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 June 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: 001-42540 Live Oak Acquisition Corp. V (Exact Name of Registrant as Specified in Its Charter) | Cayman Islands | 61-2235506 | | --- | - ...

Spire Global, Inc. Form 8-K Filing (August 13, 2025) [Item 2.02 Results of Operations and Financial Condition](index=4&type=section&id=Item%202.02.%20Results%20of%20Operations%20and%20Financial%20Condition) Spire Global, Inc. announced preliminary Q2 2025 revenue and cash balance, with the information furnished for liability purposes - The company announced preliminary financial results for the quarter ended June 30, 2025[7](index=7&type=chunk) - The disclosed information includes preliminary revenue and the balance of cash, cash equivalents, and marketable securities[7](index=7&type=chunk) - The information provided in this item and the attached exhibit is not deemed "filed" for the purposes of Section 18 of the Exchange Act, which limits certain legal liabilities[8](index=8&type=chunk) [Item 9.01 Financial Statements and Exhibits](index=4&type=section&id=Item%209.01%20Financial%20Statements%20and%20Exhibits) This section lists the exhibits attached to the Form 8-K filing, primarily the news release with preliminary financial results List of Exhibits | Exhibit | Description | | :--- | :--- | | 99.1 | News release of Spire Global, Inc., dated August 13, 2025 | | 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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 June 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: 001-42540 Live Oak Acquisition Corp. V (Exact Name of Registrant as Specified in Its Charter) | Cayman Islands | 61-2235506 | | --- | - ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☒ 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: 001-38365 HYPERION DEFI, INC. (Exact name of Registrant as Specified in Its Charter) | Delaware | | 47-1178401 | | --- | --- | ...

[Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Highlights) Interlink Electronics reported strong Q2 2025 results, driven by growth in key product lines, strategic wins, and a focus on M&A [Q2 2025 and Recent Highlights](index=1&type=section&id=Q2%202025%20and%20Recent%20Highlights) Interlink Electronics achieved strong Q2 2025 results with **18%** revenue growth, improved gross margins, and positive net income, driven by strategic wins and M&A focus - Revenue increased **18%** year-over-year to **$3.4 million**[1](index=1&type=chunk)[6](index=6&type=chunk) - Gross margin improved to **45%**, driving **$323,000** of adjusted EBITDA (non-GAAP) and positive net income of **$100,000**[1](index=1&type=chunk)[6](index=6&type=chunk) - Secured an integrated sensing solution program with a division of a top-10 global company, with approximately **$1 million** of revenue expected in 2026[1](index=1&type=chunk)[6](index=6&type=chunk) - Received a **$280,000** SBIR Phase 1 award from the National Institute of Environmental Health Sciences (NIEHS) to develop a high-resolution, hyper-local air quality monitoring system[1](index=1&type=chunk)[6](index=6&type=chunk) - The Company is actively evaluating a growing pipeline of strategic acquisition opportunities that align with long-term goals and enhance shareholder value[5](index=5&type=chunk)[6](index=6&type=chunk) [Management Commentary](index=1&type=section&id=Management%20Commentary) CEO Steven N. Bronson emphasized progress towards sustainable, profitable growth, driven by strong product lines and strategic M&A, anticipating continued improvements into 2026 - Revenue increased **18%** year-over-year, driven by higher gas-sensor shipments, stronger printed electronics demand through Calman Technology, and contributions from the Conductive Transfers acquisition[4](index=4&type=chunk) - Sequential gross margin improved to **45%**, reflecting disciplined execution and a favorable product mix[4](index=4&type=chunk) - Management expects continued year-over-year revenue and gross margin improvements in the second half of 2025 and into 2026[4](index=4&type=chunk) - Momentum in gas-sensor and printed electronics product-lines is encouraging, with an anticipated rebound in the force-sensing business[5](index=5&type=chunk) - The company is actively evaluating a robust M&A pipeline and believes 2026 will be a defining year characterized by accelerating top-line growth, expanding gross margins, and consistent profitability[5](index=5&type=chunk)[6](index=6&type=chunk) [Consolidated Financial Performance](index=2&type=section&id=Consolidated%20Financial%20Performance) Interlink Electronics demonstrated significant financial improvements in Q2 2025, marked by revenue growth, improved profitability, and positive Adjusted EBITDA [Q2 2025 Financial Results Summary](index=2&type=section&id=Q2%202025%20Financial%20Results%20Summary) Interlink Electronics achieved strong Q2 2025 financial improvements, with revenue growing **17.8%** to **$3.414 million**, returning to profitability with **$100,000** net income and positive Adjusted EBITDA Q2 2025 Financial Results (in thousands) | Metric | Three Months Ended June 30, 2025 (in thousands) | Three Months Ended June 30, 2024 (in thousands) | $ Change | % Change | | :--------------------------- | :---------------------------------------------- | :---------------------------------------------- | :------- | :------- | | Revenue | $3,414 | $2,898 | $516 | 17.8% | | Gross profit | $1,538 | $1,305 | $233 | 17.9% | | Gross margin | 45.0% | 45.0% | 0.0% | 0.0% | | Income (loss) from operations | $66 | $(313) | $379 | N/A | | Net income (loss) | $100 | $(307) | $407 | N/A | | Adjusted EBITDA | $323 | $(80) | $403 | N/A | - The year-over-year revenue growth was driven by higher shipments of gas-sensor products, increased sales of printed electronics through Calman Technology (benefiting in part from a stronger Pound Sterling), and contributions from the recently acquired Conductive Transfers subsidiary, partially offset by lower sales of force-sensor products[7](index=7&type=chunk) [Gross Margin and Net Income Analysis](index=2&type=section&id=Gross%20Margin%20and%20Net%20Income%20Analysis) Q2 2025 gross margin remained strong at **45.0%**, with sequential improvement, and net income reached **$100,000**, driven by higher revenue and reduced operating expenses - Gross margin for the quarter was **45.0%**, flat compared to the second quarter of last year, and up from **35.6%** in the first quarter of 2025[8](index=8&type=chunk) - The sequential improvement in gross margin primarily reflects higher revenue and favorable product mix[8](index=8&type=chunk) - Net income totaled **$100,000**, compared to a net loss of **$307,000** in the year-ago period[8](index=8&type=chunk) - The improvement in net income was driven by higher revenue and lower operating expenses, reflecting reduced headcount and related compensation costs[8](index=8&type=chunk) [Adjusted EBITDA Performance](index=2&type=section&id=Adjusted%20EBITDA%20Performance) Interlink Electronics reported a positive Adjusted EBITDA of **$323,000** for Q2 2025, a significant turnaround reflecting improved operational efficiency and profitability - Adjusted EBITDA, a non-GAAP financial measure, was **$323,000**, compared to **$(80,000)** in the prior-year period[9](index=9&type=chunk) [Company Overview](index=2&type=section&id=Company%20Overview) Interlink Electronics is a global leader in sensor and printed electronic solutions, operating internationally with specialized expertise and manufacturing capabilities [About Interlink Electronics, Inc.](index=2&type=section&id=About%20Interlink%20Electronics%2C%20Inc.) Interlink Electronics is a 40-year leader in sensor and printed electronic solutions, delivering mission-critical