Onto Innovation(ONTO) - 2025 Q4 - Annual Results
2026-02-19 21:11
Exhibit 99.1 Onto Innovation Reports 2025 Fourth Quarter and Full Year Results Wilmington, Mass., February 19, 2026 – Onto Innovation Inc. (NYSE: ONTO) ("Onto Innovation," "Onto," or the "Company") today announced financial results for the fourth quarter and full year 2025. Fourth Quarter and Full Year Business and Financial Highlights: "2025 concluded on a strong note for Onto Innovation, highlighted by record revenue for both the fourth quarter and the full year, the successful acquisition of select produ ...
Expro(XPRO) - 2025 Q4 - Annual Report
2026-02-19 21:11
Revenue Performance - Total revenue for the year ended December 31, 2025, was $1,607,095, a decrease from $1,712,802 in 2024 and an increase from $1,512,764 in 2023[18] - North and Latin America (NLA) segment revenue was $558,033, accounting for 34.7% of total revenue, while the Europe and Sub-Saharan Africa (ESSA) segment generated $486,900, representing 30.3%[18] - The Middle East and North Africa (MENA) segment revenue increased to $363,616, making up 22.6% of total revenue, while the Asia-Pacific (APAC) segment revenue decreased to $198,546, contributing 12.4%[18] - Revenue is primarily derived from services and product sales to customers in the oil and gas industry, with no single customer accounting for more than 10% of revenue for the year ended December 31, 2025[45] - One customer accounted for approximately 10.5% and 12.5% of revenue in the years ended December 31, 2024 and 2023, respectively[45] - Revenue for the year ended December 31, 2025 decreased by $105.7 million, or 6.2%, to $1,607.1 million compared to $1,712.8 million for the year ended December 31, 2024[190] - NLA revenue was $558.0 million for the year ended December 31, 2025, a decrease of $8.0 million, or 1.4%, compared to 2024[205] - ESSA revenue decreased to $486.9 million for the year ended December 31, 2025, down $77.5 million, or 13.7%, compared to 2024[207] - MENA revenue increased to $363.6 million for the year ended December 31, 2025, an increase of $31.4 million, or 9.5%, compared to 2024[209] - APAC revenue was $198.5 million for the year ended December 31, 2025, a decrease of $51.6 million, or 20.6%, compared to 2024[211] Safety Performance - The Lost Time Injury Frequency (LTIF) rate for 2025 was 0.00, down from 0.06 in 2023, indicating improved safety performance[38] - The Total Recordable Case Frequency (TRCF) rate decreased to 0.37 in 2025 from 0.61 in 2023, reflecting a significant reduction in workplace injuries[38] Corporate Strategy and Goals - The corporate strategy for 2026 focuses on exceeding industry safety expectations, advancing product offerings, and leveraging data for operational improvements[22] - Expro aims to achieve above-market revenue growth and strong profitability while maintaining a commitment to free cash flow generation[22] Workforce and Employment - The company has approximately 8,500 employees, with 20% under collective bargaining agreements, indicating a stable workforce[25] Product Innovations - New product innovations include CoilHose™, Octopoda™, and Galea™, aimed at enhancing well intervention and integrity services[23] Corporate Social Responsibility - Expro is committed to corporate social responsibility, engaging in community activities that align with its core values[35] Market and Economic Risks - The company reported a significant reliance on the oil and gas industry's activity levels, which are influenced by global economic conditions and geopolitical events, such as the ongoing Russian war in Ukraine[68] - Oil and gas prices are volatile and can impact customer demand for services and products, with potential reductions in capital spending during periods of low prices[68] - The company faces risks from political, economic, and social instability in the countries where it operates, which could adversely affect demand for its products and services[78] - The company is exposed to financial risks as shareholders may shift investments away from fossil fuel companies due to climate change concerns[55] - The consolidation of major customers in the industry may lead to reduced capital spending and decreased demand for the company's products and services[86] - The company may face challenges in maintaining sales levels if larger customers consolidate or experience financial difficulties, impacting liquidity and profitability[87] Regulatory and Compliance Risks - The company is subject to numerous stringent environmental and governmental regulations that could materially impact capital expenditures and financial position[49] - Climate change regulations are becoming more stringent, with the EU targeting a 55% reduction in net emissions by 2030 from 1990 levels, which could affect demand for oil and gas services[53] - The company is subject to varying sustainability reporting requirements, which may increase compliance costs and affect capital