Product Development and Market Expansion - TriSalus reported a significant expansion in its PEDD device portfolio with the launch of the TriNav LV Infusion System and TriGuide Guiding Catheter, aimed at optimizing therapeutic delivery for larger vessels [150]. - The company estimates that the new PROTECT registry study could expand the addressable market by approximately 50,000 procedures, representing an incremental $400 million market opportunity [152]. - TriSalus received a permanent HCPCS code for the TriNav Infusion System effective January 1, 2024, which may enhance reimbursement prospects for hospitals [149]. - The company is actively seeking pharmaceutical partners to advance the development of nelitolimod due to the high costs associated with clinical trials [153]. - TriSalus's innovative technology aims to address high intratumoral pressure and off-target delivery challenges in solid tumor treatments [147]. - The company is focused on transforming treatment paradigms for patients with solid tumors through its integrated delivery technology and investigational therapies [147]. Financial Performance - Revenue increased by $4.2 million, or 57.4%, for the three months ended September 30, 2025, compared to the same period in 2024, primarily due to an increase in TriNav units sold [170]. - Cost of goods sold rose by $0.9 million, or 89.8%, for the three months ended September 30, 2025, attributed to more TriNav units sold [171]. - Gross profit increased by $3.3 million, or 52.2%, for the three months ended September 30, 2025, while gross margin decreased to 83.5% from 86.3% [172]. - Research and development expenses increased by $1.0 million, or 22.7%, for the three months ended September 30, 2025, mainly due to clinical trial expenses related to nelitolimod [174]. - Sales and marketing expenses rose by $0.7 million, or 11.4%, for the three months ended September 30, 2025, driven by increased performance-related compensation [176]. - General and administrative expenses increased by $1.9 million, or 40.9%, for the three months ended September 30, 2025, primarily due to a non-cash stock-based compensation award [177]. - For the nine months ended September 30, 2025, revenue increased by $10.8 million, or 50.9%, compared to the same period in 2024, driven by higher TriNav unit sales [184]. - Cost of goods sold for the nine months ended September 30, 2025, increased by $2.3 million, or 80.2%, due to more TriNav units sold [185]. - Net loss attributable to common stockholders for the nine months ended September 30, 2025, was $59.9 million, compared to $22.3 million in the same period of 2024, reflecting a significant increase in losses [182]. - Interest expense increased by $2.1 million for the nine months ended September 30, 2025, due to additional funds borrowed under the First Delayed Draw Term Loan [190]. - The company incurred a net loss of $29.5 million for the nine months ended September 30, 2025, compared to a net loss of $19.9 million for the same period in 2024 [196][197]. Cash Flow and Funding - Cash and cash equivalents were approximately $22.7 million as of September 30, 2025, with a minimum cash requirement of $10.0 million, which was later reduced to $5.0 million [194]. - Net cash used in operating activities was $15.5 million for the nine months ended September 30, 2025, a decrease from $35.1 million in the same period of 2024 [195][197]. - The company raised gross proceeds of approximately $22.0 million through a Private Placement on April 30, 2025, and $10.0 million from the First Delayed Draw Term Loan Commitment [194][199]. - Net cash provided by financing activities was $30.5 million for the nine months ended September 30, 2025, compared to $34.9 million in 2024 [199][200]. - The company expects to incur significant expenses related to the commercialization of its product TriNav, which will require substantial additional funding [201][204]. Risks and Concerns - The expiration of the Transitional Pass-Through payment program on December 31, 2023, poses a risk to maintaining current pricing and gross margins for TriNav [154]. - The company is subject to significant risks related to inflation, rising interest rates, and potential disruptions in access to capital, which could impact its liquidity [203][204]. - There is substantial doubt regarding the company's ability to continue as a going concern as of September 30, 2025, due to its reliance on additional capital [208]. - The company has contractual obligations of $2.0 million in lease obligations as of September 30, 2025 [209]. - The company has paid $12.0 million to Dynavax and may owe up to an additional $158.0 million upon achieving certain milestones related to nelitolimod [210][212].

