LP Building Solutions Reports Third Quarter 2025 Results and Reaffirms Siding Full- Year Adjusted EBITDA Guidance NASHVILLE, Tenn. (November 5, 2025) – Louisiana-Pacific Corporation (LP) (NYSE: LPX), a leading manufacturer of high- performance building products, today reported its financial results for the three and nine months ended September 30, 2025. Key Highlights for Third Quarter 2025, Compared to Third Quarter 2024 (1) This is a non-GAAP financial measure. See "Use of Non-GAAP Information," and "Reco ...

User Metrics - As of September 30, 2025, Cricut has 5.9 million Active Users, a slight decrease from 5.894 million in 2024[98] - The number of Paid Subscribers increased to 3.004 million as of September 30, 2025, up from 2.838 million in 2024, representing a growth of approximately 5.8%[108] Revenue Performance - Total revenue for Q3 2025 was $170.4 million, a 2% increase from $167.9 million in Q3 2024[125] - For the nine months ended September 30, 2025, total revenue was $505.2 million, a slight increase from $503.2 million in the same period of 2024[125] - Platform revenue increased by $5.1 million, or 7%, to $82.8 million in Q3 2025, driven by an increase in paid subscribers from 2.8 million to 3.0 million[126] - Products revenue decreased by $2.6 million, or 3%, to $87.7 million in Q3 2025, primarily due to fewer units sold at a lower average selling price[127] Profitability - Gross profit for Q3 2025 was $94.1 million, a 22% increase from $77.4 million in Q3 2024[130] - Total cost of revenue decreased by $14.2 million, or 16%, to $76.3 million in Q3 2025, contributing to improved gross margins[130] - Gross margin for Products improved to 23% in Q3 2025, up from 11% in Q3 2024, driven by reduced inventory impairment charges[135] - Operating income for Q3 2025 was $22.7 million, compared to $10.6 million in Q3 2024, indicating strong operational performance[124] - Net income for Q3 2025 was $20.5 million, compared to $11.5 million in Q3 2024, reflecting a significant year-over-year increase[124] Expenses - Research and development expenses are expected to increase in the near term as Cricut refines its product roadmaps[119] - Sales and marketing expenses increased by $2.2 million, or 6%, to $37.5 million for the three months ended September 30, 2025, driven by higher advertising and marketing costs[142] - For the nine months ended September 30, 2025, sales and marketing expenses rose by $8.4 million, or 8%, totaling $110.0 million, primarily due to a $7.8 million increase in advertising costs[143] - General and administrative expenses increased by $0.9 million, or 5%, to $17.1 million for the three months ended September 30, 2025, mainly due to higher professional services expenses[144] - For the nine months ended September 30, 2025, general and administrative expenses rose by $2.1 million, or 4%, to $52.6 million, driven by a $3.8 million increase in professional services expenses[145] - Research and development expenses increased by $1.6 million, or 11%, to $16.9 million in Q3 2025, representing 10% of total revenue[140] Cash Flow and Dividends - Net cash flows provided by operating activities were $117.8 million for the nine months ended September 30, 2025, compared to $161.9 million in 2024[154] - The company paid dividends of $202.1 million to holders of Class A and Class B common stock during the nine months ended September 30, 2025[152] - Cash and cash equivalents totaled $187.9 million, with $19.2 million in marketable securities as of September 30, 2025, along with $300.0 million in available borrowings[151] Market Conditions - The company faces potential impacts from global macroeconomic factors, including trade wars and tariffs, which may affect international expansion[103] - Future capital requirements may vary significantly based on revenue growth, R&D spending, and market conditions, with potential needs for additional equity or debt financing[153] Product Portfolio - Cricut's product portfolio includes connected machines priced between $179 and $999, catering to various user needs[104] Revenue Composition - Cricut generates revenue from both Platform (subscriptions and digital content) and Products (sales of connected machines and accessories)[115][116] Quarterly Performance - In 2024, the fourth quarter accounted for 29% of total annual revenue, with a gross margin of 45%, down from 50% for the entire year[103] - Sales and marketing expenses are anticipated to fluctuate in the near term as a percentage of revenue due to advertising and promotional activities[120] Other Income and Taxes - Other income, net decreased by $0.6 million, or 16%, to $3.0 million for the three months ended September 30, 2025, primarily due to a decrease in interest income[146] - Provision for income taxes increased by $2.4 million, or 91%, to $5.1 million for the three months ended September 30, 2025, attributed to an increase in pre-tax book income[149]

