Financial Performance - Fourth quarter net sales were $410.2 million, a decrease of 4% compared to the prior year quarter, while full-year net sales increased by 1% to $1,583.2 million[2]. - Fourth quarter operating income was $11.5 million, down 71% year-over-year, and adjusted operating income was $37.7 million, a decrease of 10%[2][8]. - Fourth quarter net earnings were $11.4 million, a decline of 62% from the previous year, with adjusted EBITDA at $57.4 million, down 4%[2][3]. - The gross profit for the fourth quarter was $130.2 million, reflecting a gross margin of 31.7%, slightly down from 31.8% in the prior year[6]. - Net sales for the quarter ended September 27, 2025, were $410,243,000, a decrease of 3.6% compared to $426,756,000 for the same quarter in 2024[25]. - Gross profit for the fiscal year ended September 27, 2025, was $469,882,000, down from $486,125,000 in 2024, reflecting a decline of 3.3%[25]. - Operating income for the quarter was $11,467,000, significantly lower than $39,842,000 in the prior year, representing a decrease of 71.2%[25]. - Net earnings for the fiscal year ended September 27, 2025, were $65,595,000, down 24.2% from $86,551,000 in 2024[25]. - Earnings per diluted share for the quarter were $0.58, compared to $1.52 in the same quarter last year, a decline of 61.8%[25]. - The company reported a total operating income of $84,326,000 for the fiscal year 2025, down from $117,545,000 in 2024, a decrease of 28.3%[25]. - For the quarter ended September 27, 2025, net earnings were $11,381 thousand, a decrease from $29,641 thousand in the same quarter of the previous year, representing a decline of approximately 61.6%[34]. - Adjusted EBITDA for the fiscal year ended September 27, 2025, was $180,857 thousand, down from $200,085 thousand in the previous fiscal year, reflecting a decrease of about 9.6%[34]. - Adjusted operating income for the quarter ended September 27, 2025, was $37,740 thousand, compared to $42,010 thousand in the same quarter of the previous year, indicating a decline of approximately 10.8%[35]. - Earnings per diluted share for the quarter ended September 27, 2025, were $0.58, down from $1.52 in the same quarter of the previous year, a decrease of about 61.8%[36]. - Adjusted earnings per diluted share for the fiscal year ended September 27, 2025, were $4.27, compared to $4.93 in the previous fiscal year, reflecting a decline of approximately 13.4%[37]. Operational Highlights - The company initiated a comprehensive business transformation program expected to generate at least $20 million in annualized operating income once fully implemented[4]. - Frozen Beverage segment sales decreased by 8.3% to $99.6 million, primarily due to lower theater volumes following the success of the Inside Out 2 movie last year[15]. - Retail Supermarket segment sales decreased by 8.1% to $51.4 million, while pretzel sales increased by 3.6% driven by growth in Bavarian varieties[15]. - New product sales and added placements with new customers contributed approximately $7.6 million in the quarter, driven by frozen novelties and churro-related products[15]. - The company incurred plant closure expenses of $24,073,000 during the fiscal year, impacting overall profitability[25]. - Strategic business transformation costs were recorded as $4,848 thousand for the fiscal year ended September 27, 2024, indicating ongoing investment in operational improvements[35]. - Integration costs for the fiscal year ended September 27, 2025, amounted to $427 thousand, reflecting the company's efforts in mergers and acquisitions[35]. Financial Position - The company reported $106 million in cash and no debt, positioning it well for sustainable growth and shareholder value creation[4]. - Total current assets increased to $478,332,000 as of September 27, 2025, from $450,414,000 a year earlier, marking a growth of 6.2%[27]. - Cash and cash equivalents at the end of the period rose to $105,893,000, up from $73,394,000, an increase of 44.4%[29]. - Total liabilities increased to $414,806,000 as of September 27, 2025, compared to $414,073,000 in the previous year, reflecting a slight increase of 0.2%[27]. - Depreciation and amortization expenses for the quarter ended September 27, 2025, were $19,165 thousand, an increase from $18,216 thousand in the same quarter of the previous year, representing a rise of about 5.2%[34]. - The company reported a net gain on the sale or disposal of assets of $171 thousand for the quarter ended September 27, 2025, compared to a gain of $34 thousand in the same quarter of the previous year[34].

