Drug Development - The company is focused on developing nomlabofusp, a recombinant fusion protein aimed at increasing tissue frataxin (FXN) levels in patients with Friedreich's ataxia (FA), a rare disease with no current treatment options [131]. - As of September 2025, 65 participants have received at least one dose of nomlabofusp across various studies, with 39 participants in the ongoing open label study [138]. - In December 2024, the company reported positive initial data from the open label study, including safety and FXN levels, and increased the dose to 50 mg daily for enrolled participants [138]. - The FDA has granted Orphan Drug Designation and Fast Track Designation for nomlabofusp, and the company is participating in the START pilot program to expedite drug development for rare diseases [137]. - The ongoing open label study has shown consistent improvements in clinical outcomes and skin FXN levels, suggesting a potential treatment effect [144]. - The FDA has recommended focusing on skin FXN concentrations as a surrogate endpoint for accelerated approval, acknowledging a relationship between increased FXN levels and relevant tissues [138]. - The company plans to submit a Biologics License Application (BLA) seeking accelerated approval for nomlabofusp in the second quarter of 2026 [144]. - The company aims to advance the development of nomlabofusp through additional clinical trials and related manufacturing costs [180]. - Plans include seeking regulatory approvals for nomlabofusp and other potential product candidates [180]. Financial Performance - Revenue from product sales remains at $0, with no expectations of generating revenue in the foreseeable future [152]. - Research and development expenses for Q3 2025 increased by $31.0 million to $44.9 million compared to Q3 2024 [160]. - Total operating expenses for Q3 2025 were $49.5 million, up from $18.3 million in Q3 2024, reflecting a $31.2 million increase [159]. - Net loss for Q3 2025 was $47.7 million, compared to a net loss of $15.5 million in Q3 2024, representing a $32.2 million increase [159]. - Research and development expenses for the nine months ended September 30, 2025 increased by $48.3 million to $94.9 million compared to the same period in 2024 [164]. - Total operating expenses for the nine months ended September 30, 2025 were $108.5 million, up from $59.6 million in 2024, indicating a $48.9 million increase [163]. - Net cash used in operating activities for the nine months ended September 30, 2025 was $74.7 million, compared to $48.9 million in 2024 [169]. - As of September 30, 2025, the accumulated deficit was $372.3 million, with cash, cash equivalents, and marketable securities totaling $175.4 million [176]. - The company anticipates that current cash resources will fund operations into Q4 2026, with plans to seek additional funding if necessary [177]. Capital and Funding Challenges - The company may face significant challenges in raising additional capital, which could adversely affect its business objectives and financial condition [178]. - Insufficient funding could lead to the curtailment or discontinuation of research and development programs, impacting business prospects [179]. - General and administrative expenses for Q3 2025 increased by $0.2 million to $4.6 million compared to Q3 2024 [161]. Strategic Plans - The company intends to identify, acquire, or in-license additional product candidates and technologies to expand its portfolio [180]. - There are no off-balance sheet arrangements that could impact the financial statements [182]. - The company is classified as a "smaller reporting company" and is not required to provide certain market risk disclosures [185].

Financial Performance - Gross profit for Q3 2025 was $23 million, an increase of $18 million compared to Q3 2024[1][2] - Net income for Q3 2025 was $14 million, improving by $17 million from a net loss of $2.8 million in Q3 2024, resulting in earnings of $0.19 per share[1][10] - Adjusted EBITDA for Q3 2025 was $21 million, growing by $9 million compared to Q3 2024[1][2] - Net income for the three months ended September 30, 2025, was $14.2 million, compared to a loss of $2.4 million in the same period of 2024[20] - Adjusted EBITDA for the nine months ended September 30, 2025, was $16.7 million, a significant improvement from a loss of $0.8 million in the same period of 2024[20] Sales and Revenue - Net sales for Q3 2025 were $241 million, down from $251.8 million in Q3 2024, representing a decrease of approximately 4.5%[4] - Total net sales reported for the three months ended September 30, 2025, were $240.99 million, down from $251.81 million in Q3 2024, reflecting a decrease of about 4.5%[24] - Total renewable fuel gallons sold decreased to 66.8 million gallons in Q3 2025 from 74.3 million gallons in