Production and Revenue - Production for Q3 2025 was 35.6 MBoe/d, a 6% increase from 33.5 MBoe/d in Q2 2025 and a 15% increase from 31.0 MBoe/d in Q3 2024[3][4] - Revenues for Q3 2025 were $127.5 million, a 4% increase from $122.4 million in Q2 2025 and a 5% increase from $121.4 million in Q3 2024[7] - Total revenues for Q3 2025 were $127.5 million, a 5.5% increase from $121.4 million in Q3 2024[34] - Oil revenues reached $84.1 million, up from $90.9 million in Q3 2024, while natural gas revenues increased to $37.4 million from $23.1 million[34] - Average daily equivalent sales increased to 35.6 MBoe/d in Q3 2025 from 31.0 MBoe/d in Q3 2024[36] Financial Performance - Adjusted EBITDA grew by 11% quarter-over-quarter to $39.0 million[3] - Operating loss for Q3 2025 was $12.6 million, compared to a loss of $19.0 million in Q3 2024[34] - Net loss reported was $71.5 million, or $(0.48) per diluted share, significantly impacted by a non-cash valuation allowance of $59.9 million against deferred tax assets[3] - Net loss for Q3 2025 was $71.5 million, significantly higher than the $36.9 million loss in Q3 2024[34] - Net loss for the three months ended September 30, 2025, was $71,474 thousand, compared to a net loss of $20,884 thousand for the previous quarter, representing a significant increase in losses[39] - For the nine months ended September 30, 2025, the net loss was $(122,935,000), compared to $(63,783,000) for the same period in 2024[50] Cash and Debt Management - Unrestricted cash and cash equivalents increased to $124.8 million, with total debt at $350.4 million and Net Debt at $225.6 million, down $58.6 million from year-end 2024[17] - Net Debt to trailing twelve months Adjusted EBITDA ratio was 1.6x as of September 30, 2025[17] - Cash and cash equivalents increased to $126,347 thousand at the end of September 2025, up from $122,275 thousand at the end of June 2025[40] - Total current liabilities decreased from $246,084 thousand in December 2024 to $208,471 thousand in September 2025, a reduction of approximately 15.3%[38] Capital Expenditures - Capital expenditures for Q3 2025 were $22.5 million, driven by work to increase production from fields related to the 2024 Cox acquisition[18] - Full year 2025 capital expenditures guidance is revised to between $57 million and $63 million, excluding potential acquisitions[19] - Investment in oil and natural gas properties and equipment for the three months ended September 30, 2025, was $21,794 thousand, compared to $10,422 thousand in the previous quarter[39] Shareholder Returns - The company declared a fourth quarter 2025 dividend of $0.01 per share, payable on November 26, 2025[20] Operational Challenges - The company anticipates continued challenges due to regulatory and market conditions affecting future operations[30] Other Financial Metrics - Average realized price for oil was $64.62 per barrel in Q3 2025, compared to $75.09 per barrel in Q3 2024[36] - Total operating expenses for Q3 2025 were $140.1 million, slightly down from $140.3 million in Q3 2024[34] - The company reported a derivative gain of $4.1 million in Q3 2025, compared to a loss of $3.2 million in Q3 2024[34] - The allowance for credit losses was $156,000 for the three months ended September 30, 2025, compared to $197,000 in the previous quarter[51] - The Company reported a total of $26,537,000 in net cash provided by operating activities for the three months ended September 30, 2025[51] - Adjusted net loss for the nine months ended September 30, 2025, was $34,591 thousand, compared to $35,626 thousand for the same period in 2024, indicating a slight improvement year-over-year[46] - The Company incurred interest expense of $8,998,000 for the three months ended September 30, 2025, slightly down from $9,005,000 in the previous quarter[50] - The Company reported a depreciation, depletion, amortization, and accretion expense of $36,582 thousand for the three months ended September 30, 2025[39] - The Company’s depreciation, depletion, and amortization expenses were $28,580,000 for the three months ended September 30, 2025, up from $26,446,000 in the prior quarter[50] - The unrealized commodity derivative gain for the three months ended September 30, 2025, was $5,583,000, compared to a loss of $(2,554,000) in the previous quarter[50]

Financial Performance - For the three months ended September 30, 2025, total revenue was $216.8 million, compared to $101.6 million for the same period in 2024, representing a year-over-year increase of 113%[213] - The company achieved net income of $24.3 million for the three months ended September 30, 2025, compared to a net loss of $(67.7) million in 2024[213] - For the nine months ended September 30, 2025, total revenue was $519.1 million, up from $282.3 million in 2024, marking an increase of 84%[213] - Adjusted EBITDA of $51.2 million for the three months ended September 30, 2025, compared to $(45.6) million in 2024[213] - Net income for the nine months ended September 30, 2025, was a loss of $150.0 million, an improvement from a loss of $244.9 million in the same period in 