UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 OF THE SECURITIES EXCHANGE ACT OF 1934 August 13, 2025 Commission File Number: 001-39007 ____________________________________________ Borr Drilling Limited ____________________________________________ S.E. Pearman Building 2 Floor 9 Par-la-Ville Road Hamilton HM11 Bermuda +1 (441) 542-9234 (Address of principal executive offices) nd Indicate by check mark whethe ...

Part I - Financial Information [Forward-Looking Statements and Risk Factors](index=3&type=section&id=Forward-Looking%20Statements) This section details forward-looking statements and risks, including substantial doubt about the company's going concern ability, historical losses, and material internal control weaknesses - The company explicitly states there is **substantial doubt about its ability to continue as a going concern** for the next 12 months[9](index=9&type=chunk) - Xos has a **history of losses**, has **not achieved positive operating cash flow**, and **requires significant additional capital** to fund its business plans[9](index=9&type=chunk) - The company has identified **material weaknesses in its internal control over financial reporting**, which could lead to misstatements in financial reports[9](index=9&type=chunk) - A significant portion of revenue is derived from a small number of customers, posing a **concentration risk**[10](index=10&type=chunk) - The company holds a **$20.0 million convertible note**, which had a maturity date of August 11, 2025, but was subsequently modified to be paid in quarterly installments from November 2025 through February 2028[9](index=9&type=chunk) [Item 1. Financial Statements (Unaudited)](index=6&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Unaudited Q2 2025 financial statements reveal decreased cash and assets, mixed revenue, continued net losses, and significant liquidity issues raising going concern doubts [Condensed Consolidated Balance Sheets](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Selected Balance Sheet Data (in thousands) | Account | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Cash and cash equivalents | $8,785 | $10,996 | ($2,211) | | Accounts receivable, net | $18,089 | $26,870 | ($8,781) | | Inventories | $31,012 | $36,567 | ($5,555) | | Total current assets | $66,634 | $82,301 | ($15,667) | | Total assets | $80,349 | $98,333 | ($17,984) | | Convertible debt, current | $4,494 | $19,970 | ($15,476) | | Convertible debt, non-current | $15,500 | $0 | $15,500 | | Total liabilities | $62,021 | $64,723 | ($2,702) | | Total stockholders' equity | $18,328 | $33,610 | ($15,282) | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) Operating Results Summary (in thousands) | Metric | Q2 2025 | Q2 2024 | YoY Change | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Revenues | $18,393 | $15,535 | +18.4% | $24,272 | $28,697 | -15.4% | | Gross Profit | $1,619 | $2,030 | -20.2% | $2,830 | $4,818 | -41.3% | | Loss from operations | ($7,081) | ($11,368) | +37.7% | ($16,350) | ($21,611) | +24.3% | | Net loss | ($7,505) | ($9,663) | +22.3% | ($17,691) | ($20,666) | +14.4% | | Net loss per share (basic) | ($0.91) | ($1.23) | +26.0% | ($2.16) | ($2.96) | +27.0% | [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash Flow Summary for Six Months Ended June 30 (in thousands) | Cash Flow Category | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Net cash used in operating activities | ($111) | ($40,576) | $40,465 | | Net cash provided by investing activities | $0 | $51,199 | ($51,199) | | Net cash used in financing activities | ($2,100) | ($1,577) | ($523) | | Net (decrease) increase in cash | ($2,211) | $9,046 | ($11,257) | - Cash used in operating activities decreased dramatically to **$0.1 million** in H1 2025 from **$40.6 million** in H1 2024, primarily due to favorable changes in working capital, including a **significant decrease in accounts receivable**[33](index=33&type=chunk)[228](index=228&type=chunk) - Investing activities in H1 2024 included **$51.4 million** in net cash acquired from the ElectraMeccanica acquisition, with no similar activity in H1 2025[33](index=33&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=13&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail business context, the ElectraMeccanica acquisition, and significant risks, highlighting liquidity issues, going concern doubts, revenue sources, debt, and a convertible note amendment - On March 26, 2024, the company acquired ElectraMeccanica, which supplemented liquidity by approximately **$50.2 million** in cash, accounted for as an asset acquisition[40](index=40&type=chunk)[76](index=76&type=chunk) - Management concluded it is not probable that available funds and strategies will provide sufficient liquidity for the next twelve months, resulting in **substantial doubt about the company's ability to continue as a going concern**[47](index=47&type=chunk)[51](index=51&type=chunk) - **Customer concentration risk is high**: for Q2 2025, one customer accounted for **70% of revenues**, and two customers accounted for **48% and 11% of accounts receivable**[66](index=66&type=chunk)[67](index=67&type=chunk) Disaggregated Revenues by Major Source (in thousands) | Revenue Source | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Stepvans & vehicle incentives | $17,087 | $13,146 | $20,671 | $24,731 | | Powertrains & hubs | $930 | $1,423 | $2,522 | $1,845 | | Other product revenue | $152 | $642 | $619 | $1,270 | | Ancillary revenue | $224 | $324 | $460 | $851 | | **Total revenues** | **$18,393** | **$15,535** | **$24,272** | **$28,697** | - Subsequent to the quarter end, on August 8, 2025, the company amended its **$20.0 million convertible note**, changing the repayment schedule from a single maturity to ten quarterly installments from November 2025 to February 2028, with approximately **$6.0 million** in accrued interest to be converted into common stock[159](index=159&type=chunk)[161](index=161&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=35&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q2 2025 revenue growth and H1 decline, significant operating expense reductions, and reiterates severe liquidity constraints and going concern doubts requiring additional capital [Overview](index=37&type=section&id=Overview) Unit Deliveries by Period | Period | Vehicles | Hubs | Powertrains | | :--- | :--- | :--- | :--- | | **Q2 2025** | 128 | 3 | 4 | | **Q2 2024** | 78 | 4 | 8 | | **H1 2025** | 150 | 8 | 6 | | **H1 2024** | 138 | 4 | 10 | - The company's ability to access capital is critical, and **failure to raise additional funds could force it to delay or eliminate programs, or potentially dissolve and liquidate under bankruptcy laws**[181](index=181&type=chunk)[182](index=182&type=chunk) [Results of Operations](index=41&type=section&id=Results%20of%20Operations) - Q2 2025 revenue increased **18% YoY to $18.4 million**, driven by a higher volume of vehicle sales (**128 vs. 78**), partially offset by a lower average selling price due to product mix[199](index=199&type=chunk) - H1 2025 revenue decreased **15% YoY to $24.3 million**, primarily due to a change in product mix resulting in a lower average selling price, despite a slight increase in vehicle deliveries (**150 vs. 138**)[200](index=200&type=chunk) - Total operating expenses for Q2 2025 decreased by **35% YoY to $8.7 million**, reflecting significant cost reductions in **G&A (-36%)**, **R&D (-30%)**, and **S&M (-42%)**, mainly due to lower headcount and personnel costs[198](index=198&type=chunk)[206](index=206&type=chunk)[208](index=208&type=chunk)[210](index=210&type=chunk) [Liquidity and Capital Resources](index=44&type=section&id=Liquidity%20and%20Capital%20Resources) - As of June 30, 2025, the company had **$8.8 million** in cash and cash equivalents and an accumulated deficit of **$221.1 million**[219](index=219&type=chunk) - Management's analysis concludes there is **substantial doubt about the company's ability to continue as a going concern** through the next 12 months due to recurring losses, cash outflows, and the need for significant additional capital[220](index=220&type=chunk)[221](index=221&type=chunk) - Access to the **$119.4 million** remaining under the Standby Equity Purchase Agreement (SEPA) is not currently available and requires a post-effective amendment to its registration statement to be filed and declared