Financial Results Announcement - NextNRG, Inc. announced its financial results for Q3 2025, ending September 30, 2025[4] - A press release detailing the financial results was issued on November 17, 2025[4] - The financial results include key metrics that will be detailed in Exhibit 99.1[4] Company Classification and Compliance - The company is classified as an emerging growth company under the Securities Act[3] - The filing is intended to comply with the requirements of the Securities Exchange Act of 1934[8] Company Information - The company is headquartered in Miami, Florida, with a principal executive office address at 67 NW 183rd Street[1] - The common stock of NextNRG, Inc. is traded on the Nasdaq Capital Market under the symbol NXXT[2] - The CEO of NextNRG, Inc. is Michael Farkas, who signed the report[10] Financial Details - The report does not include specific financial figures or performance metrics in the provided content[5] - The report does not provide any information on new products, technologies, or market strategies[5]

Financial Results - Aptera Motors Corp. reported financial results for the fiscal quarter ended September 30, 2025, with a focus on operational metrics and business outlook[7]. - A press release detailing the financial information was issued on November 17, 2025, and is attached as Exhibit 99.1[10]. Company Classification - The company is classified as an emerging growth company under the Securities Act of 1933[6].

Revenue Performance - Revenue for Q3 2025 was $5.0 million, a decrease of 7.4% from $5.4 million in Q3 2024, primarily due to a $0.8 million decrease from discontinued services[6][8] - Net revenue for the three months ended September 30, 2025, was $5,033 thousand, a decrease of 7.4% compared to $5,435 thousand for the same period in 2024[30] Profitability - Gross profit increased to $2.1 million in Q3 2025, resulting in a gross margin of 41%, up from 35% in Q3 2024[9][13] - Gross profit for the three months ended September 30, 2025, was $2,073 thousand, representing a 9.4% increase from $1,895 thousand in the prior year[30] - Adjusted EBITDA improved to $0.8 million in Q3 2025, compared to $0.2 million in Q3 2024, indicating positive operational performance[11][13] - Adjusted EBITDA for the three months ended September 30, 2025, was $832 thousand, significantly higher than $174 thousand in the same period of 2024[33] Net Loss - Net loss for Q3 2025 was ($3.4) million, compared to a net loss of ($2.4) million in Q3 2024, with loss per share of ($0.26) versus ($0.23) in the prior year[10][13] - The net loss for the three months ended September 30, 2025, was $3,356 thousand, compared to a net loss of $2,424 thousand for the same period in 2024, reflecting a 38.5% increase in losses[30] Expenses - Total operating expenses increased to $5,505 thousand for the three months ended September 30, 2025, up from $4,765 thousand in the same period of 2024, marking a 15.5% rise[30] Cash and Liquidity - Cash balance as of September 30, 2025, was $4.0 million, with cash provided by operations of $0.2 million in Q3 2025, compared to $0.0 million in Q3 2024[12][13] - Working capital as of September 30, 2025, was $5.7 million, reflecting the company's liquidity position[12] Strategic Initiatives - The company is pursuing strategic acquisitions to enhance its service offerings and is preparing for organic revenue growth in 2026[4] - The company has established a new partnership with a major parcel carrier in the US, which is expected to support future growth[4] Segment Performance - The Precision Logistics segment accounted for 99% of total revenues in Q3 2025, highlighting its significance to the company's operations[8] - Goodwill and intangible asset impairments in the Precision Logistics segment amounted to $3.9 million in Q3 2025, contributing to the increased net loss[10] Shareholder Information - The company had 12,734,425 shares issued and 12,252,977 shares outstanding as of September 30, 2025, compared to 10,829,908 shares issued and 10,539,441 shares outstanding as of December 31, 2024[27] Accumulated Deficit and Liabilities - The accumulated deficit as of September 30, 2025, was $(89,891) thousand, an increase from $(85,673) thousand as of December 31, 2024[28] - Total liabilities and stockholders' equity as of September 30, 2025, was $13,263 thousand, down from $16,067 thousand as of December 31, 2024[28] Impairments - Goodwill and intangible asset impairment for the three months ended September 30, 2025, was $3,850 thousand, compared to $2,252 thousand in the same period of 2024[30]

