Financial Performance - Super League reported Q4 2024 revenue of $3.426 million, a decrease from $9.510 million in Q4 2023, and full-year revenue of $16.182 million, down from $25.079 million in 2023[15]. - The net loss for Q4 2024 was $5.127 million, compared to a net loss of $13.274 million in Q4 2023, and the full-year net loss was $16.474 million, down from $30.330 million in 2023[15]. - The net loss for the fiscal year ended December 31, 2024, was $16,474,000, a significant improvement from a net loss of $30,330,000 in 2023, representing a reduction of approximately 46%[21]. - The company reported a gross profit of $999,000 in Q4 2024, down from $3.725 million in Q4 2023[15]. Asset and Liability Management - Total assets decreased from $25.328 million in 2023 to $11.711 million in 2024, while total liabilities reduced from $15.338 million to $11.380 million[14]. - Super League's cash and cash equivalents dropped from $7.609 million in 2023 to $1.310 million in 2024[14]. - Cash and cash equivalents at the end of the period were $1,310,000, down from $7,609,000 at the end of 2023, reflecting a decrease of approximately 83%[21]. - The company did not incur any impairment of intangible assets and goodwill in 2024, a significant change from $7,052,000 in 2023, indicating improved asset valuation[21]. Operational Efficiency - Net cash used in operating activities decreased to $11,581,000 in 2024 from $15,489,000 in 2023, indicating improved operational efficiency[21]. - The company incurred $1,289,000 in stock-based compensation, down from $2,735,000 in 2023, suggesting a reduction in equity compensation expenses[21]. - The company reported a net cash used in investing activities of $164,000, a decrease from $825,000 in 2023, indicating a more conservative investment approach[21]. Strategic Initiatives - The company aims to achieve EBITDA positivity by Q4 2025, focusing on realigning its business and aggressively attacking its cost structure[4]. - The company is focusing on larger revenue, higher margin programs to optimize resource allocation[4]. - Discussions regarding a partnership with Infinite Reality are ongoing, with the exclusivity period expired, allowing exploration of other strategic alternatives[7]. - The company appointed Bant Breen to the Board of Directors to enhance its marketing and media strategy[6]. Shareholder Impact - The weighted-average number of shares outstanding increased from 4,264,905 in 2023 to 13,794,441 in 2024, reflecting potential dilution for shareholders[19]. - The company raised $2,393,000 from the issuance of preferred stock and $1,000,000 from common stock issuance, contributing to a total net cash provided by financing activities of $5,446,000[21]. - Accounts receivable increased by $4,521,000, compared to a decrease of $2,113,000 in the previous year, indicating a potential growth in sales or collection issues[21]. - The company reported a gain of $311,000 from the sale of Minehut assets, which was a new revenue stream for the year[21].

Revenue Performance - Q3'25 revenue decreased by 8.2% to $3.571M compared to $3.890M in Q3'24, primarily due to customer delays in project commencement [4]. - Q4'25 revenue is expected to be approximately $5.2M, with larger FY 2025 projects pushed into FY 2026 [8]. Profitability Metrics - Q3'25 gross profit increased by $387K to $1.063M from $676K in Q3'24, reflecting a focus on higher margin projects [4]. - Q3'25 gross margin percentage improved to 29.8% from 17.4% in Q3'24 due to the absence of lower margin revenue [4]. - Q3'25 operating loss improved to ($270K) from ($649K) in Q3'24, mainly due to gross margin improvement [4]. - Q3'25 net loss improved to ($240K), or ($0.02) per share, compared to ($601K) or ($0.06) per share in Q3'24 [4]. Financial Position - Net cash remained steady at $5.4M, approximately $0.54 per common share, with no long-term debt as of March 31, 2025 [4]. - The company has built a base of $8M to $9M in largely recurring annual revenue, with a solid pipeline of contracted projects [7]. Business Development - Recent business wins include a $9M projector technology refresh contract over three years for a long-term exhibition customer [6]. - The company is focused on controlling overhead, product and service margins, and investment pace to achieve positive cash flow and profitability [7].

