Company Overview - Addentax Group Corp. operates primarily through its subsidiaries in China, focusing on garment manufacturing, logistics services, and property management[92]. Logistics Services - The logistics services segment covers 44 cities across 10 provinces and 2 municipalities, with plans to develop 20 additional logistics routes in 2025[103]. - As of September 30, 2024, the logistics services segment expects to improve profits in 2025 through the establishment of an efficient logistics system[103]. - Revenue from logistics services accounted for approximately $0.8 million, or 98.4%, of total revenue for Q3 2025, compared to $1.0 million, or 71.9%, in Q3 2024[132]. - Revenue from logistics services accounted for approximately $1.6 million, or 98.0% of total revenue for the six months ended September 30, 2025, compared to $1.5 million or 66.2% in 2024[156]. - The gross profit margin for logistics services decreased to 27.1% in Q3 2025 from 47.0% in Q3 2024, primarily due to increased toll expenses and a competitive pricing strategy[140]. - Gross profit margin for logistics services decreased to 25.1% for the six months ended September 30, 2025, down from 47.6% in 2024, attributed to higher toll expenses and competitive pricing strategies[164]. Garment Manufacturing - The garment manufacturing business aims to expand its customer base and improve profit, emphasizing exceptional quality and timely delivery[102]. - The company disposed of AOT in May 2025, indicating a strategic shift in its garment manufacturing operations[98]. - Revenue from the garment manufacturing business contributed approximately $0.01 million, or 1.6%, of total revenue for Q3 2025, down from $0.1 million, or 11.1%, in Q3 2024, attributed to decreased order volume and market competition[131]. - Revenue from garment manufacturing contributed $32,831, or 2.0% of total revenue for the six months ended September 30, 2025, down from approximately $0.2 million or 10.7% in 2024[155]. - The company incurred no labor costs in the garment manufacturing business for Q3 2025, as production was outsourced, compared to 24.5% of revenue in Q3 2024[135]. - Labor costs for garment manufacturing represented approximately 24.8% of total revenue for the six months ended September 30, 2025, compared to 23.2% in 2024, reflecting a decrease in revenue[159]. - Gross profit margin for garment manufacturing was 30.5% for the six months ended September 30, 2025, compared to 19.1% in 2024, mainly due to procurement from external manufacturers[163]. Financial Performance - Total revenue for the three months ended September 30, 2025, decreased by approximately $292,207, or 26.3%, compared to the same period in 2024, primarily due to declines in garment manufacturing and logistics services revenue[130]. - Gross profit for the three months ended September 30, 2025, was $225,147, a decrease of $245,933, or 52.2%, from $471,080 in Q3 2024[141]. - Loss from operations for Q3 2025 was $449,848, compared to a loss of $41,512 in Q3 2024, marking an increase in losses of $408,336, or 983.7%[146]. - Net loss for the three months ended September 30, 2025, was approximately $102,837, compared to a net loss of approximately $721,532 in the same period of 2024, reflecting an improvement of $618,695, or 85.7%[151]. - Basic and diluted loss per share for Q3 2025 was ($0.01), compared to ($0.13) for Q3 2024[151]. - Total revenue for the six months ended September 30, 2025, decreased by $38,962, or 2.3%, compared to the same period in 2024, primarily due to a decrease in garment manufacturing revenue[154]. - Gross profit for the six months ended September 30, 2025, was $415,561, a decrease of 43.5% from $735,558 in 2024[165]. - Loss from operations for the six months ended September 30, 2025, was $804,723, an increase of 136.3% compared to a loss of $340,539 in 2024[169]. - Net loss for the six months ended September 30, 2025, was approximately $495,275, a significant improvement from a net loss of $1,942,643 in 2024[174]. - General and administrative expenses increased by approximately 34.3% to $670,352 in Q3 2025 from $499,193 in Q3 2024[144]. - General and administrative expenses increased by approximately 23.4% to $1.2 million for the six months ended September 30, 2025, compared to $1.0 million in 2024[168]. Cash Flow and Financial