Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q For the transition period from to Commission File Number: 001-33480 CLEAN ENERGY FUELS CORP. (Exact name of registrant as specified in its charter) Delaware 33-0968580 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) (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, ...

Membership and Market Opportunity - Over 18 million Members have signed up for the Dave app, with nearly 14 million having used at least one product, and the company has provided nearly $20 billion in ExtraCash[203] - Approximately 185 million Americans are classified as financially "coping" or "vulnerable," representing 69% of the U.S. population, highlighting a significant market opportunity[206] Financial Performance - For the three months ended September 30, 2025, total operating revenues reached $150.7 million, a 63% increase from $92.5 million in the same period of 2024[230] - Total operating revenues for the nine months ended September 30, 2025, reached $390.5 million, a 59% increase from $246.2 million in 2024[254] - For the three months ended September 30, 2025, Adjusted EBITDA was $58.6 million, a significant increase from $24.7 million in the same period of 2024, representing a growth of 137.5%[285] - For the nine months ended September 30, 2025, net income was $129.9 million, compared to $41.1 million for the same period in 2024, indicating a year-over-year increase of 215.6%[285] Revenue Sources - Processing and overdraft service fees totaled $129.2 million for the three months ended September 30, 2025, representing a 120% increase compared to $58.7 million in the same period of 2024[231] - Subscription revenue increased to $10.0 million for the three months ended September 30, 2025, a 57% increase from $6.3 million in the same period of 2024[234] - Transaction based revenue, net increased to $11.5 million for the three months ended September 30, 2025, a 26% increase from $9.1 million in the same period of 2024[235] - Subscription revenue increased by 37% to $24.8 million, driven by growth in the number of paying Members and fee increases[257] - Transaction-based revenue, net increased by $6.2 million, or 24%, to $31.8 million for the nine months ended September 30, 2025, compared to $25.6 million for the same period in 2024[258] Expenses and Costs - Total operating expenses increased by $35.7 million, or 15%, to $268.3 million for the nine months ended September 30, 2025, compared to $232.6 million for the same period in 2024[260] - Processing and servicing costs totaled $9.4 million, a 12% increase from $8.4 million, driven by higher ExtraCash origination volume[242] - Financial network and transaction costs increased by 18% to $7.4 million, primarily due to a 25% rise in spend-related transaction volume[243] - Advertising and activation costs rose to $18.9 million, a 27% increase, driven by strategic marketing investments[244] - Compensation and benefits expenses decreased by 18% to $24.8 million, attributed to various cost-saving measures[245] Credit Losses and Provisions - Provision for credit losses rose to $29.8 million, an increase of 118% from $13.7 million year-over-year, reflecting growth in ExtraCash volume and Member base[236] - Provision for credit losses rose by $27.8 million, or 73%, to $65.7 million for the nine months ended September 30, 2025, reflecting growth in ExtraCash volume and an expanding Member base[260] Cash Flow and Investments - The company generated $196.7 million in cash from operating activities for the nine months ended September 30, 2025, compared to $83.4 million for the same period in 2024, reflecting a substantial increase of 135.5%[300] - Net cash used in investing activities for the nine months ended September 30, 2025, was $151.9 million, significantly higher than $19.0 million in the same period of 2024[303] - The company reported a net increase in cash and cash equivalents of $0.4 million for the nine months ended September 30, 2025, compared to a decrease of $6.5 million in the same period of 2024[300] Share Repurchase and Debt - The company repurchased 132,155 Class A common shares for a total cost of $25.0 million in August 2025, as part of a share repurchase program authorized for up to $125.0 million[292] - The company has authorized a share repurchase program with $125.0 million available for repurchases as of September 30, 2025[293] - The company expects to continue generating ExtraCash primarily using balance sheet cash and its Debt Facility, with $75.0 million of term loans outstanding as of September 30, 2025[296] Tax Provisions and Legislation - Provision for income taxes showed a significant decrease of $34.0 million, or 9,119%, primarily due to the release of a valuation allowance on deferred tax assets[252] - The provision for income taxes showed a decrease of approximately $27.9 million, or 1,556%, resulting in a provision of $(26.1) million for the nine months ended September 30, 2025, mainly due to the release of a valuation allowance on deferred tax assets[279] - California's new law effective for tax years beginning in 2025 is expected to reduce the company's California apportioned income and related state