Financial Performance - Net loss for Q3 2025 was $5.5 million, roughly flat compared to the net loss of $5.5 million in Q3 2024, with a net loss per share of $0.59[9] - Cash, cash equivalents, and short-term investments as of September 30, 2025, were $36.5 million, an increase from $31.6 million as of December 31, 2024, with a cash runway anticipated to last into Q4 2026[10] - The balance sheet shows total assets of $39.0 million as of September 30, 2025, compared to $35.2 million as of December 31, 2024[17] Research and Development - Research and development expenses for Q3 2025 were $3.6 million, down from $4.8 million in Q3 2024, primarily due to lower costs associated with TTI-101 trials[7] - The company reported a decrease in expenses related to TTI-101 trials, with a $1.4 million reduction in HCC trial costs and a $1.0 million reduction in IPF trial costs[7] - Topline data from the Phase 2 trial of TTI-101 in hepatocellular carcinoma (HCC) is expected in H1 2026[1] - Results from a healthy volunteer study of the next-generation STAT3 inhibitor, TTI-109, are also anticipated in H1 2026[1] - The Phase 2 REVERT IPF trial did not meet its goals, prompting further analysis to determine next steps[6] Operating Expenses - General and administrative expenses increased to $2.3 million in Q3 2025 from $0.9 million in Q3 2024, driven by higher professional fees and personnel costs[8] Strategic Focus - The company is focused on advancing its therapeutic potential in fibrosis-driven diseases through ongoing clinical trials[3]

Financial Performance - Third quarter revenue was $1.6 million, consistent with Q3 2024, representing an increase of $0.2 million, or 11%, quarter over quarter[5] - Software revenue grew to $0.6 million in Q3 2025, an increase of $0.3 million, or 114%, compared to Q3 2024, and an increase of $0.2 million, or 54%, quarter over quarter[5] - Gross margin was 64% in Q3 2025, a decrease of 3% compared to Q3 2024, but an increase of 40% quarter over quarter[5] - Third quarter net loss was $1.7 million, a decrease of $6.5 million, or 80%, compared to Q3 2024, and a decrease of $1.6 million, or 50%, quarter over quarter[5] Operational Highlights - Approximately 665 active sensors were connected to the MSAI Connect platform as of September 30, 2025, a 9% increase quarter over quarter and a 167% increase year over year[5] - The company has realigned its solutions under two offerings: Early Threat Detection (ETD) and Reliability Maintenance Engineering (RME), simplifying its go-to-market strategy[5] - MSAI successfully implemented ETD and RME solutions in the U.S. with a global distribution leader, marking the first wave of North American deployments[5] - The company is focusing on Electrical Panel Monitoring (EPM) and ETD applications in the Data Center market, initiating pilot discussions with large data center owners[5] Financial Strategy - The company announced two capital raises totaling approximately $26 million, net of offering expenses, enhancing financial flexibility for focused investment[2] - Strategic targeted cost optimization initiatives were executed to align the expense base with current operations, contributing to the decrease in operating expenses and net loss[5]

Revenue Performance - Third quarter revenue was $1.6 million, consistent with Q3 2024, representing an increase of $0.2 million, or 11%, quarter over quarter[5] - Software revenue grew to $0.6 million in Q3 2025, an increase of $0.3 million, or 114%, compared to Q3 2024, and an increase of $0.2 million, or 54%, quarter over quarter[5] Profitability and Loss - Gross margin was 64% in Q3 2025, a decrease of 3% compared to Q3 2024, but an increase of 40% quarter over quarter[5] - Third quarter net loss was $1.7 million, a decrease of $6.5 million, or 80%, compared to Q3 2024, and a decrease of $1.6 million, or 50%, quarter over quarter[5] - Cost-saving initiatives implemented during Q3 2025 contributed to the decrease in operating expenses and net loss[5] Operational Metrics - Approximately 665 active sensors were connected to the MSAI Connect platform as of September 30, 2025, a 9% increase quarter over quarter and a 167% increase year over year[5] Strategic Initiatives - The company announced two capital raises totaling approximately $26 million, net of offering expenses, enhancing financial flexibility for focused investment[2] - The company has realigned its solutions under two offerings: Early Threat Detection (ETD) and Reliability Maintenance Engineering (RME), simplifying its go-to-market strategy[5] - The company began discussions to pilot MSAI Connect solutions with several large data center owners and operators during the quarter[5] - The company remains focused on delivering sustainable growth and tangible return on investment for customers[2]