2024[284] Clinical Cases and Services - The number of clinical cases for the three months ended September 30, 2025, was 50,763, up from 42,956 in 2024, indicating a growth of 18%[215] - The number of clinical cases associated with MI Profile and Caris Assure increased from 38,409 and 4,547 cases, respectively, for the three months ended September 30, 2024, to 43,226 and 7,537 cases, respectively, for the same period in 2025, a total increase of 7,807 cases, or 18.2%[241] - The number of clinical cases associated with MI Profile increased from 107,930 to 126,160, representing a total increase of 27,797 cases or 23.4% year-over-year[261] Revenue Sources - Revenue from pharma research and development services grew by 18% year-over-year for the three months ended September 30, 2025, and 25% for the nine months ended September 30, 2025[216] - Revenue from molecular profiling services increased to $207.6 million for the three months ended September 30, 2025, from $93.8 million for the same period in 2024, representing an increase of $113.8 million, or 121.3%[239] - Molecular profiling services revenue increased to $484.6 million for the nine months ended September 30, 2025, up $229.9 million or 90.3% from $254.7 million in 2024[260] Expenses - Selling and marketing expenses were $41.3 million for the three months ended September 30, 2025, an increase of $4.5 million, or 12.3%, compared to $36.8 million for the same period in 2024[251] - General and administrative expenses increased to $52.0 million for the three months ended September 30, 2025, from $40.9 million for the same period in 2024, an increase of $11.1 million, or 27.2%[252] - Research and development expenses were $21.6 million for the three months ended September 30, 2025, compared to $27.6 million for the same period in 2024, a decrease of $6.0 million, or 21.7%[236] - Total costs and operating expenses for the three months ended September 30, 2025, were $184.2 million, compared to $162.5 million for the same period in 2024, an increase of $21.7 million, or 13.3%[236] Cash and Financing - Cash, cash equivalents, restricted cash, and marketable securities totaled $759.3 million as of September 30, 2025[213] - The company completed its IPO on June 20, 2025, raising net proceeds of $459.5 million from the sale of 23,529,412 shares at $21.00 per share[213] - Free cash flow for the nine months ended September 30, 2025, was $27.2 million, compared to a negative free cash flow of $212.4 million in the same period in 2024[285] - Net cash provided by financing activities for the nine months ended September 30, 2025, was $661.6 million, mainly from proceeds of $528.5 million from the IPO[293] Debt and Interest - The 2023 Term Loan Agreement has an outstanding principal amount of $400.0 million, with a fixed interest rate of 10.8% as of September 30, 2025[298] - Interest income for the three months ended September 30, 2025, was $7.4 million, compared to $1.7 million for the same period in 2024, an increase of $5.6 million, or 320.5%[238] - Interest expense for the nine months ended September 30, 2025, was $45.5 million, an increase of $8.7 million or 23.8% compared to $36.8 million in 2024[277] Accounting and Revenue Recognition - The company recognized revenue in accordance with ASC Topic 606, indicating adherence to established accounting standards[306] - The company recognizes revenue from molecular profiling services upon delivery of results to physicians, identifying each sale as a single performance obligation[308] - The company recognizes pharma research and development services revenue over the period in which services are provided, using either output or input methods for revenue recognition[311] Market and Risk Factors - The company is subject to market risk from interest rate changes, but due to the short-term maturities of its investments, a 100 basis point change would not materially affect the fair market value of cash and investments[317] - The company has not engaged in foreign currency hedging transactions and does not currently face significant foreign currency risk, although this may change with international expansion[319]

Financial Performance - Revenue for the three months ended September 30, 2025, increased 68% year-over-year to $1.4 billion, up from $835.2 million in the same period of 2024[107] - Net income from continuing operations for the three months ended September 30, 2025, was $835.5 million, compared to $433.1 million for the same period in 2024, representing a 93% increase[107] - Adjusted EBITDA for the three months ended September 30, 2025, was $1.2 billion, up from $647.0 million in the same period of 2024, reflecting an increase of 79%[107] - Free Cash Flow for the nine months ended September 30, 2025, was $2.6 billion, compared to $1.4 billion for the same period in 2024, indicating an increase of 86%[107] - Revenue for Q3 2025 reached $1,405,045, a 68% increase from $835,186 in Q3 2024, driven by improved Axon Advertising performance with a 75% increase in net revenue per installation[142] - Revenue for the nine months ended September 30, 2025, increased