Q3 2024, representing a decline of approximately 10.5%[21] Costs and Expenses - Cost of goods sold decreased to $217.5 million in Q3 2025 from $245.9 million in Q3 2024, a reduction of about 11.5%[4] - Selling, general and administrative expenses were reduced to $6.5 million in Q3 2025 from $7.5 million in Q3 2024, a decrease of approximately 13.3%[4] - The consolidated cost per bushel of corn was $4.55 in Q3 2025, down from $4.68 in Q3 2024, reflecting a decrease of about 2.8%[21] Market and Production - The average market price for ethanol per gallon rose to $1.84 in Q3 2025, compared to $1.81 in Q3 2024, indicating a slight increase[22] - Total essential ingredients sold decreased to 319.1 thousand tons in Q3 2025 from 391.4 thousand tons in Q3 2024, a decline of approximately 18.4%[22] - Gross profit for the Pekin Campus production segment increased to $18.92 million in Q3 2025 from $6.17 million in Q3 2024, showing a substantial improvement[24] Cash and Debt - Cash and cash equivalents at September 30, 2025, were $32.5 million, down from $35.5 million at December 31, 2024[6] - The company has $85 million in borrowing availability as of September 30, 2025, including $20 million under its operating line of credit[6] - Long-term debt increased to $100.6 million as of September 30, 2025, compared to $92.9 million as of December 31, 2024, representing an increase of approximately 8.3%[19] - The total stockholders' equity as of September 30, 2025, was $222.4 million, a slight decrease from $225.1 million as of December 31, 2024[19] Strategic Initiatives - The 2025 Carbonic acquisition is expected to enhance CO2 utilization to meet growing demand for premium liquid CO2[3] - The company is focused on generating Section 45Z tax credits on domestic renewable fuel sales and is exploring additional methods to lower carbon intensity[3]

Financial Performance - Net sales for the three months ended September 30, 2025, were $40.844 million, an increase of 12.1% compared to $36.366 million for the same period in 2024[117] - Gross profit for the nine months ended September 30, 2025, was $59.342 million, up from $52.511 million in 2024, reflecting a gross margin improvement[117] - Net sales for the three months ended September 30, 2025, were $40.8 million, a 12.3% increase from $36.4 million in the same period of 2024, driven by a 12.6% increase in equivalized cases sold[119] - Net sales for the nine months ended September 30, 2025, were $123.4 million, a 6.7% increase from $115.6 million in 2024, attributed to expanded distribution and pricing increases[131] Expenses and Cost Management - Selling and marketing expenses for the three months ended September 30, 2025, were $12.665 million, compared to $11.981 million in 2024, indicating increased investment in promotional activities[117] - General and administrative expenses for the nine months ended September 30, 2025, were $22.733 million, slightly down from $23.186 million in 2024, indicating cost management efforts[117] - Cost of goods sold for the nine months ended September 30, 2025, was $64.0 million, a 1.5% increase from $63.1 million in 2024, with favorable unit costs partially offsetting higher volumes[132] - Selling and marketing expenses for the nine months ended September 30, 2025, were $41.4 million, an increase of $0.7 million or 1.7% compared to $40.7 million in the same period of 2024[135] - General and administrative expenses increased by 4.0% to $7.7 million for the three months ended September 30, 2025, driven by higher variable compensation[127] Profitability and Loss - The company experienced a net loss attributable to Zevia PBC of $2.686 million for the three months ended September 30, 2025, compared to a net loss of $2.527 million in 2024[117] - The net loss for the nine months ended September 30, 2025, was $(9,870) thousand, compared to $(17,002) thousand for the same period in 2024[171] - Adjusted EBITDA for the three months ended September 30, 2025, was $(1,721) thousand, compared to $(1,508) thousand for the same period in 2024[171] Strategic Initiatives - The Productivity Initiative is expected to yield annualized benefits of approximately $20.0 million, with savings being reinvested into brand marketing and promotional activities[95] - Restructuring charges related to the Productivity Initiative were completed as of September 30, 2025, with no additional costs incurred in the third quarter of 2025[93] - The company anticipates continued growth driven by new distribution, increased organic sales, and product innovation, despite potential challenges from seasonality and competition[100] Cash Flow and Liquidity - As of September 30, 2025, the company had $26.0 million in cash and cash equivalents, which, along with operating activities and available borrowings, is expected to provide