Financial Performance - The company reported total revenues of $225.3 million for the three months ended June 30, 2025, a 137.4% increase from $94.9 million in the same period of 2024[380]. - Operating income for the three months ended June 30, 2025, was $10.8 million, a significant turnaround from an operating loss of $232.6 million in the same period of 2024[377]. - Net income attributable to B. Riley Financial, Inc. was $139.5 million for the three months ended June 30, 2025, compared to a loss of $433.6 million in the prior year[377]. - Total revenues for the six months ended June 30, 2025, were $411.4 million, an increase of 4.8% compared to $392.5 million for the same period in 2024[419]. - The company generated net income of $129.5 million for the six months ended June 30, 2025, compared to a net loss of $482.8 million in the same period of 2024[457]. Revenue Breakdown - Wealth Management segment total revenues decreased to $38.6 million in Q2 2025 from $50.9 million in Q2 2024, a decline of 24%[383]. - The Capital Markets segment saw a revenue decrease of $46.3 million to $64.3 million, a decline of 41.9% from $110.6 million in the prior year[424]. - Communications segment revenues decreased by $34.9 million to $123.9 million, a decline of 22.0% from $158.8 million in the prior year[426]. - E-Commerce segment revenues increased by 27.0% to $3.5 million, up from $2.7 million in the previous year[422]. - Revenues from services and fees in the Communications segment decreased to $60.7 million in Q2 2025 from $77.7 million in Q2 2024, a decline of 22%[384]. Investment and Securities - As of June 30, 2025, the total securities and other investments owned amounted to $242.4 million, down from $282.3 million as of December 31, 2024, representing a decrease of approximately 14.1%[363][364]. - The carrying value of public equity securities was $88.9 million as of June 30, 2025, compared to $124.9 million as of December 31, 2024, indicating a decline of about 29%[364]. - The carrying value of private equity securities decreased to $97.9 million as of June 30, 2025, from $107.6 million as of December 31, 2024, reflecting a reduction of approximately 9.5%[364][368]. - The carrying value of Babcock & Wilcox Enterprises, Inc. common stock decreased from $45.0 million as of December 31, 2024, to $26.4 million as of June 30, 2025, a decline of approximately 41.1%[365]. - The carrying value of Double Down Interactive Co., Ltd common stock fell from $43.7 million as of December 31, 2024, to $34.5 million as of June 30, 2025, representing a decrease of about 21.1%[366]. Cash Flow and Financing - Cash used in operating activities was $25.4 million for the six months ended June 30, 2025, a decrease of $272.2 million compared to $246.8 million provided in the same period of 2024[469]. - Cash provided by investing activities was $289.2 million for the six months ended June 30, 2025, compared to $6.7 million in the same period of 2024, primarily due to proceeds from business sales[471]. - Cash used in financing activities was $252.4 million for the six months ended June 30, 2025, compared to $243.5 million in the same period of 2024, primarily due to increased debt-related payments[472]. - The Company had borrowings outstanding of $1.5 billion as of June 30, 2025, including $1.3 billion from senior notes with interest rates ranging from 5.00% to 8.00%[463]. - The company expects to utilize existing cash balances and cash generated from operations to fund debt service obligations over the next twelve months[459]. Expenses and Cost Management - Selling, general and administrative expenses decreased by $35.6 million to $142.4 million in Q2 2025 from $178.0 million in Q2 2024, a reduction of 20%[397]. - Total selling, general and administrative expenses decreased by $47.2 million to $309.8 million during the six months ended June 30, 2025, from $356.9 million in the same period of 2024, a reduction of 13.2%[439]. - Direct cost of services decreased by $42.4 million to $75.9 million, primarily due to a $32.9 million decrease in the Communications segment[437]. - Interest expense decreased by $56.0 million to $2.7 million during the six months ended June 30, 2025, from $58.7 million in the same period of 2024, due to a decrease in securities loaned and loan participations sold[447]. - The impairment charge for the Targus tradename was $1.5 million as of June 30, 2025, reflecting a decline in fair value due to market conditions[374]. Future Outlook and Strategic Initiatives - The Company plans to change its name to BRC Group Holdings, Inc., effective January 1, 2026[372]. - The Company anticipates variability in the sale of additional investments over the next twelve months based on economic value realization and liquidity needs[461]. - The company actively monitors interest rate risk and may consider entering into interest rate hedges to mitigate potential risks[476]. - The company maintains a portfolio of cash equivalents and short-term investments, including common stocks and loans receivable, to maximize income while preserving capital[477]. - The Company completed private exchange transactions on July 11, 2025, exchanging Exchanged Notes for approximately $24.6 million aggregate principal amount of New Notes[462].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 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 Or o 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 001-37503 B. RILEY FINANCIAL, INC. (Exact Name of Registrant as Specified in Its Charter) | | | (State or Other Jur ...

