Q3 2025 Shareholder Letter Letter to Shareholders: Q3 2025 Key quarterly metrics Dear Shareholders Dear Root Shareholders, In the third quarter, we set another record for policies-in-force and revenue, while continuing to generate exceptional loss ratio performance. Specifically: These results were driven by a structural, durable competitive advantage of combining a core technology company with a full stack insurance carrier. This advantage has built a formidable business model that provides a foundation fo ...

Exhibit 99.1 NEWS RELEASE FOR IMMEDIATE RELEASE Investor Relations Contact: Daniel E. Bachus Chief Financial Officer Grand Canyon Education, Inc. 602-639-6648 Dan.bachus@gce.com GRAND CANYON EDUCATION, INC. REPORTS THIRD QUARTER 2025 RESULTS PHOENIX, AZ., November 5, 2025—Grand Canyon Education, Inc. (NASDAQ: LOPE), ("GCE" or the "Company"), is a publicly traded education services company that currently provides services to 20 university partners. GCE provides a full array of support services in the post-se ...

Financial Performance - Net income for Q3 2025 was $13.5 million, up from $9.7 million in Q3 2024[7] - Adjusted EBITDA for Q3 2025 was $75.2 million, compared to $78.8 million in the same quarter last year[7] - Net income attributable to common shareholders for the three months ended September 30, 2025, was $12,009, compared to $8,228 for the same period in 2024, representing a growth of 46%[37] - Net income for the three months ended September 30, 2025, was $13,459,000, up 39.1% from $9,674,000 in the same period of 2024[39] - Operating income for the Retail Segment in Q3 2025 was $77,470,000, compared to $85,094,000 in Q3 2024, a decrease of 9.5%[48] - Operating income for the Wholesale Segment in Q3 2025 was $24,128,000, up from $20,294,000 in Q3 2024, an increase of 19.1%[49] - Operating income for Q3 2025 was $12,211,000, slightly down from $12,640,000 in Q3 2024, indicating a decrease of 3.4%[51] - Operating income for the nine months ended September 30, 2025, was $36,282,000, slightly up from $36,100,000 in the same period of 2024[51] Revenue and Sales - For the three months ended September 30, 2025, total revenues were $2,020,833, a decrease of 11.3% from $2,279,236 in the same period of 2024[37] - Total revenues for the Retail Segment in Q3 2025 were $1,148,847,000, down from $1,415,481,000 in Q3 2024, a decrease of 18.8%[48] - Total revenues for the Wholesale Segment in Q3 2025 were $739,687,000, compared to $727,397,000 in Q3 2024, an increase of 1.8%[49] - Total revenues for Q3 2025 were $124,932,000, a decrease of 2.6% from $128,268,000 in Q3 2024[51] - Total revenues for the nine months ended September 30, 2025, were $365,822,000, a decline of 9.7% compared to $405,270,000 for the same period in 2024[51] Margins and Costs - Merchandise margin increased to 33.7% in Q3 2025 from 32.8% in Q3 2024[7] - Retail fuel margin for Q3 2025 was 43.6 cents per gallon, an increase from 41.3 cents per gallon in Q3 2024[7] - Fuel revenue in the Retail Segment for Q3 2025 was $744,405,000, compared to $929,783,000 in Q3 2024, a decline of 20%[48] - Fuel costs in the Retail Segment for Q3 2025 were $640,278,000, down from $812,693,000 in Q3 2024, a decrease of 21.1%[48] - Fuel costs for Q3 2025 were $105,952,000, down from $109,752,000 in Q3 2024, reflecting a decrease of 2.5%[51] Assets and Liabilities - Total liquidity as of September 30, 2025, was approximately $891 million, with outstanding debt of approximately $912 million[18] - Total current assets increased to $753,154,000 from $722,208,000, representing a growth of 4.6%[38] - Long-term debt, current portion, increased to $36,994,000 from $12,944,000, indicating a significant rise of 186.5%[38] - Total liabilities decreased slightly to $3,213,858,000 from $3,243,792,000, a reduction of 0.9%[38] - Cash and cash equivalents rose to $306,932,000 from $261,758,000, marking an increase of 17.3%[38] - Inventory decreased to $202,290,000 from $231,225,000, a decline of 12.5%[38] - Shareholders' equity decreased to $273,126,000 from $276,866,000, a decrease of 1.4%[38] Dividends and Shareholder Actions - The board declared a quarterly dividend of $0.03 per share, payable on December 1, 