Position - Net cash used in operating activities for the six months ended September 30, 2025, was approximately $0.97 million, a decrease of $1.5 million compared to the cash provided by operating activities of $0.53 million in the same period of 2024[175]. - Net cash used in investing activities for the six months ended September 30, 2025, was approximately $0.27 million, which was $0.15 million more than the $0.12 million used in the same period of 2024[176]. - Net cash provided by financing activities for the six months ended September 30, 2025, was approximately $1.36 million, an increase of $1.8 million compared to the cash used in financing activities of $0.4 million in the same period of 2024[177]. - As of September 30, 2025, the company had cash on hand of approximately $0.4 million, total current assets of approximately $27.8 million, and current liabilities of approximately $1.1 million[178]. Economic Environment - Economic uncertainty in China has led to increased pricing pressure, impacting sales growth and operating margins[111]. - The company has experienced continued pricing pressure due to significant economic uncertainty in China, affecting client sensitivity to costs[111]. Foreign Currency and Financing - The company is exposed to foreign currency risks due to operations in China, with all sales conducted in RMB, which has appreciated against the U.S. dollar[180]. - The foreign currency translation loss for the six months ended September 30, 2025, was approximately $(0.08) million, compared to a loss of $(0.05) million in the same period of 2024[180]. - The company plans to seek additional equity financing if required for future growth and strategic objectives, as indicated by the CEO[179]. - The company has no off-balance sheet arrangements that could affect its financial condition as of September 30, 2025[181].

Financial Performance - Total revenue increased by 7.3% to €19.6 billion in H1 FY26, driven by service revenue growth and the consolidation of Three UK[7] - Service revenue grew by 8.1% to €16.3 billion, with organic growth of 5.7%, supported by a return to growth in Germany and double-digit growth in Africa[7] - Operating profit decreased by 9.2% to €2.2 billion, impacted by higher depreciation and lower other income from M&A activity[7] - Basic earnings per share from continuing operations was 3.38 eurocents, down from 3.92 eurocents in H1 FY25, primarily due to lower operating profit and higher income tax expense[15] - Cash inflow from operating activities decreased by 9.8% to €5.1 billion, reflecting cash inflows from discontinued operations in the prior period[19] - Total revenue for H1 FY26 decreased by 2.1% to €6.0 billion, with service revenue declining by 1.4%[23] - Adjusted EBITDAaL for Germany in H1 FY26 was €2.2 billion, representing a margin of 36.5%, down from 37.4% in H1 FY25[22] - Total revenue for the UK increased by 27.9% to €4.4 billion, primarily due to the consolidation of Three UK's financial results following the merger[31] - Adjusted EBITDAaL for the UK rose by 25.0% to €0.9 billion, with an organic growth of 5.4%[34] - Vodafone's share of results from associates and joint ventures increased to €182 million, compared to a loss of €40 million in the previous year[64] - Net financing costs decreased to €49 million in H1 FY26 from €277 million in H1 FY25, reflecting an 82.3% improvement[71] - Basic earnings per share from continuing operations decreased to 3.38 eurocents in H1 FY26 from 3.92 eurocents in H1 FY25[77] - Total equity increased by €2.7 billion to €56.6 billion between March 2025 and September 2025[96] - Non-current liabilities decreased by €1.3 billion to €50.6 billion, driven by a €1.9 billion decrease in borrowings[97] - The Group had undrawn revolving credit facilities of €7.5 billion as of 30 September 2025[84] - Vodafone Group reported a revenue of €19,609 million for the six months ended September 2025, an increase of 7.3% compared to €18,276 million in the same period of 2024[194] - The operating profit decreased to €2,162 million, down 9.2% from €2,382 million year-over-year[194] - Profit for the financial period from continuing operations was €1,052 million, a decline of 12.7% compared to €1,205 million in the previous year[194] - Vodafone's total comprehensive income for the financial period was €499 