Sales and Financial Performance - The company has successfully increased home sales prices to absorb rising costs associated with labor, commodities, and lumber, mitigating inflationary pressures experienced in recent years[46]. - The company expects to face cost pressures from inflation similar to those experienced in the last few years, which could impact future quarters[46]. - The company continues to monitor supply markets to achieve the best prices for raw materials and labor, which are critical to its operations[46]. Employment and Training - As of December 31, 2025, the company employed 1,056 people, with 622 in on-site sales and support roles and 342 involved in acquisition, development, purchasing, and construction[53]. - The company has implemented a structured 100-day training program for sales professionals, emphasizing ongoing training and development[55]. Community Engagement - The company has contributed over $4.0 million in corporate sponsorships and over 50,000 employee service hours to local communities since 2016[58]. Industry Competition - The homebuilding industry is highly competitive, with the company competing against numerous national, regional, and local homebuilders, as well as existing home sales and rental markets[51]. Environmental Regulations - The company is subject to various environmental regulations that may result in delays and increased costs, particularly in environmentally sensitive areas[48]. - The company has not incurred any material unanticipated liabilities related to environmental conditions or toxic waste removal[50]. Debt and Interest Rates - The company utilizes both fixed-rate and variable-rate debt for financing, with no obligation to prepay senior notes or fixed-rate inventory obligations prior to maturity[288]. - As of December 31, 2025, the company had $527.6 million of variable rate indebtedness outstanding under the Credit Agreement[290]. - The interest rate for the variable rate indebtedness was SOFR plus 1.85%, with SOFR at 3.72% as of December 31, 2025[290]. - A hypothetical 100 basis point increase in the average interest rate above the SOFR floor would increase annual interest costs by approximately $5.3 million[290]. - The company believes that future interest rate risks related to existing indebtedness will not have a material adverse impact on its financial position, results of operations, or liquidity[291].

Earnings Performance - Alliant Energy reported GAAP EPS of $3.14 for 2025, up from $2.69 in 2024, representing a growth of 16.7%[1] - Ongoing EPS for 2025 was $3.22, compared to $3.04 in 2024, reflecting a 6% increase[6] - Alliant Energy's consolidated GAAP EPS for 2025 was $3.14, up from $2.69 in 2024, while non-GAAP EPS increased to $3.22 from $3.04[26] - For the fourth quarter of 2025, Alliant Energy reported a GAAP EPS of $0.55, down from $0.58 in Q4 2024, while non-GAAP EPS was $0.60, compared to $0.70 in the same period last year[29] - Alliant Energy's utility and corporate services segment reported a non-GAAP EPS of $3.39 for 2025, compared to $3.12 in 2024[26] Revenue and Income - The total GAAP income for Alliant Energy in 2025 was $810 million, compared to $690 million in 2024, with non-GAAP income rising to $830 million from $781 million[26] - The total GAAP income for the fourth quarter of 2025 was $142 million, a decrease from $150 million in Q4 2024, with non-GAAP income at $154 million, down from $182 million[29] - Total revenues for Q4 2025 reached $1,064 million, a 9% increase from $976 million in Q4 2024[33] - Net income attributable to Alliant Energy common shareowners for the year ended December 31, 2025, was $810 million, up 17% from $690 million in 2024[33] - Operating income for the year ended December 31, 2025, was $1,025 million, compared to $886 million in 2024, reflecting a 16% increase[33] Capital Expenditures and Investments - Projected total capital expenditures for 2026 are estimated at $3,130 million, with significant investments in renewables and energy storage projects totaling $1,055 million[9] - Key drivers for the 2025 results included increased revenue from authorized rate base increases and capital investments in generation and energy storage[3] Customer Base and Service - Alliant Energy serves approximately 1,010,000 electric and 435,000 natural gas customers across the Midwest[13] - Utility retail electric customers reached 1,009,387 as of December 31, 2025, an increase from 1,002,967 in 2024[39] - Utility retail gas customers totaled 433,344 at the end of 2025, up from 430,699 in 2024[39] Financial Position and Debt - Total assets increased to $24,991 million in 2025, up from $22,714 million in 2024, representing a growth of 10%[35] - Long-term debt, net (excluding current portion) rose to $10,954 