Financial Performance - The company incurred net losses of $204.6 million, $208.7 million, and $77.7 million for the years ended September 30, 2023, 2024, and 2025, respectively, with an accumulated deficit of $1,319.6 million as of September 30, 2025[117]. - The company has incurred limited revenue from product sales to date and expects increasing costs as it grows, which may hinder its ability to achieve profitability[117]. - The company anticipates net losses and negative operating cash flows for the near future, indicating a potential need for additional financing[186]. - Future capital requirements will depend on the development of new products and manufacturing processes, as well as the costs associated with these initiatives[187]. - Increased operating costs have been experienced, attributed to inflation, but the company does not believe inflation has materially affected its financial condition[160]. Revenue Generation - The company relies heavily on its synthetic DNA products, which have generated substantially all of its revenue to date, and aims to strengthen its synthetic biology and NGS product groups while diversifying into other sectors[126]. - The company must attract new customers and retain existing ones to grow its business, particularly in the synthetic DNA and NGS tool markets, where it currently generates significant revenue from liquid biopsy applications[131]. - 42% of the company's revenue for the fiscal year ended September 30, 2025, was generated from international customers, up from 40% in both 2024 and 2023[195]. - Customer spending on research and development is subject to significant variation, impacting demand for the company's products[144]. - The company does not have long-term contracts with customers, making revenue predictions challenging and exposing it to potential order reductions[147]. Competition and Market Risks - The company faces significant competition from established players in the synthetic biology and life sciences tools industries, which may lead to pricing pressures and impact its market share[130]. - Pricing pressures may arise, and if the company cannot pass on cost increases to customers, it could adversely affect its financial position and results[169]. - The company faces significant risks from geopolitical tensions, including new U.S. tariffs that could increase production costs and disrupt supply chains[143]. - Changes in currency exchange rates may negatively impact revenue from international customers, making products more expensive and affecting competitiveness[196]. - The company faces operational and financial risks when expanding into international markets, including longer payment cycles and difficulties in collecting accounts receivable[195]. Supply Chain and Operational Risks - The company is dependent on a single-source supplier for a critical component in its DNA synthesis process, and any disruption could adversely affect its operations[113]. - The company relies on a single-source supplier for a critical component in its DNA synthesis process, which could lead to operational delays if supply is interrupted[148]. - There is a need for the single-source supplier to increase manufacturing capacity to meet anticipated market demand, which may require significant investment and could face challenges[153]. - Existing suppliers may not meet increasing demand as the company grows, necessitating the search for additional suppliers, which could lead to delays and added costs[155]. - The company has stable relationships with suppliers, but any deterioration could lead to production capacity shortages and inability to fulfill customer demand[157]. Intellectual Property and Compliance - The company’s ability to protect its intellectual property is uncertain, and failure to do so could allow competitors to replicate its products[113]. - The company may not be able to protect its intellectual property rights effectively in all jurisdictions, which could adversely affect its competitive position[216]. - The company faces challenges in enforcing its patents and intellectual property rights in countries like China and India, which may lead to significant costs and risks of invalidation[217]. - The company may incur substantial costs and management distraction from litigation related to patent enforcement and intellectual property rights[222]. - The company is subject to data privacy and protection laws, which could lead to significant consequences such as business interruption and regulatory fines if noncompliance occurs[175]. Management and Governance - The company is highly dependent on its senior management