income tax expense[318] - The new U.S. tax legislation H.R.1 allows the company to accelerate previously capitalized and unamortized U.S. research and development costs over a one or two-year period, with an ongoing assessment of its impact on financial statements[319] Accounting and Reporting - The company is classified as an "emerging growth company" and will continue to utilize the extended transition period for new or revised financial accounting standards until December 31, 2025[320] - The company intends to rely on exemptions and reduced reporting requirements provided by the JOBS Act, which includes not providing an auditor's attestation report on internal control over financial reporting[321] - Recent accounting pronouncements and their impact are discussed in the company's condensed consolidated financial statements[322]

Financial Performance - O-I Glass reported third quarter 2025 net sales of $1.7 billion, consistent with the prior year period, benefiting from higher average selling prices and favorable currency translation [4]. - Net earnings attributable to the company were $0.19 per share (diluted), a significant improvement from a net loss of $0.52 per share in the prior year [6]. - Adjusted earnings per share were $0.48, up from an adjusted loss of $0.04 per share in the third quarter of 2024 [7]. - Segment operating profit increased to $235 million, up from $144 million in the same period of 2024, representing a 570 basis point improvement in margins [5]. - The company raised its full-year 2025 adjusted earnings guidance to $1.55 - $1.65 per share, nearly double last year's results [9]. - Free cash flow is expected to be between $150 million and $200 million, representing an improvement of approximately $300 million over the prior year [11]. - The adjusted effective tax rate is expected to be approximately 33 - 36 percent for the full year [12]. Segment Performance - The Americas segment operating profit rose to $140 million, a 59% improvement from the prior year, while Europe segment operating profit increased to $95 million, a 70% increase [10]. - Net sales for Q3 2025 were $1,653 million, a decrease of 1.5% from $1,679 million in Q3 2024 [26]. - The Americas segment reported net sales of $940 million, unchanged from Q3 2024, while the Europe segment saw a decrease to $688 million from $706 million [33]. - Segment operating profit margin improved to 14.4% in Q3 2025, up from 8.7% in Q3 2024, indicating enhanced operational efficiency [33]. - Net sales for reportable segments in Q3 2024 totaled $1,646 million, a decrease from $1,628 million in Q3 2025, reflecting a decline of approximately 1.1% [35]. - Segment operating profit for Q3 2024 was $144 million, compared to $235 million in Q3 2025, indicating a significant increase of approximately 63.2% [35]. Cash Flow and Assets - Cash provided by operating activities for Q3 2025 was $214 million, an increase from $191 million in Q3 2024 [30]. - Total assets as of September 30, 2025, were $9,258 million, up from $8,654 million at the end of 2024 [28]. - The Company reported a decrease in inventories to $982 million as of September 30, 2025, compared to $1,050 million a year earlier [28]. - Long-term debt increased to $4,946 million as of September 30, 2025, from $4,553 million at the end of 2024 [28]. - The Company utilized $100 million for capital expenditures in Q3 2025, down from $136 million in Q3 2024 [30]. - Free cash flow forecast for the year ending December 31, 2025, is projected to be between $150 million and $200 million, compared to a negative free cash flow of $128 million in 2024 [41]. Earnings Recovery - Net earnings attributable to the Company for Q3 2025 were $30 million, a significant recovery from a loss of $80 million in Q3 2024 [26]. - The adjusted earnings for Q3 2025 were $75 million, a recovery from a loss of $6 million in Q3 2024, representing a substantial turnaround [38]. - The company reported a net loss attributable to the company of $80 million in Q3 2024, which improved to a net earnings of $30 million in Q3 2025 [38]. Future Outlook - O-I's Fit to Win initiatives delivered $75 million in benefits during the third quarter and $220 million year-to-date, with an annual target of $250 million for 2025 [3]. - The company anticipates continued momentum in 2026 and beyond, with further increases in adjusted earnings and free cash flow as it implements its strategy [3]. Cost and Pricing Impact - Operating costs for the nine months ended September 30, 2024, were $133 million, while for the same period in 2025, they are expected to be lower at $669 million [35]. - The impact of foreign currency rates on net sales for the nine months ended September 30, 2024, was a positive $6 million, contrasting with a negative impact of $72 million in the Americas segment [35]. - The company experienced a net price impact (net of cost inflation) of $(14) million for the nine months ended September 30, 2024, while it is expected to improve to $219 million in 2025 [35]. Share Dilution - The diluted average shares outstanding increased from 154,619 thousand in Q3 2024 to 155,215 thousand in Q3 2025, indicating a slight increase in share dilution [38].

