Investment Income - Total investment income for Q3 2025 was $75.6 million, a 22.3% increase year-over-year from $61.8 million in Q3 2024[3] - Net investment income (NII) reached $37.0 million, or $0.52 per basic share, reflecting a 25.9% growth compared to $29.4 million, or $0.54 per share, in Q3 2024[4] - Total investment income for the three months ended September 30, 2025, was $75,550 thousand, a 22.2% increase from $61,766 thousand in the same period of 2024[35] - Net investment income for the three months ended September 30, 2025, was $36,966 thousand, compared to $29,360 thousand for the same period in 2024, reflecting a growth of 25.9%[35] Asset and Liability Management - Net Asset Value (NAV) increased by 31.9% year-over-year to $998.3 million, or $13.31 per share, up from $923.6 million at the end of Q3 2024[4] - Total assets increased to $2,246,935 thousand as of September 30, 2025, up from $1,774,241 thousand on December 31, 2024, representing a growth of 26.6%[33] - Total liabilities rose to $1,248,671 thousand as of September 30, 2025, up from $951,259 thousand on December 31, 2024, marking a 31.2% increase[33] - Net asset value per share decreased slightly to $13.31 as of September 30, 2025, from $13.35 on December 31, 2024[33] Investment Activities - The company funded total gross investments of $470.6 million, including $272.0 million to 17 new portfolio companies and $175.5 million to 20 existing portfolio companies[4] - Total investment exits and repayments amounted to $255.7 million, with $120.4 million from investments sold to multi-sector holdings[4] Expenses and Financial Performance - Operating expenses for Q3 2025 were $17.6 million, an increase from $15.5 million in Q3 2024, primarily due to higher compensation and professional fees[5] - Interest expense rose to $21.0 million in Q3 2025 from $16.9 million in Q3 2024, attributed to increased weighted average debt outstanding[6] - Total gross expenses for the three months ended September 30, 2025, were $38,895 thousand, an increase of 21.8% from $31,913 thousand in the same period of 2024[35] - The company reported a net increase in net assets resulting from operations of $27,645 thousand for the three months ended September 30, 2025, compared to $24,400 thousand in the same period of 2024, reflecting a growth of 9.2%[35] Liquidity and Credit Facilities - The company had approximately $217.9 million in available liquidity, including $9.5 million in unrestricted cash[17] - The KeyBank credit facility was expanded by $90 million, increasing total commitments from $600 million to $690 million[18] Dividends - The company declared a regular dividend of $0.51 per share for Q3 2025, marking the 23rd consecutive quarter of consistent or increased regular dividends[4] Unrealized and Realized Gains - Net realized loss from investments was $20,025 thousand for the three months ended September 30, 2025, compared to a loss of $13,880 thousand in the same period of 2024[35] - Net change in unrealized appreciation from investments was $10,704 thousand for the three months ended September 30, 2025, compared to $8,920 thousand in the same period of 2024, indicating an increase of 20.8%[35] Shareholder Information - Weighted average shares outstanding (basic) increased to 71,467,831 for the three months ended September 30, 2025, compared to 54,412,566 in the same period of 2024[35]

Icahn Enterprises L.P. (Nasdaq: IEP) Today Announced Its Third Quarter 2025 Financial Results Sunny Isles Beach, Fla, November 5, 2025 – Financial Summary (Net loss and Adjusted EBITDA figures in commentary below are attributable to Icahn Enterprises, unless otherwise specified) For the three months ended September 30, 2025, revenues were $2.7 billion and net income was $287 million, or $0.49 per depositary unit. For the three months ended September 30, 2024, revenues were $2.8 billion and net income was $2 ...