Revenue Performance - Q3 2025 revenue was $6.9 million, an increase of 7.4% compared to $6.4 million in Q3 2024[6] - Year-to-date revenue reached $22.0 million, up 68% year-over-year[1] - Full-year 2025 revenue guidance reaffirmed at $27 million to $29 million, representing approximately 20% growth year-over-year[2] - Revenues for the three months ended September 30, 2025, increased to $6,888 million, up from $6,416 million in the same period of 2024, representing a growth of 7.3%[30] Profitability and Loss - Gross profit for Q3 2025 was $640,000, with a gross margin of 9.3%, down from $1.5 million and 23.7% in Q3 2024[11] - Operating loss from continuing operations was $(1.4) million, compared to $(714,000) in Q3 2024[13] - Net loss from continuing operations was $(1.8) million for Q3 2025, compared to $(738,000) in Q3 2024[14] - Gross profit for the nine months ended September 30, 2025, was $2,102 million, a decrease from $2,698 million in 2024, reflecting a decline of 22.1%[30] - Operating loss from continuing operations for the three months ended September 30, 2025, was $(1,447) million, compared to $(714) million in 2024, indicating a worsening of 102.1%[30] - Net loss for the nine months ended September 30, 2025, was $(4,607) million, slightly higher than $(4,439) million in 2024, showing an increase of 3.8%[30] - Basic loss per share for the three months ended September 30, 2025, was $(0.21), compared to $(0.10) in 2024, reflecting a decline of 110%[30] - Non-GAAP operating loss from continuing operations for the three months ended September 30, 2025, was $(196) million, compared to an income of $865 million in 2024, a significant decline[36] Cash and Assets - As of September 30, 2025, the company had $17.3 million in cash and no bank debt, down from $41.6 million at the end of 2024[16] - Total current assets decreased to $29,047 million as of September 30, 2025, from $56,657 million as of December 31, 2024, a drop of 48.7%[32] - Cash at the end of the period was $17,336 million, down from $41,622 million at the beginning of the year, a decrease of 58.3%[34] - Net cash used in operating activities for the nine months ended September 30, 2025, was $(4,780) million, compared to $(4,118) million in 2024, indicating an increase of 16.1%[34] Significant Projects and Developments - The company received a $981,000 cash dividend from Voltaris Power LLC, recorded as a reduction in the investment account[6] - Significant project wins included a $1.3 million school bus electrification project and a $1.2 million fleet electrification contract with the City of Portland[6] - The company expects to launch its next-generation home power system, PowerCore, in the near future, enhancing its consumer technology offerings[9] Liabilities - Total liabilities decreased to $6,881 million as of September 30, 2025, from $30,522 million as of December 31, 2024, a reduction of 77.5%[32]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________ FORM 10-Q ____________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 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 001-40823 ____________________________ INTUITIVE MACHINE ...

Financial Performance - Total revenues for the three months ended September 30, 2025, were $52,437,000, a decrease of 10.5% compared to $58,478,000 for the same period in 2024[18] - Service revenue for the nine months ended September 30, 2025, was $163,824,000, down from $173,338,000 in the same period of 2024, reflecting a decline of 5.5%[18] - Operating loss for the three months ended September 30, 2025, was $15,419,000, compared to a loss of $13,724,000 for the same period in 2024, indicating a worsening of 12.4%[18] - Net loss attributable to Class A common shareholders for the three months ended September 30, 2025, was $7,000,000, compared to a loss of $55,543,000 in the same period in 2024[18] - The company reported a net loss of $9,960,000 for the three months ended September 30, 2025, compared to a net loss of $80,411,000 for the same period in 2024, showing a significant improvement[18] - As of September 30, 2025, the net loss attributable to the Company was $6,842,000, compared to a net loss of $43,419,000 for the same period in the previous year[30] - Net cash used in operating activities for the three months ended September 30, 2024, was $7.023 million, while for the nine months it was $55.622 million[37] - The Company reported a significant increase in trade accounts receivable, netting $21.299 million for the three months ended September 30, 2024[37] - 2025 third quarter, net loss was $9,960,000, compared to 2024's $80,411,000, significantly reduced[153] Assets and Liabilities - Cash and cash equivalents increased to $621,975,000 as of September 30, 2025, from $207,607,000 as of December 31, 2024, representing a growth of 199.5%[16] - Total assets as of September 30, 2025, were $753,530,000, up from $355,404,000 as of December 31, 2024, reflecting an increase of 112.2%[16] - Total liabilities increased to $509,701,000 as of September 30, 2025, compared to $351,483,000 as of December 31, 2024, marking a rise of 45%[16] - The total shareholders' deficit increased to $404,174,000 as of September 30, 2025, from $370,667,000 at the end of the previous quarter[30] Shareholder Equity and Stock Transactions - The weighted average shares outstanding for basic and diluted shares increased to 117,815,856 for the three months ended September 30, 2025, compared to 67,072,014 for the same period in 2024[18] - The balance of Class A common stock increased to 120,074,013 shares as of September 30, 2025, from 101,859,000 shares at the end of 2024[30] - The Company issued 15,358,229 