by $1.6 billion, or 72%, compared to the same period in 2024, driven by improved Axon Advertising performance with a 64% increase in net revenue per installation and a 9% increase in installations[146] Operational Efficiency - The Adjusted EBITDA margin for the three months ended September 30, 2025, was 82.4%, compared to 77.5% for the same period in 2024[119] - Cost of revenue as a percentage of revenue decreased to 12% in Q3 2025 from 14% in Q3 2024, reflecting improved operational efficiency[144] - Total costs and expenses for Q3 2025 were $326,038, compared to $300,887 in Q3 2024, with cost of revenue at $174,855, up from $120,919[142] Investment and Growth Strategy - The company plans to invest in technology enhancements, including Axon AI and other advertising solutions, to improve effectiveness and expand into new verticals such as e-commerce and CTV[124] - The company aims to retain and grow existing clients, which have historically increased their usage of advertising solutions, driving revenue growth[126] - A public referral program for Axon Ads Manager was opened in October 2025, with broader launch expected in the first half of 2026, indicating ongoing product development efforts[127] - The company plans to continue investing in sales and marketing, expecting expenses to fluctuate in the near term but decrease as a percentage of revenue over the long term[135] Expenses and Cost Management - Research and development expenses for Q3 2025 were $43,852, down from $80,776 in Q3 2024, indicating a shift in investment strategy[142] - Sales and marketing expenses for the nine months ended September 30, 2025, decreased by $36.0 million, or 19%, mainly due to a $43.4 million decrease in personnel-related expenses[152] - Research and development expenses for the nine months ended September 30, 2025, decreased by $124.6 million, or 46%, primarily due to a decrease of $126.4 million in personnel-related expenses[154] - General and administrative expenses for the nine months ended September 30, 2025, increased by $50.3 million, or 44%, driven by a $23.8 million increase in bad debt expense and a $17.7 million increase in professional services costs[156] Cash Flow and Financing Activities - Net cash provided by operating activities was $2.7 billion for the nine months ended September 30, 2025, primarily driven by net income of $2.2 billion[165] - Net cash provided by investing activities was $359.3 million for the nine months ended September 30, 2025, primarily from $407.3 million in proceeds from the divestiture of the Apps Business[168] - Net cash used in financing activities was $2.1 billion for the nine months ended September 30, 2025, primarily driven by $1.8 billion in stock repurchases[170] - During the nine months ended September 30, 2025, the company repurchased 4.9 million shares of Class A common stock for an aggregate amount of $1.8 billion[174] - As of September 30, 2025, $492.2 million remained available for repurchases under the stock repurchase program[174] - In October 2025, the board authorized an increase to the repurchase program of $3.2 billion, resulting in approximately $3.3 billion available for repurchases as of October 31, 2025[174] Strategic Initiatives - The company is exploring strategic partnerships and acquisitions, including a preliminary indication of interest to purchase TikTok outside of China[128] - The company expects to continue adapting to changes in the advertising ecosystem, particularly regarding privacy regulations from Apple and Google[130] Tax and Accounting - The effective tax rate for Q3 2025 was 18.2%, compared to 7.4% in Q3 2024, influenced by the proportion of foreign to domestic income[141] - There were no material changes to the company's critical accounting estimates during the nine months ended September 30, 2025[178] - The company reported no material changes in market risk from the previous annual report[180] - The stock repurchase program was modified in February 2025 to allow $500.0 million immediately available for repurchases, with future increases based on free cash flow[174]

Revenue and Sales Performance - Revenue for Q3 2025 was $8.0 million, representing an increase of $3.7 million or 85% compared to Q3 2024, driven by strong demand for defense products [176]. - Revenue for the fiscal quarter ended September 28, 2025 was $8.0 million, an increase of $3.7 million or 85% compared to $4.3 million for the same quarter in the prior year, primarily driven by sales to South Korean defense contractors [201]. - Revenue for the fiscal year-to-date ended September 28, 2025 was $20.6 million, a 54% increase from $13.4 million in the prior year, driven by sales to South Korean defense contractors [211]. - Over $20 million of products were shipped to customers in the defense and industrial markets for the fiscal year-to-date ended September 28, 2025 [175]. Research and Development - Research and development expenses are expected to increase as Enovix ramps up engineering operations and hires additional personnel to support product development [194][196]. - Research and development