technologies across diverse markets through specialized expertise - Interlink Electronics is a leading provider of sensors and printed electronic solutions, boasting **40 years** of success in delivering mission-critical technologies[10](index=10&type=chunk) - Products and solutions span various markets, including medical, industrial, automotive, wearables, IoT, and other specialty markets[10](index=10&type=chunk) - Expertise in materials science, manufacturing, embedded electronics, firmware, and software enables the creation of custom solutions tailored to customer needs[10](index=10&type=chunk) [Global Operations](index=2&type=section&id=Global%20Operations) Interlink Electronics operates globally with headquarters in Fremont, California, a development center in Camarillo, and manufacturing facilities across China and the UK - The company's corporate headquarters and proprietary gas sensor production and product development facility are located in Fremont, California[11](index=11&type=chunk) - A Global Product Development and Materials Science Center and distribution and logistics center are in Camarillo, California[11](index=11&type=chunk) - Advanced printed-electronics manufacturing facilities are located in Shenzhen, China; Irvine, Scotland; and Barnsley, England[11](index=11&type=chunk) [Forward-Looking Statements & Non-GAAP Measures](index=3&type=section&id=Forward-Looking%20Statements%20%26%20Non-GAAP%20Measures) This section addresses the inherent uncertainties of forward-looking statements and clarifies the definition, use, and limitations of non-GAAP financial measures [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) Forward-looking statements are subject to inherent uncertainties and risks that may cause actual results to differ materially, with no obligation for public updates - Forward-looking statements are identified by phrases such as 'thinks,' 'anticipates,' 'believes,' 'estimates,' 'expects,' 'intends,' 'plans,' and similar words[13](index=13&type=chunk) - These statements are not guarantees of future performance and are inherently subject to uncertainties and other factors which could cause actual results to differ materially[13](index=13&type=chunk) - Risks and uncertainties include success in predicting new markets, efficient infrastructure management, technological developments, changes in customer ordering patterns, product quality, intellectual property protection, raw material availability, disruptions in manufacturing, risks of international sales and operations, and compliance with regulatory requirements[13](index=13&type=chunk) - The company expressly disclaims any obligation to publicly update or revise any forward-looking statements[13](index=13&type=chunk) [Non-GAAP Financial Measure Definition and Use](index=3&type=section&id=Non-GAAP%20Financial%20Measure%20Definition%20and%20Use) Adjusted EBITDA is a non-GAAP measure used by management and investors to assess core performance, supplementing GAAP statements for financial and operational decisions - Adjusted EBITDA is a non-GAAP financial measure used to supplement condensed consolidated financial statements prepared in accordance with GAAP[14](index=14&type=chunk) - Adjusted EBITDA is defined as net income (loss) before interest, taxes, depreciation and amortization, and as further adjusted for stock-based compensation expense[15](index=15&type=chunk) - This non-GAAP measure is used for financial and operational decision-making, period-to-period comparisons, and to evaluate performance by excluding items not indicative of core business operating results, such as amortization expense related to recent acquisitions[16](index=16&type=chunk) - It provides greater transparency with respect to key metrics used by management and helps investors analyze the health of the business[16](index=16&type=chunk) [Limitations of Non-GAAP Financial Measures](index=3&type=section&id=Limitations%20of%20Non-GAAP%20Financial%20Measures) The company acknowledges non-GAAP measure limitations, providing GAAP exclusions and emphasizing their evaluation alongside relevant GAAP financial measures - There are a number of limitations related to the use of non-GAAP financial measures[17](index=17&type=chunk) - The company compensates for these limitations by providing specific information regarding the GAAP amounts excluded from these non-GAAP financial measures[17](index=17&type=chunk) - Non-GAAP financial measures are evaluated together with their relevant financial measures in accordance with GAAP[17](index=17&type=chunk) [Financial Statements](index=4&type=section&id=Financial%20Statements) This section presents the unaudited condensed consolidated financial statements, including balance sheets, statements of operations, and reconciliation of net loss to Adjusted EBITDA [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This section presents the unaudited condensed consolidated balance sheets for Interlink Electronics as of June 30, 2025, and December 31, 2024 Condensed Consolidated Balance Sheets (in thousands) | Metric (in thousands) | June 30, 2025 | December 31, 2024 | | :-------------------------- | :------------ | :---------------- | | Cash and cash equivalents | $2,329 | $2,950 | | Accounts receivable, net | $2,022 | $1,612 | | Inventories | $1,651 | $2,009 | | Total current assets | $6,424 | $6,899 | | Total assets | $12,510 | $13,116 | | Accounts payable | $501 | $573 | | Total current liabilities | $1,422 | $1,390 | | Total liabilities | $2,471 | $2,623 | | Total stockholders' equity | $10,039 | $10,493 | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) This section provides the unaudited condensed consolidated statements of operations for the three and six months ended June 30, 2025, and 2024 Condensed Consolidated Statements of Operations (in thousands, except per share data) | Metric (in thousands, except per share data) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Revenue | $3,414 | $2,898 | $6,078 | $6,022 | | Cost of revenue | $1,876 | $1,593 | $3,591 | $3,464 | | Gross profit | $1,538 | $1,305 | $2,487 | $2,558 | | Engineering, research and development | $363 | $510 | $797 | $1,086 | | Selling, general and administrative | $1,109 | $1,108 | $2,473 | $2,536 | | Total operating expenses | $1,472 | $1,618 | $3,270 | $3,622 | | Income (loss) from operations | $66 | $(313) | $(783) | $(1,064) | | Net income (loss) | $100 | $(307) | $(705) | $(1,048) | | Earnings (loss) per common share – diluted | $0.00 | $(0.04) | $(0.09) | $(0.13) | [Reconciliation of Consolidated Net Loss to Consolidated Adjusted EBITDA](index=5&type=section&id=Reconciliation%20of%20Consolidated%20Net%20Loss%20to%20Consolidated%20Adjusted%20EBITDA) This section provides the unaudited reconciliation of consolidated net loss to consolidated Adjusted EBITDA for the three and six months ended June 30, 2025, and 2024 Reconciliation of Consolidated Net Loss to Consolidated Adjusted EBITDA (in thousands) | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :---------------------------------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net income (loss) | $100 | $(307) | $(705) | $(1,048) | | Interest (income) | $(7) | $(14) | $(13) | $(32) | | Income tax expense (benefit) | $(9) | $10 | $(48) | $32 | | Depreciation expense | $47 | $37 | $94 | $77 | | Amortization expense | $185 | $189 | $358 | $378 | | EBITDA | $316 | $(85) | $(314) | $(593) | | Stock-based compensation expense | $7 | $5 | $14 | $5 | | Adjusted EBITDA | $323 | $(80) | $(300) | $(588) |

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 July 4, 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 000-17781 Gen Digital Inc. (Exact name of the registrant as specified in its charter) | Delaware | | | 77-0181864 | | --- | --- | --- ...