Revenue Performance - Total revenue for Q3 2025 reached $311.5 million, a 7% increase compared to Q3 2024[3]. - Baseball revenue increased by 4% to $284.4 million, driven by a 12% rise in broadcasting revenue[3][7]. - Mixed-Use Development revenue surged 56% to $27.2 million, primarily due to increased rental income from new leases[3][8]. - Total revenue for the three months ended September 30, 2025, increased to $311,538,000, up 7.4% from $290,674,000 in the same period of 2024[26]. - Baseball revenue for the nine months ended September 30, 2025, reached $600,302,000, a 6.9% increase compared to $561,233,000 in 2024[26]. Operating Income and Earnings - Adjusted OIBDA for Q3 2025 was $67.2 million, reflecting a 114% increase from the prior year[3][19]. - Operating income rose significantly to $38.9 million, compared to $6.4 million in Q3 2024, marking a 508% increase[3][19]. - Operating income for the three months ended September 30, 2025, was $38,930,000, significantly up from $6,402,000 in the prior year[26]. - Net earnings attributable to Atlanta Braves Holdings' shareholders for the three months ended September 30, 2025, were $29,978,000, compared to $10,020,000 in 2024[26]. Costs and Expenses - Baseball operating costs decreased by 7% to $210.4 million, attributed to lower player salaries and variable expenses[3][9]. - Mixed-Use Development costs increased by 58% to $3.9 million, linked to operating costs from recent acquisitions[3][9]. Cash Flow and Debt - Cash decreased by $14 million during Q3 2025, while debt increased by $57 million due to borrowings for working capital[21]. - The company reported a net cash used in operating activities of $1,175,000 for the nine months ended September 30, 2025, compared to $12,272,000 used in the same period of 2024[27]. - Long-term debt rose to $655,088,000 as of September 30, 2025, compared to $512,927,000 at the end of 2024[25]. Assets and Liabilities - Total assets as of September 30, 2025, amounted to $1,671,466,000, an increase from $1,523,846,000 at the end of 2024[25]. - Total liabilities increased to $1,099,007,000 as of September 30, 2025, compared to $987,622,000 at the end of 2024[25]. - Cash and cash equivalents decreased to $82,237,000 as of September 30, 2025, down from $110,144,000 at the end of 2024[24]. Future Outlook - The company anticipates continued growth in both baseball and mixed-use development segments, supported by strategic initiatives and market expansion[13].

Revenue Performance - Total revenue for the third quarter of 2025 reached $311.5 million, a 7% increase compared to the same period in 2024[3]. - Baseball revenue increased by 4% year-over-year to $284.4 million, driven by a 12% rise in broadcasting revenue[3][7]. - Mixed-Use Development revenue surged 56% to $27.2 million, primarily due to increased rental income from new leases[3][8]. - Total revenue for the three months ended September 30, 2025, was $311,538,000, an increase of 7.5% compared to $290,674,000 for the same period in 2024[26]. - Baseball revenue increased to $284,362,000 for the three months ended September 30, 2025, up from $273,262,000 in the prior year, reflecting a growth of 4.0%[26]. - Mixed-Use Development revenue rose significantly by 56% to $27,176,000 for the three months ended September 30, 2025, compared to $17,412,000 in the same quarter of 2024[26]. Operating Performance - Adjusted OIBDA for the third quarter grew 114% to $67.2 million, with Baseball Adjusted OIBDA rising 105% to $50 million[3][19]. - Operating income improved significantly to $38.9 million, compared to a loss of $6.4 million in the prior year[3][19]. - Operating income for the three months ended September 30, 2025, was $38,930,000, compared to $6,402,000 in the same period last year, marking a substantial improvement[26]. Cost Management - Baseball operating costs decreased by 7% to $210.4 million, attributed to lower player salaries and variable expenses[9]. - Mixed-Use Development costs increased by 58% to $3.9 million, reflecting operational costs from recent acquisitions[9]. Financial Position - Cash decreased by $14 million during the third quarter, while debt increased by $57 million due to borrowings for working capital[21]. - Total assets as of September 30, 2025, were $1,671,466,000, an increase from $1,523,846,000 as of December 31, 2024[24]. - Total liabilities increased to $1,099,007,000 as of September 30, 2025, compared to $987,622,000 at the end of 2024[25]. - Cash and cash equivalents decreased to $82,237,000 as of September 30, 2025, down from $110,144,000 at the end of 2024[24]. - Long-term debt increased to $655,088,000 as of September 30, 2025, compared to $512,927,000 at the end of 2024[25]. Shareholder Returns - Net earnings attributable to Atlanta Braves Holdings' shareholders for the three months ended September 30, 2025, were $29,978,000, compared to $10,020,000 in the prior year, representing a 199% increase[26]. Future Outlook - The company anticipates continued growth in both Baseball and Mixed-Use Development segments, supported by strategic initiatives and market expansion[13]. Cash Flow - The company reported a net cash used in operating activities of $1,175,000 for the nine months ended September 30, 2025, compared to $12,272,000 used in the same period of 2024[27].

