Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ 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 001-39223 Sadot Group Inc. (Exact name of registrant as specified in its charter) | Nevada | | --- | (State or other jurisdiction (I.R.S. Employer of incor ...

Isotope Production and Development - The company commenced commercial production of enriched isotopes at its ASP enrichment facilities in Pretoria, South Africa, with the first commercial batch of enriched C-12 expected to ship in Q4 2025, enriched Si-28 in Q1 2026, and enriched C-14 in the first half of 2026[262] - The company plans to develop additional isotope enrichment plants in South Africa, Iceland, and the United States, focusing on isotopes for pharmaceuticals, semiconductors, and oncology treatments[263] - The company plans to increase research and development expenses significantly in the foreseeable future to support isotope development[309] - The company has a 51% stake in PET Labs, focusing on the production of fluorinated radioisotopes, with a total payment of $2,000,000 for the acquisition[272] - Future isotopes may not achieve commercial success, and substantial additional financing may be needed to support operations and development[350] Financial Activities and Capital Raising - QLE received gross proceeds of $20,550,000 from the issuance of Convertible Promissory Notes in March 2024, with a maturity date of March 7, 2029[278] - In July 2024, the company raised approximately $32.3 million from a public offering of 13,800,000 shares at a price of $2.50 per share[280] - In October 2025, the company issued 17,167,380 shares at $12.25 per share, resulting in net proceeds of approximately $199.7 million[284] - The company expects to finance cash needs through public or private equity or debt financings, with potential collaborations and licenses[352] - The company has incurred net losses and negative cash flows from operations since inception and expects to continue incurring significant losses[344] Acquisitions and Agreements - A term sheet was signed with TerraPower in October 2024 for funding the construction of a HALEU production facility, with a 10-year purchase agreement for all HALEU produced[264] - The acquisition of Renergen Limited will result in Renergen becoming a wholly owned subsidiary, with the company offering 0.09196 shares of its common stock for each Renergen share[295] - The company entered into an Exclusivity Agreement with Renergen Limited, with an exclusivity fee of $10,000,000 paid in April 2025[364] - A Firm Intention Letter was signed to acquire 100% of Renergen's outstanding shares in exchange for the company's shares, pending regulatory approvals[364] - A Loan Agreement was established with Renergen for a total of $30,000,000, with $10,000,000 applied from the exclusivity fee and $20,000,000 to be paid before June 30, 2025[365] Financial Performance - Revenue for the three months ended September 30, 2025, was $4,889,526, a significant increase of $3,801,831 compared to $1,087,695 in 2024, representing a growth of approximately 349%[321] - For the nine months ended September 30, 2025, total revenue was $7,189,476, an increase of $4,239,128 from $2,950,348 in 2024, representing a growth of about 144%[329] - The net loss before allocation to noncontrolling interest for the three months ended September 30, 2025, was $(12,819,973), compared to $(7,363,759) in 2024, indicating a deterioration of $5,456,214[321] - The company reported a total other expense of $(61,526,185) for the nine months ended September 30, 2025, compared to $(4,538,006) in 2024, indicating a significant increase in losses of $56,988,179[331] - Headline loss for the nine months ended September 30, 2025, was $31,640,628, compared to $18,259,619 for the same period in 2024[343] Operating Expenses - Research and development expenses rose to $3,098,507 for the three months ended September 30, 2025, up by $2,064,061 from $1,034,446 in 2024, marking an increase of about 199%[326] - Selling, general and administrative expenses increased to $12,291,610 for the three months ended September 30, 2025, compared to $4,693,158 in 2024, reflecting a rise of $7,598,452 or approximately 162%[326] - Total operating expenses for the nine months ended September 30, 2025, were $36,209,977, an increase of $16,510,213 from $19,699,764 in 2024, reflecting an increase of approximately 84%[329] - Personnel-related costs increased by $8,164,458 primarily due to an increase in headcount, salaries, and related costs[340] Cash Flow and Liquidity - Cash and cash equivalents as of September 30, 2025, were $113.9 million, with no revenue generated from the sale of enriched isotopes[345] - Net cash used in operating activities for the nine months ended September 30, 2025, was $19,928,958, primarily due to a net loss of $96.5 million[354] - Net cash provided by financing activities for the nine months ended September 30, 2025, was $107,484,812, primarily from the issuance of common stock[359] - Net cash used in investing activities for the nine months ended September 30, 2025, was $35,611,979, including $30 million for a note receivable and $5 million for an investment in IsoBio[357] Regulatory and Compliance - The company does not have any off-balance sheet arrangements as defined by SEC regulations[367] - There are no long-term contractual obligations with vendors, as contracts can be terminated after a notice period[366] - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[369]

