Financial Performance - Record net income of $5.6 million for the third quarter of 2025, a significant turnaround from previous losses[1] - Total revenue for Q3 2025 was $4.36 million, showing consistency with prior quarters despite minor fluctuations[11] - Operations expenses increased to $3.54 million in Q3 2025, up from $2.85 million in Q2 2025[11] - A one-time gain of $13.4 million was recorded from asset sales related to the funding and farmout agreements[16] Balance Sheet Improvement - The company retired all $41 million of senior and seller debt, significantly improving its balance sheet[1][17] - Shareholder equity increased by $22.7 million, driven by the retirement of preferred shares and gains from funding transactions[1][17] Drilling and Production Plans - The company expects to drill up to 90 horizontal wells at a cost of $3.5 million to $4.0 million per well, with initial production rates of 300 to 500 barrels of oil per day[7] - Cumulative capital investment by Virtus and LHO is projected to exceed $300 million over the life of the horizontal drilling project[7] - The company anticipates an annual horizontal drilling program of 10 to 20 new wells per year, with gross oil production expected to exceed 20,000 barrels of oil per day[7] Reserves Information - The Grayburg-Jackson Field is estimated to have proven reserves of approximately 14.0 million barrels of oil and 2.8 billion cubic feet of natural gas[18]

Financial Performance - Record net income of $5.6 million for the third quarter of 2025, a significant turnaround from previous losses [1] - Total revenue for Q3 2025 was $4.36 million, showing consistency with prior quarters despite minor fluctuations [11] - Operations expenses increased to $3.54 million in Q3 2025, up from $2.85 million in Q2 2025 [11] - Shareholder equity increased by $22.7 million, driven by the retirement of preferred shares and gains from funding transactions [1][17] Debt and Equity Management - The company retired all $41 million of senior and seller debt, significantly improving its balance sheet [1][17] - A one-time gain of $13.4 million was recorded from asset sales as part of the funding and farmout agreements [16] Drilling and Production Plans - The company expects to drill up to 90 horizontal wells at a cost of $3.5 million to $4.0 million per well, with initial production rates projected at 300 to 500 barrels of oil per day [7] - Cumulative capital investment by Virtus and LHO is expected to exceed $300 million over the life of the horizontal drilling project [7] - The company anticipates gross oil production to exceed 20,000 barrels of oil per day from the horizontal drilling program [7] Reserves Information - The Grayburg-Jackson Field has proven reserves estimated at approximately 14.0 million barrels of oil and 2.8 billion cubic feet of natural gas [18]

Financial Performance - The Home Depot reported third quarter fiscal 2025 sales of $41.4 billion, an increase of $1.1 billion or 2.8% from the same period in fiscal 2024[1]. - Net earnings for the third quarter were $3.6 billion, or $3.62 per diluted share, compared to $3.6 billion, or $3.67 per diluted share in the same period of fiscal 2024[1][2]. - Adjusted diluted earnings per share for the third quarter were $3.74, down from $3.78 in the same period of fiscal 2024[2]. - Operating margin for the third quarter was approximately 12.6%, with an adjusted operating margin of approximately 13.0%[6]. - The diluted earnings per share are expected to decline approximately 6.0% from $14.91 in fiscal 2024[6]. - Net earnings for the nine months ended November 2, 2025, were $11,585 million, slightly down from $11,809 million in the same period of 2024, a decrease of 1.9%[16]. - The company reported a diluted earnings per share (GAAP) of $3.62 for the three months ended November 2, 2025, down 1.4% from $3.67 in the same period of 2024[24]. Sales and Growth Projections - The company updated its fiscal 2025 guidance to reflect total sales growth of approximately 3.0%, with GMS expected to contribute approximately $2.0 billion in incremental sales[3]. - Comparable sales growth is projected to be slightly positive for the comparable 52-week period[3]. - Customer transactions decreased by 1.4% to 393.5 million in the third quarter compared to 399.0 million in the same period of fiscal 2024[12]. Store Operations - The company plans to open approximately 12 new stores in fiscal 2025[3]. - The company operated a total of 2,356 retail stores and over 1,200 SRS locations at the end of the third quarter[5]. Assets and Liabilities - Total assets increased to $106,274 million in November 2025, up from $97,264 million in October 2024, representing a growth of 9.3%[14]. - Total current liabilities rose to $34,367 million in November 2025, compared to $29,092 million in October 2024, marking an increase of 18.4%[14]. Cash Flow and Investments - Cash and cash equivalents at the end of the period were $1,684 million, an increase from $1,531 million at the end of October 2024[16]. - Capital expenditures for the nine months ended November 2, 2025, were $2,621 million, compared to $2,384 million in the same period of 2024, reflecting an increase of 9.9%[16]. - The net cash used in investing activities for the nine months ended November 2, 2025, was $7,765 million, significantly lower than $19,912 million in the same period of 2024[16]. Stockholders' Equity - The company reported a total stockholders' equity of $12,116 million in November 2025, a substantial increase from $5,786 million in October 2024[14].