2025[19] - Common stock repurchased amounted to $4,182,000 during the three months ended September 30, 2025[39] Operational Changes - The company converted 65 retail stores to dealer sites in Q3 2025, totaling 194 conversions year-to-date[7] - The company closed or divested 32 sites in the wholesale segment during the three months ended September 30, 2025[22] - The number of wholesale segment sites increased to 2,053 at the end of September 2025, up from 1,832 at the end of September 2024, reflecting a growth of 12%[22] - The fleet fueling segment had 288 sites at the end of September 2025, an increase from 281 sites at the end of September 2024, marking a growth of 2.5%[22] Cash Flow - Net cash provided by operating activities for the nine months ended September 30, 2025, was $148,009,000, compared to $199,130,000 for the same period in 2024, reflecting a decrease of 25.7%[39] - Net cash used in investing activities for the nine months ended September 30, 2025, was $93,725,000, compared to $80,935,000 in 2024, an increase of 15.7%[39] - Net cash used in financing activities for the period was $16,893,000, compared to $12,907,000 in the previous period, indicating an increase in cash outflow[40]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 OR o 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: 001-41436 Ivanhoe Electric Inc. (Exact Name of Registrant as Specified in its Charter) Delaware 32-0633823 (Sta ...

Revenue Performance - Fortrea's revenues for the three months ended September 30, 2025, were $701.3 million, a 3.9% increase from $674.9 million in the same period of 2024, driven by a 3.5% increase in organic revenues and favorable foreign currency translation of 0.4%[107]. - For the nine months ended September 30, 2025, revenues reached $2,062.9 million, reflecting a 3.2% increase from $1,999.4 million in the corresponding period in 2024, primarily due to a 3.0% increase in organic revenues[108]. Direct Costs - Direct costs for the three months ended September 30, 2025, increased by 9.9% to $578.6 million, with direct costs as a percentage of revenues rising to 82.5% from 78.0% in the same period of 2024[109]. - For the nine months ended September 30, 2025, direct costs increased by 5.2% to $1,690.2 million, with direct costs as a percentage of revenues at 81.9%, up from 80.3% in the same period of 2024[111]. Expenses - Selling, general and administrative expenses decreased by 21.6% to $106.8 million for the three months ended September 30, 2025, primarily due to lower transition service agreement and information technology costs[112]. - For the nine months ended September 30, 2025, selling, general and administrative expenses decreased by 14.3% to $353.4 million, with reductions attributed to lower transition service agreement and information technology costs[114]. Backlog and Strategic Focus - The company's backlog was $7.6 billion as of September 30, 2025, reflecting anticipated future revenue from business awards[104]. - Fortrea's strategic focus includes leveraging its global scale and therapeutic expertise to meet the growing demand for clinical development services[101]. Amortization and Impairments - Amortization of intangibles and other assets decreased by 2.6% to $14.8 million for the three months ended September 30, 2025, and by 3.7% to $43.9 million for the nine months ended September 30, 2025 compared to 2024[116]. - Goodwill impairment for the nine months ended September 30, 2025 was $797.9 million, specific to the Clinical Development reporting unit, with no impairments recorded in the corresponding periods of 2024[117]. Restructuring and Charges - Restructuring and other charges amounted to $4.9 million for the three months ended September 30, 2025, a decrease of 44.3% from $8.8 million in 2024, and $21.7 million for the nine months ended September 30, 2025, down 3.6% from $22.5 million in 2024[118]. Interest and Foreign Exchange - Interest expense increased by 0.9% to $22.6 million for the three months ended September 30, 2025, but decreased by 33.1% to $68.2 million for the nine months ended September 30, 2025 compared to 2024[120]. - Foreign exchange loss for the three months ended September 30, 2025 was $(2.6) million, a