National Healthcare Properties Reports Second Quarter 2025 Results NEW YORK, August 6, 2025 (GLOBE NEWSWIRE) -- National Healthcare Properties, Inc. (Nasdaq: NHPAP / NHPBP) (the "Company"), a self-managed diversified healthcare real estate investment trust focusing on seniors housing and outpatient medical facilities, today announced results for the three and six months ended June 30, 2025. OMF Portfolio Investment Activity The Company completed dispositions with an aggregate contract sales price of $21.4 m ...

Exhibit 99.1 EPAM Reports Results for Second Quarter 2025 and Raises Full Year Revenue Outlook Newtown, PA, USA — August 7, 2025 — EPAM Systems, Inc. (NYSE: EPAM), a leading digital transformation services and product engineering company, today announced results for the second quarter ended June 30, 2025. • Second quarter revenues of $1.353 billion, up 18.0% year-over-year • GAAP income from operations was 9.3% of revenues and non-GAAP income from operations was 15.0% of revenues for the second quarter • Se ...

Exhibit 99.1 AvidXchange Announces Second-Quarter 2025 Financial Results Charlotte, N.C. – August 6, 2025 – AvidXchange Holdings, Inc. (Nasdaq: AVDX), a leading provider of accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers, today announced financial results for the second quarter ended June 30, 2025. Second Quarter 2025 Financial Highlights: A reconciliation of GAAP to non-GAAP financial measures has been provided in the tables following the fin ...

Condensed Consolidated Interim Financial Statements For the three and six months ended June 30, 2025 and 2024 | | | June 30, | December 31, | | --- | --- | --- | --- | | | Note | 2025 | 2024 | | ASSETS | | | | | Current assets | | | | | Cash | | 121,988 | 172,732 | | Accounts receivable | 8 | 6,291 | 5,643 | | Inventories | 9 | 95,664 | 138,890 | | Prepaids | | 8,468 | 8,179 | | Other financial assets | 10 | 2,915 | 27,795 | | | | 235,326 | 353,239 | | Property, plant and equipment | 11 | 1,954,246 | 1,770, ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of August, 2025. Commission File Number 001-38755 Suzano S.A. (Exact name of registrant as specified in its charter) SUZANO INC. (Translation of Registrant's Name into English) Av. Professor Magalhaes Neto, 1,752 10th Floor, Rooms 1010 and 1011 Salvador, Brazil 41 810-012 (Address of principal executive offic ...

[Overview and Highlights](index=1&type=section&id=Overview%20and%20Highlights) This section summarizes management's strategic commentary and key financial and operational achievements for the quarter [Management Commentary](index=1&type=section&id=Management%20Comments) Management emphasized the completion of the full-year drilling program, anticipating sequential production growth and strong free cash flow generation - **Full-year drilling activity is complete**, with production expected to grow sequentially through year-end[4](index=4&type=chunk) - Positive regulatory developments in California could create new drill permitting opportunities by year-end[4](index=4&type=chunk) - All four Uinta wells in Utah are expected online in August, contributing to **production growth in H2 2025**[4](index=4&type=chunk) - The company anticipates **strong free cash flow generation** through the remainder of the year[4](index=4&type=chunk) [Key Highlights](index=1&type=section&id=Key%20Highlights) Berry Corporation achieved **23.9 MBoe/d** production, **$34 million net income**, and **$53 million Adjusted EBITDA** in Q2 2025, while reducing debt and maintaining strong hedge positions Q2 2025 Key Metrics | Metric | Value | | :--- | :--- | | Production (MBoe/d) | 23.9 (92% oil) | | Net Income ($ millions) | $34 | | Diluted EPS ($/share) | $0.43 | | Adjusted EBITDA ($ millions) | $53 | | Operating Cash Flow ($ millions) | $29 | | Total Debt Paid Down ($ millions) | ~$11 | - Reaffirmed full-year 2025 guidance and declared a quarterly dividend of **$0.03 per share**[1](index=1&type=chunk)[5](index=5&type=chunk) - Maintains a strong hedge book, with **71% of remaining 2025 oil volumes hedged at $74.59/Bbl** and **63% of 2026 volumes hedged at $69.55/Bbl**[5](index=5&type=chunk) [Financial Performance](index=2&type=section&id=Financial%20Performance) This section details the company's financial results, capital structure, and comprehensive financial statements for the reporting period [Second Quarter 2025 Financial and Operating Summary](index=2&type=section&id=Second%20Quarter%202025%20Financial%20and%20Operating%20Summary) Berry reported **$34 million net income** in Q2 2025, a turnaround from prior losses, with **Adjusted EBITDA of $53 million** and **negative free cash flow of $26 million** due to increased capital expenditures Selected Comparative Financial Results (in millions, except per share) | Metric | Q2 2025 | Q1 2025 | Q2 2024 | | :--- | :--- | :--- | :--- | | Production (MBoe/d) | 23.9 | 24.7 | 25.3 | | Net Income (Loss) ($ millions) | $34 | $(97) | $(9) | | Adjusted EBITDA ($ millions) | $53 | $68 | $74 | | Earnings per Diluted Share ($/share) | $0.43 | $(1.25) | $(0.11) | | Cash Flow from Operations ($ millions) | $29 | $46 | $71 | | Capital Expenditures ($ millions) | $54 | $28 | $42 | | Free Cash Flow ($ millions) | $(26) | $17 | $29 | [Capital Structure and Shareholder Returns](index=2&type=section&id=Capital%20Structure%20and%20Shareholder%20Returns) As of June 30, 2025, Berry maintained **$101 million in total liquidity**, reduced debt by **$11 million** in Q2, and approved a **$0.03 per share quarterly dividend** - As of June 30, 2025, **total liquidity was $101 million**, including **$20 million in cash** and **$81 