Revenue Growth - Revenue increased to $1.7 million for Q3 2025, up from $0.1 million in Q3 2024, representing a 1,273% year-over-year growth[4] - SemiCab's revenue grew over 1,200% year-over-year, reflecting an annualized run rate of $7 million achieved in Q2 2025[6] - Net sales for the three months ended September 30, 2025, were $1,744,000, compared to $127,000 for the same period in 2024, indicating a significant increase[15] Operating Expenses - Operating expenses decreased to $1.2 million in Q3 2025 from $1.8 million in the same period last year, a reduction of approximately 33%[4] - Total operating expenses for the three months ended September 30, 2025, were $1,214,000, compared to $1,791,000 for the same period in 2024, showing a decrease[15] Net Loss and Financial Performance - Net loss from continuing operations decreased to $1.9 million in Q3 2025 compared to $2.1 million in Q3 2024, a decline of about 10%[4] - Loss from operations for the three months ended September 30, 2025, was $(1,565,000), compared to $(1,823,000) for the same period in 2024, indicating an improvement[15] - Net loss from continuing operations for the three months ended September 30, 2025, was $(1,882,000), compared to $(2,106,000) for the same period in 2024, showing a reduction in losses[15] - Net income (loss) for the three months ended September 30, 2025, was $(2,982,000), compared to $974,000 for the same period in 2024, reflecting a significant decline[15] Cash and Liabilities - Cash on hand was $2.8 million as of September 30, 2025, down from $7.2 million at the end of 2024[13] - Total current liabilities decreased to $10.5 million in Q3 2025 from $28.4 million in the same period last year[13] Strategic Initiatives - Algorhythm completed the sale of its Singing Machine business for $4.5 million, significantly reducing expenses and focusing on AI technology[5] - The new "Apex" SaaS platform is expected to tap into the $450 billion U.S. full-truckload market, providing asset-light recurring revenue[6] - SemiCab's fleet expansion to 450 trucks is projected to generate over $23 million in annual revenue[6] - SemiCab secured a supply chain finance receivables facility with Bank of America to access low-cost working capital for its India business[8] Gross Margin - Gross loss for the three months ended September 30, 2025, was $(351,000), compared to $(32,000) for the same period in 2024, reflecting a deterioration in gross margin[15] Shareholder Information - Basic and diluted loss per common share from continuing operations for the three months ended September 30, 2025, was $(0.72), compared to $(0.21) for the same period in 2024[15] - Basic and diluted loss per common share from discontinued operations for the three months ended September 30, 2025, was $(0.43), compared to $0.34 for the same period in 2024[15] - Weighted average common shares for the three months ended September 30, 2025, were 2,568,508, compared to 9,095,504 for the same period in 2024[15] Other Expenses - The company reported a total other expense of $(293,000) for the three months ended September 30, 2025, compared to $(283,000) for the same period in 2024[15]

Revenue Growth - Revenue increased to $1.7 million for Q3 2025, up from $0.1 million in Q3 2024, representing a 1,273% year-over-year growth[4] - SemiCab's revenue grew over 1,200% year-over-year, achieving an annualized run rate of $7 million during Q2 2025[6] - Net sales for the three months ended September 30, 2025, were $1,744,000, compared to $127,000 for the same period in 2024, indicating a significant increase[15] - Algorhythm anticipates continued revenue growth over the next 12 months driven by SemiCab's expansion in India and the U.S.