Financial Performance - Sales increased by $51.0 million to $204.9 million, driven by higher average selling prices and increased volume of virgin sulfuric acid [150]. - Gross profit rose by $7.0 million to $52.1 million, primarily due to higher average selling prices and sales volume [151]. - Operating income increased by $0.8 million to $28.3 million, reflecting higher gross profit offset by increased other operating expenses [152]. - Sales for the three months ended September 30, 2025, were $204.9 million, an increase of $51.0 million, or 33.1%, compared to $153.9 million for the same period in 2024 [154]. - Gross profit for the three months ended September 30, 2025, was $52.1 million, an increase of $7.0 million, or 15.5%, compared to $45.1 million for the same period in 2024 [156]. - Adjusted EBITDA for the three months ended September 30, 2025, was $57.5 million, an increase of $8.8 million, or 18.1%, compared to $48.7 million for the same period in 2024 [166]. - Adjusted Net Income for the three months ended September 30, 2025, was $28.6 million, compared to $22.3 million for the same period in 2024, reflecting an increase of $6.3 million [169]. - Sales for the nine months ended September 30, 2025, increased by $74.7 million, or 16.6%, to $524.1 million, driven by higher average selling prices and sales volume from the acquired Waggaman location [171][174]. - Gross profit for the nine months ended September 30, 2025, decreased by $9.0 million, or 7.5%, to $111.4 million, primarily due to higher manufacturing costs and lower regeneration services volume [172][176]. - Operating income for the nine months ended September 30, 2025, decreased by $19.6 million, or 31.3%, to $43.1 million, attributed to decreased gross profit and increased other operating expenses [173]. - Adjusted EBITDA for the nine months ended September 30, 2025, was $120.7 million, a decrease of $4.2 million or 3.4% compared to $124.9 million for the same period in 2024 [191]. - Ecoservices segment reported an Adjusted EBITDA of $141.9 million for the nine months ended September 30, 2025, down $4.4 million or 3.0% from $146.3 million in 2024, primarily due to lower volumes and higher manufacturing costs [191]. Tax and Income - The effective tax rate for the three months ended September 30, 2025, was 98.2%, compared to 23.7% for the same period in 2024 [162]. - Net income from continuing operations was $0.4 million for the three months ended September 30, 2025, compared to $14.8 million for the same period in 2024 [165]. - The provision for income taxes for the nine months ended September 30, 2025, was $20.0 million, with an effective tax rate of 113.4%, compared to $8.0 million and 26.4% in 2024 [185]. - Net loss from continuing operations for the nine months ended September 30, 2025, was $2.4 million, compared to net income of $22.4 million for the same period in 2024, reflecting a significant decline [189]. - The company recorded a discrete tax expense of $15.6 million related to the revaluation of deferred tax assets and liabilities during the nine months ended September 30, 2025 [187]. Expenses and Costs - Other operating expense, net for the three months ended September 30, 2025, was $8.1 million, an increase of $5.7 million compared to $2.4 million for the same period in 2024 [159]. - Interest expense, net for the three months ended September 30, 2025, was $8.4 million, an increase of $0.5 million compared to $7.9 million for the same period in 2024 [160]. - Other operating expense, net for the nine months ended September 30, 2025, was $18.5 million, an increase of $10.6 million compared to $7.9 million in 2024, driven by losses on asset disposals and transaction costs [179]. - Interest expense, net for the nine months ended September 30, 2025, was $24.8 million, a decrease of $2.3 million from $27.1 million in 2024, due to lower variable rates and reduced outstanding debt [180]. - Higher manufacturing costs were driven by additional fixed costs from the Waggaman location, general inflation, and transportation [157]. Sales and Demand - Demand for virgin sulfuric acid remained favorable across various industrial applications, supporting high refinery utilization rates [143]. - The increase in sales volume was primarily related to the contribution from the Waggaman location and higher virgin sulfuric acid sales [155]. - The increase in sales volume was partially offset by lower regeneration services due to unplanned customer downtime and maintenance activities [175]. Cash Flow and Liquidity - Net cash provided by operating activities for continuing operations was $77.5 million for the nine months ended September 30, 2025, compared to $66.0 million in 2024 [203]. - Cash and cash equivalents at the end of the period were $99.1 million, including $82.0 million from continuing operations and $17.1 million from discontinued operations [196]. - Total available liquidity as of September 30, 2025, was $184.7 million, consisting of cash and cash equivalents and availability under the ABL Facility [196]. - Cash interest paid for the nine months ended September 30, 2025, was approximately $34.6 million, down from $37.0 million in 2024 [200]. - The company had no borrowings under its revolving credit facility as of September 30, 2025, and was in compliance with all covenants under its debt agreements [196]. - The company expects ongoing requirements for debt service and capital expenditures to be funded from cash flows from operations and existing cash balances [195]. - Net cash provided by operating activities increased to $77.5 