Financial Performance - Gross margin for Q3 2025 was 54.6%, up from 51.2% in Q3 2024, while the nine-month gross margin increased to 53.6% from 52.5%[96] - Adjusted EBITDA for Q3 2025 reached $25,347,000, compared to $17,503,000 in Q3 2024, with a nine-month total of $67,533,000 versus $51,244,000[96] - Free cash flow for the nine months ended September 30, 2025, was $59,038,000, significantly higher than $16,174,000 for the same period in 2024, indicating a strong improvement in liquidity[111] - Net income for the three months ended September 30, 2025, was $21.2 million, compared to $10.8 million for the same period in 2024[146] - For the nine months ended September 30, 2025, net sales rose by $65.1 million, or 7.8%, to $901.3 million compared to $836.2 million in 2024[156] Customer Metrics - Active customers increased to 2,747,000 in Q3 2025, up from 2,628,000 in Q3 2024, with total orders placed rising to 2,300,000 from 2,200,000[96] - Active customers increased during the period ended September 30, 2025, compared to the same period in 2024, driven by enhanced engagement and new customer acquisition[113] - Total orders placed increased in the three and nine months ended September 30, 2025, compared to the same periods in 2024, reflecting successful sales and marketing efforts[115] Sales and Marketing - REVOLVE segment net sales increased by 4.6% to $254.6 million for the three months ended September 30, 2025, and by 8.2% to $777.5 million for the nine months ended September 30, 2025[131] - FWRD segment net sales increased by 3.2% to $41.0 million for the three months ended September 30, 2025, and by 5.3% to $123.8 million for the nine months ended September 30, 2025[132] - Net sales to customers in the United States increased by 3.9% to $231.4 million for the three months ended September 30, 2025, and by 6.8% to $712.3 million for the nine months ended September 30, 2025[133] - Net sales to customers outside of the United States increased by 6.1% to $64.2 million for the three months ended September 30, 2025, and by 11.6% to $189.0 million for the nine months ended September 30, 2025[134] - Total net sales for the three months ended September 30, 2025, were $295.6 million, compared to $283.1 million for the same period in 2024[146] Cost and Expenses - Operating expenses for the three months ended September 30, 2025, totaled $140.5 million, an increase from $130.6 million in the same period in 2024[146] - Marketing expenses increased to $40.4 million for the three months ended September 30, 2025, from $39.5 million in the same period in 2024[146] - General and administrative expenses for the three months ended September 30, 2025, rose by $4.6 million, or 13.7%, to $38.6 million, increasing as a percentage of net sales from 12.0% to 13.0%[154] Economic and Market Conditions - The company faced a total tariff rate of 37.5% on goods imported from China, which may adversely impact gross margins and customer demand if sustained[118] - The overall economic environment, including tariffs and inflation, significantly affects consumer behavior and spending patterns, which may impact future sales[117] - The company is monitoring inflation impacts and may adjust pricing strategies to mitigate effects, which could influence demand for products[181] Strategic Initiatives - The company has successfully expanded internationally with limited investment, offering products on platforms like Tmall Global and Nykaa Fashion[94] - The logistics infrastructure supports free shipping and returns in the U.S., optimized by proprietary algorithms to reduce costs and improve efficiency[93] - The company plans to continue investing in international markets while maintaining a focus on the core U.S. market[94] - The company emphasizes the importance of customer acquisition and retention, with a focus on cost-effective marketing strategies to drive growth[121] - The company is implementing strategies to mitigate the impact of heightened tariffs, including diversifying manufacturing sources and optimizing supply chains[120] Cash Flow and Financing - Cash and cash equivalents increased to $315.427 million as of September 30, 2025, from $256.600 million as of December 31, 2024, reflecting a growth of 23%[166] - Net cash provided by operating activities surged to $69.583 million for the nine months ended September 30, 2025, compared to $22.774 million in 2024, marking an increase of 206%[173] - The company has a line of credit providing up to $75 million in revolver borrowings, with no borrowings outstanding as of September 30, 2025[169] - A stock repurchase program of up to $100 million was authorized in August 2023, with repurchases based on market conditions[172] Taxation - The effective tax rate for the three months ended September 30, 2025, decreased to 25.2% from 25.6% in the same period in 2024[155] - The effective tax rate rose to 27.8% for the nine months ended September 30, 2025, up from 25.7% in 2024, primarily due to an increase in valuation allowance against deferred income tax assets[165]