expenses for the fiscal quarter ended September 28, 2025 were $28.2 million, up $4.0 million or 16% from $24.2 million in the prior year, attributed to increased salaries and depreciation [203]. - Research and development expenses for the fiscal year-to-date ended September 28, 2025 were $82.3 million, down $19.8 million or 19% from $102.1 million in the prior year, mainly due to reduced depreciation and lower headcount [213]. Financial Performance - Net loss for the fiscal quarter ended September 28, 2025 was $53.8 million, an increase of $31.1 million or 138% from a net loss of $22.6 million in the prior year [210]. - Total operating expenses for the fiscal year-to-date ended September 28, 2025 were $136.9 million, a decrease of $68.2 million or 33% from $205.1 million in the prior year, primarily due to the absence of restructuring costs [210]. - Interest expense surged to $11.8 million for the fiscal quarter ended September 28, 2025, a significant increase of $10.0 million or 585% compared to $1.7 million in the prior year, largely due to a one-time charge related to convertible senior notes [207]. - Interest income for the fiscal year-to-date ended September 28, 2025 was $7.4 million, a decrease of $2.3 million or 24% compared to $9.7 million for the same period in 2024 [219]. - Interest expense increased by $10.1 million or 200% to $15.2 million for the fiscal year-to-date ended September 28, 2025, primarily due to a one-time charge of $9.2 million related to Warrants issued [220]. Capital and Financing Activities - Enovix issued $360.0 million in 2030 Convertible Senior Notes, with net proceeds of $348.6 million intended for general corporate purposes and potential acquisitions [183]. - The company issued $360.0 million aggregate principal amount of 2030 Convertible Senior Notes with an interest rate of 4.75% during the fiscal quarter ended September 28, 2025 [228]. - The company holds $172.5 million of 2028 Convertible Senior Notes at an annual interest rate of 3.00% and $360.0 million of 2030 Convertible Senior Notes at an annual interest rate of 4.75%, accounting for approximately 98% of total debt [252]. - The company repurchased 5,437,556 shares of common stock for $58.4 million for the fiscal year-to-date ended September 28, 2025, with $1.6 million remaining under the Repurchase Plan [229]. Cash Flow and Investments - Net cash used in operating activities was $68.3 million for the fiscal year-to-date ended September 28, 2025, compared to $92.7 million for the same period in 2024, reflecting a decrease of $24.4 million [233][236]. - Net cash used in investing activities was $339.2 million for the fiscal year-to-date ended September 28, 2025, primarily due to $370.1 million in short-term investment purchases [237]. - Net cash provided by financing activities was $470.7 million for the fiscal year-to-date ended September 28, 2025, significantly higher than $44.2 million for the same period in 2024 [240][242]. - As of September 28, 2025, the company had cash and short-term investments totaling $560.8 million and an accumulated deficit of $942.8 million [224]. - As of September 28, 2025, the company had cash, cash equivalents, restricted cash, and investments totaling $650.3 million [251]. Strategic Focus and Market Position - The company is focused on five strategic market sectors: Smartphone, IoT, Computing, Defense, and Electric Vehicles [178]. - Enovix's commercialization strategy aims to establish the AI-1™ battery products as the baseline design for hardware platforms, facilitating broader adoption across device makers [180]. - The AI-1™ smartphone battery achieved the highest energy density reported for a smartphone battery, validated by an independent testing firm [176][185]. - Enovix delivered over 1,000 AI-1™ battery packs to its lead customer and samples to nine other smart eyewear OEMs and ODMs, with product launches expected in 2026 [174][181]. Other Financial Metrics - Selling, general and administrative expenses decreased by $0.6 million or 3% to $20.2 million for the fiscal quarter ended September 28, 2025, primarily due to a reduction in stock-based compensation expenses [204]. - Other income, net for the fiscal year-to-date ended September 28, 2025 was $1.5 million, an increase of $3.0 million compared to a loss of $1.5 million for the same period in 2024, mainly due to a one-time import duty forgiveness of $2.4 million [221][222]. - Income tax benefit decreased by $1.1 million or 43% to $1.4 million for the fiscal year-to-date ended September 28, 2025, primarily due to lower tax benefits from losses in certain foreign jurisdictions [223]. Risk Management - The company does not believe it is exposed to material interest rate risk due to its borrowing activities [252]. - A hypothetical 10% adverse change in foreign currency exchange rates would not have a material effect on the company's financial condition or results of operations [254]. - The company has not entered into derivative or hedging transactions for foreign currency risks but may do so in the future as international operations grow [255].

