• Cash: As of June 30, 2025, cash, cash equivalents and restricted cash was $87.8 million, compared to $100.6 million as of March 31, 2025. The $12.8 million decrease is a result of the net cash used in operating activities of $18.1 million for the development of our pipeline and general corporate expenses, offset by a $5.3 million translational gain from the conversion of balances in pound sterling denominated entities to the United States dollar reporting currency. Based on current research and developmen ...

Barinthus Bio Reports Second Quarter 2025 Financial Results and Updates on Corporate Developments GERMANTOWN, Maryland, August 7, 2025 (GLOBE NEWSWIRE) – Barinthus Biotherapeutics plc (NASDAQ: BRNS) ("Barinthus Bio," or the "Company"), an immunology and inflammation ("I&I") company focused on developing therapies that promote immune tolerance with curative potential, today announced its financial results for the quarter ended June 30, 2025, and provided an overview of the Company's corporate developments. " ...

[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20%28Unaudited%29) Unaudited financial statements for June 30, 2025, show increased revenue, a wider net loss, decreased cash, and a growing shareholders' deficit, with ongoing losses anticipated Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $92,904 | $171,987 | | Total current assets | $196,868 | $276,135 | | Total Assets | $208,717 | $285,711 | | **Liabilities & Shareholders' Deficit** | | | | Total current liabilities | $47,548 | $45,949 | | Total Liabilities | $302,093 | $294,514 | | Total Shareholders' Deficit | ($93,376) | ($8,803) | Condensed Consolidated Statements of Operations Highlights (in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $24,215 | $21,848 | $44,469 | $40,629 | | Gross profit | $20,665 | $19,619 | $38,589 | $36,672 | | Operating loss | ($41,448) | ($25,839) | ($78,362) | ($51,579) | | Net Loss | ($49,940) | ($33,403) | ($93,783) | ($65,689) | | Net loss per share | ($1.05) | ($0.82) | ($1.97) | ($1.69) | Condensed Consolidated Statements of Cash Flow Highlights (Six Months Ended June 30, in thousands) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | ($81,849) | ($55,483) | | Net cash provided by investing activities | $2,443 | $25,516 | | Net cash provided by financing activities | $330 | $154,942 | | **Increase (Decrease) in Cash** | **($79,076)** | **$124,975** | - The company has a history of net losses, with an accumulated deficit of **$900.0 million** as of June 30, 2025. Management expects losses to continue due to the commercial launch of Zusduri and ongoing R&D activities[29](index=29&type=chunk) - Management believes that its cash, cash equivalents, and marketable securities as of June 30, 2025, are sufficient to fund operations for more than one year from the financial statement issuance date[31](index=31&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=33&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial condition and operations, highlighting Zusduri's FDA approval and commercial launch, increased Jelmyto revenue, rising operating expenses, and sufficient liquidity for the next year [Overview and Key Developments](index=33&type=section&id=Overview%20and%20Key%20Developments) UroGen, a biotechnology company, achieved FDA approval for Zusduri on June 12, 2025, for NMIBC, and is commercially launching it while advancing its pipeline candidates - The FDA approved the New Drug Application (NDA) for Zusduri on **June 12, 2025**, for the treatment of adults with recurrent low-grade intermediate risk NMIBC[146](index=146&type=chunk)[158](index=158&type=chunk) - The company estimates the annual treatable population for Zusduri's indication in the U.S. is approximately **82,000 patients**, representing a potential market opportunity of over **$5.0 billion**[146](index=146&type=chunk) - The company's immuno-uro-oncology pipeline includes UGN-301 (anti-CTLA-4 antibody) and UGN-501 (oncolytic virus), with a **Phase 1 study** of UGN-501 planned for **2026**[145](index=145&type=chunk)[178](index=178&type=chunk) [Results of Operations](index=44&type=section&id=Results%20of%20Operations) Jelmyto revenues increased for the three and six months ended June 30, 2025, but net loss widened significantly due to higher operating, selling, marketing, and R&D expenses Comparison of Results for the Three Months Ended June 30 (in thousands) | Item | 2025 | 2024 | Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Revenue | $24,215 | $21,848 | $2,367 | Increased volume and price of Jelmyto sales | | R&D Expenses | $18,914 | $15,402 | $3,512 | Higher manufacturing costs for Zusduri and UGN-103 trial costs | | Selling & Marketing | $27,859 | $18,872 | $8,987 | Zusduri commercial preparation and sales force expansion | | Operating Loss | ($41,448) | ($25,839) | ($15,609) | Increased operating expenses outpaced revenue growth | | Net Loss | ($49,940) | ($33,403) | ($16,537) | Higher operating loss | Comparison of Results for the Six Months Ended June 30 (in thousands) | Item | 2025 | 2024 | Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Revenue | $44,469 | $40,629 | $3,840 | Increased volume of Jelmyto sales | | R&D Expenses | $38,785 | $30,896 | $7,889 | Higher manufacturing costs for Zusduri, UGN-103 trial, and IconOVir asset acquisition | | Selling & Marketing | $49,981 | $35,972 | $14,009 | Zusduri commercial preparation activities | | Operating Loss | ($78,362) | ($51,579) | ($26,783) | Increased operating expenses outpaced revenue growth | | Net Loss | ($93,783) | ($65,689) | ($28,094) | Higher operating loss | [Liquidity and Capital Resources](index=47&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, the company held **$161.6 million** in cash and equivalents, funded operations through equity and debt, and believes current liquidity is sufficient for over one year - The company held **$161.6 million** in cash, cash equivalents, and marketable securities as of June 30, 2025[223](index=223&type=chunk) - The company has a loan agreement with Pharmakon, with an additional **$75.0 