[7] - SemiCab's India segment is expected to generate over $23 million in annual revenue following fleet expansion to 450 trucks[6] Operating Expenses - Operating expenses decreased to $1.2 million in Q3 2025 from $1.8 million in Q3 2024, reflecting a cost reduction strategy[4] - Total operating expenses for the three months ended September 30, 2025, were $1,214,000, compared to $1,791,000 for the same period in 2024, showing a decrease in expenses[15] Profitability and Loss - Net loss from continuing operations decreased to $1.9 million in Q3 2025 compared to $2.1 million in Q3 2024[4] - Loss from operations for the three months ended September 30, 2025, was $(1,565,000), compared to $(1,823,000) for the same period in 2024, indicating an improvement[15] - Net loss from continuing operations for the three months ended September 30, 2025, was $(1,882,000), compared to $(2,106,000) for the same period in 2024, showing a reduction in losses[15] - Net income (loss) for the three months ended September 30, 2025, was $(2,982,000), compared to $974,000 for the same period in 2024, reflecting a significant decline[15] Cash and Liabilities - Cash on hand was $2.8 million as of September 30, 2025, down from $7.2 million at the end of 2024[13] - Total current liabilities decreased to $10.5 million in Q3 2025 from $28.4 million in Q4 2024[13] Strategic Initiatives - Algorhythm completed the sale of its Singing Machine business for $4.5 million, significantly reducing expenses and focusing on AI technology[5] - The new "Apex" SaaS platform aims to penetrate the $450 billion U.S. full-truckload market, providing asset-light recurring revenue[6] Shareholder Information - Basic and diluted loss per common share from continuing operations for the three months ended September 30, 2025, was $(0.72), compared to $(0.21) for the same period in 2024[15] - Basic and diluted loss per common share from discontinued operations for the three months ended September 30, 2025, was $(0.43), compared to $0.34 for the same period in 2024[15] - The weighted average common shares for the three months ended September 30, 2025, were 2,568,508, compared to 9,095,504 for the same period in 2024[15] Fair Value Changes - The company reported a change in fair value of warrant liability of $(6,468,000) for the nine months ended September 30, 2025[15]

Financial Performance - Fiscal 2025 net income totaled $335.6 million, or $3.35 per share, compared to $289.8 million, or $2.94 per share, in fiscal 2024, marking a 15.5% increase in net income year-over-year[5] - Fiscal 2025 consolidated net financial earnings (NFE) reached $329.6 million, or $3.29 per share, up from $290.8 million, or $2.95 per share, in fiscal 2024, reflecting a 13.4% increase[5] - The company achieved the high end of its fiscal 2025 NFEPS guidance range of $3.20 to $3.30, marking the fifth consecutive year of outperforming initial annual NFEPS guidance[5] - For fiscal 2026, the company introduced an NFEPS guidance range of $3.03 to $3.18, indicating a long-term growth target of 7% to 9% starting from a fiscal 2025 base of $2.83 per share[4][6] - NJR reported total operating revenues of $336.1 million for Q4 2025, a decrease of 15% compared to $395.8 million in Q4 2024[31] - Net income for Q4 2025 was $15.1 million, down 83% from $91.1 million in Q4 2024[31] - Basic earnings per share decreased to $0.15 in Q4 2025 from $0.92 in Q4 2024, a decline of 84%[31] - The company reported a net financial earnings (NFE) of $16.2 million for Q4 2025, compared to $88.7 million in Q4 2024[33] - NJR's fiscal year 2025 total operating revenues reached $2.04 billion, a 13% increase from $1.80 billion in fiscal year 2024[31] - The net financial (loss) earnings for the company were $16,229 thousand for the twelve months ended September 30, 2025, compared to $290,828 thousand for the same period in 2024, showing a decrease of about 94%[41] Operational Highlights - New Jersey Natural Gas (NJNG) reported a fiscal 2025 NFE of $213.5 million, significantly up from $133.4 million in fiscal 2024, driven by higher utility gross margin[10] - Clean Energy Ventures (CEV) placed a record 93 megawatts (MW) of in-service capacity in fiscal 2025, the highest annual installed capacity in its history[5] - Capital expenditures for fiscal 2025 were $752.5 million, an increase from $575.1 million in fiscal 2024, primarily due to higher expenditures at NJNG and CEV[19] - Cash flows from operations increased to $466.3 million in fiscal 2025, compared to $427.4 million in fiscal 2024, largely due to an increase in base rates at NJNG[19] - The company expects to deploy between $4.8 billion and $5.2 billion in capital expenditures through 2030, with over 60% allocated to utility spending at NJNG[19] - NJNG serviced approximately 589,000 customers as of September 30, 2025, up from approximately 583,000 customers a year earlier[11] - Total operating expenses increased to $295.7 million in Q4 2025 from $249.7 million in Q4 2024, an increase of 18%[31] - NJR's utility gross margin for Q4 2025 was $91.2 million, up 35% from $67.7 million in Q4 2024[36] - The utility gross margin increased to $91,187 thousand for Q4 2025, up from $67,708 thousand in Q4 2024, marking