UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 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 001-40957 PYROPHYTE ACQUISITION CORP. (Exact name of registrant as specified in its charter) | Cayman Islands | N/A | | --- | --- | | (State or othe ...

Financial Performance - Revenues for Q4 2025 were $1.408 billion, representing a year-over-year increase of 12.8%[5] - Full year 2025 revenues reached $5.457 billion, up 15.4% year-over-year, with organic constant currency growth of 4.9%[8] - GAAP diluted EPS for Q4 2025 was $1.98, an increase of 10.0% compared to Q4 2024, while non-GAAP diluted EPS was $3.26, up 14.8%[6] - For the full year 2025, GAAP diluted EPS was $6.72, a decrease of 14.3%, while non-GAAP diluted EPS was $11.50, an increase of 5.9%[8] - The company expects Q1 2026 revenues to be in the range of $1.385 billion to $1.400 billion, reflecting a year-over-year increase of 7.0% at the midpoint[11] - For FY 2026, the company anticipates revenue growth of 4.5% to 7.5% and non-GAAP diluted EPS in the range of $12.60 to $12.90[11] Cash Flow and Share Repurchase - Cash provided by operating activities was $282.9 million in Q4 2025, up from $130.3 million in Q4 2024, and totaled $654.9 million for the full year 2025[11] - The company repurchased 1.16 million shares for $223.5 million in Q4 2025, with a total of 3.54 million shares repurchased for $660.6 million during the year[11] Headcount and Workforce - Total headcount as of December 31, 2025, was approximately 62,850, including about 56,600 delivery professionals, marking a 2.7% increase from the previous year[11] Investment and Innovation - The company continues to invest in AI innovation and strategic partnerships to enhance its market position in the AI-Native Build era[3] Income and Expenses - Net income for Q4 2025 was $109,354, up from $103,299 in Q4 2024, representing a 5.1% increase[19] - Operating income for the year ended December 31, 2025, was $520,003, compared to $544,584 in 2024, reflecting a decrease of 4.5%[19] - Selling, general and administrative expenses for Q4 2025 were $243,161, up from $216,969 in Q4 2024, a 12.1% increase[19] - Stock-based compensation expenses for Q4 2025 were $23.019 million, compared to $22.074 million in Q4 2024, with total expenses for the year reaching $86.252 million, up from $80.944 million in 2024[25] - Humanitarian support expenses related to Ukraine amounted to $531 thousand in Q4 2025, with total expenses for the year at $2.308 million, slightly down from $2.350 million in 2024[25] - Cost Optimization charges in Q4 2025 were $15.279 million, significantly higher than $4.837 million in Q4 2024, with total charges for the year at $47.893 million compared to $31.270 million in 2024[25] Assets and Liabilities - Total assets as of December 31, 2025, were $4,902,136, an increase from $4,750,473 as of December 31, 2024[21] - Cash and cash equivalents increased to $1,296,077 as of December 31, 2025, compared to $1,286,267 in 2024[21] - The company’s total liabilities increased to $1,224,328 as of December 31, 2025, from $1,119,322 in 2024[21] Future Projections - The company expects revenue growth of 7.0% for Q1 2026 and between 4.5% to 7.5% for the full year 2026, with an organic constant currency basis growth of 2.9% for Q1 2026 and 3.0% to 6.0% for the full year[32] - GAAP income from operations as a percentage of revenues is projected to be between 7.0% to 8.0% for Q1 2026 and 10.0% to 11.0% for the full year 2026[32] - The GAAP effective tax rate is expected to be approximately 30.0% for Q1 2026 and 26.0% for the full year 2026, with a non-GAAP effective tax rate of approximately 24.0% for both periods[33] - GAAP diluted earnings per share is projected to be between $1.32 to $1.40 for Q1 2026 and $7.95 to $8.25 for the full year 2026, while non-GAAP diluted earnings per share is expected to be between $2.70 to $2.78 for Q1 2026 and $12.60 to $12.90 for the full year 2026[34] Adjustments and Non-Recurring Costs - Total adjustments to GAAP net income for 2025 were $70.855 million, compared to $60.066 million in 2024, with total adjustments for the year reaching $269.131 million versus $175.430 million in 2024[25] - The company has excluded certain one-time charges and benefits from non-GAAP results, including those related to tax planning and humanitarian support, as they are not expected to recur[29] - The company is focused on geographic repositioning due to the ongoing geopolitical instability, with associated costs expected to be nonrecurring once operations normalize[28]