million** fourth tranche available upon Zusduri's FDA approval, which the company does not intend to draw down[230](index=230&type=chunk)[231](index=231&type=chunk) - Management believes existing cash is sufficient to fund operations **beyond one year** from the report's issuance date[236](index=236&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=52&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market risks from interest rate fluctuations on its investment portfolio and foreign currency exchange rates, particularly for NIS-denominated operating expenses, without current hedging - The company's primary market risks are interest rate fluctuations on its **$161.6 million** in cash and marketable securities and foreign currency exchange risk[256](index=256&type=chunk) - A significant portion of operating expenses are incurred in New Israeli Shekels (NIS), creating exposure to currency fluctuations against the U.S. dollar; a **10% change** in the NIS-to-Dollar exchange rate would **not have had a material effect** on operating expenses for the six months ended June 30, 2025[258](index=258&type=chunk) [Controls and Procedures](index=54&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting during the quarter - Based on an evaluation as of June 30, 2025, the principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were **effective**[261](index=261&type=chunk) - **No changes** in internal control over financial reporting occurred during the quarter ended June 30, 2025, that have materially affected, or are reasonably likely to materially affect, internal controls[262](index=262&type=chunk) [PART II. OTHER INFORMATION](index=55&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=55&type=section&id=Item%201.%20Legal%20Proceedings) UroGen is engaged in patent infringement litigation against Teva Pharmaceuticals, seeking to prevent the market entry of Teva's generic Jelmyto before patent expiration, with a trial set for October 2026 - The company filed a lawsuit against Teva Pharmaceuticals on **April 2, 2024**, for patent infringement related to Teva's application to market a generic version of Jelmyto[264](index=264&type=chunk) - The lawsuit alleges infringement of U.S. Patent Numbers 9,040,074, 9,950,069, and 12,268,745, and seeks to prevent market entry of Teva's generic product; a bench trial is scheduled for **October 2026**[264](index=264&type=chunk) [Risk Factors](index=55&type=section&id=Item%201A.%20Risk%20Factors) The company faces material risks including historical losses, financing needs, dependence on product commercialization, clinical development challenges, competition, supply chain reliance, intellectual property protection, and geopolitical instability - The company has a history of significant losses (**$900.0 million** accumulated deficit as of June 30, 2025) and may require additional financing, which may not be available on acceptable terms[266](index=266&type=chunk)[270](index=270&type=chunk) - The business is **highly dependent** on the successful commercialization of its two approved products, Jelmyto and Zusduri, and faces risks related to market adoption, competition, and reimbursement[266](index=266&type=chunk)[296](index=296&type=chunk) - The company relies on third-party, **single-source suppliers** for key components of its products, creating risks of **supply chain disruption** that could impair development and commercialization[267](index=267&type=chunk)[361](index=361&type=chunk) - Significant operations in Israel expose the company to risks from **political, economic, and military instability** in the region[267](index=267&type=chunk)[553](index=553&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=131&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) There were no unregistered sales of equity securities during the period - The company reported **no unregistered sales** of equity securities[581](index=581&type=chunk) [Defaults Upon Senior Securities](index=131&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) There were no defaults upon senior securities during the period - The company reported **no defaults** upon senior securities[582](index=582&type=chunk) [Mine Safety Disclosures](index=131&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[582](index=582&type=chunk) [Other Information](index=131&type=section&id=Item%205.%20Other%20Information) There was no other information to report during the period - The company reported **no other information**[583](index=583&type=chunk) [Exhibits](index=132&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including corporate documents and Sarbanes-Oxley certifications from the CEO and CFO - Exhibits filed include **CEO and CFO certifications** pursuant to **Sarbanes-Oxley Sections 302 and 906**, and the company's 2019 Inducement Plan[584](index=584&type=chunk)

Exhibit 99.1 Lifetime Brands, Inc. Reports Second Quarter 2025 Financial Results Sales of $131.9 million TTM Adjusted EBITDA of $50.7 million Company Maintains Strong Liquidity Position GARDEN CITY, NY, August 7, 2025 – Lifetime Brands, Inc. (NasdaqGS: LCUT), a leading global designer, developer and marketer of a broad range of branded consumer products used in the home, today reported its financial results for the quarter ended June 30, 2025. Rob Kay, Lifetime's Chief Executive Officer, commented, "Despite ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 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: 001-39487 Silence Therapeutics plc (Exact name of registrant as specified in its charter) | England and Wales | | Not ...

Table of Contents 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 June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-38108 Cumulus Media Inc. (Exact Name of Registrant as Specified in its Charter) Delaware 82-5134717 (State or ...

