UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q 32275 N.W. Hillcrest, North Plains, Oregon 97133 (Address Of Principal Executive Offices) (Zip Code) (503) 647-0110 (MARK ONE) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED NOVEMBER 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 ...

Financial Performance - Net income available to common shareholders for Q3 2025 was $89.1 million, a significant improvement from a net loss of $(286.4) million in Q3 2024[6] - Total revenues for Q3 2025 reached $277.9 million, compared to $175.4 million in Q3 2024, reflecting a year-over-year increase of approximately 58.5%[7] - Adjusted EBITDA for Q3 2025 was $112.2 million, a turnaround from $(89.5) million in Q3 2024[7] - Operating income for the three months ended September 30, 2025, was $65.4 million, compared to an operating loss of $82.2 million in the same period of 2024[26] - Net income attributable to the Registrant for the three months ended September 30, 2025, was $91.1 million, a significant improvement from a net loss of $284.4 million in the same period of 2024[26] - Basic income per common share for continuing operations was $2.97 for the three months ended September 30, 2025, compared to a loss of $5.02 in the same period of 2024[27] Revenue Segments - The Capital Markets segment generated revenues of $116.2 million in Q3 2025, up from $(24.7) million in the same period last year, with segment income increasing to $60.7 million from $(62.3) million[11] - Wealth Management segment revenues decreased to $42.4 million in Q3 2025, down from $50.1 million in Q3 2024, but segment income improved to $7.2 million from $0.8 million[11] - The Communications segment reported revenues of $60.4 million in Q3 2025, down from $67.6 million in the same prior year period, with segment income of $12.0 million[11] Debt and Assets - Total debt as of Q3 2025 was $1.44 billion, with net debt reduced to $702.9 million, down from $1.06 billion at the end of 2024[7] - Total assets as of September 30, 2025, were $1.67 billion, a decrease from $1.78 billion as of December 31, 2024[24] - Total liabilities as of September 30, 2025, were $1.88 billion, down from $2.24 billion as of December 31, 2024[24] - Cash and cash equivalents increased to $184.2 million as of September 30, 2025, from $146.9 million as of December 31, 2024[24] - The company’s accumulated deficit decreased to $850.1 million as of September 30, 2025, from $1.07 billion as of December 31, 2024[24] Trading and Investments - The company reported trading gains of $53.0 million for the three months ended September 30, 2025, compared to a loss of $1.2 million in the same period of 2024[26] - The company reported trading losses of $53.0 million for the three months ended September 30, 2025, compared to trading gains of $1.2 million in the same period of 2024[31] - Fair value adjustments on loans resulted in a loss of $1.3 million for the three months ended September 30, 2025, contrasting with a gain of $71.5 million in the same period of 2024[31] - Total investments as of September 30, 2025, amounted to $406.7 million, a decrease from $432.6 million as of December 31, 2024[33] Compliance and Future Plans - The company filed three Form 10-Qs for Q1, Q2, and Q3 2025 within 120 days, achieving NASDAQ compliance ahead of the deadline[5] - The company plans to continue focusing on market expansion and new product development to drive future growth[26] - The company plans to focus on market expansion and new product development to drive future growth, although specific details were not disclosed in the earnings call[31]

Financial Performance - Net income available to common shareholders for Q3 2025 was $89.1 million, a significant improvement from a net loss of $(286.4) million in Q3 2024[6]. - Total revenues for Q3 2025 reached $277.9 million, compared to $175.4 million in Q3 2024, reflecting a year-over-year increase of approximately 58.5%[7]. - Operating income for the three months ended September 30, 2025, was $65.4 million, compared to an operating loss of $82.2 million in the same period of 2024[26]. - Net income attributable to the Registrant for the three months ended September 30, 2025, was $91.1 million, a significant improvement from a net loss of $284.4 million in the same period of 2024[26]. - Basic income per common share for continuing operations was $2.97 for the three months ended September 30, 2025, compared to a loss of $5.02 in the same period of 2024[27]. - Adjusted EBITDA for Q3 2025 was $112.2 million, a turnaround from $(89.5) million in Q3 2024[7]. - The company reported trading gains of $53.0 million for the three months ended