UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-42391 Newbury Street II Acquisition Corp (Exact name of registrant as specified in its charter) | Cayman Islands | 98-1797287 | ...

UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the three and six months ended June 30, 2025 Exhibit 99.1 COLLECTIVE MINING LTD. Interim Condensed Consolidated Statement of Financial Position (All amounts expressed in U.S. Dollars, unless otherwise indicated) | | | June 30, | December 31, | | --- | --- | --- | --- | | | | 2025 | 2024 | | As at | Note | (Unaudited) | (Audited) | | | | $ | $ | | ASSETS | | | | | Current assets: | | | | | Cash and cash equivalents | | 70,581,382 | 38,930,957 ...

[Applied Therapeutics Second Quarter 2025 Results](index=1&type=section&id=Applied%20Therapeutics%20Second%20Quarter%202025%20Results) [Management Commentary](index=1&type=section&id=Management%20Commentary) The interim CEO highlighted strong execution in H1 2025, focusing on clinical operations, pipeline advancement, and regulatory alignment for rare disease programs - The company is preparing for a potential New Drug Application (NDA) submission for govorestat for the treatment of CMT-SORD, with a meeting scheduled with the FDA in **Q3 2025**[3](index=3&type=chunk) - A new sponsored sorbitol assay has been launched at no cost to patients to remove barriers to diagnosis and treatment for the CMT-SORD community[3](index=3&type=chunk) - The company's primary focus for the remainder of the year is on regulatory alignment across its pipeline for rare diseases, including CMT-SORD, Classic Galactosemia, and PMM2-CDG[3](index=3&type=chunk) [Recent Highlights & Pipeline Update](index=1&type=section&id=Recent%20Highlights%20%26%20Pipeline%20Update) Applied Therapeutics reported significant progress across its clinical pipeline, advancing CMT-SORD, addressing Classic Galactosemia CRL, presenting PMM2-CDG data, and completing corporate developments [CMT-SORD Program](index=1&type=section&id=CMT-SORD%20Program) The govorestat program for CMT-SORD is advancing toward a potential NDA submission, supported by positive 24-month MRI data and a newly launched no-cost Urine Sorbitol Assay - A meeting with the FDA is scheduled for **Q3 2025** to align on the planned NDA submission strategy for govorestat in treating CMT-SORD[6](index=6&type=chunk) - Full 12-month results and 24-month MRI data from the INSPIRE Phase 2/3 trial were presented, demonstrating that govorestat slowed the progression of the disease and was generally safe and well-tolerated[7](index=7&type=chunk) - In July 2025, the company launched a sponsored, no-cost Urine Sorbitol Assay to help healthcare providers identify patients with suspected CMT-SORD[6](index=6&type=chunk)[7](index=7&type=chunk) [Classic Galactosemia Program](index=2&type=section&id=Classic%20Galactosemia%20Program) The company is actively evaluating its response to the FDA's Complete Response Letter (CRL) for govorestat in Classic Galactosemia, with the review progressing as planned - The company is actively evaluating its response to the FDA's Complete Response Letter (CRL) for govorestat in Classic Galactosemia, with the process progressing as planned[8](index=8&type=chunk) [PMM2-CDG Program](index=2&type=section&id=PMM2-CDG%20Program) Results from an investigator-initiated trial of govorestat for PMM2-CDG are scheduled for presentation, with govorestat having received Orphan Drug and Rare Pediatric Disease designations - Data from an ongoing trial of govorestat for PMM2-CDG will be presented at the ASHG Annual Meeting in **October 2025**[9](index=9&type=chunk) - Govorestat has received Orphan Drug Designation and Rare Pediatric Disease designation from the FDA for the treatment of PMM2-CDG, an ultra-rare and severe metabolic disorder[9](index=9&type=chunk) [Corporate Developments](index=2&type=section&id=Corporate%20Developments) The company entered an out-licensing agreement for AT-001 for Diabetic Cardiomyopathy and made key leadership promotions in July 2025 - Entered into an out-licensing agreement with Biossil, Inc. for AT-001, granting Biossil exclusive worldwide rights to develop and commercialize the drug for Diabetic Cardiomyopathy (DbCM), with Applied Therapeutics receiving an upfront