Business Strategy and Transformation - The Honest Company is transitioning away from Honest.com as a shipping and fulfillment channel, with the last order shipment expected on December 28, 2025, which is anticipated to negatively impact revenue in 2025 but improve gross margins in future years [99][106]. - The company executed a broad-based Transformation Initiative in 2023 aimed at building the Honest brand and driving growth in higher-margin areas, with substantial completion expected by December 31, 2026 [100][101]. - The company plans to exit lower-margin, non-strategic categories and channels, including apparel and certain cleaning products, to optimize its cost structure and improve profitability [101][107]. - The Honest Company has experienced distribution losses with two major customers affecting diaper SKUs, which is expected to negatively impact future revenue [109]. - The company is focusing on increasing physical availability of products through expanded retail partnerships, aiming to enhance brand awareness and margins [105][107]. - The company is prioritizing growth in products with attractive margin characteristics, such as wipes, while leveraging brand equity for new product launches [110]. Financial Performance - Revenue for Q3 2025 was $92.6 million, a decrease of $6.7 million or 6.7% compared to Q3 2024, primarily due to a decline in retail revenue and Honest.com revenue [137]. - Gross profit for Q3 2025 was $34.5 million, down $3.9 million or 10.2% from Q3 2024, attributed to lower sales volume and increased tariff costs [143]. - Cost of revenue for Q3 2025 was $58.1 million, a decrease of $2.8 million or 4.5% compared to Q3 2024, driven by lower product costs despite tariff increases [141]. - For the nine months ended September 30, 2025, revenue increased to $283.3 million, up $4.8 million or 1.7% from the same period in 2024, supported by retail revenue growth [138]. - Gross profit for the nine months ended September 30, 2025, was $109.9 million, an increase of $4.0 million or 3.8% compared to the same period in 2024, due to favorable product mix and lower trade spend [144]. - Operating income for Q3 2025 was $0.3 million, compared to $0.1 million in Q3 2024, indicating improved operational efficiency [136]. Expenses and Cost Management - Selling, general and administrative expenses for Q3 2025 were $17.7 million, down from $23.4 million in Q3 2024, reflecting cost management efforts [135]. - Marketing expenses increased to $14.8 million in Q3 2025 from $13.2 million in Q3 2024, focusing on retail marketing programs [130]. - Research and development expenses for Q3 2025 were $1.7 million, slightly down from $1.7 million in Q3 2024, indicating stable investment in innovation [131]. - Selling, general and administrative expenses decreased to $17.7 million for the three months ended September 30, 2025, down $5.7 million or 24.5% from $23.4 million in the same period of 2024 [145]. - For the nine months ended September 30, 2025, selling, general and administrative expenses were $59.1 million, a decrease of $13.2 million or 18.3% compared to $72.3 million in 2024 [146]. - Marketing expenses increased to $14.8 million for the three months ended September 30, 2025, up $1.6 million or 12.3% from $13.2 million in 2024 [147]. - For the nine months ended September 30, 2025, marketing expenses were $39.6 million, an increase of $5.8 million or 17.3% compared to $33.8 million in 2024 [148]. - Research and development expenses remained stable at $1.7 million for the three months ended September 30, 2025, compared to $1.7 million in 2024 [149]. Cash Flow and Financial Position - As of September 30, 2025, the company had $71.5 million in cash and cash equivalents, sufficient for short-term operations [153]. - The 2023 Credit Facility provides a $35.0 million revolving credit facility, with $31.5 million available to be drawn upon as of September 30, 2025 [154]. - Net cash used in operating activities was $4.2 million for the nine months ended September 30, 2025, primarily due to a net decrease in cash related to changes in operating assets and liabilities [161]. - The company does not anticipate declaring or paying any cash dividends in the foreseeable future due to restrictions in the 2023 Credit Facility [168]. Revenue Trends and Adjusted Metrics - For the three months ended September 30, 2025, the company reported revenue of $92,571,000, a decrease from $99,237,000 in the same period of 2024, representing a decline of approximately 