Exhibit 99.1 Third Quarter 2025 and Recent Business Highlights • Atacicept IgA nephropathy (IgAN) ORIGIN 3 trial primary endpoint results selected as a featured late-breaking oral presentation during opening plenary session of American Society of Nephrology (ASN) Kidney Week 2025 • Biologics License Application (BLA) submission through the Accelerated Approval Program for atacicept for the treatment of IgAN to U.S. FDA expected in Q4; potential U.S. commercial launch of atacicept in 2026 • Actively enrollin ...

Financial Performance - Radian reported third quarter net income from continuing operations of $153 million, or $1.11 per diluted share, compared to $167 million, or $1.09 per share in the same quarter last year, reflecting a decrease of 8.4%[1][2] - Total revenues for the third quarter of 2025 were $303 million, a slight decrease from $313 million in the third quarter of 2024[3] - Adjusted diluted net operating income per share for the quarter was $1.15, up from $1.10 in the same quarter last year, indicating a growth of 4.5%[2][3] - Total revenues for Q3 2025 were $303.186 million, an increase from $298.551 million in Q2 2025[24] - Net premiums earned in Q3 2025 were $237.103 million, compared to $233.526 million in Q2 2025, reflecting a growth of 2.3%[24] - Net income from continuing operations for Q3 2025 was $152.802 million, slightly down from $154.485 million in Q2 2025[24] - Diluted net income per share for Q3 2025 was $1.03, an increase from $1.02 in Q2 2025[26] - The average common shares outstanding for Q3 2025 were 137,003, compared to 137,376 in Q2 2025[26] - The company reported net gains on investments of $1.285 million in Q3 2025, down from $1.851 million in Q2 2025[24] - The effective tax rate for Q3 2025 was reflected in the income tax provision of $45.892 million on a pretax income of $198.694 million[24] Insurance Metrics - Primary mortgage insurance in force reached an all-time high of $281 billion, up from $275 billion year-over-year, representing a growth of 2.5%[1][9] - New insurance written (NIW) was $15.5 billion in the third quarter of 2025, compared to $13.5 billion in the same quarter last year, marking a year-over-year increase of 14.8%[9] - The loss ratio for the third quarter of 2025 was 8%, compared to 3% in the same quarter last year, indicating an increase in claims[9] - The loss ratio for Q3 2025 was 7.5%, up from 5.1% in Q2 2025, indicating a deterioration in underwriting performance[48] - The percentage of NIW for purchases in Q3 2025 was 94.8%, compared to 94.6% in Q2 2025 and 95.6% in Q1 2025[60] - Primary Insurance in Force (IIF) as of Q3 2025 was $280,559 million, up from $276,745 million in Q2 2025[61] - Primary Risk in Force (RIF) for Q3 2025 was $74,039 million, an increase from $72,820 million in Q2 2025[61] - The persistency rate for the 12 months ended Q3 2025 was 83.8%, consistent with 83.8% in Q2 2025[61] - The percentage of NIW by FICO score for those with scores >=740 was 63.5% in Q3 2025, down from 68.2% in Q2 2025[60] - Direct monthly and other recurring premiums accounted for 90.7% of Primary RIF in Q3 2025, slightly up from 90.3% in Q2 2025[61] Acquisition and Divestiture - The company announced plans to acquire Inigo, a Lloyd's specialty insurer, for $1.7 billion, which is expected to significantly expand Radian's total addressable market and enhance capital allocation[1][12] - The acquisition of Inigo is expected to deliver mid-teens percentage accretion to earnings per share and approximately 200 basis points accretion to return on equity in the first full year after closing[17] - Radian Group is planning to acquire Inigo Limited, with expectations of enhancing earnings, return on equity, and revenue, pending regulatory approvals[63] - Radian Group's board approved a divestiture plan