Revenue Performance - The termination of the PCC Contract resulted in a revenue decrease of approximately $168 million annually, with total revenue of $24.1 million for Q1 2025 compared to $53.6 million for Q1 2024 [136]. - Total revenue decreased by $36.8 million, or 34%, in Q1 2025 compared to the same period in 2024, primarily due to lower revenue from the Government segment [142]. - Total revenue for the three months ended March 31, 2025, was $69.9 million, a decrease of 34% from $106.7 million in the same period of 2024 [170]. - Services income decreased by 31% to $50.1 million, down from $72.4 million, primarily due to lower revenue in the Government segment following contract terminations [170][171]. - Specialty rental income fell by 56% to $15.0 million from $34.3 million, attributed to the same contract terminations in the Government segment [170][172]. - Government segment revenue decreased by 62% to $25.7 million from $67.6 million, primarily due to the termination of the PCC and STFRC contracts, which accounted for approximately $30 million and $12 million of the revenue decrease, respectively [187][188]. Profitability Metrics - The company reported a net loss of approximately $(6.5) million for Q1 2025, compared to net income of approximately $20.4 million for Q1 2024 [142]. - Consolidated Adjusted EBITDA for Q1 2025 was $21.6 million, a decrease of $32.1 million or 60% compared to the same period in 2024 [144]. - Adjusted gross profit was significantly impacted, resulting in a gross profit of $17.9 million, a 63% decrease from $49.1 million in the prior year [170]. - For the three months ended March 31, 2025, the company reported a gross profit of $17.964 million, down from $49.068 million in the same period of 2024, resulting in an adjusted gross profit of $31.636 million compared to $63.849 million [232]. - The net income (loss) for the three months ended March 31, 2025, was $(6.459) million, a significant decrease from a net income of $20.383 million in the same period of 2024 [234]. - EBITDA for the three months ended March 31, 2025, was $16.569 million, compared to $49.779 million for the same period in 2024, while adjusted EBITDA was $21.571 million, down from $53.688 million [234]. Cash Flow and Liquidity - Cash flows from operations for Q1 2025 were approximately $3.9 million, a decrease of $46.7 million or 92% compared to $50.6 million in Q1 2024 [141]. - Net cash provided by operating activities was $3.9 million for the three months ended March 31, 2025, a significant decline from $50.6 million in the same period of 2024 [197]. - Net cash used in investing activities increased to $17.2 million from $8.9 million, primarily due to $15.5 million in growth capital expenditures related to the WHS operating segment [199]. - Net cash used in financing activities surged to $142.9 million from $21.3 million, driven by the full redemption of the 2025 Senior Secured Notes totaling $181.4 million [200]. - As of March 31, 2025, the ABL Facility had an unused available borrowing capacity of $134.1 million, providing sufficient liquidity for the next 12 months [192][204]. Contracts and Future Revenue - The Workforce Housing Contract with Lithium Nevada is expected to generate approximately $140 million in revenue over its initial term, with about $76 million of committed minimum revenue, and $68 million anticipated in 2025 [135]. - The DIPC Contract is expected to provide over $246 million in revenue over its five-year term, with a ramp-up period affecting initial revenue amounts [139]. - The DIPC Contract is expected to generate over $246 million in revenue over its five-year term, starting March 5, 2025 [166]. - The Workforce Housing Contract is projected to generate approximately $140 million in revenue, with $76 million in committed minimum revenue expected in 2025 [167]. Expenses and Cost Management - Selling, general and administrative expenses remained relatively stable at $14.8 million, with a slight decrease from $14.9 million in the previous year [177]. - The company incurred approximately $21.2 million in capital expenditures during the three months ended March 31, 2025, with $15.5 million allocated to the new WHS operating segment [195]. - The company incurred transaction expenses of $2.830 million during the three months ended March 31, 2025, compared to $240,000 in the same period of 2024 [234]. - Stock-based compensation expenses for the three months ended March 31, 2025, were $1.716 million, down from $2.748 million in the same period of 2024 [234]. Risk Factors - Major customers accounted for 34% and 11% of revenues for the three months ended March 31, 2025, indicating a concentration risk in revenue sources [208]. - The company did not hedge its exposure to commodity prices, which could affect profitability and cash flows due to volatility [238]. - As of March 31, 2025, the company had $40.9 million of outstanding floating-rate obligations, exposing it to increased interest expense if short-term interest rates rise [236]. - If floating interest rates increased by 100 basis points, the company's consolidated interest expense would rise by approximately $0.4 million annually [236].