million, significantly lower than €1,939 million in the same period last year[197] - The company’s total assets increased slightly to €128,859 million as of September 30, 2025, compared to €128,521 million at the end of March 2025[200] - Vodafone's non-current liabilities decreased to €50,553 million from €51,851 million, indicating improved financial stability[200] Dividends and Shareholder Returns - Interim dividend per share is 2.25 eurocents, consistent with H1 FY25, with total capital returned to shareholders in FY26 amounting to €1.5 billion[19] - Vodafone expects to grow the FY26 full-year dividend per share by 2.5% as part of a new progressive dividend policy[18] - An interim dividend of 2.25 eurocents per share was declared, consistent with H1 FY25[87] Mergers and Acquisitions - Vodafone completed the acquisition of Telekom Romania Mobile Communications S.A assets for €30 million, increasing local scale and supporting returns growth[12] - Vodafone completed the acquisition of Telekom Romania Mobile Communications S.A., gaining its post-paid customer base and additional spectrum and towers[104] - The Group announced a binding agreement to acquire 100% of Skaylink GmbH for €175 million, with completion expected by March 2026[105] Customer and Market Performance - The company has launched its 'Ask Once' customer service initiative in three markets, aiming to enhance customer experience[12] - Mobile service revenue in Germany grew by 3.3%, driven by higher wholesale revenue, with 10.5 million 1&1 customers successfully migrated by the end of Q2[25] - Vodafone Business service revenue in the UK increased by 0.4%, while organic service revenue decreased by 2.3% due to planned contract terminations[33] - The broadband customer base in Germany declined by 49,000 in H1, while the TV customer base increased by 90,000[27] - Vodafone UK and Three UK merged on 31 May 2025, creating the largest mobile network operator in the UK with 28.8 million customers[37] - The integration of Vodafone and Three UK has led to improved network performance, benefiting 7 million customers with enhanced 4G speeds[38] - In Türkiye, total revenue increased by 15.1% to €1.6 billion, with service revenue growth of 20.3% and organic service revenue growth of 55.6%[46][49] - Vodafone Türkiye added 511,000 mobile contract customers during H1, with a significant reduction in deep detractors by 34%[51] - In Africa, total revenue increased by 6.6% to €4.0 billion, with service revenue growing by 7.9% and organic service revenue up by 13.7%[53][54] - Service revenue in Egypt grew by 42.5% on an organic basis, driven by customer base growth and increased data demand[56] - Vantage Towers reported a revenue increase of 4.9% to €644 million, supported by 1,027 net new tenancies[65] - VodafoneZiggo's total revenue decreased by 3.1% to €2.0 billion, primarily due to a lower broadband customer base and mobile ARPU in Business[67] - Safaricom service revenue grew by 4.8% to €1.3 billion, with organic growth of 10.2% during H1 FY26[68] Regulatory and Compliance - Key risks include adverse changes in macroeconomic conditions, which could lead to reduced customer spending and higher interest rates[107] - Increasing competition may result in price wars and reduced margins, impacting market share and value[107] - The European Commission is reviewing the merger guidelines, with a timeline for completion expected by the end of 2027[134] - The EU Data Act came into force on 12 September 2025, introducing rules for data access and obligations for cloud providers[130] - Vodafone supports the implementation of the Digital Markets Act and Digital Services Act to ensure fair market conditions[131] - The German National Regulatory Authority extended Vodafone's frequency allocations at 800MHz and 2600MHz by five years, with additional coverage obligations[141] - The Ministry of Digital in Germany is proposing amendments to accelerate Fibre to the home rollout, with draft legislation expected by March 2026[143] - The European Commission is preparing a significant overhaul of the EU's cybersecurity framework through the Digital Omnibus Package, expected on 17 November 2025[137] - Vodafone Ltd has commenced the implementation of a spectrum divestment of 78.8MHz to Telefonica UK Ltd, expected to conclude by 2031[146] - Ofcom's updated