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 September 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Delaware 2950 S Delaware Street, Suite 201 33-1218825 (I.R.S. Employer Identification No.) (State or other jurisdiction of incorporation or organization) San Mateo, CA ...

Financial Performance - Total revenues for Q3 2025 reached $4.33 billion, a slight increase from $4.28 billion in Q3 2024[3] - The company reported net earnings of $693 million for Q3 2025, compared to $975 million in Q3 2024, representing a decrease of 29%[3] - Basic net earnings per share were $1.09 in Q3 2025, down from $1.42 in Q3 2024[3] - Total GAAP earnings for Q3 2025 were $693 million, down from $917 million in Q2 2025, reflecting a decrease of approximately 24.5%[23] - Core earnings (Non-GAAP) for Q3 2025 were $662 million, compared to $554 million in Q2 2025, representing an increase of about 19.5%[23] Revenue Sources - Oil, gas, and NGL sales amounted to $2.80 billion in Q3 2025, compared to $2.71 billion in Q3 2024, reflecting a year-over-year growth of 3.3%[3] Expenses and Costs - Production expenses totaled $895 million in Q3 2025, down from $912 million in Q2 2025, indicating a reduction of 1.4%[5] - Lease operating expenses were $481 million in Q3 2025, slightly lower than $483 million in Q2 2025[5] - Production taxes were reported at $184 million in Q3 2025, slightly up from $180 million in Q2 2025[5] - Net financing costs decreased to $109 million in Q3 2025 from $116 million in Q2 2025, reflecting a reduction in interest income[6] - Income tax expense for Q3 2025 was $219 million, a decrease from $244 million in Q2 2025, primarily due to a current tax benefit of $44 million[7] Cash Flow and Capital Management - Free cash flow for Q3 2025 was not explicitly stated but is a key metric for assessing financial health and reinvestment potential[3] - Net cash from operating activities was $1,690 million in Q3 2025, up from $1,545 million in Q2 2025, indicating strong operational performance[9] - Capital expenditures for Q3 2025 were $870 million, a decrease from $956 million in Q2 2025, reflecting a more disciplined investment approach[9] - The company repurchased $250 million of common stock in Q3 2025, consistent with its strategy to return capital to shareholders[9] - Free cash flow for Q3 2025 was $820 million, up from $589 million in Q2 2025, marking a significant increase of about 39.2%[33] Assets and Liabilities - Total current assets decreased to $3,867 million in Q3 2025 from $4,323 million in Q2 2025, driven by a decline in cash and cash equivalents[8] - Total liabilities increased to $15,871 million in Q3 2025 from $15,537 million in Q2 2025, with long-term debt decreasing to $7,393 million[8] - Net debt as of Q3 2025 was $7,113 million, slightly down from $7,119 million in Q2 2025, indicating a stable debt position[30] Production and Capital Expenditures - Total upstream capital expenditures for Q3 2025 were $810 million, a decrease from $860 million in Q2 2025[11] - The Delaware Basin accounted for $457 million in capital expenditures in Q3 2025, down from $472 million in Q2 2025[11] - Total capital expenditures, including acquisitions, reached $1,056 million in Q3 2025, compared to $948 million in Q2 2025[11] Pricing and Margins - Realized oil pricing for Q3 2025 was $64.92 per barrel, slightly up from $63.95 in Q2 2025[16] - Natural gas pricing averaged $3.07 per Mcf in Q3 2025, down from $3.44 in Q2 2025[16] - The realized price for oil in the Delaware Basin was $63.89 per barrel in Q3 2025, a decrease from $74.24 in Q3 2024, reflecting a year-over-year decline of approximately 14.0%[17] - The average realized price