to 12.9% for the three months ended September 30, 2025, compared to (2.3)% in 2024, and to 15.1% for the nine months ended September 30, 2025, compared to 8.6% in 2024[172]. - Operating margin for the Building segment was 3.4% for the three months ended September 30, 2025, compared to (0.9)% in 2024, and 3.5% for the nine months ended September 30, 2025, compared to 1.4% in 2024[179]. - Operating margin improved to 2.7% for Q3 2025, compared to a negative margin of (56.2)% in Q3 2024[186]. Cash Flow and Financial Position - Net cash provided by operating activities was $574.4 million for the first nine months of 2025, the largest amount for any first nine months in the company's history[197]. - Cash and cash equivalents increased to $695.7 million as of September 30, 2025, compared to $455.1 million at the end of 2024[195]. - Net cash used in investing activities was $130.9 million for the first nine months of 2025, primarily for capital expenditures of $105.9 million[199]. - Net cash used in financing activities was $149.6 million for the first nine months of 2025, mainly due to a $124.0 million net repayment of debt[200]. - The company had working capital of $1.0 billion as of September 30, 2025, with a current assets to current liabilities ratio of 1.30[201]. Compliance and Risk Management - The company does not foresee significant impacts from potential tariff changes or federal funding scrutiny on its major projects in backlog[154]. - The company expects to maintain its competitive edge due to limited competition for larger project opportunities and strong public funding[152]. - The First Lien Net Leverage ratio as of September 30, 2025, was (0.64) to 1.00, which is below the required maximum of 2.25 to 1.00[211]. - The company was in compliance with the covenants under the 2020 Credit Agreement as of September 30, 2025, and expects to continue compliance[212]. - There have been no material changes in the company's contractual obligations since the last Annual Report on Form 10-K for the year ended December 31, 2024[213]. - There has been no material change in the company's significant accounting policies and estimates since the last Annual Report on Form 10-K for the year ended December 31, 2024[214]. - There has been no material change in the company's exposure to market risk since the last Annual Report on Form 10-K for the year ended December 31, 2024[216]. Corporate Expenses - Share-based compensation expense increased significantly to $42.2 million for Q3 2025 and $81.7 million for the nine months ended September 30, 2025, due to a substantial increase in the company's stock price[148]. - Corporate general and administrative expenses increased to $79.7 million for Q3 2025, up from $32.5 million in Q3 2024, primarily due to higher share-based compensation[189].

Subscriber Metrics - As of September 30, 2025, the company served 3,978,800 RGUs, including 1,807,900 broadband internet subscribers, 1,255,100 fixed-line telephony subscribers, and 915,800 video subscribers[186]. - The company served 6,682,700 mobile subscribers as of September 30, 2025[186]. - The average number of RGUs increased by 1.5 million (3-month) and 5.4 million (9-month), while ARPU decreased by $4.3 (3-month) and $14.1 (9-month) due to lower video service revenues[223]. Revenue Performance - Revenue for the three months ended September 30, 2025, was $1,112.5 million, an increase of $23.3 million or 2.1% from $1,089.2 million in 2024[201]. - For the nine months ended September 30, 2025, revenue was $3,282.7 million, a decrease of $23.9 million or 0.7% from $3,306.6 million in 2024[201]. - Liberty Caribbean's total revenue for the three months ended September 30, 2025, was $368.8 million, an increase of $9.3 million (2.6%) compared to $359.5 million in 2024[212]. - Liberty Puerto Rico's total revenue for the three months ended September 30, 2025, was $298.2 million, a decrease of $10.0 million (3.2%) from $308.2 million in 2024[212]. - Liberty Costa Rica's total revenue for the three months ended September 30, 2025, was $154.5 million, an increase of $9.0 million (6.2%) compared to $145.5 million in 2024[222]. Operating Income and Adjusted OIBDA - Operating income for the