significant increase of 1200.0% compared to $(0.2) million in 2024, and for the nine months ended September 30, 2025, it was $(28.1) million, up 301.4% from $(7.0) million in 2024[121]. Cash Flow and Financial Position - Cash and cash equivalents increased to $131.3 million as of September 30, 2025, compared to $105.3 million in 2024[132]. - Net cash used for operating activities was $(15.6) million for the nine months ended September 30, 2025, a decrease of $261.3 million compared to $245.7 million provided by operations in 2024[133]. - Net cash provided by investing activities was $21.9 million for the nine months ended September 30, 2025, down $226.2 million from $248.1 million in 2024[134]. Debt and Risk Management - The company has entered into a three-year $300.0 million accounts receivable securitization program, with $300.0 million of receivables sold and derecognized from the consolidated balance sheet as of September 30, 2025[129]. - The company believes existing cash and cash flows will be sufficient to cover operational needs for at least the next 12 months, while also evaluating strategic opportunities for acquisitions and investments[130]. - The company had $572.0 million outstanding related to variable rate debt as of September 30, 2025[151]. - A hypothetical 1% increase in interest rates would result in increased interest expenses of $5.7 million[151]. - The company entered into a variable-to-fixed interest rate swap in August 2023 to manage interest rate risk associated with floating rate debt[151]. - The company is exposed to market risks from foreign currency exchange rates and interest rates, and utilizes derivative financial instruments for risk management[147]. Operational Performance - Continued performance of the business units may be impacted by factors such as delays in new customer bookings and increases in operating costs[144].

Financial Performance - The company reported a net loss of $7.3 million for the three months ended September 30, 2025, and a net income of $110.5 million for the nine months ended September 30, 2025, primarily driven by revenue from the license agreement with Takeda [111]. - Total revenue for the three months ended September 30, 2025, was $14.3 million, a significant increase from $388,000 in the same period in 2024, primarily due to the Takeda Agreement [142]. - Total revenue for the nine months ended September 30, 2025, was $243.7 million, a significant increase from $0.5 million in the same period of 2024, primarily driven by $205.4 million in license revenue from the Takeda Agreement [150]. - Net income for the nine months ended September 30, 2025, was $110.5 million, compared to a net loss of $141.3 million in the same period of 2024, marking a turnaround in financial performance [156]. - The company recognized $10.0 million in license revenue related to a development milestone under the Takeda Agreement for the three months ended September 30, 2025 [143]. - The income tax benefit for the three months ended September 30, 2025, was $1.4 million, attributed to taxable income generated from the Takeda Agreement [148]. - The company incurred an income tax provision of $6.4 million for the nine months ended September 30, 2025, attributed to taxable income from the Takeda Agreement [155]. Cash and Cash Equivalents - As of September 30, 2025, the company had an accumulated deficit of $458.3 million and cash and cash equivalents of $693.5 million [111]. - Cash and cash equivalents as of September 30, 2025, were $693.5 million, with expectations to fund operations into the first half of 2028 after accounting for planned repurchases [162]. - As of September 30, 2025, cash and cash equivalents totaled $693.5 million, up from $559.9 million as of December 31, 2024 [178]. Research and Development - The company is developing KER-065 for the treatment of Duchenne muscular dystrophy, with a Phase 2 clinical trial expected to start in Q1 2026 [104]. - The company expects research and development expenses to continue to fluctuate based on clinical trial activities and anticipates a decrease in elritercept-related expenses once transitioned to Takeda [135]. - The company expects to continue incurring