a growth of approximately 35%[43] - Total Utility Gross Margin for the year was $686,426, an increase from $544,870, representing a 25.9% growth year-over-year[44] Customer and Market Metrics - The market capitalization of the company as of September 30, 2025, was $4,838,044 thousand, up from $4,694,580 thousand a year earlier, indicating a growth of about 3%[41] - The throughput for NJNG, Core Customers was 17.5 Bcf for the three months ended September 30, 2025, compared to 15.1 Bcf in the same period of 2024, representing an increase of 16%[41] - The yield at September 30, 2025, was 4.0%, compared to 3.8% at the same date in 2024, indicating an improvement in yield[41] - Total Customers increased to 588,975 from 582,916, representing a growth of 1.0%[44] - Total System Throughput increased to 99.6 Bcf from 90.5 Bcf, reflecting a growth of 10.1% year-over-year[44] Segment Performance - Energy Services reported operating revenues of $81,909 thousand for the three months ended September 30, 2025, compared to $178,420 thousand for the same period in 2024, reflecting a decrease of 54%[37] - The financial margin for Energy Services was $(1,585) thousand for Q4 2025, down from $96,302 thousand in Q4 2024, indicating a significant decline[37] - The net (loss) income for Energy Services was $(5,689) thousand for the three months ended September 30, 2025, compared to a net income of $70,703 thousand in the same period of 2024[38] - Total Operating Revenues for Clean Energy Ventures decreased to $112,501 from $130,563, a decline of 13.8% year-over-year[46] - Net Income for Clean Energy Ventures was $61,156, up from $33,662, marking an increase of 81.7% year-over-year[46] - Operating (Loss) Income in Energy Services was $(4,811), a significant decrease from $97,241 in the previous year[46] - Gas Sold and Managed decreased to 108.6 Bcf from 125.3 Bcf, a decline of 13.3% year-over-year[46] - Solar Renewable Energy Certificates Sold decreased to 328,776 from 419,266, a decline of 21.6% year-over-year[46]

Financial Results - ZyVersa Therapeutics, Inc. announced its unaudited financial results for the quarter ended September 30, 2025[5] - The press release detailing the financial results was issued on November 19, 2025[5] Company Classification - The company is classified as an emerging growth company under the Securities Act of 1933[4]

Financial Performance - Q4 net revenue was $652 million, a decrease of 22% year-over-year; pro forma net revenue decreased 5%[7] - FY 2025 net revenue totaled $2.67 billion, down 16% compared to the prior year; pro forma net revenue decreased 9%[20] - Q4 GAAP EPS increased to $1.07 from $0.17 in the prior year; adjusted EPS decreased 18% to $0.83[7] - FY 2025 GAAP EPS was $0.61, up from a loss of $(3.03) in the prior year; adjusted EPS decreased 25% to $2.49[20] - Adjusted EBITDA for FY 2025 was $388 million, a decrease of 24% year-over-year; pro forma adjusted EBITDA decreased 19%[24] - The company experienced a gross profit of $226.8 million, down 21.4% from $288.4 million year-over-year[39] - Consolidated net income for the year ended September 30, 2025, was $52.1 million, a significant recovery from a net loss of $202.0 million in the previous year[45] Cash Flow and Debt - Cash flows from operating activities in FY 2025 were $56 million, a decrease of $135 million year-over-year[25] - Hillenbrand's cash flows from operating activities from continuing operations were $56.2 million for the year ended September 30, 2025, a significant decrease from $191.3 million in 2024[40] - Cash, cash equivalents, and restricted cash decreased to $191.4 million at the end of the period from $227.9 million at the beginning of the period[40] - As of September 30, 2025, net debt was $1.36 billion, with a net debt to pro forma adjusted EBITDA ratio of 3.7x[26] - Total debt as of September 30, 2025, was $1,524.8 million, with a net debt of $1,360.0 million after accounting for cash and cash equivalents of $164.8 million[47] - The ratio of net debt to adjusted EBITDA for the trailing twelve months ended September 30, 2025, was 3.7[47] Backlog and Future Revenue - The company has a backlog of $1.52 billion, which decreased 10% year-over-year[16] - The total backlog represents expected net revenue from awarded contracts, with the majority expected to be fulfilled within the next twelve months[35] - The company anticipates that future net revenue will be influenced by order backlog due to lead times in fulfilling engineered-to-order equipment[37] - The backlog for Advanced Process Solutions as of September 30, 2025, was $1,522.4 million, down from $1,681.4 million in the previous year[47] - The company anticipates future sales and earnings growth, contingent on successful execution of its strategic initiatives, including the proposed