payment and eligibility for future royalties and milestones[10](index=10&type=chunk) - Promoted Evan Bailey, M.D., to Chief Medical Officer and Dottie Caplan to Executive Vice President, Patient Advocacy and Government Affairs[10](index=10&type=chunk) [Second Quarter 2025 Financial Results](index=3&type=section&id=Second%20Quarter%202025%20Financial%20Results) Applied Therapeutics reported a net loss of **$21.3 million** for Q2 2025, a significant shift from a net income of **$2.9 million** in Q2 2024, primarily due to changes in warrant liabilities and increased G&A expenses Financial Metrics | Financial Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | **Net Income (Loss)** | $(21.3) million | $2.9 million | Decreased significantly | | **Net Loss per Share (basic)** | $(0.15) | $0.02 (income) | N/A | | **R&D Expenses** | $9.9 million | $10.0 million | -1.0% | | **G&A Expenses** | $13.2 million | $10.6 million | +24.5% | | **Cash & Cash Equivalents** | $30.4 million (as of Jun 30, 2025) | $79.4 million (as of Dec 31, 2024) | -61.7% YTD | - The increase in General and administrative expenses was primarily driven by higher legal, professional, personnel, and data storage costs[16](index=16&type=chunk) [Financial Statements](index=6&type=section&id=Financial%20Statements) The condensed financial statements detail the company's financial position and operational results, reflecting a significant reduction in cash and total assets and a net loss for the quarter due to non-operational changes [Condensed Balance Sheets](index=6&type=section&id=Condensed%20Balance%20Sheets) As of June 30, 2025, total assets decreased to **$37.3 million** from **$86.7 million** at year-end 2024, primarily due to a decline in cash and cash equivalents Balance Sheet Summary (in thousands) | (in thousands) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $30,421 | $79,398 | | Total current assets | $34,511 | $83,646 | | **Total Assets** | **$37,342** | **$86,691** | | **Liabilities & Equity** | | | | Total current liabilities | $17,749 | $27,296 | | Total liabilities | $19,904 | $29,685 | | Total stockholders' equity | $17,438 | $57,006 | | **Total Liabilities and Stockholders' Equity** | **$37,342** | **$86,691** | [Condensed Statements of Operations](index=7&type=section&id=Condensed%20Statements%20of%20Operations) For Q2 2025, the company reported no revenue and a net loss of **$21.3 million**, contrasting with a **$2.9 million** net income in Q2 2024, largely due to changes in the fair value of warrant liabilities Statements of Operations Summary (in thousands, except per share data) | (in thousands, except per share data) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Total revenue | $— | $144 | | Research and development | $9,923 | $10,004 | | General and administrative | $13,175 | $10,580 | | Loss from operations | $(23,098) | $(20,440) | | Change in fair value of warrant liabilities | $1,437 | $22,744 | | **Net income (loss)** | **$(21,330)** | **$2,898** | | **Net income (loss) per share - basic** | **$(0.15)** | **$0.02** |

Table of Contents FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-41529 SPRING VALLEY ACQUISITION CORP. II (Exact name of registrant as specified in its charter) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Cayman Islands 98- ...

Table of Contents ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-41529 SPRING VALLEY ACQUISITION CORP. II UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) (Exact name of registrant as specified in its charter) Cayman Islands 98- ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 _____________________________________________________________ FORM 10-Q _____________________________________________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 Global Water Resources, Inc. (Exact Name of Registrant as Specified in its Charter) ______________________________________________________________ | Delaware | 90 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________ Form 10-Q ______________________ (Mark one) ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2025 ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from BANK OF THE JAMES FINANCIAL GROUP, INC. (Exact Name of Registrant as Specified in Its Charter) _____ ...