million in 2025, compared to $8,677 million in 2024, indicating a 26% increase[35] Dividends and Shareholder Value - The quarterly common dividend rate per share increased to $0.5075 in 2025 from $0.48 in 2024[39] - Alliant Energy's ability to sustain its dividend payout ratio goal remains a focus amid changing economic conditions and regulatory environments[26] - Book value per share improved to $28.52 in 2025, compared to $27.29 in 2024, reflecting a growth of 4.5%[39] Operational Challenges - Higher operational expenses in 2025 were driven by increased generation costs and maintenance activities, partially offsetting earnings growth[3] - The company faced restructuring and voluntary employee separation charges impacting both GAAP and non-GAAP earnings in 2025[30] - Adjustments for non-GAAP earnings in 2025 included a $20 million impact from various charges, while 2024 adjustments totaled $91 million[27] Future Outlook - The company affirmed its ongoing EPS guidance for 2026 in the range of $3.36 to $3.46[2] - The company anticipates future tax benefits from Iowa rate-making practices, which may affect earnings guidance for 2026[19] - The company is focused on meeting growing customer demand through strategic investments and a balanced generation portfolio[3]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________ FORM 10-K ____________________ (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 Delaware 06-1500476 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No.: 001-16753 AMN HEALTHCARE SERVICES, INC. (Exact Name of Registrant as Specified i ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K x 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 o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 001-39142 PORCH GROUP, INC. (Exact name of registrant as specified in its charter) Delaware 84-2587663 (State or other jurisdiction of incorporation or organizatio ...

Financial Performance - Fourth quarter 2025 revenue was $202.2 million, with a net income of $2.1 million or $0.17 per diluted share[1] - Full year 2025 revenue totaled $791.5 million, a decrease from $816.4 million in 2024[17] - The company reported a net loss of $9,660,000 for the year ended December 31, 2025, significantly improved from a net loss of $135,326,000 in 2024[21] - Total revenue for the year ended December 31, 2025, was $791,474,000, a decrease from $816,425,000 in 2024, reflecting a decline of about 3%[44] - The company reported a net loss of $9,660 for the year ended December 31, 2025, compared to a net loss of $135,326 in 2024[36] EBITDA and Cash Flow - The company achieved an adjusted EBITDA of $23 million for Q4 2025, with full year adjusted EBITDA guidance of $90 - $110 million, representing a 16% increase[2] - Total EBITDA for the year ended December 31, 2025, was $68,654,000, compared to a loss of $43,219,000 in 2024, showing a significant recovery in operational performance[25] - Free cash flow for the full year 2025 was $80 million, with a 65% free cash flow conversion rate[3] - Free cash flow before acquisitions for the year ended December 31, 2025, was $79,968,000, down from $105,073,000 in 2024, representing a decrease of approximately 24%[40] - The free cash flow yield as of February 18, 2026, was 11%, calculated using a market capitalization of $65 million[40] Orders and Backlog - Orders for the year reached $891 million, resulting in a book-to-bill ratio of 113%[2] - The backlog as of the end of 2025 was $312 million, the highest in 11 years and 46% greater than the previous year[1] - Total orders for the three months ended December 31, 2025, were $187,197,000, slightly down from $189,955,000 in the same period of 2024[27] - The book-to-bill ratio for total orders was 0.93 for the three months ended December 31, 2025, indicating a slight decline in demand compared to 0.94 in the previous year[27] Segment Performance - Drilling and Completions revenue increased by 8% to $127 million, driven by strong demand for drilling-related capital equipment[4] - Artificial Lift and Downhole revenue decreased by 4% to $75 million, with a book-to-bill ratio of 107% due to large orders for production-related equipment[5] - The operating income for the Drilling and Completions segment was $12,835,000 for 2025, down from $17,766,000 in 2024, reflecting a decrease in operating margin from 3.8% to 2.7%[25] - The operating margin for the Artificial Lift and Downhole segment was 13.1% for the year ended December 31, 2025, slightly down from 14.1% in 2024[25] - Revenue from the Drilling and Completions segment for the three months ended December 31, 2025, was $126,916,000, accounting for 62.8% of total revenue[48] Market Outlook - The company expects revenue and EBITDA growth in 2026, supported by strong