three months ended September 30, 2025, was $187.5 million, a significant improvement of $567.1 million from an operating loss of $379.6 million in 2024[201]. - Adjusted OIBDA for the three months ended September 30, 2025, was $433.4 million, compared to $403.1 million in 2024, reflecting an increase of $30.3 million or 7.5%[205]. - The nine months ended September 30, 2025, saw a consolidated Adjusted OIBDA of $1,255.0 million, up from $1,166.4 million in 2024, marking an increase of 7.6%[206]. Costs and Expenses - Programming and other direct costs of services for the three months ended September 30, 2025, were $247.6 million, an increase of $15.7 million or 6.8% from $231.9 million in 2024[201]. - Other operating costs and expenses for the three months ended September 30, 2025, decreased by $23.6 million to $446.5 million from $470.1 million in 2024[201]. - Personnel and contract labor costs for the nine months ended September 30, 2025, decreased by $18.5 million (4.2%) to $423.0 million compared to $441.5 million in 2024[242]. - Depreciation and amortization expenses decreased by $32 million or 13% for the three months ended September 30, 2025, and by $70 million or 10% for the nine months ended September 30, 2025, compared to the same periods in 2024[259]. Foreign Currency and Tax Impacts - Changes in foreign currency exchange rates may significantly impact the company's operating results, particularly in Liberty Costa Rica and certain entities within C&W[197]. - The company recognized a total of $17.3 million in impairment, restructuring, and other operating items for the three months ended September 30, 2025, compared to $521.4 million in 2024[260]. - The income tax benefit for the three months ended September 30, 2025, was $4 million, down from $146 million in 2024[272]. - For the nine months ended September 30, 2025, total foreign currency transaction losses amounted to $46.0 million, an increase from $30.7 million in 2024[268]. Strategic Developments - The company entered into an agreement with Millicom to combine operations in Costa Rica, with Liberty Latin America and its minority partner holding an approximate 86% interest[190]. - On September 11, 2025, the Costa Rican telecommunications regulator prohibited the transaction with Millicom, citing potential negative effects[191]. - The company agreed to acquire an additional 8.5% equity in Liberty Costa Rica for approximately $84 million, with payments structured over two years[193]. - The company entered into an agreement with EchoStar to acquire its prepaid business and spectrum assets in Puerto Rico for a total cash consideration of $256 million, payable in four annual installments[194]. Market Competition - The company faced significant competition across all markets, impacting its ability to maintain RGUs, ARPU, and B2B revenue[209]. - C&W Panama's B2B revenue increased by $9.6 million (14%) in the three-month period, rising from $69.1 million to $78.7 million[216]. - Liberty Networks reported total B2B revenue for the three months ended September 30, 2025, was $116.7 million, an increase of $6.8 million or 6.2% from $109.9 million in 2024[218].

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: 001-38335 Securities registered pursuant to Section 12(b) of the Act: | Title of Each Class | Trading Symbols | Name of Each Exchange on W ...

Financial Performance - Trustmark reported net income of $56.8 million, or basic and diluted EPS of $0.94, for Q3 2025, compared to $51.3 million, or EPS of $0.84, in Q3 2024, reflecting a return on average tangible equity of 12.84%[232]. - For the nine months ended September 30, 2025, Trustmark reported net income of $166.3 million, or basic and diluted EPS of $2.75, compared to $166.7 million, or EPS of $2.72, for the same period in 2024[233]. - Net income for Q3 2025 was $56,787,000, up 9.54% from $51,330,000 in Q3 2024[251]. - Trustmark's net income from continuing operations for Q3 2025 was $56.787 million, compared to $51.330 million in Q3 2024[260]. - Trustmark's total shareholders' equity reached $2.114 billion at September 30, 2025, an increase of $151.9 million, or 7.7%, compared to December 31, 2024[349]. Revenue and Income Sources - Total