[Key Business Highlights](index=3&type=section&id=Key%20Business%20Highlights) dLocal achieved record TPV, revenue, gross profit, and adjusted EBITDA in Q2 2025, with strong year-over-year growth across all key metrics and improved operating leverage, leading to an upward revision of full-year 2025 guidance [Summary of Q2 2025 Performance](index=3&type=section&id=Summary%20of%20Q2%202025%20Performance) dLocal achieved record TPV, revenue, gross profit, and adjusted EBITDA in Q2 2025, with strong year-over-year growth across all key metrics, continuous improvement in operating leverage, and an upward revision of full-year 2025 guidance Key Financial Metrics for Q2 2025 | Metric | 2Q25 (million USD) | 2Q24 (million USD) | YoY Growth | 1Q25 (million USD) | QoQ Growth | YoY Growth (Constant Currency) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | TPV | 9,200 | 6,000 | +53% | 8,100 | +14% | +65% | | Revenue | 256 | 171 | +50% | 217 | +18% | +63% | | Gross Profit | 99 | 70 | +42% | 85 | +17% | +55% | | Adjusted EBITDA | 70 | 43 | +64% | 58 | +21% | - | | EBITDA | 61 | 34 | +79% | 51 | +20% | - | - Adjusted EBITDA as a percentage of gross profit reached **71%**, marking the fifth consecutive quarter of growth and demonstrating sustained operating leverage[8](index=8&type=chunk) - Free cash flow remained strong at **$48 million**[9](index=9&type=chunk) - Full-year 2025 guidance for TPV, revenue, gross profit, and adjusted EBITDA was raised[9](index=9&type=chunk) [Letter to Shareholders](index=4&type=section&id=Letter%20to%20Shareholders) The CEO highlighted strong Q2 2025 growth and execution, with record TPV, revenue, and gross profit, alongside strategic diversification and capital reallocation to mitigate currency impacts [CEO's Message](index=4&type=section&id=CEO%27s%20Message) The CEO emphasized strong Q2 2025 growth with record TPV, revenue, and gross profit, noting robust core market performance, faster growth in other regions, and strategic capital reallocation to mitigate currency impacts - TPV reached **$9.2 billion**, marking the third consecutive quarter of over **50% year-over-year growth**[11](index=11&type=chunk) - Revenue and gross profit reached **$256 million** and **$99 million** respectively, both achieving new historical highs[11](index=11&type=chunk) - Net income for the quarter was **$43 million**, negatively impacted by the Argentine Peso devaluation on the bond portfolio, with over **80%** of Argentine funds reallocated to US Treasuries[12](index=12&type=chunk) - Free cash flow for the quarter was **$48 million**, reflecting strong underlying operations[13](index=13&type=chunk) [Strategic Growth Initiatives](index=4&type=section&id=Strategic%20Growth%20Initiatives) dLocal expanded its global footprint by securing new payment licenses in the UAE, Turkey, and the Philippines, focusing on increasing wallet share with existing merchants, attracting new ones, and entering new countries to capture market opportunities - Three new payment licenses/authorizations were obtained in the UAE, Turkey, and the Philippines, expanding the financial services license portfolio across the Global South[14](index=14&type=chunk) - Currently serving nearly **760 merchants**, with the top **50 clients** averaging operations in **11 countries** and **48 payment methods**, up from **8 countries** and **35 payment methods** 18 months prior[14](index=14&type=chunk) - Revenue from the top three markets decreased to **47%** of total revenue (down **8 percentage points** from 2023), while revenue from other markets grew almost three times faster[14](index=14&type=chunk) [Corporate Governance and Capital Structure Changes](index=5&type=section&id=Corporate%20Governance%20and%20Capital%20Structure%20Changes) The board is implementing significant changes, including a commitment to a majority independent board, establishing new committees, planning to cancel treasury shares, and appointing a new CFO and SVP of Corporate Development - Commitment to transition to a majority independent board, with the search for new independent directors already underway[18](index=18&type=chunk) - Establishment of a Nominating and Corporate Governance Committee and a Compensation Committee[18](index=18&type=chunk) - Cancellation of treasury shares currently on the balance sheet to return excess capital to shareholders[18](index=18&type=chunk) - Guillermo Lopez Perez appointed as the new Chief Financial Officer, and Christopher Stromeyer as Senior Vice President of Corporate Development and Head of Investor Relations[16](index=16&type=chunk)[17](index=17&type=chunk) [Tech Update](index=7&type=section&id=Tech%20Update) dLocal continues to invest in product innovation, launching SmartPix in Brazil, expanding BNPL integrations across markets, and advancing stablecoin remittance solutions through strategic partnerships [Product Innovation and Deployments](index=7&type=section&id=Product%20Innovation%20and%20Deployments) dLocal continues to invest in product innovation, launching SmartPix in Brazil to enhance Pix payments, expanding "Buy Now, Pay Later" (BNPL) integrations in multiple markets without credit risk, and advancing stablecoin remittance solutions through a partnership with BVNK - Launched SmartPix in Brazil, a solution that redefines the Pix experience and replicates most card payment functionalities and conveniences for merchants[22](index=22&type=chunk) - Introduced "Buy Now, Pay Later" (BNPL) integrations in multiple markets, allowing merchants to benefit from significant credit demand without dLocal assuming credit risk[23](index=23&type=chunk) - Made progress in stablecoin solutions, solidifying its position as a perfect on-ramp and off-ramp provider for stablecoin participants and merchants through a partnership with BVNK[24](index=24&type=chunk) [Business highlights](index=9&type=section&id=Business%20highlights) dLocal achieved record TPV in Q2 2025, driven by strong pay-ins and cross-border transactions, with robust revenue growth across Latin America, Africa, and Asia, and high net revenue retention from existing merchants [Total Payment Volume (TPV) Breakdown](index=9&type=section&id=Total%20Payment%20Volume%20%28TPV%29%20Breakdown) Q2 2025 TPV reached a record $9.2 billion, primarily driven by strong pay-ins and cross-border transactions, with significant contributions from verticals like commerce, on-demand delivery, and ride-hailing Q2 2025 TPV Breakdown by Product and Type | TPV Type | 2Q25 (million USD) | Share | 2Q24 (million USD) | Share | YoY Growth | 1Q25 (million USD) | QoQ Growth | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Product** | | | | | | | | | Pay-ins | 6,395 | 69% | 4,273 | 71% | +50% | - | +18% | | Pay-outs | 2,816 | 31% | 1,763 | 29% | +60% | - | +6% | | **By Flow** | | | | | | | | | Cross-border | 4,719 | 51% | 2,701 | 45% | +75% | - | +11% | | Local to Local | 4,493 | 49% | 3,334 | 55% | +35% | - | +17% | | **Total TPV** | 9,212 | 100% | 6,035 | 100% | +53% | 8,100 | +14% | - Strong performance in Pay-ins TPV was primarily driven by verticals such as commerce, on-demand delivery, ride-hailing, SaaS, and streaming[28](index=28&type=chunk) - Quarter-over-quarter growth in Cross-border TPV was driven by verticals including commerce, SaaS, remittances, and ride-hailing across various markets[29](index=29&type=chunk) [Revenue by Geography and Merchant Type](index=9&type=section&id=Revenue%20by%20Geography%20and%20Merchant%20Type) Latin America contributed 79% of total revenue with 46% YoY growth, while Africa and Asia grew 65% YoY, and existing merchants showed strong expansion with a 145% Net Revenue Retention (NRR) Q2 2025 Revenue Breakdown by Geography | Geography | 2Q25 (million USD) | Share | 2Q24 (million USD) | Share | YoY Growth | QoQ Growth | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Latin America | 202.7 | 79% | 138.7 | 81% | +46% | +24% | | - Brazil | 47.0 | 18% | 42.3 | 25% | - | - | | - Argentina | 31.6 | 12% | 20.5 | 12% | - | - | | - Mexico | 45.7 | 18% | 35.8 | 21% | - | - | | - Other LatAm | 78.4 | 31% | 40.1 | 23% | - | - | | Africa & Asia | 53.7 | 21% | 32.6 | 19% | +65% | 0% | | - Egypt | 17.6 | 7% | 15.0 | 9% | - | - | | - Other Africa & Asia | 36.1 | 14% | 17.5 | 10% | - | - | | **Total Revenue** | 256.5 | 100% | 171.3 | 100% | +50% | +18% | - Revenue from existing merchants grew **54% year-over-year**, with a Net Revenue Retention (NRR) of **145%**, indicating strong growth from existing merchant expansion[31](index=31&type=chunk) - New merchant revenue contributed