raising efforts[92] - Compliance with trade sanctions and embargoes poses risks, as failure to comply could result in criminal and civil penalties, including fines and loss of import/export privileges[111] - The company faces regulatory, political, and financial risks associated with greenhouse gas emissions, which could lead to increased operating costs and reduced demand for its services[112] - Data protection regulations may increase compliance costs, and failure to comply could result in fines and adversely affect the company's operations and reputation[113] - The company is subject to increasing regulatory enforcement in privacy and data protection, which could create compliance uncertainty and require changes in business practices[114] Financial Performance - Adjusted EBITDA for the year ended December 31, 2025 increased by $5.6 million, or 1.6%, to $353.0 million from $347.4 million for the year ended December 31, 2024[190] - Adjusted EBITDA margin increased to 22.0% during the year ended December 31, 2025, compared to 20.3% during the year ended December 31, 2024[190] - Net cash provided by operating activities was $210.2 million during the year ended December 31, 2025, an increase of $40.7 million from $169.5 million during the year ended December 31, 2024[190] Cybersecurity Risks - The Company faces ongoing cybersecurity risks that could materially affect its operations if realized[134] - The Company has implemented processes to assess and manage cybersecurity risks, including penetration testing and regular risk assessments[133] - The Chief Information Officer, with over 30 years of experience, oversees cybersecurity risk management, reporting to the Chief Financial Officer[134] - The Company has not identified any material risks from known cybersecurity threats in the last fiscal year[134] Stock and Shareholder Information - The market price of the company's common stock has been volatile, influenced by factors such as quarterly operating results and market conditions[116] - The company’s articles of association and Dutch corporate law may discourage takeover attempts, making it more difficult for third parties to acquire the company[122] - The company is authorized to issue common stock up to 20% of the issued share capital without further shareholder approval, which could affect the market price of its common stock[123] - The Board approved a stock repurchase program allowing the Company to acquire up to $100 million of its common stock from October 30, 2025, through December 31, 2026[144] - The Company repurchased approximately 3.7 million shares for a total cost of approximately $40.1 million during the year ended December 31, 2025[144] Global Operations - The Company operates in over 50 countries, maintaining several manufacturing and service facilities globally[135] - For the year ended December 31, 2025, approximately 81% of the company's revenue was generated outside of the United States, with 63% from offshore oil and gas operations[166] Market Trends and Projections - Global liquids demand grew by 1.2 million barrels per day year-on-year in 2025 and is expected to grow a further 1.1 million barrels per day in 2026[168] - North American drilling activity is projected to decline by 2% in 2026, with an average of 549 active rigs and around 15,300 wells completed[179] - European drilling activity is expected to increase by 1% in 2026, averaging 99 active rigs and accounting for approximately 780 new wells[180] - Offshore drilling in Central and South America is projected to grow by 11% in 2026, averaging 39 rigs and totaling about 225 new wells[179] - The EIA forecasts Brent crude oil prices to average approximately $56 per barrel for 2026, subject to geopolitical uncertainties[173] - The company anticipates continued demand for well intervention and production optimization services as operators focus on efficiency and cost reduction[177] - The market for energy services is significantly influenced by oil prices, affecting customer spending on exploration and production activities[171] - The company is well-positioned to support investment in strategic offshore developments and optimization of existing assets despite softer market conditions[178]
Universal Display(OLED) - 2025 Q4 - Annual Report
2026-02-19 21:11