backlog and market share gains, despite a relatively flat global market activity outlook[4] - Average global rig count for 2025 was 1,818, down from 1,948 in 2024, indicating a reduction of approximately 6.7%[44] - Revenue per rig increased to $435 in 2025 from $419 in 2024, marking an increase of about 3.8%[44] Other Financial Metrics - Net cash provided by operating activities for the year ended December 31, 2025, was $70,402,000, compared to $92,191,000 in 2024, a decrease of approximately 23.6%[21] - The net leverage ratio as of December 31, 2025, was 1.2, indicating the company's ability to meet its financial obligations[42] - The adjusted operating income for the year ended December 31, 2025, was $43,727, which is 5.5% of revenue[32] - The company incurred restructuring and other costs of $633 for the three months ended December 31, 2025[29] - The diluted EPS as reported for the three months ended December 31, 2025, was $0.17, while the adjusted diluted EPS was $0.41[29]

Revenue Sources and Financial Performance - Approximately 24% of total revenue for the year ended December 31, 2025, was derived from the Medicare program through CMS[139]. - Revenue from non-contracted third-party commercial payors accounted for approximately 7% of total revenue for the year ended December 31, 2025, leading to limited visibility on payment timelines[247]. - The company has a history of operating losses and may not achieve or sustain profitability in the future[248]. - The company incurred net losses of $44.6 million and $113.3 million for the years ended December 31, 2025 and 2024, respectively, with an accumulated deficit of $803.4 million as of December 31, 2025[249]. - The company’s revenue and operating results may fluctuate significantly from quarter to quarter, influenced by factors such as seasonal variations in prescription rates[245]. Regulatory Compliance and Risks - The company faces risks related to compliance with Medicare regulations, which could result in penalties or loss of reimbursement if not adhered to[140]. - The evolving regulatory landscape may increase the risk of questions regarding the appropriateness of CPT codes used for billing[150]. - The billing process for iRhythm Services is complex and highly regulated, requiring substantial time and resources, with potential penalties for non-compliance impacting business operations[156]. - The company must navigate extensive compliance requirements for its medical devices, with non-compliance potentially leading to significant enforcement actions and financial impacts[172]. - The company is facing increased scrutiny regarding compliance with healthcare laws, which could lead to legal expenses and management distraction[221]. Competition and Market Dynamics - The market for remote cardiac monitoring solutions is highly competitive, with significant competition from both large manufacturers and smaller regional service providers[153]. - The company competes with large medical device companies and tech firms entering the digital health space, which could impact market share[155]. - The competitive landscape for medical devices is dynamic, and failure to innovate could lead to obsolescence of the company's services and decline in revenue[195]. - The company emphasizes the need for continuous development of new product offerings and enhancements to its iRhythm Services to remain competitive[196]. Research and Development - The company is in various stages of research and development for new diagnostic solutions, but there is no assurance of successful commercialization[152]. - The company has faced challenges in maintaining adequate research and development resources, which are essential for competitive positioning in the market[196]. - The company is focused on proactive monitoring of undiagnosed arrhythmias, but there are risks that the clinical community may not adopt the necessary screening criteria[210]. - The company may pursue acquisitions of complementary companies or technologies, but there is no guarantee that these will result in commercially viable products or significant future revenues[211]. Supply Chain and Operational Risks - The company relies heavily on iRhythm Services for revenue, which is expected to account for substantially all revenue for the foreseeable future[152]. - The company relies on third-party vendors for critical components of the iRhythm ACM Systems, exposing it to risks related to supply chain disruptions[188]. - The company may experience production delays due to reliance on single suppliers for key components, which could impair its ability to meet demand for iRhythm Services[189]. - The company faces risks related to manufacturing an adequate supply of iRhythm ACM Systems to meet demand and maintain