Production and Sales - In Q3 2025, Gold Resource Corporation produced and sold a total of 6,298 gold equivalent ounces, consisting of 1,422 gold ounces and 417,710 silver ounces, with average sales prices of $3,546 per gold ounce and $41.39 per silver ounce[6]. - The average grade of gold produced in Q3 2025 was 1.11 g/t, while silver grades increased to 250 g/t[13]. Financial Performance - The company reported a net loss of $4.7 million, or $0.03 per share, primarily due to lower production and sales volumes[11]. - Year-to-date net losses reached $24.5 million, raising concerns about the company's ability to continue as a going concern[10]. - The total cash cost after co-product credits for the quarter was $2,116 per gold equivalent ounce, while the all-in sustaining cost was $2,983 per gold equivalent ounce[11]. Capital and Investments - As of September 30, 2025, the company had $12.8 million in working capital and $9.8 million in cash and cash equivalents[6]. - The company raised $11.4 million through a registered direct offering in September 2025, selling 25,315,954 shares at $0.45 per share[9]. - Sustaining investments for the nine months ended September 30, 2025, totaled $6.063 million, while growth investments amounted to $8.795 million[12]. Operational Strategy - The company is focusing on improving cash flow and has engaged a third-party contract miner to address equipment availability issues[7]. - The company anticipates positive operating income for the remaining months of 2025 based on improvements in the Three Sisters area and other zones[8].

Financial Performance - Revenues for the three months ended September 30, 2025, were $710.6 million, an increase of $166.4 million, or 30.6%, from the same period in 2024[145]. - For the nine months ended September 30, 2025, revenues reached $2.0 billion, up $475.4 million, or 31.5%, compared to the same period in 2024[146]. - Net sales for the nine months ended September 30, 2025, were $1,982.8 million, a 31.5% increase from $1,507.4 million in the same period of 2024[164]. - Net sales from the Connected Devices segment increased by 23.6% for the three months ended September 30, 2025, driven by higher TASER and Platform Solutions sales[148]. - Net sales for the Software and Services segment rose by 41.1% for the three months ended September 30, 2025, largely due to an increase in the number of users and adoption of premium features[149]. - The Connected Devices segment net sales increased by 26.0% to $1,122.7 million for the nine months ended September 30, 2025, driven by higher TASER handle and cartridge volume[164]. - The Software and Services segment net sales increased by 39.6% to $860.2 million for the nine months ended September 30, 2025, primarily due to an increase in the aggregate number of users and adoption of premium features[165]. Profitability and Loss - Gross margin for the three months ended September 30, 2025, was 60.1%, down from 60.8% in the prior year, while adjusted gross margin decreased to 62.7% from 63.2%[145]. - Net loss for the three months ended September 30, 2025, was $2.2 million, compared to net income of $67.0 million for the same period in 2024[145]. - For the nine months ended September 30, 2025, the net income was $121.9 million, a decrease from $241.9 million in the same period of 2024[184]. - The company recorded net income of $121.9 million for the nine months ended September 30, 2025, down from $241.9 million in the same period of 2024, with net income per diluted share decreasing to $1.48 from $3.12[179]. - Adjusted EBITDA for the nine months ended September 30, 2025, was $503.8 million, compared to $379.8 million for the same period in 2024, reflecting a 32.7% increase[184]. Expenses - Operating expenses increased by $122.8 million for the three months ended September 30, 2025, primarily due to increased headcount and stock-based compensation[145]. - Research and development expenses for the three months ended September 30, 2025, totaled $176.7 million, an increase of 54.3% compared to the prior year[156]. - Total research and development expenses increased by 59.7% to $490.3 million for the nine months ended September 30, 2025, as a percentage of net sales, this represented 24.7% compared to 20.4% in 2024[173]. - Selling, general and administrative expenses rose by 39.7% to $718.5 million for the nine months ended September 30, 2025, accounting for 36.2% of net sales[168]. Cash Flow and Financing - Cash and cash equivalents increased to $1.4 billion as of September 30, 2025, up by $969.0 million from December 31, 2024[186]. - Net cash used in operating activities was $5.9 million for the nine months ended September 30, 2025, compared to a net cash inflow of $158.1 million for the same period in 2024[196]. - Net cash used in investing activities was $498.5 million for the nine months ended September 30, 2025, primarily due to $2.0 billion in investment purchases, including $1.8 billion for