September 30, 2025, compared to a loss of $1.2 million in the same period of 2024[26]. - The company reported trading losses of $53.0 million for the three months ended September 30, 2025, compared to gains of $1.2 million in the same period of 2024[31]. - Fair value adjustments on loans resulted in a loss of $1.3 million for the three months ended September 30, 2025, compared to a gain of $71.5 million in the same period of 2024[31]. Revenue Segments - Operating revenues were $244.1 million in Q3 2025, slightly down from $253.1 million in Q3 2024[7]. - The Capital Markets segment generated revenues of $116.2 million in Q3 2025, up from $(24.7) million in the same period last year, with segment income increasing to $60.7 million from $(62.3) million[11]. - Wealth Management segment revenues decreased to $42.4 million in Q3 2025, down from $50.1 million in Q3 2024, but segment income improved to $7.2 million from $0.8 million[11]. Debt and Assets - Total debt as of Q3 2025 was $1.44 billion, with net debt reduced to $702.9 million, down from $1.06 billion at the end of 2024[7]. - Total assets as of September 30, 2025, were $1.67 billion, a decrease from $1.78 billion as of December 31, 2024[24]. - Total liabilities as of September 30, 2025, were $1.88 billion, down from $2.24 billion as of December 31, 2024[24]. - Cash and cash equivalents increased to $184.2 million as of September 30, 2025, from $146.9 million as of December 31, 2024[24]. - The company’s accumulated deficit decreased to $850.1 million as of September 30, 2025, from $1.07 billion as of December 31, 2024[24]. - Total investments as of September 30, 2025, amounted to $406.7 million, a decrease from $432.6 million as of December 31, 2024[33]. - Net debt as of September 30, 2025, was $702.9 million, down from $1,063.7 million as of December 31, 2024, indicating a reduction of 34%[33]. - The company’s total debt as of September 30, 2025, was $1.4 billion, down from $1.8 billion as of December 31, 2024[33]. Compliance and Management - The company filed three Form 10-Qs for Q1, Q2, and Q3 2025 within 120 days, achieving NASDAQ compliance ahead of the deadline[5]. - B. Riley Wealth managed over $13 billion in client assets as of September 30, 2025[11]. - The company is focused on comprehensive transformation efforts across its businesses and operations to enhance its position for 2026[4]. - The company plans to focus on market expansion and new product development to drive future growth[30].

Financial Performance - Net income available to common shareholders for Q3 2025 was $89.1 million, a significant improvement from a net loss of $(286.4) million in Q3 2024[6]. - Total revenues for Q3 2025 reached $277.9 million, compared to $175.4 million in Q3 2024, reflecting a year-over-year increase of approximately 58.5%[7]. - Operating income for the three months ended September 30, 2025, was $65.4 million, compared to an operating loss of $82.2 million in the same period of 2024[26]. - Net income for the three months ended September 30, 2025, was $95.6 million, a significant improvement from a net loss of $287.6 million in the same period of 2024[26]. - Basic income per common share for continuing operations was $2.97 for the three months ended September 30, 2025, compared to a loss of $5.02 in the same period of 2024[27]. - The company reported trading gains of $53.0 million for the three months ended September 30, 2025, compared to a loss of $1.2 million in the same period of 2024[26]. - The company experienced a significant improvement in income from continuing operations, reporting $97,419,000 for the three months ended September 30, 2025, compared to a loss of $150,611,000 in the same period of 2024[31]. Revenue Segments - Operating revenues were $244.1 million in Q3 2025, slightly down from $253.1 million in Q3 2024[7]. - The Capital Markets segment generated revenues of $116.2 million in Q3 2025, up from $(24.7) million in the same period last year, with segment income increasing to $60.7 million from $(62.3) million[11]. - Wealth Management segment revenues decreased to $42.4 million in Q3 2025, down from $50.1 million in Q3 2024, while segment income improved to $7.2 million from $0.8 million[11]. - Total revenues for the three months ended September 30, 2025, reached $277,871,000, a significant increase from $175,364,000 in the same period of 2024, representing a growth of 58.5%[29]. Debt and Assets - Total debt as of Q3 2025 was $1.44 billion, with net debt reduced to $702.9 million, down from $1.06 billion at the end of 2024[7]. - Total assets as of September 30, 2025, were $1.67 billion, a decrease from $1.78 billion as of December 31, 