effective[222](index=222&type=chunk)[225](index=225&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=46&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, Xos is exempt from providing quantitative and qualitative disclosures about market risk - As a smaller reporting company, Xos is **exempt** from the requirement to provide information for this item[240](index=240&type=chunk) [Item 4. Controls and Procedures](index=47&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were ineffective as of June 30, 2025, due to material weaknesses in inventory, revenue, and IT controls, stemming from turnover and insufficient resources - The Principal Executive Officer and Principal Financial Officer concluded that disclosure controls and procedures were **not effective** as of June 30, 2025[242](index=242&type=chunk) - **Material weaknesses** were identified in three areas: inventory management, revenue recognition, and information technology (IT) general controls[246](index=246&type=chunk) - The root cause of the weaknesses is attributed to **turnover in key positions** and a **lack of sufficient personnel** with the appropriate knowledge and experience due to cost-reduction efforts[246](index=246&type=chunk) - **Remediation efforts are underway**, including adding qualified resources, improving training, and partnering with external consultants, with a target to remediate the weaknesses during the year ending December 31, 2025[249](index=249&type=chunk)[251](index=251&type=chunk) Part II - Other Information [Item 1. Legal Proceedings](index=49&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any legal proceedings that would materially impact its business or financial condition - As of the filing date, the company is **not involved in any material legal proceedings**[252](index=252&type=chunk) [Item 1A. Risk Factors](index=49&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the company's risk factors have occurred since the December 31, 2024, Annual Report on Form 10-K filing - **No material changes** to risk factors were reported for the quarter[253](index=253&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=49&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company issued unregistered common stock and cash on August 1, 2025, to settle approximately $348,000 in debt owed to The Bancorp Bank, N.A - On August 1, 2025, the company issued **64,043 unregistered shares of common stock** as part of a settlement agreement with The Bancorp, Inc. to resolve approximately **$348,000 in debt**[254](index=254&type=chunk) [Item 5. Other Information](index=49&type=section&id=Item%205.%20Other%20Information) This section details post-quarter events, including the amendment of a $20 million convertible note with Aljomaih and the formal appointment of Liana Pogosyan as CFO and Treasurer - On August 8, 2025, the company **amended its convertible note with Aljomaih**, changing the principal repayment from a lump sum on August 11, 2025, to **ten quarterly installments** ending February 11, 2028[257](index=257&type=chunk)[258](index=258&type=chunk) - As part of the note amendment, approximately **$6.0 million of interest** accrued through August 11, 2025, will be converted into shares of the company's common stock[257](index=257&type=chunk) - Effective August 10, 2025, **Liana Pogosyan was appointed as the company's Chief Financial Officer and Treasurer**, having served as Acting CFO since May 2023[260](index=260&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 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: 001-38682 KODIAK SCIENCES INC. (Exact Name of Registrant as Specified in its Charter) Delaware 27-0476525 (State ...

Exhibit 99.1 Robyn Blum Sami Badri Cisco Cisco 1 (408) 930-8548 1 (469) 420-4834 Press Contact: Investor Relations Contact: rojenkin@cisco.com sambadri@cisco.com CISCO REPORTS FOURTH QUARTER AND FISCAL YEAR 2025 EARNINGS News Summary: • Q4 FY 2025 Results: 1 • Strong topline performance at the high end of our guidance ranges: • Q4 revenue of $14.7 billion, up 8% year over year • FY 2025 revenue of $56.7 billion, up 5% year over year • Q4 product orders up 7% year over year with growth across all geographies ...