Financial Performance - HeartSciences Inc. reported financial results for the quarter ended October 31, 2025, with a focus on operational performance and business updates[7]. - The press release detailing the financial results is included as Exhibit 99.1 in the Current Report[9]. Company Classification - The company is classified as an emerging growth company under the Securities Act of 1933[6].

Revenue Performance - Net revenue for the three months ended September 30, 2025, was $1,694,174, representing an increase of approximately 21% compared to $1,395,913 for the same period in 2024 [202]. - Net revenue for the nine months ended September 30, 2025, was $5,116,963, reflecting a 5% increase from $4,886,359 in the prior year [203]. Profitability Metrics - Gross profit margin for the three months ended September 30, 2025, improved to 57.7%, up from 54.7% in the same period of 2024 [206]. - Operating loss for the three months ended September 30, 2025, decreased to $(78,288), a 64% improvement from $(218,771) in the prior year [201]. Interest and Other Income - Interest expense for the three months ended September 30, 2025, increased by approximately 123% to $155,310, compared to $69,638 in the same period of 2024 [212]. - Other income for the three months ended September 30, 2025, surged to $492,599, primarily due to an Employee Retention Tax Credit reimbursement of $491,801 [214]. Cash Flow and Financing Activities - Net cash provided by operating activities for the nine months ended September 30, 2025, was $1,478,358, a significant increase of approximately 2,829% from $(54,178) in the prior year [218]. - Cash used in financing activities for the nine months ended September 30, 2025, was $676,164, representing an increase of approximately 891% from $68,206 in the same period of 2024 [220]. Debt and Obligations - The company owes $2,227,366 for the Kirkman acquisition as of September 30, 2025, with a forbearance agreement executed to postpone principal payments [216]. - On November 4, 2025, the company completed a private placement for gross proceeds of $8,000,000, netting approximately $7,360,000 after commissions [221]. - The Company executed a loan agreement for $150,000 with a 12.5% OID, totaling $171,500, and issued 37,500 warrants [223]. - A related party loan agreement was executed for $130,000 with a 20% annual interest rate, due March 11, 2031 [224]. - The Company entered a line of credit agreement for $300,000 with a 27% interest rate, settled in full on January 22, 2024 [224]. - An additional line of credit agreement was established for $100,000 with a 5% interest rate, settled in full on July 7, 2024 [225]. - A short-term debt facility was entered into for $247,634, which is non-interest-bearing and remains outstanding as of September 30, 2025 [226]. Inventory and Asset Management - As of September 30, 2025, the allowance for inventory obsolescence increased by $12,895, resulting in a reserve of $77,722 [228]. - The Company did not recognize impairment losses for long-lived assets during the nine months ended September 30, 2025, and 2024 [229]. Regulatory and Reporting Status - The Company adopted ASU 2023-07 effective December 31, 2024, requiring additional segment reporting disclosures [235]. - The Company is classified as an "emerging growth company" and a "smaller reporting company," with annual revenue less than $100 million [240][244]. - The Company may continue to rely on exemptions from certain disclosure requirements as a smaller reporting company [245].