Financial Position - Total assets increased by $14,865, or 0.4%, to $4,113,334 as of September 30, 2025, compared to $4,098,469 at December 31, 2024[156] - Total liabilities decreased by $95,661, or 2.6%, to $3,614,306 as of September 30, 2025, primarily due to a reduction in short-term FHLB advances[156] - Total deposits increased by $18,593 to $3,230,463 as of September 30, 2025, with time deposits rising by 28.0%[167] - Shareholders' equity increased to $499,028, or 12.1% of total assets, from $388,502, or 9.5% of total assets, at December 31, 2024[170] - The Company's total risk-based capital ratio was 17.8% as of September 30, 2025, up from 13.9% at December 31, 2024, exceeding regulatory minimum guidelines[203] Loan and Credit Performance - Net loans increased by $14,179, or 0.5%, to $3,055,740 as of September 30, 2025, with significant growth in Residential Real Estate loans[158] - The loan to deposit ratio was 95.8% as of September 30, 2025, compared to 95.9% at December 31, 2024[158] - Provisions for credit losses totaled $2,792 for the first nine months of 2025, down from $4,668 in the same period of 2024[159] - Net charge-offs for the first nine months ended September 30, 2025 totaled $2,212, an increase from $1,080 for the same period in 2024, with a total of 45 loans and leases charged off[161] - The allowance for credit losses as a percentage of total loans was 1.30% at September 30, 2025, compared to 1.29% at December 31, 2024[163] Income and Expenses - Net income for the three months ended September 30, 2025 was $12,760, an increase of $4,394 from $8,366 for the same period in 2024[172] - Net interest income for the three months ended September 30, 2025 was $34,545, up $5,312 from $29,233 in the same period of 2024[173] - Total interest and dividend income increased to $55,240 for the three months ended September 30, 2025, a rise of $2,499 from $52,741 in 2024[174] - Total interest expense decreased by 12.0% to $20,695 for the three months ended September 30, 2025, compared to $23,508 for the same period in 2024[176] - Total noninterest expense for the three months ended September 30, 2025, was $28,327, a slight decrease of $68 or 0.2% from $28,395 in 2024[184] Market and Strategic Activities - The company entered into a merger agreement with The Farmers Savings Bank, which has total assets of $293 million and total deposits of $236 million[151] - The merger agreement includes a cash payment of $34.925 million and the issuance of 1,434,491 common shares, with an aggregate deal value of approximately $66.7 million[152] - An underwritten public offering raised approximately $75.7 million in net proceeds, which will support organic growth opportunities and future strategic transactions[155] - The company has received all required regulatory approvals for the merger, expected to close in November 2025, pending shareholder approval[153] Risk Management - The primary market risk exposure for the Company is interest-rate risk, which is managed through asset/liability management techniques[208] - The Company’s effective risk management practices are essential to maintaining interest-rate risk at prudent levels, ensuring safety and soundness[209] Portfolio Value and Asset Management - The net portfolio value increased from $603.2 million on December 31, 2024, to $720.1 million on September 30, 2025, representing a growth of 19.4%[217] - A 400 basis point increase in rates led to a net portfolio value of $783.9 million, an increase of 11.6% compared to the base scenario[217] - A 200 basis point decrease in rates resulted in a net portfolio value of $686.3 million, a decrease of 4.7%[217] - The company anticipates that projected movements in rates will lead to changes in market values, affecting both assets and liabilities[217] - The asset mix remains centered on loans and deposits, indicating a stable funding strategy[217]

Table of Contents 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 ☐ 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: 001-38101 WideOpenWest, Inc. (Exact name of registrant as specified in its charter) Delaware (State or Other Jurisdiction o ...

Financial Performance - Net loss for the third quarter of 2025 was $4.1 million, compared to a net loss of $2.7 million for the same period in 2024[13] - Net loss for the nine months ended September 30, 2025, was $12,390,691, compared to a net loss of $7,850,379 for the same period in 2024, representing an increase of approximately 58%[21] - Net cash used in operating activities for the nine months ended September 30, 2025, was $8,115,197, an increase from $5,669,276 in 2024[21] Research and Development - Total research and development expenses for the nine months ended September 30, 2025, were $5.3 million, up from $3.2 million in the same period of 2024, reflecting increased project labor costs[13] - Lightbridge Corporation presented three peer-reviewed papers at TopFuel 2025, validating its technical approach and demonstrating superior performance compared to conventional fuel[2] - The company achieved critical milestones in fuel development, including the successful loading of enriched uranium-zirconium alloy samples into an experiment assembly[2] Cash and Liquidity - Cash and cash equivalents rose to $153.3 million, an increase of $113.3 million for the nine months ended September 30, 2025, primarily due to financing activities[4] - Cash and cash equivalents at the end of the period reached $153,330,134, up from $26,634,951 at the end of the previous year[21] - Net cash provided by financing activities was $121,460,621, compared to $3,705,782 in the same period of 2024[21] Expenses - General and administrative expenses for the nine months ended September 30, 2025, amounted to $9.2 million, compared to $5.7 million for the same period in 2024[13] - Stock-based compensation increased to $3,746,642 in 2025 from $1,280,403 in 2024, reflecting a rise of approximately 193%[21] - Cash paid for offering costs and commissions was $4,207,920, compared to $421,657 in the previous year[21] Balance Sheet - Total assets were $155.1 million and total liabilities were $1.6 million at September 30, 2025[5] - Stockholders' equity increased to $153.5 million at September 30, 2025, compared to $40.5 million at December 31, 2024[5] - Accounts payable and accrued liabilities increased by $1,135,512 in 2025, compared to an increase of $928,240 in 2024[21] Other Income - Total other income for the nine months ended September 30, 2025, was $2.1 million, compared to $1.0 million for the same period in 2024, driven by interest income[13] - Common stock issued for prepaid consulting services increased to $300,000 from $180,000, indicating a rise of 67%[21] - The company reported no interest or income taxes paid during the period[21]