and key personnel, with potential risks associated with losing these individuals[161]. - Strategic transactions, including acquisitions, may disrupt the business and could lead to dilution of stockholder value[165]. - The company has experienced at least one ownership change in the past, which may limit the use of net operating loss carryforwards to offset future taxable income[197]. - Compliance with public company regulations has increased legal and financial costs, requiring significant management attention[205]. - The company is required to advance expenses to directors and officers in connection with defending proceedings, with certain limitations on indemnification[267]. Technology and Innovation - The integration of AI and machine learning into operations presents both opportunities and risks, including compliance and reputational challenges[142]. - The company must continually innovate to remain competitive in the rapidly changing synthetic biology industry[139]. - The company introduced IVDR-compliant Precision Dx products for whole exome sequencing in February 2024 to meet EU regulatory requirements[179]. - The company may need to obtain CLIA certification in the future, which could divert management's attention and disrupt core operations[180]. - The complexity of licensing agreements may lead to disputes over royalty obligations, which could impact the company's ability to market its products[239]. Financial Position and Stock Market - The company has never declared or paid dividends on its common stock and does not intend to do so in the foreseeable future, relying on stock price appreciation for investor gains[241]. - The market price of the company's common stock is likely to be volatile, influenced by various factors including economic conditions and competition[250]. - The company has experienced fluctuations in its quarterly and annual operating results, which may continue to affect stock value[254]. - Future sales and issuances of common stock could result in dilution of existing stockholders' ownership and potentially lower stock prices[265]. - The company’s operating results may differ significantly from its guidance, which is based on management's estimates and assumptions[259]. ESG and Regulatory Compliance - Increasing scrutiny around ESG practices may impose additional costs and expose the company to reputational risks, affecting investment strategies[268]. - Regulatory authorities are imposing mandatory disclosure requirements related to ESG matters, which could adversely impact the company's business if not adequately addressed[269]. - Enhancements to processes and controls for evolving ESG reporting standards may incur significant costs and require additional resources[269]. - Companies perceived as not responding appropriately to evolving ESG expectations may suffer reputational damage, impacting financial condition and stock price[268].

Revenue Performance - Revenue for Q3 2025 increased by 37% or $2.3 million from Q2 2025, driven by new customers at Dorothy [8] - Total revenue for the three months ended September 30, 2025, was $8,415,000, a 11.8% increase from $7,525,000 in the same period of 2024 [30] - For the three months ended September 30, 2025, total consolidated revenue was $8,415 million, a decrease from $8,415 million in the same period of 2024 [34] - For the nine months ended September 30, 2025, total revenue reached $20,510, with cryptocurrency mining revenue at $8,630 and data hosting revenue at $10,795 [40] Profitability and Loss - Gross profit for Q3 2025 rose to 28%, compared to 19% in Q2 2025, reflecting strong cost discipline and $400k in one-time electricity credits [9] - Adjusted EBITDA for Q3 2025 improved to a positive $0.1 million, compared to a loss of $1.4 million in Q1 2025 [12] - The net loss for Q3 2025 increased by $17.7 million, primarily due to fair value adjustments related to exercised warrants [12] - Net loss attributable to Soluna Holdings, Inc. for the three months ended September 30, 2025, was $23,956,000, compared to a loss of $7,190,000 in Q3 2024 [30] - For the three months ended September 30, 2025, the net loss was $25,787 thousand, compared to a net loss of $8,093 thousand for the same period in 2024, representing an increase of 218% [41] - The company reported a net loss before taxes of $42,618 million for the nine months ended September 30, 2025, compared to a loss of $21,525 million in 2024 [38] Cash and Liquidity - Cash reserves increased by $45 million to a record $60.5 million, strengthening the balance sheet for future investments [8] - Cash and restricted cash