Financial Performance - Total revenue for Q3 2025 was approximately $109.1 million, with adjusted net revenue of approximately $75.7 million[3] - Net income for the quarter was approximately $41.8 million, while adjusted net income totaled approximately $18.9 million[3] - Investment banking revenue was $53.9 million, while institutional brokerage revenue was $51.6 million for the quarter[14] Capital Management - The company raised approximately $10.5 billion in capital for clients through equity and debt financings during the quarter[2] - Cash and securities as of September 30, 2025, totaled $145.9 million, with no outstanding debt[6] - The company continues to evaluate future returns of capital to shareholders based on available excess capital and business growth prospects[10] Shareholder Returns - The board approved a dividend of $0.40 per common share, amounting to approximately $7.4 million in total distribution[10] Strategic Initiatives - The company maintained a disciplined approach to recruiting, strategically expanding its team to enhance its platform[2] - The upcoming Convergence Conference will focus on the impact of AI and blockchain on the energy sector, reflecting the company's commitment to relevant engagement[2] Revenue Clarity - Adjusted net revenue excludes trading gains and losses, providing a clearer view of the firm's operating performance[4]

Financial Performance - For Q3 2025, B. Riley Securities reported total revenue of approximately $109.1 million and adjusted net revenue of approximately $75.7 million[3]. - Net income for the quarter was approximately $41.8 million, with adjusted net income totaling approximately $18.9 million[3]. - Investment banking revenue was $53.9 million, while institutional brokerage revenue was $51.6 million for the quarter[14]. - Adjusted net revenue excludes trading gains and losses, providing a clearer view of the firm's operating performance[4]. Capital Management - The company raised approximately $10.5 billion in capital for clients through equity and debt financings during the quarter[2]. - B. Riley Securities has a debt-free balance sheet, with cash and securities totaling $145.9 million as of September 30, 2025[10]. - The company plans to evaluate future returns of capital to shareholders based on available excess capital and business growth prospects[10]. Shareholder Returns - The Board approved a dividend of $0.40 per common share, amounting to approximately $7.4 million in total distribution[10]. Strategic Initiatives - The company emphasized a disciplined approach to risk management and recruiting new talent to strengthen its platform[2]. - Upcoming conferences, including the Convergence Conference focusing on AI and blockchain, reflect the company's commitment to high-quality engagement[2].

Exhibit 99.1 NEWS One University Plaza, Suite 307 Hackensack, NJ 07601 Tel: 551-206-8104 Champions Oncology Reports Record Quarterly Service Revenue of $14.9 Million We remain on track to deliver year-over-year revenue growth and to generate positive adjusted EBITDA for the fiscal year Hackensack, NJ – December 15, 2025 – Champions Oncology, Inc. (Nasdaq: CSBR), a leading translational oncology research organization, today announced its financial results for its second quarter of fiscal 2026, ended October ...