Exhibit 99.1 KIMBALL ELECTRONICS REPORTS Q4 RESULTS WITH SOLID FINISH TO THE FISCAL YEAR; COMPANY PROVIDES GUIDANCE FOR FISCAL 2026 JASPER, Ind., August 13, 2025 -- (BUSINESS WIRE) -- Kimball Electronics, Inc. (Nasdaq: KE) today announced financial results for the fourth quarter and fiscal year ended June 30, 2025. "I'm encouraged by the results for the fourth quarter and solid finish to the fiscal year. Q4 came in better than expected, as sales increased sequentially, margins improved, and working capital ...

PART I. FINANCIAL INFORMATION [Financial Statements](index=4&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) The company reported a net loss of $1.76 million for the quarter ended June 30, 2025, an improvement from a $2.57 million loss in the prior-year period, primarily due to lower operating expenses, with total assets decreasing to $5.3 million from $7.4 million and net cash used in operating activities approximately $1.7 million, while also highlighting a 1-for-8 reverse stock split and substantial doubt about its ability to continue as a going concern [Condensed Consolidated Balance Sheets](index=4&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) As of June 30, 2025, total assets were $5.31 million, a decrease from $7.36 million on March 31, 2025, primarily driven by a reduction in cash and cash equivalents from $5.50 million to $3.77 million, while total liabilities decreased to $1.88 million from $2.24 million and total stockholders' equity fell from $5.12 million to $3.42 million over the same period Condensed Consolidated Balance Sheet Highlights (Unaudited) | Account | June 30, 2025 ($) | March 31, 2025 ($) | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $3,765,154 | $5,501,261 | | Total current assets | $4,050,858 | $5,949,800 | | Total assets | $5,306,002 | $7,359,534 | | **Liabilities & Equity** | | | | Total current liabilities | $1,627,437 | $1,899,286 | | Total liabilities | $1,882,489 | $2,236,004 | | Total stockholders' equity | $3,423,513 | $5,123,530 | | Total liabilities and stockholders' equity | $5,306,002 | $7,359,534 | [Condensed Consolidated Statements of Operations](index=5&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) For the three months ended June 30, 2025, the company reported a net loss of $1.76 million, or ($0.85) per share, a reduction from the net loss of $2.57 million, or ($2.76) per share, in the same period of 2024, driven by a significant decrease in total operating expenses to $1.79 million from $2.62 million year-over-year Statement of Operations Summary (Unaudited) | Metric | Three Months Ended June 30, 2025 ($) | Three Months Ended June 30, 2024 ($) | | :--- | :--- | :--- | | Total operating expenses | $1,792,390 | $2,620,858 | | Operating Loss | ($1,792,390) | ($2,620,858) | | Net Loss | ($1,761,858) | ($2,571,440) | | Basic and diluted net loss per share | ($0.85) | ($2.76) | | Weighted average shares outstanding | 2,076,416 | 932,248 | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) For the three months ended June 30, 2025, net cash used in operating activities was $1.71 million, comparable to the $1.75 million used in the prior-year period, with minimal net cash used in financing activities at $5,357, a stark contrast to the $5.38 million provided by financing activities in the same quarter of 2024, resulting in a total cash position decrease of $1.74 million Cash Flow Summary (Unaudited) | Activity | Three Months Ended June 30, 2025 ($) | Three Months Ended June 30, 2024 ($) | | :--- | :--- | :--- | | Net cash used in operating activities | ($1,714,937) | ($1,747,537) | | Net cash (used in) provided by financing activities | ($5,357) | $5,379,229 | | Net (decrease) increase in cash | ($1,735,790) | $3,630,402 | | Cash, cash equivalents and restricted cash at end of period | $3,863,284 | $9,159,885 | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=NOTES%20TO%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) The notes detail the company's focus on the Hemopurifier® for cancer and viral infections, with an ongoing Phase 1 oncology trial in Australia, a 1-for-8 reverse stock split in June 2025, and crucially, substantial doubt about the company's ability to continue as a going concern due to insufficient cash to fund operations for the next twelve months - The company is focused on developing the Hemopurifier® for cancer and life-threatening viral infections, with the FDA granting it **"Breakthrough Device" designation** for two