[Whitehawk Therapeutics Second Quarter 2025 Financial Results and Recent Highlights](index=1&type=section&id=Whitehawk%20Therapeutics%20Second%20Quarter%202025%20Financial%20Results%20and%20Recent%20Highlights) [Corporate and Operational Highlights](index=1&type=section&id=Corporate%20and%20Operational%20Highlights) Whitehawk Therapeutics advances its ADC portfolio with IND filings by mid-2026, supported by a strong cash position funding operations into 2028 - The company is on track to submit IND applications for all three ADC assets by **mid-2026**, with the first two planned for **year-end 2025**[3](index=3&type=chunk)[5](index=5&type=chunk) - Based on current plans, the company's capital is expected to provide a financial runway into **2028**, supporting initial clinical data readouts[3](index=3&type=chunk)[5](index=5&type=chunk) [Second Quarter 2025 Financial Results](index=1&type=section&id=Second%20Quarter%202025%20Financial%20Results) Whitehawk Therapeutics reported a **$52.6 million net loss** in Q2 2025, largely due to a **$38.0 million upfront payment**, with cash and equivalents at **$177.2 million** Key Financial Metrics (Q2 2025) | Metric | Q2 2025 (Millions USD) | Q2 2024 (Millions USD) | | :--- | :--- | :--- | | **Net Loss** | $52.6 | $14.6 | | **Cash, cash equivalents and short-term investments (as of period end)** | $177.2 (as of June 30, 2025) | $47.2 (as of Dec 31, 2024) | - The increased net loss in Q2 2025 includes the remaining portion of an upfront payment of **$38.0 million** related to the Wuxi ADC agreement[5](index=5&type=chunk) [Financial Position (Balance Sheet)](index=3&type=section&id=Financial%20Position%20%28Balance%20Sheet%29) As of June 30, 2025, Whitehawk's total assets increased to **$180.8 million**, driven by cash, with liabilities decreasing and equity strengthening to **$172.1 million** Condensed Balance Sheet Highlights (in thousands) | Account | June 30, 2025 (USD) | December 31, 2024 (USD) | | :--- | :--- | :--- | | **Cash and cash equivalents** | $144,936 | $28,670 | | **Total current assets** | $178,671 | $61,287 | | **Total assets** | $180,822 | $70,319 | | **Total liabilities** | $8,756 | $17,841 | | **Total stockholders' equity** | $172,066 | $52,478 | [Financial Performance (Statement of Operations)](index=4&type=section&id=Financial%20Performance%20%28Statement%20of%20Operations%29) Q2 2025 saw no product sales and a **$52.6 million net loss** due to R&D, while the six-month period recorded a **$20.4 million net income** from a business sale Statement of Operations Summary - Three Months Ended June 30 (in thousands, except per share data) | Metric | 2025 (USD) | 2024 (USD) | | :--- | :--- | :--- | | **Total Revenue** | $0 | $6,179 | | **Research and development** | $48,809 | $13,093 | | **Loss from operations** | $(54,749) | $(15,584) | | **Net Loss** | $(52,615) | $(14,583) | | **Net Loss Per Share (Basic)** | $(0.76) | $(0.54) | Statement of Operations Summary - Six Months Ended June 30 (in thousands, except per share data) | Metric | 2025 (USD) | 2024 (USD) | | :--- | :--- | :--- | | **Total Revenue** | $7,145 | $11,532 | | **Gain on sale of business** | $87,443 | $0 | | **Net (Loss) Income** | $20,401 | $(32,872) | | **Net (Loss) Income Per Share (Basic)** | $0.37 | $(1.22) | [Company Overview](index=1&type=section&id=Company%20Overview) Whitehawk Therapeutics is an oncology company advancing cancer treatments via modern technologies, with three ADC assets in-licensed from WuXi Biologics - The company's strategy involves applying advanced technologies to established tumor biology for improved cancer treatments[2](index=2&type=chunk)[4](index=4&type=chunk) - Its portfolio comprises three ADC assets in-licensed from WuXi Biologics for exclusive global development and commercialization[4](index=4&type=chunk) [Forward-Looking Statements](index=1&type=section&id=Forward-Looking%20Statements) Forward-looking statements regarding development timelines, ADC potential, and financial runway are subject to significant risks detailed in SEC filings - Statements regarding development timing, ADC portfolio efficacy, and cash runway are forward-looking and not guarantees of future performance[6](index=6&type=chunk) - Key risks encompass uncertainties in preclinical and clinical development, potential trial delays, failure to demonstrate efficacy, and unforeseen adverse reactions[6](index=6&type=chunk) - For a comprehensive understanding of risks, the company refers to its Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q filed with the SEC[7](index=7&type=chunk)

[Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Highlights) This section provides a high-level overview of the company's performance and strategic direction from the CEO, alongside key financial and operational achievements for the quarter [CEO Statement](index=1&type=section&id=CEO%20Statement) CEO Gil West stated that Hertz's transformation is taking hold, with the strategy proving effective through smarter fleet management, improved utilization, enhanced customer experience, and disciplined cost control, leading to a stronger, more resilient company - CEO Gil West highlights that the company's transformation strategy, focusing on smarter fleet management, improved utilization, enhanced customer experience, and disciplined cost control, is successfully building a stronger, more resilient Hertz[2](index=2&type=chunk) [Q2 2025 Key Highlights](index=1&type=section&id=Q2%202025%20Key%20Highlights) Hertz achieved its best quarterly results in nearly two years, driven by a ~$0.5 billion year-over-year improvement in Net Income and Adjusted Corporate EBITDA - Net income and Adjusted Corporate EBITDA both improved by approximately **$0.5 billion year-over-year**, marking the first quarter of positive Adjusted Corporate EBITDA in nearly two years, attributed to disciplined fleet management, operational efficiency, and rigorous cost management[6](index=6&type=chunk) - The "Buy Right, Hold Right, Sell Right" strategy delivered results, with Depreciation Per Unit Per Month (DPU) at **$251**, exceeding the sub-$300 target by 16%[6](index=6&type=chunk) - Vehicle Utilization reached **83%**, a 300 basis point year-over-year increase, reflecting precise fleet optimization[6](index=6&type=chunk) - Direct operating expenses (DOE) **declined 