Financial Performance - Net income for Q3 2025 was $11.6 million, or $0.21 per diluted share, compared to $11.9 million, or $0.21 per diluted share in Q3 2024[8] - Total revenues for Q3 2025 reached $49,848,000, a 5.9% increase from $46,118,000 in Q3 2024[27] - Net income attributable to common stockholders for Q3 2025 was $11,609,000, compared to $11,935,000 in Q3 2024, reflecting a decrease of 2.7%[27] - Funds From Operations (FFO) for Q3 2025 was $30,976,000, slightly up from $30,568,000 in Q3 2024, indicating a year-over-year increase of 1.3%[31] - Core Funds From Operations (Core FFO) for Q3 2025 was $31,154,000, compared to $30,798,000 in Q3 2024, representing a 1.2% increase[31] - Adjusted Funds From Operations (AFFO) for Q3 2025 was $31,081,000, down from $31,714,000 in Q3 2024, showing a decrease of 2.0%[31] - The company reported a comprehensive income attributable to common stockholders of $10,743,000 for Q3 2025, compared to $565,000 in Q3 2024[27] Cash Flow and Liquidity - Cash NOI for Q3 2025 was $42.8 million, an increase from $40.8 million in Q3 2024, driven by acquisitions and same-store Cash NOI growth of 1.2%[9] - The company's liquidity position totaled approximately $476.7 million, including $27.7 million in cash and cash equivalents[16] - Cash and cash equivalents decreased to $27,709,000 from $39,844,000, a decline of 30.5%[26] - Cash NOI for the nine months ended September 30, 2025, was $125,897,000, compared to $127,630,000 for the same period in 2024, reflecting a decline of 1.4%[38] Property and Portfolio Management - As of September 30, 2025, the portfolio consisted of 140 properties with a weighted average remaining lease term of approximately 9.7 years[14] - The percentage of rentable square feet leased was 99.1%, with a slight decrease of 0.1 percentage points due to lease expiration[15] - There were 131 same store properties for the quarters ended September 30, 2025, and 2024, indicating stability in the property portfolio[41] - Same store cash NOI for the three months ended September 30, 2025, was $40,633,000, up 1.2% from $40,134,000 in 2024[38] Acquisitions and Development - The company acquired two medical outpatient buildings for $16.3 million and two inpatient rehabilitation facilities for $70.5 million during the quarter[6] - The company expects to place a property under development into service in December 2025, which will impact future rental revenue[39] Debt and Interest - Total principal debt outstanding was $676.0 million, with a weighted average interest rate of 4.8%[17] - Total liabilities increased to $757,826,000 as of September 30, 2025, compared to $603,889,000 at the end of 2024, marking a rise of 25.5%[26] - Interest expense for the three months ended September 30, 2025, was $8,470,000, compared to $5,468,000 in 2024, reflecting an increase of 55.0%[38] Dividends - The company declared a quarterly cash dividend of $0.40 per share, representing an annualized amount of $1.60 per share[19] - The dividend payout to AFFO ratio was 71.0% for the quarter ended September 30, 2025[19] Expenses - General and administrative expenses for the three months ended September 30, 2025, were $4,541,000, a decrease from $4,800,000 in 2024[38]

Financial Performance - Total revenue for the three months ended September 30, 2025, was $173.9 million, a year-over-year increase of 20.3% from $144.5 million in 2024[96] - Net income for the nine months ended September 30, 2025, was $41.6 million, compared to $19.9 million in 2024, representing a year-over-year increase of 109.5%[96] - Revenue for the nine months ended September 30, 2025, was $497.2 million, an increase of $144.5 million or 41.0% from $352.7 million in the same period of 2024[125] - The company reported a net income of $18.9 million for the three months ended September 30, 2025, compared to $11.6 million for the same period in 2024, reflecting an increase of $7.3 million or 63.1%[122] - Adjusted EBITDA for the three months ended September 30, 2025, was $25.1 million, up from $18.8 million in 2024, reflecting a year-over-year increase of 33.5%[96] - Adjusted EBITDA for the nine months ended September 30, 2025, was $69.5 million, an increase of $30.2 million or 76.8% from $39.3 