quality[250]. Cybersecurity and Data Protection - Cybersecurity risks, including data breaches and service interruptions, could compromise confidential data and lead to significant remediation costs and reputational damage[280]. - A recent cybersecurity incident involving a third-party vendor caused a temporary delay in billing, impacting cash collections[281]. - The evolving nature of cyber threats may require the company to allocate significant resources to enhance protective measures and address vulnerabilities[284]. - Compliance with various cybersecurity regulations is critical, as failure to meet these standards could lead to enforcement actions, product recalls, or operational disruptions[287]. Financial Management and Capital Structure - The company may require additional capital to support growth, which might not be available on acceptable terms, potentially leading to dilution for stockholders[251]. - The company is exposed to risks related to its increased debt, which may adversely affect its financial health and operational flexibility[305]. - Servicing the company's debt requires significant cash flow, which may not be sufficient in the future to meet its obligations[307]. - The conversion of the 2029 Notes may dilute existing stockholders' ownership interests and potentially depress stock prices[313]. International Expansion and Regulatory Compliance - International expansion efforts are focused on markets such as the Philippines, the EU, the UK, Switzerland, and Japan, but these efforts expose the company to various operational and regulatory risks[200]. - The company faces significant risks associated with compliance with multiple international regulations, including the UK MDR and EU AI Act, which could impact its operations and market access[207]. Legal and Intellectual Property Risks - The company faces risks related to intellectual property infringement claims, which could lead to significant costs and operational disruptions[266]. - Numerous patents issued to third parties may relate to the company's iRhythm ACM Systems, increasing the risk of infringement claims as competition in the remote cardiac monitoring market grows[267]. - If found to infringe on patents, the company could incur substantial damages, including potential treble damages for willful infringement, which could adversely affect financial conditions[271]. Future Outlook and Strategic Initiatives - The company is exploring opportunities to expand into the sleep apnea screening and diagnostics market, which requires significant investment and carries unique regulatory requirements[215]. - The company anticipates that new products developed from BioIS's technologies will require validation and regulatory approval, impacting commercialization timelines[214]. - The company does not expect meaningful revenue from sleep apnea opportunities in the near future, risking competitive threats if competitors act more quickly[215].

Financial Performance - Total management fees for the year ended December 31, 2025, were $426 million, an increase from $402 million in 2024 [26] - Total operating revenues for 2025 were $558 million, compared to $514 million in 2024, reflecting a growth of approximately 8.6% [26] - Net income for 2025 was $45 million, significantly up from $19 million in 2024, indicating a growth of approximately 136.8% [26] - Fee-related earnings for 2025 were $185 million, up from $166 million in 2024, representing an increase of about 11.4% [26] - Adjusted net income for 2025 was $166 million, compared to $141 million in 2024, marking a growth of approximately 17.7% [26] Assets Under Management (AUM) - As of December 31, 2025, the company had $90.9 billion in assets under management (AUM) [23] - Private Markets represent $64.1 billion of AUM, accounting for 71% of total AUM [29] - Absolute Return Strategies managed $26.8 billion of AUM, or 29% of total AUM [30] - Total sustainable investments AUM reached $31.2 billion as of December 31, 2025 [33] - The firm had $72.5 billion in fee-paying AUM (FPAUM) plus approximately $10.4 billion of contracted not yet fee-paying AUM (CNYFPAUM) as of December 31, 2025 [44] Client Base and Market Reach - The client base includes large institutional investors and a growing number of individual investors, highlighting the company's diverse market reach [24] - Existing clients contributed over 82% of total capital raised in 2025 [35] - Approximately 43% of total AUM as of December 31, 2025, came from clients based outside of the Americas, showcasing the company's global reach [155] - Individual investors accounted for about 5% of AUM as of December 31, 2025, with $1.5 billion of new capital raised from individuals over the past three years, indicating growth potential in this segment [156] Investment