3% year-over-year**, with DOE per transaction day improving both sequentially and year-over-year due to disciplined cost control[6](index=6&type=chunk) - Global Net Promoter Score improved by **11 points year-over-year**, and the company ended the quarter with over **$1.45 billion in liquidity**[6](index=6&type=chunk) [Company Overview](index=1&type=section&id=ABOUT%20HERTZ) This section details the company's global operations, brand portfolio, and business segments [Company Description](index=1&type=section&id=Company%20Description) Hertz Global Holdings, Inc is a leading global car rental and mobility solutions provider, operating brands like Hertz, Dollar, Thrifty, and Firefly across over 11,000 locations in 160 countries - Hertz Global Holdings, Inc operates as a leading global car rental and mobility solutions provider, with brands including Hertz, Dollar, Thrifty, and Firefly across more than **11,000 locations in 160 countries**[5](index=5&type=chunk) - The company also operates Hertz Car Sales for used vehicle sales in the U.S and Hertz 24/7 car-sharing in Europe[5](index=5&type=chunk) [Summary Financial Results](index=2&type=section&id=SUMMARY%20RESULTS) This section presents the key consolidated and segmented financial results for the second quarter [Consolidated Summary](index=2&type=section&id=Consolidated%20Summary) Hertz Global reported a 7% decrease in total revenues to $2,185 million for Q2 2025, but significantly reduced its net loss by 66% to $(294) million and adjusted net loss by 76% to $(104) million Consolidated Financial Highlights | Metric | Q2 2025 ($M) | Q2 2024 ($M) | % Change | | :-------------------------------- | :----------- | :----------- | :------- | | Total revenues | 2,185 | 2,353 | (7)% | | Net income (loss) | (294) | (865) | (66)% | | Diluted earnings (loss) per share | (0.95) | (2.82) | (66)% | | Adjusted net income (loss) | (104) | (440) | (76)% | | Adjusted diluted earnings (loss) per share | (0.34) | (1.44) | (76)% | | Adjusted Corporate EBITDA | 1 | (460) | NM | | Depreciation Per Unit Per Month | 251 | 595 | (58)% | | Vehicle Utilization | 83% | 80% | 3% pts | [Americas RAC Segment Summary](index=2&type=section&id=Americas%20RAC%20Segment%20Summary) The Americas RAC segment saw a 10% decline in total revenues to $1,738 million but achieved a significant turnaround in Adjusted EBITDA, reaching $42 million from a loss of $(403) million in Q2 2024 Americas RAC Segment Highlights | Metric | Q2 2025 ($M) | Q2 2024 ($M) | % Change | | :-------------------------------- | :----------- | :----------- | :------- | | Total revenues | 1,738 | 1,928 | (10)% | | Adjusted EBITDA | 42 | (403) | NM | | Adjusted EBITDA Margin | 2% | (21)% | | | Depreciation Per Unit Per Month | 248 | 644 | (61)% | | Vehicle Utilization | 83% | 81% | 2% pts | [International RAC Segment Summary](index=2&type=section&id=International%20RAC%20Segment%20Summary) The International RAC segment reported a 5% increase in total revenues to $447 million and a positive Adjusted EBITDA of $42 million, a significant improvement from a $(6) million loss in Q2 2024 International RAC Segment Highlights | Metric | Q2 2025 ($M) | Q2 2024 ($M) | % Change | | :-------------------------------- | :----------- | :----------- | :------- | | Total revenues | 447 | 425 | 5% | | Adjusted EBITDA | 42 | (6) | NM | | Adjusted EBITDA Margin | 9% | (1)% | | | Depreciation Per Unit Per Month | 261 | 384 | (32)% | | Vehicle Utilization | 81% | 77% | 4% pts | [Forward-Looking Statements & Risk Factors](index=3&type=section&id=CAUTIONARY%20NOTE%20REGARDING%20FORWARD-LOOKING%20STATEMENTS) This section outlines the inherent uncertainties in forward-looking statements and details the various factors that could materially affect the company's performance [Cautionary Note](index=3&type=section&id=Cautionary%20Note) The report contains forward-looking statements based on management's assumptions, which are not guarantees of future performance, and the company undertakes no obligation to update these statements - Forward-looking statements are based on management's assumptions and are not guarantees of future performance, with actual results potentially differing materially due to various factors[10](index=10&type=chunk) - The company explicitly states it undertakes no obligation to publicly update or revise any forward-looking statements, except as required by law[15](index=15&type=chunk) [Important Factors Affecting Results](index=3&type=section&id=Important%20Factors%20Affecting%20Results) Key factors that could impact Hertz's actual results include fleet management, supply chain disruptions, travel demand, operational efficiency, competition, cybersecurity, and financial stability - Factors affecting results include fleet management (mix of program/non-program vehicles, residual value risk, ability to purchase/dispose of vehicles, fleet age)[12](index=12&type=chunk) - Supply chain disruptions, manufacturer recalls, and levels of travel demand (business/leisure) are significant external factors[12](index=12&type=chunk) - Operational challenges include the ability to implement business strategy, achieve cost savings, respond to technology changes, manage competition, maintain customer loyalty, and manage labor relations[12](index=12&type=chunk)[13](index=13&type=chunk) - Cybersecurity threats, data protection compliance, risks of operating internationally, tax law changes, and the availability of financing at acceptable rates are also critical[13](index=13&type=chunk)[16](index=16&type=chunk) [Unaudited GAAP Financial Statements](index=6&type=section&id=UNAUDITED%20FINANCIAL%20INFORMATION) This section provides the detailed unaudited consolidated statements of operations, balance sheets, and cash flows for the reporting period [Consolidated Statements of Operations](index=6&type=section&id=UNAUDITED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) For Q2 2025, Hertz reported total revenues of $2,185 million, a net loss of $(294) million, and diluted EPS of $(0.95), with the net loss significantly narrowing from the prior year Unaudited