million in the same period of 2024[121] Revenue Sources - Revenue from auto insurance providers accounted for 90% of total revenue for the nine months ended September 30, 2025, with the two largest auto insurance carrier customers contributing 37% of total revenue[98] - The company generated $157.6 million in revenue from the automotive vertical for the three months ended September 30, 2025, compared to $130.0 million in 2024, marking a 21.3% increase[107] - Direct channels accounted for 85% of total revenue for the three months ended September 30, 2025, compared to 86% in the same period of 2024[123] Expenses - Sales and marketing expenses for the three months ended September 30, 2025, increased to $135.4 million, up $23.6 million or 21.1% from $111.8 million in the same period of 2024[130] - Research and development expenses for the three months ended September 30, 2025, were $7.9 million, a slight decrease of $0.1 million or 1.0% from $8.0 million in the same period of 2024[132] - Research and development expenses increased by $1.3 million, from $21.9 million in 2024 to $23.2 million in 2025, representing a 5.9% increase[134] - General and administrative expenses rose by $3.2 million, from $22.1 million in 2024 to $25.3 million in 2025, a 14.4% increase[136] - Legal settlement expenses for the nine months ended September 30, 2025, totaled $8.2 million, including $7.8 million for litigation settlement costs[137] Cash Flow and Financing - Net cash provided by operating activities was $68.4 million for the nine months ended September 30, 2025, compared to $46.4 million in 2024[150] - A share repurchase program was authorized for up to $50.0 million, with $21.0 million repurchased as of September 30, 2025[148] - During the nine months ended September 30, 2025, net cash used in financing activities was $20.8 million, primarily due to $21.0 million used for share repurchase[154] - As of September 30, 2025, the company had cash and cash equivalents of $145.8 million and $60.0 million available under a revolving line of credit[143] - As of September 30, 2025, there were no outstanding borrowings under the revolving line of credit, indicating no material exposure to interest rate fluctuations[160] Future Outlook - The company expects overall revenue growth in 2025 compared to 2024, driven by increased spending from carrier partners in the automotive and home and renters verticals[107] - The company plans to increase consumer traffic by leveraging platform features and data assets, while also managing advertising spend based on profitability[99] Other Financial Metrics - Cost of revenue for the three months ended September 30, 2025, decreased to $4.7 million, down $0.7 million or 13.5% from $5.5 million in the same period of 2024[126] - The percentage of revenue attributed to cost of revenue for the three months ended September 30, 2025, was 2.7%, down from 3.8% in the same period of 2024[126] - Interest income increased by $0.4 million and $1.2 million for the three and nine months ended September 30, 2025, respectively, due to higher interest earned on cash balances[138] - Variable marketing dollars for the nine months ended September 30, 2025, increased by $31.3 million, from $111.2 million in 2024 to $142.5 million, a 28.2% increase[142] - The remaining purchase commitment for advertising as of September 30, 2025, was $15.5 million, with $3.5 million due in the next twelve months[156] - The company has exposure to foreign currency exchange rate changes due to contracts with foreign vendors and subsidiaries, but this exposure is considered immaterial[161]

Financial Performance - Revenue for Q3 2025 was $224.9 million, a 25.9% increase from $178.7 million in Q3 2024, driven by strong organic growth and acquisitions[4] - Net income for Q3 2025 improved to $8.4 million, or $0.21 EPS, compared to a net loss of $10.6 million, or $0.39 LPS, in the prior year[4] - Adjusted Net Income for Q3 2025 was $14.2 million, with an Adj EPS of $0.36, down from $19.1 million and $0.41 in Q3 2024, primarily due to higher income tax expenses[10] - Consolidated Adjusted EBITDA for Q3 2025 was $33.7 million, a 18.9% increase from $28.3 million in Q3 2024, with a margin of 15.0%[11] - Revenue for the first nine months of 2025 reached $637.3 million, a 25.6% increase from $507.3 million in the prior year[12] - Net income for the first nine months of 2025 was $7.4 million, or $0.08 EPS, compared to a net loss of $34.1 million, or $1.30 LPS, in the prior year[14] - Adjusted Net Income for the first nine months of 2025 was $45.0 million, with an Adj EPS of $1.03, up from $38.6 million and $0.80 in