Financial Performance - Total revenue for 2025 decreased to $3.09 million from $3.50 million in 2024, primarily due to a $638,000 reduction in research and development revenue[20] - Grant revenue increased to $1.86 million in 2025, compared to none in 2024, partially offsetting the decline in total revenue[20] - Loss from operations increased to $7.19 million in 2025, compared to $5.90 million in 2024, primarily due to lower license and milestone revenue[23] - Net loss for 2025 was $7.36 million or $(0.23) per share, compared to a net loss of $5.81 million or $(0.20) per share in 2024[23] Cash and Assets - Cash position as of December 31, 2025, was approximately $8.59 million, down from $9.29 million as of December 31, 2024[18] - Total current assets increased slightly to $9,896,653 from $9,827,668, reflecting a growth of 0.7% year-over-year[33] - The company reported a total asset value of $9,945,725, a slight increase from $9,930,275, reflecting a growth of 0.2%[33] Liabilities and Equity - Total liabilities rose to $8,713,315, up from $7,459,985, representing an increase of 16.8%[33] - Current liabilities increased substantially to $3,687,271 from $2,448,017, marking a growth of 50.7%[33] - The accumulated deficit widened to $(93,451,108) from $(86,086,480), reflecting a decrease in retained earnings[33] - Total stockholders' equity decreased to $1,232,410 from $2,470,290, a decline of 50%[33] - Additional paid-in capital rose to $113,564,991 from $107,444,595, an increase of 5.2%[33] - Convertible notes, net of issuance costs, decreased to $2,962,304 from $3,911,471, a reduction of 24.2%[33] Business Development - Dyadic launched AlbuFree™ DX recombinant human albumin in February 2026, with profit-sharing from sales[5] - Dyadic entered into an OEM distribution agreement with IBT Bioservices to commercialize recombinant DNase I and transferrin[6] - A development and commercialization agreement was signed with BRIG Bio to produce animal-free bovine alpha-lactalbumin for global nutrition markets[8] - The company anticipates expanding its pipeline of non-animal dairy proteins and related enzyme applications[9] - Dyadic is participating in a $4.5 million CEPI-funded program to advance recombinant vaccine development using its C1 platform[14] Accounts Receivable - Accounts receivable surged to $1,090,297, a significant increase from $237,027, indicating a growth of 359%[33] Shares - The number of outstanding shares increased to 36,187,798 from 29,835,799, representing a growth of 21%[33]

Business Transition and Strategy - Dyadic International, Inc. is transitioning to Dyadic Applied BioSolutions, focusing on commercial biotechnology solutions through its Dapibus™ and C1 gene expression platforms[32]. - The company is transitioning to a commercially focused enterprise, emphasizing applied biotechnology solutions through C1 and Dapibus™ technologies[109]. - Dyadic's strategic collaborations are aimed at expanding its product pipeline and enhancing its capabilities in both pharmaceutical and non-pharmaceutical markets[66]. - The company is pursuing commercialization of recombinant transferrin and fibroblast growth factor (FGF) for cell culture media and diagnostics[51][52]. - The company plans to pursue acquisitions, investments, and strategic alliances, but these efforts may require significant resources and could lead to unforeseen liabilities[147]. Product Development and Platforms - The Dapibus™ platform enables the production of high-value, non-animal proteins and enzymes, targeting life sciences, food and nutrition, and bio-industrial markets[38]. - Dyadic has commercialized AlbuFree™ DX recombinant human albumin and recombinant DNase I, generating revenue through partner collaborations and internal production[32]. - Dyadic's C1 platform is designed for cost-effective, large-scale production of proteins, with applications in vaccines, monoclonal antibodies, and diagnostics[42]. - Dyadic's C1 platform has demonstrated the ability to produce complex glycoproteins and monoclonal antibodies with comparable properties to traditional systems, supporting future pharmaceutical licensing opportunities[71]. - The company has developed high-yield production strains for various proteins, including human and bovine serum albumin and vaccine antigens, demonstrating significant advancements in biopharmaceutical capabilities[80]. Financial Performance and Market Potential - Dyadic's total addressable market is estimated to exceed $25 billion across life sciences, food and nutrition, and bio-industrial segments, with specific markets including $5 billion for cell culture media and $11 billion for food and nutrition[81][87]. - The company had an accumulated deficit of approximately $93.5 million as of December 31, 2025[115]. - For the years ended December 31, 2025 and 2024, the company generated revenue from 14 and 19 customers, respectively, with two significant customers accounting for approximately $1,859,000 or 60.1% and $1,915,000 or 54.8% of revenue[114]. - The company anticipates substantial