Pono Capital Two(PTWO) - 2025 Q4 - Annual Results

Financial Performance - Total revenues for Q4 2025 were $40 million, representing an 11% year-over-year decrease[4] - Net income attributable to SBC Medical Group for Q4 2025 was $14 million, a 117% year-over-year increase[4] - Earnings per share for Q4 2025 was $0.14, reflecting a 133% year-over-year increase[4] - Full-year 2025 total revenues were $174 million, a 15% year-over-year decrease[11] - Full-year net income attributable to SBC Medical Group was $51 million, a 9% year-over-year increase[11] - Full-year EBITDA was $70 million, representing a 21% year-over-year decrease, with an EBITDA margin of 40%[11] - Total revenues for the year ended December 31, 2025, were $173,607,489, a decrease of 15.4% from $205,415,542 in 2024[20] - Net income for the year ended December 31, 2025, was $51,045,023, compared to $46,689,892 in 2024, reflecting an increase of 9.7%[20] - Income from operations for the year ended December 31, 2025, was $67,486,398, compared to $70,303,710 in 2024, reflecting a decline of 4%[26] - EBITDA for the year ended December 31, 2025, was $70,170,698, down 21.3% from $89,162,052 in 2024[26] - EBITDA margin decreased to 40% in 2025 from 43% in 2024[26] - Net income margin improved to 29% in 2025, up from 23% in 2024[26] Customer and Franchise Growth - The number of franchise locations increased to 283 as of December 31, 2025, up by 34 locations from the previous year[4] - The customer count for the last twelve months ended December 31, 2025, was 6.6 million, a 12% year-over-year increase[4] - Average revenue per customer in Q4 2025 was $316, an 11% year-over-year increase[8] Cash Flow and Equity - Cash provided by operating activities for the year ended December 31, 2025, was $24,668,496, an increase from $20,582,933 in 2024[22] - Cash and cash equivalents at the end of the year were $163,773,838, an increase from $125,044,092 at the beginning of the year[24] - Net cash provided by financing activities was $38,292,183, compared to $22,965,400 in the previous year[24] - Cash paid for income taxes increased to $37,190,188 in 2025 from $30,239,002 in 2024[24] - Total stockholders' equity as of December 31, 2025, was $263,304,706, up from $195,022,158 in 2024, marking a growth of 35%[19] Impairment and Adjustments - The company reported a foreign currency translation adjustment loss of $14,589,478 for the three months ended December 31, 2025[20] - The company incurred an impairment loss on intangible assets of $15,058,965 in 2024, which was not repeated in 2025[20] - The company reported an impairment loss of $15,058,965 in 2024, which was not present in 2025[26] - The effect of exchange rate changes resulted in a decrease of $3,259,381 in cash flow[24] Strategic Initiatives - The company aims to advance its multi-brand strategy in dermatology and expand its non-aesthetic healthcare portfolio in 2026[9]