Strategies and Performance - The company aims to provide innovative alternative investment offerings and generate competitive risk-adjusted returns for its clients [24] - The company achieved an annualized return of 18.8% for co-investments/direct investments since inception in 2009, outperforming the S&P 500 by 4.3% [68] - The company has outperformed market benchmarks across all private market strategies on an inception-to-date basis as of September 30, 2025 [67] - The Net IRR for private equity primary fund investments is 12.5%, while secondaries investments have a Net IRR of 13.3% and co-investments/direct investments have a Net IRR of 16.2% [140] Operational and Compliance Aspects - The operational due diligence team conducts assessments including third-party background investigations, operational capabilities reviews, and legal structuring reviews [128] - The investment committee requires a majority vote for approval of prospective investments after comprehensive due diligence [127] - The company is subject to regulatory oversight in multiple jurisdictions, including the EU, U.K., Japan, and Hong Kong, which imposes various compliance obligations [195][197] - Compliance with data privacy and cybersecurity laws, such as the CCPA and EU GDPR, is critical, as failures could lead to significant fines and reputational harm [204][205] Growth and Strategic Initiatives - The company opened new offices in Toronto, Frankfurt, and Sydney to expand its global footprint and client base [80] - The Elevate strategy, launched in 2022, closed its first fund in 2024 with approximately $800 million of capital, focusing on small and emerging managers [85] - GCM Grosvenor is actively investing in new technologies to enhance its investment strategies, with a budget allocation of D million for R&D in the upcoming year [14] - The company is exploring strategic acquisitions to bolster its market position, with a focus on firms that complement its existing service offerings [14] Future Outlook - The company provided an optimistic outlook for the next fiscal year, projecting revenue growth of C% driven by new product launches and market expansion initiatives [14] - The company anticipates a continued increase in demand for its specialized funds, projecting a growth rate of H% in the next quarter [14]

Financial Performance - Con Edison reported 2025 net income for common stock of $2,023 million or $5.66 a share, an increase from $1,820 million or $5.26 a share in 2024[24] - Adjusted earnings for 2025 were $2,038 million or $5.70 a share, compared to $1,868 million or $5.40 a share in 2024[24] - Reported net income for common stock on a GAAP basis for 2025 was $2,023 million, an increase from $1,820 million in 2024 but a decrease from $2,519 million in 2023[33] - Adjusted earnings (Non-GAAP) for 2025 reached $2,038 million, up from $1,868 million in 2024 and $1,762 million in 2023[33] - Reported earnings per share on a GAAP basis for 2025 was $5.66, compared to $5.26 in 2024 and $7.25 in 2023[33] - Adjusted earnings per share (Non-GAAP) for 2025 was $5.70, an increase from $5.40 in 2024 and $5.07 in 2023[33] - CECONY's electric delivery revenues for full-service customers amounted to $7,908 million in 2025, an increase from $7,178 million in 2024, representing a growth of 10.2%[80] - The total gas sales revenue for CECONY in 2025 was $3,278 million, up from $2,834 million in 2024, representing a growth of 15.7%[92] - The total steam sales revenue for CECONY in 2025 was $703 million, up from $578 million in 2024, marking a growth of 21.6%[100] - O&R's total electric sales revenue in 2025 was $934 million, compared to $852 million in 2024, reflecting a growth of 9.6%[108] Capital Investments and Debt - The Utilities invested $4,946 million in 2025 to upgrade energy delivery systems, with planned investments of $6,533 million in 2026 and $8,571 million in 2030[24] - Con Edison plans to issue up to $3,200 million of long-term debt in 2026 and $3,000 million in 2027, with a total of approximately $9,900 million in long-term debt from 2028 to 2030[24] - The company anticipates issuing up to $1,100 million of common equity in 2026 and approximately $3,300 million from 2028 to 2030[24] - CECONY's capitalized costs for utility plant for distribution facilities were $25,214 million in 2025, up from $23,770 million in 2024, reflecting a year-over-year increase of approximately 6.1%[75] - Total capital expenditures for Con Edison in 2025 were $4,996 million, an increase from $4,728 million in 2024[127] - Total capital requirements for Con Edison are projected to be $9,223 million in 2030, reflecting a significant increase from $6,845 million in 2026[131] - CECONY projects $72 billion in capital expenditures needed between 2025 