revenue for Q3 2025 was $202.4 million, an increase of $10.1 million, or 5.3%, compared to Q3 2024, driven by increases in net interest income and noninterest income[236]. - Noninterest income for Q3 2025 totaled $39.9 million, a 6.3% increase from Q3 2024, driven by growth in mortgage banking[238]. - Noninterest income for the three months ended September 30, 2025, increased by $2,369 thousand, or 6.3%, compared to the same period in 2024, totaling $39,931 thousand[276]. - Noninterest income for the General Banking Segment increased by $185.6 million for the first nine months of 2025 compared to the same period in 2024[285]. Interest Income and Expenses - Net interest income for Q3 2025 totaled $162.4 million, an increase of $7.7 million, or 5.0%, compared to Q3 2024, while interest expense decreased by $16.6 million, or 17.1%[237]. - Total interest income for Q3 2025 was $242,717,000, a decrease of 3.47% from $251,592,000 in Q3 2024[251]. - Interest income-FTE for Q3 2025 totaled $245.5 million, a decrease of $9.4 million, or 3.7%, compared to Q3 2024[265]. - Interest expense for Q3 2025 was $80.3 million, a decrease of $16.6 million, or 17.1%, compared to Q3 2024[267]. Asset and Loan Growth - Loans held for investment (LHFI) reached $13.548 billion at September 30, 2025, marking a 3.5% increase from December 31, 2024[242]. - Total loans increased to $13,776,297,000 in 2025 from $13,316,565,000 in 2024, representing a growth of 3.47%[252]. - Loans secured by real estate rose by $118.4 million, or 1.2%, with other real estate secured loans increasing by $421.9 million, or 25.8%[306]. - Other commercial loans and leases increased by $216.5 million, or 36.8%, during the first nine months of 2025, mainly due to growth in the Mississippi and Georgia market regions[305]. Credit Quality and Loss Provisions - Provision for credit losses (PCL) on loans held for investment (LHFI) for Q3 2025 was $1.4 million, significantly lower than $7.9 million in Q3 2024, reflecting improved credit quality[240]. - The net provision for credit losses (PCL) for the General Banking Segment decreased by $22.0 million, or 65.3%, totaling $11.7 million for the nine months ended September 30, 2025[285]. - Nonperforming assets increased to $92.3 million as of September 30, 2025, a 7.3% rise compared to December 31, 2024[241]. - The Allowance for Credit Losses (ACL) on Loans Held for Investment (LHFI) was $165.2 million, an increase of $5.0 million, or 3.1%, compared to December 31, 2024[326]. Deposits and Liquidity - Total deposits were $15.631 billion at September 30, 2025, an increase of 3.5% compared to December 31, 2024[244]. - Noninterest-bearing deposits rose by $247.6 million, or 8.1%, during the first nine months of 2025, driven by growth in commercial and public accounts[340]. - Trustmark's liquidity and capital resources are deemed sufficient to meet known cash flow requirements as of September 30, 2025[371]. - Trustmark had $1.329 billion in unencumbered Treasury and agency securities available as of September 30, 2025, compared to $1.107 billion at December 31, 2024[366]. Shareholder Returns and Stock Performance - Dividends per common share for the nine months ended September 30, 2025, were $0.72, an increase from $0.69 in 2024[355]. - Trustmark repurchased 1.0 million shares of its common stock valued at $37.1 million during the first nine months of 2025[358]. - The market value per share closed at $39.60, up from $31.82 in the previous year, reflecting a growth of 24.67%[252]. Economic and Regulatory Environment - The Federal Reserve lowered the target federal funds rate to a range of 4.00% to 4.25% in September 2025, impacting Trustmark's net interest margin[226]. - Trustmark's customer base is wholly domestic, but international economic conditions may affect its financial condition and results of operations[225]. - Economic activity showed mixed signals, with strong equity market performance and consumer spending, but persistent inflationary pressures and a softening labor market[225]. - The company is actively monitoring legislative and regulatory developments that may impact its operations, including the recent changes to the Community Reinvestment Act[246].