future capital requirements to further develop its microbial protein production platforms and proprietary technologies[129]. Regulatory and Compliance Challenges - The company has no prior experience submitting applications to the FDA, which may hinder obtaining regulatory approval for products developed using the C1 platform[177]. - Compliance with FDA and EPA regulations may lead to increased expenses and delays in product development, potentially affecting commercialization[163]. - Regulatory compliance failures could result in significant fines, product recalls, or delays in product approvals, adversely impacting the company's reputation and financial results[180]. - The market for developing pharmaceutical proteins from filamentous fungi is not yet established and faces regulatory hurdles[111]. Risks and Uncertainties - The company faces significant competition in the biotechnology sector, with competitors having greater capital resources and R&D capabilities, which may hinder the company's ability to develop technologies and products effectively[126]. - The company may face challenges in managing growth, including balancing cash burn with technology and product development[118]. - The company is exposed to adverse market conditions, including high-interest rates and inflation, which could negatively impact its operations and financial condition[131]. - The company may face challenges in raising additional capital due to unfavorable market conditions, which could limit its ability to fund operations and execute its business strategy[133]. Intellectual Property and Market Position - Dyadic has a total of six patent families, with two patents and four pending applications in the United States, indicating a strong focus on intellectual property protection[102]. - The patent positions of biotechnology companies are uncertain, and failure to protect intellectual property could harm the company's competitive advantage[181]. - The company faces risks related to intellectual property infringement claims, which could lead to significant costs and delays in product commercialization[186]. Corporate Governance and Structure - As of December 31, 2025, Dyadic had 5 full-time employees, all located in the United States, reflecting a lean operational structure[100]. - The company has approximately 36,187,798 shares of common stock outstanding as of December 31, 2025, with about 24.2% controlled by executive officers, directors, and principal stockholders[203]. - The concentration of ownership among existing officers and directors may limit other stockholders' influence on corporate decisions[197]. Cybersecurity and Operational Risks - The company has not experienced any material cybersecurity incidents to date, although it acknowledges the potential risks associated with cybersecurity threats[216]. - The company's board of directors oversees cybersecurity risk management, with regular updates from senior management on cybersecurity matters[217]. - The company relies heavily on information technology, and any cybersecurity incidents could disrupt operations and lead to significant costs for recovery[149]. Market Perception and Stock Performance - The trading price of the company's common stock is likely to be volatile, influenced by factors such as public perception of biotechnology companies and announcements of new technologies or products[189]. - The company does not expect to pay cash dividends in the foreseeable future, which may affect the perceived value of its stock[194]. - The company received a deficiency notice from Nasdaq on December 19, 2025, indicating that its common stock did not maintain a minimum bid price of $1.00 for 30 consecutive trading days[208].

Financial Results - Noodles & Company reported sales results for the fiscal quarter ended December 30, 2025[5] - The press release detailing the financial results was issued on January 12, 2026[5] - The financial statements and exhibits are included in Exhibit 99.1 of the report[7] Company Information - The company is listed on the Nasdaq Global Select Market under the trading symbol NDLS[3] - The report does not indicate any emerging growth company status for Noodles & Company[4] - The Chief Financial Officer, Mike Hynes, signed the report on January 12, 2026[10]

Liquidity and Risk Management - The company has established a Liquidity Coverage Ratio (LCR) to ensure sufficient liquid instruments to cover net cash outflows over the next thirty days in a stress scenario [351]. - The company calculates and discloses liquidity control indicators periodically, including cash flow projections for the next 12 months [351]. - The company has established strategic and operational limits for liquidity risk control, approved by the Board of Directors and Executive Committee [352]. - The company conducts independent audits to assess the effectiveness of its internal controls and risk management processes [368]. - The company is responsible for compliance with international sanctions and anti-money laundering regulations, ensuring