the prior year[15] - Total revenues for the three months ended September 30, 2025, were $224.888 million, an increase from $178.687 million in the same period of 2024, representing a growth of 25.8%[31] - Adjusted EBITDA for the three months ended September 30, 2025, was $47.131 million, with a margin of 21.0%, compared to $36.213 million and a margin of 20.3% in 2024[31] - For the nine months ended September 30, 2025, total revenues reached $637.265 million, up from $507.337 million in 2024, indicating a year-over-year increase of 25.6%[31] Guidance and Expectations - The company increased its full-year 2025 revenue guidance to a range of $810.0 million to $830.0 million, representing an 18% growth at the midpoint compared to 2024[6] - Full-year 2025 Consolidated Adjusted EBITDA guidance was raised to a range of $112.0 million to $118.0 million, indicating a 20% growth at the midpoint compared to 2024[6] - The company expects to continue organic growth, excluding revenues from environmental emergency response and acquisitions for the first twelve months following acquisition[39] - The company anticipates variability in certain items impacting future GAAP financial results, including stock-based compensation and income tax expenses[38] Balance Sheet and Liquidity - As of September 30, 2025, Montrose's leverage ratio was 2.7x, with $198.5 million of available liquidity[19] - Total assets as of September 30, 2025, were $985.7 million, slightly down from $990.4 million at the end of 2024[27] - Cash and cash equivalents decreased to $6.7 million from $12.9 million at the end of 2024[27] - Total liabilities increased to $527.0 million as of September 30, 2025, compared to $451.2 million at the end of 2024[27] - The company’s total stockholders' equity increased to $458.7 million as of September 30, 2025, from $446.3 million at the end of 2024[27] Operational Performance - Net cash provided by operating activities for the nine months ended September 30, 2025, was $55.5 million, a significant recovery from a net cash used of $9.7 million in the same period of 2024[29] - EBITDA for the nine months ended September 30, 2025, increased to $72,402,000, up from $19,217,000 in 2024, reflecting a significant improvement in operational performance[48] - Free cash flow for the nine months ended September 30, 2025, was $38,794,000, a turnaround from a negative free cash flow of $38,590,000 in 2024[52] - Net cash provided by operating activities for the nine months ended September 30, 2025, was $55,548,000, a significant increase from a cash outflow of $9,721,000 in 2024[52] Income Statement Details - The company reported a basic net income per share of $0.24 for Q3 2025, compared to a loss of $0.39 per share in Q3 2024[25] - The company’s accumulated deficit improved to $(265.3) million as of September 30, 2025, from $(272.7) million at the end of 2024[27] - The company reported a net income of $8.378 million for the three months ended September 30, 2025, compared to a net loss of $10,564 million in the same period of 2024[42] - The Adjusted Net Income for the three months ended September 30, 2025, was $14.212 million, compared to $19.057 million in 2024, reflecting a decrease of 25.0%[42] - The Adjusted Net Income attributable to stockholders for the nine months ended September 30, 2025, was $40.835 million, an increase from $30.261 million in 2024, representing a growth of 35.0%[42] Expenses and Costs - Interest expense for the three months ended September 30, 2025, was $5,039,000, compared to $4,137,000 in 2024, reflecting an increase in borrowing costs[48] - Income tax expense for the three months ended September 30, 2025, was $7,281,000, significantly higher than $1,368,000 in the same period of 2024[48] - Depreciation and amortization for the nine months ended September 30, 2025, totaled $39,015,000, compared to $37,408,000 in 2024, indicating a slight increase in asset depreciation[48] - Acquisition costs for the three months ended September 30, 2025, were $754,000, down from $2,764,000 in 2024, suggesting a reduction in acquisition-related expenses[48] - The company reported a fair value change in financial instruments of $(10,354,000) for the three months ended September 30, 2025, compared to a gain of $3,946,000 in 2024, indicating volatility in financial instruments[48]

