
PART I—FINANCIAL INFORMATION Item 1. Condensed Consolidated Financial Statements (Unaudited) This section presents the unaudited condensed consolidated financial statements of Twin Vee PowerCats Co. and its subsidiaries, including balance sheets, statements of operations, stockholders' equity, and cash flows, along with detailed notes explaining the company's organization, accounting policies, and specific financial line items for the periods ended June 30, 2025, and December 31, 2024 Condensed Consolidated Balance Sheets The balance sheets show a decrease in total assets and cash, but an increase in current assets primarily due to assets held for sale. Total liabilities decreased significantly, while stockholders' equity experienced a slight reduction | Metric | June 30, 2025 (Unaudited) | December 31, 2024 | | :-------------------------- | :------------------------ | :------------------ | | Total Assets | $22,357,946 | $25,887,905 | | Cash and cash equivalents | $5,961,668 | $7,491,123 | | Assets held for sale, net | $4,334,523 | — | | Total Liabilities | $3,734,710 | $6,671,055 | | Total Stockholders' Equity | $18,623,236 | $19,216,850 | Condensed Consolidated Statements of Operations The statements of operations indicate a significant improvement in net loss for both the three and six months ended June 30, 2025, compared to the prior year, driven by enhanced gross profit margins and reduced operating expenses, particularly from the cessation of electric boat development and lower impairment charges Three Months Ended June 30 | Metric | 2025 | 2024 | Change ($) | Change (%) | | :----------------------------------- | :----------- | :----------- | :----------- | :--------- | | Net sales | $4,755,618 | $4,326,821 | $428,797 | 10% | | Gross profit | $654,053 | $202,340 | $451,713 | 223% | | Net loss | $(1,654,071) | $(4,519,196) | $2,865,125 | (63%) | | Basic and dilutive loss per share | $(0.87) | $(3.09) | $2.22 | (72%) | Six Months Ended June 30 | Metric | 2025 | 2024 | Change ($) | Change (%) | | :----------------------------------- | :----------- | :----------- | :----------- | :--------- | | Net sales | $8,367,909 | $9,603,164 | $(1,235,255) | (13%) | | Gross profit | $1,191,167 | $479,653 | $711,514 | 148% | | Net loss | $(3,264,311) | $(6,854,390) | $3,590,079 | (52%) | | Basic and dilutive loss per share | $(1.93) | $(4.87) | $2.94 | (60%) | Condensed Consolidated Statements of Stockholders' Equity The statements reflect a slight decrease in total stockholders' equity from January 1, 2025, to June 30, 2025, primarily due to net losses, partially offset by the issuance of common stock and stock-based compensation | Metric | January 1, 2025 | June 30, 2025 | | :-------------------------- | :-------------- | :------------ | | Total Stockholders' Equity | $19,216,850 | $18,623,235 | | Common Stock Shares | 1,487,445 | 2,237,299 | | Issuance of common stock | — | $2,555,101 | | Net loss (Q2 2025) | — | $(1,654,071) | Condensed Consolidated Statements of Cash Flows For the six months ended June 30, 2025, cash used in operating and investing activities increased, but this was largely mitigated by a significant inflow of cash from financing activities, primarily driven by the issuance of common stock | Cash Flow Activity (Six Months Ended June 30) | 2025 | 2024 | Change ($) | Change (%) | | :-------------------------------------------- | :----------- | :----------- | :----------- | :--------- | | Net cash used in operating activities | $(2,481,889) | $(2,232,013) | $(249,876) | (11%) | | Net cash used in investing activities | $(1,497,435) | $(247,855) | $(1,249,580) | (504%) | | Net cash provided by (used in) financing activities | $2,449,992 | $(137,029) | $2,587,021 | 1,888% | | Net change in cash, cash equivalents and restricted cash | $(1,529,332) | $(2,616,897) | $1,087,565 | 41.5% | | Cash, cash equivalents and restricted cash at end of period | $6,176,785 | $14,138,336 | $(7,961,551) | (56.3%) | Notes to the Condensed Consolidated Financial Statements (Unaudited) These notes provide detailed explanations of the company's accounting policies, significant transactions, and financial statement line items, including corporate structure changes, revenue recognition, inventory valuation, lease accounting, and equity-related activities Note 1. Organization and Summary of Significant Accounting Policies This note outlines the company's corporate history, including the formation and merger of subsidiaries (Fix My Boat, AquaSport Co., Forza X1, Inc.), the recent acquisition of Bahama Boat Brand assets, and the establishment of WIZZ BANGER, INC. It also details critical accounting policies such as the going concern assumption, principles of