indications[18](index=18&type=chunk)[23](index=23&type=chunk) - A Phase 1 oncology trial is underway in Australia, with **three participants treated** in the first cohort showing no safety concerns, and enrollment for the second cohort is open, while a planned trial in India was canceled to conserve resources[19](index=19&type=chunk)[20](index=20&type=chunk)[21](index=21&type=chunk) - A **1-for-8 reverse stock split** was effected on June 9, 2025, with all share and per-share amounts retroactively adjusted[29](index=29&type=chunk)[43](index=43&type=chunk) - Management has concluded there is **substantial doubt** about the Company's ability to continue as a going concern, as existing cash is not sufficient to fund operations for at least twelve months[32](index=32&type=chunk) Research and Development Expenses | Period | R&D Expense ($) | | :--- | :--- | | Three months ended June 30, 2025 | $524,368 | | Three months ended June 30, 2024 | $414,658 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=18&type=section&id=ITEM%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management discusses the company's focus on the Hemopurifier® and the progress of its Phase 1 oncology trial in Australia, noting the strategic decision to cancel a similar trial in India to conserve capital, leading to a 31.6% decrease in operating expenses and a reduced net loss of $1.76 million, but highlighting major liquidity concerns with only $3.8 million in cash, raising substantial doubt about its ability to continue as a going concern [Overview](index=18&type=section&id=Overview) The company is a medical therapeutic firm developing the Hemopurifier®, a clinical-stage device for cancer and viral infections, with primary focus on a Phase 1 oncology trial in Australia, which is now enrolling for its second cohort after the initial cohort showed a favorable safety profile, while also conducting pre-clinical research for new applications - The company's primary clinical development priority is the ongoing Phase 1 oncology trial in Australia for the Hemopurifier®[77](index=77&type=chunk)[78](index=78&type=chunk)[79](index=79&type=chunk) - A strategic decision was made to discontinue efforts for a clinical trial in India to conserve resources and focus on the Australian trial[79](index=79&type=chunk) - Pre-clinical research continues to explore new applications, including a study on removing platelet-derived extracellular vesicles, which showed **>98% removal** from human plasma in a simulated session[82](index=82&type=chunk) [Results of Operations](index=20&type=section&id=RESULTS%20OF%20OPERATIONS) For the quarter ended June 30, 2025, operating expenses decreased by $828,468 (31.6%) to $1.79 million compared to the prior-year period, mainly due to a $673,802 reduction in payroll and related expenses, a $138,050 decrease in professional fees, and a $16,616 drop in general and administrative costs, consequently improving the net loss to $1.76 million from $2.57 million year-over-year Operating Expenses Comparison (Q2 2025 vs Q2 2024) | Expense Category | Q2 2025 ($) | Q2 2024 ($) | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Payroll and related | $581,000 | $1,254,802 | ($673,802) | (53.7%) | | Professional fees | $476,032 | $614,082 | ($138,050) | (22.5%) | | General and administrative | $735,358 | $751,974 | ($16,616) | (2.2%) | | **Total Operating Expenses** | **$1,792,390** | **$2,620,858** | **($828,468)** | **(31.6%)** | - The decrease in payroll expenses was primarily due to the absence of a **$320,604 severance accrual** from the prior year and lower compensation costs from reduced headcount[88](index=88&type=chunk) - Net loss decreased to **$1.76 million** from **$2.57 million** in the prior-year quarter[92](index=92&type=chunk) [Liquidity and Capital Resources](index=21&type=section&id=LIQUIDITY%20AND%20CAPITAL%20RESOURCES) As of June 30, 2025, the company had a cash balance of $3.77 million and working capital of $2.42 million, but management explicitly states this cash is not sufficient to fund operations for the next twelve months, creating substantial doubt about its ability to continue as a going concern and requiring significant additional financing to sustain operations and clinical trials - The company does not expect its existing cash of **$3.77 million** (as of June 30, 2025) to be sufficient to fund operations for at least the next twelve months[93](index=93&type=chunk) - The company must obtain **significant additional