significantly, primarily from commerce, streaming, and remittances verticals[35](index=35&type=chunk) [Gross Profit by Geography](index=9&type=section&id=Gross%20Profit%20by%20Geography) Latin America accounted for 74% of total gross profit with 37% YoY growth, driven by transaction volume and favorable payment mix in Brazil and Argentina, while Africa and Asia gross profit grew 56% YoY despite an Egyptian impact Q2 2025 Gross Profit Breakdown by Geography | Geography | 2Q25 (million USD) | Share | 2Q24 (million USD) | Share | YoY Growth | QoQ Growth | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Latin America | 73.6 | 74% | 53.5 | 77% | +37% | +24% | | - Brazil | 24.3 | 25% | 19.2 | 28% | - | - | | - Argentina | 14.1 | 14% | 7.6 | 11% | - | - | | - Mexico | 11.9 | 12% | 8.8 | 13% | - | - | | - Other LatAm | 23.4 | 24% | 17.9 | 26% | - | - | | Africa & Asia | 25.3 | 26% | 16.3 | 23% | +56% | 0% | | - Egypt | 12.9 | 13% | 9.8 | 14% | - | - | | - Other Africa & Asia | 12.4 | 13% | 6.5 | 9% | - | - | | **Total Gross Profit** | 98.9 | 100% | 69.8 | 100% | +42% | +17% | - Quarter-over-quarter growth in Latin America's gross profit was primarily driven by increased transaction volumes and a favorable payment mix in Brazil and Argentina[33](index=33&type=chunk) - Quarter-over-quarter growth in Africa and Asia's gross profit was negatively impacted by Egypt, but excluding Egypt, it grew by **$3 million**, primarily due to strong performance in markets like South Africa[34](index=34&type=chunk)[41](index=41&type=chunk) [Financial highlights](index=12&type=section&id=Financial%20highlights) dLocal achieved strong Q2 2025 financial performance with significant YoY growth in TPV, revenue, gross profit, operating profit, and adjusted EBITDA, though net income decreased due to currency depreciation and fund reallocation [Key Financial Metrics](index=12&type=section&id=Key%20Financial%20Metrics) dLocal demonstrated strong Q2 2025 financial performance with significant year-over-year growth across TPV, revenue, gross profit, operating profit, adjusted EBITDA, and EBITDA, while net income decreased due to currency depreciation and fund reallocation Key Financial Metrics for Q2 2025 | Metric | 2Q25 (million USD) | 2Q24 (million USD) | YoY Change | 1Q25 (million USD) | QoQ Change | | :--- | :--- | :--- | :--- | :--- | :--- | | TPV | 9,212 | 6,035 | +53% | 8,100 | +14% | | Revenue | 256.5 | 171.3 | +50% | 216.8 | +18% | | Gross Profit | 98.9 | 69.8 | +42% | 84.9 | +17% | | Gross Profit Margin | 39% | 41% | -2p.p | 39% | 0p.p | | Operating Profit | 55.8 | 30.2 | +85% | 45.8 | +22% | | Adjusted EBITDA | 70.1 | 42.7 | +64% | 57.9 | +21% | | Adjusted EBITDA Margin | 27% | 25% | +2p.p | 27% | 0p.p | | Adjusted EBITDA/Gross Profit | 71% | 61% | +10p.p | 68% | +3p.p | | Net Income | 42.8 | 46.2 | -7% | 46.7 | -8% | | Diluted EPS | 0.14 | 0.15 | - | 0.15 | - | | Free Cash Flow | 48.4 | 19.0 | +156% | 39.7 | +22% | - Net financial result was a **$3.8 million loss**, compared to a **$28 million gain** in Q2 2024, primarily due to the negative impact of Argentine Peso depreciation on the bond portfolio[41](index=41&type=chunk) - As of June 30, 2025, dLocal held **$476.9 million** in cash and cash equivalents, with **$253.8 million** in corporate cash and cash equivalents[43](index=43&type=chunk) [2025 Guidance Update](index=14&type=section&id=2025%20Guidance%20Update) dLocal raised its full-year 2025 guidance for TPV, revenue, gross profit, and adjusted EBITDA, reflecting strong first-half performance and anticipated continued growth momentum, while also highlighting potential risks from macroeconomic changes and currency depreciation 2025 Guidance Update | Metric | Original 2025 Guidance (YoY) | New 2025 Guidance Range (YoY) | | :--- | :--- | :--- | | TPV | 35% - 45% | 40% - 50% | | Revenue | 25% - 35% | 30% - 40% | | Gross Profit | 20% - 25% | 27.5% - 37.5% | | Adjusted EBITDA | 20% - 30% | 40% - 50% | - Potential risks highlighted by the company include changes in global macroeconomic, monetary, and trade landscapes affecting emerging markets; recent tariff increases in Mexico and potential trade barriers in other markets; changes in Brazil's fiscal regime; and the potential impact of currency depreciation and/or foreign exchange regime changes in Argentina and Egypt[44](index=44&type=chunk)[47](index=47&type=chunk) [Appendix](index=15&type=section&id=Appendix) This section provides definitions for key operational metrics, reconciliations for non-IFRS measures, earnings per share calculations, consolidated financial statements, and company information with forward-looking statements [Definition of selected operational metrics](index=20&type=section&id=Definition%20of%20selected%20operational%20metrics) This section defines key operational metrics used by dLocal, including API, cross-border payments, local payment methods, local-to-local payments, Net Revenue Retention (NRR), pay-ins, pay-outs, new merchant revenue, existing merchant revenue, and Total Payment Volume (TPV) - **API**: Application Programming Interface, used by software developers to integrate with specific services or applications[69](index=69&type=chunk) - **Cross-border Payments**: Payment transactions where dLocal collects funds in one currency and settles in a different currency and/or geographic location[70](index=70&type=chunk) - **Net Revenue Retention (NRR)**: Measures the retention and growth of dLocal's merchants, calculated by dividing revenue from all customers in the current period/year by revenue from the same customers in the prior period/year[72](index=72&type=chunk) - **TPV**: Total Payment Volume, referring to the total value of all payments successfully processed through dLocal's payment platform[75](index=75&type=chunk) [Reconciliation of Non-IFRS Measures](index=15&type=section&id=Reconciliation%20of%20Non-IFRS%20Measures) This section details the definitions and reconciliations for Adjusted EBITDA, Adjusted Net Income, and constant currency metrics (TPV, revenue, gross profit), noting that dLocal considers Adjusted EBITDA an IFRS measure per IFRS 8, while others are non-IFRS - **Adjusted EBITDA** is defined as operating profit before depreciation, amortization, financial income and costs, impairment loss/gain on financial assets, transaction costs, non-cash share-based payment expenses, other operating gains/losses, other non-recurring costs, and inflation adjustment[49](index=49&type=chunk) Adjusted EBITDA Reconciliation (Q2 2025) | Item | 2025 Q2 (thousand USD) | | :--- | :--- | | Profit for the period | 42,808 | | Income tax expense | 8,188 | | Depreciation and amortization | 5,540 | | Financial income and costs, net | 3,785 | | Non-cash share-based payment expenses | 4,911 | | Other operating losses | 2,480 | | Impairment loss/(gain) on financial assets | 1,415 | | Inflation adjustment | 984 | | **Adjusted EBITDA** | **70,111** | Constant Currency Metrics Reconciliation (Q2 2025 vs Q2 2024) | Metric | 2Q25 (Reported) | 2Q24 (Reported) | YoY Change (Reported) | 2Q25 (Constant Currency) | 2Q24 (Constant Currency) | YoY Change (Constant Currency) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | TPV | 9,212 | 6,035 | 53% | 9,960 | 6,035 | 65% | | Revenue | 256 | 171 | 50% | 279 | 171 | 63% | | Gross Profit | 99 | 70 | 42% | 108 | 70 | 55% | [Earnings per share](index=18&type=section&id=Earnings%20per%20share) This section explains the calculation of basic and diluted earnings per share, based on profit attributable to group owners and weighted average ordinary shares, including adjustments for dilutive potential ordinary shares Earnings Per Share Calculation (Q2 2025) | Item | 2025 Q2 | | :--- | :--- | | Profit attributable to ordinary shareholders (USD) | 42,810,218 | | Weighted average number of ordinary shares | 289,578,429 | | Adjustments for calculation of diluted EPS | 11,543,051 | | Weighted average number of ordinary shares for diluted EPS | 301,121,480 | | **Basic EPS** | **0.15** | | **Diluted EPS** | **0.14** | [Consolidated Financial Statements](index=21&type=section&id=Consolidated%20Financial%20Statements) This section presents dLocal's unaudited consolidated statements of comprehensive income, financial position, and cash flows for the three and six months ended June 30, 2025, and 2024, detailing the company's financial performance and health Consolidated Statement of Comprehensive Income Summary (Q2 2025 vs Q2 2024) | Item (thousand USD) | 2025 Q2 | 2024 Q2 | | :--- | :--- | :--- | | Revenue | 256,458 | 171,279 | | Cost of sales | (157,573) | (101,468) | | Gross profit | 98,885 | 69,811 | | Operating profit | 55,765 | 30,195 | | Profit before tax | 50,996 | 56,299 | | Profit for the period | 42,808 | 46,239 | | Total comprehensive income for the period | 47,111 | 40,635 | Consolidated Statement of Financial Position Summary (As of June 30, 2025 vs June 30, 2024) | Item (thousand USD) | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Total current assets | 1,120,364 | 1,118,920 | | Total non-current assets | 100,948 | 76,764 | | **Total Assets** | **1,221,312** | **1,195,684** | | Total current liabilities | 766,517 | 747,877 | | Total non-current liabilities | 6,615 | 5,405 | | **Total Liabilities** | **773,132** | **753,282** | | Total equity attributable to owners of the Group | 447,960 | 442,287 | | **Total Equity** | **448,180** | **442,402** | Consolidated Statement of Cash Flows Summary (Q2 2025 vs Q2 2024) | Item (thousand USD) | 2025 Q2 | 2024 Q2 | | :--- | :--- | :--- | | Net cash generated from operating activities | 124,459 | 28,808 | | Net cash used in investing activities | (10,493) | 2,894 | | Net cash used in financing activities | (150,520) | (82,837) | | Net increase/(decrease) in cash and cash equivalents | (36,554) | (51,135) | | Cash and cash equivalents at end of period | 476,939 | 531,620 | [Company Information and Forward-Looking Statements](index=24&type=section&id=Company%20Information%20and%20Forward-Looking%20Statements) This section provides details for the conference call and webcast, an overview of dLocal's business as an emerging markets payment platform, and a cautionary note regarding forward-looking statements, emphasizing inherent risks and uncertainties - dLocal powers local payments in emerging markets through its "One dLocal" platform (one direct API, one platform, and one contract), connecting global enterprise merchants with billions of emerging market consumers across **40+ countries** in Africa, Asia, and Latin America[82](index=82&type=chunk) - Forward-looking statements, including guidance, are based on management's current expectations and involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those expressed[84](index=84&type=chunk)[85](index=85&type=chunk) - dLocal undertakes no obligation to publicly update or revise any forward-looking statements, except as required by law[86](index=86&type=chunk)

[Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Highlights) Accuray's fiscal Q4 and full-year 2025 results show mixed revenue performance but improved profitability and strategic advancements [Key Fiscal Fourth Quarter Highlights](index=1&type=section&id=Key%20Fiscal%20Fourth%20Quarter%20Highlights) Accuray reported a decrease in total net revenue for Q4 FY25, primarily due to a decline in product revenue, while service revenue saw an increase. Net income and Adjusted EBITDA also decreased compared to the prior year, with a book-to-bill ratio of 1.2 | Metric | Q4 FY25 (Millions) | Q4 FY24 (Millions) | Change (%) | | :------------------- | :----------------- | :----------------- | :--------- | | Total Net Revenue | $127.5 | $134.3 | -5% | | Product Revenue | $70.7 | $79.7 | -11% | | Service Revenue | $56.8 | $54.6 | +4% | | Net Income | $1.1 | $3.4 | -67.6% | | Adjusted EBITDA | $9.4 | $10.1 | -6.9% | | Order Book-to-Bill | 1.2 | N/A | N/A | [Key Fiscal Year 2025 Highlights](index=1&type=section&id=Key%20Fiscal%20Year%202025%20Highlights) For the full fiscal year 2025, Accuray achieved an increase in total net revenue driven by growth in both product and service revenues. The company significantly reduced its net loss and improved Adjusted EBITDA compared to the prior fiscal year, maintaining a book-to-bill ratio of 1.2 | Metric | FY25 (Millions) | FY24 (Millions) | Change (%) | | :------------------- | :-------------- | :-------------- | :--------- | | Total Net Revenue | $458.5 | $446.6 | +3% | | Product Revenue | $237.6 | $234.2 | +1% | | Service Revenue | $220.9 | $212.4 | +4% | | Net Loss | $1.6 | $15.5 | -89.7% | | Adjusted EBITDA | $28.3 | $19.7 | +43.6% | | Order Book-to-Bill | 1.2 | N/A | N/A | [Management Commentary](index=1&type=section&id=Management%20Commentary) Management highlighted the company's strategic advancements in innovation, access, and service growth, successfully navigating a challenging environment. They emphasized annual revenue growth, strong service performance, adjusted EBITDA margin expansion, and the successful completion of debt refinancing - CEO Suzanne Winter noted the advancement of the company's strategy of innovation, access, and service growth, along with annual revenue growth, strong service performance, adjusted EBITDA margin expansion, and successful debt refinancing[4](index=4&type=chunk) - CFO Ali Pervaiz highlighted the team's resilience despite macroeconomic challenges and tariff uncertainty, steady operational progress, customer adoption through product portfolio expansion, and the announcement of refinancing plans[14](index=14&type=chunk) [Fiscal Fourth Quarter 2025 Financial Results](index=1&type=section&id=Fiscal%20Fourth%20Quarter%202025%20Financial%20Results) Accuray's Q4 FY25 financial results detail revenue, profitability, and cash position, showing mixed performance [Revenue Performance (Q4 FY25)](index=1&type=section&id=Revenue%20Performance%20%28Q4%20FY25%29) Total net revenue for the fourth quarter of fiscal 2025 decreased by 5% year-over-year, primarily driven by an 11% decline in product revenue, while service revenue experienced a 4% increase | Revenue Type | Q4 FY25 (Millions) | Q4 FY24 (Millions) | Change (%) | | :------------- | :----------------- | :----------------- | :--------- | | Total Net Revenue | $127.5 | $134.3 | -5% | | Product Revenue | $70.7 | $79.7 | -11% | | Service Revenue | $56.8 | $54.6 | +4% | [Profitability and Expenses (Q4 FY25)](index=1&type=section&id=Profitability%20and%20Expenses%20%28Q4%20FY25%29) Gross profit increased slightly in Q4 FY25, improving as a percentage of net revenue. However, operating expenses rose by 10%, leading to a decrease in net income and Adjusted EBITDA compared to the prior year's fourth quarter | Metric | Q4 FY25 (Millions) | Q4 FY24 (Millions) | Change (%) | | :------------------- | :----------------- | :----------------- | :--------- | | Total Gross Profit | $39.0 | $38.5 | +1.3% | | Gross Profit Margin | 30.6% | 28.6% | +2.0 ppts | | Operating Expenses | $34.7 | $31.6 | +10% | | Net Income | $1.1 | $3.4 | -67.6% | | Net Income Per Share | $0.01 | $0.03 | -66.7% | | Adjusted EBITDA | $9.4 | $10.1 | -6.9% | [Order Backlog and Cash Position (Q4 FY25)](index=1&type=section&id=Order%20Backlog%20and%20Cash%20Position%20%28Q4%20FY25%29) Accuray's ending order backlog decreased both quarter-over-quarter and year-over-year. The company's cash, cash equivalents, and short-term restricted cash also saw a sequential decline | Metric | As of June 30, 2025 (Millions) | As of March 31, 2025 (Millions) | As of June 30, 2024 (Millions) | Change QoQ (%) | Change YoY (%) | | :---------------------------------- | :----------------------------- | :------------------------------ | :----------------------------- | :------------- | :------------- | | Ending Order Backlog | $427.0 | N/A | $487.3 | -5.6% | -12.4% | | Cash, Cash Equivalents, Restricted Cash | $58.0 | $78.8 | N/A | -26.4% | N/A | [Fiscal Year 2025 Financial Results](index=2&type=section&id=Fiscal%20Year%202025%20Financial%20Results) Accuray's full fiscal year 2025 financial results detail overall revenue and profitability performance [Revenue Performance (FY25)](index=2&type=section&id=Revenue%20Performance%20%28FY25%29) For fiscal year 2025, Accuray reported a 3% increase in total net revenue, driven by modest growth in both product and service revenues compared to the prior fiscal year | Revenue Type | FY25 (Millions) | FY24 (Millions) | Change (%) | | :------------- | :-------------- | :-------------- | :--------- | | Total Net Revenue | $458.5 | $446.6 | +3% | | Product Revenue | $237.6 | $234.2 | +1% | | Service Revenue | $220.9 | $212.4 | +4% | [Profitability and Expenses (FY25)](index=2&type=section&id=Profitability%20and%20Expenses%20%28FY25%29) Accuray improved its gross profit and gross profit margin for fiscal year 2025, while operating expenses decreased. This led to a significant reduction in GAAP net loss and a substantial increase in Adjusted EBITDA compared to the previous fiscal year | Metric | FY25 (Millions) | FY24 (Millions) | Change (%) | | :------------------- | :-------------- | :-------------- | :--------- | | Total