and 2034 to support its decarbonization strategy[149] Operational Performance - The company reported a significant increase in electric sales and deliveries, with a peak demand of 22 million units in the last quarter[36] - Gas sales and deliveries also saw a rise, achieving a peak demand of 27 million units, indicating strong market performance[36] - The company is focusing on expanding its electric and gas facilities to enhance operational capacity and reliability[36] - CECONY delivered a total of 53,798 million kWh of electricity in 2025, representing an increase from 52,427 million kWh in 2024, which is a growth of 2.6%[80] - CECONY's electric peak demand reached 12,530 MW in 2025, with a forecasted increase to 12,690 MW in 2026, indicating an annual growth rate of approximately 1.3%[81] - CECONY's total gas delivered to customers in 2025 was 172,977 MDt, an increase of 16.5% from 148,983 MDt in 2024[92] - O&R's total electric energy delivered to full-service customers in 2025 was 3,541 million kWh, an increase from 3,212 million kWh in 2024[108] - Total gas delivered to O&R customers in 2025 was 25,488 MDt, a 22.5% increase from 20,851 MDt in 2024[113] Sustainability and Environmental Initiatives - The company is focused on a clean energy future, aligning its investments and strategies with sustainability goals[20] - CECONY's sustainability strategy aims to reduce direct and indirect greenhouse gas emissions and enhance water use efficiency[186] - CECONY's direct GHG emissions for 2025 are estimated at 2.7 million metric tons, reflecting a more than 55% decrease from the 2005 baseline[178][180] - CECONY and O&R are required to purchase offshore wind renewable energy credits as part of New York's Clean Energy Goals[150] - CECONY's electric energy efficiency programs budget for 2020-2025 is $688 million, with a target to reduce electric use by 3% annually[153] - For 2026-2030, CECONY's energy efficiency and building electrification programs have an aggregate budget of $2,138 million, averaging $300 million annually for electric energy efficiency[154] Regulatory and Compliance - The NYSPSC regulates the Utilities, setting the terms of service and rates charged for providing service in New York[51] - Regulatory compliance remains a priority, with ongoing adjustments to meet federal and state energy regulations[36] - The NYISO requires that entities supplying electricity in New York State maintain generating capacity equal to peak demand plus applicable reserve margins[70] - CECONY is required to comply with the EPA's Transport Rule, which mandates further reductions in air emissions and requires the purchase of emissions allowances[219] - The revised Transport Rule has reduced the number of allowances allocated to CECONY, necessitating additional purchases to offset the decreased allocation[219] Customer Engagement and Experience - Con Edison emphasizes a commitment to safety, operational excellence, and enhancing customer experience as part of its mission[20] - A new strategy for customer engagement is being implemented to enhance user experience and satisfaction[36] - The Utilities' rate plans are designed to cover the cost of service, ensuring a stable revenue stream for the company[21] Risk Management - Forward-looking statements indicate that actual results may differ materially due to various factors, highlighting the importance of risk management[31]

Revenue and Sales Performance - Revenue for Q4 2025 was $21.3 million, down from $23.2 million in Q4 2024, with gold ounces sold decreasing to 5,477 ounces at an average realized price of $3,887 per ounce compared to 9,053 ounces at $2,560 per ounce in the prior year [707][709]. - For the year ended December 31, 2025, revenue rose to $95.2 million from $50.3 million in 2024, with gold sales increasing to 28,196 ounces at an average realized price of $3,368 per ounce [707][712]. - Revenue for the year ended December 31, 2025, was $95.2 million, an increase of 89% from $50.3 million in the prior year [788]. - Gold ounces sold during the year totaled 28,196 ounces at an average realized gold price of $3,368 per ounce, compared to 21,527 ounces at $2,332 per ounce in 2024 [788]. - The company reported gold sold of 28,196 ounces in 2025, an increase from 21,527 ounces in 2024, reflecting improved operational performance [846]. Profit and Loss - Gross profit increased to $4.7 million in Q4 2025 from $1.8 million in Q4 2024, attributed to higher gold prices and improved performance at Granite Creek [707][709]. - Net loss for Q4 2025 was $85.6 million, significantly higher than the $17.7 million loss in Q4 2024, primarily due to non-cash fair value revaluations and a write-down of $26.2 million related to the Lone Tree Plant [707][709]. - Adjusted loss for