Financial Performance - Murphy Oil Corporation reported a net loss from continuing operations of $7.8 million for Q3 2025, a significant decrease from a net income of $151.7 million in Q3 2024, primarily due to higher impairment expenses of $115.0 million and lower revenues from production of $32.2 million [118]. - For the nine months ended September 30, 2025, net income from continuing operations was $116.1 million, a decrease of $308.1 million compared to the same period in 2024, largely due to lower revenues from production of $268.5 million [121]. - Revenue from production for Q3 2025 was $721.0 million, down from $753.2 million in Q3 2024, while total revenues and other income decreased to $721.8 million from $754.1 million [128]. - For the nine months ended September 30, 2025, revenues from production decreased by $268.5 million to $2,076.8 million compared to $2,345.3 million in 2024, largely due to lower crude oil prices and production issues [136]. - The Corporate segment reported a loss of $18.6 million for the three months ended September 30, 2025, a favorable variance of $15.1 million compared to the same period in 2024 [150]. Production and Operations - Total hydrocarbon production for Q3 2025 was 206,936 barrels of oil equivalent per day, an 8% increase compared to Q3 2024, driven by higher production in the Eagle Ford Shale and Tupper Montney [120]. - For the nine months ended September 30, 2025, total hydrocarbon production was 189,035 barrels of oil equivalent per day, a 2% increase compared to the same period in 2024 [124]. - For the three months ended September 30, 2025, total net crude oil and condensate production increased to 100,065 barrels per day, up from 94,078 barrels per day in 2024, representing a growth of approximately 6.3% [131]. - Total net hydrocarbons produced, including noncontrolling interest, reached 206,936 barrels per day for the three months ended September 30, 2025, compared to 191,273 barrels per day in 2024, indicating an increase of about 8.2% [131]. - Net natural gas production for the three months ended September 30, 2025, was 563,319 thousand cubic feet per day, compared to 522,286 thousand cubic feet per day in 2024, marking an increase of about 7.9% [133]. - The company reported a total net natural gas liquids production of 12,984 barrels per day for the three months ended September 30, 2025, up from 10,147 barrels per day in 2024, reflecting a growth of approximately 27.5% [133]. Expenses and Costs - Lease operating expenses for Q3 2025 were $184.4 million, a decrease from $222.9 million in Q3 2024, attributed to lower workover costs and production handling fees [128]. - For the three months ended September 30, 2025, lease operating expenses decreased by $38.5 million compared to the same period in 2024, while transportation, gathering, and processing expenses increased by $0.6 million [138]. - For the nine months ended September 30, 2025, lease operating expenses decreased by $111.8 million, and transportation, gathering, and processing expenses decreased by $6.4 million compared to the same period in 2024 [139]. - Depreciation, depletion, and amortization (DD&A) for the three months ended September 30, 2025, increased by $59.3 million compared to the same period in 2024, primarily due to higher sales volumes in the Eagle Ford Shale [141]. - DD&A for the nine months ended September 30, 2025, increased by $87.4 million, mainly driven by higher sales volumes in the Eagle Ford Shale and higher rates at U.S. Offshore [142]. Impairment and Exploration - The impairment expense during the quarter was related to the Dalmatian field in the Gulf of America, resulting from reserve reductions [119]. - The Company impaired assets for $115.0 million related to the partial write-down of the Dalmatian field in the Gulf of America for the three and nine months ended September 30, 2025 [143]. - Exploration expenses for the three months ended September 30, 2025, increased by $1.3 million compared to the same period in 2024, due to higher geological and geophysical costs [145]. - Exploration expenses for the nine months ended September 30, 2025, decreased by $61.0 million compared to the same period in 2024, primarily due to no dry holes recorded in 2025 [146]. Liquidity and Financial Position - The company paid down $50.0 million of debt under the revolving credit facility and returned $46.4 million to shareholders through a quarterly dividend of $0.325 per share [121]. - The Company's primary sources of liquidity include cash on hand, net cash from continuing operations, and available borrowing capacity under its senior unsecured revolving credit facility [152]. - As of September 30, 2025, the company had $150.0 million of outstanding borrowings under the senior unsecured RCF [203]. - A 10% increase in the average interest rate would have increased the quarterly interest expense by approximately $0.3 million [203]. - Actual results may vary due to changes in the amount of variable rate debt outstanding [203]. Pricing and Market Conditions - As of September 30, 2025, the West Texas Intermediate (WTI) crude oil price was $62.37 per barrel, reflecting a 2% decrease from $60.98 at the end of October 2025 [126]. - The average price of WTI crude oil for the three months ended September 30, 2025, was $64.93 per barrel, down from $75.10 per barrel in 2024, reflecting a decrease of approximately 13.5% [132]. - The average price for natural gas (NYMEX) for the three months ended September 30, 2025, was $3.03 per MMBTU, an increase from $2.09 per MMBTU in 2024, representing a rise of approximately 45% [132]. - The average price for natural gas liquids in the United States - Onshore for the three months ended September 30, 2025, was $18.57 per barrel, slightly down from $19.05 per barrel in 2024 [132]. - The company experienced a decrease in production revenues from Canada - Oil, which fell to $53.3 million for the three months ended September 30, 2025, down from $101.1 million in 2024, a decline of approximately 47.3% [135].