Investment Income - Total investment income for Q4 2025 was $77.3 million ($0.88 per share), an increase from $75.3 million ($0.85 per share) in Q3 2025[2] - Full year total investment income was $316.8 million ($3.68 per share), down from $381.7 million ($4.75 per share) in 2024, primarily due to lower interest income and dividend income[2] - GAAP total investment income for the year ended September 30, 2025, was $316,801,000, with a per share amount of $3.68, compared to $381,665,000 and $4.75 per share for the previous year[32] - Adjusted total investment income for the three months ended September 30, 2025, was $76,866,000, representing a per share amount of $0.87, compared to $74,297,000 and $0.84 for the same period in 2024[32] Net Investment Income - GAAP net investment income for Q4 2025 was $35.8 million ($0.41 per share), compared to $33.5 million ($0.38 per share) in Q3 2025[2] - Adjusted net investment income for Q4 2025 was $35.4 million ($0.40 per share), up from $32.5 million ($0.37 per share) in Q3 2025[11] - Adjusted net investment income for the full year ended September 30, 2025, was $151.3 million ($1.76 per share), down from $179.3 million ($2.23 per share) for the previous year, reflecting a decline of $28.0 million[12] - Net investment income for the three months ended September 30, 2025, was $35,802 million, compared to $33,481 million in the previous quarter and $44,921 million in the same quarter last year[41] Investment Commitments - The company originated $208.2 million in new investment commitments during Q4 2025, with a weighted average yield of 9.7%[2] - New investment commitments for the quarter ended September 30, 2025, totaled $208.2 million, compared to $147.2 million in the previous quarter[14] Debt and Liquidity - Total debt outstanding was $1,495.0 million as of September 30, 2025, with a total debt to equity ratio of 1.02x[2] - Liquidity included $79.6 million in unrestricted cash and $615 million in undrawn capacity under the credit facility as of September 30, 2025[2] - The Company's total debt to equity ratio was 1.02x as of September 30, 2025, up from 0.99x as of June 30, 2025[26] - The Company had $79.6 million of unrestricted cash and cash equivalents and $615.0 million of undrawn capacity on its credit facility as of September 30, 2025[25] Asset Valuation - As of September 30, 2025, the fair value of the investment portfolio was $2.8 billion, consisting of investments in 143 companies, including 124 debt investments and 35 equity investments[17] - Total investments at fair value decreased to $2,847,782 as of September 30, 2025, from $3,021,279 on September 30, 2024, a decline of 5.7%[39] - Control investments at fair value decreased to $227,748 as of September 30, 2025, from $289,404 on September 30, 2024, a decline of 21.3%[39] Earnings and Expenses - Total expenses for the three months ended September 30, 2025, were $43,146 million, down from $47,093 million in the previous quarter and $51,742 million year-over-year[41] - The company reported a net increase in net assets resulting from operations of $24,578 million for the three months ended September 30, 2025, down from $38,352 million in the previous quarter and $36,913 million year-over-year[41] - Earnings per common share for the three months ended September 30, 2025, was $0.28, compared to $0.44 in the previous quarter and $0.45 year-over-year[41] Market Outlook and Risks - The company remains disciplined in underwriting and selective in deploying capital amid an uncertain market outlook[3] - Forward-looking statements indicate potential risks including economic disruptions, changes in laws, and geopolitical conflicts that could impact future performance[36] Company Information - Oaktree Specialty Lending Corporation focuses on providing customized credit solutions to companies with limited access to capital markets[35] - The company is regulated as a business development company under the Investment Company Act of 1940[35] - The company will host a conference call on November 18, 2025, to discuss its fourth fiscal quarter and full year results[33] - Investor relations contact for Oaktree Specialty Lending Corporation is Clark Koury at (213) 830-6222[37]