for its Mortgage Conduit, Title, and Real Estate Services businesses in Q3 2025, impacting future operations[43] - The company is divesting its Mortgage Conduit, Title, and Real Estate Services businesses, which may impact its ability to attract and retain key personnel[64] Financial Position and Liquidity - Radian's available liquidity increased to $995 million as of September 30, 2025, up from $784 million at the end of the previous quarter[13] - Total assets decreased to $8,204,803 thousand as of September 30, 2025, down from $9,603,701 thousand as of June 30, 2025, representing a decline of approximately 14.6%[28] - Cash and cash equivalents decreased to $15,258 thousand as of September 30, 2025, down from $19,013 thousand as of June 30, 2025, a decline of about 19.0%[28] - The book value per share increased to $34.34 as of September 30, 2025, up from $33.18 as of June 30, 2025, representing an increase of approximately 3.5%[28] - The holding company debt-to-capital ratio was 18.7% as of September 30, 2025, a slight decrease from 19.2% as of June 30, 2025[28] Operational Performance - Total expenses for Q3 2025 were $104.492 million, a decrease from $105.765 million in Q2 2025[24] - The provision for losses in Q3 2025 was $17.886 million, up from $11.954 million in Q2 2025, indicating a rise of 49.5%[24] - Other operating expenses totaled $62,256 thousand in Q3 2025, a decrease from $69,178 thousand in Q2 2025, representing a decline of approximately 10.5%[38] - Interest expense for Q3 2025 was $17,184 thousand, slightly down from $17,428 thousand in Q2 2025, showing a decrease of about 1.4%[40] - Interest expense for Q3 2025 was $8,105,000, slightly down from $8,446,000 in Q2 2025[42] - The company reported a net investment income of $10,744,000 in Q3 2025, a decrease from $11,097,000 in Q2 2025[42] Risks and Challenges - Radian Guaranty must maintain eligibility under PMIERs to insure loans purchased by GSEs, which is critical for its operations[64] - The company faces risks from the U.S. housing market's health, including inflation, interest rates, and potential recession impacts[63] - There is uncertainty regarding the completion of the Inigo acquisition, including potential liabilities and the ability to secure necessary cash resources[64] - Radian Group's financial performance may be affected by regulatory changes and the current economic environment, including the government shutdown[64] - The company is exposed to competition from other mortgage insurers and credit enhancement alternatives, which could impact market share[64] - Radian Group's ability to execute its capital plans and maintain liquidity is essential for meeting ongoing financial needs[63] - The effectiveness of the company's information technology systems is critical, with risks related to cybersecurity and operational failures[64] - The company must navigate complex compliance requirements for regulatory approvals related to the Inigo acquisition and other business strategies[64]

Growth and Strategy - Burford Capital is experiencing strong growth, aiming to double the size of its platform by 2030, as highlighted during the recent Investor Day[17]. - The portfolio is active, with rolling three-year realizations at their highest level ever, and 61 assets generating proceeds in 2025[17]. - The YPF matter is gaining significant attention, with positive prospects, while the majority of Burford's business is also flourishing and growing[18]. Financial Performance - Consolidated GAAP net income was $(20) million in 3Q25 and $122 million in YTD25, with net income attributable to Burford Capital Limited shareholders at $(19) million in 3Q25 and $100 million in YTD25[20]. - Total revenues for 3Q25 were $69.8 million, a significant decrease from $249.1 million in 3Q24[19]. - Total