million for the nine months ended September 30, 2025, up from $66.0 million in the same period of 2024, primarily due to higher earnings exclusive of non-cash expenses [204]. - Net cash used in investing activities rose significantly to $92.9 million for the nine months ended September 30, 2025, compared to $43.0 million during the same period in 2024, with $51.6 million allocated for capital expenditures in 2025 [206]. - Net cash used in financing activities increased to $35.1 million for the nine months ended September 30, 2025, compared to $12.7 million in the same period of 2024, primarily due to higher stock repurchases [207]. Capital Expenditures and Debt - Total debt as of September 30, 2025, was $864.3 million, a decrease from $870.8 million as of December 31, 2024, with net debt at $782.3 million after accounting for cash and cash equivalents of $82.0 million [208]. - Maintenance capital expenditures increased to $44.6 million for the nine months ended September 30, 2025, compared to $37.7 million in the same period of 2024, due to turnaround activities [210]. - Total capital expenditures for the nine months ended September 30, 2025, were $49.7 million, up from $42.5 million in 2024 [210]. Strategic Initiatives - The company entered into a definitive agreement to sell its Advanced Materials & Catalysts business for $556.0 million, expected to close in Q1 2026 [136]. - The stock repurchase program allows for the purchase of up to $450.0 million of common stock, with $202.2 million available as of September 30, 2025 [138]. - The company repurchased 3,536,364 shares at an average price of $7.74 per share for a total of $27.4 million during the nine months ended September 30, 2025 [138]. - The company may pursue strategic acquisition or divestiture opportunities, which could impact future cash requirements [196]. Accounting and Risk Management - The company did not identify any events that would likely reduce the fair value of its reporting units or intangible assets below their carrying values during the nine months ended September 30, 2025 [213]. - The company continues to evaluate its critical accounting estimates and has not identified any material changes in accounting policies from the previous year [212]. - There have been no material changes in market risk exposures, including foreign currency exchange rate risk and interest rate risk, as discussed in the previous annual report [216].

Real Estate Portfolio - As of September 30, 2025, Terreno Realty Corporation owned a total of 307 buildings and 44 improved land parcels, aggregating approximately 20.2 million square feet[97] - The company owns 307 buildings across various markets, with a total rentable square footage of 20,152,313 square feet[101] - The occupancy rates for buildings and improved land parcels were approximately 96.2% and 93.6%, respectively, leased to 676 customers[97] - The overall occupancy rate for the real estate portfolio was 96.2% as of September 30, 2025[101] - The improved land parcels total 136.9 acres, with an annualized base rent of $40,121,000, accounting for 10.1% of total annualized rent[106] - The company has six properties under development or redevelopment and approximately 10.7 acres of land for future development[97] Financial Performance - Total revenues increased by approximately $16.6 million to $116.2 million for the three months ended September 30, 2025, representing a 16.7% increase compared to the same period in 2024[131] - Total rental revenues rose by 17.2% to $92.3 million, driven by a 5.1% increase in same store rental revenues and a 63.0% increase in non-same store operating properties[130] - Net income surged by 182.1% to $103.4 million for the three months ended September 30, 2025, compared to $36.6 million in the prior year[130] - For the nine months ended September 30, 2025, total revenues increased by approximately $60.0 million to $338.9 million, a 21.5% increase year-over-year[140] - Total net operating income for the nine months ended September 30, 2025, increased by 21.7% to $254.0 million, driven by both same store and non-same store properties[139] Rental Income - The company’s annualized base rent as of September 30, 2025, was $350.5 million, with warehouse/distribution properties contributing 80.4% of this total[99] - The annualized base rent from improved land was $35,081,000, with a total occupancy rate of 93.6%[101] - The annualized base rent from flex properties was $11.8 million, representing 3.4% of the total[99] - The total annualized base rent for all buildings and improved land parcels is projected to be $397,168,000 as of September 30, 2025[107] - The annualized base rent for the operating portfolio increased to $29,627,000 for the nine months ended September 30, 2025, from $26,287,000 in 2024[103] Development and Acquisitions - The company has six properties under development, expected to total approximately 0.9 million square feet upon completion[101] - The company acquired two industrial properties and one portfolio for a total purchase price of approximately $472.6 million during the three months ended September 30, 2025[110] - The company executed a non-binding letter of intent to acquire an industrial property for approximately $11.4 million, indicating ongoing market expansion efforts[169] Expenses and Costs - Total property operating expenses increased by approximately $2.6 million to $28.2 million, primarily due to property acquisitions and increased real estate taxes[132] - General and administrative expenses rose by approximately $3.8 million to $35.7 