adequate liquidity for ongoing operations[144] - Net cash used in operating activities was $4.2 million for the nine months ended September 30, 2025, primarily driven by a net loss of $9.9 million, partially offset by non-cash expenses and changes in operating assets and liabilities[162] - The company had no outstanding amount on its Secured Revolving Line of Credit as of September 30, 2025, which has a borrowing capacity of up to $20 million[156] Market and Economic Conditions - The company has increased pricing on several products in response to widespread inflation, which may impact future sales volume[96] - Inflation has had a material effect on the company's business, and further significant inflationary pressures could harm financial condition[186] - The implementation of an import tax on aluminum has increased operating costs, with expectations of continued increases in cost of goods sold[182] - The company is subject to commodity risks related to purchases of aluminum, diesel fuel, cartons, and corrugate[187] Supply Chain and Operations - The company has approved sourcing from a second multi-national ingredient company for stevia leaf extract to diversify supply and mitigate price disruptions[181] - The company entered into a lease amendment extending the lease term through December 31, 2026, and expanding the total square footage from 17,923 square feet to 20,185 square feet[172]

Financial Performance - Net sales for Q3 2025 were $350.1 million, an increase of 20.1% compared to $291.4 million in Q3 2024[109] - Gross profit for Q3 2025 was $84.2 million, representing 24.1% of net sales, up from $66.8 million or 22.9% in Q3 2024, a 26.0% increase[122] - Income from operations for Q3 2025 was $1.1 million, an increase of 115.3% compared to the previous year[109] - The net loss attributable to Astec for Q3 2025 was $4.2 million, an increase of 32.3% from the prior year[109] - Selling, general and administrative expenses for Q3 2025 were $83.3 million, or 23.8% of net sales, an increase of 27.0% from $65.6 million in Q3 2024[124] - Interest expense increased to $7.3 million for Q3 2025 from $2.6 million in Q3 2024, reflecting higher average borrowings and interest rates[127] - Income tax benefit for Q3 2025 was $0.9 million, down from $2.3 million in Q3 2024, with an effective tax rate of 17.6% compared to 27.1%[128] Sales Performance - Domestic sales for Q3 2025 were $280.4 million, accounting for 80.1% of consolidated net sales, up 32.8% from $211.2 million in Q3 2024[118] - International sales for Q3 2025 were $69.7 million, a decrease of 13.1% from $80.2 million in Q3 2024[120] - Infrastructure Solutions segment sales increased by 17.1% to $193.2 million in Q3 2025, driven by higher equipment and parts sales[133] - Materials Solutions segment sales rose 24.1% to $156.9 million in Q3 2025, primarily due to increased parts and component sales[136] Backlog and Future Outlook - Backlog as of Q3 2025 was $449.5 million, a decrease of 5.5%[109] - Total backlog decreased to $449.5 million as of September 30, 2025, down 5.5% from $475.8 million in 2024[130] - The acquisition of TerraSource on July 1, 2025, is expected to provide significant growth and value creation opportunities[106] Segment Performance - Segment Operating Adjusted EBITDA for Infrastructure Solutions was $23.9 million in Q3 2025, up 53.2% from $15.6 million in Q3 2024[147] - Segment Operating Adjusted EBITDA for Materials Solutions increased to $15.4 million in Q3 2025, a rise of 6.2% from $14.5 million in Q3 2024[149] - Corporate and Other operations reported net expenses of $12.2 million in Q3 2025, a decrease of 3.9% from $12.7 million in Q3 2024[153] Liquidity and Capital Expenditures - Total liquidity as of September 30, 2025, was $312.1 million, including $67.3 million in cash and cash equivalents[155] - Future cash requirements will focus on working capital, debt service, and potential strategic acquisitions, with sufficient liquidity expected for the next 12 months[157] - As of September 30, 2025, the company had outstanding principal indebtedness on the term loan facility of $345.6 million and no outstanding borrowings under the revolving credit facility[158] - The company estimates capital expenditures will be between $25.0 million and $35.0 million for the year ending December 31, 2025[161] Cash Flow - Net cash provided by operating activities was $25.3 million for the nine months ended September 30, 2025, compared to a net use of $13.6 million for the same period in 2024[163] - Net cash used in investing activities was $260.4 million during the nine months ended September 30, 2025, primarily due to the TerraSource acquisition[164] - Net cash provided by financing activities was $212.4 million during the nine months ended September 30, 2025, compared to $19.5 million