consolidation, basis of presentation, revenue recognition, and the impact of a 1-for-10 reverse stock split - Fix My Boat, Inc. and AquaSport Co. merged into Twin Vee PowerCats Co. in July 2024. Forza X1, Inc. merged into Twin Vee as a wholly-owned subsidiary in November 2024252627 - Acquired tangible and intangible assets related to the Bahama boat brand on June 5, 2025, for a $100,000 upfront payment and contingent consideration up to $2,900,000 based on future sales2930 - Formed WIZZ BANGER, INC. on March 26, 2025, to develop an enhanced used boat marketplace28 - The company has incurred significant losses, raising substantial doubt about its ability to continue as a going concern for one year after the financial statements are issued31 - A 1-for-10 reverse stock split was effective April 7, 2025, to regain Nasdaq compliance35 Note 2. Inventories Inventories are valued at the lower of cost and net realizable value using the average cost method. The company's net inventory increased, and the reserve for excess and obsolete inventories also grew from December 31, 2024, to June 30, 2025 | Inventory Component | June 30, 2025 | December 31, 2024 | | :------------------ | :------------ | :---------------- | | Raw Materials | $2,500,293 | $2,573,553 | | Work in Process | $192,154 | — | | Finished Product | $151,282 | $77,239 | | Total Inventory | $2,843,729 | $2,650,792 | | Reserve for Excess and Obsolete | $(162,729) | $(134,032) | | Net inventory | $2,681,000 | $2,516,760 | Note 3. Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation. The total net value decreased significantly due to the reclassification of assets held for sale and the disposition of assets related to the AquaSport lease termination | Property and Equipment (Net) | June 30, 2025 | December 31, 2024 | | :--------------------------- | :------------ | :---------------- | | Total Property and Equipment, net | $8,743,265 | $15,037,798 | | Assets held for sale | $4,334,523 | — | | Net book value of disposed property & equipment (AquaSport) | — | $2,541,421 | - On May 28, 2025, the company recorded a loss on disposition of $54,425 due to the elimination of ROU financial asset and lease liabilities from its balance sheet related to the AquaSport lease termination67 Note 4. Leases The company recognizes operating lease ROU assets and lease liabilities based on the present value of lease payments. The primary operating lease is for its Fort Pierce facilities, owned by the CEO's LLC. Both ROU assets and liabilities decreased significantly, reflecting the remaining lease term | Operating Lease Metric | June 30, 2025 | December 31, 2024 | | :--------------------- | :------------ | :---------------- | | Operating lease ROU asset | $195,540 | $390,686 | | Operating lease liabilities (Current) | $218,560 | $436,730 | | Operating lease cost (Six Months Ended June 30) | $195,146 | $239,175 | - The company leases its office and warehouse facilities from Visconti Holdings, LLC, an entity whose sole member is the company's CEO, Joseph C. Visconti70 Note 5. Finance Leases The company holds various finance leases for vehicles and equipment. The AquaSport lease was terminated in May 2025, resulting in the elimination of associated assets and liabilities and a recorded loss on termination | Finance Lease Liabilities | June 30, 2025 | December 31, 2024 | | :------------------------ | :------------ | :---------------- | | Current portion | $21,038 | $221,929 | | Non-current portion | $30,952 | $2,423,165 | | Total | $51,990 | $2,645,094 | - On May 28, 2025, the AquaSport lease was terminated, removing all obligations and returning assets to the lessor, resulting in a loss on termination of $53,42576 Note 6. Accrued Liabilities Accrued liabilities increased from December 31, 2024, to June 30, 2025, primarily driven by higher accrued wages and benefits and accrued interest, partially offset by a decrease in accrued operating expenses | Accrued Liabilities | June 30, 2025 | December 31, 2024 | | :------------------ | :------------ | :---------------- | | Accrued wages and benefits | $361,157 | $206,041 | | Accrued interest | $182,391 | $96,793 | | Accrued operating expense | $166,583 | $277,873 | | Warranty Reserve | $216,474 | $213,546 | | Total | $926,605 | $794,253 | Note 7. Short-term Debt The company maintains lines of credit with Wells Fargo and Yamaha Motor Finance. The outstanding balance with Wells Fargo decreased, while the balance with Yamaha Motor Finance increased, with both lines carrying interest rates above 11% | Line of Credit | June 30, 2025 Outstanding Balance | December 31, 2024 Outstanding Balance | June 30, 2025 Interest Rate | | :--------------- | :-------------------------------- | :------------------------------------ | :---------------------------- | | Wells Fargo | $123,909 | $130,690 | ~11.31% | | Yamaha Motor Finance | $314,497 | $255,649 | 11.50% | Note 8. Notes Payable – SBA EIDL Loan The company has an SBA Economic Injury Disaster Loan (EIDL) of $499,900, obtained in response to the COVID-19 pandemic. This 30-year loan carries a 3.75% interest rate and is secured by substantially all of the company's tangible and intangible personal property - SBA Economic Injury Disaster Loan (EIDL) amount: $499,90084 - Interest rate: 3.75% over a 30-year term, with interest-only payments beginning October 22, 202284 - The loan is secured by substantially all tangible and intangible personal property of the company85 Note 9. Related Party Transactions The company leases its Fort Pierce, Florida facilities from an LLC owned by its CEO. Management fees previously received from Forza X1, Inc. ceased following its merger into Twin Vee in November 2024 - Leases Fort Pierce, Florida facilities from Visconti Holdings, LLC, an entity owned by the company's CEO, Joseph C. Visconti8870 - Management services fees from Forza X1, Inc. (averaging $46,670 monthly in H1 2024) were eliminated in consolidation and ceased after the merger on November 26, 202489 Note 10. Commitments and Contingencies The company has repurchase obligations for repossessed dealer inventory, which increased significantly. It is also involved in various civil litigations, including a class action suit related to the Forza merger, though none are currently deemed material in the ordinary course of business | Repurchase Obligation | June 30, 2025 | December 31, 2024 | | :-------------------- | :------------ | :---------------- | | Maximum obligation | $13,860,388 (77 units) | $10,265,229 (60 units) | - In Q2 2025, the company negotiated a $460,220 obligation for repossessed boats from a former dealer, selling 5 of 6 boats for a net loss of approximately $14,875, with one boat remaining at a $58,984 obligation91 - A class action suit was commenced on March 10, 2025, against the company and its directors/officers related to the Forza merger, alleging breach of fiduciary duty; the company denies the allegations and intends to vigorously defend92188 Note 11. Stockholders' Equity This note details the company's common stock warrants, equity compensation plans, and stock-based compensation expenses. It highlights the outstanding warrants, available shares for grant, and the significant decrease in stock-based compensation expense. Additionally, WIZZ BANGER, INC. granted stock options to its executive team - As of June 30, 2025, the company had outstanding warrants to purchase an aggregate of 56,237 shares of common stock, with exercise prices ranging from $30.70 to $102.20 and expiry dates up to August 11, 202794100 - 156,592 shares remained available for grant under the equity compensation plan as of June 30, 202596 | Stock-Based Compensation Expense | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :------------------------------- | :------ | :------ | :------ | :------ | | Total Expense | $59,628 | $317,744 | $115,596 | $744,027 | - WIZZ BANGER, INC. granted 2,800,000 stock options to its executive team on June 12, 2025, with a 12-month cliff vesting period and an exercise price of $0.12 per share. The total grant-date fair value was estimated at $188,761105107 Note 12. Customer Concentration The company exhibits significant customer concentration, with a small number of dealers accounting for a substantial portion of its total sales - During the three months ended June 30, 2025, three individual dealers each represented over 10% of the company's total sales, collectively accounting for 70% of total sales108 - During the three months ended June 30, 2024, three individual dealers represented over 10% of total sales, combining for 49% of total sales108 Note 13. Segment The company operates in two segments: Twin Vee PowerCats (recreational and commercial powerboats) and Wizz Banger, Inc. (a development-stage online marketplace). Wizz Banger currently does not meet the quantitative thresholds for separate disclosure and its financial results are aggregated within Twin Vee PowerCats - The company operates in two reportable segments: Twin Vee PowerCats (designs, manufactures, and sells recreational and commercial powerboats) and Wizz Banger, Inc. (a development-stage subsidiary for an AI-leveraged online marine marketplace)110 - Wizz Banger, Inc. does not currently meet the quantitative thresholds for separate disclosure, generating no revenue for the six months ended June 30, 2025, and representing less than 10% of consolidated assets, revenues, and net loss111 Note 