million in available borrowing capacity**[8](index=8&type=chunk) - Paid down approximately **$11 million of debt** during Q2 2025, with a year-to-date total debt reduction of **$23 million**[9](index=9&type=chunk) - The Board of Directors approved a quarterly cash dividend of **$0.03 per share**[9](index=9&type=chunk) [Detailed Financial Statements](index=6&type=section&id=Detailed%20Financial%20Statements) This section presents the consolidated statement of operations, cash flow, balance sheet, and segment results, highlighting **$210.1 million in total revenues** and **$33.6 million net income** for Q2 2025 [Consolidated Statement of Operations](index=6&type=section&id=Consolidated%20Statement%20of%20Operations) Q2 2025 total revenues reached **$210.1 million**, driven by derivative gains, resulting in **$33.6 million net income** or **$0.43 diluted EPS**, a significant improvement from prior losses Consolidated Statement of Operations Highlights (in thousands) | Line Item | Q2 2025 | Q1 2025 | Q2 2024 | | :--- | :--- | :--- | :--- | | Oil, natural gas and NGL sales ($ thousands) | $125,637 | $147,862 | $168,781 | | Gains (losses) on oil and gas sales derivatives ($ thousands) | $56,423 | $5,475 | $(5,844) | | **Total revenues and other ($ thousands)** | **$210,078** | **$182,651** | **$199,634** | | Impairment of oil and gas properties ($ thousands) | $0 | $157,910 | $43,980 | | **Net income (loss) ($ thousands)** | **$33,604** | **$(96,680)** | **$(8,769)** | | **Diluted EPS ($/share)** | **$0.43** | **$(1.25)** | **$(0.11)** | [Cash Flow and Balance Sheet Data](index=7&type=section&id=Cash%20Flow%20and%20Balance%20Sheet%20Data) Q2 2025 saw **net cash from operating activities at $28.6 million**, with long-term debt decreasing to **$364.6 million** and total stockholders' equity at **$664.9 million** Cash Flow Data (in thousands) | Metric | Q2 2025 | Q1 2025 | Q2 2024 | | :--- | :--- | :--- | :--- | | Net cash provided by operating activities ($ thousands) | $28,638 | $45,872 | $70,891 | | Net cash used in investing activities ($ thousands) | $(34,162) | $(19,770) | $(42,486) | | Net cash used in financing activities ($ thousands) | $(13,760) | $(16,876) | $(25,174) | Balance Sheet Data (in thousands) | Metric | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Total current assets ($ thousands) | $158,048 | $149,643 | | Long-term debt ($ thousands) | $364,602 | $384,633 | | Total stockholders' equity ($ thousands) | $664,941 | $730,636 | [Segment Results](index=8&type=section&id=Segment%20Results) The E&P segment generated **$130.8 million in revenue** and **$81.0 million in pre-tax income** in Q2 2025, with the majority of capital expenditures directed to this segment Q2 2025 Segment Performance (in thousands) | Segment | Revenues ($ thousands) | Net income (loss) before income taxes ($ thousands) | Capital expenditures ($ thousands) | | :--- | :--- | :--- | :--- | | E&P | $130,831 | $81,001 | $53,350 | | Well Servicing and Abandonment Services | $31,082 | $(296) | $333 | [Operational Performance and Outlook](index=2&type=section&id=Operational%20Performance%20and%20Outlook) This section reviews the company's production, capital expenditures, commodity risk management, and provides full-year guidance [Production and Capital Expenditures](index=12&type=section&id=Production%20and%20Capital%20Expenditures) Q2 2025 total production averaged **23.9 MBoe/d**, with **oil at 22.0 MBbl/d**, while capital expenditures significantly increased to **$54.2 million** due to the Utah drilling program Average Daily Production | Production Type | Q2 2025 | Q1 2025 | Q2 2024 | | :--- | :--- | :--- | :--- | | Total Oil (MBbl/d) | 22.0 | 23.0 | 23.4 | | Natural Gas (MMcf/d) | 9.1 | 7.9 | 8.9 | | NGLs (MBbl/d) | 0.4 | 0.4 | 0.4 | | **Total (MBoe/d)** | **23.9** | **24.7** | **25.3** | Capital Expenditures (in thousands) | Period | Amount ($ thousands) | | :--- | :--- | | Q2 2025 | $54,249 | | Q1 2025 | $28,389 | | Q2 2024 | $42,325 | [Commodity Pricing and Risk Management](index=3&type=section&id=Commodity%20Pricing%20and%20Risk%20Management) Berry's Q2 2025 realized oil price was **$67.54/bbl** (with hedges), actively managing price risk by hedging **71% of remaining 2025 oil production** and **80% of natural gas demand** Weighted Average Realized Prices (Q2 2025) | Commodity | Price without Hedge ($/bbl or $/mmbtu) | Effect of Hedges ($/bbl or $/mmbtu) | Price with Hedge ($/bbl or $/mmbtu) | | :--- | :--- | :--- | :--- | | Oil ($/bbl) | $61.26 | $6.28 | $67.54 | | Purchased Natural Gas ($/mmbtu) | $2.80 | $1.89 | $4.69 | - The company has hedged **71% of its estimated oil production** for the remainder of 2025 at an average Brent price of **$74.59/Bbl**[13](index=13&type=chunk) - Approximately **80% of expected natural gas demand** for the rest of 2025 is hedged with an average swap price of **$4.22/MMBtu**[13](index=13&type=chunk) Total Gains (Losses) on Derivatives (in thousands) | Period | Amount ($ thousands) | | :--- | :--- | | Q2 2025 | $53,293 | | Q1 2025 | $11,166 | | Q2 2024 | $(8,486) | [2025 Full Year Guidance](index=2&type=section&id=2025%20Full%20Year%20Guidance) Berry reaffirmed its full-year 2025 guidance, projecting average daily production between **24,800 and 26,000 boe/d** and capital expenditures of **$110 to $120 million** Reaffirmed Full Year 2025 Guidance | Metric | Low | High | | :--- | :--- | :--- | | Average Daily Production (boe/d) | 24,800 | 26,000 | | Non-energy LOE ($/boe) | $13.00 | $15.00 | | Capital Expenditures ($ millions) | $110 | $120 | - Approximately **60% of the 2025 capital program** is directed to California, with the remaining **40% allocated to Utah**[18](index=18&type=chunk) [Non-GAAP Financial Measures and Reconciliations](index=13&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Reconciliations) This section provides reconciliations for non-GAAP financial measures, including Adjusted EBITDA, Free Cash Flow, Adjusted Net Income, and E&P Operating Costs [Adjusted EBITDA Reconciliation](index=15&type=section&id=Adjusted%20EBITDA%20Reconciliation) Q2 2025 Adjusted EBITDA was **$52.9 million**, reconciled from **$33.6 million net income** by adjusting for non-cash items and derivative gains Adjusted EBITDA Reconciliation (in thousands) | Line Item | Q2 2025 | Q1 2025 | Q2 2024 | | :--- | :--- | :--- | :--- | | **Net income (loss) ($ thousands)** | **$33,604** | **$(96,680)** | **$(8,769)** | | Interest expense ($ thousands) | 15,513 | 15,172 | 10,050 | | Income tax expense (benefit) ($ thousands) | 13,188 | (38,673) | (3,326) | | Depreciation, depletion, and amortization ($ thousands) | 35,294 | 40,392 | 42,843 | | Impairment of oil and gas properties ($ thousands) | — | 157,910 | 43,980 | | (Gains) losses on derivatives ($ thousands) | (53,293) | (11,166) | 8,486 | | Net cash received (paid) for scheduled derivative settlements ($ thousands) | 4,908 | (1,312) | (19,115) | | **Adjusted EBITDA ($ thousands)** | **$52,915** | **$68,450** | **$74,329** | [Free Cash Flow and Leverage Ratio](index=16&type=section&id=Free%20Cash%20Flow%20and%20Leverage%20Ratio) Q2 2025 Free Cash Flow was **negative $25.6 million**, resulting from **$28.6 million operating cash flow** and **$54.2 million capital expenditures**, with a Leverage Ratio of **1.51x** Free Cash Flow Reconciliation (in thousands) | Line Item | Q2 2025 | Q1 2025 | Q2 2024 | | :--- | :--- | :--- | :--- | | Net cash provided by operating activities ($ thousands) | $28,638 | $45,872 | $70,891 | | Capital expenditures ($ thousands) | (54,249) | (28,389) | (42,325) | | **Free Cash Flow ($ thousands)** | **$(25,611)** | **$17,483** | **$28,566** | Leverage Ratio as of June 30, 2025 | Metric | Value (in thousands) | | :--- | :--- | | Net Debt ($ thousands) | $407,772 | | Trailing twelve month Adjusted EBITDA ($ thousands) | $270,266 | | **Leverage Ratio (x)** | **1.51x** | [Adjusted Net Income (Loss) Reconciliation](index=17&type=section&id=Adjusted%20Net%20Income%20%28Loss%29%20Reconciliation) Q2 2025 Adjusted Net Loss was **$0.4 million** or **$0.00 per diluted share**, primarily due to the removal of a **$48.4 million net non-cash gain on derivatives** Adjusted Net Income (Loss) Reconciliation (in thousands) | Line Item | Q2 2025 | Q1 2025 | Q2 2024 | | :--- | :--- | :--- | :--- | | **Net income (loss) ($ thousands)** | **$33,604** | **$(96,680)** | **$(8,769)** | | (Gains) losses on derivatives ($ thousands) | (53,293) | (11,166) | 8,486 | | Net cash received (paid) for scheduled derivative settlements ($ thousands) | 4,908 | (1,312) | (19,115) | | Impairment of oil and gas properties ($ thousands) | — | 157,910 | 43,980 | | Income tax expense (benefit) of adjustments ($ thousands) | 12,742 | (39,783) | (8,617) | | **Adjusted Net Income (Loss) ($ thousands)** | **$(364)** | **$9,370** | **$14,155** | [E&P Operating Costs (LOE) Analysis](index=18&type=section&id=E%26P%20Operating%20Costs%20%28LOE%29%20Analysis) Q2 2025 unhedged Lease Operating Expenses (LOE) were **$24.43 per Boe**, with total hedged LOE at **$27.97 per Boe** after accounting for gas purchase hedges E&P Operating Costs (per Boe) | Line Item | Q2 2025 ($/Boe) | Q1 2025 ($/Boe) | Q2 2024 ($/Boe) | | :--- | :--- | :--- | :--- | | Energy LOE - unhedged | $10.32 | $11.83 | $9.52 | | Non-energy LOE | $14.11 | $13.91 | $13.91 | | **Lease operating expenses (unhedged)** | **$24.43** | **$25.74** | **$23.43** | | Gas purchase hedges - realized | $3.54 | $0.66 | $4.05 | | **Lease operating expenses - hedged** | **$27.97** | **$26.40** | **$27.48** |

[Company Overview](index=4&type=section&id=Company%20Overview) Modiv Industrial is a REIT focused on single-tenant net-lease industrial manufacturing properties [Company Overview](index=4&type=section&id=Company%20Overview) Modiv Industrial is a REIT focused on single-tenant net-lease industrial manufacturing properties with long-term leases - Modiv Industrial's core business is owning and managing single-tenant net-lease real estate, with a strategic focus on critical industrial manufacturing properties[9](index=9&type=chunk) Leadership Team | Role | Name | | :--- | :--- | | **Management Team** | | | Chief Executive Officer and Director | Aaron S. Halfacre | | Chief Financial Officer and Secretary | Raymond J. Pacini | | Chief Operating Officer and General Counsel | John C. Raney | | **Independent Directors** | | | Chairman of the Board | Thomas H. Nolan, Jr. | | Director | Christopher R. Gingras | | Director | Kimberly Smith | | Director | Connie Tirondola | [Financial Results](index=5&type=section&id=Financial%20Results) This section details Modiv Industrial's financial performance, including earnings, FFO, AFFO, and leverage ratios [Earnings Release](index=5&type=section&id=Earnings%20Release) Q2 2025: $11.8 million revenue, $(2.8) million net loss, and **22% YoY AFFO per diluted share growth to $0.38** Q2 2025 Financial Highlights | Metric | Value | Note | | :--- | :--- | :--- | | Revenue | $11.8 million | - | | Net Loss Attributable to Common Stockholders | $(2.8) million | - | | AFFO | $4.8 million | - | | AFFO per Diluted Share | $0.38 | 22% year-over-year increase | - A 5-year lease was renewed with Northrop Grumman for the property in Melbourne, Florida, featuring **2% annual rent escalations**[18](index=18&type=chunk) - Management