for the same period in 2024[165] Current Assets and Liabilities - Total current assets increased to $821.2 million as of September 30, 2025, from $722.8 million as of December 31, 2024, an increase of $98.4 million, or 13.6%[167] - Total current liabilities increased to $318.3 million as of September 30, 2025, from $271.7 million as of December 31, 2024, an increase of $46.6 million, or 17.2%[168] - Open purchase obligations totaled $118.7 million as of September 30, 2025, with $92.7 million expected to be fulfilled within the remainder of 2025[160] Dividends and Credit Facilities - The company paid quarterly dividends of $0.13 per common share to shareholders in the third quarter of both 2025 and 2024[166] - Outstanding letters of credit totaled $5.2 million, decreasing borrowing availability to $244.8 million under the revolving credit facility as of September 30, 2025[158]

Financial Performance - Third quarter 2025 sales reached $337.9 million, a 6.7% increase year-over-year, with a 6.3% increase in constant currency[5] - Domestic revenue grew by 5.9% year-over-year, while international revenue increased by 7.8% as reported and 6.8% in constant currency[5] - The company reported diluted net earnings per share of $0.09 for Q3 2025, down from $1.57 in Q3 2024[5] - Gross profit margin for Q3 2025 was 49.2%, compared to 56.5% in Q3 2024[10] - Adjusted net income for the nine months ended September 30, 2025, was $98,646, with an EPS of $3.17[18] - Net income for the three months ended September 30, 2025, was $2,859 million, a significant decrease from $48,984 million in the same period of 2024[26] - Adjusted net income for the nine months ended September 30, 2025, was $30,316 million, compared to $98,668 million in the same period of 2024[26] Revenue Guidance - The company anticipates full-year reported revenue to be between $1.365 billion and $1.372 billion, slightly adjusted from the previous guidance[3] Expenses and Costs - Research and development expenses for Q3 2025 were $13.9 million, compared to $13.6 million in Q3 2024[10] - Income from operations for Q3 2025 was $11.9 million, representing 3.5% of sales, down from 20.7% in Q3 2024[10] - Selling and administrative expenses for the nine months ended September 30, 2025, totaled $425,207, accounting for 42.5% of sales[18] - The company incurred $19,653 in product rationalization costs in 2025, impacting overall profitability[18] - The company incurred product rationalization costs of $19,653 million for the three months ended September 30, 2025[26] - Legal matters incurred costs of $4,566 in 2024, affecting overall expenses[20] - Amortization costs for the nine months ended September 30, 2025, were $4,500, affecting adjusted net income[18] Profitability Metrics - Adjusted gross profit margin for the nine months ended September 30, 2024, was 55.8%[20] - EBITDA margin for the three months ended September 30, 2025, was 9.0%, down from 26.4% in the same period of 2024[26] - Adjusted EBITDA for the three months ended September 30, 2025, was $65,629 million, compared to $64,640 million in the same period of 2024, reflecting a growth of 1.5%[26] Shareholder Actions - A $150.0 million share repurchase program was authorized, with plans to repurchase at least $25.0 million in shares annually starting in 2026[5] - The company suspended its quarterly cash dividend as part of the modified share repurchase program[6] Tax and Interest - The effective tax rate for the nine months ended September 30, 2025, was 27.6%[18] - Total interest expense for the nine months ended September 30, 2025, was $23,716 million, a decrease from $28,440 million in the same period of 2024[26] - The provision for income taxes for the three months ended September 30, 2025, was $1,414 million, compared to $7,471 million in the same period of 2024[26] Non-GAAP Measures - The company emphasizes the importance of non-GAAP measures, including adjusted EBITDA, for assessing its financial performance and future prospects[29] - The company analyzes net sales on a constant currency basis to measure comparability between periods, excluding the impact of foreign currency exchange rates[30] Forward-Looking Statements - Forward-looking statements indicate potential risks and uncertainties that could affect actual results, as detailed in the company's filings with the SEC[28]