Supply Agreements and Partnerships - The company has established long-term agreements with major manufacturers such as BOE, LG Display, and SDC for the supply of phosphorescent OLED materials and licensing of OLED technologies[60][59][58]. - In 2025, the company continued commercial supply relationships with key partners including BOE, CSOT, LG Display, SDC, Tianma, and Visionox for the use of its PHOLED materials in OLED displays[52]. - The company has been collaborating with SDC since 2001, providing PHOLED materials under a patent license agreement that includes minimum annual purchase obligations[57]. - The company has maintained a close working relationship with PPG since 2000 for the manufacturing scale-up of proprietary OLED materials[71]. Intellectual Property and Technology Development - The company has a strong intellectual property portfolio with numerous patents related to PHOLED technologies, which are crucial for licensing agreements and commercial applications[52]. - The company has over 7,000 U.S. and foreign patents and patent applications as of December 31, 2025[84]. - The company acquired over 550 OLED-related patents from Merck KGaA for $66 million in 2023, which will be amortized over 10 years[90]. - The company recorded a payment of $50 million for more than 300 OLED-related patents from Merck KGaA, with the transaction closing in January 2026[91]. Manufacturing and Operational Capacity - The company’s manufacturing facility in Shannon, Ireland, became operational in June 2022, enhancing production capacity and geographical diversification for global distribution of OLED materials[72]. - The Ewing, New Jersey facility exceeds 50,000 square feet and is equipped for technology development and testing[75]. - The company expects to utilize the majority of Adesis's technology research capacity for OLED technology development while continuing its operations as a CDMO[79]. Research and Development - The company has developed FOLED technologies for flexible OLEDs, enhancing durability and enabling new applications in portable and rugged devices[53]. - The company’s UVJP technology offers high deposition rates for large-area OLEDs and reduces material waste, with ongoing assessments for market opportunities[54]. - The company has long-standing research agreements with Princeton University and USC, extending through April 2028[80]. Workforce and Diversity - The company employs 469 active employees, including 340 research scientists, engineers, and laboratory technicians as of December 31, 2025[102]. - Women represent 40% of the executive management team, 14% of leadership roles, and 23% of the total workforce, with 50% of the Board of Directors being women[103]. - The voluntary turnover rate for 2025 was 5%, with overall employee growth rate remaining flat[103]. Financial and Risk Management - The company does not utilize financial instruments for trading purposes and holds no derivative financial instruments that could expose it to significant market risk[253]. - Substantially all revenue is derived from outside of North America, primarily denominated in U.S. dollars, minimizing foreign exchange risk from routine customer sales transactions[254]. - The company bears foreign exchange risk from fluctuations in the Korean Won to U.S. dollar exchange rate due to a withholding tax receivable denominated in Korean Won[254]. Environmental Compliance - The company does not anticipate incurring substantial costs to comply with environmental protection laws in the foreseeable future[105]. Investment and Subsidiaries - The company continues to invest in synergistic technologies through its venture capital subsidiary, UDC Ventures LLC[101]. - The company has formed or acquired multiple subsidiaries, including Universal Display Corporation China, Ltd. in 2016 and UDC Chengdu OLED Technology, Ltd. in 2025[104]. Quality Management - The company completed successful Surveillance Audits on its ISO Quality Management Systems in 2025, ensuring compliance with industry standards[70].
Paycom Software(PAYC) - 2025 Q4 - Annual Report
2026-02-19 21:11
Cybersecurity Risks - The company has experienced significant cybersecurity risks, including breaches that could lead to unauthorized access to sensitive client data, potentially harming client relationships and incurring liabilities [117]. - The company relies on third-party relationships for data management, which poses additional cybersecurity risks, as past incidents have shown unauthorized access to client data through these vendors [118]. - The company has invested significantly in enhancing its cybersecurity measures, but ongoing threats from increasingly sophisticated cyber-attacks necessitate continuous investment in security controls [119]. Operational Risks - The company’s network infrastructure is critical for service delivery, and any damage or disruption could impair operations and harm its reputation, potentially leading to revenue loss [121]. - The company faces risks from potential defects in its applications, which could lead to significant costs and reputational damage if clients experience service interruptions [132]. - The company relies on in-house deployment personnel to implement and configure solutions, emphasizing the importance of client satisfaction to avoid additional costs and negative impacts on profitability [134]. - Third-party relationships are crucial for delivering services, and failures in these partnerships could negatively affect the company's reputation and operational capabilities [144]. Market Competition - The company must continuously innovate and enhance its