financing** to sustain working capital and fund planned clinical trials[94](index=94&type=chunk) Cash Flow Summary (in thousands) | Activity | For the three months ended June 30, 2025 ($ in thousands) | For the three months ended June 30, 2024 ($ in thousands) | | :--- | :--- | :--- | | Operating activities | $(1,715) | $(1,748) | | Investing activities | – | – | | Financing activities | (5) | 5,379 | [Quantitative and Qualitative Disclosures About Market Risk](index=23&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company is not required to provide this information as it qualifies as a smaller reporting company - As a smaller reporting company, Aethlon Medical is not required to provide the information for this item[106](index=106&type=chunk) [Controls and Procedures](index=23&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of the end of the quarter, with no material changes in internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were **effective** as of June 30, 2025[109](index=109&type=chunk) - No material changes to internal control over financial reporting occurred during the quarter[110](index=110&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=24&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) The company reports that it is not currently a party to any pending or threatened legal proceedings - The company is not presently a party to any pending or threatened legal proceedings[112](index=112&type=chunk) [Risk Factors](index=24&type=section&id=ITEM%201A.%20RISK%20FACTORS) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K, with key risks including a history of significant losses, the need for additional financing, reliance on third-party suppliers, potential for technology obsolescence, extensive regulation, and risks related to maintaining its Nasdaq listing - There have been no material changes to the risk factors previously disclosed in the Annual Report for the fiscal year ended March 31, 2025[114](index=114&type=chunk) - Principal risks include: history of significant losses, need for additional financing, reliance on third-party suppliers, potential technology obsolescence, regulatory hurdles, and maintaining Nasdaq listing compliance[113](index=113&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=25&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) The company did not issue or sell any unregistered securities during the three-month period ended June 30, 2025 - No unregistered securities were issued or sold during the three months ended June 30, 2025[115](index=115&type=chunk) [Other Information](index=25&type=section&id=ITEM%205.%20OTHER%20INFORMATION) During the quarter ended June 30, 2025, none of the company's directors or officers entered into, modified, or terminated a Rule 10b5-1 trading arrangement - No directors or officers entered into, modified, or terminated a Rule 10b5-1 trading arrangement during the quarter[118](index=118&type=chunk) [Exhibits](index=26&type=section&id=ITEM%206.%20EXHIBITS) This section lists the exhibits filed as part of the quarterly report, including corporate governance documents, forms of securities, and officer certifications

[Q2 2025 Earnings Release and Corporate Update](index=1&type=section&id=Q2%202025%20Earnings%20Release%20and%20Corporate%20Update) This report details STRATA's Q2 2025 financial performance, strategic growth initiatives, and key operational highlights [Executive Summary and Business Highlights](index=1&type=section&id=Executive%20Summary%20and%20Business%20Highlights) STRATA expands its XTRAC laser market with new reimbursement codes, achieving operational gains and near cash flow breakeven - The company's growth strategy focuses on expanding into new indications for its XTRAC Excimer laser, leveraging revised reimbursement codes that could more than **triple** the available patient population[3](index=3&type=chunk)[4](index=4&type=chunk) - STRATA is strengthening its intellectual property around the combined use of its excimer laser with JAK inhibitors, an emerging treatment paradigm[4](index=4&type=chunk) - In Q2, the company placed **19 new XTRAC devices**, the highest number in six quarters, while removing 21 from underperforming accounts[4](index=4&type=chunk) - Average gross billings per device increased by **2.7%** over the comparable prior-year period to **$5,512**[4](index=4&type=chunk) - The company ended the quarter with **$6.0 million** in cash and was nearly at operating cash flow breakeven after