1.7% [174]. - Organic Revenue for the three months ended September 30, 2025, was $72,577,000, down from $76,146,000 in 2024, indicating a decrease of about 4.5% [174]. - Adjusted EBITDA for the three months ended September 30, 2025, was $3,523,000, compared to $7,079,000 in 2024, reflecting a decline of approximately 50% [174]. - The net income for the three months ended September 30, 2025, was $758,000, an increase from $165,000 in the same period of 2024 [174]. - The company incurred stock-based compensation expenses of $2,399,000 for the three months ended September 30, 2025, compared to $2,166,000 in 2024, representing an increase of about 10.7% [174]. - For the nine months ended September 30, 2025, the company reported revenue of $283,280,000, slightly up from $278,503,000 in 2024, marking an increase of approximately 1.4% [174]. - The company’s Organic Revenue for the nine months ended September 30, 2025, was $223,759,000, compared to $210,562,000 in 2024, indicating an increase of about 6.3% [174]. - Adjusted EBITDA for the nine months ended September 30, 2025, was $18,068,000, compared to $17,317,000 in 2024, reflecting an increase of approximately 4.3% [174]. - The company reported a significant increase in interest and other (income) expense, net, amounting to $(2,370,000) for the nine months ended September 30, 2025, compared to $(44,000) in 2024 [174]. - As of September 30, 2025, there were no changes to the company's material cash requirements from those previously described in the Annual Report [175].

Revenue Performance - Revenue for Q3 2025 was $1,694.2 million, an increase of 9.0% year-over-year, driven by 6.3% from core pricing and 1.0% from positive volume growth[5] - Revenue for the three months ended September 30, 2025, was $1,694.2 million, an increase from $1,554.2 million in the same period of 2024, representing an 8.99% growth[34] - Revenue growth for the total company was 9.0% for the three months ended September 30, 2025, driven by 2.9% from acquisitions and 5.4% from organic growth[42] - For the nine months ended September 30, 2025, total revenue was $4,929.5 million, an increase of 7.9% from $4,567.6 million in the same period of 2024[45] Profitability Metrics - Adjusted EBITDA for Q3 2025 was $535.1 million, a 12.0% increase from $477.8 million in Q3 2024, with an Adjusted EBITDA margin of 31.6%, the highest in the company's history[4] - Adjusted EBITDA for the three months ended September 30, 2025, was $535.1 million, representing a margin of 31.6%, compared to $477.8 million and a margin of 30.7% in the prior year[51] - Adjusted EBITDA guidance for 2025 is now estimated at $1,975 million, compared to the prior guidance of $1,950 million to $1,975 million[14] - Adjusted Free Cash Flow for Q3 2025 was $180.5 million, an increase of $74.6 million from $105.9 million in Q3 2024, primarily due to higher Adjusted EBITDA[14] Net Income and Earnings - Net income from continuing operations for Q3 2025 was $108.1 million, compared to $41.6 million in Q3 2024, reflecting significant year-over-year growth[5] - Net income from continuing operations for the three months ended September 30, 2025, was $108.1 million, compared to $41.6 million in the same period of 2024, indicating a significant increase[34] - The company’s basic income per share from continuing operations for the three months ended September 30, 2025, was $0.28, up from $0.06 in the same period of 2024[34] - Adjusted Net Income from continuing operations for the nine months ended September 30, 2025, was $150.9 million, compared to a loss of $1.4 million in the same period of 2024[57] Cash Flow and Liquidity - Adjusted Free Cash Flow for Q3 2025 was $180.5 million, up from $105.9 million in Q3 2024, reflecting a growth of 70.5%[59] - Cash flows from operating activities for Q3 2025 were $391.1 million, an increase from $347.1 million in Q3 2024, representing a growth of 12.0%[59] - Adjusted Cash Flows from Operating Activities for Q3 2025 reached $412.7 million, compared to $220.3 million in Q3 2024, indicating a significant increase of 87.2%[59] - For the nine months ended September 30, 2025, cash flows from operating activities totaled $870.7 million, down from $974.9 million in the same period of 2024, a decrease of 10.7%[61] Debt and Leverage - Net leverage is estimated to be in the low-to-mid 3.0x range by the end of 2025, indicating a stable financial position[14] - The company reported a net leverage ratio of 3.4x as of September 30, 2025, down from 4.1x as of December 