Annual Licence Fees resulted in a net reduction in fees paid by VodafoneThree, reflecting current market values[147] - VodafoneThree won 800 MHz of spectrum in the 26 GHz band and 1 GHz in the 40 GHz band at an auction, paying £13 million to HM Treasury[148] - Vodafone Greece faced a fine of €342,000 for unlicensed microwave link frequencies, reduced to €228,000 for early payment[159] - Vodafone Albania is preparing to renew its 15 MHz FDD spectrum in the 2100 MHz band, with a focus on securing an affordable price aligned with regional benchmarks[157] - Vodafone Albania has initiated the gradual shutdown of its 3G network, targeting full deactivation by March 2026, with savings of around €0.5 million from the first phase[171] - Vodafone Egypt's spectrum strategy includes a potential acquisition of an additional 10 MHz in the 1800 MHz band and renewal of 40 MHz at 2600 MHz, with an estimated investment of approximately US$1.07 billion[175] - In Greece, the EETT proposed a glidepath for reducing national fixed termination rates from 0.7 ALL/min to 0.07 ALL/min by March 2027, benefiting Vodafone Albania due to higher outgoing traffic[169] - Vodafone Czech Republic will become one of the universal service providers of subsidy to consumers with social needs, valid from January 2026 to December 2028[168] - Vodafone Portugal continues to appeal against €34.8 million in payment notices regarding extraordinary compensation of USO costs from 2007 to 2014[166] Capital Expenditures - Capital additions for the Group in H1 FY26 amounted to €2.8 billion, compared to €2.987 billion in H1 FY25[20] - The company has committed to a $17 billion investment plan focused on expanding fiber coverage and technological advancements[180] - Vodafone Turkiye acquired 100 MHz of spectrum for 5G at a cost of $627 million, with a license duration until December 31, 2042[177]

Revenue Performance - Revenue from customers for the three months ended September 30, 2025, was $0, a decrease of 100% compared to $74,000 in the same period in 2024[92]. - The company has not generated revenue and does not expect to do so until drug candidates are approved[93]. Expenses - Research and development expenses decreased by $1.8 million to $1.1 million for the three months ended September 30, 2025, a reduction of 61% compared to $2.9 million in 2024[92][96]. - General and administrative expenses increased by $2.2 million to $5.7 million for the three months ended September 30, 2025, a rise of 65% compared to $3.4 million in 2024[92][102]. - The company anticipates substantial increases in general and administrative expenses as it expands operations and prepares for potential commercialization of drug candidates[102]. - Stock-based compensation is recognized using a fair value method, with expenses recorded over the vesting period[121]. - Research and development costs are expensed as incurred, including salaries, benefits, and clinical trial costs[122]. - Nonrefundable advance payments for future research and development activities are deferred as prepaid expenses until services are performed[123]. - Accrued liabilities for estimated research and development costs are based on services provided but not yet invoiced[124]. - The company has not experienced material differences between accrued costs and actual costs incurred[125]. Financial Position - Total comprehensive loss for the three months ended September 30, 2025, was $6.2 million, compared to a loss of $5.1 million in 2024, representing an increase of 22%[92][110]. - Cash and cash equivalents as of September 30, 2025, were $73.3 million, an increase of $58.3 million from $15.0 million as of June 30, 2025[112]. - Net cash used in operating activities for the three months ended September 30, 2025, was $9.2 million, an increase of $7.0 million compared to $2.2 million in 2024[112][116]. - Cash provided by financing activities increased by $67.2 million for the three months ended September 30, 2025, due to share issuances under the ATM program[115][118]. - The accumulated deficit as of September 30, 2025, was $164.0 million[110]. Tax Credits and Market Risk - Benefit from R&D tax credit in Australia is recorded within other income, recognized once compliance conditions are met[126]. - As a smaller reporting company, the company omits certain market risk disclosures[127].