Financial Position - HeartSciences reported stockholders' equity of $1,786,689 as of January 31, 2025, which is below the Nasdaq minimum requirement of $2.5 million[177]. - As of the date of the report, the Company has received approximately $1.9 million in net proceeds from the Streeterville Note[182]. - Cash and cash equivalents increased to approximately $2.0 million as of October 31, 2025, up from $1.1 million as of April 30, 2025[208]. - The company expects existing cash to be insufficient to fund operations for the next twelve months, raising substantial doubt about its ability to continue as a going concern[203]. Revenue and Expenses - HeartSciences expects to generate revenues from installation fees, SaaS usage fees, and fees associated with AI-ECG algorithms through the MyoVista Insights platform[172]. - Revenue for the three and six months ended October 31, 2025, was $2,000 and $4,000, respectively, compared to no revenue for the same periods in 2024[196]. - Research and development expenses decreased by $473,000, or 39%, for the three months and $700,000, or 29%, for the six months ended October 31, 2025, compared to the same periods in 2024[197]. - Selling, general, and administrative expenses increased by $562,000, or 71%, for the three months and $589,000, or 36%, for the six months ended October 31, 2025, compared to the same periods in 2024[198]. - Interest expense rose to $280,000 and $463,000 for the three and six months ended October 31, 2025, representing increases of 137% and 231%, respectively, compared to the same periods in 2024[199]. - The company incurred a net loss of $4.4 million for the six months ended October 31, 2025, with an accumulated deficit of $80.5 million[202]. - Net cash used in operating activities was $4.3 million for the six months ended October 31, 2025, primarily due to the net loss[211]. - Net cash provided by financing activities was $5.2 million during the six months ended October 31, 2025, primarily from the issuance of Series D Preferred Stock and warrants[212]. Funding and Stock Issuance - The Company has issued 1,912,383 Units consisting of Series D Preferred Stock and Warrants for gross proceeds of approximately $6.7 million[186]. - The Series D Preferred Stock Offering has a maximum offering amount of $15.0 million, with each Unit priced at $3.50[183]. - The company issued 1,912,383 Units for gross proceeds of approximately $6.7 million during the six months ended October 31, 2025[204]. Regulatory and Product Development - The MyoVista wavECG device was submitted to the FDA for 510(k) premarket clearance in December 2025[175]. - The Company received a "Breakthrough Device" designation from the FDA for its aortic stenosis ECG algorithm in June 2025[181]. - The Company plans to separate FDA submissions for the MyoVista wavECG device and the impaired cardiac relaxation AI-ECG algorithm due to updated clinical standards[173]. Operational Challenges - HeartSciences has experienced recurring losses and negative cash flows from operations, raising substantial doubt about its ability to continue as a going concern[176].

Navan Announces Third Quarter Fiscal Year 2026 Results Third quarter revenue grew 29% year-over-year to $195 million Amy Butte will depart as Chief Financial Officer, effective January 9, 2026 PALO ALTO, CA, December 15, 2025 — Navan, Inc. (NASDAQ: NAVN), the leading all-in-one business travel, payments, and expense management platform, today reported financial results for its third quarter ended October 31, 2025. Management Commentary: "Q3 was a strong debut quarter as a public company for Navan. All parts ...

Revenue and Customer Concentration - AT&T accounted for 25.9% and 24.5% of the company's revenue in fiscal years 2025 and 2024, respectively, while T-Mobile accounted for 19.9% and 22.6%[28]. - Approximately 70% of the company's revenue in fiscal years 2025 and 2024 was derived from the ten largest significant customers[28]. - The loss of any significant customer could harm the company's financial condition, especially given the concentration of revenue from a few key clients[28]. - The company relies heavily on recurring revenue from established customers, but many major customers have no obligation to purchase additional products or services, which could lead to reduced revenue and profits[29]. - Customers in North America accounted for 65.8% of total revenue in fiscal year 2025, while Europe and the rest of the world contributed 15.6% and 18.6%, respectively[164]. Market and Competitive Landscape - The company faces intense competition in the communications information systems market, with competitors having substantial resources and established customer bases[18][19]. - The company is highly dependent on the communications industry, which has faced significant financial pressures and reduced growth rates due to economic downturns and industry consolidation[15][16]. - The company is focusing on enhancing existing products and services, introducing new offerings, and leveraging technologies such as AI and GenAI to meet evolving customer needs[20][25]. - The company is actively pursuing acquisitions to expand its offerings and market diversification, but faces challenges in identifying suitable targets and successfully integrating them[41]. - The company's competitive landscape includes major players in BSS/OSS and CRM systems, as well as system integrators and niche