at the end of the period increased to $60,461,000 from $12,207,000 year-over-year, indicating improved liquidity [32] - The company generated net cash provided by financing activities of $71,615,000 for the nine months ended September 30, 2025, compared to $12,943,000 in the same period of 2024, highlighting strong financing activity [32] Capital and Financing - The company secured a $100 million credit facility from Generate Capital, with an initial draw of $12.6 million for refinancing and construction [4] - Capital raised in Q3 2025 totaled over $64 million, supporting growth and operational development [14] - The company reported a significant increase in additional paid-in capital, rising to $381,399,000 from $315,607,000, reflecting successful capital raising efforts [27] Operational Metrics - Soluna surpassed 4 EH/s of hash rate under management, with significant fleet upgrades across all sites [5] - Soluna's renewable-powered computing projects exceeded 1 GW, marking a major step toward a long-term roadmap of 2.8 GW [5] - Cryptocurrency mining revenue decreased to $2,769,000 in Q3 2025 from $2,811,000 in Q3 2024, while data hosting revenue increased to $5,257,000 from $4,271,000 [30] - Data Center Hosting Services revenue was $5,257 million for the three months ended September 30, 2025, compared to $4,271 million in 2024, reflecting an increase of 23.1% [34] Expenses - The company incurred interest expenses of $3,246,000 for the nine months ended September 30, 2025, compared to $1,694,000 for the same period in 2024, indicating higher borrowing costs [30] - The company incurred total general and administrative expenses of $1,669 million for the nine months ended September 30, 2025, compared to $1,669 million in 2024 [38] - Interest expense for the three months ended September 30, 2025, was $1,212 thousand, up from $821 thousand in the same period of 2024, indicating a 47.7% increase [41] - Depreciation and amortization expenses for the three months ended September 30, 2025, were $4,119 thousand, compared to $3,916 thousand for the same period in 2024, reflecting a 5.2% increase [41] Asset and Liability Management - Total assets as of September 30, 2025, were $152,035,000, up from $88,040,000 as of December 31, 2024, showing substantial growth in the asset base [27] - Total current liabilities increased to $56,190,000 as of September 30, 2025, compared to $47,873,000 at the end of 2024, indicating rising obligations [27] - The total cost of revenue for the three months ended September 30, 2025, was $6,086, leading to a gross profit margin of approximately 27.6% [39] - The total cost of revenue for the nine months ended September 30, 2025, was $15,818, with a notable increase in operational efficiency reflected in the gross profit [40]

Revenue Performance - Revenue for Q3 2025 increased by 37% or $2.3 million from Q2 2025, driven by new customers at Dorothy [8] - Total revenue for the three months ended September 30, 2025, was $8,415,000, a 11.8% increase from $7,525,000 in the same period of 2024 [30] - Data hosting revenue increased by 23.1% to $5,257,000 in Q3 2025 compared to $4,271,000 in Q3 2024 [30] - For the nine months ended September 30, 2025, total consolidated revenue reached $20,510 million, compared to $19,453 million in 2024, reflecting an increase of approximately 5.4% [38] - Demand response service revenue for the three months ended September 30, 2025, was $389 million, contributing to the total consolidated revenue [34] Profitability and Loss - Gross profit for Q3 2025 rose to 28%, compared to 19% in Q2 2025, reflecting strong cost discipline and $400k in one-time electricity credits [9] - Adjusted EBITDA for Q3 2025 improved to a positive $0.1 million, compared to a loss in Q3 2024 [12] - Operating loss for the nine months ended September 30, 2025, was $21,580,000, compared to a loss of $12,283,000 for the same period in 2024 [30] - Net loss attributable to Soluna Holdings, Inc. for the three months ended September 30, 2025, was $23,956,000, compared to $7,190,000 in 2024 [30] - For the three months ended September 30, 2025, the net loss was $25,787 thousand, compared to a net loss of $8,093 thousand for the same period in 2024, representing an increase of 218% [41] Cash and Assets - Cash reserves increased by $45 million to a record $60.5 million, strengthening the company's balance sheet for future investments [8] - Cash and restricted cash at the end of the period increased to $60,461,000 from $12,207,000 year-over-year [32] - Total assets as of September 30, 2025, were $152,035,000, up from $88,040,000 at the