adherence to best practices [382]. Operational Resilience and Security - The company employs advanced data-driven intelligence for fraud prevention, including facial and behavioral biometrics, enhancing security and compliance with regulatory requirements [373]. - The company maintains a dedicated data center (CTI, 11,900 m²) and three IT Operations Centers (NOCs) for 24/7 monitoring and incident response [377]. - The company has a Disaster Recovery Plan (DRP) with annual tests to ensure service continuity in contingency environments [379]. - The company holds SOC 2 Type II and SOC 3 assurances, confirming the effectiveness of security controls and compliance with information security standards [383]. - The company has implemented a Business Continuity Management (BCM) program based on ABNT NBR ISO 22,301 standards to ensure operational resilience [355]. Financial Performance - Total revenues for the year ended December 31, 2025, reached R$298.2 billion, a significant increase from R$240.1 billion in 2024, representing a growth of 24.2% [494]. - Revenues from Brazilian operations accounted for 96.5% of total revenues, while overseas operations contributed 3.5% [494]. - Financial income from insurance, pension plans, and capitalization bonds increased to R$22.4 billion in 2025, up from R$18.8 billion in 2024, marking a growth of 19.3% [500]. - The net income from the insurance, pension plans, and capitalization bonds segment reached R$10.1 billion in 2025, compared to R$9.1 billion in 2024, indicating a growth of 11.2% [500]. Client Base and Market Position - As of December 31, 2025, Bradesco's client base reached 74.3 million, reflecting a commitment to democratizing access to banking products and services [403]. - Bradesco is a leader in the Brazilian insurance market with a 22.8% market share, generating total revenues of R$118.5 billion in 2025 from insurance premiums, pension plan contributions, and capitalization bond income [407]. - The company managed R$997.7 billion in assets through Bradesco Asset, making it one of Brazil's largest private fund and investment managers [399]. - The company holds a 37.3% market share in the leasing sector in Brazil, with a portfolio of leases valued at R$19.3 billion [443]. Loan Portfolio and Financing - The total loan portfolio reached R$791.5 billion in 2025, an increase from R$720.2 billion in 2024 and R$629.7 billion in 2023 [430]. - Companies accounted for 44.3% of the total loan portfolio, amounting to R$350.4 billion, while individuals represented 55.7% with R$441.0 billion [430]. - The largest borrower represented only 0.5% of the total portfolio in 2025, indicating a diversified lending strategy [431]. - The financing and on-lending segment accounted for 17.4% of the total loan portfolio, totaling R$137.6 billion in 2025 [430]. Digital Transformation and Innovation - Bradesco's Inovabra initiative resulted in 73 new initiatives in business and technology areas, enhancing innovation capabilities [396]. - The company ranked first in the "Product and Service Innovation" category with its Digital Identity solution at the Banking Innovation Awards [398]. - The digital retail segment provides 24/7 online banking services, enhancing client convenience and reducing the need for physical branch visits [425]. - In 2025, digital channels accounted for 99% of transactions at Bradesco, with mobile platforms and internet banking representing 96% of this total [524]. Investment and Advisory Services - Bradesco BBI advised on 41 M&A transactions in 2025, totaling around R$92 billion, showcasing its strong position in the investment banking sector [474]. - In 2025, Bradesco BBI coordinated public offerings of fixed income securities totaling R$532 billion across 487 transactions, highlighting its significant market activity [474]. - The company provided administration services to 4,304 funds and 628 portfolios, serving 3.9 million investors [470]. - Bradesco's investment advisory services reached 1.4 million clients, with assets under custody surpassing R$128 billion as of December 31, 2025 [479]. Customer Service and Distribution - The number of customer service points increased to 85,476 in 2025, up from 82,914 in 2024, reflecting a growth in distribution channels [518]. - The Bradesco Expresso network had 39,335 service points and processed an average of 25.5 million transactions monthly, equating to 1.2 million transactions per business day [523]. - The mobile app registered 28.5 million active individual clients by the end of December 2025, reflecting a growth of over 670,000 compared to December 2024 [524]. Regulatory Compliance and Governance - The company has a maximum exposure limit of 8.0% of its Tier I Capital per client, based on client rating [452]. - The company is required by Central Bank of Brazil regulations to allocate at least 65.0% of savings account balances to real estate financing [439]. - The company has over 600 agreements with franchising brands, enhancing opportunities for new checking accounts and business leverage [463].