revenues for YTD25 were $351 million, a decrease from $394 million in YTD24[56]. - Operating income for Q3 2025 was $24.787 million, compared to $202.221 million in Q3 2024, reflecting a decline of 87.7%[121]. - Net loss for Q3 2025 was $20.270 million, contrasting with a net income of $157.864 million in Q3 2024[121]. - For the nine months ended September 30, 2025, total revenues were $379.948 million, down 16.1% from $453.062 million in the same period of 2024[123]. - Net income for the nine months ended September 30, 2025, was $121.793 million, down 43.6% from $215.638 million in 2024[123]. Commitments and Deployments - New definitive commitments reached $637 million in YTD25, a 52% increase compared to YTD24, while deployments were $329 million, up 20% from YTD24[26]. - Deployments were $329 million in YTD25, reflecting a 20% increase from $274 million in YTD24[76]. - Realizations totaled $310 million in YTD25, down from $388 million in YTD24, with 61 assets contributing to realizations[84]. Asset Management and Income - Total revenues for the Asset Management and Other Services Segment decreased to $21,148 thousand in YTD25 from $31,778 thousand in YTD24[93]. - Asset management income for YTD25 was $21 million, down from $29 million in YTD24, impacted by lower profit sharing income[99]. - Total segments (Burford-only) asset management income for the nine months ended September 30, 2025, was $20,781, compared to $29,270 in 2024, indicating a decline of 29%[130]. Cash Flow and Receipts - Cash receipts amounted to $423 million in YTD25, down from $556 million in YTD24[56]. - Cash receipts for Q3 2025 totaled $117,637, up from $48,135 in Q2 2025, representing a 144% increase[128]. - Total cash receipts for the nine months ended September 30, 2025, were $423,488, down from $555,548 in the same period of 2024[130]. Debt and Liabilities - The debt payable increased to $2.143 billion as of September 30, 2025, from $1.764 billion at the end of 2024[55]. - Total liabilities as of September 30, 2025, were $3.497 billion, compared to $2.918 billion as of December 31, 2024[125]. - The total principal amount of debt outstanding as of September 30, 2025, was $2,170,064,000, an increase from $1,783,690,000 at the end of 2024[138]. Asset Valuation and Performance Metrics - The fair value of YPF-related assets was $1.7 billion as of September 30, 2025, with expectations of a ten-figure recovery for Burford from these assets[29]. - Unrealized gains in the current portfolio, excluding YPF-related assets, amount to $541 million, representing a 32% return on invested capital (ROIC)[42]. - Total concluded assets from inception through September 30, 2025, amount to $3,623 million, with a cumulative ROIC of 83% and an IRR of 26%[88]. Market and Listing Considerations - Burford is considering options for its LSE listing, including retaining its AIM listing, as liquidity has shifted towards the US market[52]. Unrealized Gains and Losses - Unrealized gains on YPF-related assets increased to $2,354,423 as of September 30, 2025, from $2,118,112 as of December 31, 2024, marking a growth of 11.1%[144]. - 14% of deployments resulted in losses, with a lifetime loss rate of 9.8% on fully and partially concluded assets, recovering 31% of deployed costs when losses occurred[91].

news release www.pplnewsroom.com Contacts: For news media: Ryan Hill, 610-774-4033 For financial analysts: Andy Ludwig, 610-774-3389 PPL Corporation reports third-quarter 2025 results; narrows earnings forecast and reaffirms growth targets ALLENTOWN, Pa. (Nov. 5, 2025) - PPL Corporation (NYSE: PPL) today announced third-quarter 2025 reported earnings (GAAP) of $318 million, or $0.43 per share, compared with third-quarter 2024 reported earnings of $214 million, or $0.29 per share. PPL reported earnings of $9 ...