2024[23]. - Total liabilities as of September 30, 2025, were $1.88 billion, down from $2.24 billion as of December 31, 2024[23]. - Cash and cash equivalents increased to $184.2 million as of September 30, 2025, from $146.9 million as of December 31, 2024[23]. - The company’s accumulated deficit decreased to $850.1 million as of September 30, 2025, from $1.07 billion as of December 31, 2024[23]. - Total investments as of September 30, 2025, amounted to $406,710,000, a decrease from $432,616,000 as of December 31, 2024[33]. - Net debt as of September 30, 2025, was $702,902,000, down from $1,063,684,000 as of December 31, 2024[33]. - Total debt as of September 30, 2025, was $1,443,402,000, compared to $1,774,340,000 as of December 31, 2024[33]. Compliance and Future Plans - The company filed three Form 10-Qs for Q1, Q2, and Q3 2025 within 120 days, achieving NASDAQ compliance ahead of the deadline[5]. - The company is focused on comprehensive transformation efforts across its businesses, operations, and balance sheet to enhance its position for 2026[4]. - The company plans to continue focusing on market expansion and new product development to drive future growth[26]. Adjusted Metrics - Adjusted EBITDA for Q3 2025 was $112.2 million, a turnaround from $(89.5) million in Q3 2024[7]. - Adjusted EBITDA for the three months ended September 30, 2025, was $112,204,000, a recovery from a loss of $89,524,000 in the same period of 2024[31]. - Operating Adjusted EBITDA for the three months ended September 30, 2025, was $57,951,000, compared to $12,011,000 in the same period of 2024[31].

Financial Agreements - The company entered into a loan and security agreement with Eclipse Business Capital, providing a senior secured revolving loan facility of up to $15.0 million[29]. - The EBC Credit Agreement includes a capital expenditure limitation of $2.5 million during any fiscal year[32]. Product Offerings and Market Strategy - The company aims to provide a broad selection of products and solutions, focusing on rapid and flexible design and manufacturing services[34]. - The RF Connector division carries over 1,500 different types of connectors, which are used in thousands of devices, ensuring sales stability across product lines[45]. - The company has integrated the former C Enterprises division into the RF Connector division, enhancing its product offerings[44]. - The company plans to grow through strategic acquisitions to increase customer penetration and diversify its customer base[42]. - The company focuses on passive products, expanding its portfolio of integrated solutions for key markets such as wireless and public safety communications[39]. - The company designs and manufactures a variety of coaxial connectors and cable assemblies for numerous applications, including 5G and military/aerospace[54]. Operations and Manufacturing - The company operates manufacturing and distribution locations in California and the Northeastern United States to optimize delivery times and reduce costs[36]. - The company employed 289 full-time employees as of October 31, 2025, with 208 in manufacturing, distribution, and assembly[77]. - The company does not own or directly operate any manufacturing operations or sales offices in foreign countries[66]. Sales and Market Performance - Net sales to foreign customers accounted for $6,750,000 (approximately 8%) of total net sales for the fiscal year ended October 31, 2025, compared to $6,014,000 (approximately 9%) for the fiscal year ended October 31, 2024[65]. - As of October 31, 2025, the estimated backlog of unfilled firm orders was approximately $15.5 million, down from approximately $19.5 million as of October 31, 2024[75]. - Sales through independent distributors accounted for approximately 28% of net sales for the fiscal year ended October 31, 2025[67]. Compliance and Quality Assurance - The Cables Unlimited division is a member of the Corning Cable Systems CAH Connections SM Gold Program, authorized to manufacture fiber optic products backed by Corning's extended warranty[69]. - The company has ten U.S. patents related to the CompPro Product Line, which utilizes patented compression technology for improved system reliability[78]. - The company has not experienced significant warranty claims to date, although there is no assurance against future claims[83]. - The company believes that raw materials used in its products are readily available and is not currently dependent on any supplier for its raw materials[72]. - The company’s products are designed to meet all known existing or proposed governmental regulations, and it is currently compliant with environmental regulations[86][88].