Revenue and Financial Performance - Revenue for the three months ended March 31, 2024 was $14, primarily from the sale of the PURE EP™ Platform and related services[147] - Net loss attributable to common shareholders for the three months ended March 31, 2025 was $2,814, an improvement from a net loss of $3,537 in the same period of 2024[154] - Cash used in operating activities for the three months ended March 31, 2025 was $1.11 million, while cash provided by financing activities totaled $4.7 million[158] - The accumulated deficit as of March 31, 2025 was $258.16 million, with expectations of continued losses and negative cash flows until products reach full commercial profitability[159] - The company sold 4,403,166 At The Market Offering Shares at an average price of $0.91 per share for gross proceeds of $4,019,063 during the three months ended March 31, 2025[170] Expenses - Research and development expenses decreased by $232, or 97.48%, to $6 for the three months ended March 31, 2025, compared to $238 in the same period of 2024[148] - General and administrative expenses increased by $75, or 2.60%, to $2,957 for the three months ended March 31, 2025, compared to $2,882 in the same period of 2024[149] Internal Controls and Compliance - The company identified material weaknesses in internal control over financial reporting, including inadequate identification and reporting of stock-based compensation, ineffective review processes, and inadequate segregation of duties[178] - As of March 31, 2025, the company concluded that its internal control over financial reporting was not effective, which could negatively impact timely and accurate financial reporting[178] - Management's evaluation indicated that disclosure controls and procedures are not effective in providing reasonable assurance for timely reporting as required by SEC rules[175] - The company has not identified any changes in internal control over financial reporting that materially negatively affected its controls during the last completed fiscal quarter[184] - The material weaknesses identified did not result in any misstatements to the consolidated financial statements[180] - The company recognizes the inherent limitations of internal controls, including the possibility of human error and circumvention of controls[182] - Management intends to implement remediation plans in 2025 to enhance internal controls and ensure risks are adequately addressed[184] - The company plans to add sufficient staff and oversight controls in 2025 to address identified deficiencies in internal controls[181] Legal Matters - A settlement agreement was reached on March 24, 2025, resulting in an accrued liability of $493,800 related to a litigation threat claiming losses of approximately $1,440,000[186] - The company believes that the final disposition of legal proceedings will not have a material adverse effect on its financial position or results of operations[185] Intellectual Property - The company has 41 issued/allowed utility patents and 31 pending applications related to the PURE EP™ System, indicating a strong focus on intellectual property development[145] Future Financing - Future financing may include equity or debt securities issuance, with potential dilution for existing shareholders if additional equity is issued[167]