Exhibit 99.1 Baidu Announces Third Quarter 2025 Results BEIJING, China, Nov 18, 2025 – Baidu, Inc. (NASDAQ: BIDU and HKEX: 9888 (HKD Counter) and 89888 (RMB Counter)), ("Baidu" or the "Company"), a leading AI company with strong Internet foundation, today announced its unaudited financial results for the third quarter ended September 30, 2025. "In the third quarter, we demonstrated AI's transformative value across our portfolio. AI Cloud maintained solid growth momentum, driven by broadening enterprise adop ...

Exhibit 99.1 Weibo Announces Third Quarter 2025 Unaudited Financial Results BEIJING, China – November 18, 2025 – Weibo Corporation ("Weibo" or the "Company") (Nasdaq: WB and HKEX: 9898), a leading social media in China, today announced its unaudited financial results for the third quarter ended September 30, 2025. "We are pleased with our progress made in our intelligent search front," said Gaofei Wang, CEO of Weibo. "On the user product front, we have completed homepage information feeds product revamp, wi ...

Exhibit 99.1 KANZHUN LIMITED Announces Third Quarter 2025 Financial Results BEIJING, November 18, 2025 – KANZHUN LIMITED ("BOSS Zhipin" or the "Company") (Nasdaq: BZ; HKEX: 2076), a leading online recruitment platform in China, today announced its unaudited financial results for the quarter ended September 30, 2025. Third Quarter 2025 Highlights Mr. Jonathan Peng Zhao, Founder, Chairman and Chief Executive Officer of the Company, remarked, "In the third quarter of this year, the Company achieved high-qualit ...

Business Strategy and Growth - The company plans to sell its Feminine Care segment for $340 million, subject to purchase price adjustments upon closing [38]. - The company expects to drive growth in its Sun and Skin Care business through product innovation, increased distribution, and geographic expansion [35]. - The Bulldog skincare products have expanded sales geographically since acquisition, with continued resource commitment for growth [37]. - The company has a diverse portfolio of personal care brands acquired over the years, enhancing its market position [30]. - Customer orders for Sun Care products are highly seasonal, leading to increased sales during late winter through mid-summer months [48]. Market Position and Competition - The company holds the number two global market share position in wet shaving, with significant presence in the U.S., Canada, Japan, Germany, France, and the U.K. [32]. - The company is one of the top three manufacturers of feminine care products in North America, leveraging competitive product technologies [38]. - The company faces competition from major players like Procter & Gamble and Kimberly Clark in the feminine care market [44]. - The global men's skincare market is expected to continue growing, with the company competing through its Bulldog and Jack Black brands [43]. Financial Performance and Risks - Walmart accounted for approximately 17.4% of the company's net sales in fiscal 2025, with Target Corporation representing about 9.2% for the Sun and Skin Care segment and 10.1% for the Feminine Care segment [46]. - The company maintains a cash flow hedging program related to foreign currency risk, with unrealized pre-tax gains of $1.4 million and $2.4 million at September 30, 2025, and 2024, respectively [287]. - The company is exposed to significant currency rate risks, particularly with the euro, Japanese yen, British pound, Canadian dollar, and Australian dollar, which can impact reported earnings [284]. - Outstanding variable-rate debt instruments amounted to $140.0 million, primarily related to the Revolving Credit Facility and international notes payable [293]. - A one percent increase in applicable interest rates would increase annual interest expense by approximately $1.7 million [293]. Innovation and Intellectual Property - As of September 30, 2025, the company owned 271 unexpired U.S. patents and 1,321 foreign patents, with expiration dates ranging from October 2025 to June 2050 [52]. - The company actively pursues foreign patent protection and routinely prepares additional patent applications, indicating a strong focus on innovation and intellectual property [52]. Sustainability and Compliance - The company aims to achieve operational carbon neutrality across its global operations and reduce greenhouse gas emissions as part of its Sustainable Care 2030 strategy [63]. - The company is subject to various environmental regulations, including those from the U.S. FDA and EPA, which govern the manufacture and distribution of its products [54]. - The company is committed to compliance with discrimination laws and fostering an inclusive work environment [70]. Employee Wellbeing and Culture - The company has approximately 6,700 employees, with around 2,000 based in the United States, fostering a culture centered around the guiding purpose of Making Useful Things Joyful [67]. - The company emphasizes employee wellbeing through various programs, including onsite biometric screening and mental health support, aiming to foster a culture of wellbeing by 2025 [69]. - Employee experience survey results show increased confidence in the company's future and a sense of belonging, with improvements noted year over year [72]. - The company’s human resources policies and wellbeing programs are designed to attract and retain key personnel, contributing to positive employee retention rates [69]. Operational Management - The company utilizes a direct sales force supplemented by strategic distributors and wholesalers, with dedicated commercial organizations in key markets [45]. - The principal raw materials include steel, plastic resins, and organic chemicals, which are sourced regionally or globally and are subject to price and availability fluctuations [49]. - The company has established e-commerce operations across several business lines, including partnerships with T-Mall in China to accelerate e-commerce sales [45]. - The company has a strong focus on safety culture, revitalizing its "Alive and Well" program across manufacturing sites [71]. - The company’s executive team includes experienced leaders, with the Chief Executive Officer having served since March 1, 2019, and the Chief Financial Officer since December 1, 2024 [76][84].