31, 2024[47] - Long-term debt decreased from $8,853.0 million as of December 31, 2024, to $7,268.8 million as of September 30, 2025, a reduction of approximately 17.9%[37] - Total long-term debt, net of derivative asset, was $7,314.8 million as of September 30, 2025, a decrease from $9,884.8 million as of December 31, 2024[47] Shareholder Actions - The company repurchased $2.76 billion of shares year-to-date, representing over 10% of issued and outstanding subordinate voting shares[4] - The company plans to continue its opportunistic approach to share repurchases and M&A activities, focusing on accretive opportunities[2] Asset and Liability Management - Total assets decreased from $21,207.4 million as of December 31, 2024, to $19,355.2 million as of September 30, 2025, representing a decline of approximately 8.7%[37] - Total liabilities decreased from $13,985.7 million as of December 31, 2024, to $11,549.1 million as of September 30, 2025, a decline of approximately 17.4%[37] - Shareholders' equity increased from $7,221.7 million as of December 31, 2024, to $7,806.1 million as of September 30, 2025, an increase of approximately 8.1%[37] Acquisition and Growth Strategy - Year-to-date completed acquisitions are generating approximately $205.0 million in annualized revenue, contributing positively to overall performance[4] - The company expects to incur similar acquisition-related costs in the future, indicating ongoing market expansion strategies[56] - The company incurred transaction costs of $38.1 million for the nine months ended September 30, 2025, compared to $26.3 million in the same period of 2024, an increase of 44.0%[61]

Financial Performance - LENZ is focused on the commercialization of VIZZ™ (aceclidine ophthalmic solution) 1.44%, the first FDA-approved treatment for presbyopia, targeting a U.S. market opportunity exceeding $3 billion[143]. - The company reported an accumulated deficit of $191.2 million as of September 30, 2025, primarily due to research and development costs and selling, general, and administrative expenses[147]. - License revenue for the three months ended September 30, 2025, was $12.5 million, a significant increase from $0 in the same period of 2024[166][167]. - For the nine months ended September 30, 2025, license revenue was $17.5 million, compared to $0 in the same period of 2024[173][174]. - Other income, net for the nine months ended September 30, 2025, was $6.9 million, an increase from $6.3 million in the same period of 2024[178]. Cash and Investments - As of September 30, 2025, LENZ had $202.2 million in cash, cash equivalents, restricted cash, and marketable securities, which is expected to fund operations until positive operating cash flow is achieved[146]. - Net cash used in operating activities for the nine months ended September 30, 2025, was $36.1 million, compared to $50.3 million in 2024[186][188]. - Cash provided by investing activities for the nine months ended September 30, 2025, was $14.1 million, driven by $162.6 million in proceeds from maturities of marketable securities[190]. - Cash used in investing activities for the nine months ended September 30, 2024, was $142.6 million, primarily due to $195.3 million of purchases of marketable securities[191]. - Cash provided by financing activities for the nine months ended September 30, 2025, was primarily driven by $26.1 million in net proceeds from common stock sold under the Sales Agreement[192]. - Cash provided by financing activities for the nine months ended September 30, 2024, was $198.9 million, including $117.8 million in cash and cash equivalents acquired in the Merger[193]. Expenses - The company expects selling, general, and administrative expenses to continue increasing in 2025 as it builds a commercial team and supports the launch of VIZZ[158]. - Selling, general and administrative expenses rose by $21.1 million, or 325%, to $27.6 million for the three months ended September 30, 2025, compared to $6.5 million in 2024[168]. - Selling, general and administrative expenses increased by $32.1 million, or 165%, to $51.5 million for the nine months ended September 30, 2025, compared to $19.5 million in 2024[175]. - Research and development expenses decreased by $2.7 million, or 41%, to $3.8 million for the three months ended September 30, 2025, down from $6.5 million in 2024[170]. - Research and development expenses for the nine months ended September 30, 2025, decreased by $5.3 million, or 22%, to $18.7 million from $23.9 million in 2024[177]. Product