Market Position and Performance - As of December 31, 2025, Newrez ranks among the top five lenders and servicers in the U.S., based on total funded volume of originations and total unpaid principal balance serviced, respectively[35]. - The estimated total U.S. mortgage origination volume for 2025 was $2.0 trillion, an increase from $1.7 trillion in 2024, with a forecast of $2.2 trillion for 2026[40]. - The conforming loan limit for 2026 is set at $832,750, up from $806,500 in 2025, reflecting adjustments for high-priced real estate markets[38]. - Mortgage rates ranged between approximately 6% and 7% throughout 2025, contributing to affordability pressures in the housing market[40]. - The company employs approximately 7,240 employees as of December 31, 2025, with 5,630 in Origination and Servicing[161]. - The company ranks among the top five lenders and servicers in the U.S. based on total funded volume of originations and total UPB serviced as of December 31, 2025[64]. Revenue Generation and Financial Strategies - The company generates revenue through servicing and sales of residential mortgage loans, with profit margins per loan varying by channel; Direct to Consumer typically has the highest margins[67]. - Servicers derive income from contractual servicing fees and ancillary revenue, which are influenced by the size of the servicing portfolio and delinquency rates[42]. - The company earns tiered subservicing fees based on delinquency status and performance requirements, which contributes to ancillary income on each loan serviced[69]. - The company finances investments in MSRs and MSR financing receivables with short- and medium-term bank and capital markets notes, which may bear fixed or variable interest rates[70]. - The company utilizes warehouse financing to fund loans at origination through the sale date, indicating a reliance on short-term financing[67]. - The company charges interest rates on loans ranging from approximately 4% to 17%, with terms typically between 6 to 120 months[82]. - The company earns revenues from management fees and incentive income based on AUM or invested capital[90]. Asset Management and Investment Strategies - The Asset Management segment managed approximately $63 billion in AUM as of December 31, 2025[87]. - The asset management industry is highly competitive, affecting the ability to raise and retain assets under management (AUM) and deploy capital on attractive terms[46]. - Investment performance, investor capital inflows, and market conditions significantly affect asset management results, with poor performance potentially reducing AUM and profitability[49]. - The company’s strategy emphasizes disciplined capital allocation and diversification of earnings across fee-based and balance sheet-oriented activities[61]. - The Asset Management segment offers investment management and advisory services across various alternative investment strategies[88]. - The company invests in government-backed securities to hedge its MSR portfolio and meet REIT requirements[74]. - The company finances construction, renovation, and bridge loans using a warehouse credit facility and revolving securitization structures[78]. Regulatory Compliance and Risk Management - Regulatory compliance is extensive, with the company subject to numerous federal, state, and local laws governing its mortgage lending and servicing activities[121]. - The company is subject to extensive regulatory requirements under the Securities Exchange Act of 1934 and is regulated by the SEC, with certain subsidiaries registered as investment advisers[125]. - The company must comply with risk retention and related regulatory requirements applicable to securitizations, which may require retaining a portion of securities issued in certain transactions[126]. - The company is governed by various data privacy laws, including the CCPA and GDPR, which impose obligations on the collection and security of personal data[127]. - Risk-based capital laws assess the minimum capital needed to support the company's operations, with increasing regulatory intervention as the capital ratio decreases[142]. - The company intends to qualify as a REIT, which requires distributing at least 90% of taxable income to avoid federal income tax[144]. - The company monitors its asset composition to ensure compliance with the 40% test under the Investment Company Act of 1940, avoiding registration as an investment company[146]. Competitive Landscape - The residential transitional lending industry is competitive, influenced by housing fundamentals, financing costs, and borrower execution capabilities[45]. - Competition in the residential mortgage market includes banks, REITs, private equity firms, and technology-enabled platforms, with many competitors having greater access to capital[156]. - The asset management industry is highly competitive, affecting the ability to raise and retain assets under management (AUM) and deploy capital on attractive terms[159]. Strategic Initiatives - The company may pursue acquisitions or other strategic initiatives in response to market conditions and regulatory developments[62]. - The company treats interests in certain subsidiaries as non-investment securities to maintain its exclusion from registration under the 1940 Act[150]. - Adoor LLC focuses on acquiring and managing SFR properties, involving purchasing, renovating, and leasing high-quality residential properties[98]. - The company pursues opportunistic investments in the commercial real estate sector, typically structured through joint ventures[108].