adjusting for a **$1.3 million** tax payment and approximately **$340 thousand** in legal expenses[4](index=4&type=chunk) [Financial Performance](index=2&type=section&id=Financial%20Performance) Q2 2025 revenue decreased 9% to $7.7 million, resulting in a $2.5 million net loss and negative adjusted EBITDA [Q2 2025 Financial Results](index=2&type=section&id=Q2%202025%20Financial%20Results) Q2 2025 revenue declined 9% to $7.7 million, with gross profit at $4.3 million and a net loss of $2.5 million Q2 2025 Key Financial Metrics (vs. Q2 2024) | Metric | Q2 2025 (Millions USD) | Q2 2024 (Millions USD) | YoY Change | | :--- | :--- | :--- | :--- | | Total Revenue | $7.7M | $8.4M | -9% | | Global Recurring Revenue | $5.1M | - | -4% | | Equipment Revenue | $2.5M | - | -18% | | Gross Profit | $4.3M | $5.0M | -14% | | Gross Margin | 56% | ~59% | -3 p.p. | | Operating Expenses | $6.5M | $5.5M | +18% | | Net Loss | ($2.5M) | ($0.1M) | -2400% | | EPS (basic & diluted) | ($0.60) | ($0.03) | -1900% | | Cash and Equivalents | $6.0M | - | - | - The significantly lower net loss in Q2 2024 was partially due to the benefit of **$864 thousand** in funds from the Coronavirus Aid, Relief, and Economic Security ("Cares") act[6](index=6&type=chunk) [Non-GAAP Financial Measures & Reconciliations](index=3&type=section&id=Non-GAAP%20Financial%20Measures%20%26%20Reconciliations) Q2 2025 Non-GAAP Adjusted EBITDA was a loss of $0.76 million, reversing prior-year positive, with XTRAC billings reconciled to GAAP revenue Reconciliation of Net Loss to Non-GAAP Adjusted EBITDA (in thousands) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net loss | $(2,489) | $(99) | | Non-GAAP EBITDA | $(890) | $1,713 | | **Non-GAAP adjusted EBITDA** | **$(762)** | **$1,012** | Reconciliation of XTRAC Gross Billings to GAAP Revenue (in thousands) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Gross domestic recurring billings | $4,652 | $4,735 | | **GAAP domestic revenue** | **$4,417** | **$4,715** | [Consolidated Financial Statements](index=5&type=section&id=Consolidated%20Financial%20Statements) Consolidated statements as of June 30, 2025, show total assets of $30.7 million, liabilities of $30.4 million, and equity of $0.3 million [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets were $30.7 million, with cash at $6.0 million and stockholders' equity significantly reduced to $0.3 million Key Balance Sheet Items (in thousands) | Account | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $5,966 | $7,261 | | Total assets | $30,722 | $36,157 | | Total liabilities | $30,414 | $31,185 | | Total stockholders' equity | $308 | $4,972 | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2025 revenues were $7.7 million, with a gross profit of $4.3 million, leading to a net loss of $2.5 million Statement of Operations Summary - Three Months Ended June 30 (in thousands) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Revenues, net | $7,663 | $8,435 | | Gross profit | $4,306 | $4,977 | | Total operating expenses | $6,530 | $5,463 | | Loss from operations | $(2,224) | $(486) | | **Net loss** | **$(2,489)** | **$(99)** | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities for the six months ended June 30, 2025, increased to $2.5 million, with cash ending at $6.0 million Cash Flow Summary - Six Months Ended June 30 (in thousands) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(2,491) | $(213) | | Net cash used in investing activities | $(138) | $(1,070) | | Net cash provided by financing activities | $0 | $(18) | | **Net decrease in cash** | **$(2,629)** | **$(1,301)** | | **Cash at end of period** | **$5,966** | **$6,817** | [Corporate Information](index=2&type=section&id=Corporate%20Information) This section outlines STRATA's business model, partnership program, earnings call details, and forward-looking statement disclaimers - STRATA is a medical technology company focused on dermatologic conditions, offering products like XTRAC® and VTRAC® through a unique fee-per-treatment partnership program rather than direct equipment sales[15](index=15&type=chunk)[16](index=16&type=chunk) - An earnings conference call was scheduled for 4:30 p.m. ET on August 13, 2025, to discuss the financial results and corporate developments[8](index=8&type=chunk) - The press release contains a "Safe Harbor" statement, cautioning that forward-looking statements are subject to significant uncertainties and risks and are not guarantees of future performance[17](index=17&type=chunk)