substantial expenses related to ongoing research and development activities, particularly for clinical trials [157]. - Research and development expenses decreased to $19.5 million for the three months ended September 30, 2025, from $49.2 million in 2024, a reduction of $29.7 million [145]. - Research and development expenses decreased to $111.7 million for the nine months ended September 30, 2025, down from $128.0 million in 2024, reflecting a reduction in expenses related to KER-065 and cibotercept [152]. - The company has not generated any revenue from product sales as none of its product candidates have been approved for commercialization [106]. - The company has not yet approved any products for sale and does not anticipate generating revenue from product sales until successful development and regulatory approval [158]. Agreements and Payments - The company entered into a license agreement with Takeda Pharmaceuticals in December 2024, receiving a $200 million upfront payment and a $10 million milestone payment upon dosing the first patient in the Phase 3 RENEW clinical trial [120]. - The company is entitled to receive up to $1.1 billion in potential milestone payments from Takeda based on the achievement of specified development and commercial milestones [120]. - The company received a net upfront payment of $18.0 million in January 2022 under the Hansoh Agreement, with potential additional payments of up to $23.5 million for development milestones and $144.0 million for net sales thresholds [125]. - The company recognized $0.1 million in service revenue related to the Hansoh Agreement for the three months ended September 30, 2025, compared to $0.4 million in 2024 [143]. - The company plans to distribute 25% of any net cash proceeds received from the Takeda license agreement to stockholders by December 31, 2028 [115]. Stock and Financing Activities - The company has sold a total of 4,290,096 shares under the ATM Offering for aggregate net proceeds of approximately $228.6 million as of September 30, 2025 [109]. - The company initiated a stock repurchase plan, repurchasing 10,176,595 shares at a price of $17.75 per share for an aggregate purchase price of $180.6 million [113]. - Net cash provided by financing activities was $316.3 million for the nine months ended September 30, 2024, primarily from a public offering of common stock and an ATM program [171]. Other Income and Expenses - Total other income, net was $6.7 million for the three months ended September 30, 2025, an increase of $1.0 million from $5.7 million in 2024, driven by higher dividend income [146]. - Total other income, net increased to $20.0 million for the nine months ended September 30, 2025, from $16.3 million in 2024, driven by a rise in dividend income [154]. - General and administrative expenses increased to $10.1 million for the three months ended September 30, 2025, compared to $9.8 million in 2024, reflecting a net increase in professional fees and other costs [146]. - General and administrative expenses increased to $35.1 million for the nine months ended September 30, 2025, from $30.1 million in 2024, primarily due to higher professional fees [153]. Cash Flow and Investments - Net cash provided by operating activities was $134.8 million for the nine months ended September 30, 2025, driven by net income and non-cash charges [165]. - Cash used in investing activities was $1.4 million for the nine months ended September 30, 2025, and $1.6 million for the nine months ended September 30, 2024, due to purchases of property and equipment [169]. - The company experienced a $5.0 million cash outflow in prepaid expenses and other assets due to timing of expense recognition for research and development costs [168]. Risk and Accounting Policies - The company had no debt outstanding subject to interest rate variability as of September 30, 2025, mitigating interest rate risk related to debt [179]. - The company is exposed to market risks primarily due to interest rate sensitivities, but does not expect significant effects from changes in market interest rates [178]. - There have been no significant changes to critical accounting policies from those described in the Annual Report [175].