the year was $122.9 million, up from $111.2 million in the prior year, driven by increased spending on pre-development and exploration expenses [712]. - The company reported a net loss of $198.8 million for the year ended December 31, 2025, compared to a net loss of $121.5 million in 2024, reflecting an increase in cash used in operating activities [833]. - Net loss for the year ended December 31, 2025, increased to $198,847,000 from $121,533,000 in 2024 [847]. Cash Flow and Financing - Cash used in operating activities for the year was $83.6 million, comparable to $82.5 million in 2024, with cash and cash equivalents at $63.2 million as of December 31, 2025 [712]. - Cash provided by financing activities for the year ended December 31, 2025, was $139.0 million, up from $82.7 million in 2024, due to higher proceeds from equity issuances [839]. - The company issued 417.4 million shares in 2025, raising total gross proceeds of $193.4 million, compared to 111.3 million shares and $117.2 million in 2024 [821]. - A bought deal public offering raised gross proceeds of $172.9 million from 345.8 million units at $0.50 per unit, with net proceeds of $162.5 million [742]. - The Company secured a financing package of up to $500 million, which includes a royalty sale and a gold pre-payment facility, to fund development and refurbishment activities [717]. Production and Operational Highlights - In 2025, the Company achieved gold output of 31,930 ounces, meeting its guidance of 30,000 to 40,000 ounces, with Granite Creek underground contributing 22,977 ounces [720]. - The Company plans to increase annual gold production to approximately 300,000 – 400,000 ounces from less than 50,000 ounces currently, supported by three underground mines and one oxide open pit operation [719]. - The 2026 production guidance includes 30,000 - 40,000 ounces from Granite Creek underground and 10,000 ounces from Archimedes underground and residual heap leach operations [722]. - The Granite Creek property produced 22,977 ounces of gold in 2025, a 40% increase from 16,382 ounces in 2024, with total material mined reaching 355,372 tonnes [748]. - Gold produced at the Lone Tree Plant for the year was 6,427 ounces, an increase from 6,209 ounces in 2024 [777]. Exploration and Development - The company completed approximately 37,000 meters of drilling across its projects in 2025, enhancing mineral resource definitions and supporting feasibility studies [712]. - The Company plans to complete a feasibility study for the Granite Creek underground project by Q2 2026, supported by infill drilling results confirming high-grade mineralization [755]. - The Mineral Point open pit project is advancing with a drill program that completed 5,532 meters in 2025, aimed at supporting pre-feasibility and feasibility studies [764]. - The Company completed updated Preliminary Economic Assessments (PEAs) for five gold projects, supporting an updated mineral resource estimate and new development plan [739]. - The Cove Project has completed approximately 32,992 meters of infill drilling, enhancing the geological model and confidence in future resource delineation [770]. Costs and Expenses - Cost of sales for the year was $82.0 million, up from $64.6 million in the prior year, driven by increased gold ounces sold [789]. - Pre-development, evaluation, and exploration expenses totaled $38.0 million for 2025, primarily for underground mine development and infill drilling [753]. - Total pre-development, evaluation, and exploration expenses for the year ended December 31, 2025, were $66.1 million, an increase of 72.5% from $38.4 million in 2024 [792]. - The mining cost per tonne increased to $156 in 2025 from $126 in 2024, while processing costs rose to $136 per tonne from $33 [748]. - Operating costs for Granite Creek underground are projected to be between $110 million and $120 million, while growth capital for the Lone Tree Plant is estimated at $140 million to $160 million [722]. Liabilities and Financial Position - Total liabilities as of December 31, 2025, were $356.6 million, up from $315.0 million as of December 31, 2024, reflecting an increase of 13.5% [798]. - The Company’s working capital deficit increased to $37.9 million as of December 31, 2025, from $31.7 million in 2024 [799]. - The Convertible Debentures outstanding as of December 31, 2025, amounted to $80.3 million, an increase from $73.5 million in 2024 [804]. - The total liability for the Gold Prepay Agreement as of December 31, 2025, was $8.2 million, with 4,440 ounces of gold remaining to be delivered [813]. - The total liability for the Silver Purchase Agreement as of December 31, 2025, was $18.8 million, with 94,158 ounces remaining to be delivered under the 2025 annual minimum delivery amount [815].