Development and Licensing - LENZ achieved FDA approval for VIZZ on July 31, 2025, and launched the product in the U.S. in August 2025, with broader retail availability anticipated by mid-Q4 2025[145][156]. - License revenue increased due to upfront payments from the Lotus and Théa Licenses and two regulatory milestones under the CORXEL License, with no product sales revenue recorded yet[158]. - LENZ entered into a License and Collaboration Agreement with CORXEL, receiving $15.0 million in upfront payments and potential additional payments of up to $85.0 million in milestones[150]. - The Lotus License agreement provided a $5.0 million upfront payment and potential milestone payments of up to $120.0 million for commercialization in Southeast Asia[153]. - The Théa License agreement included a $2.5 million upfront payment and potential milestone payments of up to $67.5 million for commercialization in Canada[154]. Company Status and Compliance - The company is classified as an emerging growth company under the JOBS Act and may remain so until December 31, 2026[203]. - The company is also a "smaller reporting company" with a market value of stock held by non-affiliates less than $700 million as of June 30, 2025[205]. - The company does not have any off-balance sheet arrangements as defined by SEC rules[196]. - Recent accounting pronouncements are discussed in Note 2 of the condensed consolidated financial statements included in the Quarterly Report[206]. Operational Developments - The company entered into a lease for 9,795 square feet of office space in Solana Beach, California, with a term of thirty-nine months starting July 1, 2024, ending September 30, 2027[194]. - The company has contracts with various suppliers for the active pharmaceutical ingredient used in VIZZ, which can be modified or cancelled upon written notice[195].

Financial Performance - As of September 30, 2025, LENZ reported $202.2 million in cash, cash equivalents, restricted cash, and marketable securities, which is expected to fund operations until positive operating cash flow is achieved [146][147]. - The company has incurred net losses since inception, with an accumulated deficit of $191.2 million as of September 30, 2025, primarily due to R&D and SG&A expenses [147]. - License revenue for the three months ended September 30, 2025, was $12.5 million, a significant increase from $0 in the same period of 2024 [167]. - For the nine months ended September 30, 2025, license revenue was $17.5 million, compared to $0 in the same period of 2024 [174]. - Other income, net for the nine months ended September 30, 2025, was $6.9 million, an increase from $6.3 million in the same period of 2024 [178]. - Net cash used in operating activities for the nine months ended September 30, 2025, was $36.1 million, compared to $50.3 million in 2024 [188]. Expenses - Selling, general and administrative expenses are expected to rise in 2025 as LENZ builds a commercial team and infrastructure to support VIZZ's launch [158]. - Selling, general and administrative expenses rose by $21.1 million, or 325%, to $27.6 million for the three months ended September 30, 2025, compared to $6.5 million in 2024 [168]. - Selling, general and administrative expenses increased by $32.1 million, or 165%, to $51.5 million for the nine months ended September 30, 2025, from $19.5 million in 2024 [175]. - Research and development expenses decreased by $2.7 million, or 41%, to $3.8 million for the three months ended September 30, 2025, down from $6.5 million in 2024 [170]. - Research and development expenses for the nine months ended September 30, 2025, decreased by $5.3 million, or 22%, to $18.7 million compared to $23.9 million in 2024 [177]. Funding and Capital - LENZ completed a private placement of 3,559,565 shares for $53.5 million concurrent with the Merger on March 21, 2024, and a subsequent placement of 1,578,947 shares for $30.0 million on July 17, 2024 [148]. - The company sold 920,500 shares of common stock at a weighted-average price of $28.75 under the Sales Agreement, resulting in net proceeds of $26.1 million during the nine months ended September 30, 2025 [182]. - Cash provided by financing activities for the nine months ended September 30, 2025, was $26.1 million from net proceeds of common stock sold under the Sales Agreement [192]. - For the nine months ended September 30, 2024, cash provided by financing activities was $198.9 million, including $117.8 million from cash and cash equivalents acquired in the