domain players[149]. Economic and Regulatory Environment - The current macroeconomic conditions, including inflation and geopolitical events, have negatively impacted customer spending and engagement levels[16]. - The company must navigate evolving legal and regulatory frameworks related to AI and technology, which may affect its operations and compliance efforts[27]. - The company is subject to stringent data protection laws, including the EU GDPR, which can impose fines of up to 4% of global annual revenues or €20 million for serious violations[43]. - The Indian Parliament passed the Digital Personal Data Protection Act in August 2023, marking a significant development in data protection legislation in India[44]. - Regulatory concerns and geopolitical factors may complicate the approval processes for international transactions, impacting the company's acquisition strategy[41]. Financial Performance - In fiscal year 2025, the company generated revenue of $4.53 billion, a decrease of 9.4% compared to $5.00 billion in fiscal year 2024[174]. - Operating income for fiscal year 2025 was $731.66 million, representing a 16.4% increase from $628.61 million in fiscal year 2024[174]. - Net income attributable to Amdocs Limited for fiscal year 2025 was $564.70 million, reflecting a 14.5% increase from $493.20 million in fiscal year 2024[174]. - Free cash flow for fiscal year 2025 was $645.1 million, calculated as net cash provided by operating activities of $749.1 million less capital expenditures of $104.0 million[194]. - The effective tax rate for the year ended September 30, 2025, is reported at 18.1%, with potential changes due to tax legislation and audits by tax authorities[82]. Technology and Innovation - The company is leveraging AI and GenAI technologies to enhance customer experience, optimize network operations, and improve productivity across its operations[115]. - Amdocs released CES25, a telco-native, GenAI-led customer experience suite, which includes multiple products such as the Customer Engagement Platform and Amdocs Monetization Suite, aimed at enhancing customer experience and operational efficiency[119]. - The company is focused on cloud-native solutions that modernize IT and network stacks, ensuring agility and cost-effectiveness for service providers[125]. - The company is collaborating with major cloud providers like Amazon Web Services and Microsoft Azure to enhance service offerings and drive growth through innovative technologies[119]. - The company is leveraging its expertise in data and AI to help customers integrate these technologies into their business strategies, supporting digital transformations and next-generation networks[133]. Operational Challenges - The company faces challenges in hiring and retaining skilled technology professionals, which could impact its ability to meet customer needs and manage operations effectively[36]. - Increased competition for talent in the technology sector is driving up wage costs, particularly in lower-cost markets, which may affect the company's operational costs[38]. - Cybersecurity threats pose a significant risk to the company's products and services, potentially leading to reputational harm and increased costs if data breaches occur[34]. - System disruptions and failures could lead to customer dissatisfaction and loss, materially affecting the company's reputation and business[76]. - The company relies on third-party vendors for its product and service offerings, which exposes it to potential supply disruptions and increased costs[85]. Environmental, Social, and Governance (ESG) Goals - The company has set multiple ESG goals and targets extending through 2040, which could impact its reputation and customer relationships if not achieved[62]. - The company achieved a 49% reduction in Scope 1 & 2 greenhouse gas emissions and approximately 50% in Scope 3 compared to 2019 levels, surpassing its Science Based Targets Initiative goals[110]. - The company is committed to becoming carbon neutral in its business operations (Scopes 1 and 2) by 2040 and aims to reach 100% electricity from renewable sources by the same year[110]. Acquisitions and Investments - The company completed several acquisitions, including the service assurance business of TEOCO in June 2023 and ProCom Consulting in August 2023, enhancing its network strategy and digital transformation capabilities[103]. - The company completed four business acquisitions for an aggregate net consideration of approximately $84.0 million in cash during fiscal year 2025[202]. - The company has made significant investments in research and development, which may not yield significant revenues for several years, impacting operating results[52]. - The company is pursuing strategic partnerships with major tech firms like NVIDIA, Microsoft, and Amazon Web Services to enhance its offerings and market position[53]. Cash and Debt Management - As of September 30, 2025, the company's cash, cash equivalents, and short-term interest-bearing investments totaled $325 million[87]. - The company had an aggregate of $650 million of outstanding indebtedness as of September 30, 2025, with potential future indebtedness[93]. - Long-term debt and accrued interest totaled $654.8 million, with $4.8 million due in less than one year[209]. - The company has unrecognized tax benefits for uncertain tax positions totaling $170.5 million as of September 30, 2025[210].