for natural gas liquids in the Delaware Basin was $18.25 per barrel in Q3 2025, down from $19.21 in Q3 2024, indicating a decrease of about 5.0%[17] - The total oil equivalent realized price in the Delaware Basin was $36.18 per Boe in Q3 2025, compared to $39.85 in Q3 2024, representing a decline of approximately 9.0%[19] - The field-level cash margin for the Delaware Basin was $25.34 per Boe in Q3 2025, an increase from $24.58 in Q2 2025, showing a quarter-over-quarter growth of about 3.1%[19] - The realized price for Eagle Ford oil was $48.85 per barrel in Q3 2025, a slight decrease from $50.89 in Q3 2024, reflecting a decline of about 4.1%[19] - The field-level cash margin for the Eagle Ford was $35.86 per Boe in Q3 2025, consistent with $35.84 in Q2 2025, indicating stability in margins[19] Guidance and Future Outlook - Production guidance for Q4 2025 estimates oil output between 383 MBbls/d and 388 MBbls/d[37] - Total capital expenditures guidance for Q4 2025 is projected to be between $890 million and $950 million[38] - Current income tax rate guidance for Q4 2025 is expected to be between 7% and 9%[41]

Financial Performance - Reported revenue for Q3 2025 increased by 2.2% to $540.2 million, while comparable adjusted revenue rose by 2.5%[4] - Net income for Q3 2025 was $33.7 million, significantly up from $8.9 million in Q3 2024[4] - Comparable adjusted EBITDA increased by 13.8% to $118.9 million, with a margin of 22.0%, up 220 basis points year-over-year[4][9] - Adjusted diluted EPS improved by 29.8% to $1.09, compared to $0.84 in the same quarter last year[4][9] - Total revenue for Q3 2025 was $540.2 million, a slight increase of 2.4% compared to $528.4 million in Q3 2024[21] - Adjusted EBITDA for Q3 2025 reached $118.9 million, representing a 13.5% increase from $104.9 million in Q3 2024[25] - The adjusted EBITDA margin improved to 22.0% in Q3 2025, up from 19.9% in Q3 2024[29] - Comparable adjusted revenue for the nine months ended September 30, 2025, was $1,598.0 million, a slight increase from $1,590.9 million in the same period of 2024[29] Cash Flow and Debt - Free cash flow for the first nine months of 2025 increased by $31.6 million to $95.9 million[4] - Cash from operating activities for the first nine months of 2025 was $168.5 million, up from $134.1 million in 2024[19] - Free cash flow for Q3 2025 was $43.8 million, slightly down from $46.7 million in Q3 2024[35] - Total debt as of September 30, 2025, was $1,449.8 million, down from $1,503.1 million at the end of 2024[32] - Net debt as of September 30, 2025, was $1,424.0 million, down from $1,468.7 million at the end of 2024[17] - Net debt decreased to $1,424.0 million as of September 30, 2025, compared to $1,468.7 million at the end of 2024[32] Guidance and Dividends - The company raised its full-year 2025 guidance for adjusted diluted EPS, with revenue expected between $2.11 billion and $2.13 billion[9] - Adjusted EBITDA guidance for 2025 is set between $425 million and $435 million[9] - The Board of Directors approved a quarterly dividend of $0.30 per share, payable on December 1, 2025[7] Revenue Breakdown - Merchant Services revenue increased to $98.0 million, up 4.8% from $93.5 million year-over-year[21] - Data Solutions revenue surged to $89.2 million, a significant increase of 46.1% compared to $61.1 million in the same quarter last year[21]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2025 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ☐ FOR THE TRANSITION PERIOD FROM ______________TO_______________ Commission File Number: 001-00652 UNIVERSAL CORPORATION (Exact name of registrant as specified in its charter) Virginia 54-0414210 (Sta ...