Financial Performance - The craft spirits segment generated revenues exceeding $21.4 billion in 2023, with a projected CAGR of 29.4% from 2024 to 2030[323]. - For the three months ended September 30, 2025, total net revenue was $2,989,001, an increase of approximately $1,227,567 or 69.6% compared to $1,761,434 in 2024[374]. - Net income for the three months ended September 30, 2025, was $196,263,893, a significant increase of $199,696,824 compared to a net loss of $(3,432,931) in 2024[374]. - Total net revenue for the nine months ended September 30, 2025, was $5,402,806, a slight increase of $92,899 or 1.75% compared to $5,309,907 in 2024[408]. - Net income for the nine months ended September 30, 2025, was $185,935,769, compared to a net income of $5,426,409 in 2024, reflecting an increase of $180,509,360[408]. Sales and Revenue Trends - The spirits business net sales decreased to approximately $1,081,000 in 2025 from $1,774,000 in 2024, representing a decline of approximately $693,000 or 39.1%[375]. - Total sales for the Spirits Business decreased to $1,081,000 in Q3 2025 from $1,774,000 in Q3 2024, a decline of approximately 61.0%[394]. - Net sales in the Spirits Business decreased by approximately $1,816,000, or 34.2%, from $5,310,000 in 2024 to $3,494,000 in 2025[410]. - Product sales in the Spirits Business dropped by $1,337,000, with wholesale sales decreasing by $342,000 and retail sales decreasing by $769,000[411]. Cost and Profitability - The gross profit for the Spirits Business decreased by approximately $1,310,000, or 73.3%, from $1,786,000 in 2024 to $476,000 in 2025, with a gross margin of 13.6% compared to 33.6% in the previous year[425]. - The gross margin for products in the Spirits Business was (31.7)% for the three months ended September 30, 2025, a decrease of 50.4% from 18.7% in 2024[390]. - The cost of sales for the Spirits Business decreased by approximately $506,000, or 14.4%, from $3,524,000 in 2024 to $3,018,000 in 2025[415]. - Unabsorbed overhead as a component of product cost increased to 60.4% in 2025 from 48.2% in 2024, contributing to lower gross margins[420]. Digital Assets and Cryptocurrency - The company completed a $223.8 million PIPE transaction, acquiring 53.2 million $IP Tokens for its digital asset treasury[322]. - The company staked 43.5 million of its $IP Tokens to establish a validator business, generating recurring revenue[330]. - The fair value of intangible digital assets was reported at $455,648,074 as of September 30, 2025, based on a closing price of $8.54 per $IP Token[362]. - The company recognized a gain of approximately $245,841,000 on the change in fair value of intangible digital assets for the nine months ended September 30, 2025, compared to $0 for the same period in 2024[439]. Operational Challenges - The company faces various risks, including market volatility and regulatory challenges related to its cryptocurrency assets[331]. - The company has experienced modest inflation in raw inputs, particularly in grains and packaging materials, but maintains low exposure to tariff impacts[345]. - Shipping rates have largely returned to pre-COVID levels, despite recent bankruptcies in the freight market[346]. - The company expects to reduce unabsorbed overhead significantly in 2026 as it transitions to third-party production and reduces headcount[425]. Expenses and Liabilities - General and administrative expenses increased to approximately $1,981,000 in Q3 2025 from $1,439,000 in Q3 2024, an increase of approximately 37.7%[399]. - Sales and marketing expenses decreased to approximately $1,023,000 in Q3 2025 from $1,270,000 in Q3 2024, a reduction of approximately 19.4%[398]. - Interest expense decreased by approximately $164,000 to approximately $498,000 in Q3 2025 compared to $662,000 in Q3 2024[402]. - The company recorded a deferred income tax liability of $49,426,794 as of September 30, 2025, based on year-to-date net income before income taxes[405]. Future Outlook - The company is focusing on product innovation to drive long-term revenue growth, especially in the premium segments[349]. - The company anticipates improvements in overall gross profit and gross margin as it focuses on high-margin items and expands its distribution channels[428]. - The company expects to earn revenues from validator services on a full quarter basis moving forward, as these services were only operational for approximately two weeks in the quarter ended September 30, 2025[380]. - The company anticipates finalizing a Section 382 net operating loss review to assess the usability of past NOLs in light of the August 15, 2025 PIPE transaction[371].