end of 2024 [27] - Total liabilities increased to $78,570,000 as of September 30, 2025, compared to $60,678,000 at the end of 2024 [27] Operational Growth - Soluna surpassed 4 EH/s of hash rate under management, marking significant operational growth [5] - Soluna's renewable-powered computing projects exceeded 1 GW, with ongoing developments in wind and solar energy [5] - Project Kati 1, a wind-powered data center, commenced construction with $20 million secured from Spring Lane Capital [4] Financing and Capital - The company secured a $100 million credit facility from Generate Capital to support its data center projects and expansion plans [4] - The company raised over $64 million in Q3 2025 through a mix of equity and debt sources to fund growth and operations [14] - The company reported a significant increase in additional paid-in capital, rising to $381,399,000 from $315,607,000 [27] Cost Management - The total segment cost of revenue for the three months ended September 30, 2025, was $6,347 million, compared to $9,078 million in 2024, indicating a reduction of approximately 30% [34] - The company reported utility costs of $2,545 million for the three months ended September 30, 2025, down from $2,918 million in 2024, a decrease of approximately 12.8% [34] - General and administrative expenses for the three months ended September 30, 2025, totaled $877 million, compared to $944 million in 2024, showing a reduction of approximately 7.1% [34] Shareholder Information - The weighted average shares outstanding increased to 26,983,023 for the three months ended September 30, 2025, compared to 6,388,335 in 2024 [30]

Financial Performance - Net sales for the three months ended October 31, 2025, increased by 7.5% to $405.3 million compared to $377.1 million in the same period in the prior year, driven by organic sales growth of 2.8% and acquisitions contributing 3.2%[72] - Gross margin increased by 10.1% to $208.8 million, with a gross margin percentage of 51.5% for the three months ended October 31, 2025, compared to 50.3% in the prior year[73] - Operating income rose by 15.4% to $68.0 million, representing 16.8% of net sales for the three months ended October 31, 2025, compared to 15.6% in the same period in 2024[76] - Segment profit increased 9.0% to $59.9 million, with a segment profit margin of 22.3% compared to 22.4% in the prior year[85] Expenses - Research and development (R&D) expenses increased by 23.1% to $23.3 million, accounting for 5.7% of net sales, reflecting investments in microfluidic technologies and engraving systems[74] - Selling, general and administrative (SG&A) expenses increased by 5.1% to $117.6 million, but as a percentage of net sales, SG&A decreased to 29.0% from 29.7% in the prior year[75] Regional Performance - The Americas & Asia segment reported a net sales increase of 9.6% to $268.9 million, with organic sales growth of 4.7% and acquisitions contributing 4.9%[82] - The Europe & Australia segment experienced a total sales growth of 3.6%, with organic sales declining by 0.8%[81] - Europe & Australia net sales increased 3.6% to $136.4 million, with a 4.4% benefit from foreign currency translation[86] - Organic sales in Asia increased approximately 12% in the three months ended October 31, 2025, driven by growth in product identification and safety product lines[84] - Organic sales in Europe declined in the low-single digits, primarily due to decreases in people identification and safety product lines[87] - Organic sales in Australia increased in the low-single digits, driven by growth in the wire identification product line[88] Cash and Liquidity - The company had cash of $182.7 million and total available liquidity of $1,259.7 million as of October 31, 2025, supporting its growth strategy[68] - Cash and cash equivalents were $182.7 million at October 31, 2025, a decrease of $8.3 million from July 31, 2025[91] - Net cash provided by operating activities was $33.4 million, an increase from $23.4 million in the same period of the prior year[91] - Net cash used in investing activities was $28.4 million, reflecting the acquisition of a business for $17.4 million and capital expenditures of $11.0 million[92] - As of October 31, 2025, the outstanding balance on the Company's credit agreement was $115.9 million, with a maximum amount outstanding of $119.6 million during the period[99] Compliance and Strategy - The company plans to continue investing in acquisitions and organic growth opportunities while focusing on sustainable efficiency gains and automation across its operations[68] - The company's income tax rate was 21.2% for the three months ended October 31, 2025, compared to 20.4% in the prior year[79] - The Company was in compliance with financial covenants, with a debt to EBITDA ratio of 0.4 to 1.0 and an interest expense coverage ratio of 70.8 to 1.0[100]