Financial Performance - For the quarter ended September 30, 2025, net revenues were $1,655 million, an increase from $1,365 million in the prior-year quarter, while income before income taxes rose to $1,312 million from $909 million[257]. - Total net revenues for Q3 2025 increased by $290 million, or 21%, to $1,655 million compared to Q3 2024[272]. - Net income available for common stockholders in Q3 2025 was $263 million, compared to $184 million in Q3 2024, reflecting a 43% increase[271]. - Consolidated income before income taxes for the current quarter increased by $403 million, or 44%, to $1,312 million compared to the prior-year quarter[307]. - Income before income taxes increased by $816 million, or 31%, to $3,471 million, with a pretax profit margin of 76% for the current nine-month period[341]. Revenue Sources - Commission revenue increased by 23% to $537 million, driven by a 67% increase in customer trading volume in stocks and a 27% increase in options trading volume[258]. - Total non-interest income for Q3 2025 was $688 million, up from $563 million in Q3 2024[271]. - Net interest income rose by 21% to $967 million, attributed to stronger securities lending activity and a 30% increase in margin loan balances[252][258]. - Other income increased by $29 million, or 52%, to $85 million, mainly driven by $42 million related to investing activities[277]. Customer Activity - Total customer Daily Average Revenue Trades (DARTs) increased by 34% to 3.6 million in Q3 2025 compared to 2.7 million in Q3 2024[267]. - Customer equity reached $757.5 billion in Q3 2025, a 40% increase from $541.5 billion in Q3 2024[267]. - Total accounts increased to 4,127 thousand in Q3 2025, representing a 32% year-over-year growth from 3,120 thousand in Q3 2024[267]. - Daily average revenue trades (DARTs) rose to 3,616 thousand in Q3 2025, a 34% increase from 2,703 thousand in Q3 2024[267]. Expenses and Costs - Non-interest expenses decreased by $113 million, or 25%, to $343 million, with general and administrative expenses dropping by $91 million[292]. - Employee compensation and benefits increased by $11 million, or 8%, to $156 million, with the average number of employees rising by 5% to 3,109[296]. - General and administrative expenses decreased by $70 million, or 27%, to $185 million, accounting for 4% of total net revenues, down from 7% in the prior-year period[335]. - Income tax expense increased by $51 million, or 68%, to $126 million, primarily due to higher income before taxes at operating subsidiaries outside the U.S.[304]. Market Conditions - U.S. market volatility, measured by the VIX, declined by 6% to an average of 16.0 in the current quarter[247]. - The U.S. Federal Reserve cut the benchmark federal funds rate by 25 basis points to a range of 4.00% to 4.25% during the current quarter[249]. - Approximately 25% of the company's equity was denominated in currencies other than the U.S. dollar as of September 30, 2025[259]. Assets and Equity - Total assets as of September 30, 2025, were $200.2 billion, with $198.7 billion, or 99.2%, considered liquid[351]. - Consolidated equity increased 22% to $19.5 billion as of September 30, 2025, from $16.0 billion as of September 30, 2024[356]. - Cash and cash equivalents held by non-U.S. operating subsidiaries increased to $2,073 million as of September 30, 2025, from $1,513 million as of December 31, 2024[355]. Future Projections - Executed order volumes for customers decreased by 9% to 483,015 in 2023, but are projected to increase by 37% to 661,666 in 2024[263]. - Options contract volumes increased by 12% to 1,020,736 in 2023, with a projected increase of 32% to 1,344,855 in 2024[264]. - Total customer stock share volumes decreased by 23% to 252,742,847 in 2023, but are expected to rise by 22% to 307,489,711 in 2024[264].