Merger [193]. Product Development - LENZ's VIZZ™ (aceclidine ophthalmic solution) is the first FDA-approved treatment for presbyopia, targeting a market opportunity exceeding $3 billion in the U.S. [143]. - The FDA approved VIZZ on July 31, 2025, granting it five years of New Chemical Entity (NCE) exclusivity in the U.S., expiring in July 2030 [145][156]. - Research and development costs decreased in 2025 compared to 2024, primarily due to the FDA approval of VIZZ and the completion of Phase 3 CLARITY trials [158]. - The company anticipates generating revenue from VIZZ sales starting in the fourth quarter of 2025, alongside potential future revenue from additional licensing agreements [160]. Licensing Agreements - LENZ has entered into multiple licensing agreements, including a $15.0 million upfront payment from CORXEL for rights in Greater China and a $5.0 million upfront payment from Lotus for Southeast Asia [150][153]. - License revenue increased due to upfront payments from the Lotus and Théa Licenses and two regulatory milestones under the CORXEL License, with no product sales revenue recorded yet [158]. Operational Aspects - The company entered into a lease for 9,795 square feet of office space in Solana Beach, California, with a term of thirty-nine months starting July 1, 2024, ending September 30, 2027 [194]. - The company has contracts with suppliers for the active pharmaceutical ingredient used in VIZZ, which can be modified or cancelled with written notice [195]. - The company does not have any off-balance sheet arrangements as defined by SEC rules [196]. Company Classification - The company is classified as an emerging growth company under the JOBS Act and may remain so until December 31, 2026 [203]. - The company is also a "smaller reporting company" with a market value of stock held by non-affiliates less than $700 million as of June 30, 2025 [205]. - Recent accounting pronouncements are discussed in Note 2 of the condensed consolidated financial statements [206].

Financial Performance - Total revenue for Q3 2025 was $773 million, a decrease of 16% year-over-year from $917 million in Q3 2024[11] - Adjusted EBITDA for Q3 2025 was $100 million, down 60% from $249 million in Q3 2024[11] - Core advertising revenue decreased by $20 million year-over-year, totaling $321 million in Q3 2025 compared to $433 million in Q3 2024[11] - Distribution revenue for Q3 2025 was $422 million, a decline of 3% from $434 million in Q3 2024[11] - For the three months ended September 30, 2025, total revenue was $782 million, a decrease of 7.5% compared to $845 million in the same period of 2024[42][43] - Adjusted EBITDA for the three months ended September 30, 2025, was $100 million, down 59.8% from $249 million in the same period of 2024[41] - The company reported a net loss of $215 million for the three months ended September 30, 2025, compared to a net income of $96 million in the same period of 2024[41] Future Projections - For the three months ending December 31, 2025, consolidated total revenue is projected to be between $815 million and $851 million, with media revenue contributing $809 million to $845 million[25] - Core advertising revenue for the same period is expected to range from $296 million to $312 million, while political advertising revenue is anticipated to be between $18 million and $21 million[25] - Adjusted EBITDA for the three months is forecasted to be between $132 million and $154 million, with operating income estimated at $54 million to $76 million[25] - For the twelve months ending December 31, 2025, total revenue is projected to be between $3,148 million and $3,184 million, with media revenue contributing $3,121 million to $3,157 million[27] - Core advertising revenue for the twelve months is expected to range from $1,108 million to $1,125 million, with political advertising revenue projected at $36 million to $39 million[27] - Adjusted EBITDA for the twelve months is forecasted to be between $447 million and $469 million, with operating income estimated at $147 million to $169 million[27] Debt and Cash Management - As of September 30, 2025, total company debt was $4,101 million, with cash and cash equivalents of $526 million[23] - The company redeemed $89 million of its 5.125% Senior Unsecured Notes due 2027 on October 6, 2025[10] - Interest expense for the nine months ended September 30, 2025, was $311 million, compared to $230 million in the same period of 2024[41] - The company incurred non-recurring and unusual transaction costs