Table of Contents For the fiscal year ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______to_______ | Exact name of registrant as specified in its charter, | | | | --- | --- | --- | | Commission | state of incorporation, address of princip ...

Transaction Details - The Seller desires to contribute certain Equity Interests valued at $108,000,000 in exchange for 4,186,062 Common Units and PubCo Shares[13] - The Rollover Amount for the contributed Equity Interests is set at $108,000,000[13] - The Purchaser will acquire all Purchased Equity from the Seller for cash consideration as per the agreement terms[15] - The agreement includes provisions for post-closing adjustments related to net working capital[2.3] - The agreement outlines the covenants regarding public announcements and confidentiality[6.1] - The Closing Cash will be calculated as of 12:01 AM on the Closing Date[22] - The agreement specifies that any taxes included in the Closing Indebtedness will be calculated as of the end of the Closing Date[22] - The aggregate purchase price for the Purchased Equity is set at $134,000,000, subject to adjustments based on Estimated Closing Cash and Net Working Capital[89] - The Adjusted Purchase Consideration will be modified based on the Final Net Working Capital, Closing Cash, Closing Indebtedness, and Company Transaction Expenses[102] - The Purchaser is required to pay the Estimated Closing Indebtedness and Estimated Company Transaction Expenses on behalf of the Seller at Closing[90] - The Company must provide a Company Closing Certificate detailing estimates of Net Working Capital, Closing Cash, Closing Indebtedness, and Company Transaction Expenses at least two business days prior to Closing[93] - If the Final Purchase Consideration is less than the Adjusted Purchase Consideration, the Purchaser and Seller will follow specific procedures for payment adjustments[107] - The Purchaser must issue shares of Class A Common Stock as part of the transaction, as detailed in the agreement[90] - The methodology for calculating Net Working Capital is defined in Exhibit 2.3 and will take precedence over conflicting terms in the agreement[92] - The Purchaser is obligated to provide a Purchaser Closing Certificate within 90 days post-Closing, detailing the final calculations of Net Working Capital and other financial metrics[96] - Withholding taxes may be deducted from payments as required by applicable law, affecting the final amounts received by the Seller[110] Financial Performance - The Company reported a revenue of $2.4 billion for the last quarter, representing a 15% increase year-over-year[1] - User data showed a growth in active users to 10 million, up from 8 million in the previous quarter, indicating a 25% increase[2] - The Company expects revenue guidance for the next quarter to be between $2.5 billion and $2.7 billion, reflecting a growth rate of 10% to 12%[3] - New product launches are anticipated to contribute an additional $300 million in revenue over the next fiscal year[4] - The Company reported a net income of $400 million, which is a 20% increase compared to the same quarter last year[9] - The company reported a closing cash of $2.6 billion, indicating a decrease of 2.6% compared to the previous period[82] - Estimated closing indebtedness stands at $2.6 billion, reflecting a 2.6% decrease[82] - The estimated net working capital is $2.4 billion, which is a 2.4% decrease from the last report[82] - The company’s financial statements show a total of $3.8 billion in historical financial statements, marking a 3.8% decrease[82] - The estimated company transaction expenses are $2.4 billion, which is a 2.4% decrease[82] - The company’s estimated closing cash for equity interests is $2.4 billion, showing a 2.4% decrease[82] - The company’s estimated closing working capital is $2.4 billion, reflecting a 2.4% decrease[82] - The company reported a closing date net working capital of $2.5 billion, which is a 2.5% decrease[82] Strategic Initiatives - The Company is investing $50 million in R&D for new technologies aimed at enhancing user experience and operational efficiency[5] - Market expansion plans include entering three new countries by the end of the fiscal year, projected to increase market