Financial Performance - Net sales for Q4 2025 were $22.7 million, a 23% increase from $18.5 million year-over-year and a 15% increase from $19.8 million in Q3 2025[6] - For the full fiscal year 2025, net sales reached $80.6 million, a 24% increase compared to $64.9 million in fiscal year 2024[8] - Net sales for the three months ended October 31, 2025, increased to $22,686 million, up 23.5% from $18,453 million in the same period of 2024[21] - Gross profit for the fiscal year ended October 31, 2025, was $26,736 million, representing a 41.9% increase compared to $18,871 million in 2024[21] - Consolidated net income for Q4 was $174,000, or $0.02 per diluted share, compared to a net loss of $238,000, or $0.02 per diluted share, in the previous year[6] - Consolidated net income for the fiscal year ended October 31, 2025, was $75 million, compared to a loss of $6,599 million in 2024[21] - Non-GAAP net income for the three months ended October 31, 2025, was $2,148 million, compared to $394 million in the same period of 2024[23] - Basic earnings per share for the three months ended October 31, 2025, was $0.02, compared to a loss of $0.02 per share in the same period of 2024[21] Profitability Metrics - Gross profit margin improved to 37%, up approximately 600 basis points from 31% in the prior year quarter[6] - Adjusted EBITDA for Q4 was $2.6 million, representing 11.5% of net sales, exceeding the target of 10%[7] - Adjusted EBITDA for the fiscal year ended October 31, 2025, reached $6,147 million, a substantial increase from $838 million in 2024[25] Operational Efficiency - The backlog at the end of Q4 was $15.5 million, with bookings of $18.5 million, while the current backlog stands at $12.4 million[6] - Inventory decreased by 7% to $13.7 million year-over-year due to improvements in procurement and supply chain processes[6] - The company reduced net debt by $4.6 million compared to the same period last year[8] Future Strategy - The company aims to transition from a product seller to a technology solutions provider, focusing on diversifying end markets and launching new products in fiscal 2026[8] Cash Position - Cash and cash equivalents at year-end were $5.1 million, up from $839,000 in the previous year[19] Expenses - Total operating expenses for the three months ended October 31, 2025, were $7,448 million, up from $5,687 million in 2024, reflecting a 31% increase[21] Tax Provision - The company reported a provision for income taxes of $478 million for the three months ended October 31, 2025, compared to $30 million in the same period of 2024[23] Share Information - The weighted average shares outstanding for diluted earnings was 10,980,051 for the three months ended October 31, 2025[23]

Exhibit 99.3 Form of Release to Stock Exchanges Infosys Logo Infosys Limited Regd. office: Electronics City, Hosur Road, Bengaluru 560 100, India CIN : L85110KA1981PLC013115 Website: www.infosys.com email: investors@infosys.com T: 91 80 2852 0261, F: 91 80 2852 0362 Statement of Consolidated Audited Results of Infosys Limited and its subsidiaries for the quarter and nine months ended December 31, 2025 prepared in compliance with the Indian Accounting Standards (Ind-AS) | | | | | (in crore, except per equity ...