[Corporate Update and Business Highlights](index=1&type=section&id=Corporate%20Update%20and%20Business%20Highlights) The company provided updates on briquilimab's clinical efficacy and ongoing investigation into atypical results, alongside a significant corporate restructuring to focus on mast cell-driven diseases [Management Commentary](index=1&type=section&id=Management%20Commentary) Management expressed confidence in briquilimab's potential for mast cell-driven diseases, while addressing an ongoing investigation into atypical efficacy results in specific BEACON study cohorts - The CEO highlighted strong data showing briquilimab's potential, with complete responses in **89% of patients** in certain BEACON study cohorts, **73%** in an open-label extension, and **92%** in the SPOTLIGHT CIndU study[2](index=2&type=chunk) - An investigation is underway for two BEACON study cohorts (**240mg Q8W** and **240mg/180mg Q8W**) that did not show expected efficacy. The company is exploring various causes and plans to redose affected patients and enroll new ones, with an update expected later in the year[2](index=2&type=chunk) [Clinical Program Updates](index=1&type=section&id=Clinical%20Program%20Updates) Robust efficacy data for briquilimab in CSU and CIndU was presented, though an investigation into anomalous BEACON study results has delayed the Phase 2b CSU study and paused asthma trial enrollment Briquilimab Efficacy Data Highlights | Study/Cohort | Indication | Key Efficacy Result | | :--- | :--- | :--- | | BEACON (240mg & 360mg single-dose) | CSU | 89% (8 of 9) achieved complete response (UAS7=0) | | Open-Label Extension (180mg Q8W) | CSU | 73% (8 of 11) maintained complete response at 12 weeks | | SPOTLIGHT (180mg) | CIndU | 92% (11 of 12) achieved complete response | - An investigation was initiated for the **240mg Q8W** and **240mg/180mg Q8W** BEACON cohorts due to an atypical absence of UAS7 reduction. The company is assessing potential product lot variability, as all **10 patients** dosed from one specific lot failed to show a response[6](index=6&type=chunk) - Due to the ongoing investigation, the planned Phase 2b CSU study is now expected to commence in **mid-2026**. Enrollment in the ETESIAN asthma study has been halted pending the investigation's outcome[6](index=6&type=chunk) - Across studies, briquilimab was reported to be well-tolerated with no dose-limiting toxicities. Any adverse events were generally low-grade and did not lead to discontinuations[3](index=3&type=chunk) [Corporate Developments](index=2&type=section&id=Corporate%20Developments) Jasper implemented a significant corporate restructuring, including a **50% workforce reduction**, to preserve capital and focus resources on its core urticaria programs - The company executed a corporate restructuring, reducing its workforce by approximately **50%** to focus resources on its urticaria programs and preserve capital[6](index=6&type=chunk) - All non-mast cell focused clinical and preclinical programs, including investigator-sponsored trials and the SCID clinical program, have been halted[6](index=6&type=chunk) - As part of the reorganization, Dr. Edwin Tucker stepped down as Chief Medical Officer and was succeeded on an interim basis by Dr. Daniel Adelman[6](index=6&type=chunk) [Second Quarter Fiscal 2025 Financial Results](index=2&type=section&id=Second%20Quarter%20Fiscal%202025%20Financial%20Results) The company reported a widened net loss for Q2 2025, driven by increased R&D expenses, with a significant decrease in cash and total assets [Financial Highlights](index=2&type=section&id=Financial%20Highlights) For the second quarter of 2025, Jasper Therapeutics reported a net loss of **$26.7 million** and ended the period with **$39.5 million** in cash and cash equivalents Q2 2025 Financial Summary | Metric | Amount | | :--- | :--- | | Cash and cash equivalents (as of June 30, 2025) | $39.5 million | | Research and development expense | $21.2 million | | General and administrative expense | $5.9 million | | Net loss | $26.7 million | | Net loss per share | $1.74 | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The company's net loss widened to **$26,723 thousand** for the three months ended June 30, 2025, from **$14,583 thousand** in the same period of 2024, primarily due to a substantial increase in research and development expenses to **$21,196 thousand** from **$11,296 thousand** year-over-year Statement of Operations (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Research and development | $21,196 | $11,296 | $37,353 | $21,594 | | General and administrative | $5,880 | $4,697 | $11,525 | $9,471 | | **Total operating expenses** | **$27,076** | **$15,993** | **$48,878** | **$31,065** | | Loss from operations | $(27,076) | $(15,993) | $(48,878) | $(31,065) | | **Net loss** | **$(26,723)** | **$(14,583)** | **$(47,964)** | **$(28,311)** | | Net loss per share | $(1.74) | $(0.97) | $(3.16) | $(2.00) | [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, Jasper Therapeutics had total assets of **$46,466 thousand**, a significant decrease from **$79,899 thousand** at the end of 2024, primarily due to reduced cash and cash equivalents Balance Sheet Highlights (in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $39,510 | $71,637 | | Total current assets | $42,966 | $75,811 | | **Total assets** | **$46,466** | **$79,899** | | **Liabilities & Stockholders' Equity** | | | | Total current liabilities | $20,500 | $15,237 | | **Total liabilities** | **$22,965** | **$18,225** | | **Total stockholders' equity** | **$23,501** | **$61,674** | [About Jasper](index=2&type=section&id=About%20Jasper) Jasper is a clinical-stage biotechnology company focused on developing briquilimab for mast cell-driven diseases like CSU, CIndU, and asthma - Jasper is a clinical-stage biotechnology company focused on developing briquilimab, a monoclonal antibody targeting the c-Kit receptor to deplete mast cells[5](index=5&type=chunk) - The company's primary therapeutic areas of focus are mast cell-driven diseases, including chronic spontaneous urticaria (CSU), chronic inducible urticaria (CIndU), and asthma[5](index=5&type=chunk) [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) This report contains forward-looking statements regarding clinical development and timelines, which are subject to numerous risks and uncertainties - This report contains forward-looking statements regarding briquilimab's potential, clinical trial timelines, and the expected completion of investigations. These statements are subject to numerous risks and uncertainties[7](index=7&type=chunk) - Key risks include potential failures in clinical development, inconclusive investigation results, inability to raise capital, and the possibility that prior trial results may not be replicated in future studies[7](index=7&type=chunk)

Exhibit 99.1 Longeveron® Announces Second Quarter 2025 Financial Results and Provides Business Update MIAMI, August 13, 2025 -- Longeveron Inc. (NASDAQ: LGVN), a clinical stage regenerative medicine biotechnology company developing cellular therapies for life-threatening, rare pediatric and chronic aging-related conditions, today reported financial results for the quarter ended June 30, 2025 and provided a business update. "Our differentiated approach to stem cell therapy continues to yield positive results ...

Roadzen Reports Best Fiscal Q1 in Company History with 22% Revenue Growth, 92% Lower Net Loss, and 50% Adjusted EBITDA Improvement Over the Same Quarter Last Year 1. Record Fiscal Q1 Revenue Sets Stage for the Year Ahead First quarter fiscal 2026 revenue increased 22% to $10.9 million from $8.9 million last year – the strongest first quarter revenue on record for Roadzen, driven by growth in India and the U.S., along with the resumption of U.K. business opportunities. 2. Significantly Narrowed Net Loss and ...

1. Record Fiscal Q1 Revenue Sets Stage for the Year Ahead First quarter fiscal 2026 revenue increased 22% to $10.9 million from $8.9 million last year – the strongest first quarter revenue on record for Roadzen, driven by growth in India and the U.S., along with the resumption of U.K. business opportunities. 2. Significantly Narrowed Net Loss and Fourth Straight Quarter of Adjusted EBITDA Improvement Exhibit 99.1 Roadzen Reports Best Fiscal Q1 in Company History with 22% Revenue Growth, 92% Lower Net Loss, ...

Exhibit 99.1 Hyperfine, Inc. Reports Second Quarter 2025 Financial Results GUILFORD, Connecticut, August 13, 2025 (GLOBE NEWSWIRE) – Hyperfine, Inc. (Nasdaq: HYPR), the groundbreaking health technology company that has redefined brain imaging with the first FDA-cleared AI-powered portable magnetic resonance (MR) brain imaging system—the Swoop® system—today announced second quarter 2025 financial results and provided a business update. "In the second quarter, we executed across our key growth drivers. We rec ...