observes early signs of a thaw in the lending market, making refinancing and acquisition financing more available[19](index=19&type=chunk) - The company is considering an asset recycling program involving approximately **$150 million** of properties, which could potentially produce over **100 basis points of AFFO growth** within 12+ months[23](index=23&type=chunk) [Consolidated Statements of Operations - Last Five Quarters](index=8&type=section&id=Consolidated%20Statements%20of%20Operations%20-%20Last%20Five%20Quarters) Q2 2025 total income was $11.8 million, but a $4.0 million impairment led to a $(2.6) million net loss, contrasting Q2 2024 Q2 2025 vs Q2 2024 Statement of Operations (in thousands) | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Total Income | $11,833 | $11,410 | +3.7% | | Total Expenses | $10,668 | $6,317 | +68.9% | | Net (Loss) Income | $(2,633) | $1,262 | N/A | | Net (Loss) Income Attributable to Common Stockholders | $(2,818) | $403 | N/A | - A **$4.0 million impairment charge** was recorded in Q2 2025 related to a property in Saint Paul, Minnesota, due to current market conditions[32](index=32&type=chunk) - Interest expense in Q2 2025 was **$(4.0) million**, slightly lower than the **$(4.1) million** in Q2 2024, influenced by changes in interest rate swap valuations and settlements[30](index=30&type=chunk) [Consolidated Statements of Comprehensive Income (Loss) - Last Five Quarters](index=10&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)%20-%20Last%20Five%20Quarters) Q2 2025 comprehensive loss was $(2.7) million, driven by net loss and cash flow hedge adjustments Comprehensive Income (Loss) (in thousands) | Period | Net (Loss) Income | Other Comprehensive (Loss) Income | Comprehensive (Loss) Income | | :--- | :--- | :--- | :--- | | Q2 2025 | $(2,633) | $(59) | $(2,692) | | Q2 2024 | $1,262 | $(253) | $1,009 | [Earnings (Loss) Per Share - Last Five Quarters](index=11&type=section&id=Earnings%20(Loss)%20Per%20Share%20-%20Last%20Five%20Quarters) Q2 2025 basic and diluted loss per share was $(0.32), a significant drop from $0.03 in Q2 2024 Earnings (Loss) Per Share Comparison | Period | Basic EPS | Diluted EPS | | :--- | :--- | :--- | | Q2 2025 | $(0.32) | $(0.32) | | Q1 2025 | $(0.01) | $(0.01) | | Q4 2024 | $0.07 | $0.07 | | Q3 2024 | $(0.18) | $(0.18) | | Q2 2024 | $0.03 | $0.03 | [FFO and AFFO - Last Five Quarters](index=12&type=section&id=FFO%20and%20AFFO%20-%20Last%20Five%20Quarters) Q2 2025 FFO was $0.36 per share, AFFO $0.38 per share, with AFFO up **11.8% YoY** despite GAAP net loss FFO and AFFO Per Share/Unit (Fully Diluted) | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | FFO Per Share/Unit | $0.36 | $0.41 | -12.2% | | AFFO Per Share/Unit | $0.38 | $0.34 | +11.8% | - AFFO adjustments in Q2 2025 included adding back **$0.8 million** in stock compensation and adjusting for amortization of deferred rents, interest rate derivatives, and lease intangibles[38](index=38&type=chunk) [Adjusted EBITDA - Last Five Quarters](index=13&type=section&id=Adjusted%20EBITDA%20-%20Last%20Five%20Quarters) Q2 2025 Adjusted EBITDA rose to $10.3 million, maintaining a Net Debt to Adjusted EBITDA ratio of **6.9x** Adjusted EBITDA and Leverage | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Adjusted EBITDA | $10,302 thousand | $9,856 thousand | | Net Debt | $283,114 thousand | $271,053 thousand | | Net Debt / Adjusted EBITDA | 6.9x | 6.9x | [Leverage Ratio](index=14&type=section&id=Leverage%20Ratio) Modiv's leverage ratio was **48.0%** as of June 30, 2025, well below the **60%** covenant limit Leverage Ratio Calculation (in thousands) | Component | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Asset Value | $602,992 | $609,741 | | Total Indebtedness | $289,535 | $289,935 | | **Leverage Ratio** | **48.0%** | **47.6%** | [Balance Sheets and Capitalization](index=15&type=section&id=Balance%20Sheets%20and%20Capitalization) This section outlines Modiv's capital structure, balance sheet, debt composition, and covenant compliance [Capitalization](index=15&type=section&id=Capitalization) As of June 30, 2025, total capitalization was $501.7 million, comprising **56% fixed-rate debt**, **35% common equity** Capital Structure as of June 30, 2025 (in thousands) | Category | Value | % of Total Capitalization | | :--- | :--- | :--- | | Preferred Equity | $43,125 | 9% | | Common Equity | $177,903 | 35% | | Total Debt | $280,642 | 56% | | **Total Capitalization** | **$501,670** | **100%** | - The company fixed the rate on its **$250 million term loan** at **4.25%** for the year 2025 through swap agreements, resulting in **100% of its total debt being fixed-rate**[45](index=45&type=chunk)[47](index=47&type=chunk) [Consolidated Balance Sheets](index=16&type=section&id=Consolidated%20Balance%20Sheets) Total assets slightly decreased to $498.9 million by June 30, 2025, with total equity declining to $206.2 million Balance Sheet Summary (in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Real Estate Investments, Net | $466,398 | $473,906 | | Total Assets | $498,852 | $507,829 | | Total Liabilities | $292,637 | $293,779 | | Total Equity | $206,215 | $214,050 | [Debt Overview](index=17&type=section&id=Debt%20Overview) Total debt was $280.6 million with a **4.27%** weighted average interest rate, **100% fixed** via swaps Debt Composition as of June 30, 2025 (in thousands) | Debt Instrument | Outstanding Balance | Interest Rate | Maturity | | :--- | :--- | :--- | :--- | | Mortgage Notes | $30,642 | 3.85% - 4.85% | 2029 - 2030 | | Term Loan | $250,000 | 4.25% (fixed via swap) | 01/18/2027 | | Revolver | $0 | 6.16% (variable) | 