applications to remain competitive, as failure to do so could adversely affect its market position and financial performance [123]. - The competitive landscape for HCM software is intense, with pressure from competitors offering lower prices and more integrated solutions, which could impact client retention and sales [126]. - Challenges in attracting larger clients include demand for customized features and longer sales cycles, which may limit market opportunities if not addressed [135]. Client Retention and Satisfaction - The company’s annual revenue retention rate is sensitive to client satisfaction and market conditions, with potential declines if clients reduce their use of applications or do not purchase additional services [130]. - The company’s ability to attract and retain clients is contingent on maintaining high service quality and addressing any performance issues promptly to avoid negative publicity [132]. Leadership and Talent Management - The company is dependent on key executives for leadership, and their loss could adversely affect operations and client relationships [136]. - Attracting and retaining qualified personnel, particularly in software development and IT, is critical for the company's growth and ability to enhance existing products [138]. - The company faces increased competition for talent due to new immigration laws, which could raise costs and hinder recruitment efforts [139]. Financial and Regulatory Risks - Significant growth in operations has created demands on management and resources, necessitating improvements in operational and financial controls [140]. - The company is expanding internationally, which involves regulatory, economic, and political risks that could impact business performance [143]. - The company may incur additional compliance costs due to increasing regulatory scrutiny on its automation initiatives, particularly AI-powered tools [152]. - Changes in laws and regulations could materially affect the company's business and operational costs, particularly regarding compliance with government regulations [160]. - The company is subject to various privacy and data protection laws, with non-compliance potentially leading to significant fines and reputational harm [164]. Financial Performance and Reporting - Financial results may fluctuate significantly due to various factors, including client acquisition, seasonal revenue patterns, and economic conditions [187]. - The company has historically experienced seasonality in revenues, particularly related to payroll tax filings, which positively impact first and fourth quarter revenues [188]. - The company must maintain effective internal control over financial reporting, as material weaknesses could lead to misstatements and loss of investor confidence [194]. - The company's actual operating results may differ significantly from guidance provided, which is based on projections subject to uncertainties beyond its control [195]. Investment and Cash Management - As of December 31, 2025, the company had corporate cash and cash equivalents totaling $370.0 million and funds held for clients amounting to $4.8 billion [338]. - The company had available-for-sale securities totaling $374.5 million, primarily consisting of U.S. treasury securities with original maturities of two years or less [338]. - A hypothetical increase or decrease in interest rates of 100 basis points would result in an approximately $22.1 million increase or decrease in interest earned on funds held for clients over the ensuing 12-month period [341]. - An immediate increase in interest rates of 100 basis points would have resulted in a $1.7 million reduction in the aggregate market value of available-for-sale securities as of December 31, 2025 [342]. - The company’s investments are subject to market risk due to changes in interest rates, which may affect future investment income [339]. - The company does not enter into investments for trading or speculative purposes, focusing instead on capital preservation and liquidity needs [338]. Strategic Acquisitions and Corporate Governance - The company intends to evaluate strategic acquisitions in the future, which may involve issuing additional equity securities [201]. - Anti-takeover provisions in the company’s charter may delay or prevent changes in control or management, potentially affecting stockholder opportunities [203].
Sensata(ST) - 2025 Q4 - Annual Results
2026-02-19 21:11
SENSATA TECHNOLOGIES REPORTS FOURTH QUARTER AND FULL YEAR 2025 FINANCIAL RESULTS Swindon, United Kingdom – February 19, 2026 - Sensata Technologies (NYSE: ST) today announced financial results for its fourth quarter and full year ended December 31, 2025. "With our Q4 and Full Year 2025 results, I am pleased to report that we delivered on our objectives for the first year of our transformation journey. We expanded margins sequentially each quarter this year, dramatically improved free cash flow, strengthened ...