short-term investments[199]. - Net cash provided by financing activities was $1.5 billion for the nine months ended September 30, 2025, driven by $1.8 billion from Senior Notes issuance and $362.2 million from an ATM equity offering[200]. - The company has access to a $300.0 million line of credit, with $291.1 million available for borrowing as of September 30, 2025[206]. Interest and Taxation - Interest income for the three months ended September 30, 2025, was $23.9 million, while interest expense rose to $28.9 million, resulting in a net interest loss of $4.97 million[158]. - Interest income for the nine months ended September 30, 2025, was $57.8 million, while interest expense increased to $(65.4) million, resulting in a net interest loss of $(7.6) million[175]. - The effective tax rate for the nine months ended September 30, 2025, was (43.1)%, a significant change from 18.6% in the same period of 2024, primarily due to net tax benefits related to stock-based compensation[177]. Strategic Initiatives - The company aims to cut gun-related deaths between police and the public in the U.S. in half by 2033, focusing on integrating hardware and cloud software solutions for public safety[144]. - Subsequent to the quarter ended September 30, 2025, the company acquired the remaining outstanding stock of Prepared and entered into a definitive agreement to acquire Carbyne[190]. Market and Currency Risks - The majority of international sales are transacted in foreign currencies, exposing the company to exchange rate fluctuations[207]. - The company has not engaged in currency hedging activities to date but may consider it in the future to mitigate foreign exchange risks[208].

Financial Performance - Total revenues for Q3 2025 reached $638.7 million, a 4.5% increase from $608.8 million in Q3 2024[19] - Subscription revenues were $615.8 million in Q3 2025, up 5.6% from $583.0 million in Q3 2024[19] - Net income for Q3 2025 was $17.6 million, compared to a net loss of $7.9 million in Q3 2024[20] - Gross profit for the nine months ended September 30, 2025, was $1.33 billion, an increase from $1.26 billion in the same period of 2024[19] - Total revenue for the nine months ended September 30, 2025, was $1.87 billion, compared to $1.79 billion for the same period in 2024, reflecting a growth of approximately 4.8%[129] - Operating income for the three months ended September 30, 2025, was $30.8 million, a significant increase from $3.3 million in the same period of 2024[153] - Net income for the three months ended September 30, 2025, increased by $25.4 million, largely due to a $27.5 million increase in income from operations[178] Cash and Liquidity - The company had cash and cash equivalents of $145.4 million as of September 30, 2025, down from $242.8 million at the end of 2024[17] - Cash provided by operating activities increased to $468,438 thousand in 2025 from $350,394 thousand in 2024, reflecting a significant improvement in operational efficiency[24] - Total cash, cash equivalents, and restricted cash decreased to $145,371 thousand at the end of the period from $242,811 thousand at the beginning of the period[24] - As of September 30, 2025, the company had access to additional liquidity of $650.0 million under its delayed draw-down Term Loan and $305.0 million under its Revolving Credit Facility[183] Expenses and Costs - Research and development expenses for Q3 2025 were $79.9 million, a decrease from $84.1 million in Q3 2024[19] - Operating expenses for the nine months ended September 30, 2025, totaled $1.25 billion, slightly down from $1.27 billion in the same period of 2024[19] - Share-based compensation expenses decreased to $206,049 thousand in 2025 from $258,607 thousand in 2024, indicating a reduction in equity compensation costs[24] - Sales and marketing expenses increased by $4.6 million, or 2%, for the three months ended September 30, 2025, driven by asset write-down charges and increased third-party commissions[167] - General and administrative expenses increased by $1.9 million, or 3%, for the three months ended September 30, 2025, mainly due to higher professional fees[170] Debt and Financing - The company reported a total stockholders' deficit of $533.8 million as of September 30, 2025, improving from a deficit of $550.9 million at the end of 2024[17] - As of September 30, 2025, the net carrying amount of long-term debt was $633.1 million, a decrease from $1.35 billion as of December 31, 2024[64] - The Company issued $400.0 million of 2030 Senior Notes in August 2023, bearing a fixed interest rate of 8.5% per annum[67] - The effective interest rate on the Term Loan was 6.2% as of September 30, 2025, with a carrying value of $304.0 million[76] - The company reduced its outstanding debt by repaying $275.2 million of principal during the nine months ended September 30, 2025[183] Share Repurchase and Equity - The company repurchased 3,863 shares of Class A Common Stock for $115.924 million during the three months ended September 30, 2025, compared to 2,649 shares for $83.186 million in the same period of 2024, reflecting an increase of 46% in share repurchases[99] - For the nine months ended September 30, 2025, total repurchases of common stock amounted to $198.835 million, down from $243.080 million in the same period of 2024, a decrease of approximately 18%[99] - As of September 30, 2025, there was a total of $182.4 million of unrecognized share-based compensation expense related to RSUs, which will be recognized over approximately 1.7 years[108] - As of September 30, 2025, approximately $384.1 million remained authorized and available under the company's share repurchase programs for future share repurchases[99] Revenue Sources and Growth - For the three months ended September 30, 2025, North America accounted for 89% of total revenues, consistent with the previous year[38] - Subscription revenues from RingEX and RingCentral contact center solutions represented over 90% of total subscription revenues for both the three and nine months ended September 30, 2025[40] - Annualized Exit Monthly Recurring Subscriptions (ARR) reached $2.63 billion as of September 30, 2025, compared to $2.48 billion a year earlier, indicating a growth of approximately 6%[147] - The Net Monthly Subscription Dollar Retention Rate remained above 99% for the five quarterly periods ended September 30, 2025, reflecting strong customer retention and expansion[151] Operational Efficiency - The company has been focusing on enhancing operational efficiencies and optimizing working capital requirements, including disciplined hiring and increasing internal use of AI[142] - The company is actively pursuing market expansion and innovation to drive future growth and revenue increases[141] Tax and Compliance - The company expects a decrease in 2025 U.S. cash taxes due to the provisions of the OBBB Act, with no material impact on its effective tax rate[115] - The company maintains a full valuation allowance against its domestic net deferred tax assets as of September 30, 2025, due to uncertainty regarding realizability[118] - The company has not recognized any material changes to the total amount of unrecognized tax benefits during the three and nine months ended September 30, 2025[119] Miscellaneous - The company incurred restructuring costs of $2.5 million for the three months ended September 30, 2025, and $12.4 million for the nine months ended September 30, 2025[124] - The company acknowledges that disclosure controls can provide only reasonable assurance due to resource constraints and management judgment[214]

Fleet and Operations - Bristow Group reported a total fleet of 213 aircraft as of September 30, 2025, comprising 195 helicopters, 14 fixed-wing aircraft, and 4 unmanned aerial systems[80]. - The average age of the helicopters in the fleet is 15 years, with heavy helicopters like the S92 and AW189 being crucial for offshore energy operations[80]. - The company has 12 aircraft under construction and options for an additional 20 aircraft, indicating ongoing fleet expansion efforts[84]. - The operational performance is typically lower during winter months due to reduced daylight hours affecting flight operations[76]. - Bristow's customer base spans multiple countries, including Australia, Brazil, Canada, and the United States, indicating a broad market presence[75]. Revenue and Financial Performance - Total revenues increased by 2.6% to $386.3 million in the current quarter compared to $376.4 million in the previous quarter[86]. - Offshore Energy Services revenues decreased by 0.9% to $250.4 million, with Europe down by $6.6 million and Africa down by $1.5 million, while the Americas increased by $5.7 million[86]. - Government Services revenues rose by 9.1% to $100.9 million, primarily due to the transition of the Irish Coast Guard contract[86]. - Operating income increased by 18.5% to $50.5 million, with significant improvements in Government Services and Other Services segments[86]. - Net income attributable to Bristow Group Inc. was $51.5 million, a 62.4% increase compared to $31.7 million in the previous quarter[86]. - Operating income margin for Offshore Energy Services remained stable at 17%[87]. - Flight hours in Offshore Energy Services totaled 23,990, a decrease of 2.0% compared to the previous quarter[88]. - Revenues from Government Services increased by $32.2 million year-over-year, driven by new contracts and favorable foreign exchange gains[98]. - Other Services revenues increased by $1.9 million, but operating income decreased due to higher operating expenses related to increased activity in Australia[99]. - Total operating losses for Corporate decreased by $14.3 million compared to the prior year, primarily due to net gains of $13.9 million from the disposal of assets[100]. Expenses and Cash Flow - Operating expenses in Government Services rose by $38.4 