[Financial Performance Overview](index=1&type=section&id=Financial%20Performance%20Overview) Noodles & Company's Q2 2025 saw revenue decline, increased net loss, and revised full-year guidance amidst strategic shifts [Q2 2025 Financial Highlights](index=1&type=section&id=Q2%202025%20Financial%20Highlights) Q2 2025 saw a slight revenue decline to $126.4 million, increased net loss to $17.6 million, and reduced Adjusted EBITDA Q2 2025 vs. Q2 2024 Key Financial Metrics | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Total Revenue | $126.4 million | $127.4 million | -0.7% | | Comparable Restaurant Sales | +1.5% | +2.0% | -0.5 p.p. | | Net Loss | $(17.6) million | $(13.6) million | Increased Loss | | Loss per Diluted Share | $(0.38) | $(0.30) | Increased Loss | | Restaurant Contribution Margin | 12.8% | 15.5% | -2.7 p.p. | | Adjusted EBITDA | $6.0 million | $9.2 million | -34.8% | - During the second quarter of 2025, the company opened one new company-owned restaurant while closing six company-owned and two franchise locations[5](index=5&type=chunk) [Management Commentary](index=1&type=section&id=Management%20Commentary) CEO Drew Madsen discussed positive comparable sales despite a tough market, new value platform success, and his CEO transition - The company achieved **positive comparable restaurant sales of 1.5%** in Q2 despite a challenging consumer environment marked by heightened industry-wide promotions[3](index=3&type=chunk) - A new value-focused platform, "Delicious Duos," launched in early August has shown strong initial results, with comparable restaurant sales averaging a **5% increase** over the first two weeks[3](index=3&type=chunk) - CEO Drew Madsen is transitioning out of his role, with Joe Christina set to become the new CEO; Madsen will remain on the Board of Directors[3](index=3&type=chunk) [Liquidity and Financial Position](index=1&type=section&id=Liquidity%20and%20Financial%20Position) As of July 1, 2025, the company reported $2.3 million cash, $108.3 million debt, and $13.7 million available credit Liquidity Position as of July 1, 2025 | Metric | Amount | | :--- | :--- | | Cash and Cash Equivalents | $2.3 million | | Outstanding Debt | $108.3 million | | Available Revolving Credit | $13.7 million | [Full Year 2025 Business Outlook](index=1&type=section&id=Full%20Year%202025%20Business%20Outlook) Revised full-year 2025 guidance projects $487M-$495M revenue, 2.5%-4.0% comparable sales, and portfolio optimization Revised Full Year 2025 Guidance | Metric | Expected Range | | :--- | :--- | | Total Revenue | $487M - $495M | | Comparable Restaurant Sales Growth | 2.5% - 4.0% | | Restaurant Level Contribution Margins | 11.8% - 12.6% | | General & Administrative Expenses | $48M - $50M | | Capital Expenditures | $12M - $13M | - The company plans significant portfolio changes, with two new company-owned restaurant openings and **28 to 32 company-owned restaurant closures** expected in 2025[12](index=12&type=chunk) [Detailed Financial Statements](index=5&type=section&id=Detailed%20Financial%20Statements) This section presents Noodles & Company's condensed consolidated statements of operations, balance sheet, and operating data [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2025 revenue slightly decreased to $126.4 million, with operating loss widening to $14.8 million due to impairments Q2 Statement of Operations Summary (in thousands) | Line Item | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Total Revenue | $126,433 | $127,352 | | Total Costs and Expenses | $141,211 | $138,870 | | Loss from Operations | $(14,778) | $(11,518) | | Net Loss | $(17,552) | $(13,625) | | Loss per Share (Basic & Diluted) | $(0.38) | $(0.30) | - Restaurant impairments, closure costs, and asset disposals were a significant expense, totaling **$13.7 million** in Q2 2025, an increase from $12.1 million in Q2 2024[20](index=20&type=chunk) [Consolidated Balance Sheet and Operating