Financial Performance - Net sales for Q3 2025 were $144.3 million, an increase of 6.6% year-over-year, primarily driven by the Accu-Fab acquisition, while organic net sales decreased by 9.1%[4] - GAAP net loss for Q3 2025 was $2.7 million, or ($0.13) per diluted share, compared to a net income of $3.0 million, or $0.14 per diluted share in the prior year[8] - Adjusted EBITDA for Q3 2025 was $14.1 million, representing an adjusted EBITDA margin of 9.8%, down from $17.1 million and 12.6% in the prior year[9] - Adjusted net income for Q3 2025 was $2.0 million, or $0.10 per diluted share, down from $5.8 million, or $0.27 per diluted share in the prior year[10] - Net loss for Q3 2025 was $2.68 million, compared to a net income of $2.97 million in Q3 2024, reflecting a significant decline in profitability[41] - The EBITDA margin for the three months ended September 30, 2025, was 7.7%, down from 11.2% in 2024, indicating a decline in profitability[44] - Adjusted EBITDA for the nine months ended September 30, 2025, was $40,747,000, down from $55,220,000 in 2024, reflecting a decrease of approximately 26.3%[44] - Free cash flow for Q3 2025 was ($1.1) million, a decrease from $15.1 million in the prior year, attributed to a $16.1 million decrease in net cash provided by operating activities[11] - Free cash flow for the nine months ended September 30, 2025, was $16,751,000, compared to $42,094,000 in 2024, representing a decrease of approximately 60.2%[47] Market Performance - The Data Center & Critical Power market saw net sales of $22.6 million, a significant increase from $4.7 million in the prior year, reflecting strong demand and contributions from the Accu-Fab acquisition[20] - Net sales to the Commercial Vehicle market decreased by 24.0% year-over-year to $39.2 million, primarily due to a 38.8% decline in North American Class 8 commercial vehicle production[14] - Net sales for Q3 2025 were $144.31 million, an increase of 6.7% from $135.39 million in Q3 2024[41] Financial Guidance and Expectations - The company maintained its full-year financial guidance for 2025, reflecting the impact of continued soft demand in legacy end markets[28] - The company expects revenue synergies from the Accu-Fab acquisition to range between $20 million and $30 million for 2026[2] Assets and Liabilities - Total assets increased to $585.58 million as of September 30, 2025, up from $445.57 million at the end of 2024, indicating strong growth in the company's asset base[39] - Total liabilities increased to $340.81 million as of September 30, 2025, compared to $193.82 million at the end of 2024, reflecting increased borrowing for operational and acquisition activities[39] - The company reported a significant increase in accounts payable, which rose to $53.07 million from $39.12 million, indicating higher operational activity or potential supply chain challenges[39] - The company’s retained earnings decreased to $56.33 million as of September 30, 2025, down from $60.09 million at the end of 2024, indicating challenges in maintaining profitability[39] Cash Flow and Expenditures - Free cash flow for the nine months ended September 30, 2025, was $25.18 million, down from $51.85 million in the same period of 2024, reflecting changes in operating cash flows[43] - The company incurred $140.06 million in cash outflows for acquisitions during the nine months ended September 30, 2025, indicating a strategic focus on growth through acquisitions[43] - Capital expenditures for the nine months ended September 30, 2025, totaled $8,430,000, down from $9,753,000 in 2024[47] Other Financial Metrics - The net leverage ratio as of September 30, 2025, was 3.5x, with net debt outstanding of $214.9 million[27] - The company reported interest expense of $3,430,000 for the three months ended September 30, 2025, compared to $2,653,000 in 2024, indicating an increase of approximately 29.2%[44] - The company recognized $591,000 in costs related to the step-up of Accu-Fab acquired inventory for the three months ended September 30, 2025[45] - The company incurred $3,125,000 in acquisition-related amortization of intangible assets for the three months ended September 30, 2025[45]

Financial Performance - Total revenues for Q3 2025 were $386.3 million, an increase of 2.3% from $376.4 million in Q2 2025[5] - Net income attributable to Bristow Group Inc. was $51.5 million, or $1.72 per diluted share, compared to $31.7 million, or $1.07 per diluted share, in the previous quarter, representing a 62.7% increase in net income[2] - Adjusted EBITDA for Q3 2025 was $67.1 million, up from $60.7 million in Q2 2025, indicating a 17.6% increase[5] - Operating income increased to $50,535,000 for the three months ended September 30, 2025, compared to $42,640,000 in the prior quarter, reflecting a favorable change of $7,895,000[26] - Net income attributable to Bristow Group Inc. was $51,544,000 for the three months ended September 30, 2025, up from $31,748,000 in the previous quarter, representing an increase of 62.1%[26] - Adjusted EBITDA for the three months ended September 30, 2025, was $67,097,000, an increase of 10.5% from $60,700,000 in the prior quarter[26] - Revenues for Q3 2025 reached $386.289 million, a 2.5% increase from $376.429 million in Q2 2025[29] - Operating income for Q3 2025 was $50.535 million, compared to $42.640 million in Q2 2025, reflecting a significant improvement[29] - Adjusted Operating Income for Q3 2025 was $62.201 million, up from $57.330 million in Q2 2025[29] - Net income for Q3 2025 was reported at $51.591 million, a significant increase from $31.779 million in Q2 2025[35] - Adjusted EBITDA for Q3 2025 was $67.097 million, compared to $60.700 million in Q2 2025, indicating strong operational performance[35] Revenue Breakdown - Revenues from Government Services increased by $8.4 million to $100.9 million in Q3 2025, a 9.1% increase compared to Q2 2025[9] - Revenues from Other Services rose by $3.8 million to $35.0 million, a 12.3% increase from the previous quarter[11] - Offshore Energy Services revenue totaled $250,431,000, a slight decrease of 0.9% from $252,810,000 in the previous quarter[27] - Government Services revenue increased by 9.1% to $100,898,000 for the three months ended September 30, 2025, compared to $92,499,000 in the prior quarter[27] - The Americas segment saw a revenue increase of 6.0%, reaching $100,945,000 compared to $95,230,000 in the prior quarter[27] - Offshore Energy Services contributed 67% to total revenues, while Government Services accounted for 25%[44] Liquidity and Assets - The company reported total liquidity of $313.4 million as of September 30, 2025, consisting of $245.5 million in unrestricted cash and $67.9 million available under its asset-based revolving credit facility[18] - Total current assets increased to $678.342 million as of September 30, 2025, from $619.458 million at the end of 2024, indicating strong liquidity[31] - Cash and cash equivalents slightly decreased to $250.705 million from $251.281 million[31] - Accounts receivable increased to $233.639 million, up from $211.590 million, suggesting improved sales performance[31] - Total assets grew to $2.269 billion as of September 30, 2025, compared to $2.125 billion at the end of 2024[31] - Total liabilities remained stable at approximately $1.234 billion, showing effective management of debt[31] Cash Flow and Debt Management - The Company reported Free Cash Flow of $20,257,000 for the three months ended September 30, 2025, compared to $94,507,000 for the previous quarter, reflecting a decrease of 78.6%[38] - Adjusted Free Cash Flow for the same period was $21,365,000, down from $95,293,000 in the prior quarter, indicating a decline of 77.6%[38] - The company made $24.8 million in accelerated principal payments on its UKSAR Debt facility during the current quarter[16] - The Company reported a net cash provided by operating activities of $23,057,000 for the three months ended September 30, 2025[38] Operational Insights - Flight hours for Offshore Energy Services decreased by 2.0% to 23,990 hours in the three months ended September 30, 2025, down from 24,469 hours in the previous quarter[28] - The Company’s total fleet consists of 213 aircraft, including 195 helicopters, with an average age of 15 years[42] - The Company has 12 aircraft under construction and 20 options for future aircraft purchases[44][45] Future Outlook - The company updated its 2025 Adjusted EBITDA outlook to a range of $240 million to $250 million and for 2026 to a range of $295 million to $325 million[5] - The company anticipates a year-over-year Adjusted EBITDA growth of approximately 27% for 2026[6] - Offshore Energy Services Adjusted Operating Income decreased by 4.4% to $51,236,000 from $53,588,000 in the prior quarter[41] - Government Services Adjusted Operating Income surged by 79.1% to $10,810,000, compared to $6,036,000 in the previous quarter[41] - The Company is unable to provide a reconciliation of projected Adjusted EBITDA to projected net income due to unpredictability of certain components[36]

Exhibit 99.1 NEWS RELEASE FOR IMMEDIATE RELEASE Contact: Dennis Curtin Weis Markets, Inc. 570-847-3636 dennis.curtin@weismarkets.com WEIS MARKETS REPORTS THIRD QUARTER 2025 RESULTS Company's third quarter comparable store sales excluding fuel increased 2.5 percent Sunbury, PA (November 4, 2025) – Weis Markets, Inc. (NYSE: WMK) today reported its financial results for the 13-week third quarter and 39-week year-to-date period ended September 27, 2025. "We are grateful for the hard work and dedication of our a ...