Financial Performance - Cardlytics reported a revenue of $52.031 million for the three months ended September 30, 2025, a decrease of 22.4% compared to $67.057 million for the same period in 2024[133]. - The total billings for Cardlytics were $89.193 million for the three months ended September 30, 2025, a decline of 20.4% from $111.958 million in the prior year[133]. - Revenue for the three months ended September 30, 2025, was $52.0 million, down from $67.1 million in 2024, representing a decrease of $15.0 million (22.3%)[146]. - Revenue for the nine months ended September 30, 2025, was $177.178 million, down $27.123 million (13%) from $204.301 million in the same period of 2024[169]. - The Cardlytics platform generated revenue of $46.9 million for the three months ended September 30, 2025, down from $61.1 million in 2024[146]. User Metrics - The number of Cardlytics Monthly Qualified Users (MQUs) increased by 40.1 million, reaching 230.329 million for the three months ended September 30, 2025, representing a 21% growth year-over-year[130]. Losses and Adjusted Metrics - The net loss for Cardlytics was $72.673 million for the three months ended September 30, 2025, compared to a net loss of $145.182 million for the same period in 2024[133]. - Adjusted EBITDA for Cardlytics was $3.204 million for the three months ended September 30, 2025, compared to an adjusted EBITDA loss of $1.816 million in the same period of 2024[133]. - Adjusted Net Loss for the three months ended September 30, 2025, was $(3.8) million, compared to $(7.5) million in the same period of 2024[149]. Cost Management - The company plans to reduce its workforce by approximately 90 full-time employees, representing about 24% of its workforce, as part of a broader cost-reduction initiative[151]. - The estimated non-recurring charges related to the workforce reduction are approximately $2.3 million, expected to be incurred primarily in Q4 2025[152]. - Sales and marketing expense for the three months ended September 30, 2025, decreased by $5.298 million (40%) to $7.865 million compared to $13.163 million in 2024[175]. - General and administrative expense decreased by $1.2 million during the three months ended September 30, 2025, compared to the same period in 2024, with a 10% decrease in total G&A expense[179]. Impairments and Charges - The company recorded an impairment of goodwill and intangible assets of $58.843 million for the three months ended September 30, 2025, consistent with the same amount in 2024[167]. - The company recognized a $58.8 million impairment to goodwill and intangible assets during the three months ended September 30, 2025, compared to a $131.6 million impairment in the same period in 2024[190]. Cash Flow and Financing - Free Cash Flow for Cardlytics was negative $2.703 million for the three months ended September 30, 2025, an improvement from negative $3.869 million in the same period of 2024[133]. - As of September 30, 2025, the company had cash and cash equivalents of $43.96 million, down from $65.59 million at the end of 2024, and working capital decreased to $17.01 million from $29.03 million[198]. - The company issued $172.5 million principal amount of 4.25% Convertible Senior Notes due in 2029, with net proceeds of $166.8 million used to repurchase a portion of the 2020 Convertible Senior Notes[209]. Market and Operational Outlook - The company expects Billings to decrease in the near term due to restrictions from its largest FI partner affecting marketing budgets for select advertisers[145]. - Future capital requirements will depend on growth rate, R&D spending, M&A efforts, and market acceptance of solutions, with expectations of additional operating losses in the near term[203].

Financial Performance - Consolidated operating revenues for Q3 2025 were $325.6 million, a decrease of $12.5 million or 3.7% compared to Q3 2024[97] - Net income for Q3 2025 was $78.3 million, down $7.2 million or 8.4% from $85.5 million in Q3 2024[97] - Consolidated operating revenues for the nine months ended September 30, 2025, decreased by $31.5 million to $995.9 million, a 3.1% decline, primarily due to decreased sales prices in the Plastics segment[118] - Net Income decreased by $21.8 million, or 13.5%, to $140.0 million, reflecting a decrease in income before income taxes[133] Segment Performance - Electric segment operating revenues increased by $8.2 million or 6.3% to $138.6 million in Q3 2025, driven by a 124% increase in wholesale sales volumes[101] - Manufacturing segment operating revenues decreased by $2.9 million or 3.7% to $76.9 million, primarily due to an 8% decrease in sales volumes across several end markets[110] - Plastics segment operating revenues decreased by $17.7 million to $110.0 million, a 13.9% decline, primarily due to a 17% decrease