Financial Performance - Sales for the first quarter of fiscal 2026 increased by 7.5% to $405.3 million, compared to $377.1 million in the same quarter last year[4]. - Net income rose to $53.9 million, up from $46.8 million in the same quarter last year, representing a 15.0% increase[6]. - Total net sales for the company reached $405,287,000, reflecting a growth of 7.5% from $377,065,000 in the same period last year[20]. - Adjusted net income for the three months ended October 31, 2025, was $57,988,000, compared to $54,157,000 in 2024, indicating a year-over-year increase of 5.3%[24]. - The company reported a total segment profit of $78,595,000 for the three months ended October 31, 2025, compared to $68,014,000 in 2024, marking a 15.5% increase[20]. Earnings Per Share - Diluted EPS increased by 16.5% to $1.13, while adjusted diluted EPS grew by 8.0% to $1.21 compared to the same quarter last year[7]. - Adjusted diluted EPS for the three months ended October 31, 2025, was $1.21, up from $1.12 in the previous year, representing an increase of 8.0%[25]. - The low end of the Adjusted Diluted EPS guidance for the full year was raised from $4.85 to $4.90 per share[9]. - The company provided fiscal 2026 guidance for adjusted diluted EPS in the range of $4.90 to $5.15, indicating expected growth from the previous fiscal year[26]. Cash Flow and Assets - Cash flow from operating activities surged by 42.5% to $33.4 million, compared to $23.4 million in the same quarter last year[7]. - Cash and cash equivalents at the end of the period were $182,684,000, an increase from $145,661,000 at the end of the same period last year[19]. - Net cash provided by operating activities was $33,356,000, compared to $23,406,000 in the prior year, showing a significant increase of 42.5%[19]. - The company reported a net cash position of $66.8 million as of October 31, 2025, allowing for strategic investments[8]. - Total current assets as of October 31, 2025, were $662.4 million, compared to $621.8 million as of July 31, 2025[18]. - The company experienced a decrease in accounts receivable by $12,875,000, indicating improved cash flow management compared to the previous year[19]. Acquisitions and Investments - The company closed the acquisition of Mecco, enhancing its laser marking system product line[8]. - Research and development expenses increased to $23.3 million, up from $18.9 million in the same quarter last year[17]. Segment Performance - Segment profit for the Americas & Asia was $59,863,000, with a profit margin of 22.3%, while Europe & Australia reported a segment profit of $18,732,000, with a profit margin of 13.7%[20].

Financial Performance - Revenue from collaboration agreements for Q3 2025 was €5,187 thousand, a decrease of 89.7% compared to €50,559 thousand in Q3 2024[6] - Net loss for Q3 2025 was €50,545 thousand, compared to a net loss of €5,305 thousand in Q3 2024, representing an increase of 853.5%[8] - Total comprehensive loss for the nine months ended September 30, 2025, was €169,887 thousand, compared to €26,116 thousand for the same period in 2024, an increase of 550.5%[8] - Operating result for Q3 2025 was a loss of €54,633 thousand, compared to a profit of €514 thousand in Q3 2024[6] - Basic net loss per share for Q3 2025 was €0.42, compared to €0.05 in Q3 2024[6] - As of September 30, 2025, Immatics N.V. reported a net loss of €160.75 million, compared to a net loss of €25.54 million for the same period in 2024[17] - Basic loss per share for the nine months ended September 30, 2025, was €1.32, compared to €0.25 for the same period in 2024, indicating a deterioration in performance[91] Revenue and Collaboration Agreements - Revenue from collaboration agreements for the three months ended September 30, 2025, was €5.19 million, a decrease from €50.56 million in the same period of 2024[34] - Revenue from collaboration agreements for the nine months ended September 30, 2025, totaled €28.51 million, down from €99.58 million in 2024[34] - The collaboration with Genmab was terminated in March 2024, resulting in the recognition of remaining deferred revenue of €14.9 million[36] - Immatics has two active collaboration agreements with Bristol-Myers Squibb and Moderna, both at the pre-clinical stage[32] - The company recognized €4.23 million in revenue from the Moderna collaboration and €0.96 million from BMS