Gross Profit | $147.0 | $142.9 | +2.9% | | Gross Profit Margin | 32.1% | 32.0% | +0.1 ppts | | Operating Expenses | $139.1 | $142.4 | -2% | | GAAP Net Loss | $1.6 | $15.5 | -89.7% | | GAAP Net Loss Per Share | $0.02 | $0.16 | -87.5% | | Adjusted EBITDA | $28.3 | $19.7 | +43.6% | [Fiscal Year 2026 Financial Guidance](index=2&type=section&id=Fiscal%20Year%202026%20Financial%20Guidance) Accuray's FY26 guidance projects increased total net revenue and Adjusted EBITDA, based on current expectations and market conditions | Metric | FY26 Guidance (Millions) | | :------------------- | :----------------------- | | Total Net Revenue | $471 to $485 | | Adjusted EBITDA | $31 to $35 | [Conference Call Information](index=2&type=section&id=Conference%20Call%20Information) Accuray hosted a conference call on August 13, 2025, to discuss Q4 and FY25 results, with webcast and replay details provided - Accuray hosted a conference call on August 13, 2025, at 1:30 p.m. PT/4:30 p.m. ET to discuss Q4 FY25 results and corporate developments[16](index=16&type=chunk) - Live access was available via the Investor Relations section of Accuray's website (www.accuray.com), with a slide presentation also accessible[16](index=16&type=chunk) - A taped replay of the conference call was available for seven days, with specific dial-in numbers for USA and International callers, and an archived webcast on the company's website[17](index=17&type=chunk)[18](index=18&type=chunk)[19](index=19&type=chunk) [Use of Non-GAAP Financial Measures](index=4&type=section&id=Use%20of%20Non-GAAP%20Financial%20Measures) Accuray supplements GAAP with non-GAAP measures like Adjusted EBITDA, excluding specific items, for performance comparison, acknowledging their limitations - Accuray uses non-GAAP financial measures, such as Adjusted EBITDA, to supplement its GAAP financial results[20](index=20&type=chunk) - Adjusted EBITDA excludes depreciation and amortization, stock-based compensation expense, interest expense, provision for income taxes, changes to the fair value of warrant liability, ERP and ERP related expenditures, restructuring charges, and certain non-recurring items[21](index=21&type=chunk) - Management believes non-GAAP measures provide useful supplemental information for investors and facilitate meaningful comparisons, but acknowledges their limitations as they are not GAAP-compliant and should not be considered in isolation[21](index=21&type=chunk)[22](index=22&type=chunk) [About Accuray](index=4&type=section&id=About%20Accuray) Accuray Incorporated advances radiation therapy with unique oncology and neuro-radiosurgery solutions, headquartered in Madison, Wisconsin - Accuray Incorporated (Nasdaq: ARAY) is committed to expanding the potential of radiation therapy to improve lives[23](index=23&type=chunk) - The company invents unique, market-changing solutions for radiation treatments in oncology, neuro-radiosurgery, and beyond, addressing the full spectrum of patient needs[23](index=23&type=chunk) - Accuray is headquartered in Madison, Wisconsin, with facilities worldwide[23](index=23&type=chunk) [Safe Harbor Statement](index=4&type=section&id=Safe%20Harbor%20Statement) Forward-looking statements on future results, guidance, and strategies are subject to risks like macroeconomic factors, supply chain, and tariffs, with no obligation to update - Statements in the press release that are not historical facts are forward-looking and subject to the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995[24](index=24&type=chunk) - Forward-looking statements relate to future results, guidance (total net revenue, adjusted EBITDA), strategy execution, impact of tariffs, debt refinancing, supply chain, macroeconomic challenges, China joint venture, strategic partnerships, new product introductions, and service growth[24](index=24&type=chunk) - Risks and uncertainties include the global macroeconomic environment, supply chain disruptions, market acceptance of products, outstanding indebtedness, international tariffs, benefits of the China joint venture, gross margins, regulatory approvals, credit facility covenants, and backlog conversion[24](index=24&type=chunk)[25](index=25&type=chunk) - The company assumes no obligation to update forward-looking statements to reflect actual performance or changes in assumptions, except as required by applicable securities laws[26](index=26&type=chunk) [Financial Tables](index=7&type=section&id=Financial%20Tables) This section presents detailed financial statements, including operations, balance sheets, order data, and non-GAAP reconciliations [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) This table provides a detailed breakdown of Accuray's revenues, costs, gross profit, operating expenses, and net income (loss) for the three and twelve months ended June 30, 2025, and 2024, highlighting changes in profitability metrics | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Twelve Months Ended June 30, 2025 | Twelve Months Ended June 30, 2024 | | :-------------------- | :------------------------------- | :------------------------------- | :-------------------------------- | :-------------------------------- | | Net revenue: | | | | | | Products | $70,702 | $79,673 | $237,580 | $234,164 | | Services | $56,841 | $54,616 | $220,925 | $212,387 | | Total net revenue | $127,543 | $134,289 | $458,505 | $446,551 | | Gross profit | $38,979 | $38,452 | $146,967 | $142,921 | | Total operating expenses | $34,745 | $31,635 | $139,128 | $142,417 | | Income from operations | $4,234 | $6,817 | $7,839 | $504 | | Net income (loss) | $1,123 | $3,387 | $(1,591) | $(15,545) | | Net income (loss) per share - basic | $0.01 | $0.03 | $(0.02) | $(0.16) | [Condensed Consolidated Balance Sheets](index=8&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This table presents Accuray's financial position as of June 30, 2025, and June 30, 2024, detailing assets, liabilities, and stockholders' equity. Notable changes include a decrease in cash and accounts receivable, an increase in inventories, and a significant increase in total stockholders' equity | Metric (in thousands) | June 30, 2025 | June 30, 2024 | | :-------------------- | :------------ | :------------ | | Assets: | | | | Cash and cash equivalents | $57,416 | $68,570 | | Accounts receivable, net | $83,192 | $92,001 | | Inventories | $141,020 | $138,324 | | Total current assets | $317,465 | $323,236 | | Total assets | $470,239 | $468,627 | | Liabilities: | | | | Accounts payable | $34,033 | $50,020 | | Deferred revenue (current) | $82,306 | $71,649 | | Short-term debt, net | $15,583 | $7,756 | | Total current liabilities | $195,428 | $195,267 | | Long-term debt, net | $120,937 | $164,400 | | Total liabilities | $389,070 | $423,543 | | Stockholders' Equity: | | | | Total stockholders' equity | $81,169 | $45,084 | [Summary of Orders and Backlog](index=9&type=section&id=Summary%20of%20Orders%20and%20Backlog) This table provides a summary of Accuray's gross orders, net orders, and order backlog for the three and twelve months ended June 30, 2025, and 2024, along with the book-to-bill ratio | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Twelve Months Ended June 30, 2025 | Twelve Months Ended June 30, 2024 | | :-------------------- | :------------------------------- | :------------------------------- | :-------------------------------- | :-------------------------------- | | Gross orders | $84,741 | $95,472 | $288,035 | $342,148 | | Net orders | $45,282 | $63,773 | $177,233 | $210,914 | | Order backlog | $426,972 | $487,319 | $426,972 | $487,319 | | Book to bill ratio (a) | 1.2 | N/A | 1.2 | 1.5 | [Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA](index=9&type=section&id=Reconciliation%20of%20GAAP%20Net%20Income%20%28Loss%29%20to%20Adjusted%20EBITDA) This table reconciles GAAP net income (loss) to Adjusted EBITDA for the three and twelve months ended June 30, 2025, and 2024, by adding back non-cash and non-operating expenses such as depreciation, stock-based compensation, interest, and other specific adjustments | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Twelve Months Ended June 30, 2025 | Twelve Months Ended June 30, 2024 | | :-------------------- | :------------------------------- | :------------------------------- | :-------------------------------- | :-------------------------------- | | GAAP net income (loss) | $1,123 | $3,387 | $(1,591) | $(15,545) | | Depreciation and amortization | $1,598 | $1,507 | $6,150 | $5,905 | | Stock-based compensation | $2,818 | $2,042 | $10,201 | $9,483 | | Interest expense, net | $3,937 | $2,686 | $11,762 | $10,676 | | Provision for income taxes | $948 | $471 | $2,725 | $3,725 | | Adjusted EBITDA | $9,448 | $10,093 | $28,271 | $19,692 | [Forward-Looking Guidance Reconciliation](index=9&type=section&id=Forward-Looking%20Guidance%20Reconciliation) This table provides a reconciliation of projected GAAP net loss to projected Adjusted EBITDA for the fiscal year ending June 30, 2026, outlining the adjustments for non-GAAP items | Metric (in thousands) | Twelve Months Ending June 30, 2026 (From) | Twelve Months Ending June 30, 2026 (To) | | :-------------------- | :---------------------------------------- | :-------------------------------------- | | GAAP net loss | $(12,000) | $(8,000) |\ | Depreciation and amortization | $6,000 | $6,000 |\ | Stock-based compensation | $10,500 | $10,500 |\ | Interest expense, net | $23,500 | $23,500 |\ | Provision for income taxes | $3,000 | $3,000 |\ | Adjusted EBITDA | $31,000 | $35,000 |