Financial Performance - Total revenue for Q3 2025 was $52.3 million, a 2% increase compared to Q3 2024[5] - Total recurring revenue grew by 19% compared to Q3 2024, driven by service and reagent revenues[8] - Total revenue for the three months ended September 30, 2025, was $52,293,000, a slight increase from $51,500,000 in the same period of 2024, representing a growth of 1.5%[25] - Worldwide revenue from biotechnology, pharmaceutical, and CRO customers grew by 14% year-over-year[8] Profitability - GAAP gross profit was $27.6 million, a 5% decrease from Q3 2024, with a gross profit margin of 53%[6] - Gross profit for the three months ended September 30, 2025, was $27,551,000, down from $29,005,000 in 2024, resulting in a gross margin of 53% compared to 56% in the prior year[29] - Net loss for Q3 2025 was $5.5 million, compared to a net income of $0.9 million in Q3 2024[12] - Net loss for the three months ended September 30, 2025, was $(5,478,000), compared to a net income of $941,000 in 2024, indicating a significant decline in profitability[25] - Adjusted EBITDA was $2.5 million, down from $7.6 million in Q3 2024[13] - The company reported a non-GAAP adjusted EBITDA of $2,450,000 for the three months ended September 30, 2025, down from $7,627,000 in 2024, indicating a decline of approximately 67.8%[29] Expenses - Operating expenses increased by 10% to $36.7 million, primarily due to higher general and administrative expenses[7] - Total operating expenses increased to $36,743,000 for the three months ended September 30, 2025, from $33,253,000 in 2024, marking an increase of 13.5%[25] - Research and development expenses for the three months ended September 30, 2025, were $8,956,000, a decrease from $9,882,000 in 2024, reflecting a reduction of approximately 9.3%[25] Cash and Assets - Cash and marketable securities totaled $261.7 million as of September 30, 2025[14] - Cash and cash equivalents as of September 30, 2025, were $93,281,000, a decrease from $98,716,000 as of December 31, 2024[27] - Total current assets decreased to $388,489,000 as of September 30, 2025, from $396,446,000 as of December 31, 2024[27] Guidance and Outlook - Cytek reaffirms its 2025 revenue guidance of $196 million to $205 million, indicating a growth of -2% to +2% over 2024[15] - The installed base expanded to 3,456 Cytek instruments, adding 161 units in Q3 2025[8] Financial Position - The accumulated deficit increased to $(57,662,000) as of September 30, 2025, from $(35,199,000) as of December 31, 2024, reflecting a worsening financial position[27] - Weighted-average shares used in calculating net loss per share, basic, were 127,547,859 for the three months ended September 30, 2025, compared to 131,003,744 in 2024[25]

Production and Sales - Third quarter production averaged 253 MBoe/d, consisting of approximately 41% oil and 58% liquids, with oil production at 103 Mbo/d[4] - For the three months ended September 30, 2025, average daily net sales volumes were 103 MBbls/d for oil, 631 MMcf/d for natural gas, and 45 MBbls/d for NGLs, resulting in a total of 253 MBoe/d, representing a 15.5% increase from 219 MBoe/d in the same period of 2024[26] - Total revenues for the three months ended September 30, 2025, were $866.6 million, up 16.3% from $744.9 million in the same period of 2024, driven by increased oil and natural gas sales[27] - The average realized price for oil was $63.07 per Bbl, a decrease of 8.3% from $69.19 per Bbl in the same period of 2024, while natural gas prices increased to $2.49 per Mcf from $1.55 per Mcf[26] Financial Performance - Crescent reported a net loss of $10 million and an Adjusted Net Income of $88 million for the third quarter[5] - Generated $487 million in Adjusted EBITDAX, $473 million in Operating Cash Flow, and $204 million in Levered Free Cash Flow[5] - Net income attributable to Crescent for the nine months ended September 30, 2025, was $141.6 million, compared to $3.4 million in the same period of 2024, indicating a significant improvement in profitability[27] - The company reported net cash provided by operating activities of $1,309,140 thousand for the nine months ended September 30, 2025, compared to $838,652 thousand for the same period in 2024, an increase of approximately 55.9%[32] - Adjusted Net Income for the three months ended September 30, 2025, was $88,332 thousand, compared to $81,972 thousand in 2024, showing an increase of approximately 7.5%[42] Cost Management and Efficiency - Achieved 15% savings in drilling, completion, and facilities costs per foot compared to 2024, enhancing capital efficiencies in the Eagle Ford[6] - Operating expenses per Boe for the three months ended September 30, 2025, were $16.65, slightly higher than $16.23 in the same period of 2024, reflecting ongoing cost management efforts[26] - General and administrative expenses decreased significantly to $74.3 million for the three months ended September 30, 2025, from $159.7 million in the same period of 2024, reflecting improved cost control measures[27] - The company incurred transaction and nonrecurring expenses of $19,938 thousand for the three months ended September 30, 2025, compared to $56,311 thousand in 2024, reflecting a decrease of approximately 64.5%[42] Debt and Equity - Strengthened the balance sheet with