CTO Realty Growth(CTO) - 2025 Q4 - Annual Results
2026-02-19 21:11
Financial Performance - Net income attributable to common stockholders for Q4 2025 was $0.82 per diluted share, compared to a loss of $0.56 per diluted share in Q4 2024[8]. - Core Funds from Operations (FFO) for Q4 2025 was $0.49 per diluted share, up from $0.46 per diluted share in Q4 2024[7]. - Adjusted Funds from Operations (AFFO) for Q4 2025 was $0.51 per diluted share, compared to $0.49 per diluted share in Q4 2024[7]. - Total revenues for the three months ended December 31, 2025, were $38,339,000, an increase of 7.1% from $35,742,000 in the same period of 2024[37]. - Net income attributable to the company for the three months ended December 31, 2025, was $28,335,000, compared to a net loss of $15,217,000 in the same period of 2024[39]. - Funds from operations attributable to common stockholders for the three months ended December 31, 2025, were $15,870,000, up from $15,236,000 in the same period of 2024[39]. - Adjusted EBITDA for the three months ended December 31, 2025, was $22,938,000, with an annualized figure of $91,752,000[45]. - Basic and diluted net income attributable to common stockholders per share for the three months ended December 31, 2025, was $0.82, compared to a loss of $0.56 in the same period of 2024[37]. Operational Metrics - Same-property net operating income (NOI) increased by 4.3% in Q4 2025 compared to Q4 2024, and by 4.4% for the full year[11]. - The company reported a same-property NOI of $20,466,000 for the three months ended December 31, 2025, compared to $20,246,000 in the same period of 2024[42]. - The company executed 167,000 square feet of comparable retail leases in Q4 2025, with a cash rent spread increase of 31%[11]. - The company reported a record high leased occupancy of 95.9% as of December 31, 2025, up 250 basis points from December 31, 2024[10]. Investment and Acquisitions - The company acquired Pompano Citi Centre for $65.2 million in Q4 2025, contributing to total investments of $165.9 million for the year[7]. - The Company’s investment in Alpine Income Property Trust, Inc. increased to $41,324,000 in 2025 from $39,666,000 in 2024, reflecting a growth of about 4.2%[35]. - The Company’s total real estate at cost rose to $1,060,397,000 in 2025 from $984,202,000 in 2024, an increase of approximately 7.7%[35]. Financial Position - Total liquidity as of December 31, 2025, was $167.1 million, consisting of $149.0 million of undrawn commitments and $18.1 million of cash[15]. - Total assets increased to $1,263,902,000 as of December 31, 2025, compared to $1,181,644,000 in 2024, reflecting a growth of approximately 6.9%[35]. - Long-term debt rose to $616,345,000 in 2025 from $518,993,000 in 2024, indicating an increase of about 18.8%[35]. - Cash and cash equivalents decreased to $6,467,000 in 2025 from $9,017,000 in 2024, a decline of approximately 28.3%[35]. - Total liabilities increased to $696,556,000 in 2025, up from $568,846,000 in 2024, representing a growth of around 22.5%[35]. - Retained earnings decreased to $184,886,000 in 2025 from $232,089,000 in 2024, a reduction of approximately 20.3%[35]. - The Company reported a significant increase in intangible lease liabilities, rising to $31,486,000 in 2025 from $15,124,000 in 2024, an increase of about 108%[35]. - The Company’s total stockholders' equity decreased to $567,346,000 in 2025 from $612,798,000 in 2024, a decline of approximately 7.4%[35]. Future Outlook - The 2026 outlook includes Core FFO per common share estimated between $1.98 and $2.03[18]. - The company anticipates same-property NOI growth of approximately 3.5% to 4.5% in 2026[20]. Dividends and Income - The company declared dividends of $0.38 per common share for the three months ended December 31, 2025, consistent with the same period of 2024[37]. - Interest income from commercial loans and investments increased to $3,421,000 for the three months ended December 31, 2025, from $2,950,000 in the same period of 2024[37]. - The company experienced a gain on disposition of assets of $20,079,000 for the three months ended December 31, 2025, compared to no gain in the same period of 2024[39].
CarGurus(CARG) - 2025 Q4 - Annual Results
2026-02-19 21:10
Exhibit 99.1 CarGurus Announces Fourth Quarter and Full-Year 2025 Results Full-year 2025 revenue from continuing operations grew 14% YoY for the second consecutive year Full-year 2025 GAAP Net Income from continuing operations of $196.7 million, up 53% YoY; Non-GAAP Adjusted EBITDA from continuing operations of $319.0 million, up 25% YoY Repurchased approximately $350 million worth of shares in 2025, and announces new $250.0 million share repurchase program for 2026 Below are our financial highlights from c ...