million for the nine months ended September 30, 2025, primarily due to increased compensation expenses[143] - Interest expense increased by approximately $7.7 million to $(23.3) million for the nine months ended September 30, 2025, attributed to higher outstanding debt[139] Debt and Financing - Total debt increased to $1,022.9 million as of September 30, 2025, from $672.2 million in 2024, resulting in a total debt-to-total market capitalization ratio of 14.8%, up from 9.2%[159] - The Amended Facility consists of a $600.0 million revolving credit facility and $200.0 million in term loans, with $280.0 million and $200.0 million of borrowings outstanding, respectively, as of September 30, 2025[153] - The weighted average interest rate for the company's total debt was 4.2% as of September 30, 2025[158] - Floating rate debt as a percentage of total debt increased to 46.9% as of September 30, 2025, compared to 29.7% in 2024, reflecting a higher exposure to interest rate fluctuations[159] Shareholder Returns - A cash dividend of $0.52 per share was declared on November 4, 2025, payable on January 9, 2026[119] - The company paid dividends of $0.49 per share for the first two quarters of 2025 and $0.52 per share for the third quarter, reflecting a consistent dividend policy[160] Risks and Compliance - Risks include potential tenant bankruptcies, increased vacancy rates, and elevated interest rates impacting financial performance[96] - The company faces risks related to compliance with laws and regulations applicable to public companies[96] - The company is exposed to interest rate risk primarily due to debt used for liquidity and capital expenditures, and plans to manage this risk through interest rate caps and swap agreements[185]

Revenue and Sales Performance - For the three months ended September 30, 2025, consolidated sales reached $57,389,411, a 22.3% increase from $46,899,559 in the same period of 2024[84]. - Total sales for the nine months ended September 30, 2025, reached $160,522,073, a 21.5% increase from $132,054,341 in 2024[87]. - The company’s consolidated income before income taxes for the nine months ended September 30, 2025, was $11,090,586, compared to $6,737,919 in 2024, marking a 64.5% increase[86]. Cost and Profitability - The cost of goods sold for the same period was $44,321,481, resulting in a gross profit of $13,067,930, compared to a gross profit of $11,464,239 in 2024[84]. - Operating income for the three months ended September 30, 2025, was $4,201,528, compared to $2,020,472 in 2024, reflecting a significant improvement in operational efficiency[84]. - The gross margin for consolidated sales for the three months ended September 30, 2025, was 22.8%, down from 24.4% in 2024[87]. Segment Performance - For the nine months ended September 30, 2025, the commercial segment's shipping and handling costs were $2,905,726, down from $3,716,832 in 2024[43]. - The gross margin for the Consumer segment for the nine months ended September 30, 2025, was 11.3%, down from 12.2% in 2024, while the Commercial segment's gross margin improved to 65.8% from 57.0%[87]. - The operating income for the Commercial segment for the nine months ended September 30, 2025, was $8,536,235, compared to $6,326,714 in 2024, indicating a 35.0% increase[86]. Expenses and Liabilities - The company reported an interest expense of $318,306 for the nine months ended September 30, 2025, compared to $336,134 in 2024, reflecting a decrease of 5.3%[86]. - The total long-term debt obligations amounted to $12,485,632, down from $13,522,179 as of December 31, 2024, indicating a reduction of 7.7%[100]. - Accrued expenses totaled $1,949,806 as of September 30, 2025, down from $3,215,343 at the end of 2024, indicating a decrease of 39.3%[83]. Assets and Investments - Total inventories as of September 30, 2025, amounted to $29,066,264, up from $25,705,524 as of December 31, 2024, indicating a 9.3% increase[78]. - The company's total property and equipment, net, was $13,722,647 as of September 30, 2025, compared to $13,515,162 at the end of 2024, showing a slight increase of 1.5%[80]. - Intangible assets, net, decreased to $3,593,998 as of September 30, 2025, from $4,097,778 at the end of 2024, reflecting a reduction of 12.3%[81]. Shareholder Activities - The company repurchased 11,562 shares for $67,582 at an average price of $5.85 during the three months ended September 30, 2025[94]. - For the nine months ended September 30, 2025, the company repurchased 32,225 shares for $188,908, averaging $5.86 per share[95]. - The company has authorized the repurchase of up to 1.1 million shares under its stock repurchase program, which is set to expire on March 31, 2026[93][94]. Compliance and Governance - The Company was in compliance with all debt obligation covenants for the three and nine months ended September 30, 2025 and 2024[104]. - The Company has a corporate policy for related party transactions, ensuring they are in the best interests of the Company and its shareholders[109]. - The Company does not believe that pending lawsuits will have a material adverse effect on its financial position[110]. Accounting and Reporting - The company applies a five-step approach to revenue recognition under ASC 606, ensuring accurate timing and amount of revenue recognized[30]. - The company is currently evaluating the potential impact of new accounting standards on its consolidated financial statements and related disclosures[73][74][76]. - The estimated future amortization expense related to intangible assets for 2025 is projected to be $186,833[82].