Financial Performance - For Q3 2025, net sales were $126.8 million, a 3.7% increase from $122.3 million in Q3 2024, while diluted earnings per share decreased to $0.10 from $0.28[3] - The company reported a pretax loss of $2.1 million in Q3 2025, impacted by $1.9 million in acquisition and operating costs at the new Hebron, KY facility[4] - Total net sales for the nine months ended September 27, 2025, were $395.0 million, compared to $389.9 million for the same period in 2024[6] - For the nine months ended September 27, 2025, the company reported a net loss of $7,876,000 compared to a net income of $20,086,000 for the same period in 2024[21] - The diluted earnings per share for the nine months ended September 27, 2025, was $(0.48), compared to $1.15 for the same period in 2024[27] Cash Flow and Investments - Cash generated from operations for the first nine months of 2025 was $38.8 million, with cash and short-term investments totaling $80.8 million as of September 27, 2025[11] - Cash provided by operating activities increased to $38,765,000 from $35,483,000 year-over-year[21] - Total cash and cash equivalents at the end of the period increased to $16,078,000 from $7,522,000 year-over-year[21] - The company repurchased $26,100,000 of common stock during the nine months ended September 27, 2025[21] - The company’s cash used for financing activities decreased to $35,762,000 from $39,969,000 year-over-year[21] Inventory and Production - New product sales, including the RXM pistol and Marlin lever-action rifles, accounted for $40.6 million or 33.7% of firearm sales in Q3 2025[11] - Finished goods inventories decreased by 15,500 units compared to Q3 2024, while distributors' inventories increased by 4,100 units[11] - Inventory rationalization contributed $17,002,000 to the net income for the nine months ended September 27, 2025[24] Tax and Financial Ratios - The company revised its estimated annual effective income tax rate for 2025, resulting in a $3.0 million increase to its income tax benefit, which positively impacted Q3 net income by $0.19 per share[5] - The current ratio stands at 3.5 to 1, and the company has no debt[11] Capital Expenditures - Capital expenditures for the first nine months of 2025 totaled $27.6 million, with an expectation of $35 million for the full year to support new product introductions and expanded capacity[11]

Financial Performance - Total revenue for Q3 2025 was $43.2 million, a decrease from $47.0 million in Q2 2025 and $46.5 million in Q3 2024[5] - Net income for Q3 2025 was $5.0 million, or $0.06 per share, compared to a net loss of $(7.6) million, or $(0.09) per share, in Q2 2025 and a net loss of $(5.8) million, or $(0.06) per share, in Q3 2024[5] - Adjusted EBITDA for Q3 2025 was $(0.4) million, down from $(0.2) million in Q2 2025 and down from $0.2 million in Q3 2024[5] - TrueCar reported revenues of $43.207 million for the three months ended September 30, 2025, a decrease from $46.544 million in the same period of 2024, representing a decline of approximately 5.0%[27] - The total costs and operating expenses for the same period were $50.555 million, down from $53.932 million year-over-year, indicating a reduction of about 6.5%[27] - TrueCar's net income for the three months ended September 30, 2025, was $4.997 million, compared to a net loss of $5.831 million in the prior year, marking a significant turnaround[27] - The company achieved a free cash flow of $11.197 million for the three months ended September 30, 2025, compared to a negative free cash flow of $4.792 million in the same quarter of 2024[32] Cash Flow and Assets - Cash flow from operations was $12.7 million, up from $(2.8) million in Q2 2025 and up from $1.8 million in Q3 2024[5] - Free cash flow was $11.2 million, up from $(4.8) million in Q2 2025 and up from $(0.2) million in Q3 2024[5] - TrueCar's total assets as of September 30, 2025, were $148.687 million, a decrease from $159.691 million at the end of 2024, reflecting a decline of approximately 6.9%[29] - The company's total liabilities decreased to $34.506 million as of September 30, 2025, down from $41.554 million at the end of 2024, representing a reduction of about 16.9%[29] - TrueCar's cash and cash equivalents stood at $103.186 million as of September 30, 2025, compared to $111.835 million at the end of 2024, indicating a decrease of approximately 7.8%[29] Visitor and Sales Metrics - Average monthly unique visitors increased to 5.6 million, up from 5.5 million in Q2 2025 but down from 6.9 million in Q3 2024[5] - Total units sold were 87.5 thousand, down from 89.0 thousand in Q2 2025 and down from 94.6 thousand in Q3 2024[5] - Franchise dealer count decreased to 8,225 as of September 30, 2025, down from 8,292 as of June 30, 2025[5][6] Strategic Developments - TrueCar announced a pending acquisition by Fair Holdings, Inc. at $2.55 per share, expected to close in Q4 2025 or early 2026[7][8] - Due to the pending acquisition, TrueCar will not host an earnings conference call this quarter and will no longer provide forward-looking guidance[9] - The company continues to focus on enhancing its digital marketplace and expanding its network of Certified Dealers to improve the auto shopping experience[24] - TrueCar powers auto-buying programs for over 250 leading brands, indicating a strong partnership strategy to drive growth[24]