approximately $150 million in debt repayment and expanded the borrowing base by 50% to $3.9 billion[6] - Long-term debt increased to $3,221,409 thousand as of September 30, 2025, up from $3,049,255 thousand on December 31, 2024, marking an increase of about 5.6%[30] - Total current liabilities rose to $864,198 thousand as of September 30, 2025, compared to $827,363 thousand at the end of 2024, reflecting an increase of approximately 4.4%[30] - Total equity increased to $4,478,881 thousand as of September 30, 2025, compared to $3,139,631 thousand at the end of 2024, representing a growth of approximately 42.7%[30] Future Outlook and Guidance - Enhanced 2025 guidance for the second consecutive quarter, resulting in a 4% improvement in capital outlook while maintaining production levels[9][10] - Future guidance indicates a focus on increasing production volumes and optimizing operational efficiencies to drive revenue growth in the upcoming quarters[25] Acquisitions and Divestitures - Announced the acquisition of Vital Energy for approximately $3.1 billion in an all-stock transaction, expected to close in late Q4 2025[7] - Executed agreements for non-core divestitures totaling over $800 million year-to-date, including more than $700 million in September and October 2025[8] Market Conditions and Derivatives - The company achieved a gain on derivatives of $55.7 million for the three months ended September 30, 2025, compared to a gain of $96.9 million in the same period of 2024, indicating volatility in market conditions[27] - The unrealized loss on derivatives for the three months ended September 30, 2025, was $(33,859) thousand, compared to $(91,672) thousand in 2024, indicating an improvement in derivative performance[42] Dividends - Approved a cash dividend of $0.12 per share for the third quarter, payable on December 1, 2025[11] - Class A common stock dividends for Q3 2025 were $30,554,000, up from $19,562,000 in Q3 2024, representing a 56.9% increase[52] - Adjusted dividends paid for the nine months ended September 30, 2025, totaled $92,125,000, compared to $69,692,000 for the same period in 2024, reflecting a 32.2% increase[52]

Financial Performance - Net income for Harley-Davidson, Inc. in Q3 2025 was $377.4 million, or $3.10 per diluted share, compared to $119.0 million, or $0.91 per diluted share, in Q3 2024[163] - The company reported operating income of $474.8 million in Q3 2025, a significant increase of 348.7% compared to $105.8 million in Q3 2024[1] - HDFS segment operating income surged by $362.1 million, reaching $438.8 million in Q3 2025, compared to $76.7 million in the same period last year[1] - Net income attributable to Harley-Davidson, Inc. was $377.4 million in Q3 2025, up 217.0% from $119.0 million in Q3 2024[1] - Diluted earnings per share increased to $3.10, reflecting a 240.7% rise from $0.91 in the prior year[1] - Net income attributable to Harley-Davidson, Inc. increased by $45.8 million (8.0%) to $618.0 million in the first nine months of 2025[207] - Diluted earnings per share increased by $0.76 (17.8%) to $5.03 in the first nine months of 2025 compared to the same period in 2024[210] Sales and Market Performance - Worldwide retail sales of new Harley-Davidson motorcycles declined by 6.0% in Q3 2025 compared to Q3 2024, with North America down 4.5%, EMEA down 16.9%, and Asia-Pacific down 3.4%[165] - Retail sales of new Harley-Davidson motorcycles in North America decreased by 4.5%, with a 4.2% decline in the U.S. market during Q3 2025[1] - Retail unit sales of new Harley-Davidson motorcycles decreased by 18,321 units (14.6%) to 107,248 units in the first nine months of 2025 compared to the same period in 2024[212] - U.S. motorcycle shipments decreased by 17,498 units (19.5%) to 72,263 units in the first nine months of 2025 compared to the same period in 2024[217] - The Company's U.S. market share of new 601+cc motorcycles decreased by 3.9 percentage points to 33.8% in the first nine months of 2025[214] Segment Performance - HDMC segment operating income decreased to $54.1 million in Q3 2025, down $1.0 million from Q3 2024, primarily due to higher manufacturing and tariff costs[164] - Operating income for the HDMC segment fell by $259.8 million, or 52.9%, from $491.5 million in 2024 to $231.7 million in 2025, with an operating margin decline of 6.1 percentage points[219] - LiveWire segment revenue increased by 15.7% to $5.6 million in Q3 2025, driven by higher electric motorcycle sales[1] - LiveWire segment revenue decreased by $1.6 million, or 10.3%, from $15.96 million in 2024 to $14.32 million in 2025, primarily due to lower electric motorcycle volumes[224] - Operating loss for the LiveWire segment improved to $18.2 million, a reduction of 30.3% compared to a loss of $26.1 million in Q3 2024[1] Cost and Investment - The total cost of new or increased tariffs incurred by the Company in 2025 was approximately $45 million, with potential impacts estimated between $55 million to $75 million for the full year[166] - Capital investments for 2025 are now expected to be between $175 million to $200 million, down from a previous expectation of $200 million to $225 million[179] - The Company achieved productivity savings of approximately $257 million from 2022 to 2024 and an additional $75 million in the first nine months of 2025, with an expectation of $100 million in annual savings for 2025 and 2026[178] Shareholder Returns - The Company remains committed to repurchasing approximately $1 billion of shares from Q3 2024 through the end of 2026, including a $200 million accelerated share repurchase program expected to commence in Q4 2025[180] - Cash outflows for share repurchases were $193.2 million in the first nine months of 2025, compared to $359.8 million in the same period last year[245] Financial Position and Liquidity - The Company had cash and cash equivalents of $1,775.04 million and total availability under credit and conduit facilities of $3,679.71 million as of September 30, 2025[236] - The Company's total outstanding debt decreased to $5.16 billion as of September 30, 2025, from $7.80 billion as of September 30, 2024[246] - The Company extended its existing $710.0 million five-year credit facility to mature in April 2029, providing additional liquidity[249] Risk Management - The Company is exposed to market risks from foreign currency exchange rates, commodity prices, and interest rates, utilizing derivative financial instruments to mitigate these risks[275] - HDMC segment operating results are significantly affected by fluctuations in the Euro, Australian dollar, and other currencies, with foreign currency contracts in place to manage this risk[276] - HDFS operating income is impacted by interest rate changes, with interest rate caps used to reduce fluctuations on floating-rate asset-backed securitization transactions[279] Strategic Initiatives - The Company plans to introduce a new small displacement motorcycle with a targeted entry price below $6,000 and shift the timing of its annual new model year launch to the preceding fall[172] - The company anticipates a slower EV adoption due to a lack of government incentives and regulatory challenges, impacting future investment strategies in LiveWire[265] - LiveWire plans to expand internationally, which will increase its exposure to currency rate risk as it grows its international presence[278]

Revenue Performance - Total revenue for Q3 2025 reached $354.7 million, a 17.8% increase from $301.0 million in Q3 2024[3] - U.S. revenue accounted for 77.5% of total revenue, with a 21.5% increase to $275.0 million compared to Q3 2024[8] - Revenue from global thrombectomy products grew to $236.4 million, a 15.8% increase year-over-year[3] - Revenue from global embolization and access products reached $118.3 million, marking a 22.0% increase compared to the same period last year[3] - U.S. revenue for Q3 2025 was $275.029 million, a 21.5% increase from $226.326 million in Q3 2024[29] - International revenue for Q3 2025 was $79.656 million, a 6.6% increase from $74.713 million in Q3 2024[29] - For the three months ended September 30, 2025, total revenue was $354.685 million, representing a reported change of $53.646 million or 17.8% growth compared to the same period in 2024[30] - For the nine months ended September 30, 2025, total revenue reached $1.018 billion, reflecting a reported change of $139.183 million or 15.8% growth compared to the same period in 2024[33] Profitability Metrics - Gross profit for Q3 2025 was $240.4 million, representing a gross margin of 67.8%, up from 66.5% in Q3 2024[3] - Net income for Q3 2025 was $45.9 million, with an adjusted EBITDA of $66.7 million, yielding net income and adjusted EBITDA margins of 12.9% and 18.8%, respectively[8] - Net income for Q3 2025 was $45.851 million, up from $29.527 million in Q3 2024, resulting in a net income margin of 12.9%[22] - Adjusted EBITDA for Q3 2025 was $66.723 million, representing an adjusted EBITDA margin of 18.8%[27] Operating Expenses - Operating expenses totaled $191.6 million, or 54.0% of total revenue, down from 54.8% in Q3 2024[4] - Total operating expenses for Q3 2025 were $191.578 million, up from $164.942 million in Q3 2024[22] - Research and development expenses decreased to $22.677 million in Q3 2025 from $25.205 million in Q3 2024[22] Guidance and Future Outlook - The company raised its full-year 2025 revenue guidance to between $1.375 billion and $1.380 billion, indicating a growth of 15% to 16% over 2024[6] - The company continues to focus on expanding its product offerings and market presence, particularly in the Thrombectomy and