in sales prices, partially offset by a 4% increase in sales volumes[114] - Electric segment total operating revenues increased by $32.4 million to $417.0 million, an 8.4% increase, driven by a $23.5 million increase in retail revenues[122] - Manufacturing segment operating revenues decreased by $38.6 million to $237.4 million, a 14.0% decline, primarily due to a 12% decrease in sales volumes in the metal fabrication business[130] - Net income for the Plastics segment decreased by $10.98 million to $43.5 million, a 20.2% decline[114] - Net income for the Manufacturing segment decreased by $5.3 million to $8.9 million, a 37.4% decline[130] Costs and Expenses - Production fuel costs in the Electric segment rose by $10.5 million or 69.7% due to increased natural gas prices and generation[106] - Cost of products sold in the Plastics segment decreased by $2.9 million, driven by a 16% decrease in input material costs, including PVC resin[115] - Cost of Products Sold increased by $1.3 million, driven by increased sales volumes, while input material costs, including PVC resin, decreased by 13% compared to the prior year[134] - Selling, General, and Administrative Expenses rose by $1.3 million, mainly due to ongoing litigation costs related to PVC pipe pricing[135] - Depreciation and Amortization Expense increased by $1.5 million due to capital investments in new equipment and facilities at Vinyltech[136] Tax and Income - Income tax expense decreased by $5.9 million in Q3 2025, resulting in an effective tax rate of 14.1%, down from 17.9% in the same period last year[100] - Income tax expense for the nine months ended September 30, 2025, decreased by $20.5 million to $36.6 million, a 36.0% decline, primarily due to a decrease in income before income taxes[121] Liquidity and Capital Structure - The company maintains strong liquidity, with compliance in all financial covenants as of September 30, 2025[151] - As of September 30, 2025, the company had $379.5 million of available liquidity under credit facilities and $325.8 million in cash and cash equivalents, totaling $705.3 million in available liquidity[153] - Net cash provided by operating activities decreased by $33.8 million to $288.9 million for the nine months ended September 30, 2025, compared to $322.8 million in 2024[154] - Net cash used in investing activities decreased by $96.2 million to $216.0 million for the nine months ended September 30, 2025, primarily due to a $46.4 million decrease in capital expenditures[155] - The company issued $100.0 million of long-term debt at OTP, which was used to repay short-term borrowings and fund construction expenditures[157] - Total capital expenditures for 2025 are anticipated to be $321 million, with the electric segment accounting for $300 million[160] - As of September 30, 2025, the company had $1.0 billion of principal outstanding under long-term debt arrangements, with maturities ranging from 2026 to 2055[168] Debt and Ratings - OTC's interest-bearing debt to total capitalization was 0.37 to 1.00, with an interest and dividend coverage ratio of 8.3 to 1.00 as of September 30, 2025[169] - OTP's interest-bearing debt to total capitalization was 0.45 to 1.00, with an interest and dividend coverage ratio of 2.93 to 1.00 as of September 30, 2025[170] - The company paid dividends totaling $66.0 million, or $1.58 per share, in the first nine months of 2025[163] - Moody's revised OTP's long-term issuer default rating from A3 to Baa1, with a stable outlook as of September 30, 2025[172] Regulatory Matters - The North Dakota Rate Case resulted in a revenue requirement of $225.6 million, with a net increase of $13.1 million, or 6.18%, effective March 15, 2025[139] - OTP requested a net increase in annual revenue of $5.7 million, or 12.50%, in the South Dakota Rate Case, based on an allowed rate of return of 8.29%[140] - In the Minnesota Rate Case, OTP requested a net increase in annual revenue of $44.8 million, or 17.7%, with an interim rate request for $31.8 million, or 12.6%[141][142] Market Risks - The company is facing potential impacts from U.S. trade and tariff policies, which could disrupt supply chains and increase costs[93] - There have been no material changes in market risk compared to the disclosures in the Annual Report on Form 10-K for the year ended December 31, 2024[174]