Financial Performance - Citigroup reported a consolidated net income of $4.5 billion for Q4 2025, reflecting a 10% increase year-over-year[1]. - Total Citigroup revenues reached $20 billion in Q4 2025, with net interest income (NII) contributing $12 billion, up 8% from the previous year[1]. - Citigroup reported net revenues of $21,596 million for Q4 2025, a 10% increase from Q4 2024, and full-year revenues of $85,225 million, reflecting a 6% increase compared to FY 2024[2]. - Citigroup's net income for Q4 2025 was $4,064 million, a 34% decrease from Q4 2024, while full-year net income reached $14,306 million, a 13% increase from FY 2024[2]. - Citigroup's net income for FY 2025 was $14,306 million, reflecting a 13% increase from FY 2024[7]. - Total Citigroup reported revenues for FY 2025 reached $85.225 billion, reflecting a 6% increase compared to FY 2024's $80.722 billion[93]. - Total Citigroup Net Income for FY 2025 was reported at $14.306 billion, reflecting a 13% increase compared to FY 2024's $12.682 billion[97]. Revenue Breakdown - Non-Interest Revenues (NIR) accounted for $8 billion, representing a 12% increase compared to Q4 2024[1]. - Total non-interest revenues (NIR) decreased by 4% to $25,433 million in FY 2025 compared to FY 2024[7]. - Services revenue for Q4 2025 reached $5,942 million, an increase of 11% from Q3 2025 and 15% year-over-year[15]. - Corporate lending revenues for Q4 2025 were $938 million, a decrease of 5% from Q3 2025 but a significant increase of 197% year-over-year[104]. - Legacy franchises revenues for FY 2025 were $5,512 million, a 19% decrease from FY 2024[101]. Operating Expenses - Citigroup's total operating expenses for Q4 2025 were $14 billion, which is a 4% increase year-over-year[1]. - Operating expenses for Q4 2025 were $13,425 million, up 6% year-over-year, with full-year operating expenses totaling $55,132 million, a 3% increase from FY 2024[2]. - Total operating expenses for FY 2025 were reported at $55.132 billion, a 3% increase from FY 2024's $53.567 billion[95]. - Total operating expenses for FY 2025 were $6,040 million, a 14% decrease from FY 2024[104]. Capital and Assets - The Common Equity Tier 1 (CET1) capital ratio stood at 12.5%, indicating a strong capital position[1]. - The Common Equity Tier 1 (CET1) Capital ratio stood at 13.41% for Q4 2025, while the Tier 1 Capital ratio was 15.10%[3]. - Total assets increased to $2,571.5 billion in Q4 2025, reflecting a 13% increase from the previous year[2]. - Total end-of-period assets reached $86 billion in Q4 2025, a 16% increase from Q4 2024[49]. Loans and Deposits - Total loans reached $702.1 billion in Q4 2025, marking an 8% increase year-over-year, while total deposits were $1,316.4 billion, a 9% increase from Q4 2024[2]. - Total end-of-period loans as reported for Q4 2025 were $752 million, an 8% increase from Q4 2024's $695 million[93]. - Total end-of-period deposits as reported for Q4 2025 reached $1.404 billion, a 9% increase from Q4 2024's $1.285 billion[93]. Credit Losses and Provisions - The allowance for credit losses (ACL) was reported at $3 billion, with a decrease of 5% from the previous quarter[1]. - Net credit losses (NCLs) for Q4 2025 were $2,459 million, a 1% increase from Q4 2024, with total NCLs for FY 2025 at $9,097 million, a 1% increase compared to FY 2024[2]. - The total allowance for credit losses (ACL) was $19,247 million, with a ratio of 2.58%[76]. - The net credit losses (NCLs) for the quarter were $(2,190) million, showing a 1% decrease compared to $(2,234) million in the previous quarter[79]. Strategic Initiatives - The company plans to expand its wealth management services, targeting a 15% growth in client assets by 2026[1]. - Citigroup is investing in new technology platforms, with a budget of $1 billion allocated for digital transformation initiatives in 2026[1]. - Citigroup's market expansion strategy includes entering three new international markets by the end of 2026[1]. Efficiency and Returns - The efficiency ratio improved to 62.2% in Q4 2025, compared to 67.1% in Q4 2024, indicating better cost management[2]. - The return on common equity (RoCE) for FY 2025 is 8.0%, compared to 5.1% in FY 2024, indicating a significant improvement[90]. - The return on tangible common equity (RoTCE) for FY 2025 was 11.6%, an increase of 250 basis points from 9.1% in FY 2024[24].