14. Subsequent Events On July 28, 2025, Twin Vee and its subsidiary Wizz Banger, Inc. amended a license and conditional sale agreement with Revver Digital, LLC, clarifying rights, assigning the agreement to Wizz Banger, and providing a guaranty by Twin Vee for Wizz Banger's obligations - On July 28, 2025, Twin Vee and Wizz Banger, Inc. entered into a First Amendment to the license and conditional sale agreement with Revver Digital, LLC, assigning the agreement to Wizz Banger and clarifying rights, with Twin Vee guaranteeing Wizz Banger's obligations113123124 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations This section provides management's perspective on the company's financial performance and condition, highlighting operational overview, recent strategic developments, detailed analysis of financial results for the three and six months ended June 30, 2025, liquidity and capital resources, and critical accounting estimates OVERVIEW Twin Vee PowerCats Co. designs, manufactures, and markets recreational and commercial powerboats under the Twin Vee (catamarans) and Bahama Boats (V-hull) brands. The company operates from a 100,000 sq ft facility in Fort Pierce, Florida, and sells through a network of 22 independent dealers. The electric boat subsidiary, Forza X1, ceased production and merged into Twin Vee in late 2024 - Twin Vee PowerCats Co. is a designer, manufacturer, and marketer of recreational and commercial powerboats, specializing in twin-hull catamarans (Twin Vee) and V-hull boats (Bahama Boats)118119 - The company operates from a 7.5-acre facility in Fort Pierce, Florida, with approximately 100,000 square feet of buildings, including a recently completed 30,000 square foot expansion118 - Products are primarily sold through a network of 22 independent boat dealers across North America, the Caribbean, and Central America119 - Forza X1, Inc., the electric boat subsidiary, ceased production of electric boats and merged into Twin Vee as a wholly-owned subsidiary on November 26, 2024119 Recent Developments Recent developments include the amendment of a license agreement for Wizz Banger, the acquisition of Bahama Boat Works assets, a public offering of common stock, a repurchase request for repossessed dealer inventory, and regaining Nasdaq compliance after a reverse stock split - Effective July 14, 2025, Twin Vee and Wizz Banger, Inc. amended a license and conditional sale agreement with Revver Digital, LLC, assigning the agreement to Wizz Banger and clarifying rights, with Twin Vee guaranteeing Wizz Banger's obligations123124 - On June 5, 2025, the company acquired tangible and intangible assets related to the Bahama boat brand from Bahama Boat Works, LLC, for a $100,000 upfront payment and contingent consideration up to $2,900,000 based on future sales125 - A firm commitment underwritten public offering closed on May 12, 2025, selling 750,000 shares of common stock at $4.00 per share, generating net proceeds of $2,555,100127 - On April 21, 2025, the company was requested to repurchase repossessed inventory from a former dealer, selling five of six boats for a net loss of approximately $14,000, with a remaining repurchase obligation of $58,984128 - The company regained compliance with the Nasdaq Minimum Bid Price Requirement on April 28, 2025, following a 1-for-10 reverse stock split effective April 7, 2025130131 Results of Operations The company experienced improved gross profit margins and reduced operating losses for both the three and six months ended June 30, 2025, compared to the prior year. This improvement was primarily due to effective cost management, increased factory efficiency, and the cessation of electric boat development, despite a decrease in net sales for the six-month period Comparison of the Three Months Ended June 30, 2025 and 2024 | Metric | June 30, 2025 | June 30, 2024 | $ Change | % Change | | :----------------------------------- | :------------ | :------------ | :------- | :------- | | Net sales | $4,755,618 | $4,326,821 | $428,797 | 10% | | Gross profit | $654,053 | $202,340 | $451,713 | 223% | | Operating expenses | $2,329,859 | $4,861,416 | $(2,531,557) | (52%) | | Net loss | $(1,654,071) | $(4,519,196) | $2,865,125 | (63%) | | Basic and dilutive loss per share | $(0.87) | $(3.09) | $2.22 | (72%) | Comparison of the Six Months Ended June 30, 2025 and 2024 | Metric | June 30, 2025 | June 30, 2024 | $ Change | % Change | | :----------------------------------- | :------------ | :------------ | :------- | :------- | | Net sales | $8,367,909 | $9,603,164 | $(1,235,255) | (13%) | | Gross profit | $1,191,167 | $479,653 | $711,514 | 148% | | Operating expenses | $4,546,067 | $7,681,934 | $(3,135,867) | (41%) | | Net