Frontier Airlines Reports Third Quarter 2025 Financial Results DENVER - November 5, 2025 - Frontier Group Holdings, Inc. (Nasdaq: ULCC), parent company of Frontier Airlines, Inc., today reported financial results for the third quarter of 2025 and issued guidance for the fourth quarter 2025. Highlights: "Our third-quarter results were in line with expectations as we navigated a competitive pricing environment," said Barry Biffle, Chief Executive Officer. "We expect ongoing competitive capacity reductions to ...

Financial Performance - Net sales for the three months ended September 30, 2025, were $144,310, an increase of $8,918 or 6.6% compared to $135,392 in the same period of 2024, driven by the acquisition of Accu-Fab[141] - EBITDA for the three months ended September 30, 2025, was $11,184, a decrease of $4,025 or 26.5% compared to $15,209 in 2024[141] - Adjusted EBITDA for the same period was $14,081, down $2,981 or 17.5% from $17,062 in 2024[141] - Net income (loss) for the three months ended September 30, 2025, was $(2,675), a decrease of $5,649 or 189.9% compared to $2,974 in 2024[141] - Net sales decreased by $48,081 or 10.4%, totaling $412,217 for the nine months ended September 30, 2025, compared to $460,298 in the prior year, driven by reduced customer demand and inventory destocking[151] - EBITDA decreased by $17,709 or 35.7%, amounting to $31,924 for the nine months ended September 30, 2025, compared to $49,633 in the previous year[151][160] Margins and Expenses - Manufacturing margins decreased to $15,939 for the three months ended September 30, 2025, down $1,156 or 6.8% from $17,095 in 2024, primarily due to restructuring costs and inventory step-up expenses[142] - Manufacturing margin percentage decreased to 11.0% for the three months ended September 30, 2025, down 160 basis points from 12.6% in 2024[143] - Manufacturing margins fell to $45,091, a decrease of $15,214 or 25.2%, with margin percentages dropping from 13.1% to 10.9% due to softening demand and restructuring costs[152][153] - Other selling, general and administrative expenses rose to $10,545 for the three months ended September 30, 2025, an increase of $2,986 or 39.5% compared to $7,559 in 2024[146] - Interest expense increased to $3,430 for the three months ended September 30, 2025, up $777 or 29.3% from $2,653 in 2024[147] - Amortization of intangible assets increased to $3,125 for the three months ended September 30, 2025, up $1,392 or 80.3% from $1,733 in 2024, due to the Accu-Fab acquisition[144] Cash Flow and Investments - Free cash flow for the nine months ended September 30, 2025, was $16,751, a decrease of $25,343 or 60.2% compared to $42,094 in 2024[139] - Cash provided by operating activities was $25,181, down $26,666 or 51.4% from $51,847 in the prior year, primarily due to lower net income and increased accounts receivable[161] - Cash used in investing activities surged to $148,470, an increase of $138,825 or 1,439.3%, largely due to the acquisition of Accu-Fab[162] - Cash provided by financing activities was $124,300, a significant increase of $166,996 compared to cash used of $42,696 in the prior year, driven by increased borrowings[163] Debt and Leverage - The company had a consolidated total leverage ratio of 3.47 to 1.00 as of September 30, 2025, below the maximum limit of 4.00 to 1.00[169] - The company has long-term debt principal payment obligations totaling $213.733 million due by 2028, with forecasted interest payments of $26.777 million[177] - As of September 30, 2025, the company has borrowed $211.858 million under its revolving credit facility at an interest rate of 5.39%[182] - Interest expense decreased by $2,582 or 28.8%, totaling $6,395 for the nine months ended September 30, 2025, due to lower interest rates[158] Market Risks and Obligations - The company is exposed to market risks from changes in customer forecasts, interest rates, and commodity prices, and employs financial instruments to mitigate these risks[179] - Commodity price fluctuations could negatively impact the company's results, but it aims to pass these costs onto customers to protect profit margins[184] - Total contractual obligations and commitments amount to $280.357 million, with significant payments due in 2026-2029[177] - The company has finance lease obligations of $2.612 million and operating lease obligations of $37.235 million[177] - The company does not currently utilize commodity hedging instruments to manage raw material price fluctuations[184] - The company’s cash flow could be negatively affected by rising interest rates, impacting its ability to finance operations and acquisitions[183] - The company’s operations may require additional capital for acquisitions, which may not be available on acceptable terms[176]