Liquidity and Funding - The company has established a Liquidity Coverage Ratio (LCR) to ensure sufficient liquid instruments to cover net cash outflows over the next thirty days in a stress scenario [351]. - The Net Stable Funding Ratio (NSFR) is utilized to verify the structural funding sufficiency for financing long-term assets on the balance sheet [351]. - The company conducts cash flow projections for the next 12 months to monitor liquidity, ensuring consistency and integrity of the database used by managers [351]. Technological Infrastructure and Security - The technological infrastructure includes a dedicated data center (CTI, 11,900 m²) and three IT Operations Centers (NOCs) for 24/7 monitoring and incident response [377]. - Data is continuously replicated to a secondary site in Alphaville, ensuring critical system operations can be taken over in case of unavailability [379]. - The company maintains SOC 2 Type II and SOC 3 assurances, confirming the effectiveness of security controls and compliance with security standards [383]. - The company holds ISO/IEC 27001 certification, which attests to the effectiveness of the Information Security Management System (ISMS) implemented in the technology environment [383]. - The corporate crisis management process includes identifying, evaluating, and classifying incidents to ensure timely responses and operational resilience [360]. - The company employs advanced facial and behavioral biometrics for fraud prevention, enhancing security and compliance with regulatory requirements [373]. - The internal controls area aligns with COSO frameworks to proactively manage risks and ensure the effectiveness of controls across business processes [368]. Client Base and Market Position - As of December 31, 2025, Bradesco's client base reached 74.3 million clients, reflecting a commitment to democratizing access to banking products and services [403]. - Bradesco is a leader in the Brazilian insurance market with a 22.8% market share, generating total revenues of R$118.5 billion in 2025 from insurance premiums, pension plan contributions, and capitalization bond income [407]. - The company managed R$997.7 billion in assets through Bradesco Asset, making it one of Brazil's largest private fund and investment managers [399]. Financial Performance - In the banking segment, revenue from financial intermediation increased to R$235.5 billion in 2025, up from R$169.7 billion in 2024, representing a growth of 38.7% [402]. - The net income for the banking segment in 2025 was R$14.4 billion, a significant increase from R$9.9 billion in 2024, marking a growth of 45.4% [402]. - Total assets in the banking segment reached R$2.04 trillion in 2025, compared to R$1.81 trillion in 2024, indicating a growth of 12.4% [402]. - The total loan portfolio reached R$791.5 billion in 2025, an increase from R$720.2 billion in 2024, representing a growth of approximately 9.4% [430]. - Companies accounted for 44.3% of the total loan portfolio, amounting to R$350.4 billion, while individuals represented 55.7% with R$441.0 billion [430]. - The largest borrower represented only 0.5% of the total loan portfolio in 2025, indicating a diversified lending strategy [431]. Innovation and Development - Bradesco's Inovabra initiative resulted in 73 new initiatives in business and technology areas, enhancing innovation capabilities [396]. - The company ranked first in the "Product and Service Innovation" category with its Digital Identity solution at the Banking Innovation Awards [398]. - Bradesco's treasury activities focus on maximizing results and managing risks, ensuring compliance with guidelines set by Senior Management [394]. Banking Products and Services - The bank offers a comprehensive range of banking products, including various types of deposit accounts and loans tailored to different client needs [428]. - Bradesco Global Private Bank provides exclusive services and investment opportunities for high-net-worth individuals, with a focus on wealth management [416]. - The digital retail segment operates 24/7, enhancing client experience through online services and reducing the need for physical branch visits [425]. - The company has a strong presence in savings deposits, holding R$124.5 billion, which accounts for 12.0% of Brazil's total savings deposits [399]. - As of December 31, 2025, Bradesco had 37.7 million checking account holders and 38.9 million saving account holders [428]. Investment and Asset Management - As of December 31, 2025, Bradesco managed R$1,330,353,393 in investment funds, an increase from R$1,188,477,639 in 2024, representing a growth of approximately 11.9% [471]. - The number of investment funds under Bradesco's management increased to 1,937 in 2025 from 1,787 in 2024, while the number of managed portfolios rose to 598 from 458 [470]. - Bradesco BBI advised on 41 M&A transactions totaling around R$92 billion in 2025, highlighting its strong position in the investment banking sector [474]. - In 2025, Bradesco BBI coordinated public offerings of fixed income securities totaling R$532 billion across 487 transactions, with R$234 billion in the local market alone [474]. - The number of investors served by Bradesco Asset reached 3.5 million in 2025, with 1,937 funds and 598 portfolios under management [470]. Sustainability and Social Responsibility - The company was recognized as the Best Bank for Green, Social and Sustainable Bonds in Latin America by Global Finance in 2025, reflecting its commitment to sustainable finance [474]. Distribution Channels and Digital Transformation - Bradesco's distribution channels included 85,476 customer service points, with a significant increase in digital platform usage to 92 units in 2025 [518]. - In 2025, digital channels accounted for 99% of transactions at Bradesco, with mobile platforms and internet banking representing 96% of this total [524]. - The Bradesco Expresso network had 39,335 service points and processed an average of 25.5 million transactions monthly, equating to 1.2 million transactions per business day [523]. - The mobile app registered 28.5 million active individual clients by the end of December 2025, reflecting a growth of over 670,000 compared to December 2024 [524]. Competitive Landscape - The competitive landscape in the loan market is intensifying, with major competitors including Itaú Unibanco, Banco do Brasil, and Santander Brasil [546].