loss | $(3,264,311) | $(6,854,390) | $3,590,079 | (52%) | | Basic and dilutive loss per share | $(1.93) | $(4.87) | $2.94 | (60%) | - Gross profit as a percentage of sales improved to 13.8% for Q2 2025 (from 4.7% in Q2 2024) and to 14.2% for H1 2025 (from 5.0% in H1 2024), reflecting cost structure reductions and better ERP system utilization135146 - Operating expenses decreased significantly due to a $1,674,000 impairment charge in Q2 2024 not recurring, the wind-down of electric boat development, and reductions in marketing, advertising, and professional fees136137139150151 Liquidity and Capital Resources The company faces substantial doubt about its ability to continue as a going concern due to significant accumulated losses. However, it maintains a cash balance exceeding $6 million, has a building held for sale expected to generate over $4 million, and is actively implementing cost controls and revenue initiatives. The May 2025 public offering significantly boosted working capital - The company incurred a net loss of $3,264,311 for the six months ended June 30, 2025, and had accumulated deficits of $28,657,266, raising substantial doubt about its ability to continue as a going concern157 - Mitigation efforts include a cash, cash equivalents, and restricted cash balance exceeding $6 million, a building and land held for sale ($4,334,523) expected to generate over $4 million, and ongoing cost controls and revenue initiatives155160 | Metric | June 30, 2025 | December 31, 2024 | Change ($) | % Change | | :--------------- | :------------ | :---------------- | :--------- | :------- | | Cash and cash equivalents | $5,961,668 | $7,491,123 | $(1,529,455) | (20.4%) | | Current assets | $13,392,948 | $10,419,141 | $2,973,807 | 28.5% | | Current liabilities | $3,203,858 | $3,747,990 | $(544,132) | (14.5%) | | Working capital | $10,189,090 | $6,671,151 | $3,517,939 | 52.7% | - Working capital increased by $3,517,939, primarily due to the May 2025 Offering of 750,000 shares, which generated net proceeds of approximately $2,555,100163168 Critical Accounting Estimates This section outlines the key accounting policies that require significant management judgment and estimates, including revenue recognition, inventory valuation, impairment of long-lived assets, product warranty costs, leases, and deferred income taxes. These estimates can materially affect the reported financial amounts - Revenue is primarily derived from boat sales to independent dealers, recognized when control transfers, net of estimated dealer incentives171 - Inventories are valued at the lower of cost (average cost method) and net realizable value, with provisions made for excess or obsolete inventories174 - The recoverability of long-lived assets is assessed when impairment indicators are present, comparing undiscounted net cash flows to net carrying amounts175 - Product warranty costs are accrued based on expected material and labor costs, utilizing historical information and experience176 OFF-BALANCE SHEET ARRANGEMENTS The company reported that it did not have any off-balance sheet arrangements during the periods presented - The company did not have any off-balance sheet arrangements during the periods presented179 Item 3. Quantitative and Qualitative Disclosures About Market Risk As a smaller reporting company, Twin Vee PowerCats Co. is exempt from providing detailed quantitative and qualitative disclosures about market risk - The company is a smaller reporting company and is not required to provide quantitative and qualitative disclosures about market risk180 Item 4. Controls and Procedures Management concluded that the company's disclosure controls and procedures were not effective as of June 30, 2025, due to material weaknesses in internal control over financial reporting, specifically inadequate staffing and experience in GAAP presentation. A remediation plan is underway, including hiring staff and using outside advisors, but full effectiveness is still being tested - Disclosure controls and procedures were not effective as of June 30, 2025, due to material weaknesses in internal control over financial reporting181 - Material weaknesses are related to not having retained sufficient staff or engaged sufficient outside consultants with appropriate experience in GAAP presentation, especially for complex instruments181 - A remediation plan is being executed, including retaining a full-time financial analyst and a controller, implementing a robust operating system, and utilizing outside advisors182 - As of June 30, 2025, controls and procedures have been implemented, but testing of their effectiveness is ongoing, and additional time is required to demonstrate full remediation183 