Financial Performance - Revenues for Q3 2025 were $36.1 million, a 4% increase from $34.6 million in Q3 2024[36] - Adjusted EBITDA for the quarter was $344,000, representing an 88% sequential increase[9] - Free cash flow for Q3 2025 was $324,000, marking a 260% sequential increase[9] - Q3 gross profit was $5.3 million, representing 15% of revenues, compared to $4.7 million or 14% in the same period last year[41] - Net loss for Q3 was $559,000 or a loss of $0.06 per share, compared to a net loss of $425,000 or a loss of $0.04 per share last year[45] - Adjusted EBITDA for Q3 was $344,000, down from $574,000 in the same period last year, but represented an 88% increase from the previous quarter[46] Revenue Streams - Carrier services revenue for Q3 2025 was $20.4 million, a decrease from $22.4 million in the same period last year[37] - Managed services fees for Q3 2025 were $10.1 million, an increase of $1.6 million compared to Q3 2024[37] - Reselling and other services revenue in Q3 2025 was $4.3 million, an increase of $2.3 million from the same period last year[39] - A new multiyear SaaS contract with a major U.S. telecommunications carrier is expected to generate $40 million to $45 million in revenue over three years[12] - A recent telecommunications carrier contract is valued at approximately $40 million to $45 million in SaaS revenue over three years, expected to begin recognition in the second half of 2026[47] Expenses and Financial Health - Sales and marketing expenses in Q3 were $700,000 or 2% of revenues, up from $500,000 or 2% in the same period last year[43] - General and administrative expenses in Q3 were $4.8 million or 13% of revenues, compared to $4.4 million or 13% last year[44] - The company ended the quarter with $12.1 million in cash, up from $6.8 million at the end of the second quarter, with no bank debt[49] - The current cash balance is sufficient to sustain operations even if the government shutdown extends longer than anticipated[22] Future Opportunities and Contracts - The company has a federal contract backlog of approximately $269 million, providing solid revenue visibility for the coming year[48] - The company is pursuing larger-scale opportunities with a potential $2.7 billion ceiling in the Spiral 4 contract[18] - The company anticipates a decision on the DHS CWMS 3.0 contract by late Q1 or early Q2 2026[15] Strategic Partnerships and Initiatives - WidePoint Corporation is collaborating with CDW to provide Device as a Service (DaaS) for the LA '28 Olympics, managing an estimated 95,000 to 135,000 devices[78] - The partnership with CDW is seen as a significant opportunity, similar to the company's involvement in the Census 2020[78] - The company is optimistic about scaling its solutions in support of the upcoming Olympics and Paralympics[79] - The company is exploring acquisition opportunities but has not found any material targets yet, citing high valuations in the market[60] Market Sentiment - There was a positive sentiment regarding the company's performance despite concerns about federal shutdowns[83] - The company expects sales and marketing expenses to increase in dollar amounts, but remain constant as a percentage of revenue[81]