Data](index=6&type=section&id=Consolidated%20Balance%20Sheet%20and%20Operating%20Data) As of July 1, 2025, total assets were $294.6M, liabilities $325.4M, and total restaurant count decreased to 453 Balance Sheet Summary (in thousands) | Metric | July 1, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Total Assets | $294,575 | $324,648 | | Total Liabilities | $325,350 | $330,227 | | Total Stockholders' Deficit | $(30,775) | $(5,579) | Restaurant Count Trend | Restaurant Type | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Company-owned | 364 | 379 | (15) | | Franchise | 89 | 94 | (5) | | **Total** | **453** | **473** | **(20)** | - System-wide comparable restaurant sales increased by **1.5%** in Q2 2025, a slowdown from the 4.4% growth seen in Q1 2025 but an improvement over the 1.3% for company-owned restaurants in Q2 2024[22](index=22&type=chunk) [Non-GAAP Financial Measures and Reconciliations](index=7&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Reconciliations) Reconciliation of GAAP net loss to non-GAAP measures (EBITDA, Adjusted Net Loss, Restaurant Contribution) and key definitions [Reconciliation of Net Loss to EBITDA and Adjusted EBITDA](index=7&type=section&id=Reconciliation%20of%20Net%20Loss%20to%20EBITDA%20and%20Adjusted%20EBITDA) Q2 2025 GAAP Net Loss of $17.6 million reconciled to Adjusted EBITDA of $6.0 million, primarily adjusted for impairments Q2 EBITDA and Adjusted EBITDA Reconciliation (in thousands) | Line Item | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net Loss | $(17,552) | $(13,625) | | EBITDA | $(7,639) | $(4,151) | | Adjustments (Impairments, Stock Comp, etc.) | $13,655 | $13,346 | | **Adjusted EBITDA** | **$6,016** | **$9,195** | - The largest adjustment to reconcile Net Loss to Adjusted EBITDA was restaurant impairments, which amounted to **$11.9 million** for the quarter[24](index=24&type=chunk) [Reconciliation of Net Loss to Adjusted Net Loss](index=8&type=section&id=Reconciliation%20of%20Net%20Loss%20to%20Adjusted%20Net%20Loss) Q2 2025 GAAP Net Loss of $17.6 million adjusted for special items, resulting in an Adjusted Net Loss of $5.4 million Q2 Adjusted Net Loss Reconciliation (in thousands, except per share) | Line Item | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net Loss | $(17,552) | $(13,625) | | Adjustments (Impairments, etc.) | $12,131 | $11,177 | | **Adjusted Net Loss** | **$(5,421)** | **$(2,448)** | | Adjusted Loss per Share (Diluted) | $(0.12) | $(0.05) | [Reconciliation of Operating Loss to Restaurant Contribution](index=9&type=section&id=Reconciliation%20of%20Operating%20Loss%20to%20Restaurant%20Contribution) Q2 2025 operating loss of $14.8 million reconciled to Restaurant Contribution of $15.8 million, with a 12.8% margin Q2 Restaurant Contribution Reconciliation (in thousands) | Line Item | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Loss from Operations | $(14,778) | $(11,518) | | Adjustments (G&A, D&A, Impairments, etc.) | $30,613 | $30,903 | | **Restaurant Contribution** | **$15,835** | **$19,385** | | **Restaurant Contribution Margin** | **12.8%** | **15.5%** | [Key Definitions and Disclosures](index=2&type=section&id=Key%20Definitions%20and%20Disclosures) Definitions for AUV, Comparable Restaurant Sales, and Restaurant Contribution Margin, plus forward-looking statements disclaimer - Comparable Restaurant Sales are defined as year-over-year sales comparisons for restaurants open at least 18 full periods, generated by changes in traffic and per-person spend[9](index=9&type=chunk) - Restaurant Contribution Margin is a non-GAAP measure representing restaurant revenue less restaurant-level operating costs (cost of sales, labor, occupancy, other) as a percentage of restaurant revenue[10](index=10&type=chunk) - The report includes a forward-looking statements section that warns actual results may differ materially from projections due to various risks, including economic conditions, inflation, supply chain challenges, and labor costs[18](index=18&type=chunk)