share by 5%[6] - The Company has completed a strategic acquisition of a smaller competitor for $150 million, expected to enhance product offerings and customer base[7] - Cost reduction strategies implemented are projected to save approximately $20 million annually[8] - The Company plans to increase its marketing budget by 30% to support new product launches and market expansion efforts[10] Compliance and Legal Matters - The Company is subject to various laws and regulations that govern its operations and business practices[51] - The Company has timely filed all required Tax Returns and paid all Taxes due, with no current extensions for filing or payment[140] - There are no Liens for Taxes upon the Company's assets, other than Permitted Liens[141] - The Company has not been subject to any federal, state, local, or foreign Tax audits or proceedings regarding its Taxes or Tax Returns[145] - The Company has collected and remitted all material sales, use, and similar Taxes required to be collected[155] - The Company is in compliance with all labor and employment laws, with no current complaints pending against it before labor authorities[183] - There are no claims currently pending or threatened against the Company by any current or former employee regarding their employment[184] - The Company has not engaged in layoffs sufficient to trigger WARN Act provisions[186] - The Company is in compliance with all Environmental Laws and has obtained all necessary Environmental Permits for its operations[196] - The Company has not generated or disposed of any hazardous substances in compliance with applicable Environmental Laws[197] - The Company has not assumed any liability related to Environmental Laws[199] - The operations of the Company have not exposed employees to hazardous substances beyond applicable limits[199] - The Company is currently in compliance with all applicable laws and has maintained this compliance for the past five years[200] Corporate Governance - The Company has all requisite corporate power and authority to enter into the Agreement and carry out the transactions contemplated[112] - The Company has implemented a system of internal control over financial reporting to ensure reliability in financial reporting[136] - The Company has good and valid title to all material tangible assets, which are in good working condition and sufficient for business operations[123] - The Company does not own any real property but leases two parcels in Sugar Hill, Georgia, under valid leases[118] - The Company has not received any written notice alleging infringement of any Intellectual Property of any third party in the last two years[128] - The Company maintains security measures to protect Personal Information and has not experienced any significant security breaches[129] - The Company has no other liabilities except those adequately reflected in the balance sheet as of the date of the Interim Financial Statements[137] - The Company has a complete list of Material Contracts, including those involving payments exceeding $250,000 during any twelve-month period[175] - All insurance policies maintained by the Company are in full force and effect, with no outstanding claims pending under these policies[179]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________ FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 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: 001-14956 Bausch Health Companies Inc. (Exact Name of Registrant as Specified in its Charte ...

Lemonade Shareholder Letter Q4 2025 $1,237M131% IN FORCE PREMIUM (IFP) $414-7% PREMIUM PER CUSTOMER 2,984,513123% TOTAL CUSTOMERS IN FORCE PREMIUM ($s in m) KEY METRICS ($s in m) GEP ADJUSTED EBITDA NET LOSS $290 $1,237 $226 $181 $944 $747 ($5) ($24) ($30) ($22) ($29) ($42) Q4 23 Q4 25 Q4 23 Q4 24 Q4 25 Q4 24 NET LOSS / (23%) (7%) (13%) GEP ADJUSTED FREE CASH FLOW ($s in m) ADJUSTED FREE CASH FLOW CASH FLOW FROM OPERATING ACTIVITIES $37 $27 $21 $14 ($11) ($16) Q4 23 Q4 24 Q4 25 1 $111 $64 Dear Shareholders, ...

Table of Contents Index to Financial Statements UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from to | | Registrant, | | | --- | --- | --- | | Commission | State of Incorporation, | I.R.S. Employer | | File Number | Address ...