merger with Lone Star[48] Impairment and Charges - The company recorded impairment charges of $83.5 million in the three months ended September 30, 2025, compared to no impairment charges in the same period of 2024[41] Market and Operational Risks - Risks associated with the Merger include potential delays in regulatory approvals and the possibility of incurring significant transaction costs[50] - The company faces competition in its industries, which may impact pricing and market share[50] - Hillenbrand's financial performance may be affected by global market conditions, including volatility in interest and exchange rates[50] - There are uncertainties related to environmental regulations and the physical risks of climate change that could impact operations[50] - Labor shortages and increasing competition for skilled workers are challenges that Hillenbrand is currently facing[50] - The company is subject to risks from foreign currency fluctuations and potential labor disruptions[50] - Hillenbrand's effective tax rate may be influenced by changes in tax laws and the mix of earnings[50] Strategic Initiatives and Acquisitions - Hillenbrand is set to be acquired by Lone Star Funds for an enterprise value of approximately $3.8 billion, with shareholders receiving $32.00 per share[5] - The company has made acquisitions, such as the Schenck Process Food and Performance Materials business, which may influence its financial condition and operational results[50] Operational Overview - Hillenbrand operates in over 100 countries, providing mission-critical processing equipment and solutions across durable plastics, food, and recycling markets[52] - The company is focused on pursuing excellence, collaboration, and innovation to shape solutions for its stakeholders[52] Segment Performance - Advanced Process Solutions adjusted EBITDA for Q3 2025 was $103.8 million, down from $117.1 million in Q3 2024, representing a decrease of 11.3%[43] - Molding Technology Solutions adjusted EBITDA for Q3 2025 was $21.1 million, a decline of 49.8% compared to $42.0 million in Q3 2024[45] - Advanced Process Solutions net revenue for Q3 2025 was $557.3 million, down from $591.1 million in Q3 2024, reflecting a decrease of 5.7%[46] - Molding Technology Solutions net revenue for Q3 2025 was $94.8 million, a decrease of 61.6% from $246.5 million in Q3 2024[46] - Consolidated pro forma net revenue for the year ended September 30, 2025, was $2,428.3 million, down from $2,656.7 million in 2024, indicating a decline of 8.6%[46]

Revenue Performance - Net revenues for the three months ended September 30, 2025, increased by $5.5 million, or 19%, to $35.4 million compared to $29.9 million for the same period in 2024[154]. - Net revenues for the nine months ended September 30, 2025, increased by $31.9 million, or 51%, to $94.7 million compared to $62.8 million for the same period in 2024[154]. - Net revenues for the three months ended September 30, 2025, increased by 19% to $35,398,000 compared to $29,859,000 in 2024, driven primarily by increased Digital revenue[157]. - The Audio Segment reported net revenues of $13,550,000 for the three months ended September 30, 2025, down from $16,751,000 in 2024, primarily due to a decrease in Spot revenue[172]. - The Video Segment's net revenues increased by 66% to $21,848,000 for the three months ended September 30, 2025, compared to $13,108,000 in 2024, driven by growth in digital revenue[174]. Operating Loss and Expenses - Operating loss for the three months ended September 30, 2025, increased by $0.2 million, or 3%, to $7.1 million compared to $6.9 million for the same period in 2024[154]. - Operating loss for the nine months ended September 30, 2025, decreased by $5.1 million, or 22%, to $18.6 million compared to $23.7 million for the same period in 2024[154]. - Total operating expenses for the three months ended September 30, 2025, were $42.5 million, representing 111% of net revenues[156]. - Operating expenses for the three months ended September 30, 2025, rose by 16% to $42,489,000 from $36,732,000 in 2024, mainly due to higher digital platform costs[159]. - Corporate expenses decreased by 42% to $1,341,000 for the three months ended September 30, 2025, compared to $2,319,000 in 2024, primarily due to lower professional service fees[161]. Net Loss - Net loss for the three months ended September 30, 2025, increased by $72.8 million, or 133%, to $17.9 million compared to net income of $54.9 million for the same period in 2024[154]. - Net loss for the nine months ended September 30, 2025, decreased by $36.8 million, or 1252%, to $33.9 million compared to net income of $2.9 million for the same period in 2024[154]. - The net loss for the three months ended September 30, 2025, was $17,891,000, a decrease from a net income of $54,926,000 in 