Financial Performance - Third quarter GAAP net investment income ("NII") per share was $0.37, down from $0.42 in the previous quarter[9] - Total investment income for the three months ended September 30, 2025, was $453.1 million, compared to $485.8 million in the previous quarter and $406.0 million in the same quarter last year[34] - Net investment income for the same period was $190.1 million, down from $216.7 million in the previous quarter but up from $184.9 million year-over-year[34] - Total investment income for Q3 2025 was $453 million, down 6.8% from $486 million in Q2 2025, but up 10.5% from $406 million in Q3 2024[43] - Adjusted net investment income for Q3 2025 was $183 million, a decrease of 11.2% from $206 million in Q2 2025, and unchanged from $185 million in Q3 2024[43] - The net increase in net assets resulting from operations for Q3 2025 was $128 million, a decrease from $138 million in Q2 2025 and down from $135 million in Q3 2024[43] Investment Commitments and Portfolio - New investment commitments for the third quarter totaled $1.3 billion, an increase from $1.1 billion in the prior quarter[15] - The weighted average interest rate of new investment commitments was 9.0% for the third quarter[17] - Total investments at fair value reached $17.1 billion, compared to $16.9 billion as of June 30, 2025[11] - The fair value of investments increased to $17.1 billion as of September 30, 2025, up from $16.9 billion in the previous quarter and $13.4 billion year-over-year[34] - Investments on non-accrual represented 1.3% of the portfolio at fair value, up from 0.7% in the previous quarter[9] Dividends and Shareholder Returns - The company declared a fourth quarter 2025 regular dividend of $0.37 per share, representing an annualized dividend yield of 9.9%[9] - The company declared a base dividend of $0.37 per share, consistent with the previous quarters, while supplemental dividends were $0.00, $0.02, and $0.05 for the last three quarters respectively[34] Expenses and Liabilities - Total expenses decreased to $260.0 million for the third quarter, down from $266.8 million in the previous quarter[21] - The company incurred total operating expenses of $259.89 million for the three months ended September 30, 2025, compared to $217.56 million in 2024, reflecting an increase of approximately 19.5%[38] - Total liabilities rose to $9.99 billion as of September 30, 2025, from $7.91 billion as of December 31, 2024, indicating an increase of around 26%[36] Asset and Debt Management - As of September 30, 2025, the company had $321.3 million in cash and restricted cash, with total debt outstanding of $9.6 billion, including $2.9 billion of undrawn capacity on credit facilities[22] - The company’s debt increased to $9.53 billion as of September 30, 2025, from $7.46 billion as of December 31, 2024, marking a rise of about 28%[36] - The company is in compliance with all financial covenants under its credit facilities as of September 30, 2025, indicating strong liquidity and capital resources[22] Mergers and Corporate Actions - The company announced a definitive merger agreement with OBDC II, expected to enhance long-term shareholder value[4] - OBDC's board approved a new repurchase program allowing for the repurchase of up to $200 million of common stock[6] - The company plans to file a proxy statement and registration statement with the SEC in connection with the upcoming mergers, which will include important information about the companies involved[30] Shareholder Metrics - The net asset value ("NAV") per share decreased to $14.89 from $15.03 in the previous quarter[9] - The net asset value per share decreased to $14.89 as of September 30, 2025, from $15.26 as of December 31, 2024[36] - The company’s weighted average shares outstanding increased to 511,048,237 for the three months ended September 30, 2025, compared to 390,217,304 in the same period of 2024[38]