of $11 million for the nine months ended September 30, 2025[41] Operational Strategies - Sinclair closed on 11 partner station acquisitions and has 10 more pending FCC approval, expected to generate at least $30 million in incremental annualized EBITDA[4] - The company anticipates record mid-term political revenue in the upcoming cycle due to recent regulatory developments[4] - The company plans to shift to an annual guidance framework starting in the fourth quarter of 2025, reflecting a focus on sustainable and long-term value creation[31] - The company is focused on executing retransmission consent agreements and exploring potential acquisitions to enhance growth strategies[44] Segment Performance - The Local Media segment generated $667 million in revenue, while the Tennis segment contributed $67 million, and Other segments accounted for $48 million[42] - Segment operating income for Local Media was $27 million, with Tennis at $11 million and Other segments at $14 million[42] - Media programming and production expenses totaled $378 million, while media selling, general and administrative expenses were $165 million for the three months ended September 30, 2025[42] Market Challenges - The company anticipates challenges due to subscriber declines and increased competition for viewers and advertisers, impacting future operating results[44] - Core advertising revenue is anticipated to show flat to low-single-digit growth compared to 2025[34] - Distribution revenue is expected to be approximately flat to 2025, assuming stable subscriber churn levels[34] - The company expects record mid-term political advertising revenue, at least matching the 2022 mid-term year[34]

Financial Results Announcement - Eos Energy Enterprises, Inc. announced its financial results for the quarter ended September 30, 2025[5] - The press release detailing the financial results was issued on November 5, 2025[5] Company Information - The company is listed on The Nasdaq Stock Market LLC under the trading symbol EOSE[2] - The company has not elected to use the extended transition period for complying with new financial accounting standards[3]

Chime Reports Third Quarter 2025 Financial Results Strong top-line momentum with 29% year-over-year revenue growth, exceeding guidance Active Members grew 21% year-over-year to 9.1 million Raised Q4 and full-year 2025 outlook and announced $200 million share repurchase program SAN FRANCISCO – (BUSINESS WIRE) – November 5, 2025 – Chime (Nasdaq: CHYM), a leading consumer financial technology company, today reported financial results for the quarter ended September 30, 2025. ® "Month after month, more mainstre ...

Financial Performance - Annual Recurring Revenue (ARR) reached $347 million, representing a 16% year-over-year increase[5] - Revenue for the third quarter was $88.6 million, an 18% increase compared to $75.2 million in the same quarter of 2024[3] - Remaining performance obligations totaled $391.9 million, up 37% year-over-year[5] - Revenue for the three months ended September 30, 2025, was $88,564,000, representing a 17.5% increase from $75,217,000 in the same period of 2024[24] - Gross profit for the three months ended September 30, 2025, was $65,490,000, up from $56,473,000 in the prior year, indicating a gross margin improvement[24] - Total operating expenses for the three months ended September 30, 2025, were $91,140,000, compared to $76,486,000 in 2024, reflecting a 19.2% increase[24] - GAAP gross profit for Q3 2025 was $65.49 million, up from $56.47 million in Q3 2024, representing a 15.4% increase[27] - Non-GAAP gross profit for the nine months ended September 30, 2025, reached $190.58 million, compared to $168.94 million in the same period of 2024, reflecting a 12.8% growth[27] Profitability and Loss - GAAP net loss per share was $(0.18), compared to $(0.14) in the third quarter of 2024[10] - Non-GAAP net income per share was $0.02, down from $0.03 in the same quarter of 2024[10] - Net loss for the three months ended September 30, 2025, was $23,986,000, compared to a net loss of $16,854,000 in the same period of 2024[24] - GAAP net loss for Q3 2025 was $23.99 million, compared to a net loss of $16.85 million in Q3 2024, indicating a 42.0% increase in losses year-over-year[27] - Free cash flow for Q3 2025 was $3.35 million, down from $4.50 million in Q3 2024, representing a 25.6% decrease[28] Cash Flow and Assets - Cash flow from operations was $5.0 million, a decrease of $1.2 million year-over-year[10] - Free cash flow was $3.4 