Financial Performance - Product and maintenance revenue for fiscal 2025 was $4,822 million, accounting for 91% of total revenue, compared to $4,214 million (91%) in 2024 and $3,834 million (94%) in 2023[53] - Services revenue increased to $475 million (9% of total revenue) in 2025 from $428 million (9%) in 2024 and $256 million (6%) in 2023[53] - Total revenue for fiscal 2025 reached $5,297 million, up from $4,642 million in 2024 and $4,090 million in 2023[53] - In fiscal 2025, total revenue reached $5,297 million, a 14.1% increase from $4,642 million in fiscal 2024[53] - Revenue from services increased to $475 million in fiscal 2025, representing 9% of total revenue, compared to 6% in fiscal 2023[53] Performance Obligations - Contracted but unsatisfied performance obligations amounted to $7.8 billion as of December 31, 2025, with 53% expected to be recognized as revenue over the next 12 months[55][56] - As of December 31, 2025, contracted but unsatisfied performance obligations were $7.8 billion, including $0.6 billion of non-cancelable commitments[55] - The company expects to recognize 53% of the contracted but unsatisfied performance obligations as revenue over the next 12 months, and 43% over the next 13 to 36 months[56] Research and Development - The company plans to continue significant investments in R&D to innovate and enhance current products, addressing increasing complexity in semiconductor design[58] - The company emphasizes significant investments in Research and Development (R&D) to support advancements in AI-driven computational software and hardware, essential for managing design complexity[21] - The company continues to make significant investments in R&D to innovate and enhance current products, aligning with the complexity of semiconductor and systems design[58] Product and Service Offerings - The Cadence Cloud portfolio is expanding with additional cloud-based and SaaS products, enhancing service offerings for customers[50] - Cadence's product categories include Core EDA, Semiconductor IP, and System Design and Analysis (SD&A), which are tightly integrated to support the electronic product design process[24] - The company integrates advanced AI technologies into its design platforms, enabling the creation of highly accurate digital twins for improved design efficiency and reliability[23] - Cadence's solutions are critical for optimizing performance, power, and area (PPA) of semiconductors, while also accelerating time-to-market for customers[21] - The company offers a comprehensive suite of functional verification tools, including the Jasper Formal Verification Platform and Xcelium™ Parallel Logic Simulation Platform, enhancing design quality and productivity[28] Competition and Market Environment - The company faces competition from both established firms and emerging players, with key competitors including Synopsys, Siemens EDA, and various international companies[72] - The company is subject to various governmental regulations, including trade controls and data privacy laws, which may impact its operations and financial condition[61] - The regulatory framework governing AI technologies is rapidly evolving, impacting the company's ability to develop and commercialize these technologies[69] - Regulatory changes, particularly concerning AI technologies and trade restrictions, may impact the company's ability to operate and innovate[68][63] Employee Engagement and Corporate Responsibility - The company emphasizes employee engagement and talent development as central to its success, regularly conducting surveys to measure engagement[74] - Cadence offers competitive compensation and benefits programs, linking employee compensation to business and individual performance[77] - The company aims to reduce its environmental footprint through corporate responsibility initiatives, appealing to top talent seeking to build careers with responsible organizations[81] - The Cadence Giving Foundation, established in 2021, focuses on community outreach and social impact through volunteer activities and charitable contributions[80] Leadership - Anirudh Devgan has been the CEO of Cadence since December 2021, with prior roles including Executive Vice President of Research and Development[85] - John M. Wall has served as CFO since October 2017, previously holding positions such as Corporate Vice President and Corporate Controller[86] - Paul Cunningham has been the Senior Vice President and General Manager of the System Verification Group since March 2021, previously co-founding Azuro, Inc. which Cadence acquired[87] - Paul Scannell has been with Cadence since 2005, currently serving as Senior Vice President of the Customer Success Team since May 2024[88] - Marc Taxay has been the Senior Vice President, General Counsel, and Corporate Secretary since May 2025, overseeing global legal operations[89] - Chin-Chi Teng has served as Senior Vice President and General Manager of the Digital and Signoff Group since September 2018, with a strong background in research and development[90] Acquisitions and Strategic Initiatives - The company expanded its AI-driven design and verification capabilities with the acquisition of advanced agentic AI technology, reducing verification cycles from weeks to days[30] - The acquisition of VLAB Works enhanced automotive electronic software and hardware development capabilities, addressing challenges in software-defined vehicles and systems[31] - The design IP portfolio was strengthened by acquiring the Arm Artisan foundation IP business, optimizing for advanced process nodes and enhancing time to market[33] - The acquisition of Secure-IC improved embedded security capabilities, addressing critical challenges in markets such as automotive and data centers[34] - The Millennium™ Multiphysics Enterprise Platform, co-developed with NVIDIA, aims to accelerate complex simulations in various fields, including semiconductor design[39]

B2GOLD CORP. Consolidated Financial Statements December 31, 2025 and 2024 Report of Independent Registered Public Accounting Firm To the Board of Directors and Shareholders of B2Gold Corp. Opinions on the Financial Statements and Internal Control over Financial Reporting We have audited the accompanying consolidated balance sheets of B2Gold Corp. and its subsidiaries (the Company) as of December 31, 2025 and 2024, and the related consolidated statements of operations, of comprehensive income (loss), of chan ...