Financial Performance - Revenues for the three months ended September 30, 2025, increased by $46.2 million or 25.9% compared to the same period in 2024, driven by strong organic growth and acquisitions [158]. - Revenues for the nine months ended September 30, 2025, increased by $129.9 million or 25.6% compared to the same period in 2024, with significant contributions from all segments and emergency response revenue [159]. - Total revenues for the nine months ended September 30, 2025, were $637.3 million, representing a 25.7% increase from $507.3 million in the same period of 2024 [175]. - Total reportable segment revenues for the three months ended September 30, 2025, increased by 25.9% to $224.9 million compared to $178.7 million for the same period in 2024 [176]. - For the nine months ended September 30, 2025, total reportable segment revenues increased by 25.6% to $637.3 million from $507.3 million in 2024 [176]. Segment Performance - Total revenue from emergency response related services was $11.5 million for the three months ended September 30, 2025, compared to $12.0 million in 2024, while for the nine months, it increased to $73.9 million from $40.6 million [154]. - Assessment, Permitting and Response segment revenues increased by 75.1% to $91,081,000 for the three months ended September 30, 2025 compared to $52,019,000 in 2024 [176]. - Measurement and Analysis segment revenues increased by 7.5% to $62,958,000 for the three months ended September 30, 2025 compared to $58,583,000 in 2024 [176]. - Remediation and Reuse segment revenues increased by 4.1% to $70,849,000 for the three months ended September 30, 2025 compared to $68,085,000 in 2024 [176]. - The Assessment, Permitting, and Response segment saw organic growth of $39.6 million and $45.0 million for the three and nine months ended September 30, 2025, respectively [176]. - Measurement and Analysis segment revenues increased by $2.6 million and $16.0 million for the three and nine months ended September 30, 2025, respectively, driven by strong organic growth [177]. - Remediation and Reuse segment revenues increased by $2.8 million and $12.4 million for the three and nine months ended September 30, 2025, respectively, with additional revenue from acquisitions of $7.6 million [179]. Expenses and Costs - Cost of revenues for the three months ended September 30, 2025, increased by $30.7 million or 29.1%, with a cost of revenue as a percentage of revenue at 60.6% [161]. - Selling, general and administrative expenses for the three months ended September 30, 2025, increased by $4.8 million or 7.9%, with a decrease in expenses as a percentage of revenues to 29.2% [165]. - Amortization expense for the three months ended September 30, 2025, was $7.3 million, down from $9.0 million in 2024, while for the nine months, it decreased to $23.0 million from $24.6 million [144]. - Corporate and other costs increased by $1,570,000 for the three months ended September 30, 2025 compared to the same period in 2024, primarily due to higher bonus accruals [183]. Income and Earnings - Net income for the three months ended September 30, 2025, was $8.4 million, compared to a net loss of $10.6 million in the same period in 2024 [157]. - Net income per share attributable to common stockholders for the three months ended September 30, 2025, was $0.24, compared to a loss of $0.39 in the same period in 2024 [157]. - Segment Adjusted EBITDA for total reportable segments was $47,131,000 for the three months ended September 30, 2025, a 30.1% increase from $36,213,000 in 2024 [180]. Cash Flow and Financing - For the nine months ended September 30, 2025, net cash provided by operating activities was $55.5 million, a significant increase of $65.3 million compared to a net cash used of $9.7 million for the same period in 2024 [190]. - Net cash used in investing activities for the nine months ended September 30, 2025, was $12.6 million, significantly lower than $137.2 million for the same period in 2024, which included multiple acquisitions [193][194]. - Net cash used in financing activities for the nine months ended September 30, 2025, was $49.2 million, driven by repayments of borrowings totaling $495.6 million [195]. - As of September 30, 2025, the company had $191.7 million available under the 2025 Credit Facility and $6.7 million in cash on hand [185]. Interest and Tax Expenses - Interest expense for the three months ended September 30, 2025, was $5.0 million, compared to $4.1 million in the same period of 2024, indicating an increase