Financial Performance - Net revenues for Q1 2025 were $34.9 million, a decrease of 41% from $58.8 million in Q1 2024[3] - Battery business net revenues fell to $20.36 million, down 54.6% year-over-year from $44.84 million[4] - Gross profit for the battery business decreased by 74.4% to $4.72 million, with a gross margin of 23.2% compared to 41.2% in Q1 2024[4] - Operating loss was $2.86 million, a significant decline from an operating income of $10.3 million in the same period last year[6] - Net loss attributable to shareholders was $1.58 million, compared to net income of $9.8 million in Q1 2024[6] - Gross profit for the three months ended March 31, 2024, was $18.78 million, compared to $4.80 million in 2025, indicating a significant decline[21] - Operating income for the three months ended March 31, 2024, was $10.26 million, while the company reported an operating loss of $2.86 million in 2025[21] - Net income attributable to shareholders of CBAK Energy Technology, Inc. for the three months ended March 31, 2024, was $9.84 million, contrasting with a net loss of $1.58 million in 2025[21] - Comprehensive income attributable to CBAK Energy Technology, Inc. was $7.94 million for the three months ended March 31, 2024, compared to a comprehensive loss of $908,322 in 2025[21] - Basic earnings per share for the three months ended March 31, 2024, were $0.11, while the diluted earnings per share were also $0.11, compared to a loss of $0.02 in 2025[21] Operational Developments - The transition from Model 26650 to Model 40135 is expected to lead to a gradual recovery in revenues as customers complete product validation[8] - Nanjing facilities are experiencing strong growth driven by demand for Model 32140, the company's flagship product[8] - The company anticipates completing the construction of new manufacturing lines for Model 40135 in the second half of 2025[8] Financial Position - Cash and cash equivalents decreased from $6.72 million at the end of 2024 to $4.05 million by March 31, 2025[18] - Total liabilities increased from $182.15 million at the end of 2024 to $192.72 million by March 31, 2025[19] Research and Development - Research and development expenses increased to $2.82 million in 2024 from $3.02 million in 2025, indicating a focus on innovation despite financial challenges[21] Marketing and Currency Impact - Sales and marketing expenses decreased significantly to $1.72 million in 2024 from $896,050 in 2025, reflecting a strategic shift in expenditure[21] - The company reported a foreign currency translation adjustment loss of $1.91 million in 2024, contrasting with a gain of $699,844 in 2025, highlighting currency volatility impacts[21]

Cash Distribution - The Registrant announced a monthly cash distribution to unitholders of record on May 30, 2025[5] - The news release regarding the cash distribution was issued on May 19, 2025[5] - The cash distribution details are included in Exhibit 99.1 of the report[7]

Cash Distribution - PermRock Royalty Trust announced a cash distribution of $289,632.56, equating to $0.023807 per Trust Unit, based on production during February 2025[7] - The cash distribution is payable on May 14, 2025, to record holders as of April 30, 2025[7]

ANNUAL REPORT 2025 KEY STATS YEAR END MAR. 2025 200M GUESTS 300M IN FY34 26,000 HIGH SKILLED AVIATION PROFESSIONALS 613 AIRCRAFT CHOICE & COVERAGE OVER 3,500 FLIGHTS TO/FROM AIRPORTS 93 BASE AIRPORTS 228 (37 COUNTRIES) DAILY FLIGHTS UNRIVALED CUSTOMER SERVICES - CSAT 86% SAFETY RECORD 40 YEAR 100% OWNED B737 FLEET CREDIT RATING (STABLE) (FITCH AND S&P RATINGS) SUSTAINALYTICS NO.1GLOBAL LARGE CAP AIRLINE ESG RATING A A- UNENCUMBERED TABLE OF CONTENTS RYANAIR GROUP ANNUAL REPORT 2025 04 Financial Summary 05 C ...

Cash Distribution - The cash distribution declared by the Permian Basin Royalty Trust is $0.019615 per unit, payable on May 14, 2025, to unit holders of record on April 30, 2025[2]. Production and Revenue - Production for the Texas Royalty Properties was 17,157 barrels of oil and 10,093 Mcf of gas, resulting in revenues of $1,351,295 after deducting taxes and expenses of $147,465, leading to a net profit of $1,203,830 for April[6]. - The Trust's net profit interest (NPI) of 95% from the Texas Royalty Properties contributed $1,143,639 to this month's distribution[6]. - The average price for oil was $71.97 per barrel and for gas was $11.54 per Mcf, reflecting significant pricing increases compared to the previous month[6]. Expenses and Distribution - General and Administrative Expenses for the month were $229,374, resulting in a total distribution of $914,265 to 46,608,796 units outstanding[9]. Litigation and Operational Issues - The Trust is currently facing an excess cost position for the Waddell Ranch properties, as production costs exceeded gross proceeds for March 2025[2]. - Blackbeard, the operator of the Waddell Ranch properties, has not provided necessary information for calculating net profits interest, leading to delays in reporting[4]. - The Trust has initiated litigation against Blackbeard seeking to recover over $25 million in damages related to disputed overhead costs and other expenses[11]. - The trial date for the ongoing litigation is scheduled for November 17, 2025[10]. Market Conditions - Future distributions may be affected by worldwide market conditions, making predictions challenging[9].