Revenue Performance - Product revenue increased by $8.8 million, or 14.6%, to $68.97 million for the three months ended September 30, 2025, compared to $60.16 million for the same period in 2024[186]. - Total net revenues rose by $7.9 million, or 12.9%, to $68.97 million for the three months ended September 30, 2025, driven by the launch of Evolysse™ and increased sales of Jeuveau[187]. - Total net revenues for the nine months ended September 30, 2025, increased by $19.6 million, or 10.4%, to $206.88 million from $187.33 million in 2024[200]. Cost and Expenses - Cost of goods sold increased by $4.1 million, or 21.8%, to $23.13 million for the three months ended September 30, 2025, primarily due to higher volumes of Jeuveau and Evolysse[188]. - Selling, general and administrative expenses increased by $0.3 million, or 0.6%, to $52.82 million for the three months ended September 30, 2025, primarily due to higher selling-related costs[190]. - Research and development expenses decreased by $0.3 million, or 11.6%, to $2.05 million for the three months ended September 30, 2025, due to lower clinical operations costs[191]. - Cost of goods sold for the nine months ended September 30, 2025, increased by $11.4 million, or 19.8%, to $69.06 million from $57.66 million in 2024[201]. - Selling, general and administrative expenses increased by $18.3 million, or 12.4%, to $166.1 million for the nine months ended September 30, 2025[203]. - Research and development expenses decreased by $0.6 million, or 9.6%, to $6.1 million for the nine months ended September 30, 2025[204]. - Depreciation and amortization increased by $1.3 million, or 77.5%, to $2.9 million for the nine months ended September 30, 2025[206]. - Restructuring costs were $1.4 million in the nine months ended September 30, 2025, with no costs incurred in the prior year[207]. Profitability and Loss - Gross profit margin decreased to 66.5% for the three months ended September 30, 2025, down from 68.9% in the same period of 2024[189]. - Gross profit margin was 66.6% for the nine months ended September 30, 2025, down from 69.2% in 2024[202]. - Net loss for the three months ended September 30, 2025, was $15.74 million, compared to a net loss of $19.17 million for the same period in 2024[186]. - Net loss was $51.8 million for the nine months ended September 30, 2025, compared to a net loss of $43.6 million in 2024[212]. Cash Flow and Financial Position - Cash and cash equivalents as of September 30, 2025, were $43.5 million, with positive working capital of $68.2 million[211]. - Cash used in operating activities increased to $55.1 million for the nine months ended September 30, 2025, compared to $22.8 million for the same period in 2024, primarily due to a higher net loss and increased inventory purchases[227]. - Cash used in investing activities rose to $6.3 million in the nine months ended September 30, 2025, up from $3.5 million in the same period in 2024, driven by a $2.8 million increase in expenditures on capitalized internal-use software and property and equipment[228]. - Cash provided by financing activities decreased to $17.3 million for the nine months ended September 30, 2025, compared to $48.7 million in the same period in 2024, mainly due to lower cash receipts from stock options and the absence of a follow-on equity offering[229]. - Cash and cash equivalents decreased to $43.5 million at the end of the nine months ended September 30, 2025, down from $85.0 million at the end of the same period in 2024[226]. Obligations and Future Commitments - The company has an accumulated deficit of $661.2 million as of September 30, 2025[212]. - The fair value of contingent royalty obligations to Evolus Founders was recorded at $36.7 million as of September 30, 2025[217]. - The company has approximately $65 million in future interest payments on outstanding New Pharmakon Term Loans, with $14.1 million due within the next twelve months[232]. - The company is obligated to make quarterly royalty payments based on a low single-digit percentage of net sales of Jeuveau, which will terminate after the 10-year anniversary of its first commercial sale in the U.S.[232]. - Milestone payments under the Symatese U.S. Agreement total €12.1 million, contingent on FDA approval of three Evolysse™ products, with specific amounts due at various future dates[232]. Market Risks - The company is exposed to market risks primarily from fluctuations in interest rates and foreign currency exchange rates, with no material changes reported since the last annual report[236][237].