[Management Commentary and Business Highlights](index=1&type=section&id=Management%20Commentary%20and%20Business%20Highlights) Management noted sequential improvement in net revenue, driven by occasion and bridesmaid dresses, while casual wear and footwear remained soft; the company achieved positive Adjusted EBITDA, reduced debt, and is negotiating a new credit facility - The company saw sequential improvement in revenue trends and strength in occasion dresses, but faced softness in casual wear and footwear[3](index=3&type=chunk) - Lulus achieved **positive Adjusted EBITDA**, reduced total debt, and expects continued positive Adjusted EBITDA in Q3 2025[4](index=4&type=chunk) - The company is actively repositioning its casual wear and footwear categories to better align with its core strengths in event attire[3](index=3&type=chunk) - An amendment to the Forbearance Agreement with Bank of America was executed, extending the Forbearance Termination Event and Maturity Date to August 22, 2025, as the company negotiates a new asset-based revolving credit facility[7](index=7&type=chunk) [Q2 2025 Financial & Operational Performance](index=1&type=section&id=Q2%202025%20Financial%20%26%20Operational%20Performance) In Q2 2025, Lulus reported an **11% decrease in net revenue to $81.5 million**, driven by a 16% drop in total orders, though Average Order Value increased slightly; the company significantly narrowed its net loss to $3.0 million and achieved positive Adjusted EBITDA of $0.5 million [Key Financial & Operating Metrics](index=1&type=section&id=Key%20Financial%20%26%20Operating%20Metrics) Key metrics for Q2 2025 showed a year-over-year decline in revenue and active customers, but an improvement in net loss and a shift to positive Adjusted EBITDA, with Average Order Value slightly increasing Second Quarter 2025 Financial Highlights (vs. Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Net Revenue | $81.5M | $92.0M | -11% | | Gross Profit | $36.9M | $41.9M | -12% | | Gross Margin | 45.3% | 45.5% | -20 bps | | Net Loss | ($3.0M) | ($10.8M) | Improved | | Adjusted EBITDA* | $0.5M | ($0.2M) | Improved | | Active Customers | 2.5M | 2.7M | -8% | | Average Order Value | $145 | $143 | +1% | | Free Cash Flow* | ($1.9M) | $3.0M | Decreased | [Condensed Consolidated Statements of Operations](index=2&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For Q2 2025, net revenue decreased to $81.5 million, gross profit declined, but loss from operations improved, and net loss significantly reduced to ($3.0) million Statement of Operations Summary (Thirteen Weeks Ended, in millions) | Account | June 29, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Net revenue | $81.52M | $91.97M | | Gross profit | $36.93M | $41.88M | | Loss from operations | ($2.62M) | ($4.47M) | | Net loss | ($3.00M) | ($10.80M) | | Diluted loss per share | ($1.08) | ($3.92) | [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 29, 2025, total assets decreased to $101.0 million, cash and equivalents declined, total liabilities increased, and total stockholders' equity significantly decreased to $4.3 million Balance Sheet Summary (in millions) | Account | June 29, 2025 | December 29, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $1.53M | $4.46M | | Inventory, net | $37.35M | $34.04M | | Total assets | $100.96M | $108.20M | | Revolving line of credit | $5.75M | $13.09M | | Total liabilities | $96.71M | $94.83M | | Total stockholders' equity | $4.25M | $13.37M | [Condensed Consolidated Statements of Cash Flows](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the twenty-six weeks ended June 29, 2025, net cash provided by operating activities decreased to $7.0 million, while net cash used in financing activities was $8.8 million, primarily due to debt repayments Cash Flow Summary (Twenty-Six Weeks Ended, in millions) | Category | June 29, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $6.97M | $10.64M | | Net cash used in investing activities | ($1.05M) | ($1.62M) | | Net cash used in financing activities | ($8.84M) | ($9.74M) | | Net decrease in cash and cash equivalents | ($2.93M) | ($0.73M) | [Financial Outlook](index=2&type=section&id=Financial%20Outlook) Lulus updated its financial outlook, expecting positive Adjusted EBITDA in Q3 2025 and forecasting full-year 2025 capital expenditures at approximately $2.5 million - The company expects to generate **positive Adjusted EBITDA** in the third quarter of 2025[12](index=12&type=chunk) - Full-year 2025 capital expenditures are now expected to be approximately **$2.5 million**, which is at the low end of the previously guided range of $2.5 million to $3.0 million[12](index=12&type=chunk) [Non-GAAP Financial Measures & Reconciliations](index=5&type=section&id=Non-GAAP%20Financial%20Measures%20%26%20Reconciliations) The company utilizes non-GAAP measures like Adjusted EBITDA, Net Debt, and Free Cash Flow for performance evaluation, with Q2 2025 Adjusted EBITDA at $0.5 million, Net Debt at $4.2 million, and Free Cash Flow at ($1.9) million [Definitions of Key Metrics](index=5&type=section&id=Definitions%20of%20Key%20Metrics) The report defines key non-GAAP measures and operating metrics used for performance evaluation, including Adjusted EBITDA, Active Customers, Free Cash Flow, and Net Debt - Adjusted EBITDA is defined as net loss before interest expense, income taxes, depreciation and amortization, adjusted for equity-based compensation and other non-routine expenses[20](index=20&type=chunk) - Active Customers are defined as the number of customers who made at least one purchase in the prior 12-month period[23](index=23&type=chunk) - Free Cash Flow is defined as net cash provided by operating activities less cash used for capitalized software development costs and purchases of property and equipment[25](index=25&type=chunk) - Net Debt is defined as total debt (revolving line of credit) less cash and cash equivalents[27](index=27&type=chunk) [Reconciliation of Non-GAAP Measures](index=7&type=section&id=Reconciliation%20of%20Non-GAAP%20Measures) Detailed reconciliations for non-GAAP measures show Q2 2025 Adjusted EBITDA at $0.5 million, Free Cash Flow at ($1.9) million, and Net Debt at ($4.2) million Reconciliation of Net Loss to Adjusted EBITDA (Thirteen Weeks Ended, in millions) | Account | June 29, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Net loss | ($3.00M) | ($10.80M) | | Depreciation and amortization | $1.37M | $1.28M | | Interest expense | $0.86M | $0.27M | | Income tax provision (benefit) | $0.06M | $6.33M | | Equity-based compensation expense | $1.28M | $2.19M | | Other non-routine expense | $0.00M | $0.42M | | **Adjusted EBITDA** | **$0.48M** | **($0.21M)** | Reconciliation of Free Cash Flow (Thirteen Weeks Ended, in millions) | Category | June 29, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Net cash (used in) provided by operating activities | ($1.36M) | $3.69M | | Capitalized software development costs | ($0.38M) | ($0.34M) | | Purchases of property and equipment | ($0.14M) | ($0.32M) | | **Free Cash Flow** | **($1.88M)** | **$3.03M** | Reconciliation of Net Debt (in millions) | Account | June 29, 2025 | December 29, 2024 | | :--- | :--- | :--- | | Total debt | ($5.75M) | ($13.09M) | | Cash and cash equivalents | $1.53M | $4.46M | | **Net Debt** | **($4.22M)** | **($8.63M)** |