Financial Results Announcement - BIT Digital, Inc. will hold a conference call on November 14, 2025, to discuss its financial results for the quarter ended September 30, 2025[7] - The press release regarding the financial results is titled "Bit Digital, Inc. Announces Financial Results for the Third Quarter of Fiscal Year 2025"[9] Company Information - The company is registered under the trading symbol BTBT on the Nasdaq Capital Market[5]

Financial Performance - The Company reported a loss from operations of $206.8 million for Q3 2025, attributed to investments in engineering and strategic initiatives [18]. - The company reported a revenue of $500 million for Q3 2023, representing a 25% increase year-over-year [31]. - The company provided a forward guidance of $600 million in revenue for Q4 2023, indicating a 20% growth compared to Q3 2023 [31]. - The company reported a gross margin of 40%, up from 35% in the previous quarter [31]. - Operating expenses were reduced by 5%, contributing to improved profitability [31]. Product Development and Launch - FX Super One secured over 11,000 non-binding paid pre-orders since its global launch on July 17, 2025 [3]. - The Company finalized its U.S. production assembly plan for FX Super One, entering the trial production phase in Q3 2025 [4]. - FX Super One was launched in the UAE on October 28, 2025, with a price point of approximately $85,000 [9]. - The first U.S. pre-production version of FX Super One is expected to roll off the line by year-end 2025 [22]. - New product launches are expected to contribute an additional $100 million in revenue in the next quarter [31]. Financing and Investment - Financing cash inflow for the nine months ended September 30, 2025, was $135.8 million, a 144% increase from $55.7 million in the same period last year [18]. - Cash on the balance sheet at quarter-end was at the highest level in over two years [5]. - The Company secured $136 million in financing commitments to support its growth strategy and FX Super One launch readiness [14]. - The Company completed a strategic investment of approximately $41 million in Qualigen Therapeutics to enhance its AI technology capabilities [17]. User Growth and Market Expansion - User data showed a growth of 15% in active users, reaching a total of 2 million users [31]. - Market expansion plans include entering three new international markets by the end of 2024 [31]. - A new strategic partnership has been established, projected to increase market share by 10% [31]. - The company is exploring potential acquisitions to enhance its product portfolio and market reach [31]. Operational Developments - FX has established FX Pars in several states, with plans to expand to New Jersey, Florida, and Washington [20]. - The company is investing $50 million in R&D for new technologies aimed at enhancing user experience [31].

Financial Performance - Total revenue for the three months ended September 30, 2025, was $2,382,000, a significant increase from $860,000 in the same period of 2024, representing a growth of 177.7%[16] - Rental revenue for the nine months ended September 30, 2025, reached $6,123,000, compared to $1,581,000 in 2024, marking an increase of 286.5%[16] - The company reported total expenses of $11,828,000 for the three months ended September 30, 2025, compared to $7,799,000 in the same period of 2024, indicating an increase of 51.8%[16] - For the nine months ended September 30, 2025, the net loss increased to $28,392,000 compared to a net loss of $15,622,000 for the same period in 2024, representing an increase of 81.5%[21] - For the three months ended September 30, 2025, total rental revenue was $2,382,000, a decrease from $2,960,000 in the same period of 2024, reflecting a decline of approximately 19.5%[111] - For the nine months ended September 30, 2025, total rental revenue was $6,123,000, down from $7,738,000 in 2024, representing a decrease of approximately 20.9%[114] Assets and Liabilities - Total assets as of September 30, 2025, amounted to $570,775,000, up from $517,591,000 as of December 31, 2024, reflecting a growth of 10.3%[14] - Total liabilities increased to $286,717,000 as of September 30, 2025, from $213,534,000 as of December 31, 2024, representing a rise of 34.2%[14] - Total liabilities increased to $275,219,000 as of September 