Financial Performance - Net sales for the three months ended September 30, 2025, increased to $278.7 million, up 6.7% from $261.7 million in the same period of 2024[8] - Gross profit for the nine months ended September 30, 2025, was $321.1 million, slightly up from $319.9 million in 2024, indicating a stable gross margin[8] - Operating income for the three months ended September 30, 2025, was $38.5 million, a decrease of 4.9% compared to $40.5 million in 2024[8] - Net income attributable to shareholders for the three months ended September 30, 2025, was $14.8 million, significantly higher than $4.8 million in the same period of 2024, reflecting a 208.3% increase[8] Assets and Liabilities - Total assets as of September 30, 2025, amounted to $1,471.2 million, an increase from $1,420.6 million as of December 31, 2024[5] - Current liabilities increased slightly to $233.3 million as of September 30, 2025, compared to $230.5 million at the end of 2024[5] - Cash and cash equivalents decreased to $177.3 million from $178.5 million at the end of 2024, indicating a slight reduction in liquidity[5] - Total equity increased to $149.4 million as of September 30, 2025, compared to $94.4 million at the end of 2024, reflecting improved financial health[5] Cash Flow and Expenses - The company reported a net cash provided by operating activities of $18.1 million for the nine months ended September 30, 2025, down from $39.0 million in 2024[10] - The company incurred interest expense of $50.9 million for the nine months ended September 30, 2025, down from $75.2 million in the same period of 2024, indicating reduced borrowing costs[8] Equity and Deficits - The total accumulated deficit as of September 30, 2024, was $677.2 million, reflecting a decrease from $694.8 million as of March 31, 2024[14] - The company’s total equity as of September 30, 2024, was $128.8 million, an increase from $100.7 million at the end of June 2024[14] Acquisitions and Market Expansion - The company has expanded its global operations through strategic acquisitions, enhancing its portfolio with innovative solutions for lifting and rigging[16] - Recent acquisitions include Gunnebo Industries and Verton Technologies, which introduced advanced products that enhance safety and efficiency in lifting operations[16] - The company serves a wide array of end markets including oil & gas, industrial, construction, infrastructure, and mining, with a geographical reach spanning North America, Europe, the Middle East, Asia, and Latin America[17] Revenue Recognition and Credit Management - The company recognizes revenue under ASC 606, with the majority generated from the sale of standard products, recognized at the point of shipment or delivery[26][27] - The company’s allowance for current expected credit losses has historically not been significant, indicating effective credit risk management[34] Assets and Liabilities Management - The Company utilizes the "last-in, first-out" (LIFO) method for inventory accounting at certain U.S. locations, while the "first-in, first-out" (FIFO) method is used for all other locations[36] - The estimated useful lives for property, plant, and equipment range from 3 to 50 years, depending on the asset class[38] - The Company recognizes lease liabilities at the present value of remaining lease payments for leases with terms greater than twelve months[41] - Goodwill and other indefinite-lived intangible assets are tested annually for impairment, with no impairment losses recognized as of the latest reporting dates[46] - Acquired customer-relationship and patents intangible assets are amortized over useful lives ranging from 7 to 12 years[47] Unrealized Losses and Fair Value - The Company reported an unrealized loss of $0.2 million for the three months ended September 30, 2025, compared to $6.9 million for the same period in 2024, indicating a significant reduction in losses[57] - The fair value of cash and cash equivalents, accounts receivable, and accounts payable approximated their carrying amounts as of September 30, 2025, and December 31, 2024[67] Environmental and Tax Liabilities - The Company recognizes liabilities for environmental remediation costs when the loss is probable and can be reasonably estimated, reflecting a proactive approach to environmental obligations[49] - The Company assesses deferred tax assets and liabilities based on enacted tax laws and rates applicable to future taxable income, ensuring compliance with tax regulations[61] Debt and Financing - As of September 30, 2025, the Company's term-loan borrowings had a carrying amount of $982.6 million, which approximates its fair value[68] - The Company's total goodwill carrying value is approximately $133.2 million as of September 30, 2025, down from $140.4 million as of December 31, 2024[79] - Long-term debt at September 30, 2025, consisted of a First Lien Term Loan of $982.6 million with an interest rate of 7.8%[86] - The total debt, net of unamortized