2024, reflecting the impact of the Estrella Acquisition[171]. Cash Flow and Liquidity - Cash flows provided by operating activities increased by $32.7 million, or 106%, to $1.9 million for the nine months ended September 30, 2025, compared to cash flows used in operating activities of $30.7 million for the same period in 2024[154]. - Cash flows provided by operating activities were $1.9 million for the nine months ended September 30, 2025, a significant improvement from cash flows used of $30.7 million for the same period in 2024[183]. - Cash flows used in investing activities were $0.3 million for the nine months ended September 30, 2025, down from $7.6 million in the same period in 2024, which included costs related to the Estrella acquisition and capital expenditures for a new digital platform[185]. - Cash flows used in financing activities were $0.4 million for the nine months ended September 30, 2025, compared to $41.4 million provided by financing activities in the same period in 2024, which was primarily from the First Lien Term Loan[186]. - The company is actively managing liquidity by optimizing working capital and controlling expenses, resulting in reduced cash burn for the period[181]. Financial Position and Management - As of September 30, 2025, the company had cash, cash equivalents, and restricted cash of $8.2 million, with negative working capital of $43.3 million, an increase from negative working capital of $18.0 million at December 31, 2024[180]. - The increase in negative working capital was driven by the cancellation of certain programming rights contracts and increased accounts payable and accrued expenses[180]. - The company maintains a positive equity position despite net losses, indicating a focus on long-term financial health[181]. - Cash flows from operating activities increased mainly due to higher accounts payable, indicating improved cash management practices[183]. - Management plans to refinance $5.0 million in Delayed Draw Term Loans due in May 2026 and July 2026, using cash flow from operations or additional investments[182]. - The company continues to evaluate potential acquisitions to leverage strengths and support long-term growth, while managing liquidity prudently[182]. Adjusted EBITDA - Adjusted EBITDA for the three months ended September 30, 2025, was $2.1 million, increasing 1971% compared to $(0.1) million for the same period in 2024[155]. - Adjusted EBITDA for the nine months ended September 30, 2025, was $5.0 million, increasing 209% compared to $(4.6) million for the same period in 2024[155]. - Adjusted EBITDA for the three months ended September 30, 2025, was $2,095,000, compared to a loss of $112,000 in 2024, indicating improved operational performance[178]. Interest and Tax Expenses - Interest expense increased by 20% to $3,931,000 for the three months ended September 30, 2025, due to additional long-term debt related to the Estrella Acquisition[166]. - The provision for income taxes decreased by 18% to $282,000 for the three months ended September 30, 2025, compared to $342,000 in 2024, due to changes in the deferred tax liability[169]. - Depreciation and amortization expense decreased slightly to $1,684,000 for the three months ended September 30, 2025, from $1,741,000 in 2024, as certain assets became fully depreciated[162].

Financial Performance - Record revenue of $57.0 billion for Q3 FY26, up 22% from Q2 and up 62% year-over-year[1] - Data Center revenue reached $51.2 billion, up 25% from Q2 and up 66% year-over-year[4] - Q3 FY26 diluted earnings per share were $1.30, a 20% increase from Q2 and a 67% increase year-over-year[5] - Revenue for the three months ended October 26, 2025, was $57,006 million, a 62.5% increase from $35,082 million for the same period in 2024[21] - Gross profit for the nine months ended October 26, 2025, reached $102,370 million, up 48.1% from $69,135 million in the prior year[21] - Operating income for the three months ended October 26, 2025, was $36,010 million, representing a 64.5% increase compared to $21,869 million in the same quarter of 2024[21] - Net income for the three months ended October 26, 2025, was $31,910 million, a 65.5% increase from $19,309 million in the prior year[21] - Basic net income per share for the three months ended October 26, 2025, was $1.31, compared to $0.79 for the same period in 2024[21] Cash Flow and Assets - Cash and cash equivalents at the end of the period were $11,486 million, an increase from $9,107 million at the end of the same period in 2024[26] - Total assets as of October 26, 2025, were $161,148 million, up from $111,601 million in January 2025[23] - Total liabilities increased to $42,251 million from $32,274 million in January 2025[23] - Net cash provided by operating activities for the nine months ended October 26, 