Operational Performance - In 2025, the company completed approximately 4,152 orders involving 13,232 loads, amounting to approximately 496,200 tons of waste paper, compared to 2,576 orders and 16,641 loads, totaling 465,948 tons in 2024[30] - The average weekly transport of waste paper was approximately 9,542 tons in 2025, compared to 8,960 tons in 2024, indicating a growth in operational capacity[36] - The company operates a fleet of approximately 100 trucks, which supports its ability to meet customer transport needs efficiently[31] - The proprietary dispatch system allows the company to track and analyze shipment data, contributing to a high on-time delivery rate[50] - The company has a high on-time delivery rate, which contributes to its competitive positioning against regional trucking competitors[55] Revenue and Growth - The company secured a new partnership managing over 200 monthly import loads, generating an additional revenue of $983,515 in 2025, with potential for fourfold growth[31] - The top ten customers represented approximately 59% of total revenues in 2025, up from 58% in 2024, indicating a stable customer base[46] - The company achieved a customer acquisition CAGR of approximately 40% from 2016 to 2025, indicating strong market confidence and demand for its services[55] - The company has launched cold-chain logistics services to diversify offerings and stabilize revenue in a high-growth market[31] Expansion and Infrastructure - The company expanded operations in Ensenada, Mexico, enhancing non-ferrous metal exports and strengthening global trade connections[31] - The company has expanded into the Houston Port in Texas, expected to enhance growth in all commodities and facilitate entry into domestic rail[31] - The company plans to invest in expanding storage and warehousing capabilities to support its growing fleet and geographic service coverage[56] - The company aims to enhance its IT infrastructure to optimize operations and improve data analytics capabilities[56] Employee and Workforce Management - As of December 31, 2025, the company had 3 full-time employees, 2 part-time employees, 11 overseas contractual staffers, and approximately 100 independent contractor drivers[58] - The company is focused on improving its ability to attract and retain a talented workforce through competitive compensation and a supportive work environment[56] Financial and Insurance Matters - The company closed its initial public offering on January 23, 2025, raising gross proceeds of $10 million by selling 2,500,000 shares at $4.00 per share[75] - The company maintains a commercial general liability policy with limits up to $2 million aggregate and $1 million per occurrence, as well as cargo insurance covering up to $180,000 per vehicle[64] - The company has entered into share purchase agreements for a total of 3,600,000 shares with investors, allowing them rights to purchase new shares in the future[76] Regulatory Compliance and Safety - The company maintains a "Satisfactory" DOT safety rating, the highest available, ensuring compliance and safety in operations[34] - The company is subject to various regulations impacting its operations, including safety and environmental regulations, which it complies with to maintain operational integrity[66] Management Changes - On November 26, 2025, the company appointed Kah Loong Randy Yeo as the new Controller[78] - John Feliciano III resigned as Chief Financial Officer effective December 15, 2025, due to personal reasons[79] - Following Feliciano's resignation, Yeo was appointed as the interim Chief Financial Officer[80] - Florence Ng was appointed to the Board of Directors effective December 1, 2025, following Feliciano's resignation[81] - Pablo Santana resigned from the Board of Directors effective December 19, 2025[82] - Chung Ming Bruce Hui was appointed to the Board effective December 19, 2025, following Santana's resignation[83] - The Board voted to increase its size from five to six members on January 27, 2026, appointing Anthony Kwong to fill the vacancy[84]

Financial Performance - Fourth quarter 2025 net income attributable to common stockholders was $0.4 million, while full year 2025 net loss was $2.1 million, or $(0.31) per diluted share[14] - Fourth quarter 2025 AFFO was $4.0 million, and full year 2025 AFFO increased by $2.3 million or 15.0% to $17.2 million, or $1.38 per diluted share compared to 2024[14] - Total revenue for Q4 2025 was $11.074 million, a decrease of 5.2% from Q3 2025's $11.687 million[31] - Operating income for Q4 2025 increased to $5.075 million, compared to $4.844 million in Q3 2025, reflecting a growth of 4.8%[31] - Comprehensive income for Q4 2025 was $1.108 million, up from $726,000 in Q3 2025, indicating improved overall financial health[35] - The company reported a net income of $1,281,000 for the three months ended December 31, 2025, compared to a net loss of $2,633,000 in the same quarter of the previous year[41] Asset Management - The company completed a $26.0 million sale of a property in Issaquah, Washington, repaying the related $18.3 million mortgage[14] - The company is under contract to sell a property in Melbourne, FL, leased to Northrop Grumman, with closing expected in the second quarter of 2026[17] - The company disposed of a total of 128,453 square feet of leasable area, generating $28.3 million in proceeds from property sales[57] - Modiv Industrial acquired an industrial property during the three months ended March 31, 2025, resulting in the issuance of 344,119 Class C OP Units[38] - Modiv Industrial acquired a property in Yulee, FL, for $6.1 million with an annual rent increase of 8.0% and a weighted average cap rate of 8.7%[54] Financial Health - The company has a net asset value per share of $22.19 based on the most recent external appraisal as of January 31, 2026[20] - The credit facility has been extended to 2028, enhancing financial flexibility[17] - Net debt as of December 31, 2025, was $256,287,000, with a net debt to adjusted EBITDA ratio of 6.7x[41] - Total liabilities decreased to $274,412,000 as of December 31, 2025, compared to $293,779,000 in 2024[48] - Cash and cash equivalents increased to $14,381,000 as of December 31, 2025, from $11,530,000 in the previous year[48] Tenant and Lease Information - The portfolio has an average lease duration of approximately 14 years, with annual rent bumps of about 2.5%[20] - The top 20 tenants contribute $35.8 million in annual base rent (ABR), representing 91% of the total portfolio, with a total leased area of 3,819,283 square feet[59] - Industrial properties account for 82% of the total ABR, with 39 properties generating $32.1 million in ABR[61] - The company has a diversified tenant industry portfolio, with infrastructure tenants contributing 25% of the total ABR[62] - Total Annual Base Rent (ABR) is $39,146,000, representing 100% of the portfolio[64] Debt and Leverage - Total debt, net as of December 31, 2025, is $261.5 million, down from $279.8 million in the previous year, with a weighted average interest rate of 4.14%[49] - The company has a maximum leverage ratio of 45.1%, well below the required maximum of 60%, and a minimum fixed charge coverage ratio of 1.93, exceeding the required 1.50x[51] - The leverage ratio improved to 45.1% as of December 31, 2025, down from 47.6% a year earlier[44] Strategic Initiatives - The company is focused on maximizing shareholder value through strategic asset recycling initiatives[19] - The company entered into two swap agreements totaling $250 million to fix the secured overnight financing rate at 2.45%, which will impact interest expenses positively[34] - The company entered into three new swap agreements in January 2026 to fix SOFR for the Term Loan at 2.45%, resulting in a fixed rate of 4.15%[49] Operational Metrics - The company defined Adjusted Funds from Operations (AFFO) as a key measure of sustainable operating performance, excluding non-routine items[71] - Net Debt is defined as gross debt minus cash, cash equivalents, and restricted cash, which is essential for assessing financial health[75] - The leverage ratio is calculated as total debt as a percentage of the aggregate fair value of real estate properties, providing insight into financial leverage[76]

Revenue and Loss - Grant revenue for Q4 2025 was $1.1 million, a decrease of 8.3% from $1.2 million in Q4 2024[2] - Loss from operations for Q4 2025 was approximately $13.8 million, compared to a loss of approximately $10.5 million in Q4 2024, an increase of 31.4%[6] - The net loss for Q4 2025 was $124.3 million, or $(3.42) per share, compared to a net income of $2.6 million, or $0.07 per share, in Q4 2024[7] - The net loss for the year ended December 31, 2025, was $173.8 million, compared to a net loss of $18.9 million for the year ended December 31, 2024[19] Expenses - Research and development expenses decreased to approximately $6.1 million in Q4 2025 from approximately $8.5 million in Q4 2024, a reduction of 28.2%[3] - General and administrative expenses increased slightly to approximately $3.4 million in Q4 2025 from approximately $3.3 million in Q4 2024, an increase of 3.0%[4] - The company recognized a $5.4 million impairment expense in 2025 related to its office and research space[5] Assets and Liabilities - Cash and cash equivalents as of December 31, 2025, were approximately $14.1 million, down from $14.8 million as of December 31, 2024[8] - Total assets decreased to $76.9 million as of December 31, 2025, from $86.4 million as of December 31, 2024, a decline of 10.9%[17] - Total liabilities increased significantly to $295.5 million as of December 31, 2025, compared to $134.5 million as of December 31, 2024[17]