Product Development - The company is developing two product candidates for Thyroid Eye Disease (TED): veligrotug for intravenous administration and VRDN-003 for subcutaneous administration, with veligrotug showing a 71% proptosis response rate in active TED patients [184]. - Veligrotug's phase 3 clinical trials, THRIVE and THRIVE-2, achieved all primary and secondary endpoints with statistical significance (p < 0.0001) and demonstrated a 70% durability of response at 52 weeks [185]. - VRDN-003 has a prolonged half-life of 40 to 50 days, which is four to five times that of veligrotug, and is currently in pivotal clinical studies for TED [187]. - The company completed enrollment in the STRIVE clinical trial with 231 patients, exceeding the target of 212 due to high demand, to meet safety database requirements for veligrotug [185]. - The REVEAL-1 and REVEAL-2 trials for VRDN-003 enrolled 132 and 204 patients, respectively, surpassing their target enrollments due to demand [188]. - VRDN-006, an engineered FcRn inhibitor, demonstrated comparable potency to the current standard of care, efgartigimod, while sparing albumin and LDL levels [190]. - VRDN-008, another FcRn inhibitor, showed three times the half-life of efgartigimod and deeper IgG reductions, with a potential IND submission anticipated by the end of 2025 [191]. - The company anticipates submitting a Biologics License Application (BLA) for VRDN-003 by the end of 2026 [188]. Financial Performance - Revenue primarily consists of up-front payments for licenses, milestone payments, and research and development services under collaboration agreements [193]. - License revenue for the three months ended September 30, 2025 was $70.0 million, attributed to the collaboration and license agreement with Kissei [205]. - Research and development expenses for the three months ended September 30, 2025 increased by $17.1 million to $86.3 million compared to $69.2 million in 2024 [205]. - General and administrative expenses for the three months ended September 30, 2025 were $24.3 million, an increase of $9.9 million from $14.4 million in 2024 [210]. - For the nine months ended September 30, 2025, total research and development expenses were $249.7 million, up $83.4 million from $166.3 million in 2024 [211]. - Direct costs related to the TED portfolio increased by $60.4 million during the nine months ended September 30, 2025, primarily due to a $52.2 million increase in clinical trial costs [214]. - The collaboration revenue for the three months ended September 30, 2025 was $570,000, compared to $86,000 in 2024, reflecting an increase of $484,000 [205]. - The company received a $1.0 million milestone payment from Zenas BioPharma under the license agreement [194]. - The company is eligible to receive up to $315.0 million in non-refundable milestone payments from Kissei upon achieving specific milestones [195]. - Increase in chemistry, manufacturing, and controls costs by $8.4 million to support IND-enabling activities for the FcRn inhibitor portfolio [216]. - General and administrative expenses rose to $61.6 million for the nine months ended September 30, 2025, up from $45.5 million in the same period of 2024, marking a $16.1 million increase [217]. - Accumulated deficit reached $1,218.1 million since inception, primarily due to research and development expenses and general administrative costs [218]. - Net cash used in operating activities was $252.6 million for the nine months ended September 30, 2025, compared to $159.0 million for the same period in 2024, reflecting an increase of $93.6 million [234][235]. - Net cash provided by investing activities was $301.9 million for the nine months ended September 30, 2025, primarily from net maturities of short-term investments [236]. - Net cash provided by financing activities was $20.8 million during the nine months ended September 30, 2025, compared to $422.2 million in the same period of 2024, a decrease of $401.4 million [237][238]. - Company expects existing cash and short-term investments of $490.9 million as of September 30, 2025, to fund operations for at least twelve months [220]. - The Hercules Loan and Security Agreement was amended to increase the term loan to up to $150 million, with a maturity date of October 1, 2026 [226][227]. - In October 2025, the Company entered into a Purchase and Sale Agreement with DRI for up to $300 million in consideration [230]. - The Company sold 11,425,000 shares in a public offering at $22.00 per share in October 2025, raising significant capital [232]. Market Environment - The global macroeconomic environment remains uncertain, with potential impacts from trade disputes, geopolitical instability, and inflationary pressures [192].