Embolization segments[30] - Penumbra, Inc. is committed to ongoing research and development to enhance its product portfolio and drive future growth[30] Earnings Per Share - The company reported a diluted EPS of $1.17 for Q3 2025, compared to $0.75 for Q3 2024[26] - Non-GAAP net income for Q3 2025 was $38.097 million, with a non-GAAP diluted EPS of $0.97[26] Currency Impact - The constant currency change for total revenue in the three months ended September 30, 2025, was $50.957 million or 16.9% growth, after accounting for a foreign exchange impact of $(2.689) million[32] - The constant currency change for total revenue in the nine months ended September 30, 2025, was $136.014 million or 15.5% growth, after accounting for a foreign exchange impact of $(3.169) million[33]

Financial Performance - Quarterly revenue for Q3 2025 was $205.1 million, representing a 77% increase year-over-year from $115.8 million in Q3 2024[3] - Adjusted EBITDA for Q3 2025 was $70.7 million, up 84.5% from $38.3 million in Q3 2024, with an adjusted EBITDA margin of 34.5%[3] - Annualized recurring revenue (ARR) reached $807.5 million as of September 30, 2025, a 77% increase from $456.9 million a year earlier[4] - Non-GAAP net income for Q3 2025 was $40.6 million, a 31.2% increase from $31.0 million in Q3 2024[3] - Revenue for Q3 2025 reached $205,110,000, a 77% increase from $115,828,000 in Q3 2024[23] - Gross profit for Q3 2025 was $134,472,000, compared to $84,471,000 in Q3 2024, reflecting a 59% increase[23] - Operating cash flow for the nine months ended September 30, 2025, was $120,565 thousand, an increase from $103,520 thousand in 2024[25] - Adjusted EBITDA for the nine months ended September 30, 2025, reached $174,117,000, representing a 67% increase compared to $103,992,000 in 2024[33] - Free cash flow for the three months ended September 30, 2025, was $44,927,000, slightly down from $48,111,000 in 2024[30] - The company reported a net income loss of $27,729,000 for the nine months ended September 30, 2025, compared to a profit of $7,280,000 in 2024[33] Expenses and Losses - Operating expenses totaled $127,918,000 in Q3 2025, up from $77,133,000 in Q3 2024, representing a 66% increase[23] - Net loss for Q3 2025 was $10,514,000, compared to a net income of $4,769,000 in Q3 2024[23] - Research and development expenses for Q3 2025 were $52,065,000, up from $36,618,000 in Q3 2024, a 42% increase[23] - Sales and marketing expenses rose to $44,471,000 in Q3 2025, compared to $17,889,000 in Q3 2024, an increase of 148%[23] - The company reported a basic net loss per share of $0.04 for Q3 2025, compared to a net income per share of $0.02 in Q3 2024[23] - The company incurred equity-based compensation of $33,470 thousand for the three months ended September 30, 2025, compared to $25,976 thousand in 2024[25] - Interest expense for the nine months ended September 30, 2025, was $30,502,000, compared to $3,256,000 in 2024, indicating a significant increase[33] Cash Flow and Investments - Operating cash flows for Q3 2025 were $49.0 million, enabling the repayment of $40 million of debt[3] - Cash used in investing activities for the nine months ended September 30, 2025, was $988,455 thousand, significantly higher than $54,772 thousand in 2024[25] - Cash and cash equivalents decreased to $60,750,000 from $177,350,000 as of December 31, 2024[21] - Cash and cash equivalents at the end of the period were $60,750 thousand, down from $228,694 thousand at the end of the same period in 2024[25] - Cash paid for interest was $15,137 thousand for the three months ended September 30, 2025, compared to $865 thousand in 2024[26] Strategic Developments - CWAN announced a revenue guidance of $730 million to $731 million for the full year 2025, reflecting a year-over-year growth of 62%[7] - The company hosted its annual user conference, Connect '25, showcasing enhanced capabilities for its Alternative Assets Solution targeting the $2.5 trillion private credit market[5] - CWAN repurchased $8.9 million of its shares as part of a $100 million share buyback program announced on September 3, 2025[5] - The company secured a multi-billion dollar endowment portfolio management contract with Texas Treasury Safekeeping Trust Company, validating its strategic product value[5] Balance Sheet - Total assets as of September 30, 2025, were $2,990,512,000, significantly up from $1,169,572,000 as of December 31, 2024[21] - Total liabilities increased to $988,961,000 as of September 30, 2025, compared to $139,341,000 at the end of 2024[21] - The company reported depreciation and amortization of $29,300 thousand for the three months ended September 30, 2025, compared to $3,239 thousand in 2024[25] - The company reported a deferred tax benefit of $(2,239) thousand for the three months ended September 30, 2025[25]