Aircraft Orders and Fleet Management - Ryanair has ordered up to 300 new Boeing 737 MAX-10 aircraft, with 150 firm orders and 150 options, for delivery between 2027 and 2033[76] - The phased deliveries of the new aircraft are expected to create approximately 10,000 new high-paid jobs for pilots, cabin crew, and engineers[77] - Ryanair plans to dispose of approximately 150 older aircraft as part of its ongoing fleet management strategy[79] Growth Strategy and Passenger Targets - Ryanair's passenger target has been increased to approximately 300 million passengers per annum by FY34, following shareholder approval of the 2023 Boeing Contract[81] - Ryanair's growth strategy may strain existing management resources and operational systems, requiring additional skilled personnel and equipment[82] - New routes may initially result in lower load factors and higher promotional costs, potentially leading to initial losses[83] Financial Risks and Currency Exposure - The company is exposed to significant currency risks due to operations in the UK and costs denominated in U.S. dollars, which could adversely affect financial performance[75] - Approximately 22% of Ryanair's revenue in fiscal year 2025 came from operations in the UK, offset by about 15% of non-fuel costs related to UK operations[119] - The pound sterling has lost approximately 13% against the U.S. Dollar and 8% against the euro since the Brexit referendum in 2016, which could materially impact Ryanair's financial condition[121] Legal and Regulatory Challenges - Ryanair is facing ongoing legal proceedings regarding alleged State aid at various airports, with investigations expected to conclude in 2025[97] - The European Commission has ordered Ryanair to repay approximately €55 million of alleged State aid, with appeals ongoing[97] - The company has faced legal challenges related to its cash refund policies during the Covid-19 pandemic, but does not expect material adverse effects from these findings[115] Taxation and Compliance - Ryanair's effective tax rate is expected to increase due to new EU regulations mandating a minimum global corporate tax rate of 15%[108] - The company is subject to tax audits across multiple jurisdictions, which could lead to increased effective tax rates if unsuccessful in defending its position[111] Operational and Market Risks - Ryanair's ability to grow is dependent on access to suitable airports, and any increase in airport charges could adversely affect financial condition[85] - Labor relations and potential union demands could impact productivity and profitability, despite existing collective labor agreements[88] - The company relies on external service providers for maintenance and handling services, and any disruption in these contracts could materially affect operations[91] Economic and Geopolitical Factors - Ryanair's operations are sensitive to economic conditions, with potential adverse effects from recession, inflation, and austerity measures impacting passenger spending[127] - Geopolitical tensions, including the war in Ukraine and conflicts in the Middle East, have led to increased costs and could negatively impact demand for Ryanair's services[140] Environmental Regulations and Costs - The EU Emissions Trading System (ETS) compliance costs are significant, with allowances being phased out from 2024 to 2026, potentially increasing operational costs[135] - The proposed "Fit for 55" legislation includes a jet fuel tax on intra-EU flights, which could adversely affect Ryanair's financial results[133] - The introduction of Sustainable Aviation Fuel (SAF) blending mandates could impact costs, with targets set at 2% by 2025 and 6% by 2030 in the EU[136] Competitive Landscape - The European Commission has authorized approximately €40 billion in state aid to around 20 airlines as of March 31, 2025, which could negatively impact Ryanair's business due to competitive pricing pressures[162] - Ryanair's competitors may leverage state aid to offer below-cost prices, potentially harming the company's market position[162] Shareholder Dynamics and Financial Performance - Ryanair's ADS program currently accounts for over 40% of the company's issued share capital, the largest among EU airlines, impacting share ownership dynamics[171] - The Company has historically declared special dividends but future declarations are uncertain and contingent on financial performance[175] - The trading price of Ryanair Holdings' shares may experience wide fluctuations in response to quarterly operating results and broader market conditions[174] Safety and Public Perception - Safety-related incidents involving other low-fare airlines could adversely impact public perception and demand for Ryanair's services[151] - The company has faced regulatory scrutiny regarding safety modifications for its Boeing 737 aircraft, which could impact operational costs and schedules[159]