Consolidated Statements of Operations | Metric | Three Months Ended June 30, 2025 ($M) | Three Months Ended June 30, 2024 ($M) | | :------------------------------------------ | :------------------------------------ | :------------------------------------ | | Revenues | 2,185 | 2,353 | | Direct vehicle and operating expenses | 1,394 | 1,440 | | Depreciation of revenue earning vehicles and lease charges, net | 415 | 1,035 | | Total expenses | 2,501 | 2,826 | | Net income (loss) | (294) | (865) | | Diluted earnings (loss) per share | (0.95) | (2.82) | [Consolidated Balance Sheets](index=7&type=section&id=UNAUDITED%20CONSOLIDATED%20BALANCE%20SHEETS) As of June 30, 2025, total assets increased to $23,083 million, while total liabilities also increased, resulting in a total stockholders' deficit of $(504) million Unaudited Consolidated Balance Sheets | Metric | June 30, 2025 ($M) | December 31, 2024 ($M) | | :------------------------------------------ | :----------------- | :--------------------- | | Total assets | 23,083 | 21,802 | | Total liabilities | 23,587 | 21,649 | | Total stockholders' equity (deficit) | (504) | 153 | | Revenue earning vehicles, net | 13,295 | 11,963 | | Total debt | 17,636 | 16,335 | [Consolidated Statements of Cash Flows](index=8&type=section&id=UNAUDITED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) For Q2 2025, net cash provided by operating activities was $346 million, while net cash used in investing activities significantly decreased to $(846) million Unaudited Consolidated Statements of Cash Flows | Metric | Three Months Ended June 30, 2025 ($M) | Three Months Ended June 30, 2024 ($M) | | :------------------------------------------ | :------------------------------------ | :------------------------------------ | | Net cash provided by (used in) operating activities | 346 | 546 | | Net cash provided by (used in) investing activities | (846) | (2,077) | | Net cash provided by (used in) financing activities | 587 | 1,582 | | Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents during the period | 108 | 49 | [Segment Financial Performance](index=9&type=section&id=CONDENSED%20STATEMENT%20OF%20OPERATIONS%20BY%20SEGMENT) This section breaks down the company's financial performance by its primary operating segments, Americas RAC and International RAC, for quarterly and semi-annual periods [Three Months Ended June 30, 2025 & 2024](index=9&type=section&id=Three%20Months%20Ended%20June%2030%2C%202025%20%26%202024) For Q2 2025, the Americas RAC segment's income before taxes improved to $84 million from a $(465) million loss, while the International RAC segment's income improved to $13 million from a $(18) million loss Q2 Segment Performance | Segment | Q2 2025 Revenues ($M) | Q2 2024 Revenues ($M) | Q2 2025 Income (Loss) Before Taxes ($M) | Q2 2024 Income (Loss) Before Taxes ($M) | | :---------------- | :-------------------- | :-------------------- | :-------------------------------------- | :-------------------------------------- | | Americas RAC | 1,738 | 1,928 | 84 | (465) | | International RAC | 447 | 425 | 13 | (18) | | Corporate | — | — | (413) | 10 | | Hertz Global | 2,185 | 2,353 | (316) | (473) | [Six Months Ended June 30, 2025 & 2024](index=10&type=section&id=Six%20Months%20Ended%20June%2030%2C%202025%20%26%202024) For the first six months of 2025, the Americas RAC segment's loss before taxes narrowed to $(210) million, and the International RAC segment's loss narrowed to $(10) million H1 Segment Performance | Segment | H1 2025 Revenues ($M) | H1 2024 Revenues ($M) | H1 2025 Income (Loss) Before Taxes ($M) | H1 2024 Income (Loss) Before Taxes ($M) | | :---------------- | :-------------------- | :-------------------- | :-------------------------------------- | :-------------------------------------- | | Americas RAC | 3,228 | 3,667 | (210) | (1,016) | | International RAC | 770 | 766 | (10) | (69) | | Corporate | — | — | (621) | 31 | | Hertz Global | 3,998 | 4,433 | (841) | (1,054) | [Non-GAAP Financial Measures & Reconciliations](index=11&type=section&id=RECONCILIATION%20OF%20GAAP%20TO%20NON-GAAP%20MEASURE) This section provides reconciliations of GAAP financial measures to their non-GAAP counterparts to offer a clearer view of the company's operational performance [Adjusted Net Income (Loss) and Adjusted Diluted EPS](index=11&type=section&id=Adjusted%20Net%20Income%20(Loss)%20and%20Adjusted%20Diluted%20EPS) For Q2 2025, Adjusted Net Loss improved significantly to $(104) million from $(440) million, and Adjusted Diluted EPS improved to $(0.34) from $(1.44) Reconciliation of Adjusted Net Income (Loss) | Metric | Three Months Ended June 30, 2025 ($M) | Three Months Ended June 30, 2024 ($M) | | :------------------------------------------ | :------------------------------------ | :------------------------------------ | | Net income (loss) (GAAP) | (294) | (865) | | Adjusted Net Income (Loss) | (104) | (440) | | Adjusted Diluted Earnings (Loss) Per Share | (0.34) | (1.44) | [Adjusted Corporate EBITDA](index=12&type=section&id=Adjusted%20Corporate%20EBITDA) Adjusted Corporate EBITDA for Q2 2025 turned positive at $1 million, a substantial improvement from $(460) million in Q2 2024, with the margin improving from (20)% to 0% Reconciliation of Adjusted Corporate EBITDA | Metric | Three Months Ended June 30, 2025 ($M) | Three Months Ended June 30, 2024 ($M) | | :------------------------------------------ | :------------------------------------ | :------------------------------------ | | Net income (loss) (GAAP) | (294) | (865) | | Adjusted Corporate EBITDA | 1 | (460) | | Adjusted Corporate EBITDA margin | 0% | (20)% | [Adjusted Operating Cash Flow and Adjusted Free Cash Flow](index=15&type=section&id=Adjusted%20Operating%20Cash%20Flow%20and%20Adjusted%20Free%20Cash%20Flow) For Q2 2025, Adjusted Operating Cash Flow was $(100) million, and Adjusted Free Cash Flow significantly improved to $327 million from $(553) million in the prior year Reconciliation of Adjusted Free Cash Flow | Metric | Three Months Ended June 30, 2025 ($M) | Three Months Ended June 30, 2024 ($M) | | :------------------------------------------ | :------------------------------------ | :------------------------------------ | | Net cash provided by (used in) operating activities (GAAP) | 346 | 546 | | Adjusted operating cash flow | (100) | (576) | | Adjusted free cash flow | 327 | (553) | | Net fleet growth after financing | 350 | 45 | [Net Debt Calculation](index=16&type=section&id=Net%20Debt%20Calculation) As of June 30, 2025, Total Net Debt increased to $16,720 million, and Net Corporate Leverage improved to (5.7)x from (2.9)x at year-end 2024 Net Debt and Leverage | Metric | As of June 30, 2025 ($M) | As of December 31, 2024 ($M) | | :------------------------------------------ | :------------------------ | :-------------------------- | | Vehicle Debt | 12,202 | 11,231 | | Non-Vehicle Debt | 5,434 | 5,104 | | Total Debt (as reported) | 17,636 | 16,335 | | Net Debt | 16,720 | 15,416 | | LTM Adjusted Corporate EBITDA | (838) | (1,541) | | Net Corporate Leverage | (5.7)x | (2.9)x | [Key Metrics Calculations](index=17&type=section&id=KEY%20METRICS%20CALCULATIONS) This section details the calculation of key operational metrics for the global, Americas, and International RAC segments [Global RAC Key Metrics](index=17&type=section&id=Global%20RAC%20Key%20Metrics) For Q2 2025, Global RAC Total RPD decreased by 5%, while Vehicle Utilization improved by 3 percentage points and Depreciation Per Unit Per Month decreased by 58% Global RAC Key Metrics | Metric | Q2 2025 | Q2 2024 | % Change | | :-------------------------------- | :------ | :------ | :------- | | Total RPD (in dollars) | 55.65 | 58.80 | (5)% | | Total RPU Per Month (in whole dollars) | 1,400 | 1,425 | (2)% | | Vehicle Utilization | 83% | 80% | 3% pts | | Depreciation Per Unit Per Month (in whole dollars) | 251 | 595 | (58)% | [Americas RAC Key Metrics](index=18&type=section&id=Americas%20RAC%20Key%20Metrics) In Q2 2025, Americas RAC Total RPD decreased by 6%, while Vehicle Utilization improved by 2 percentage points and Depreciation Per Unit Per Month decreased by 61% Americas RAC Key Metrics | Metric | Q2 2025 | Q2 2024 | % Change | | :-------------------------------- | :------ | :------ | :------- | | Total RPD (in dollars) | 56.08 | 59.73 | (6)% | | Total RPU Per Month (in whole dollars) | 1,420 | 1,460 | (3)% | | Vehicle Utilization | 83% | 81% | 2% pts | | Depreciation Per Unit Per Month (in whole dollars) | 248 | 644 | (61)% | [International RAC Key Metrics](index=19&type=section&id=International%20RAC%20Key%20Metrics) For Q2 2025, International RAC Total RPD decreased by 2%, while Vehicle Utilization improved by 4 percentage points and Depreciation Per Unit Per Month decreased by 32% International RAC Key Metrics | Metric | Q2 2025 | Q2 2024 | % Change | | :-------------------------------- | :------ | :------ | :------- | | Total RPD (in dollars) | 53.93 | 54.78 | (2)% | | Total RPU Per Month (in whole dollars) | 1,322 | 1,282 | 3% | | Vehicle Utilization | 81% | 77% | 4% pts | | Depreciation Per Unit Per Month (in whole dollars) | 261 | 384 | (32)% | [Non-GAAP Measures and Key Metrics Definitions](index=20&type=section&id=NON-GAAP%20MEASURES%20AND%20KEY%20METRICS) This section provides detailed definitions for the non-GAAP financial measures and key operational metrics used throughout the report [Non-GAAP Measures Definitions](index=20&type=section&id=Non-GAAP%20Measures%20Definitions) This section defines key non-GAAP financial measures used by Hertz, explaining their calculation and importance for assessing operational performance and liquidity - Adjusted Net Income (Loss) and Adjusted Diluted EPS are used to assess operational performance by excluding non-operational items like debt-related charges and restructuring costs[60](index=60&type=chunk)[62](index=62&type=chunk) - Adjusted Corporate EBITDA is a key operating performance metric for internal monitoring, planning, and investment analysis, isolating profitability effects of core rental business[63](index=63&type=chunk)[65](index=65&type=chunk) - Adjusted Operating Cash Flow and Adjusted Free Cash Flow provide insights into cash generated from operations and cash available for debt reduction, share repurchase, and acquisitions[66](index=66&type=chunk)[67](index=67&type=chunk)[68](index=68&type=chunk) - Net Debt measures (Net Non-vehicle Debt, Net Vehicle Debt, Total Net Debt) and Net Corporate Leverage are crucial for assessing the company's corporate and vehicle-related leverage and ability to service debt[71](index=71&type=chunk)[72](index=72&type=chunk)[73](index=73&type=chunk)[74](index=74&type=chunk) [Key Metrics Definitions](index=21&type=section&id=Key%20Metrics%20Definitions) This section defines operational key metrics, explaining their relevance for management and investors in evaluating fleet efficiency, pricing, and revenue generation - Depreciation Per Unit Per Month (DPU) reflects the effectiveness of managing vehicle costs and facilitates industry comparisons[78](index=78&type=chunk) - Total Revenue Per Transaction Day (RPD) measures changes in underlying pricing in the vehicle rental business[79](index=79&type=chunk) - Total Revenue Per Unit Per Month (RPU) provides a measure of revenue productivity relative to the rental fleet, indicating asset efficiency[80](index=80&type=chunk) - Vehicle Utilization measures the proportion of vehicles used to generate revenues relative to rentable fleet capacity[82](index=82&type=chunk) - Transaction Days represent the total number of revenue-generating days for vehicles on rent[81](index=81&type=chunk)

Exhibit 99.1 CONTACT: Rob Seelig (603) 640-2212 WHITE MOUNTAINS REPORTS SECOND QUARTER RESULTS HAMILTON, Bermuda (August 7, 2025) - White Mountains Insurance Group, Ltd. (NYSE: WTM) reported book value per share of $1,804 as of June 30, 2025, an increase of 3% for both the second quarter of 2025 and the first six months of 2025, including dividends. Manning Rountree, CEO, commented, "BVPS was up 3% in the quarter. We had sound results at our operating companies and good investment returns. Ark produced an 8 ...