Revenue Performance - Total revenue for Q1 Fiscal 2026 was $1,288.1 million, an increase of 1.5% compared to Q1 Fiscal 2025, but down 0.6% after adjusting for foreign exchange impacts[210]. - Total annual recurring revenue reached $1,071.4 million, up 1.8% year-over-year, and down 0.3% after considering foreign exchange effects[210]. - Cloud services and subscriptions revenue was $484.5 million, reflecting a 6.0% increase compared to the same period last year, and a 4.2% increase after adjusting for foreign exchange[210]. - The company reported increases in revenue from Content, Business Network, Cybersecurity (Enterprise), and ADM product categories, while ITOM, Cybersecurity (SMB & Consumer), and Analytics categories saw declines[210]. - Total revenues for the three months ended September 30, 2025, were $1,288,135, an increase of $19,130 or 1.5% compared to $1,269,005 in 2024[233]. - Cloud services and subscriptions revenues increased by $27.5 million or 6.0% to $484,509, driven by growth in Content, Business Network, ADM, and ITOM product categories[238]. Financial Metrics - GAAP-based gross margin increased to 72.8% from 71.7% year-over-year, while non-GAAP-based gross margin rose to 76.5% from 75.8%[216]. - GAAP-based net income attributable to the Company was $146.6 million, up from $84.4 million in the same period last year, representing a 73.5% increase[216]. - Operating cash flow for the three months ended September 30, 2025, was $147.8 million, a significant increase of 289.9% compared to $(77.8) million in the prior year[216]. - The GAAP-based EPS, diluted, increased to $0.58 from $0.32 year-over-year[233]. - Non-GAAP-based net income attributable to OpenText for the three months ended September 30, 2025, was $266,275, representing an increase from GAAP-based net income of $146,616[297]. - Non-GAAP-based earnings per share for the three months ended September 30, 2025, was $1.05, compared to GAAP-based earnings per share of $0.58[297]. - Adjusted EBITDA for the quarter was $467,411, compared to $443,801 in the prior year[233]. - Adjusted EBITDA margin for the three months ended September 30, 2025, is calculated as a percentage of total revenue, reflecting operational performance[286]. - GAAP-based net income attributable to OpenText for the three months ended September 30, 2025, was $146,616, with a net income margin of 11.4%[298]. - Free cash flows for the three months ended September 30, 2025, were $101,229, compared to cash flows used in operating activities of $147,763[299]. Cost Management - Research and development expenses decreased by $21.6 million to $169.1 million, representing 13.1% of total revenues, down from 15%[258]. - Sales and marketing expenses increased by $11.2 million to $257.1 million, accounting for 20% of total revenues, up from 19%[262]. - General and administrative expenses decreased by $1.0 million to $105.8 million, remaining stable at 8% of total revenues[264]. - Special charges decreased by $27.0 million to $20.1 million, primarily due to a reduction in restructuring costs[269]. - Cost of professional service and other revenues decreased by $3.9 million, primarily due to a reduction in labor-related costs of $4.3 million[255]. Strategic Initiatives - The company is focusing on growth in earnings and cash flows for Fiscal 2026 and Fiscal 2027, with a strategic emphasis on Information Management capabilities[199]. - The Business Optimization Plan announced in July 2024 aims to redeploy capital from non-core assets to enhance focus on core Information Management for AI business[199]. - The company anticipates future growth through both organic and inorganic means, including potential acquisitions[199]. - The Business Optimization Plan is expected to generate annualized savings of approximately $490.0 million to $550.0 million, with 35% of these savings realized in Fiscal 2025[223]. Workforce and Management - The company employed approximately 21,200 individuals as of September 30, 2025, with 34% in the Americas, 23% in EMEA, and 43% in Asia Pacific[209]. - The newly appointed Chief Financial Officer, Steve Rai, brings over 30 years of global finance experience, including prior leadership at BlackBerry Limited[213]. - The company reduced its workforce in research and development by 397 employees, from 7,426 to 7,029[259]. Cash Flow and Debt