PART I. FINANCIAL INFORMATION [Item 1. Condensed Financial Statements (unaudited)](index=4&type=section&id=Item%201.%20Condensed%20Financial%20Statements%20(unaudited)) Unaudited H1 2025 statements reveal decreased revenue, continued net losses, asset growth from financing, and substantial doubt about going concern [Condensed Balance Sheets](index=4&type=section&id=Condensed%20Balance%20Sheets) Condensed Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $7,846 | $6,535 | | Total current assets | $9,884 | $8,210 | | **TOTAL ASSETS** | **$11,114** | **$9,843** | | Total current liabilities | $2,563 | $1,869 | | **Total liabilities** | **$4,401** | **$3,872** | | **Total stockholders' equity** | **$6,713** | **$5,971** | - Cash and cash equivalents increased to **$7.8 million** as of June 30, 2025, from **$6.5 million** at the end of 2024, primarily due to financing activities[14](index=14&type=chunk) [Condensed Statements of Operations and Comprehensive Loss](index=5&type=section&id=Condensed%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) Statement of Operations Summary (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $564 | $901 | $1,290 | $1,620 | | Gross Profit | $245 | $470 | $568 | $940 | | Loss from Operations | $(2,857) | $(3,872) | $(6,534) | $(7,378) | | Net Loss | $(2,769) | $(3,826) | $(6,385) | $(7,402) | | Net Loss Per Share (Basic & Diluted) | $(0.36) | $(8.16) | $(1.14) | $(17.92) | - Revenue for the three and six months ended June 30, 2025, decreased by **37%** and **20%** respectively compared to the same periods in 2024[17](index=17&type=chunk) [Condensed Statements of Convertible Preferred Stock and Stockholders' Equity](index=6&type=section&id=Condensed%20Statements%20of%20Convertible%20Preferred%20Stock%20and%20Stockholders%27%20Equity) - Total stockholders' equity increased from **$5.97 million** at December 31, 2024, to **$6.71 million** at June 30, 2025[19](index=19&type=chunk)[20](index=20&type=chunk) - During the first six months of 2025, the company issued common stock, pre-funded warrants, and warrants, raising net proceeds of **$2.7 million** from an inducement agreement and **$3.5 million** from other offerings[20](index=20&type=chunk) [Condensed Statements of Cash Flows](index=9&type=section&id=Condensed%20Statements%20of%20Cash%20Flows) Cash Flow Summary for Six Months Ended June 30 (in thousands) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(4,697) | $(4,758) | | Net cash used in investing activities | $(192) | $(119) | | Net cash provided by financing activities | $6,200 | $4,371 | | **Net Increase (Decrease) in Cash** | **$1,311** | **$(460)** | - Financing activities in the first six months of 2025 provided **$6.2 million** in cash, primarily from the issuance of common stock and warrants, which more than offset the **$4.7 million** cash used in operations[22](index=22&type=chunk) [Notes to Condensed Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Financial%20Statements) - The company is a medical device firm focused on its Catamaran™ SI Joint Fusion System for treating lower back pain, which received FDA clearance in 2018[25](index=25&type=chunk) - Management has expressed substantial doubt about the company's ability to continue as a going concern for at least one year, as existing cash is insufficient to meet obligations, and plans to raise additional capital to fund operations[29](index=29&type=chunk)[30](index=30&type=chunk) - In March 2025, the company raised net proceeds of **$2.7 million** through a warrant exercise inducement and an additional **$3.5 million** through securities purchase agreements[48](index=48&type=chunk)[50](index=50&type=chunk)[51](index=51&type=chunk) - Subsequent to the quarter end, on August 1, 2025, the company acquired substantially all assets of SiVantage, Inc. (the "SImmetry Acquisition") and SIMPL Medical, LLC (the "SIMPL Acquisition") to expand its product portfolio in sacropelvic fixation and fusion[70](index=70&type=chunk)[72](index=72&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=21&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes H1 2025 revenue decline to fewer procedures, reduced operating expenses, but liquidity remains critical with going concern doubt [Overview](index=21&type=section&id=Overview) - The company's core product is the FDA-approved Catamaran™ SI Joint Fusion System, a less invasive implant for treating SI Joint dysfunction, a cause of chronic lower back pain[81](index=81&type=chunk) - Tenon Medical has incurred net losses since its inception in 2012 and had an accumulated deficit of approximately **$75.1 million** as of June 30, 2025[85](index=85&type=chunk) [Results of Operations](index=23&type=section&id=Results%20of%20Operations) Comparison of Operating Results (in thousands) | Metric | Six Months 2025 | Six Months 2024 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Revenue | $1,290 | $1,620 | $(330) | (20)% | | Gross Profit | $568 | $940 | $(372) | (40)% | | Total Operating Expenses | $7,102 | $8,318 | $(1,216) | (15)% | - The decrease in revenue for the first six months of 2025 was primarily due to a reduction in the number of surgical procedures performed using The Catamaran System[96](index=96&type=chunk) - Total operating expenses for the six months ended June 30, 2025, decreased by **$1.2 million** (**15%**) compared to the prior year, driven by reductions in stock-based compensation, insurance costs, and professional fees across all expense categories[98](index=98&type=chunk)[99](index=99&type=chunk)[100](index=100&type=chunk) [Liquidity and Capital Resources](index=26&type=section&id=Liquidity%20and%20Capital%20Resources) - As of June 30, 2025, the company had cash and cash equivalents of **$7.8 million** and an accumulated deficit of **$75.1 million**[103](index=103&type=chunk)[104](index=104&type=chunk) - Management states that existing cash is not sufficient to fund operations for the next 12 months, which raises substantial doubt about the company's ability to continue as a going concern[104](index=104&type=chunk)[105](index=105&type=chunk) - For the six months ended June 30, 2025, net cash provided by financing activities was **$6.2 million**, primarily from stock and warrant issuances, which offset the **$4.7 million** of cash used in operating activities[106](index=106&type=chunk)[108](index=108&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=27&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, Tenon Medical is not required to provide this information - The company is not required to provide quantitative and qualitative disclosures about market risk as it qualifies as a "smaller reporting company"[111](index=111&type=chunk) [Item 4. Controls and Procedures](index=27&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were ineffective as of June 30, 2025, due to a material weakness in internal controls - Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were not effective as of June 30, 2025[112](index=112&type=chunk) - A material weakness exists in internal controls due to the inability to effectively segregate accounting duties, which is attributed to the company's limited size and resources[113](index=113&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=28&type=section&id=Item%201.%20Legal%20Proceedings) The company reported no legal proceedings during the period - There are no legal proceedings to report[117](index=117&type=chunk) [Item 1A. Risk Factors](index=28&type=section&id=Item%201A.%20Risk%20Factors) As a smaller reporting company, no material changes to risk factors were reported from the prior Annual Report on Form 10-K - There were no material changes in the company's risk factors as previously disclosed in its Annual Report on Form 10-K filed on March 26, 2025[118](index=118&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=28&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during the period - The company reported no unregistered sales of equity securities[119](index=119&type=chunk) [Item 3. Defaults Upon Senior Securities](index=28&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities - None reported[121](index=121&type=chunk) [Item 4. Mine Safety Disclosures](index=28&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[122](index=122&type=chunk) [Item 5. Other Information](index=28&type=section&id=Item%205.%20Other%20Information) The company reported no other information - None reported[123](index=123&type=chunk) [Item 6. Exhibits](index=29&type=section&id=Item%206.%20Exhibits) This section indexes all exhibits filed with the Form 10-Q, including corporate governance documents and certifications - This section lists all exhibits filed as part of the quarterly report, including certifications by the CEO and CFO[125](index=125&type=chunk)