PART II—OTHER INFORMATION Item 1. Legal Proceedings The company is involved in various civil litigations in the normal course of business, none of which are considered material. However, a putative class action lawsuit was filed on March 10, 2025, against the company and its directors/officers related to the Forza merger, alleging breach of fiduciary duty. The company denies the allegations and intends to vigorously defend, but the ultimate outcome is currently inestimable - A putative class action complaint was filed on March 10, 2025, against the company and its directors/officers by former Forza X1, Inc. shareholders, alleging breach of fiduciary duty related to the Forza merger188 - The lawsuit seeks an unspecified award of damages, plus interest, costs, and attorneys' fees. The company denies the allegations and intends to vigorously defend against the claims188 - At this early stage, the company is unable to estimate or project the ultimate outcome of this matter188 Item 1A. Risk Factors This section updates previously disclosed risk factors, emphasizing substantial doubt about the company's ability to continue as a going concern due to significant losses, dependence on independent dealers, reliance on third-party suppliers, and identified weaknesses in internal controls. It also highlights the risk of delisting from Nasdaq despite recent compliance and potential liabilities from repurchase obligations - There is substantial doubt about the company's ability to continue as a going concern due to significant losses from operations ($3,354,900 for H1 2025) and accumulated deficits ($28,657,266 as of June 30, 2025)197 - The company faces risks related to maintaining Nasdaq listing compliance, despite having regained compliance after a 1-for-10 reverse stock split. Future non-compliance could lead to delisting190191196 - The company is highly dependent on its network of independent dealers, with three individual dealers representing 70% of total sales for Q2 2025, posing a material adverse effect risk if a significant dealer is lost199200 - Identified material weaknesses in internal controls over financial reporting due to inadequate staffing and GAAP experience, with ongoing remediation efforts that may not be fully effective204206 - The company has repurchase obligations for repossessed dealer inventory, with a maximum obligation of $13,860,388 (77 units) as of June 30, 2025, which could adversely affect financial condition if a significant number of units are repurchased212 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds The company reported no unregistered sales of equity securities during the six months ended June 30, 2025, other than those previously disclosed in its SEC filings - No unregistered sales of equity securities occurred during the six months ended June 30, 2025, beyond what was previously disclosed214 Item 3. Defaults Upon Senior Securities This item is not applicable to the company for the reporting period - Not Applicable216 Item 4. Mine Safety Disclosures This item is not applicable to the company for the reporting period - Not Applicable217 Item 5. Other Information This section reports no disclosures in lieu of Form 8-K, no changes to procedures for recommending Board nominees, and no Rule 10b5-1 trading arrangement adoptions or terminations by directors or officers during the reporting period - No disclosures in lieu of reporting on a Current Report on Form 8-K219 - No changes to procedures for recommending nominees to the Board of Directors220 - No director or officer adopted or terminated a 'Rule 10b5-1 trading arrangement' or 'non-Rule 10b5-1 trading arrangement' during the three and six months ended June 30, 2025221 Item 6. Exhibits This section lists all exhibits filed as part of the Quarterly Report on Form 10-Q, including various agreements (underwriting, merger, asset purchase), corporate governance documents (certificate of incorporation, bylaws), warrants, and certifications - The exhibit index includes the Underwriting Agreement (May 8, 2025), Agreement and Plan of Merger (August 12, 2024, for Forza X1), Certificate of Amendment to Certificate of Incorporation (April 4, 2025), Asset Purchase Agreement (June 5, 2025, for Bahama Boat Works), and various certifications224 SIGNATURES Signatures The Quarterly Report on Form 10-Q was duly signed on August 7, 2025, by Joseph C. Visconti, Chairman and Chief Executive Officer, and Michael P. Dickerson, Chief Financial Officer, on behalf of Twin Vee PowerCats Co - The report was signed by Joseph C. Visconti, Chairman and Chief Executive Officer, and Michael P. Dickerson, Chief Financial Officer229 - The signing date for the report was August 7, 2025229