01/18/2027 | - Through interest rate swaps effective Dec 31, 2024, the company fixed the rate on its **$250 million term loan** at **4.25%** for the year ending Dec 31, 2025[50](index=50&type=chunk) [Credit Facility and Mortgage Notes Covenants](index=18&type=section&id=Credit%20Facility%20and%20Mortgage%20Notes%20Covenants) Modiv fully complied with all covenants, maintaining **48.0% leverage** and **1.89x fixed charge coverage** Unsecured Credit Facility Covenant Compliance | Covenant | Requirement | Actual (June 30, 2025) | Status | | :--- | :--- | :--- | :--- | | Maximum Leverage Ratio | < 60% | 48.0% | Compliant | | Minimum Fixed Charge Coverage Ratio | > 1.50x | 1.89x | Compliant | | Maximum Secured Indebtedness Ratio | < 40% | 7% | Compliant | | Minimum Consolidated Tangible Net Worth | > $223,986k | $280,370k | Compliant | [Real Estate Portfolio](index=19&type=section&id=Real%20Estate) This section details Modiv's real estate activities, including acquisitions, dispositions, and portfolio diversification [Real Estate Acquisitions](index=19&type=section&id=Real%20Estate%20Acquisitions) Modiv acquired two industrial properties for $11.2 million, adding 78,288 sq. ft. at an **8.0% initial cap rate** Acquisition Summary (Apr 2024 - Jun 2025) | Metric | Value | | :--- | :--- | | Number of Properties | 2 | | Total Leasable Area | 78,288 sq. ft. | | Total Acquisition Price | $11,225 thousand | | Weighted Average Initial Cap Rate | 8.0% | [Real Estate Dispositions](index=20&type=section&id=Real%20Estate%20Dispositions) Modiv disposed of two properties for $2.6 million, including an industrial property at a **7.4% cap rate** Disposition Summary (Apr 2024 - Jun 2025) | Property | Disposition Price | Cap Rate | | :--- | :--- | :--- | | Producto, Endicott, NY | $2,362 thousand | 7.4% | | Land parcel, Canal Fulton, OH | $240 thousand | N/A | | **Total** | **$2,602 thousand** | | [Top 20 Tenants](index=21&type=section&id=Top%2020%20Tenants) The top 20 tenants contribute **90% of total ABR**, with Lindsay (14%) and KIA of Carson (11%) as largest - The top 20 tenants contribute **90% of total ABR** and occupy **86% of the total portfolio square footage**, indicating a high level of tenant concentration[58](index=58&type=chunk) Top 5 Tenants by ABR Percentage | Tenant | ABR as a % of Total Portfolio | | :--- | :--- | | Lindsay | 14% | | KIA of Carson | 11% | | State of CA OES | 7% | | AvAir | 6% | | FUJIFILM Dimatix (72.71% TIC) | 6% | [Property Type](index=22&type=section&id=Property%20Type) The portfolio comprises 39 industrial core properties (**81% of ABR**) and four non-core properties for potential sale Portfolio Breakdown by Property Type | Property Type | Number of Properties | % of Total ABR | % of Total Square Feet | | :--- | :--- | :--- | :--- | | Industrial core | 39 | 81% | 93% | | Non-core | 4 | 19% | 7% | | **Total** | **43** | **100%** | **100%** | - The company has a purchase and sale agreement with homebuilder KB Home for its non-core Costco property in Issaquah, WA, with **$1.7 million in non-refundable deposits** made as of June 30, 2025[60](index=60&type=chunk) [Tenant Industry Diversification](index=23&type=section&id=Tenant%20Industry%20Diversification) Portfolio diversified across 13 industries; top sectors: Infrastructure (**24%**), Automotive (**16%**), Industrial Products (**15%**) Top 5 Industries by ABR Percentage | Industry | ABR as a % of Total Portfolio | | :--- | :--- | | Infrastructure | 24% | | Automotive | 16% | | Industrial Products | 15% | | Aerospace/Defense | 13% | | Government | 7% | [Tenant Geographic Diversification](index=24&type=section&id=Tenant%20Geographic%20Diversification) Portfolio spans 15 states, with California (**30% of ABR**), Ohio (**13%**), Arizona (**12%**) as key concentrations Top 5 States by ABR Percentage | State | ABR as a % of Total Portfolio | | :--- | :--- | | California | 30% | | Ohio | 13% | | Arizona | 12% | | Illinois | 9% | | Florida | 7% | [Lease Expirations](index=25&type=section&id=Lease%20Expirations) Long weighted-average lease term, with only **1% of ABR expiring in 2025** and **60% expiring after 2034** - The portfolio has a long weighted-average lease term, with **60% of ABR expiring after 2034**[63](index=63&type=chunk) - Near-term lease expirations are minimal, with only **1% of ABR expiring in 2025** and **0% in 2026**[63](index=63&type=chunk) [Appendix](index=26&type=section&id=Appendix) This section provides definitions and explanations for non-GAAP financial measures and other key metrics [Disclosures Regarding Non-GAAP and Other Metrics](index=26&type=section&id=Disclosures%20Regarding%20Non-GAAP%20and%20Other%20Metrics) This section defines non-GAAP measures like FFO, AFFO, and Adjusted EBITDA, explaining their calculation and utility - FFO is defined per Nareit guidelines, excluding gains on sale of property and adding back real estate depreciation to net income[66](index=66&type=chunk) - AFFO further adjusts FFO to exclude non-routine and certain non-cash items like stock-based compensation, amortization of deferred rent, and unrealized gains/losses on derivatives to better represent sustainable operating performance[67](index=67&type=chunk) - Adjusted EBITDA is defined as GAAP net income adjusted for depreciation, amortization, interest expense, gains/losses on sales, impairments, and non-cash compensation[70](index=70&type=chunk)

Washington, D.C. 20549 FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION (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 001-39050 OPORTUN FINANCIAL CORPORATION (Exact Name of Registrant as Specified in its Charter) State or Other ...