Market Conditions and Financial Impact - The company experienced increased outflow rates in its Annuities business during 2024 and 2025, primarily due to elevated interest rates leading to full surrenders [184]. - A decline in market interest rates could materially adversely affect the company's results of operations, financial condition, and cash flows, significantly reducing profitability [180]. - The company anticipates that changes in equity markets may significantly affect its business and profitability, with strong equity markets leading to higher account balances and fee income [185]. - Increases in interest rates may negatively affect the company's profitability, capital position, and the value of its investment portfolio [181]. - The company's statutory reserves and surplus for variable annuities are sensitive to equity market changes, with non-linear relationships affecting reserve calculations [235]. - Income from certain investments can be uneven and volatile, impacting earnings and leading to lower-than-expected returns [282]. - Default risk on mortgage loans, primarily collateralized by commercial properties, may adversely affect profitability [283]. - Exposure to various industries and counterparties increases credit risk, particularly in the event of defaults [284]. - Collateral requirements related to declines in market value of specified assets may adversely affect liquidity [285]. - Disruptions in capital and credit markets may limit access to necessary capital, affecting liquidity and financial flexibility [222]. Regulatory and Compliance Challenges - Legislative and regulatory changes, such as the NAIC's temporary guidance approved in August 2023, have increased the company's statutory capital and estimated RBC ratio as of December 31, 2025 [193]. - The company is monitoring potential impacts from new regulations, including the implementation of a new GOES for calculating annuity and life reserves effective January 1, 2026 [193]. - Compliance with existing and emerging privacy laws could result in increased compliance costs and changes in business practices, potentially adversely affecting the company's reputation and financial condition [195]. - The company faces challenges related to the use of AI and big data, which could lead to increased compliance costs and changes in business practices [203]. - Increased scrutiny regarding ESG matters may impact the company's reputation and business operations, with new regulations requiring climate-related disclosures starting in 2026 [205]. - Regulatory actions could lead to substantial fines or restrictions on business activities, adversely affecting financial condition and results of operations [208]. - Changes in laws or regulations may impose additional disclosure requirements and affect the distribution model and sales of products, potentially increasing costs [209]. - Compliance with new fiduciary standards may increase regulatory burdens and litigation risks, adversely impacting financial results [210]. - Changes in tax laws could increase corporate taxes, negatively affecting results of operations and financial condition [212]. - Legal and regulatory actions could result in financial losses and harm the company's reputation, impacting business prospects [214]. Operational Risks and Challenges - The company faces potential adverse effects on its business and financial condition due to deficiencies in AI systems, including risks of cybersecurity incidents that may involve personal information [204]. - Cybersecurity threats have increased, with a proliferation of ransomware attacks and other cyber incidents, although the company has not experienced a material breach to date [259]. - The reliance on third-party vendors for critical services increases operational risks, including cybersecurity threats and supply-chain dependencies [265]. - The company’s flexible hybrid work model may increase operational risks, particularly in cybersecurity [258]. - The company may encounter significant costs related to litigation for intellectual property protection, which could impact its competitive position [255]. - The company faces intense competition for qualified employees, which may adversely affect its ability to support business operations [254]. - The company may face operational difficulties and unforeseen liabilities from acquisitions, which could adversely affect financial results [269]. Financial Strength and Ratings - A downgrade in the financial strength ratings of the company's insurance subsidiaries could negatively impact its ability to market products and lead to increased withdrawals by current customers [274]. - The company may not be able to maintain its current financial strength ratings, which could affect its cost of capital and ability to raise additional debt [275]. - An inability to access credit facilities could lead to reduced liquidity and potential downgrades in credit and financial strength ratings [231]. - The company ceded $1.2 trillion of life insurance in force to reinsurers for reinsurance protection as of December 31, 2025 [251]. - In November 2023, S&P implemented changes to its insurer RBC capital adequacy model, affecting the statutory capital required to maintain current ratings [229]. - A decrease in the capital and surplus of the insurance subsidiaries may lead to a downgrade in credit and insurer financial strength ratings [226]. - The company recorded a goodwill impairment of $634 million related to its Life Insurance segment during the third quarter of 2022 [239]. Risk Management Strategies - The company uses various hedging strategies to mitigate risks associated with guarantees on its variable products, but these strategies may not fully offset changes in carrying value [188]. - The company may need to strengthen recorded policy liabilities during periods of sustained lower interest rates, which could reduce net income in affected reporting periods [180]. - Significant adverse mortality experience could increase reinsurance costs or limit future coverage availability, impacting profitability [244]. - The company faces risks related to the collectability of reinsurance, which is dependent on the solvency of individual reinsurers [252]. - Future pandemics or catastrophic events could materially adversely affect the company's results of operations and financial condition [245]. - Restrictions on dividends from insurance subsidiaries could harm the company's ability to meet obligations and corporate expenses [223].