Management - Cash and cash equivalents as of September 30, 2025, totaled $1,087,083, a decrease of $69,413 from the previous quarter[309]. - Cash flows from operating activities increased by $225.6 million compared to the same period in the prior fiscal year, driven by a net change from working capital of $177.3 million[313]. - Cash used in investing activities increased by $36,440 during the three months ended September 30, 2025, primarily due to higher property and equipment additions[315]. - Cash flows used in financing activities decreased by $8.8 million, attributed to a reduction in cash used for repurchases of Common Shares[317]. - As of September 30, 2025, the company had senior debt outstanding with a total carrying value of $4.3 billion, maturing between 2027 and 2031[323]. - The company entered into a $3.585 billion Acquisition Term Loan with a floating interest rate of Term SOFR plus 1.75%, with an outstanding balance of $2.176 billion as of September 30, 2025[324]. - The company amended its $750 million Revolver to extend the maturity date to December 19, 2028, with no outstanding borrowings as of September 30, 2025[325]. - The company has long-term debt obligations totaling $7.787 billion, with minimum payments due across various fiscal periods[336]. Foreign Currency and Hedging - The company hedged certain Canadian dollar foreign currency exposures, with a one cent change in the exchange rate affecting the mark-to-market valuation by $0.7 million[354]. - A one cent change in the Euro to U.S. dollar forward exchange rate would impact the mark-to-market valuation of the 7-year EUR/USD cross currency swaps by $7.6 million as of September 30, 2025[357]. - The mark-to-market valuation change for the 5-year EUR/USD cross currency swaps would be $5.8 million for a one cent change in the Euro to U.S. dollar forward exchange rate[356]. - Fluctuations in foreign currencies significantly impact the reported total assets and liabilities for foreign subsidiaries, affecting cash and cash equivalents reported in U.S. dollars[358].

Financial Performance - Q3 2025 revenue was $38.4 million, a decrease of 4% from $40.0 million in Q3 2024[3] - Total revenue for the three months ended September 30, 2025, was $38,441,000, a decrease of 3.8% compared to $39,967,000 for the same period in 2024[22] - Product revenue for the three months ended September 30, 2025, was $32,597,000, down 7.6% from $35,296,000 in the prior year[22] - Non-GAAP gross profit for Q3 2025 was $16.2 million, with a gross margin of 42%, up from 33% in Q3 2024[4] - Gross profit for the three months ended September 30, 2025, was $15,901,000, representing a gross profit margin of 41%[26] - GAAP net loss for Q3 2025 was $38.0 million, an improvement from a net loss of $60.7 million in Q3 2024[6] - Net loss for the three months ended September 30, 2025, was $(38,000,000), compared to $(60,725,000) in the prior year[22] - Operating loss for the three months ended September 30, 2025, was $(38,877,000), compared to $(64,077,000) for the same period in 2024[22] Revenue Breakdown - Instrument revenue fell to $11.3 million from $16.8 million year-over-year, while consumable revenue increased to $21.3 million from $18.5 million[3] - Annualized Revio pull-through per system was approximately $236,000, down from $255,000 in the previous year[3] Operating Expenses - Operating expenses decreased to $54.8 million in Q3 2025 from $74.1 million in Q3 2024[5] - Total operating expenses for the three months ended September 30, 2025, were $54,778,000, down from $74,081,000 in the prior year[26] - Research and development expenses for the three months ended September 30, 2025, were $22,846,000, a decrease from $25,516,000 in the same period of 2024[22] Assets and Equity - Cash and investments as of September 30, 2025, totaled $298,654,000, a decrease from $389,931,000 at the end of 2024[24] - Total assets as of September 30, 2025, were $803,158,000, significantly lower than $1,260,447,000 at the end of 2024[24] - Stockholders' equity as of September 30, 2025, was $36,090,000, down from $506,594,000 at the end of 2024[24] Product Development and Approvals - The company launched new SPRQ-Nx sequencing chemistry, expected to reduce sequencing costs by up to 40%[7] - The Sequel® II CNDx system received Class III Medical Device Registration approval in China[7] - The Revio system was selected for the National Institute on Aging's Long Life Family Study to sequence up to 7,800 whole genomes[7] Strategic Goals - The company aims to make its long-read sequencing technology more accessible worldwide, emphasizing disciplined growth[8]