Class A common shares for warrants exercised, resulting in an increase of $176,554,000 in paid-in capital[30] - The Company repurchased 20,700 shares of Class A common stock, impacting the treasury stock by the same amount[30] - The issuance of Class C common stock related to earn-out awards amounted to 7,500,000 shares, increasing the paid-in capital by $167,525,000[30] - The Company issued 4,705,883 shares of Class A Common Stock and warrants in a private placement transaction, generating gross proceeds of $20.0 million before transaction costs[117] Acquisitions and Growth Strategy - The company has made acquisitions as part of its growth strategy, which may disrupt operations and impact financial results[13] - The Company plans to acquire Lanteris Space Holdings LLC for $800 million, consisting of $450 million in cash and $350 million in Class A Common Stock[64] - The acquisition of KinetX, Inc. was completed for approximately $31.1 million, including $16.1 million in cash and shares valued at $15.0 million[185] Revenue Composition and Contracts - Fixed price contracts accounted for 58% of total revenue for the three months ended September 30, 2025, compared to 39% in 2024, indicating a significant shift in revenue composition[72] - Contract liabilities totaled $67.8 million as of September 30, 2025, down from $79.5 million at the end of 2024, reflecting a reduction in deferred revenue and contract loss provisions[76] - The aggregate amount of remaining performance obligations was $119.3 million as of September 30, 2025, with expectations to recognize 10-15% of this amount in the last quarter of 2025[80] - The Company recognized grant revenue of $1.5 million during the three months ended September 30, 2025, related to a $10 million grant from the Texas Space Commission[82] Research and Development - Research and development costs for Q3 2025 were $4.0 million, up from $0.3 million in Q3 2024, indicating a substantial increase in investment in innovation[181] Debt and Financing Activities - The Company issued $345.0 million aggregate principal amount of 2.500% convertible senior notes due 2030, with net proceeds of $334.6 million after expenses[62] - The Company entered into a loan and security agreement providing for a secured revolving credit facility of up to $40.0 million, which remains unborrowed as of September 30, 2025[63] - The Company entered into a loan agreement with Stifel Bank for a secured revolving credit facility of up to $40.0 million, maturing on April 30, 2027, with no outstanding debt as of September 30, 2025[101] Legal and Compliance - The Company was in compliance with all debt covenant requirements related to the Convertible Notes and the Stifel Loan Agreement as of September 30, 2025[98] - As of September 30, 2025, legal liabilities related to lawsuits were approximately $2,100,000[158] Taxation - As of September 30, 2025, the Company recognized a U.S. federal and state income tax expense of $5 thousand, with effective tax rates of (0.05)% and (0.01)% for the three and nine months ended September 30, 2025[108] - The Company entered into a tax receivable agreement (TRA) requiring it to pay 85% of cash tax savings to TRA Holders, with management applying a full valuation allowance to deferred tax assets as of September 30, 2025[109][110]

Revenue and Loss - Revenue for the nine months ended September 30, 2025, was $1,234,000, an increase of $470,000 or 61.5% compared to $764,000 for the same period in 2024[227] - Net loss attributable to Innventure, Inc. stockholders was $255,556,000 for the nine months ended September 30, 2025, compared to a loss of $14,719,000 in 2024, representing an increase of $240,837,000 or 1,636.2%[226] - Total comprehensive loss for the nine months ended September 30, 2025, was $431,601,000, compared to a loss of $28,854,000 in 2024, an increase of $402,747,000 or 1,395.8%[226] - Net loss attributable to Innventure, Inc. stockholders was $28,332 for the three months ended September 30, 2025, compared to $2,211 in 2024, an increase of $26,121 or 1,181.4%[245] - For the three months ended September 30, 2025, the company reported a net loss of $34,735, compared to a net loss of $7,641 for the same period in 2024[261] Expenses - Cost of sales increased to $7,192,000 for the nine months ended September 30, 2025, up $6,415,000 or 825.6% from $777,000 in 2024[228] - General and administrative expenses rose to $55,172,000, an increase of $29,849,000 or 117.9% from $25,323,000 in the prior year[229] - Research and development expenses surged to $18,472,000, an increase of $12,494,000 or 209.0% from $5,978,000 in 2024[232] - Interest expense, net, increased to $7,586,000, up $6,286,000 or 483.5% from $1,300,000 in the previous year[233] - Total operating expenses reached $434,211,000, an increase of $397,955,000 or 1,097.6% from $36,256,000 in the prior year[226] Cash Flow and Financing - Net cash used in operating activities increased to $56,328 for the nine months ended September 30, 2025, compared to $18,647 for the same period in 2024, representing a 202.1% increase[275] - Net cash used in investing activities decreased to $4,079 for the nine months ended September 30, 2025, down from $5,822 in 2024, a decrease