2025, was $66,530 million, an increase from $47,460 million in the prior year[25] - Free cash flow for the three months ended October 26, 2025, was $22,089 million, compared to $13,450 million in the previous quarter, representing a 64.5% increase[29] Margins and Income - GAAP and non-GAAP gross margins were 73.4% and 73.6%, respectively[1] - GAAP gross profit for the three months ended October 26, 2025, was $41,849 million, up from $33,853 million in the previous quarter, reflecting a 23.5% increase[28] - Non-GAAP gross margin improved to 73.6% for the three months ended October 26, 2025, compared to 72.7% in the previous quarter[28] - GAAP net income for the three months ended October 26, 2025, was $31,910 million, an increase of 20.3% from $26,422 million in the previous quarter[29] - Non-GAAP net income for the three months ended October 26, 2025, was $31,767 million, an increase from $25,783 million in the previous quarter, reflecting a 23.3% rise[29] Future Outlook - For Q4 FY26, revenue is expected to be $65.0 billion, plus or minus 2%[7] - The company expects a GAAP gross margin of 74.8% for Q4 FY2026, with a non-GAAP gross margin projected at 75.0%[33] Strategic Initiatives - NVIDIA announced a strategic partnership with OpenAI to deploy at least 10 gigawatts of systems for AI infrastructure[8] - NVIDIA plans to invest £2 billion in the U.K. market to build next-generation AI infrastructure[8] - NVIDIA Blackwell achieved the highest performance in the SemiAnalysis InferenceMAX benchmarks, delivering 10x throughput per megawatt compared to the previous generation[7] Gaming Revenue - Third-quarter Gaming revenue was $4.3 billion, down 1% from Q2 but up 30% year-over-year[13] Research and Development - Research and development expenses for the three months ended October 26, 2025, were $4,705 million, compared to $3,390 million in the same period of 2024[21] Shareholder Returns - NVIDIA returned $37.0 billion to shareholders in the first nine months of FY26 through share repurchases and cash dividends[2]

Financial Performance - Q3 2025 revenue was $29.8 million, down from $33.6 million in Q3 2024, with gross margins above 50%[4] - Net income increased to $6.9 million, a 73% rise from $4.0 million in Q3 2024, resulting in a net margin of 23.2%[4] - Adjusted EBITDA for Q3 2025 was $11.9 million, a 6.3% increase from $11.2 million in Q3 2024[4] - The trailing twelve-month income from continuing operations was $30.5 million, equating to earnings per share of $0.64[4] - For the three months ended September 30, 2025, the net income was $6.865 million, compared to $3.956 million in the same period of 2024, representing a 73.5% increase[14] - Adjusted EBITDA for the three months ended September 30, 2025, was $11.902 million, up from $11.157 million in 2024, indicating a growth of 6.7%[14] Revenue Growth - Non-advertising revenue for Athlon Sports and Men's Journal grew nearly 200% in Q3 2025, driven by off-property distribution and syndication[4] - TheStreet's audience reach increased by 20% in Q3 2025, with revenue from content syndication up 200% compared to Q3 2024[4] - Parade's traffic rose by 25% year-over-year, with non-advertising revenue more than doubling (+111%) compared to Q3 2024[4] Cost Management - Interest expense (net) for the three months ended September 30, 2025, was $2.857 million, a decrease from $3.159 million in 2024, reflecting a reduction of 9.5%[14] - Depreciation and amortization for the three months ended September 30, 2025, was $2.321 million, slightly down from $2.379 million in 2024, a decrease of 2.4%[14] - Stock-based compensation for the three months ended September 30, 2025, was $86, significantly lower than $732 in 2024, a reduction of 88.2%[14] - The company reported no income or loss from discontinued operations for the three months ended September 30, 2025, compared to a loss of $822 in 2024[14] Strategic Initiatives - The company reduced net leverage below 2x after making $10 million in principal payments year to date[4] - The Arena Group acquired digital assets and IP of ShopHQ and Lindy's Sports in October 2025, funded with cash on hand[5] - The new intelligence platform, Encore, is expected to connect user behavior across ads, newsletters, and content, with over 40,000 new users registering daily[6] - The company anticipates future revenues and income growth, alongside cost reductions and market expansion strategies[16] - The company is focused on product introductions and capital requirements to support its growth strategy[16] Forward-Looking Statements - Forward-looking statements indicate potential risks and uncertainties that may affect future performance[17] - The company does not undertake any obligation to publicly release revisions to forward-looking statements except as required by law[18]