Financial Performance - Smith Micro reported revenue of $4.3 million for Q3 2025, a decrease of 6.5% compared to $4.6 million in Q3 2024[3] - Year-to-date revenue for the nine months ended September 30, 2025, was $13.4 million, down from $15.6 million for the same period in 2024[7] - Revenues for Q3 2025 were $4,347, a decrease of 6.5% from $4,648 in Q3 2024[16] - Gross profit for Q3 2025 was $3,211, down 3.5% from $3,327 in Q3 2024[16] - Gross profit for the nine months ended September 30, 2025, was $9,824 million, a decrease of 7.9% compared to $10,695 million for the same period in 2024[21][22] Profitability Metrics - Gross profit for Q3 2025 was $3.2 million, with a gross profit margin of 73.9%, up from 71.6% in Q3 2024[4] - GAAP net loss for Q3 2025 was $5.2 million, or $0.25 loss per share, an improvement from a net loss of $6.4 million, or $0.54 loss per share, in Q3 2024[5] - Non-GAAP net loss for Q3 2025 was $2.6 million, or $0.12 loss per share, compared to a non-GAAP net loss of $3.6 million, or $0.30 loss per share, in Q3 2024[6] - Net loss attributable to common stockholders for Q3 2025 was $5,170, compared to $6,369 in Q3 2024, reflecting a 18.8% improvement[16] - GAAP net loss for the nine months ended September 30, 2025, was $25.4 million, or $1.30 loss per share, significantly improved from a loss of $44.3 million, or $4.17 loss per share, in the same period of 2024[8] - Net loss attributable to common stockholders for the nine months ended September 30, 2025, was $25,409 million, compared to a net loss of $44,306 million in 2024, indicating an improvement of 42.6%[21][22] - Loss per share for the nine months ended September 30, 2025, was $(1.30), an improvement from $(4.17) in the same period of 2024[21][22] Cash and Cash Equivalents - Total cash and cash equivalents as of September 30, 2025, were $1.4 million, down from $2.8 million at the end of 2024[15] - Cash and cash equivalents at the end of Q3 2025 were $1,394, down from $1,509 at the end of Q3 2024[17] Operating Expenses - Total operating expenses for the nine months ended September 30, 2025, were $34,470, a decrease of 38% from $55,604 in 2024[16] - Research and development expenses for Q3 2025 were $2,603, down 28.5% from $3,637 in Q3 2024[16] - Research and development expenses for the nine months ended September 30, 2025, were $7,640 million, down from $10,180 million in 2024, a decrease of 25.5%[21][22] - Selling and marketing expenses for the nine months ended September 30, 2025, were $4,079 million, compared to $6,060 million in 2024, a reduction of 32.8%[21][22] - General and administrative expenses for the nine months ended September 30, 2025, were $6,035 million, down from $6,197 million in 2024, a decrease of 2.6%[21][22] Strategic Focus - The company is focusing on expanding its "connected life" vision to attract family subscribers in the carrier market[2] - Smith Micro aims to strengthen its financial foundation and streamline operations for future growth opportunities[2] - The company is focusing on cost reduction strategies and improving operational efficiency to enhance future profitability[21][22] Impairments and Gains - The company reported a goodwill impairment of $11,052 for the nine months ended September 30, 2025[17] - Goodwill impairment for the nine months ended September 30, 2025, was $11,052 million, significantly lower than the $23,989 million recorded in 2024[21][22] - The company reported a gain on the sale of ViewSpot of $1,287 million in 2025, which was not present in 2024[21][22]

If approved by the United States Food and Drug Administration (FDA), Anaphylm would be the first and only oral medication for the rescue treatment of severe allergic reactions, including anaphylaxis. Aquestive believes that Anaphylm's needle-free, portable, and easy-to-administer formulation can help overcome barriers to epinephrine use and improve patient compliance in emergency situations. Exhibit 99.1 Aquestive Therapeutics Reports Third Quarter 2025 Financial Results and Provides Business Update Warren, ...