Financial Performance - Home closing revenue for the three months ended September 30, 2025, was $262,041,000, a decrease of 5.6% from $277,835,000 in the same period of 2024[30] - Net income attributable to Smith Douglas Homes Corp. for the three months ended September 30, 2025, was $2,126,000, down 60.3% from $5,347,000 in the prior year[30] - The company reported a gross profit of $54,970,000 for the three months ended September 30, 2025, which is a decline of 25.4% compared to $73,695,000 in the same period of 2024[30] - Basic earnings per share for the three months ended September 30, 2025, were $0.24, down from $0.60 in the same period of 2024[30] - Smith Douglas Homes Corp. reported a net income of $51.36 million for the nine months ended September 30, 2025, compared to $83.04 million for the same period in 2024, reflecting a decrease of approximately 38.2%[36] - The company experienced a net cash used in operating activities of $41.09 million for the nine months ended September 30, 2025, contrasting with a net cash provided of $13.66 million in 2024[36] - The company reported a net income of $16.2 million for the three months ended September 30, 2025, compared to $37.8 million in the same period of 2024[153] - Net income for Q3 2025 decreased by $21.6 million, or 57%, to $16.2 million compared to $37.8 million in Q3 2024, primarily due to lower gross profit and higher administrative costs[171] Assets and Liabilities - Total assets increased to $571,559,000 as of September 30, 2025, compared to $475,901,000 on December 31, 2024, reflecting a growth of 20.1%[29] - Total liabilities rose to $145,115,000 as of September 30, 2025, compared to $74,174,000 on December 31, 2024, marking an increase of 95.5%[29] - Retained earnings increased to $22,593,000 as of September 30, 2025, from $15,419,000 on December 31, 2024, representing a growth of 46.4%[29] - The company’s equity attributable to Smith Douglas Homes Corp. increased to $82,179,000 as of September 30, 2025, compared to $73,632,000 at the end of 2024, a rise of 11.5%[29] Cash Flow and Financing - Cash and cash equivalents at the end of the period were $14.78 million as of September 30, 2025, down from $23.72 million at the end of the same period in 2024, indicating a decrease of approximately 37.8%[37] - Smith Douglas Homes Corp. reported a net cash provided by financing activities of $39.08 million for the nine months ended September 30, 2025, compared to a net cash used of $5.94 million in 2024[37] - The company generated $39.1 million in net cash from financing activities for the nine months ended September 30, 2025, primarily due to $49.0 million in net borrowings under the Amended Credit Facility[214] - The Amended Credit Facility was increased from $250.0 million to $325.0 million, with a maturity date extended to May 15, 2029[198] Operational Metrics - The company closed 788 homes, generating home closing revenue of $262.0 million, reflecting a 3% decrease in homes closed and a 6% decrease in revenue compared to the same period in the prior year[142] - The average selling price (ASP) of homes closed in the three months ended September 30, 2025, was $333, down from $342 in the same period of 2024[153] - The number of homes closed decreased by 3% in Q3 2025 but increased by 5% for the nine months ended September 30, 2025, with average selling price (ASP) decreasing by 3% and 1% for the respective periods[155][156] - The cancellation rate for the three months ended September 30, 2025, was 11.2%, compared to 11.4% in the same period of 2024[153] Market and Strategic Position - Smith Douglas Homes Corp. operates in multiple markets including Atlanta, Birmingham, and Dallas-Fort Worth, targeting first-time and empty-nest homebuyers[42] - The company aims to expand operations within existing markets and into new markets to maximize profit and returns[141] - The company continues to face challenges due to elevated mortgage interest rates and macroeconomic uncertainty, prompting the use of financing incentives[142] Accounting and Compliance - The company is currently evaluating the impact of new accounting standards on its financial statement disclosures[65] - The company qualifies as an "emerging growth company" under the JOBS Act and has opted out of the extended transition period for new accounting standards[226] - The company is not required to provide certain disclosures under the Dodd-Frank Act and will remain an emerging growth company until specific revenue or market value thresholds are met[227] Inventory and Land Management - As of September 30, 2025, total real estate inventory was $314.5 million, an increase from $277.8 million as of December 31, 2024[67] - The company has a land-light business model, primarily purchasing finished lots via lot-option contracts from third-party developers[42] - As of September 30, 2025, the company had $132.7 million in non-refundable cash deposits related to land and lot-option contracts for 15,530 lots, with a total remaining purchase price of approximately $1,100.5 million[220] Tax and Regulatory Matters - The estimated annual effective tax rate for the year ending December 31, 2025, is 4.8%[117] - The Company's income tax provision was $1.0 million and $2.6 million for the three and nine months ended September 30, 2025, respectively[118]