Financial Performance - SOLV Energy, Inc. recognized total revenue of $2.49 billion for the year ended December 31, 2025, an increase of 35% from $1.85 billion in 2024[490]. - The company reported a gross profit of $464.2 million in 2025, compared to $259.2 million in 2024, reflecting a gross margin improvement[490]. - Operating income for 2025 was $195.4 million, significantly up from $64.9 million in 2024, indicating strong operational efficiency[490]. - The net income attributable to controlling interests for 2025 was $149.2 million, a significant increase from $9.9 million in 2024[490]. - Net income for 2025 was $149.7 million, a significant increase from $9.9 million in 2024 and a recovery from a loss of $109.8 million in 2023[495]. - The company reported a consolidated income before income taxes of $153,346 for 2025, a substantial increase from $10,522 in 2024 and a recovery from a loss of $109,639 in 2023[568]. - Total revenue for 2025 reached $2,490,496, representing a 34.8% increase compared to $1,847,803 in 2024 and an 18.6% increase from $2,100,643 in 2023[568]. - Segment Adjusted EBITDA for 2025 was $341,677, a significant increase of 106.6% from $165,133 in 2024 and up from $52,608 in 2023[568]. Capital Structure and Financing - The company completed its IPO on February 12, 2026, raising gross proceeds of $589.4 million by selling 23,575,000 shares at $25.00 per share[23]. - The company has a new revolving credit facility of $200.0 million, maturing on February 12, 2031[21]. - The company repaid approximately $405.6 million of amounts due under Term Loans using proceeds from the IPO, with remaining funds allocated for general corporate purposes, including potential growth initiatives and M&A opportunities[31]. - The company utilized approximately $552.5 million of net proceeds from the IPO to purchase 23,575,000 newly issued LLC Interests[468]. - SOLV Energy Holdings LLC repaid approximately $401.1 million of outstanding indebtedness under existing term loan facilities following the IPO[472]. - A new revolving credit facility was established with an aggregate principal amount of $200 million, secured by substantially all assets of SOLV Energy Holdings LLC[473]. - Long-term debt as of December 31, 2025, was $397,128, an increase from $369,017 in 2024, with net long-term debt at $391,988 after accounting for unamortized issuance costs[571]. Operational Risks and Challenges - The company faces risks related to changes in government incentives for renewable energy, which could adversely affect financial performance[16]. - The company is subject to various operational hazards, including severe weather conditions, which may impact project costs and timelines[19]. - The company utilizes Artificial Intelligence technologies, which involve significant technological and legal risks[19]. - The company’s business is labor-intensive, and challenges in attracting and retaining qualified employees could impact operational efficiency[16]. - The company’s backlog may not accurately represent future revenue, posing risks to revenue realization[15]. - The company may incur liabilities related to warranty and engineering claims, which could negatively affect financial condition[19]. - The company is exposed to interest rate risk, with a potential annual interest expense change of approximately $4.1 million for a 100 basis point fluctuation in interest rates on variable rate debt[444]. Growth and Future Outlook - The company anticipates significant growth in future operations, although specific growth percentages are not disclosed[12]. - The company specializes in utility-scale solar and battery storage projects, indicating a focus on renewable energy infrastructure[496]. - The aggregate amount of transaction price allocated to remaining performance obligations was $2,023,670 as of December 31, 2025, expected to be recognized over the next 12 to 18 months[557]. - The Company anticipates recognizing substantially all remaining performance obligations under contracts over the next 12 to 18 months[557]. Cash Flow and Liquidity - Net cash provided by operating activities reached $331.6 million in 2025, up from $117.6 million in 2024 and $50.3 million in 2023, indicating strong operational performance[495]. - The company reported a cash and cash equivalents balance of $394.9 million at the end of 2025, compared to $208.0 million in 2024 and $178.0 million in 2023, reflecting improved liquidity[495]. Share-Based Compensation - The company recorded share-based compensation expenses of $830 million and $905 million for the years ended December 31, 2024 and 2023, respectively[600]. - A one-time incremental expense of approximately $776 million was recognized for the vested awards in the statement of operations for the year ended December 31, 2024[611]. - The company granted 70,715 time-vested units in 2025, with an average exercise price of $357.05, resulting in a total of 216,187 outstanding units by the end of the year[615]. - Compensation expense related to Legacy SOLV time-vested units was $2,761 million in 2025, with $12,554 million of unrecognized compensation expense expected to be recognized through 2029[615]. - The company recorded $555 million in compensation expense related to performance-vested units for the year ended December 31, 2025[617].