[Second Quarter 2025 Financial Highlights and Business Update](index=1&type=section&id=Second%20Quarter%202025%20Financial%20Highlights%20and%20Business%20Update) NN, Inc. reported a 2.4% pro forma decrease in net sales to $107.9 million for Q2 2025, but demonstrated improvements in operating income, adjusted operating income, and adjusted EBITDA [Overall Performance Summary](index=1&type=section&id=Overall%20Performance%20Summary) NN, Inc. reported a 2.4% pro forma decrease in net sales to $107.9 million for Q2 2025, but demonstrated improvements in operating income, adjusted operating income, and adjusted EBITDA Q2 2025 Key Performance Indicators | Metric | Value | Note | | :--- | :--- | :--- | | Net Sales | $107.9 million | Down 2.4% on a pro forma basis | | Gross Margin | 16.9% | Adjusted Gross Margin of 19.5% | | Operating Loss | ($1.5) million | Adjusted Operating Income of $4.9 million | | Adjusted EBITDA | $13.2 million | 12.2% margin | | New Business Wins (H1 2025) | $32.7 million | >100 programs launching in 2025 | | Future Sales from 2025 Launches | >$45 million | At full run-rate | - Management expressed satisfaction with the quarter's performance in gross margins, operating income, and adjusted EBITDA, despite a soft top-line primarily due to certain automotive customers[2](index=2&type=chunk) - The company is actively leveraging the market environment to increase business development activities and investments[2](index=2&type=chunk) [Strategic Initiatives and Management Commentary](index=1&type=section&id=Strategic%20Initiatives%20and%20Management%20Commentary) The company is accelerating its transformation by investing in growth capex, hiring key commercial personnel, and exploring organic entry into the electrical harness market - The company is increasing its investment in business development and new program launches, with plans to invest **$18 million to $20 million** in capital projects in 2025 to lower costs and drive growth[2](index=2&type=chunk) - Strategic growth initiatives include: investing in growth capex and hiring personnel for targeted areas like medical, stampings, and electrical products[4](index=4&type=chunk) - Evaluating an organic entry into the electrical harness market[4](index=4&type=chunk) - Activating an M&A program to seek strategic targets and address the refinancing of preferred stock[4](index=4&type=chunk) [Consolidated Financial Results](index=2&type=section&id=Consolidated%20Financial%20Results) Q2 2025 net sales were $107.9 million, a 12.3% decrease from Q2 2024, but profitability improved with adjusted operating income increasing to $4.9 million and adjusted EBITDA stable at $13.2 million Q2 2025 vs. Q2 2024 Consolidated Results | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Net Sales | $107.9M | $123.0M | -12.3% | | Pro Forma Net Sales | - | - | -2.4% | | Loss from Operations | ($1.5M) | ($2.1M) | +28.6% Improvement | | Adjusted Income from Operations | $4.9M | $2.1M | +133.3% | | Adjusted EBITDA | $13.2M | $13.4M | -1.5% | | Adjusted EBITDA Margin | 12.2% | 10.9% | +130 bps | | Adjusted Net Income (Loss) | $0.7M | ($0.7M) | N/A | | Adjusted EPS | $0.02 | ($0.02) | N/A | | Free Cash Flow | ($3.2M) | ($1.3M) | -$1.9M | [Segment Performance](index=2&type=section&id=Segment%20Performance) Power Solutions sales declined due to divestiture but improved operating income, while Mobile Solutions saw lower sales but a significant turnaround in profitability [Power Solutions](index=2&type=section&id=Power%20Solutions) Power Solutions net sales decreased to $44.6 million from $50.2 million, mainly due to a divestiture, but adjusted income from operations increased to $8.4 million Power Solutions Q2 2025 vs. Q2 2024 | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net Sales | $44.6M | $50.2M | | Income from Operations | $5.8M | $5.3M | | Adjusted Income from Operations | $8.4M | $8.1M | [Mobile Solutions](index=2&type=section&id=Mobile%20Solutions) Mobile Solutions net sales fell to $63.4 million from $72.9 million due to rationalized business and lower automotive volume, but adjusted income from operations turned positive Mobile Solutions Q2 2025 vs. Q2 2024 | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net Sales | $63.4M | $72.9M | | Loss from Operations | ($1.1M) | ($1.6M) | | Adjusted Income (Loss) from Operations | $2.3M | ($0.7M) | [2025 Full-Year Outlook](index=2&type=section&id=2025%20Outlook) NN, Inc. is maintaining its full-year 2025 outlook, with the CFO guiding expectations towards the lower end of ranges due to tariff and macroeconomic uncertainties [Guidance Reiteration and CFO Commentary](index=3&type=section&id=Guidance%20Reiteration%20and%20CFO%20Commentary) NN, Inc. is maintaining its full-year 2025 outlook, with the CFO guiding expectations towards the lower end of ranges due to tariff and macroeconomic uncertainties - The company is maintaining its full-year 2025 outlook[14](index=14&type=chunk) - The CFO directs expectations towards the lower end of guided ranges due to uncertainties from tariffs and potential shifts in trade policy and interest rates[15](index=15&type=chunk) [Key Guidance Metrics](index=4&type=section&id=Key%20Guidance%20Metrics) The company reiterated its full-year 2025 guidance ranges for net sales, adjusted EBITDA, free cash flow, and new business wins Full Year 2025 Guidance | Metric | Guidance Range | | :--- | :--- | | Net Sales | $430M - $460M | | Adjusted EBITDA | $53M - $63M | | Free