during the three months ended September 30, 2025[36] - Revenue from collaboration agreements decreased by €45.4 million from €50.6 million in Q3 2024 to €5.2 million in Q3 2025, primarily due to lower project progress costs[132] - For the nine months ended September 30, 2025, revenue from collaboration agreements decreased by €71.1 million from €99.6 million in 2024 to €28.5 million, with significant declines from both Moderna and BMS collaborations[133] Expenses and Costs - Research and development expenses increased to €47,176 thousand in Q3 2025, up 21.5% from €38,906 thousand in Q3 2024[6] - General and administrative expenses increased from €11.2 million in Q3 2024 to €12.7 million in Q3 2025, attributed to rising operational costs[128] - Personnel-related expenses increased from €13.7 million in Q3 2024 to €16.6 million in Q3 2025 due to headcount growth for research and development activities[141] - Research and development expenses increased from €38.9 million in Q3 2024 to €47.2 million in Q3 2025, driven by higher costs in TCR T-cell therapy and TCR Bispecific programs[135] - Personnel-related expenses increased from €41.2 million for the nine months ended September 30, 2024 to €51.4 million for the nine months ended September 30, 2025, reflecting headcount growth due to increased R&D activities[142] - General and administrative expenses rose from €32.9 million for the nine months ended September 30, 2024 to €37.5 million for the nine months ended September 30, 2025[147] Assets and Liabilities - Total assets decreased to €518,557 thousand as of September 30, 2025, down 25.5% from €696,146 thousand at the end of 2024[11] - Total current liabilities decreased to €62,258 thousand as of September 30, 2025, down from €67,987 thousand at the end of 2024[11] - Total equity as of September 30, 2025, increased to €416.68 million from €379.17 million as of September 30, 2024[17] - The total accumulated deficit as of September 30, 2025, was €750.29 million, an increase from €630.30 million as of September 30, 2024[17] - Accounts payables increased to €22.532 million as of September 30, 2025, from €20.693 million as of December 31, 2024, representing an increase of 8.1%[73] - The Group's accrued liabilities rose to €19.728 million as of September 30, 2025, compared to €10.581 million as of December 31, 2024, indicating an increase of 86.5%[73] Cash Flow and Liquidity - Cash and cash equivalents increased to €334,922 thousand at the end of Q3 2025, up 41.4% from €236,748 thousand at the beginning of the period[14] - The company reported a net cash used in operating activities of €117,961 thousand for the nine months ended September 30, 2025, compared to €99,554 thousand for the same period in 2024[14] - Cash and cash equivalents rose to €334.922 million as of September 30, 2025, compared to €236.748 million as of December 31, 2024, marking an increase of 41.4%[82] - The company plans to utilize existing cash primarily to fund R&D initiatives and continue clinical trials[165] - The net cash provided by investing activities for the nine months ended September 30, 2025 was €233.7 million, primarily from cash received from maturity of short-term deposits[170] Strategic Initiatives and Future Outlook - The ongoing Phase 3 clinical trial SUPRAME for anzu-cel (IMA203) targets approximately 9,000 patients with unresectable or metastatic cutaneous melanoma, with a planned BLA submission in 1H 2027 and launch in 2H 2027[104] - Immatics is exploring strategic collaborations to enhance its PRAME leadership and secure non-dilutive capital through milestone payments and royalties[108] - The company has deprioritized the preclinical development of IMA204 and ACTallo to focus on clinical candidates[114] - Future funding requirements will depend on the progress and costs of clinical trials, regulatory approvals, and commercialization efforts[174] - The company may seek additional capital through public and private equity offerings, debt financings, and collaborations[176] Tax and Regulatory Matters - The Group's German operations were subject to a statutory tax rate of 30.2%, while U.S. operations faced a federal corporate income tax rate of 21% for the periods ended September 30, 2025[49] - Immatics received an income tax refund of €3.9 million during the three months ended September 30, 2025, from prior income tax prepayments[43] Market Risks - The company is exposed to market risk, liquidity risk, interest rate risk, credit risk, and currency risk[194] - Approximately 42% of cash and cash equivalents are denominated in Euros, while 58% are in U.S. Dollars[199]