30, 2025, compared to $203,278,000 as of December 31, 2024, marking a rise of 35.3%[35] - Total debt increased from $183.2 million on December 31, 2024 to $256.7 million on September 30, 2025, with a net debt of $251.4 million[75] Cash Flow and Financing - Cash flows from operating activities resulted in a net cash used of $14,996,000 for the nine months ended September 30, 2025, compared to $8,710,000 for the same period in 2024, indicating a 72.5% increase in cash outflow[21] - Net cash provided by financing activities was $78,004,000 for the nine months ended September 30, 2025, compared to $123,425,000 in 2024, a decrease of 36.8%[21] - The company maintained liquid assets of no less than $10.0 million and a net worth of no less than $110.0 million, in compliance with loan covenants as of September 30, 2025[79] - The company anticipates that its ability to generate cash flows from operations will be a key factor in future liquidity needs[206] Operational Highlights - The company is focused on acquiring and managing commercial real estate within qualified opportunity zones, with at least 90% of its assets consisting of such properties[22] - The company raised aggregate gross offering proceeds of $365.7 million as of September 30, 2025, including $8,403,711 from the Follow-on Offering during the nine months ended September 30, 2025[27] - The company has entered into interest rate protection agreements for its Variable Rate Loans, requiring interest rate caps to limit the impact of increases in the one-month term SOFR[89] - The company is currently evaluating the impact of ASU No. 2024-03 and ASU No. 2025-03 on its consolidated financial statements, which will be effective for fiscal years beginning after December 15, 2026[41][42] Development Projects - Aster & Links, a mixed-use luxury development, was acquired for an aggregate purchase price of $20.7 million, with an additional adjacent parcel acquired for $4.9 million[135] - VIV, located in downtown St. Petersburg, was acquired for $12.1 million and is approximately 97.7% complete as of September 30, 2025, with leasing commencing in October 2025[147] - The company acquired a 3.2-acre site in Nashville for $19.7 million, with plans for a mixed-use development including up to 300 residential units[163] - The company plans to redevelop 690/1106 Davidson Street into a mixed-use residential community after successful rezoning[173] Management and Expenses - Management fees for the three months ended September 30, 2025, amounted to $830,000, slightly lower than $672,000 in the same period of 2024[53] - Employee reimbursement expenditures to affiliates for the nine months ended September 30, 2025, totaled $1.4 million, compared to $0.9 million in 2024, indicating increased operational costs[62] - General and administrative expenses increased by $0.4 million to $1.305 million, primarily due to higher legal expenses[187] Interest and Debt - Interest expense for the three months ended September 30, 2025, was $4,846,000, compared to $3,331,000 in the same period of 2024, reflecting an increase of 45.5%[16] - Interest expense for the nine months ended September 30, 2025, totaled $12.072 million, up from $5.757 million in 2024, due to a higher average outstanding debt balance[198] - A loss on extinguishment of debt of $3.0 million was recorded during the nine months ended September 30, 2025, related to the Aster & Links Refinance Transactions[203] Segment Reporting - Segment reporting has been revised into Commercial and Mixed-use Segments, reflecting the company's operational structure[179] - Total Segment NOI for the three months ended September 30, 2025, was $(584,000), compared to $(551,000) for the same period in 2024, indicating a slight increase in losses[111] - Mixed-use Segment NOI increased by $0.2 million, attributed to the stabilization of Aster & Links, which was in its initial lease-up phase last year[185]

FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of November 2025 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Commission File Number 001-34919 SUMITOMO MITSUI FINANCIAL GROUP, INC. (Translation of registrant's name into English) 1-2, Marunouchi 1-chome, Chiyoda-ku, Tokyo 100-0005, Japan (Address of principal executive offices) Indicate by check mark whether the registrant files or ...