discounts and issuance costs, was $970.1 million as of September 30, 2025[86] - The Company completed a Joinder Agreement on November 2, 2023, allowing for additional borrowings of $205.0 million, which were used to retire the Second Lien Term Loan[83] - The Company has available borrowing capacity under the revolving credit facility of $117.6 million as of September 30, 2025[85] Accounting Standards and Tax Positions - The Company is evaluating the impact of new accounting standards, including ASU 2024-03, which requires additional disclosures about income statement expenses, effective after December 15, 2026[73] - The cumulative impairment losses of trademarks were $115.0 million as of September 30, 2025[80] - The First Lien Term Loan amortizes in equal quarterly installments of 0.25% of the first lien balance, with the remaining balance due in August 2029[88] - As of September 30, 2025, total accounts receivable amounted to $191.0 million, a slight decrease from $192.9 million as of December 31, 2024[94] - Total inventories increased to $366.6 million as of September 30, 2025, compared to $322.6 million as of December 31, 2024, reflecting a growth of approximately 13.6%[95] - Property, plant, and equipment, net, was reported at $270.7 million as of September 30, 2025, down from $276.0 million as of December 31, 2024[95] - The total accrued expenses and other current liabilities rose to $123.2 million as of September 30, 2025, compared to $107.5 million as of December 31, 2024, indicating an increase of about 14.0%[97] - The estimated asbestos liability was $15.1 million as of September 30, 2025, slightly down from $15.5 million as of December 31, 2024[101] - The company recorded a net periodic pension benefit of $0.5 million for the three months ended September 30, 2025, consistent with the same period in 2024[108] - The company has a deferred financing cost that is being amortized to interest expense over the term of the associated credit facilities[93] - The interest rate margin applicable to RCF borrowings ranges from 0.25% to 0.50%, based on the Leverage Ratio[92] - The company has recognized a liability of approximately $4.2 million for additional remediation responsibilities over the next five years related to environmental obligations[100] - The total other non-current assets increased to $68.6 million as of September 30, 2025, from $64.0 million as of December 31, 2024[97] Tax Expenses and Benefits - The tax expense for the nine months ended September 30, 2025, is $18.8 million with an effective tax rate of 32.4%[9] - The unrecognized tax benefit as of September 30, 2025, is $2.1 million, which could affect the effective tax rate if recognized[116] - The Company has a deferred tax liability of $8.8 million associated with foreign withholding taxes as of September 30, 2025[119] - The Company has outstanding standby letters of credit and guarantees totaling $2.4 million as of September 30, 2025[125] - The Company signed a definitive agreement to acquire Kito Crosby Ltd for $2.7 billion, expected to close in 2025[126] - Unpaid advisory fees to KKR amount to $0.3 million and $0.4 million as of September 30, 2025, and December 31, 2024, respectively[122] - The Company has a note receivable from Ascend Investments S.a.r.l. of $1.1 million as of September 30, 2025[123] - The effective tax rate for the three months ended September 30, 2025, is 17.0%[9] - The Company believes it is adequately reserved for its uncertain tax positions as of September 30, 2025[118] - The enactment of the "One Big Beautiful Bill Act" is not expected to materially impact the Company's estimated annual effective tax rate in 2025[121]

Revenue Growth - Total revenue for Q4 2025 reached $2,866.2 million, a 19% increase from $2,413.5 million in Q4 2024[2] - Total revenue for the year 2025 was $10,064.7 million, up 21% from $8,352.1 million in 2024[2] - Instruments and accessories revenue increased by 17% to $1,658.3 million in Q4 2025, compared to $1,411.5 million in Q4 2024[2] Da Vinci Surgical System Performance - Da Vinci Surgical System placements in the U.S. grew by 7% to 304 units in Q4 2025, while total placements for the year increased by 23% to 987 units[2] - Total worldwide procedures performed using the da Vinci system reached approximately 3,153 thousand in 2025, an 18% increase from 2,683 thousand in 2024[3] - The installed base of da Vinci systems increased by 12% to 11,106 units as of December 31, 2025[2] Pricing and Revenue Composition - The average selling price of systems rose by 5% to $1.68 million in Q4 2025, compared to $1.59 million in Q4 2024[2] - The company reported a total recurring revenue percentage of 81% for Q4 2025, up from 80% in Q4 2024[2] Trade-in and Ion System Placements - Unit placements involving trade-ins surged by 135% to 146 units in Q4 2025, compared to 62 units in Q4 2024[2] - Ion System placements decreased by 39% to 42 units in Q4 2025, down from 69 units in Q4 2024[2]