in financing costs [151]. - Interest expense, net for the nine months ended September 30, 2025, increased by 30.2% to $14.9 million compared to $11.4 million for the same period in 2024, primarily due to higher interest rates and debt balances [172]. - Income tax expense for the three months ended September 30, 2025 was $7,281,000, a 432.2% increase from $1,368,000 in the same period of 2024 [175]. - Income tax expense for the nine months ended September 30, 2025, increased by 148.7% to $11.1 million compared to $4.5 million for the same period in 2024 [174]. Acquisitions and Future Outlook - During the three months ended September 30, 2025, no acquisitions were completed, while two acquisitions were completed in the same period of 2024, generating revenues of $4.3 million, representing 2.4% of total revenues [144]. - The company expects revenue growth to continue to be driven significantly by acquisitions, despite a temporary pause in acquisition activities [144]. - The company anticipates that amortization of identifiable intangible assets and other acquisition-related costs will continue to be significant as it pursues further acquisitions [144]. - The company anticipates making up to $23.4 million in aggregate earn-out payments between 2025 and 2027 related to acquisitions [185]. - The company announced a stock repurchase program of up to $40.0 million on May 7, 2025, although no repurchases were made in the nine months ended September 30, 2025 [199].

FOR IMMEDIATE RELEASE Exhibit 99.1 Qualcomm Contact: Mauricio Lopez-Hodoyan Vice President, Investor Relations Phone: 1-858-658-4813 | e-mail: ir@qualcomm.com Qualcomm Announces Fourth Quarter and Fiscal 2025 Results Fiscal 2025 GAAP Revenues: $44.3 billion Fiscal 2025 GAAP EPS: $5.01, Non-GAAP EPS: $12.03 —QCT: Record Fiscal Year Revenues - Executing Towards our 2024 Investor Day Targets— —Total QCT Non-Apple Fiscal Year Revenues Grew 18% Year-Over-Year— —Combined QCT Automotive and IoT Fiscal Year Revenue ...

Business Operations - As of September 30, 2025, ARKO Corp. operated 1,182 retail convenience stores and supplied fuel to 2,053 dealer locations[108] - The company completed 26 acquisitions from 2013 through September 30, 2025, including the acquisition of 21 SpeedyQ Markets in April 2024[120] - The company opened 3 new format stores in 2025, with plans for a region-wide rollout and additional openings in 2026[116] - ARKO Corp. plans to continue expanding its wholesale fuel distribution network, which is expected to yield greater profitability[111] - The wholesale segment saw an increase in the number of sites from 1,922 at the beginning of 2025 to 2,053 by September 30, 2025[117] Financial Performance - For the three months ended September 30, 2025, fuel revenue decreased by $183.9 million, or 10.3%, compared to the same period in 2024, primarily due to a decrease in average fuel prices and fewer gallons sold[135] - Merchandise revenue for the same period decreased by $79.9 million, or 17.0%, mainly due to closed or converted retail stores and decreased same-store revenues[136] - Total revenues for the three months ended September 30, 2025, were $2,020.8 million, down from $2,279.2 million in 2024, reflecting a decrease of approximately 11.3%[132] - Operating income for the three months ended September 30, 2025, was $35.9 million, compared to $41.6 million in the same period of 2024, a decrease of 13.5%[142] - For the nine months ended September 30, 2025, fuel revenue decreased by $686.3 million, or 12.9%, compared to the same period in 2024, attributed to lower average fuel prices and fewer gallons sold[146] - Merchandise revenue for the nine months ended September 30, 2025, decreased by $214.2 million, or 15.8%, primarily due to closed or converted retail stores[147] - Total operating expenses for the nine months ended September 30, 2025, decreased by $874.9 million, or 13.1%, with fuel costs down by $659.6 million, or 13.6%[149] - Net income attributable to ARKO Corp. for the three months ended September 30, 2025, was $13.5 million, compared to $9.7 million in 2024, an increase of 39.1%[144] - Adjusted EBITDA for the three months ended September 30, 2025, was $75.2 million, compared to $78.8 million in the same period of 2024, a decrease of 4.9%[145] - For the nine months ended September 30, 2025, net income attributable to the Company was $20.9 million, a decrease from $23.1 million in the same period of 2024[155] - Adjusted EBITDA for the nine months ended September 30, 2025, was $183.0 million, down from $192.0 million in 2024, reflecting a decline of 4.2%[156] Market Conditions - Inflation and higher interest rates