million, primarily due to higher subcontractor costs and personnel expenses[98]. - Interest expense, net increased by $1.0 million in the current year, driven by higher debt balances of $2.9 million and accelerated amortization of deferred financing costs of $1.8 million[101]. - Other income, net rose by $21.6 million in the current year, mainly due to higher foreign exchange gains[102]. - Operating cash flows were $4.9 million lower in the current year, primarily due to an increase in net working capital uses of $49.3 million[107]. - Net cash used in investing activities was $60.2 million in the current year, compared to $167.4 million in the prior year[108]. Liquidity and Future Plans - As of September 30, 2025, the company had $245.5 million of unrestricted cash and $67.9 million available under its ABL Facility, totaling $313.4 million in liquidity[105]. - The company plans to initiate a quarterly cash dividend program starting in Q1 2026, with an initial payment of $0.125 per share[115]. - Unfunded capital commitments as of September 30, 2025, amounted to $115.9 million, primarily for the purchase of seven AW189 heavy helicopters scheduled for delivery in 2025 and 2026[116]. - The company aims to reduce gross debt to approximately $500 million by the end of 2026, having made $40.1 million in accelerated principal payments on the UKSAR Debt during the nine months ended September 30, 2025[115]. Business Strategy and Market Conditions - The company operates in three segments: Offshore Energy Services (67% of total revenues), Government Services (25%), and Other Services (8%) for the three months ended September 30, 2025[84]. - The management highlighted the impact of supply chain disruptions and inflation on operational costs and pricing strategies[70]. - Bristow's reliance on a limited number of helicopter manufacturers poses risks related to aircraft component availability and maintenance[70]. - The company is focused on diversifying its business strategy, particularly in government services and advanced air mobility[70]. Sustainable Aviation Initiatives - In August 2025, Bristow launched operations at Norway's Test Arena for Zero & Low Emission Aviation, featuring BETA Technologies' all-electric ALIA CX300 aircraft, marking a significant step in sustainable aviation[77].

Lending and Credit Performance - The company has extended over $21.3 billion in responsible credit through more than 7.9 million loans and credit cards in its 19-year lending history[111]. - For the three months ended September 30, 2025, aggregate originations were $511.8 million, an increase from $480.2 million in the same period of 2024, representing a growth of 6.7%[123]. - For the nine months ended September 30, 2025, Aggregate Originations rose to $1,461.9 million, up 16.7% from $1,253.1 million in 2024[125]. - The average loan size for personal loans originated during the three months ended September 30, 2025, was $3,058[115]. - The average loan size for secured personal loans originated during the same period was $6,373[116]. Portfolio Quality and Delinquency - The portfolio yield for the three months ended September 30, 2025, was 33.0%, consistent with the same period in 2024[123]. - The 30+ day delinquency rate improved to 4.7% for the three months ended September 30, 2025, down from 5.2% in the same period of 2024[123]. - The annualized net charge-off rate was 11.8% for the three months ended September 30, 2025, slightly down from 11.9% in the same period of 2024[123]. - The company implemented tighter credit underwriting standards starting in July 2022, which contributed to improved credit performance and lower charge-off rates[128]. Financial Performance - Total revenue for the three months ended September 30, 2025, was $238.7 million, down 4.5% from $250.0 million in 2024[140]. - Net income for the three months ended September 30, 2025, was $5.2 million, compared to a net loss of $30.0 million in 2024[139]. - Adjusted EBITDA for the three months ended September 30, 2025, was $41.2 million, compared to $31.4 million in 2024[190]. - Adjusted Net Income for Q3 2025 was $18.8 million compared to $931,000 in Q3 2024, representing a significant increase[193]. - Diluted Adjusted EPS for Q3 2025 was $0.39, up from $0.02 in Q3 2024, indicating improved profitability[195]. Expenses and Cost Management - Operating expenses for the three months ended September 30, 2025, totaled $90.8 million, a decrease from $102.1 million in 2024[139]. - Technology and facilities expense decreased by $5.2 million (12.8%) to $35.4 million for the three months ended September 30, 2025[157][158]. - Sales and marketing expenses decreased by $0.9 million (5.2%) to $16.5 million for the three months ended September 30, 2025[160][161]. - The company anticipates operating expenses to continue to decrease in 2025 compared to 2024, driven by workforce diversification and reduced non-essential vendor spending[155]. Tax and Deferred