Financial Performance - Consolidated net sales for Q3 2025 increased by 31.2% year-over-year to $119.0 million[6] - Modern Oral sales reached $36.7 million, a 627.6% increase year-over-year, accounting for 30.8% of total net sales[6] - Stoker's segment net sales increased by 80.8% year-over-year to $74.8 million, with gross profit rising by 95.2% to $45.0 million[4][5] - Net income increased by 70.3% to $21.1 million, with diluted EPS rising to $1.13 compared to $0.68 in the same period last year[6][19] - Consolidated net income for the nine months ended September 30, 2025, was $56,508,000, an increase from $37,459,000 in 2024, representing a growth of 51.4%[23] - For the three months ended September 30, 2025, the net income was $30,229,000, compared to $6,472,000 for the same period in 2024, representing a significant increase[31] - Adjusted net income for the same period was $28,201,000, up from $5,925,000 in 2024, indicating a strong performance improvement[31] EBITDA and Profitability - Adjusted EBITDA for Q3 2025 was $31.3 million, up 17.2% from the prior year, with full-year guidance increased to $115.0 – 120.0 million[6][11] - Total gross profit increased by 39.7% to $70.4 million, with a gross margin of 59.0%[6][19] - Adjusted EBITDA for the three months ended September 30, 2025, was $31,345,000, compared to $26,755,000 in 2024, indicating a growth of 17.5%[29] - Adjusted operating income for Q3 2025 was $27,847,000, compared to $23,260,000 in Q3 2024, showing a year-over-year increase of about 20%[33] Cash Flow and Liquidity - Total liquidity as of September 30, 2025, was $267.8 million, consisting of $201.2 million in cash and $66.6 million available under a revolving credit facility[9] - Operating cash flows from continuing operations for the nine months ended September 30, 2025, were $32,515,000, down from $44,908,000 in 2024, a decrease of 27.5%[23] - Net cash provided by operating activities decreased to $32,515,000 in 2025 from $49,321,000 in 2024, reflecting a decline of 34%[23] - The company reported a net increase in cash of $152,381,000 for the nine months ended September 30, 2025, compared to a decrease of $87,270,000 in 2024[23] - Total cash at the end of the period increased to $203,101,000 in 2025 from $35,516,000 in 2024, marking a significant increase of 471.5%[23] - The company’s unrestricted cash at the end of the period rose to $201,189,000 in 2025 from $33,557,000 in 2024, an increase of 497.5%[23] Capital Expenditures and Investments - Capital expenditures for the nine months ended September 30, 2025, were $10,182,000, significantly higher than $3,516,000 in 2024, an increase of 189.5%[23] - The company raised $97.5 million in net proceeds under its "At the Market" offering program to accelerate growth in Modern Oral products[6] - The company incurred a loss on extinguishment of debt amounting to $1,235,000 in 2025, while there was no such loss reported in 2024[23] Segment Performance - Zig-Zag segment net sales decreased by 10.5% year-over-year to $44.2 million, but showed mid-single-digit growth sequentially excluding the Clipper business wind-down[7] Regulatory and Compliance Costs - The FDA PMTA-related costs were $482,000 in Q3 2025, down from $1,242,000 in Q3 2024, suggesting improved efficiency in regulatory compliance[33] Other Financial Metrics - The effective tax rate for Q3 2025 was 21.4%, compared to 27.1% in Q3 2024, which positively impacted net income[32] - The company reported a loss on discontinued operations of $165,000 in Q3 2025, compared to a loss of $16,000 in Q3 2024, indicating challenges in this segment[31] - Total adjustments to GAAP operating income included corporate restructuring costs of $233,000 in Q3 2025, reflecting ongoing strategic initiatives[33] - The company incurred $1,884,000 in stock-based compensation for Q3 2025, compared to $1,769,000 in Q3 2024, indicating ongoing investment in employee incentives[31]