[Second Quarter 2025 Results](index=1&type=section&id=Second%20Quarter%202025%20Results) [1.1 Key Financial Highlights](index=1&type=section&id=1.1%20Key%20Financial%20Highlights) Perimeter Solutions experienced a **net loss** in Q2 2025, yet achieved **significant growth in net sales and adjusted EBITDA** | Metric | Q2 2025 | Q2 2024 | Change (YoY) | | :-------------------------------- | :------ | :------ | :----------- | | Net Loss / Income (Millions USD) | $(32.2) | $21.7 | $(53.9)M | | Loss / Earnings Per Diluted Share | $(0.22) | $0.14 | $(0.36) | | Adjusted Net Income (Millions USD) | $57.1 | N/A | N/A | | Adjusted Earnings Per Diluted Share | $0.39 | $0.25 | $0.14 | | Net Sales (Millions USD) | $162.6 | $127.3 | +28% | | Adjusted EBITDA (Millions USD) | $91.3 | $64.9 | +41% | [2](index=2&type=chunk)[5](index=5&type=chunk) [1.2 Segment Performance](index=1&type=section&id=1.2%20Segment%20Performance) Both Fire Safety and Specialty Products segments achieved **strong growth in net sales and adjusted EBITDA** in Q2 2025 Q2 2025 Segment Performance | Segment Metric | Q2 2025 | Q2 2024 | Change (YoY) | | :-------------------------------- | :------ | :------ | :----------- | | Fire Safety Net Sales (Millions USD) | $120.3 | $98.5 | +22% | | Specialty Products Net Sales (Millions USD) | $42.4 | $28.7 | +47% | | Fire Safety Segment Adjusted EBITDA (Millions USD) | $77.7 | $55.6 | +40% | | Specialty Products Segment Adjusted EBITDA (Millions USD) | $13.7 | $9.3 | +48% | [5](index=5&type=chunk) [2.0 Year-to-Date 2025 Results](index=1&type=section&id=Year-to%20Date%202025%20Results) [2.1 Key Financial Highlights](index=1&type=section&id=2.1%20Key%20Financial%20Highlights) Year-to-date 2025, Perimeter Solutions achieved **net income**, reversing a prior year loss, driven by **strong growth in net sales and adjusted EBITDA** Year-to-Date 2025 Key Financial Highlights | Metric | YTD 2025 | YTD 2024 | Change (YoY) | | :-------------------------------- | :------- | :------- | :----------- | | Net Income / Loss (Millions USD) | $24.5 | $(60.9) | +$85.4M | | Earnings / Loss Per Diluted Share | $0.16 | $(0.42) | +$0.58 | | Non-GAAP Adjusted Earnings Per Share | $0.41 | $0.23 | +$0.18 | | Net Sales (Millions USD) | $234.7 | $186.3 | +26% | | Adjusted EBITDA (Millions USD) | $109.4 | $77.0 | +42% | [5](index=5&type=chunk) [2.2 Segment Performance](index=1&type=section&id=2.2%20Segment%20Performance) Year-to-date, Fire Safety sales and adjusted EBITDA surged, while Specialty Products sales grew with stable adjusted EBITDA Year-to-Date 2025 Segment Performance | Segment Metric | YTD 2025 | YTD 2024 | Change (YoY) | | :-------------------------------- | :------- | :------- | :----------- | | Fire Safety Sales (Millions USD) | $157.4 | $123.7 | +27% | | Specialty Products Sales (Millions USD) | $77.2 | $62.6 | +23% | | Fire Safety Segment Adjusted EBITDA (Millions USD) | $87.7 | $55.4 | +58% | | Specialty Products Segment Adjusted EBITDA (Millions USD) | $21.7 | $21.6 | Relatively flat | [5](index=5&type=chunk)[6](index=6&type=chunk) [3.0 Capital Allocation](index=2&type=section&id=Capital%20Allocation) Perimeter Solutions actively managed capital in Q2 2025, repurchasing shares and resolving a lawsuit by acquiring assets for cash - The company repurchased **2.9 million shares** of common stock at an average price of **$11.13 per share** during the quarter ended June 30, 2025[7](index=7&type=chunk) - In May 2025, Perimeter Solutions settled a trade secret lawsuit with a subsidiary of Compass Minerals International, Inc., concurrently acquiring related assets for **$20 million in cash**[7](index=7&type=chunk) [4.0 Conference Call and Webcast](index=3&type=section&id=Conference%20Call%20and%20Webcast) Perimeter Solutions announced a conference call and webcast for Q2 2025 results, providing access details for live participation and replay - A conference call to discuss Q2 2025 financial results was scheduled for Thursday, August 7, 2025, at 8:30 AM ET, accessible via specific dial-in numbers[8](index=8&type=chunk) - The conference call was simultaneously webcast on Perimeter's investor relations website, with a slide presentation available for reference[9](index=9&type=chunk) - A replay of the webcast and conference call was available after the live event, with specific access details valid until September 6, 2025[9](index=9&type=chunk) [5.0 About Perimeter Solutions](index=3&type=section&id=About%20Perimeter%20Solutions) Perimeter Solutions is a global leader in fire safety and specialty products, structured into two reporting segments [5.1 Fire Safety Segment](index=3&type=section&id=5.1%20Fire%20Safety%20Segment) The Fire Safety segment focuses on fire management products, supported by specialized equipment and a global emergency resupply network - The Fire Safety segment formulates and manufactures fire management products for wildfires, structural fires, flammable liquid fires, and other fire types[11](index=11&type=chunk) - This segment also provides specialized equipment (e.g., airbase retardant storage, mobile bases) and services, including an emergency resupply network for approximately **150 airtanker bases** in North America and other global customer locations[11](index=11&type=chunk) [5.2 Specialty Products Segment](index=3&type=section&id=5.2%20Specialty%20Products%20Segment) The Specialty Products segment develops products for non-fire safety markets, including P2S5-based additives and Smart Manufacturing Solutions - The Specialty Products segment focuses on non-fire safety markets, with its largest application being phosphorus pentasulfide (P2S5)-based lubricant additives, also used in pesticides, mining chemicals, and emerging electric battery technologies[12](index=12&type=chunk) - This segment includes Smart Manufacturing Solutions (IMS), a manufacturer of electronic/electromechanical components for large medical systems, communications infrastructure, energy infrastructure, defense systems, and industrial systems, with a focus on aftermarket repair and replacement[12](index=12&type=chunk) [6.0 Forward-looking Information](index=3&type=section&id=Forward-looking%20Information) This section contains forward-looking statements subject to risks and uncertainties, with no obligation to update unless legally required - This press release contains "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995, identifiable by words such as "anticipate," "intend," "plan," and similar future-period expressions[13](index=13&type=chunk) - These statements are not guarantees of performance and involve risks, uncertainties (some beyond the company's control), and assumptions that could cause actual financial results to differ materially from those anticipated in the forward-looking statements, including risk factors described in the company's filings with the U.S. Securities and Exchange Commission (SEC), such as its Annual Report on Form 10-K for