million, down $1.1 million compared to the previous year[10] - Cash, cash equivalents, and restricted cash at the end of the period was $83,108,000, down from $318,326,000 at the end of September 30, 2024[25] - Total current assets decreased to $265,777,000 as of September 30, 2025, from $303,631,000 as of December 31, 2024[23] Future Outlook - For Q4 2025, the company expects revenue between $89.0 million and $91.0 million[7] - The full year 2025 revenue outlook is projected to be between $340.8 million and $342.8 million[7] Customer Metrics - The number of customers with $100,000 or greater in ARR increased to 653, reflecting a 15% year-over-year growth[10] - Dollar-based Net Retention Rate (NRR) for Q3 2025 was 104%, consistent with the previous quarter, indicating strong customer retention[30] Expenses and Investments - Research and development expenses for the three months ended September 30, 2025, were $26,612,000, up from $19,037,000 in the same period of 2024, reflecting a focus on innovation[24] - The company reported stock-based compensation expense of $25,116,000 for the three months ended September 30, 2025, compared to $21,112,000 in the prior year[24] - Research and development expenses for Q3 2025 were $26.61 million, up from $19.04 million in Q3 2024, a 39.9% increase, indicating a focus on innovation[27] - Sales and marketing expenses for Q3 2025 were $48.31 million, compared to $40.86 million in Q3 2024, reflecting an 18.5% increase in investment in growth initiatives[27] Operational Efficiency - GAAP operating margin for Q3 2025 was -29.0%, compared to -26.6% in Q3 2024, reflecting a decline in operational efficiency[27] - Non-GAAP operating margin for Q3 2025 improved to 0.6%, up from 2.1% in Q3 2024, showing a positive trend in operational performance[27]

MARQETA REPORTS THIRD QUARTER 2025 FINANCIAL RESULTS The global modern card issuer reported Total Processing Volume growth of 33% and Gross Profit growth of 27% in the third quarter of 2025. OAKLAND, Calif. – November 5, 2025 - Marqeta, Inc. (NASDAQ: MQ), the global modern card issuing platform, today reported financial results for the third quarter ended September 30, 2025. The Company reported Total Processing Volume (TPV) of $98 billion, representing a year-over-year increase of 33%. The Company reported ...

Customer Growth - Active customers increased to 8.9 million, up 21% from 7.3 million[5] Financial Performance - Revenue totaled $419.5 million, representing a 25% increase from $336.5 million[5] - Net income was $8.8 million, a 361% increase from $1.9 million[5] - Adjusted EBITDA was $61.2 million, up 29% from $47.4 million[5] - Net income for the nine months ended September 30, 2025, was $26,717, compared to a net loss of $31,254 for the same period in 2024[21] - Adjusted EBITDA for the nine months ended September 30, 2025, was $183,606, a significant increase from $96,468 in 2024, reflecting a 90.4% year-over-year growth[24] - Net cash provided by operating activities for the nine months ended September 30, 2025, was $175,464, compared to $138,850 in 2024, a 26.3% increase[21] Revenue Outlook - Full year 2025 revenue outlook raised to a range of $1.619 billion to $1.621 billion, reflecting a growth rate of 28% year over year[5] - Fourth quarter 2025 revenue expected in the range of $426 million to $428 million, representing a growth rate of 21% to 22% year over year[5] - Adjusted EBITDA for 2025 expected to be in the range of $234 million to $236 million, an increase from prior outlook[5] - GAAP net income expected to be positive for 2025 and the fourth quarter[5] Asset and Liability Management - Total assets increased to $1,213,684, up from $1,012,871, representing a 19.8% growth year-over-year[19] - Total liabilities increased to $416,517 from $347,400, indicating a 19.9% rise year-over-year[19] - Stockholders' equity rose to $797,167, up from $665,471, reflecting a 19.7% increase[19] Expense Management - Customer support and operations expenses for the three months ended September 30, 2025, were $26,386, up from $21,792 in 2024, a 21.8% increase[26] - Marketing expenses for the nine months ended September 30, 2025, totaled $250,103, compared to $219,862 in 2024, reflecting a 13.7% increase[26] - Technology and development expenses for the three months ended September 30, 2025, were $80,421, an increase from $68,446 in 2024, representing a 17.5% growth[26] Strategic Focus - Company continues to focus on sustainable, profitable growth while investing in innovation[2]