have increased merchandise costs, affecting consumer purchasing power and potentially reducing sales volumes[125] - Retail fuel margins are significantly impacted by wholesale fuel costs, which can fluctuate due to various market factors[122] - The company operates in a highly competitive retail convenience market, facing competition from both chain and individual operators[126] - Same store fuel gallons sold decreased by 4.7%, or approximately 11.5 million gallons, reflecting a challenging macroeconomic environment[163] Cash Flow and Liquidity - As of September 30, 2025, the company had a strong liquidity position of approximately $891 million, consisting of $307 million in cash and cash equivalents[216] - Net cash provided by operating activities for the nine months ended September 30, 2025, was $148.0 million, compared to $199.1 million for the same period in 2024[223] - Cash flows from operating activities were primarily impacted by higher tax payments and a decrease in Adjusted EBITDA[225] - For the nine months ended September 30, 2025, cash flows provided by operating activities were $148.0 million, a decrease of 25.7% compared to $199.1 million for the same period in 2024[225] Shareholder Activities - The company repurchased approximately 4.5 million shares of common stock for approximately $18.5 million during the nine months ended September 30, 2025[219] - The company declared dividends of $0.03 per share on common stock, totaling approximately $10.3 million for the three payments made in 2025[218] Debt and Financing - Approximately 51% of the company's debt bore interest at variable rates as of September 30, 2025, increasing interest rate risk[217] - The Capital One Line of Credit had approximately $380.8 million drawn as of September 30, 2025, with $418.7 million available for use[237] - The company had $450 million in 5.125% Senior Notes due 2029, which are guaranteed by certain wholly owned domestic subsidiaries[231] - Financing activities for the nine months ended September 30, 2025, included net proceeds of $18.7 million from long-term debt and $20.8 million for common stock repurchases[229] Operational Efficiency - Site operating expenses decreased by $76.0 million, or 12.6%, for the nine months ended September 30, 2025, primarily due to reduced expenses from closed or converted retail stores[175] - Fuel margin per gallon at proprietary cardlock locations increased to 48.9 cents in Q3 2025 from 46.1 cents in Q3 2024, driven by favorable diesel margins[192] - Total operating expenses for the nine months ended September 30, 2025, were $3,652,152 thousand, a decrease from $4,279,157 thousand in the same period of 2024[198]

Revenue Performance - Revenue from the OEM Channel product family decreased by 20% for the three-month period and 19% for the nine-month period ended September 30, 2025, compared to the same periods in 2024, with a total decrease of $3.9 million and $11.0 million respectively [100]. - Revenue from the Commercial Channel product family increased by 22% for the three-month period and 13% for the nine-month period ended September 30, 2025, with international OA pain management product sales increasing by $1.5 million [101]. Profitability - Gross profit for the three- and nine-month periods ended September 30, 2025 was $15.6 million and $44.6 million, respectively, down from $19.4 million and $58.9 million in the same periods in 2024 [102]. - Gross margin decreased to 56% for the three-month period and 54% for the nine-month period ended September 30, 2025, compared to 66% for both periods in 2024 [103]. Expenses - Total research and development expenses for the three-month period ended September 30, 2025 were $5.9 million, a 17% decrease from $6.9 million in the same period in 2024 [105]. - Research and development external costs increased to $3.3 million for the three-month period ended September 30, 2025, up from $2.3 million in the same period in 2024 [106]. - Selling, general and administrative expenses decreased to $11.9 million for the three-month period ended September 30, 2025, down from $13.5 million in the same period in 2024 [107]. Losses - Loss from continuing operations increased to $3.2 million for the three-month period ended September 30, 2025, compared to a loss of $1.8 million in the same period in 2024 [108]. - Adjusted EBITDA for the three-month period ended September 30, 2025 was $865,000, a decrease of $3.7 million compared to $4.5 million in the same period in 2024 [116]. - Adjusted net loss for the nine-month period ended September 30, 2025 was $11.8 million, compared to a loss of $6.3 million in the same period in 2024 [118].