the year ended December 31, 2024[14](index=14&type=chunk) - Perimeter undertakes no obligation to update any forward-looking statements, whether as a result of new information, future developments, or otherwise, except as may be required by law[15](index=15&type=chunk) [7.0 Condensed Consolidated Financial Statements](index=5&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents Perimeter Solutions, Inc. and its subsidiaries' unaudited condensed consolidated financial statements, including operations, balance sheets, and cash flows [7.1 Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20(Loss)%20Income) Q2 2025 saw a **net loss** despite sales growth, while year-to-date achieved **net income**, reversing a prior year loss Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income (Unaudited) | Metric (Thousands USD) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net sales | $162,639 | $127,276 | $234,669 | $186,320 | | Gross profit | $101,496 | $73,267 | $129,649 | $93,969 | | Total operating expenses | $127,722 | $28,249 | $78,068 | $123,815 | | Operating (loss) income | $(26,226) | $45,018 | $51,581 | $(29,846) | | Net (loss) income | $(32,161) | $21,650 | $24,525 | $(60,908) | | Total comprehensive (loss) income | $(8,041) | $20,661 | $56,530 | $(67,440) | | Diluted (Loss) earnings per share | $(0.22) | $0.14 | $0.16 | $(0.42) | [17](index=17&type=chunk) [7.2 Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets, liabilities, and stockholders' equity all increased as of June 30, 2025, compared to December 31, 2024 Condensed Consolidated Balance Sheets (Unaudited) | Metric (Thousands USD) | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :------------ | :---------------- | | Total current assets | $420,079 | $394,024 | | Total assets | $2,486,262 | $2,416,394 | | Total current liabilities | $103,964 | $62,488 | | Total liabilities | $1,307,631 | $1,259,124 | | Total stockholders' equity | $1,178,631 | $1,157,270 | [19](index=19&type=chunk) [7.3 Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations increased year-to-date, but significant cash use in investing and financing led to a net decrease in cash Condensed Consolidated Statements of Cash Flows (Unaudited) | Metric (Thousands USD) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :----------------------------- | :----------------------------- | | Net cash provided by operating activities | $20,894 | $11,418 | | Net cash (used in) provided by investing activities | $(42,803) | $187 | | Net cash used in financing activities | $(40,560) | $(14,784) | | Net change in cash and cash equivalents | $(57,798) | $(4,114) | | Cash and cash equivalents, end of period | $140,658 | $43,162 | [21](index=21&type=chunk) [8.0 Non-GAAP Financial Metrics](index=9&type=section&id=Non-GAAP%20Financial%20Metrics) Perimeter Solutions uses non-GAAP metrics like Adjusted EBITDA and Adjusted EPS to provide a clearer understanding of business performance [8.1 Adjusted EBITDA](index=9&type=section&id=Adjusted%20EBITDA) Adjusted EBITDA grew significantly in Q2 2025 and year-to-date, reflecting strong operational performance after specific adjustments - Adjusted EBITDA is defined as (loss) income before income taxes, plus net interest and other financing expenses, depreciation, and amortization, consistently adjusted for certain non-recurring, unusual, or non-operating items such as restructuring costs, founders advisory fees, stock-based compensation expense, and foreign currency (gain) loss[23](index=23&type=chunk) Adjusted EBITDA Reconciliation (Three Months Ended June 30) | Metric (Thousands USD) | Q2 2025 Total | Q2 2024 Total | | :-------------------------------- | :------------ | :------------ | | (Loss) income before income taxes | $(33,848) | $34,130 | | Depreciation and amortization | $17,924 | $16,359 | | Interest and financing expense | $9,930 | $10,590 | | Founders advisory fees - related party | $96,883 | $588 | | Non-recurring expenses | $307 | $23 | | Stock-based compensation expense | $2,238 | $2,994 | | Foreign currency (gain) loss | $(2,096) | $224 | | **Segment Adjusted EBITDA** | **$91,338** | **$64,908** | Adjusted EBITDA Reconciliation (Six Months Ended June 30) | Metric (Thousands USD) | YTD 2025 Total | YTD 2024 Total | | :-------------------------------- | :------------- | :------------- | | Income (loss) before income taxes | $35,331 | $(52,702) | | Depreciation and amortization | $34,817 | $32,771 | | Interest and financing expense | $19,574 | $21,238 | | Founders advisory fees - related party | $16,270 | $68,921 | | Non-recurring expenses | $1,775 | $563 | | Stock-based compensation expense | $4,909 | $4,736 | | Foreign currency (gain) loss | $(3,255) | $1,517 | | **Segment Adjusted EBITDA** | **$109,421** | **$77,044** | [8.2 Adjusted Net Income and Adjusted Earnings Per Share](index=10&type=section&id=Adjusted%20Net%20Income%20and%20Adjusted%20Earnings%20Per%20Share) Adjusted net income and EPS were significantly higher than GAAP net loss, indicating improved profitability after non-GAAP adjustments - Adjusted net income is defined as net (loss) income plus amortization, certain non-recurring items, founders advisory fees, stock-based compensation expense, foreign currency (gain) loss, and the tax impact of these non-GAAP adjustments; adjusted EPS is adjusted net income divided by adjusted diluted shares[26](index=26&type=chunk) Adjusted Net Income and Adjusted Earnings Per Share Reconciliation (Three Months Ended June 30) | Metric (Thousands USD, except per share) | Q2 2025 | Q2 2024 | | :-------------------------------------- | :------ | :------ | | GAAP net (loss) income | $(32,161) | $21,650 | | Amortization | $14,604 | $13,755 | | Founders advisory fees - related party | $96,883 | $588 | | Non-recurring expenses | $307 | $23 | | Stock-based compensation expense | $2,238 | $2,994 | | Foreign currency (gain) loss | $(2,096) | $224 | | Tax impact of non-GAAP adjustments | $(22,631) | $(3,441) | | **Adjusted Net Income** | **$57,144** | **$35,793** | | GAAP (Loss) Earnings Per Share (diluted) | $(0.22) | $0.14 | | **Adjusted Earnings Per Share (diluted)** | **$0.39** | **$0.25** | Adjusted Net Income and Adjusted Earnings Per Share Reconciliation (Six Months Ended June 30) | Metric (Thousands USD, except per share) | YTD 2025 | YTD 2024 | | :-------------------------------------- | :------- | :------- | | GAAP net income (loss) | $24,525 | $(60,908) | | Amortization | $28,703 | $27,526 | | Founders advisory fees - related party | $16,270 | $68,921 | | Non-recurring expenses | $1,775 | $563 | | Stock-based compensation expense | $4,909 | $4,736 | | Foreign currency (gain) loss | $(3,255) | $1,517 | | Tax impact of non-GAAP adjustments | $(11,694) | $(8,632) | | **Adjusted net income** | **$61,233** | **$33,723** | | GAAP Earnings (Loss) Per Share (diluted) | $0.16 | $(0.42) | | **Adjusted Earnings Per Share (diluted)** | **$0.41** | **$0.23** |