Assets - Income tax expense for the three months ended September 30, 2025, increased by $18.6 million or 195% compared to the same period in 2024, primarily due to higher pre-tax income[174]. - As of September 30, 2025, the company has $66.9 million of U.S. net deferred tax assets, primarily related to tax-effected net operating losses and tax credits[176]. Cash Flow and Liquidity - Total liquidity as of September 30, 2025, was $1.23 billion, with remaining available capacity of $1.02 billion[204]. - Cash provided by operating activities for the nine months ended September 30, 2025, was $304.5 million, slightly up from $302.1 million in 2024[206]. - Net cash used in investing activities increased to $180.5 million in 2025 from $137.3 million in 2024, primarily due to higher loan originations[207]. - The company believes its existing cash balance and anticipated positive cash flows will be sufficient to meet cash operating expenses and capital expenditures for at least the next 12 months[236]. Debt and Financing - The company had secured financings with warehouse lines totaling $953.6 million, with undrawn capacity of $787.8 million as of September 30, 2025[212]. - On August 21, 2025, the company issued $538.5 million of Series 2025-C asset-backed notes with a weighted average yield of 5.29% per annum[216]. - The company entered into a Credit Agreement on October 23, 2024, borrowing $235 million through a senior secured term loan with an interest rate of 12.50% per annum[225]. Market and Regulatory Environment - The One Big Beautiful Bill Act ("OBBBA") was enacted on July 4, 2025, which includes significant tax provisions that the company is currently assessing[177]. - The company is classified as a "Smaller Reporting Company" and is not required to provide quantitative and qualitative disclosures about market risk[240].

Financial Performance - In Force Premium (IFP) reached $1.16 billion, growing 30% year-over-year, marking the eighth consecutive quarter of accelerating growth[9] - Total revenue for the three months ended September 30, 2025, was $194.5 million, a 42.4% increase from $136.6 million in the same period of 2024[1] - Gross profit rose 113% year-over-year to $79.9 million, with a gross profit margin improvement of 17 percentage points to 41%[36] - Adjusted Free Cash Flow for the quarter was $18.1 million, down from $37.6 million in the same quarter last year[42] - Total revenue for Q3 2025 was $194.5 million, up 42.4% from $136.6 million in Q3 2024[76] - Adjusted gross profit for Q3 2025 was $80.9 million, representing an adjusted gross profit margin of 42%, compared to 28% in Q3 2024[76] - The net loss for the three months ended September 30, 2025, was $(37.5) million, compared to $(67.7) million in the prior year[1] - Adjusted EBITDA for the three months ended September 30, 2025, was $(25.6) million, an improvement from $(49.0) million in the same period of 2024[1] - The company reported a comprehensive loss of $36.5 million for the three months ended September 30, 2025, compared to a comprehensive loss of $59.2 million for the same period in 2024[72] Customer Growth - Total customers increased by 24% to 2,869,900 compared to the third quarter of 2024[31] - The number of customers at the end of the period reached 2,869,900, up from 2,313,113, representing a 24% growth[1] - The number of customers at the end of Q3 2025 was 2,870,000, up 45% from Q3 2023[92] Loss Ratios and Profitability - The gross loss ratio improved by 11 percentage points year-over-year to 62%, with a trailing twelve months loss ratio of 67%[9] - The gross loss ratio for the three months ended September 30, 2025, was 62%, an improvement from 73% in the same period of 2024[1] - The gross loss ratio improved to 62% in Q3 2025, down from 73% in Q3 2024[108] Guidance and Future Expectations - The company expects IFP growth of 30% for FY 2026, with continued leverage of AI to stabilize operating expenses[27] - The company raised guidance for FY 2025 across IFP, GEP, revenue, and Adjusted EBITDA[27] Cash and Investments - Cash, cash equivalents, and investments totaled approximately $1.06 billion as of September 30, 2025[41] - Cash, cash equivalents, and restricted cash at the end of the period were $355.5 million, down from $385.7 million at the beginning of the period[75] - The company’s investments totaled $705.3 million as of September 30, 2025, an increase from $634.9 million as of December 31, 2024[74] Expenses - The company incurred total expenses of $230.8 million for the three months ended September 30, 2025, compared to $202.4 million for the same period in 2024[72] - Sales and marketing expenses for Q3 2025 were $98.2 million, reflecting a 10% increase from Q3 2024[100]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-37702 Amgen Inc. (Exact name of registrant as specified in its charter) Delaware 95-3540776 (State or other jurisdiction of incorporation or organization) On ...