Cash Flow | $14M - $16M | | New Business Wins | $60M - $70M | [Financial Statements](index=7&type=section&id=Financial%20Statements) The company reported a net loss of $8.1 million for Q2 2025, influenced by a loss on debt extinguishment, with total assets of $460.8 million and increased long-term debt [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The company reported a net loss of $8.1 million for Q2 2025, an increase from the prior year, influenced by a $3.0 million loss on extinguishment of debt Statement of Operations Highlights (in thousands) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Net Sales | $107,921 | $122,992 | $213,609 | $244,190 | | Loss from Operations | $(1,464) | $(2,147) | $(6,253) | $(6,930) | | Net Loss | $(8,102) | $(2,203) | $(14,787) | $(14,740) | | Diluted Net Loss per Share | $(0.26) | $(0.12) | $(0.48) | $(0.46) | [Condensed Consolidated Balance Sheets](index=8&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets were $460.8 million, with cash decreasing to $9.5 million and long-term debt increasing to $154.0 million from year-end 2024 Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $9,542 | $18,128 | | Total current assets | $171,979 | $167,562 | | Total assets | $460,760 | $456,893 | | Total current liabilities | $89,153 | $83,912 | | Long-term debt, net | $154,047 | $143,591 | | Total liabilities | $298,702 | $288,874 | | Total stockholders' equity | $59,540 | $74,522 | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For H1 2025, net cash used in operating activities was $4.0 million, with total cash decreasing by $8.6 million, primarily due to operating and investing activities Cash Flow Highlights - Six Months Ended June 30 (in thousands) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(4,041) | $(569) | | Net cash used in investing activities | $(7,179) | $(8,815) | | Net cash provided by financing activities | $1,563 | $1,569 | | Net change in cash and cash equivalents | $(8,586) | $(8,157) | [Reconciliation of GAAP to Non-GAAP Measures](index=10&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Measures) This section reconciles GAAP figures to non-GAAP measures, showing improvements in adjusted gross profit, operating income, EBITDA, and a shift to adjusted net income for Q2 2025 [Gross Profit Reconciliation](index=10&type=section&id=Gross%20Profit%20Reconciliation) Q2 2025 GAAP gross profit of $18.2 million was adjusted to a non-GAAP **$21.1 million**, resulting in an improved adjusted gross margin of **19.5%** Gross Profit Reconciliation - Q2 (in thousands) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | GAAP gross profit | $18,222 | $21,735 | | Adjustments | $2,833 | $1,086 | | **Adjusted gross profit** | **$21,055** | **$22,821** | | **Adjusted gross margin** | **19.5%** | **18.6%** | [Income from Operations Reconciliation](index=11&type=section&id=Income%20from%20Operations%20Reconciliation) Q2 2025 GAAP loss from operations of $1.5 million was reconciled to a non-GAAP adjusted income of **$4.9 million**, a significant improvement from Q2 2024 Income from Operations Reconciliation - Q2 (in thousands) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | GAAP loss from operations | $(1,464) | $(2,147) | | Amortization of intangibles | $3,405 | $3,456 | | Personnel costs | $2,614 | $826 | | Other adjustments | $352 | $(63) | | **Adjusted income from operations** | **$4,907** | **$2,072** | | **Adjusted operating margin** | **4.6%** | **1.7%** | [Adjusted EBITDA Reconciliation](index=12&type=section&id=Adjusted%20EBITDA%20Reconciliation) Q2 2025 GAAP net loss of $8.1 million was reconciled to a non-GAAP adjusted EBITDA of **$13.2 million**, with an improved margin of **12.2%** Adjusted EBITDA Reconciliation - Q2 (in thousands) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | GAAP net loss | $(8,102) | $(2,203) | | Depreciation and amortization | $8,918 | $11,761 | | Interest expense | $5,657 | $5,873 | | Loss on extinguishment of debt | $3,007 | $— | | Other adjustments | $3,701 | $(1,621) | | **Adjusted EBITDA** | **$13,179** | **$13,405** | | **Adjusted EBITDA margin** | **12.2%** | **10.9%** | [Adjusted Net Income and EPS Reconciliation](index=13&type=section&id=Adjusted%20Net%20Income%20and%20EPS%20Reconciliation) Q2 2025 GAAP net loss of $8.1 million was reconciled to a non-GAAP adjusted net income of **$0.7 million**, or **$0.02** per share, a positive shift from the prior year Adjusted Net Income & EPS Reconciliation - Q2 | Metric | 2025 | 2024 | | :--- | :--- | :--- | | GAAP net loss (in thousands) | $(8,102) | $(2,203) | | **Adjusted net income (loss) (in thousands)** | **$746** | **$(738)** | | GAAP net loss per diluted share | $(0.26) | $(0.12) | | **Adjusted net income (loss) per diluted share** | **$0.02** | **$(0.02)** | [Free Cash Flow Reconciliation](index=14&type=section&id=Free%20Cash%20Flow%20Reconciliation) Q2 2025 net cash used in operating activities of $0.7 million was reconciled to a free cash flow use of **$3.2 million**, a greater use than the prior year Free Cash Flow Reconciliation - Q2 (in thousands) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(696) | $(1,281) | | Acquisition of property, plant, and equipment | $(3,723) | $(3,592) | | Proceeds from sale of property, plant, and equipment | $274 | $139 | | Proceeds from sale-leaseback of equipment | $946 | $3,415 | | **Free cash flow** | **$(3,199)** | **$(1,319)** |