Financial Performance - In Q3 2025, consolidated volumes increased by 1.2% to 8,086 ThHL, while year-to-date volumes rose by 10.5% to 25,365 ThHL[5]. - Net sales decreased by 1.1% to CLP 658,628 million in Q3 2025, with a year-to-date increase of 6.2% to CLP 2,056,212 million[5]. - Gross profit fell by 2.9% to CLP 279,936 million, with a year-to-date gross profit of CLP 898,949 million, reflecting a 5.7% increase[5]. - Net income contracted by 47.6% to CLP 15,496 million, with earnings per share dropping to CLP 41.9[5][10]. - Net sales decreased by 1.1%, driven by a 2.2% decline in average prices in CLP, while volumes increased by 1.2%[19]. - Gross profit reached CLP 279,936 million, a decrease of 2.9%, with gross margin declining by 79 basis points[19]. - EBITDA increased by 4.6% to CLP 73,635 million, with a consolidated EBITDA margin expanding from 10.6% to 11.2%[19]. - EBIT grew by 8.2% to CLP 36,392 million, reflecting improved operational efficiency[19]. - Net income was CLP 15,496 million, down from CLP 29,548 million year-over-year[19]. - Net sales for Q3 2025 were CLP 658,628 million, a decrease of 1.1% compared to Q3 2024[47]. - Gross profit for Q3 2025 was CLP 279,936 million, down 2.9% year-over-year, with a gross margin of 42.5%[47]. - EBITDA for Q3 2025 increased by 4.6% to CLP 73,635 million, resulting in an EBITDA margin of 11.2%[47]. - Net income attributable to equity holders for Q3 2025 was CLP 15,496 million, a decline of 47.6% from Q3 2024[47]. - For the nine months ended September 30, 2025, net sales rose by 6.2% to CLP 2,056,212 million compared to the same period in 2024[48]. - EBIT for the nine months ended September 30, 2025, was CLP 110,936 million, down 11.2% year-over-year, with an EBIT margin of 5.4%[48]. Segment Performance - The International Business segment saw a volume increase of 5.3%, but net sales contracted by 8.9% due to a 13.5% decline in average prices[12]. - The Wine segment experienced a 1.6% increase in top line, driven by a 4.8% rise in average prices, despite a 3.0% decline in volumes[13]. - The Chile operating segment reported a 1.8% increase in top line, supported by a 2.4% rise in average prices, despite a 0.6% decline in volumes[11]. - The International Business Operating segment saw a volume increase of 5.3%, but net sales contracted by 8.9% due to a 13.5% drop in average prices in CLP[28]. - The Wine Operating segment reported a 1.6% increase in top line, driven by a 4.8% rise in average prices, while volumes decreased by 3.0%[29]. Strategic Focus - The company is focused on its 2025-2027 Strategic Plan, emphasizing profitability through revenue management and operational efficiencies[16]. - The company continues to build a robust brand portfolio in Colombia, achieving low-double digit volume growth[14]. - The company launched new products, including Rockstar Sandía Punch and Gatorade Limón, to align with market trends[27]. Financial Position and Cash Flow - The company reported a total financial debt of CLP 1,296,584 million, down from CLP 1,439,668 million in December 2024[54]. - Net financial debt to EBITDA ratio increased to 1.96x from 1.76x in the previous year, indicating a rise in leverage[54]. - The company’s total assets decreased to CLP 3,597,681 million from CLP 3,989,717 million in December 2024[54]. - The company’s liquidity ratio remained stable at 2.06, indicating strong short-term financial health[54]. - Cash and cash equivalents at the end of Q3 2025 decreased to CLP 498,785 million from CLP 599,279 million in Q3 2024, representing a decline of 16.7%[56]. - Net cash inflows from operating activities for YTD September 2025 were CLP 113,244 million, down 15.1% from CLP 133,354 million in 2024[56]. - The net cash outflow from investing activities for YTD September 2025 was CLP 115,999 million, significantly higher than CLP 78,008 million in 2024, indicating increased investment activity[56]. - The net cash outflow from financing activities for YTD September 2025 was CLP 173,744 million, compared to CLP 67,176 million in 2024, reflecting a substantial increase in financing costs[56]. - The effects of exchange rate changes on cash and cash equivalents resulted in a negative impact of CLP 31,840 million for YTD September 2025, compared to a negative CLP 7,045 million in 2024[56]. - The consolidated EBITDA excluding the impact of IAS 29 for Q3 2025 was CLP 74,088 million, compared to CLP 70,453 million in Q3 2024, showing a growth of 5.1%[56]. - The cash and cash equivalents at the beginning of the year for 2025 were CLP 707,123 million, up from CLP 618,154 million in 2024, indicating a stronger starting position[56].