Financial Performance - Revenues increased from $2,834,512 for the three months ended September 30, 2024, to $6,093,832 for the three months ended September 30, 2025, an increase of approximately 114.99%[190] - Gross profit for the three months ended September 30, 2025, was $2,959,643, an increase of $1,611,714, or 119.57%, compared to $1,347,929 for the same period in 2024[191] - Sales increased from $7,655,285 for the nine months ended September 30, 2024, to $20,718,858 for the nine months ended September 30, 2025, an increase of approximately 170.65%[199] Expenses - Selling, general and administrative expenses increased to $2,481,580 for the three months ended September 30, 2025, from $1,864,245 for the same period in 2024, an increase of approximately 33.11%[193] - Research and development costs for the three months ended September 30, 2025, were $699,319, an increase of $126,897 or 22.17% compared to $572,422 for the same period in 2024[195] - Cost of goods sold increased from $4,367,639 for the nine months ended September 30, 2024, to $15,708,466 for the nine months ended September 30, 2025, an increase of 259.66%[200] - Research and development costs for the nine months ended September 30, 2025, were $2,097,787, an increase of $788,488, or 60.22%, compared to $1,309,299 for the same period in 2024[203] Net Loss - Net loss for the three months ended September 30, 2025, was $188,373, compared to a net loss of $1,189,683 for the same period in 2024[198] - The Company reported a net loss of $3,800,519 for the nine months ended September 30, 2025, compared to a net loss of $7,421,118 for the same period in 2024[207] Cash Flow - Net cash used in operating activities for the nine months ended September 30, 2025, was $5,259,588, an increase from $4,128,869 in the same period of 2024[208][209] - Net cash used in investing activities for the nine months ended September 30, 2025, was $5,670,128, compared to $3,275,342 in 2024, primarily for equipment purchases and the Titan Asset Acquisition[210] - Net cash from financing activities for the nine months ended September 30, 2025, was $926, a significant decrease from $1,754,735 in 2024, which was mainly from the issuance of common shares[211][212] Financial Position - As of September 30, 2025, the company had cash and cash equivalents of $8,387,194 and working capital of $14,017,641, down from $19,315,984 and $26,795,745 respectively as of December 31, 2024[213] - The accumulated deficit increased to $24,812,646 as of September 30, 2025, from $21,012,127 at the end of 2024[213] - The company believes it can meet its obligations and capital requirements for the next 12 months based on current cash and forecasted cash flows[213] Accounting and Compliance - There have been no significant changes to critical accounting policies during the nine-month period ended September 30, 2025[215] - The company regularly assesses the impact of changes in laws and regulations on its financial results[216] - No off-balance sheet transactions were reported[217] - Smaller reporting companies are not required to provide market risk disclosures[218] Strategic Initiatives - The Company is strategically investing in building long-term business relationships with global network operators by providing innovative, carrier-grade ORAN true 5G radios and high-performance private 5G solutions[192]

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 September 30, 2025 (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) OR ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to _________ Commission file nu ...