Financial Performance - Third quarter sales were $210.3 million, with a gross profit of $42.8 million (20.3% of sales) and adjusted gross profit of $43.7 million (20.8% of sales) [3] - Operating loss was $(3.3) million ((1.6)% of sales), while adjusted operating income was $2.4 million (1.2% of sales), reflecting a 100 basis point improvement in adjusted operating margin compared to Q2 2025 [4] - Net loss for the quarter was $(9.4) million ((4.5)% of sales), with an adjusted net loss of $(5.1) million ((2.4)% of sales) [4] - Net sales for Q3 2025 were $210.3 million, a decrease of 1.3% from $213.8 million in Q3 2024 [32] - The net loss for Q3 2025 was $9.4 million, compared to a net loss of $7.1 million in Q3 2024, representing a 32.4% increase in losses year-over-year [32] - Adjusted gross profit for Q3 2025 was $43.7 million, down from $44.6 million in Q3 2024, reflecting a decrease of 2.0% [34] - Adjusted operating income for Q3 2025 was $2.4 million, compared to $0.7 million in Q3 2024, indicating a significant improvement in operational performance [35] - The company incurred $3.8 million in interest expense for Q3 2025, slightly up from $3.6 million in Q3 2024 [32] - The company reported a Loss Before Tax of $(3.7) million in Q3 2024, worsening to $(9.7) million in Q3 2025 [39] Revenue Guidance and Updates - The company updated its full-year 2025 revenue guidance to $860 million - $870 million, reflecting a reduction due to customer production volume decreases, particularly in North America [4] - Adjusted EBITDA guidance was updated to $30 million to $32 million, with an adjusted EBITDA margin of 3.5% to 3.7% [4] - The company announced new programs awarded this quarter totaling over $185 million in estimated lifetime revenue, including a new MirrorEye OEM program with an estimated lifetime revenue of $55 million [6] Product Performance - Year-to-date sales of the MirrorEye product increased by 78% compared to the previous year, indicating strong growth in key product categories [6] - Stoneridge Brazil reported third quarter sales of $18.9 million, an increase of $3.6 million or 23.5% compared to Q2 2025, driven by higher OEM and aftermarket sales [9] Financial Position - As of September 30, 2025, Stoneridge had cash and cash equivalents of $54.0 million and total debt of $171.1 million, resulting in net debt of $117.2 million [13] - The adjusted net debt to trailing twelve-month EBITDA compliance leverage ratio was 3.67x, remaining below the required ratio of not greater than 4.50x [14] - The company reported a total of $632.1 million in assets as of September 30, 2025, an increase from $621.6 million at the end of 2024 [31] - Cash and cash equivalents decreased to $54.0 million at the end of Q3 2025 from $71.8 million at the end of 2024, a decline of 23.5% [33] - Total current liabilities increased to $180.0 million as of September 30, 2025, compared to $150.0 million at the end of 2024, marking a rise of 19.8% [31] - Total Debt increased from $164.4 million in Q2 2025 to $171.1 million in Q3 2025, while Net Debt rose from $114.6 million to $117.2 million [45] Cash Flow and Expenditures - Year-to-date Free Cash Flow for Q3 2024 was $9.8 million, slightly increasing to $9.9 million in Q3 2025, while Adjusted Free Cash Flow improved from $11.9 million to $16.2 million in the same period [44] - Net Cash Provided by Operating Activities decreased from $28.5 million in YTD Q3 2024 to $25.2 million in YTD Q3 2025 [44] - Capital Expenditures, including Intangibles, decreased from $19.0 million in YTD Q3 2024 to $15.7 million in YTD Q3 2025 [44] - The company’s capital expenditures for the nine months ended September 30, 2025, were $15.7 million, down from $19.0 million in the same period of 2024 [33] Operational Metrics - Compliance Leverage Ratio improved from 3.39x in Q1 2025 to 3.67x in Q3 2025, remaining below the maximum requirement of 6.00x [47] - Control Devices Adjusted Operating Income was $2.3 million in Q3 2024, increasing to $2.8 million in Q2 2025, but dropping to $1.5 million in Q3 2025 [41] - Electronics Adjusted Operating Income rose from $3.8 million in Q3 2024 to $4.2 million in Q2 2025, and significantly increased to $6.7 million in Q3 2025 [43] - Adjusted EBITDA for Q3 2024 was $9.2 million, decreasing to $6.0 million in Q4 2024, and then increasing to $7.6 million in Q1 2025, with a further drop to $4.6 million in Q2 2025, and rising again to $9.3 million in Q3 2025 [39] Business Realignment Costs - The company incurred Pre-Tax Business Realignment Costs of $2.8 million in Q1 2025 and $1.7 million in Q2 2025, with a total of $2.1 million in Q3 2025 [39]