of 29.9%[276] - Net cash provided by financing activities rose to $63,349 for the nine months ended September 30, 2025, compared to $38,191 in 2024, marking a 65.9% increase[277] - The company anticipates requiring at least $50,000 over the next 12 months to meet operating and strategic needs, with an additional $25,000 for growth[270] - The Standby Equity Purchase Agreement (SEPA) with Yorkville allows the company to sell up to $75,000 in common stock, with approximately $67,000 remaining available as of September 30, 2025[271] Goodwill and Impairment - Goodwill impairment expense was $346,557,000 for the nine months ended September 30, 2025, compared to $0 in 2024, reflecting a significant decline in market capitalization[230] - The company recognized a goodwill impairment of $346,557 for the nine months ended September 30, 2025, due to decreases in share price and market capitalization[264] Working Capital and Obligations - The company reported a working capital deficit of $(50,227) as of September 30, 2025, compared to $(45,061) as of December 31, 2024[270] - The total contractual obligations as of September 30, 2025, amount to $88,537, with significant debt obligations of $73,906[279] Going Concern and Management's Plans - The company has experienced recurring losses from operations and negative cash flows from operating activities, raising substantial doubt about its ability to continue as a going concern[280] - Management has indicated that without adequate capital from financing or sufficient revenues, the company may need to implement cost reduction measures[281] - The company has not made assurances that required financings will be available on commercially acceptable terms, which could materially affect its business[282] - The condensed consolidated financial statements have been prepared assuming the company will continue as a going concern, without adjustments for potential uncertainties[283] Accounting Policies - There have been no material changes to the company's critical accounting policies and estimates compared to the previous annual report[284] - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[285]

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 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: 001-41593 (Registrant's telephone number, including area code) Not Applicable (Former name, former address and former fiscal ye ...

Financial Performance - Dillard's reported net income of $129.8 million, or $8.31 per share, for the third quarter, compared to $124.6 million, or $7.73 per share, in the prior year[2] - Net sales for the third quarter were $1.469 billion, an increase of 3% from $1.427 billion in the same period last year[3] - Total retail sales, excluding CDI, increased 3% to $1.401 billion for the third quarter compared to $1.356 billion in the prior year[4] - For the 39 weeks ended November 1, 2025, net income was $366.5 million, or $23.39 per share, compared to $379.1 million, or $23.42 per share, in the prior year[12] - Total retail sales for the 39 weeks increased 1% to $4.315 billion from $4.275 billion in the prior year[13] - Net income for the 39 weeks ended November 1, 2025, was $366.5 million, a decrease of 3.4% compared to $379.1 million for the same period in 2024[21] Operating Expenses and Margins - Retail gross margin improved to 45.3% of sales from 44.5% in the prior year third quarter[9] - Operating expenses for the third quarter were $440.4 million, representing 30.0% of sales, up from $418.9 million, or 29.4% of sales, in the prior year[11] Cash Flow and Assets - Net cash provided by operating activities increased to $505.8 million, up 44.7% from $349.4 million in the prior year[21] - Cash and cash equivalents at the end of the period rose to $1,149.2 million, compared to $980.4 million at the end of the previous year[21] - Total assets increased to $4.298 billion as of November 1, 2025, from $4.133 billion a year earlier[20] Shareholder Actions - The company purchased $107.8 million of Class A Common Stock during the 39 weeks, with approximately $165.2 million remaining under the share repurchase program[17] - Cash dividends paid decreased slightly to $11.8 million from $12.2 million in the prior year[21] Future Projections and Risks - Estimated depreciation and amortization for 2025 is projected at $180 million, slightly higher than the actual $178 million in 2024[22] - Capital expenditures for 2025 are estimated to be $100 million, down from $105 million in 2024[22] - The company anticipates a net interest and debt expense of $(7) million for 2025, an improvement from $(14) million in 2024[22] - The company is facing various risks including inflation, economic recession, and changes in consumer spending patterns that may impact future performance[23] - Forward-looking statements indicate potential disruptions from global conflicts and public health issues affecting consumer confidence and spending[24] Inventory Changes - The company has reported an increase in merchandise inventories by $546.0 million, compared to a decrease of $588.2 million in the previous year[21] Store Closures - Dillard's announced the closure of its store at The Shops at Willow Bend in Plano, Texas, expected in January 2026[18]