Financial Performance - Total revenue for Q3 2025 was $3,280,894, a decrease of 6.67% compared to $3,515,317 in Q3 2024[23] - Service revenue for Q3 2025 was $3,164,369, down from $3,380,913 in Q3 2024, reflecting a decline of 6.39%[23] - Net loss for Q3 2025 was $12,467,609, compared to a net loss of $210,523 in Q3 2024, indicating a significant increase in losses[23] - Operating income (loss) for Q3 2025 was $(16,166,330), compared to $(124,500) in Q3 2024, showing a substantial decline in operational performance[23] - The company reported a comprehensive loss of $12,468,416 for Q3 2025, compared to a comprehensive loss of $210,606 in Q3 2024, highlighting the worsening financial situation[23] - Net income attributable to DISH Network for the nine months ended September 30, 2025, was a loss of $12,930,195 thousand, compared to a loss of $432,563 thousand for the same period in 2024[29] - Cash flows from operating activities for the nine months ended September 30, 2025, were $155,099 thousand, a decrease from $874,490 thousand in 2024[29] Assets and Liabilities - Total current assets increased to $2,618,759 as of September 30, 2025, up from $2,479,266 as of December 31, 2024, representing a growth of 5.65%[21] - Total liabilities decreased slightly to $38,207,302 as of September 30, 2025, from $38,510,835 as of December 31, 2024[21] - Cash and cash equivalents increased to $1,118,957 as of September 30, 2025, compared to $476,075 as of December 31, 2024, marking a growth of 134.88%[21] - Total stockholder's equity (deficit) was $(7,499,571) as of September 30, 2025, down from $5,683,674 as of December 31, 2024, indicating a deterioration in equity position[21] - The company reported a balance of cash, cash equivalents, and restricted cash of $1,321,756 thousand at the end of the period, down from $2,540,692 thousand in 2024[29] - The company reported a total of $1,283,916 thousand in remeasured right of use asset and liability as of September 30, 2025[104] Impairments and Adjustments - The company reported an impairment of $16,036,001 in Q3 2025, which significantly impacted overall financial results[23] - The company recognized impairments and other adjustments totaling $16,036,001 thousand for the nine months ended September 30, 2025[29] - During Q3 2025, DISH Network recorded total impairments of $16.036 billion, primarily related to the Wireless segment[70] - The company incurred $5.487 billion in impairments for property and equipment, net, during the three and nine months ended September 30, 2025[70] Debt and Financing - As of September 30, 2025, DISH Network has $2.0 billion of debt maturing in July 2026 and $1.119 billion in cash and cash equivalents[57] - The aggregate principal amount outstanding of the 11 3/4% Senior Secured Notes due November 15, 2027 is $3.5 billion, secured by 600 MHz Licenses[40] - The DISH 2021 Intercompany Loan Payoff includes $2.844 billion due to DISH DBS as of September 30, 2025[39] - The company borrowed an additional principal amount of $645 million under the EchoStar 2024 Intercompany Loan during the three months ended September 30, 2025, and $2.202 billion during the nine months ended September 30, 2025[8] - The total carrying amount of the DISH 2021 Intercompany Loan 2026 Tranche is $4,767,289 thousand, which is deemed to be its fair value[8] - The company made interest payments in kind of $87 million and $182 million for the three and nine months ended September 30, 2025, respectively[8] Spectrum and Regulatory Matters - The AT&T License Purchase Agreement includes the sale of spectrum licenses for an aggregate purchase price of $22.650 billion, subject to adjustments[37] - The FCC review led to the decision to sell a material amount of spectrum licenses to comply with regulatory obligations[34] - The company has invested over $30 billion in Wireless spectrum licenses, with $24 billion remaining prior to the impairments[78] - The FCC has conditionally extended the 5G deployment deadlines for certain Wireless spectrum licenses to December 14, 2026[79] - The final construction deadline for certain licenses has been extended to December 14, 2026, contingent on meeting specific build-out commitments[179] Legal Proceedings - ClearPlay filed a complaint alleging infringement of five patents related to the AutoHop™ feature, with a jury awarding damages of $469 million, which was later vacated[199] - The United States Patent and Trademark Office invalidated all claims of the 282 patent and certain claims of the 784 and 318 patents, with ClearPlay appealing the decisions[196] - DISH Network L.L.C. filed petitions for reexamination of the 784, 799, 318, and 970 patents, with the Patent Office confirming the patentability of the challenged claims[197] - DISH Network intends to vigorously defend against patent infringement claims, which could result in substantial damages or injunctions requiring modifications to current features[200][205][214] - A putative class action was filed against DISH Network related to a cybersecurity incident, with ten additional complaints consolidated[201] - The court dismissed eight of the eleven named plaintiffs in the cybersecurity class action, with the case concluding after a settlement[202] Subscriber Metrics - As of September 30, 2025, DISH Network had 7.166 million Pay-TV subscribers, including 5.171 million DISH TV subscribers and 1.995 million SLING TV subscribers[74] - The Wireless segment reported 7.520 million subscribers as of September 30, 2025[75]