[Financial & Operational Highlights](index=1&type=section&id=Financial%20%26%20Operational%20Highlights) LifeStance reported strong Q2 2025 results with 11% revenue growth to $345.3 million, significantly improving profitability and achieving record free cash flow Q2 2025 Financial Highlights (vs. Q2 2024) | Financial Metric | Q2 2025 | Q2 2024 | Y/Y Change | | :--- | :--- | :--- | :--- | | Total Revenue | $345.3M | $312.3M | +11% | | Loss from Operations | ($3.0M) | ($15.9M) | -81% | | Net Loss | ($3.8M) | ($23.3M) | -84% | | Center Margin | $108.4M | $97.8M | +11% | | Adjusted EBITDA | $34.0M | $28.6M | +19% | | Adjusted EBITDA Margin | 9.8% | 9.2% | +60 bps | - Operational growth was driven by an **11% increase in the clinician base**, which grew by a net of **173 clinicians** sequentially to a total of **7,708**, leading to a **12% increase in visit volumes**, reaching **2.2 million** for the quarter[3](index=3&type=chunk) - The company generated exceptionally strong Free Cash Flow of **$56.6 million**, the highest in any quarter to date, with net cash provided by operations at **$64.4 million**[2](index=2&type=chunk)[3](index=3&type=chunk) - As of June 30, 2025, the company held **$188.9 million in cash** and had net long-term debt of **$272.9 million**[5](index=5&type=chunk) [2025 Financial Guidance](index=1&type=section&id=2025%20Financial%20Guidance) LifeStance reiterated full-year 2025 revenue guidance while raising profitability outlooks for Center Margin and Adjusted EBITDA, also providing Q3 2025 projections Full Year 2025 Guidance (Raised) | Metric | Previous Guidance | Updated Guidance | | :--- | :--- | :--- | | Total Revenue | $1.40 billion - $1.44 billion | $1.40 billion - $1.44 billion (Reiterated) | | Center Margin | Not specified | $441 million - $465 million (Raised) | | Adjusted EBITDA | Not specified | $140 million - $150 million (Raised by $5 million at midpoint) | Third Quarter 2025 Guidance | Metric | Q3 2025 Outlook | | :--- | :--- | | Total Revenue | $345 million - $365 million | | Center Margin | $105 million - $119 million | | Adjusted EBITDA | $33 million - $39 million | [Consolidated Financial Statements](index=5&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements detail the company's financial position, showing total assets of $2.15 billion, reduced net loss, and increased operational cash flow [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2025, LifeStance's balance sheet reported total assets of $2.15 billion, with cash increasing to $188.9 million and stable total liabilities Key Balance Sheet Items (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $188,929 | $154,571 | | Total current assets | $358,849 | $312,510 | | Total assets | $2,146,804 | $2,118,298 | | Long-term debt, net | $272,856 | $279,790 | | Total liabilities | $672,883 | $672,013 | | Total stockholders' equity | $1,473,921 | $1,446,285 | [Consolidated Statements of Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Operations) Q2 2025 revenue grew 11% to $345.3 million, significantly narrowing loss from operations to $3.0 million and improving net loss by 84% to $3.8 million Q2 Statement of Operations Highlights (in thousands, except per share) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Total Revenue | $345,311 | $312,331 | | Loss from Operations | $(2,950) | $(15,947) | | Net Loss | $(3,791) | $(23,277) | | Loss Per Share (Basic & Diluted) | $(0.01) | $(0.06) | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the first six months of 2025, net cash from operating activities increased nearly threefold to $61.3 million, resulting in a $34.4 million net increase in cash Cash Flow Summary (in thousands) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $61,304 | $22,222 | | Net cash used in investing activities | $(14,923) | $(10,214) | | Net cash used in financing activities | $(12,023) | $(3,863) | | Net increase in cash | $34,358 | $8,145 | [Non-GAAP Financial Measures & Reconciliations](index=8&type=section&id=Non-GAAP%20Financial%20Measures%20%26%20Reconciliations) This section provides reconciliations for key non-GAAP metrics, Center Margin and Adjusted EBITDA, detailing adjustments to their most directly comparable GAAP measures [Reconciliation of Loss from Operations to Center Margin](index=8&type=section&id=Reconciliation%20of%20Loss%20from%20Operations%20to%20Center%20Margin) Q2 2025 Center Margin increased 11% to $108.4 million, derived by adjusting GAAP Loss from Operations for depreciation, amortization, and general and administrative expenses Center Margin Reconciliation - Q2 2025 (in thousands) | Line Item | Amount | | :--- | :--- | | Loss from operations | $(2,950) | | Add: Depreciation and amortization | $14,006 | | Add: General and administrative expenses | $97,375 | | **Center Margin** | **$108,431** | [Reconciliation of Net Loss to Adjusted EBITDA](index=8&type=section&id=Reconciliation%20of%20Net%20Loss%20to%20Adjusted%20EBITDA) Adjusted EBITDA for Q2 2025 increased 19% to $34.0 million, reconciled from net loss by adding back stock-based compensation, depreciation, amortization, interest, taxes, and other adjustments Adjusted EBITDA Reconciliation - Q2 2025 (in thousands) | Line Item | Amount | | :--- | :--- | | Net loss | $(3,791) | | Add: Interest expense, net | $2,900 | | Add: Depreciation and amortization | $14,006 | | Add: Income tax benefit | $(2,151) | | Add: Stock-based compensation expense | $21,116 | | Add: Other adjustments | $1,925 | | **Adjusted EBITDA** | **$34,005** |