Financial Performance - Reported revenues of $391.0 million for Q3 2025, a 91% increase from $204.6 million in Q2 2025 and a 102% increase from $193.4 million in Q3 2024[4] - Net income for Q3 2025 was $55.0 million, up from $20.8 million in Q2 2025 and $45.5 million in Q3 2024[4] - Adjusted EBITDA for Q3 2025 reached $129.3 million, compared to $107.1 million in Q2 2025 and $92.3 million in Q3 2024, reflecting strong operational performance[4] - Operating income for the same period was $87,221,000, compared to $43,386,000 in the previous quarter and $59,739,000 in the same quarter last year, reflecting a strong operational performance[31] - For the three months ended September 30, 2025, the net income was $55,044,000, a significant increase from $20,765,000 in the previous quarter and $45,546,000 in the same quarter last year[39] - Adjusted EBITDA for the same period was $129,325,000, up from $107,137,000 in the previous quarter and $92,289,000 year-over-year[40] - The diluted earnings per share (EPS) for the quarter was $0.43, compared to $0.15 in the previous quarter and $0.35 in the same quarter last year[41] - Adjusted EPS increased to $0.45 from $0.34 in the previous quarter and remained stable at $0.35 year-over-year[41] Cash Flow and Assets - The company reported cash flows from operating activities of $356,821,000 for the nine months ended September 30, 2025, compared to $194,818,000 for the same period in 2024, indicating improved cash generation[35] - Total assets increased to $4,096,979,000 as of September 30, 2025, from $2,883,215,000 at the end of 2024, demonstrating significant growth in the company's asset base[33] - Cash and cash equivalents decreased to $462,618,000 as of September 30, 2025, from $537,522,000 at the end of 2024, reflecting cash utilization for investments[33] - As of September 30, 2025, the company had $462.6 million in unrestricted cash and cash equivalents, with $500 million available under its revolving credit facility[11] Investments and Expenditures - Executed a definitive commercial agreement for Iraq's first LNG import terminal, with a minimum contracted offtake of 250 million standard cubic feet per day (MMscf/d)[8] - Total project investment for the Iraq LNG terminal is expected to be approximately $450 million, including the cost of the floating storage and regasification unit (FSRU)[9] - Maintenance capital expenditures for 2025 are expected to range between $65 million and $75 million, with committed growth capital expected to be between $95 million and $105 million[13] - The company incurred net cash paid for acquisition amounting to $1,048,091,000 during the nine months ended September 30, 2025, indicating active investment in growth opportunities[35] Debt and Financial Obligations - The company’s long-term debt increased to $918,819,000 as of September 30, 2025, from $286,760,000 at the end of 2024, indicating a strategic leverage for growth[33] - Interest expense increased to $28,135,000 from $23,932,000 in the previous quarter and $15,122,000 year-over-year[40] - Depreciation and amortization expense rose to $31,758,000 from $25,518,000 in the previous quarter and $23,031,000 year-over-year[40] Dividends and Shareholder Returns - Declared a quarterly cash dividend of $0.08 per share, or $0.32 per share on an annualized basis, payable on December 4, 2025[12] - The weighted average shares outstanding increased to 32,001,766 for basic shares as of September 30, 2025, compared to 31,489,508 in the previous quarter, indicating potential dilution from equity financing[31] Guidance and Future Outlook - Full Year 2025 Adjusted EBITDA guidance raised to a range of $435 million to $450 million, accounting for impacts from Hurricane Melissa[7][13] - The company expects adjusted EBITDA for 2025 to range between $435 million and $450 million, with a low case of $179 million and a high case of $204 million for income before income taxes[42] Operational Efficiency - Adjusted Gross Margin for the three months ended September 30, 2025, was $144,635,000, compared to $118,106,000 in the previous quarter and $106,589,000 in the same quarter last year, reflecting improved profitability[38] - Transition and transaction expenses for the quarter were $2,217,000, a decrease from $27,659,000 in the previous quarter[40] - Long-term incentive compensation expense was $3,265,000, slightly up from $3,206,000 in the previous quarter and significantly higher than $1,966,000 year-over-year[40]

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 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from __________to__________ Nevada 0-1507 71-0633135 (State or other jurisdiction of incorporation or organization) (Commission File Number) (I.R.S. Emp ...