Financial Performance - Reported a net loss of $0.73 per share for Q3 2025, compared to a net loss of $0.71 per share in Q3 2024[3] - Achieved net income of $1.36 per share for the first nine months of 2025, up from $0.88 per share in the same period of 2024[3] - Net income for the nine months ended September 30, 2025, was $55,526,000, a 63.9% increase from $33,869,000 in 2024[46] - The company reported a GAAP net loss of $29,890,000 for Q3 2025, compared to a loss of $27,167,000 in Q3 2024[49] - Adjusted net income for the nine months ended September 30, 2025, was $62,203,000, compared to $33,869,000 in 2024, representing an 83.8% increase[49] Revenue and Growth - Operating revenues for Q3 2025 reached $164.728 million, a 20.2% increase from $136.934 million in Q3 2024[43] - NWN Gas Utility net income increased by $25.4 million (or $0.58 per share) primarily due to new rates in Oregon[16] - NWN Water net income increased by $6.3 million (or $0.14 per share) year-to-date, driven by an $11.2 million increase in operating revenues from new rates and acquisitions[22] - NWN Water's operating revenues rose by $3.2 million in Q3 2025, mainly due to new rates at its largest utility in Arizona[21] - The increase in NWN Gas Utility's margin was $68.1 million, primarily from the Oregon rate case[16] Capital Expenditures and Investments - Invested $333 million in gas and water systems in the first nine months of 2025 to enhance growth and reliability[3] - Total capital expenditures for the nine months ended September 30, 2025, were $332,652,000, up from $294,261,000 in 2024, indicating a 13.0% increase[46] - Long-term debt issued in 2025 amounted to $560,000,000, significantly higher than $150,000,000 in 2024[46] - Cash used in investing activities for the nine months ended September 30, 2025, was $667,480,000, compared to $326,295,000 in 2024, reflecting a 104.0% increase[46] Debt and Equity - Issued $185 million of inaugural investment-grade bonds at SiEnergy, refinancing existing debt[3] - Long-term debt increased to $2.128 billion in Q3 2025 from $1.555 billion in Q3 2024, reflecting a rise of 37.0%[45] - Common stock equity as a percentage of total capital structure decreased to 37.0% in Q3 2025 from 43.9% in Q3 2024[43] Dividends and Shareholder Returns - Increased annual indicated dividend rate to $1.97 per share, marking the 70th consecutive year of dividend increases[3] Future Outlook - Expects 2025 results to be above the midpoint of updated GAAP EPS guidance range of $2.59 to $2.79[3] - Reaffirmed long-term EPS growth rate target of 4% to 6% compounded annually[8] - GAAP EPS guidance for 2025 is projected between $2.59 and $2.79, with adjusted EPS guidance between $2.75 and $2.95[48] Utility Connections and Service Expansion - Added over 95,000 gas and water utility connections in the last 12 months, resulting in a combined growth rate of 10.9% as of September 30, 2025[3] - NWN Water serves approximately 197,000 people through about 79,000 meters and provides services to an additional 38,000 connections[34] - SiEnergy Gas Utility serves nearly 87,000 meters in the greater metropolitan areas of Houston, Dallas, and Austin, Texas[33] Operating Expenses - Total operating expenses for Q3 2025 were $177.151 million, up from $156.266 million in Q3 2024, representing a 13.4% increase[43] - Operations and maintenance expenses for NWN Water increased by $3.6 million due to the addition of ICH activities[22] Cash Flow - Cash provided by operating activities increased to $265,852,000 in 2025 from $219,697,000 in 2024, reflecting a 20.9% growth[46] - Cash and cash equivalents decreased to $32.203 million in Q3 2025 from $35.047 million in Q3 2024, a decline of 5.3%[45] - Cash, cash equivalents, and restricted cash at the end of the period were $35,830,000, down from $46,808,000 at the end of the same period in 2024[46]