Workiva(WK) - 2025 Q4 - Annual Report
2026-02-19 21:10
Revenue Growth - Total revenue increased to $884.6 million in 2025, up 19.7% from $738.7 million in 2024[231] - Subscription and support revenue reached $812.6 million, reflecting a year-over-year increase of 21.7%[245] - Total revenue for 2025 reached $884.6 million, a 19.7% increase from $738.7 million in 2024, primarily driven by a $145.0 million increase in subscription and support revenue[264] - Subscription and support revenue accounted for 91.9% of total revenue in 2025, up from 90.4% in 2024, indicating a strong demand and continued expansion of solutions across the customer base[263] Customer Metrics - The number of customers grew to 6,624 in 2025, compared to 6,305 in 2024, indicating a strong customer acquisition trend[245] - The total number of customers increased by 5.1% from December 31, 2024, to December 31, 2025, reflecting continued growth in the customer base[264] - Subscription and support revenue from customers with annual contract value of $100k+ accounted for 76.8% of total subscription and support revenue in 2025[251] Retention Rates - The gross retention rate was 97.2% as of December 31, 2025, slightly down from 97.4% in 2024[247] - The net retention rate improved to 112.8% in 2025, up from 111.9% in 2024, showcasing effective upselling strategies[249] Expenses and Costs - Total cost of revenue increased to $190.4 million in 2025, a 10.7% rise from $172.1 million in 2024, with subscription and support costs rising by 15.1%[265] - Research and development expenses grew by 11.4% to $214.8 million in 2025, driven by higher cash-based compensation and benefits[266][267] - Sales and marketing expenses increased by 17.7% to $408.9 million in 2025, largely due to higher cash-based compensation and benefits as well as increased marketing investments[266][268] - General and administrative expenses rose by 9.6% to $112.9 million in 2025, primarily due to higher compensation and internal event costs[266][269] Financial Performance - The net loss for 2025 was $26.2 million, an improvement from a net loss of $55.0 million in 2024[262] - Interest income decreased by $5.2 million to $34.2 million in 2025, attributed to lower interest rates[270] - Cash flow from operating activities for the year ended December 31, 2025 was $140.1 million, up from $87.7 million in 2024, driven by a net loss of $26.2 million adjusted for non-cash charges of $130.6 million[276][278] Cash and Liquidity - As of December 31, 2025, the company's liquidity sources included cash, cash equivalents, and marketable securities totaling $891.6 million, sufficient to fund operations for at least the next twelve months[272] - The company’s cash and cash equivalents are primarily held for working capital purposes, totaling $891.6 million as of December 31, 2025, with limited exposure to interest rate changes due to short-term maturities[303] Investment and Financing Activities - Cash used in investing activities for 2025 was $34.9 million, primarily due to $425.5 million in purchases of marketable securities, partially offset by $390.5 million from maturities of marketable securities[280] - Cash used in financing activities for 2025 was $74.9 million, mainly from $71.6 million in stock repurchases under the 2024 Repurchase Plan[282] - In August 2023, the company issued $702.0 million of 1.250% convertible senior notes due 2028, with net proceeds of $691.1 million, of which $396.9 million was used to repurchase $273.8 million of 2026 Notes[273] Stock and Shareholder Activities - During Q4 2025, the company repurchased approximately 131,000 shares for $11.5 million under the 2024 Repurchase Plan, with $28 million remaining for future repurchases[275] - Stock-based compensation expense totaled $122.9 million in 2025, up from $102.2 million in 2024, indicating increased investment in employee incentives[262] Market Risks - Regulatory uncertainties, particularly in sustainability management solutions, may impact future growth trajectories[234] - The investment portfolio is primarily composed of U.S. corporate and U.S. treasury debt securities, which are subject to market risk due to interest rate changes[304] - An immediate increase of 100 basis points in interest rates would have resulted in a $4.1 million market value reduction in the investment portfolio as of December 31, 2025[305] - The fair value of fixed rate debt instruments fluctuates with changes in interest rates and the market price of the company's common stock[306]
Owens & Minor(OMI) - 2025 Q4 - Annual Results
2026-02-19 21:10
Exhibit 99.1 Accendra Health Reports Fourth Quarter 2025 Financial Results Completed Sale of Products & Healthcare Services Business On December 31, 2025 Strong Cash Flow and Debt Reduction In Quarter RICHMOND, VA – February 19, 2026 – Accendra Health, Inc. (NYSE: ACH) today reported financial results for the fourth quarter ended December 31, 2025. Unless otherwise noted, the results herein reflect the Company's continuing operations, which primarily represent what was previously the Patient Direct segment ...
Tandem Diabetes Care(TNDM) - 2025 Q4 - Annual Report
2026-02-19 21:09
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 001-36189 ____________________ ...