Financial Performance - Celcuity reported a net loss of $51.0 million, or $0.97 per share, for Q4 2025, compared to a net loss of $36.7 million, or $0.85 per share, in Q4 2024[15]. - The net loss for the year ended December 31, 2025, was $177,042,000, which is a 58% increase from the net loss of $111,779,000 in 2024[24]. - The GAAP net loss per share for the year ended December 31, 2025, was $3.79, compared to $2.83 in 2024, reflecting a 34% increase[27]. - Non-GAAP adjusted net loss for the year ended December 31, 2025, was $150,788,000, up from $101,946,000 in 2024, indicating a 48% increase[27]. Operating Expenses - Total operating expenses for Q4 2025 were $49.2 million, up from $36.4 million in Q4 2024, while full year operating expenses increased to $172.2 million from $113.3 million in 2024[10]. - For the three months ended December 31, 2025, the total operating expenses were $49,201,000, compared to $36,430,000 for the same period in 2024, representing an increase of 35%[24]. - General and administrative (G&A) expenses for Q4 2025 were $11.6 million, up from $3.0 million in the prior year, with full year G&A expenses reaching $27.2 million compared to $9.1 million in 2024[13][14]. - General and administrative expenses for the year ended December 31, 2025, totaled $27,197,000, compared to $9,064,000 in 2024, marking an increase of 200%[24]. - Research and development (R&D) expenses for Q4 2025 were $37.6 million, compared to $33.5 million in the prior year, with a full year total of $145.0 million versus $104.2 million in 2024[11][12]. - Research and development expenses for the year ended December 31, 2025, were $144,995,000, a significant increase of 39% from $104,203,000 in 2024[24]. Cash and Investments - Cash, cash equivalents, and short-term investments totaled $441.5 million at the end of 2025, expected to finance operations through 2027[16]. Drug Development and Regulatory Updates - The FDA accepted Celcuity's New Drug Application for gedatolisib with a PDUFA goal date of July 17, 2026, indicating a priority review status[6]. - Median progression-free survival (PFS) for patients treated with the gedatolisib triplet was 16.6 months, significantly better than 1.9 months for fulvestrant, with a hazard ratio of 0.14[7]. - The gedatolisib triplet demonstrated a median duration of response of 17.5 months and an objective response rate improvement of 31% compared to control[9]. - Celcuity plans to release topline results from the PIK3CA mutant cohort of the Phase 3 VIKTORIA-1 study in Q2 2026, which could impact treatment standards for advanced breast cancer[4]. - The company is on track to commercially launch gedatolisib in anticipation of FDA approval in Q3 2026[4]. Shareholder Information - The weighted average common shares outstanding for the year ended December 31, 2025, were 46,757,691, compared to 39,449,393 in 2024, reflecting an increase of 18%[27]. Interest and Non-Cash Income - Interest expense for the year ended December 31, 2025, was $17,148,000, up from $10,280,000 in 2024, representing a 67% increase[24]. - The company reported a non-cash interest income of $12,298,000 for the year ended December 31, 2025, compared to $11,768,000 in 2024, which is an increase of 4%[24]. - The adjustments to net loss included stock-based compensation of $12,974,000 for general and administrative expenses for the year ended December 31, 2025, compared to $2,583,000 in 2024, indicating a significant increase of 401%[27].