Revenue Performance - Software revenue increased by 14.0% to $20,255,000 in 2024 from $17,775,000 in 2023[318] - Total revenue rose by 26.0% to $56,630,000 in 2024 compared to $44,961,000 in 2023[318] - Total revenue increased by $11.7 million to $56.63 million for the year ended December 31, 2024, a 26.0% increase compared to 2023[343] - Professional services revenue rose by $10.6 million, driven by $8.3 million from HelloTech and $2.4 million from DPM, both new revenue sources in 2024[343] - Hardware revenue decreased by $1.5 million to $18.29 million, a 7.4% decline, despite an increase in hardware shipments[343] Financial Performance - Net loss improved by 46.4%, decreasing to $(57,596,000) in 2024 from $(107,540,000) in 2023[318] - Adjusted EBITDA showed a significant improvement, narrowing to $(40,741,000) in 2024 from $(68,459,000) in 2023, a 40.5% reduction[318] - Net loss improved by $49.94 million to $57.60 million, a 46.4% reduction compared to the previous year[343] Cost Management - Total cost of revenue decreased by $1.0 million to $31.64 million, a 3.1% decline, primarily due to an $8.8 million reduction in hardware costs[344] - Research and development expenses decreased by $16.5 million to $17.32 million, a 48.7% reduction, mainly due to lower personnel-related expenses[345] - General and administrative expenses decreased by $21.7 million to $44.47 million, a 32.8% decline, largely due to reduced personnel-related and consulting expenses[347] Cash Flow and Liquidity - The Company had approximately $75.4 million in unrestricted cash and cash equivalents as of December 31, 2024[352] - The Company incurred a net cash used in operating activities of $75.4 million in 2024, an increase of $9.8 million compared to $65.6 million in 2023[371] - Net cash provided by investing activities increased by $22.4 million in 2024, totaling $72.9 million, primarily due to a $106.9 million decrease in purchases of available-for-sale securities[372] - The Company is closely monitoring its cash flow forecast and may implement cost-saving measures to preserve liquidity[360] Debt and Financing - The company repaid $23.9 million in principal and accrued interest on promissory notes in April 2024[357] - The Company repaid $22.0 million in Promissory Notes during the year ended December 31, 2024, with no financing activities conducted in 2023[373] - The Company entered into a Loan Agreement with Customers Bank for a term loan of $6.0 million on July 15, 2024, with a maturity date of July 15, 2029[365] - The Borrowers are required to maintain a liquidity ratio of at least 4.00, tested monthly, under the Loan Agreement[367] Asset Valuation - As of December 31, 2024, the Company reported goodwill of $30.2 million and intangible assets of $2.6 million, compared to $25.3 million and $4.8 million, respectively, as of December 31, 2023[390] - The Company's business enterprise value (BEV) was determined to be $68.5 million as of December 31, 2024, with an equity fair value (Equity FV) of $135.7 million, exceeding the carrying value by $24.5 million, or 22.1%[394] - The Company conducted an annual impairment test of goodwill, determining that no impairment was necessary as of December 31, 2024, as the Equity FV exceeded the carrying value[396] - For the year ended December 31, 2023, the Company reported an Equity FV of $204.0 million, exceeding the carrying value of $169.1 million by $34.9 million, or 20.6%[397] Market Capitalization - The Company's market capitalization as of December 31, 2023, was $118.1 million, approximately 73% less than the Equity FV of $204.0 million, attributed to low trading volume and stock price volatility[398] - A sensitivity analysis indicated a fair value of $192.5 million as of December 31, 2023, exceeding the carrying value by $23.4 million, or 14%, confirming no goodwill impairment[399] Legal and Regulatory Matters - The Company is subject to various legal proceedings and claims, with accruals for contingencies based on an analysis of potential exposure and legal advice[401] Business Operations - The company operates in one segment, focusing on the multifamily rental market in the United States and Canada[316] - The company is expanding its DOOR Platform to include broader smart home solutions, integrating devices such as sensors and thermostats[312] - The HelloTech business provides a nationwide network of independent technicians for on-demand technical services, enhancing customer support[315] - Hardware revenue is generated primarily from the sale of smart access and smart home devices, with revenue recognized upon transfer of control to customers[324] - The company maintains a full valuation allowance on deferred tax assets, indicating uncertainty in utilizing these assets[339] Interest Income and Expense - Interest income decreased to $5,892,000 in 2024 from $8,099,000 in 2023, while interest expense also decreased to $(4,476,000) from $(5,790,000)[338]