Financial Performance - Ondas reported record quarterly revenue of $10.1 million in Q3 2025, representing a more than 582% increase year-over-year and a 60% growth quarter-over-quarter[1][12] - Revenues for the three months ended September 30, 2025, reached $10,098,310, a significant increase from $1,480,792 in the same period of 2024, representing a growth of 579%[42] - Gross profit for Q3 2025 rose to $2.6 million, resulting in a gross profit margin of 26%, compared to 3% in Q3 2024[13] - Gross profit for the nine months ended September 30, 2025, was $7,425,015, compared to a loss of $(538,317) in the same period of 2024, indicating a turnaround in profitability[42] - The net loss attributable to common stockholders for the nine months ended September 30, 2025, was $(36,144,526), compared to $(30,899,010) in the same period of 2024, representing a 17% increase in losses[42] - Net loss for Q3 2025 was $7.5 million, an improvement from a loss of $9.5 million in Q3 2024, with an adjusted EBITDA loss of $8.8 million compared to $7.1 million in the prior year[16] - Adjusted EBITDA for the nine months ended September 30, 2025, was $(22,082,669), compared to $(21,516,451) in the same period of 2024, indicating a slight deterioration in operational performance[47] Revenue Targets and Backlog - Ondas increased its revenue target for 2025 to at least $36 million and established a preliminary revenue target of at least $110 million for 2026[1] - The company expects to generate at least $36 million in revenue for 2025, up from a previous target of $25 million, supported by a consolidated backlog of $23.3 million at the end of Q3 2025[21] - The backlog for Ondas Autonomous Systems (OAS) reached $22.2 million as of September 30, 2025, up from $20.7 million at the end of Q2 2025, indicating strong demand for the Optimus and Iron Drone platforms[7] Cash and Financing - Cash and cash equivalents at the end of Q3 2025 totaled $433.4 million, a significant increase from $30.0 million as of December 31, 2024, with pro forma cash balances around $840.4 million after an equity offering[17] - Total shareholders' equity rose to $487.2 million as of September 30, 2025, up from $16.6 million at the end of 2024, driven by financing activities and debt conversions[20] - Cash flows from financing activities for the nine months ended September 30, 2025, were $448.2 million, primarily from equity offerings and the exercise of warrants[18] - Convertible debt outstanding decreased significantly to $9.5 million as of September 30, 2025, from $52.7 million at the end of 2024, due to conversions into equity[19] - Cash used in operating activities was $26.0 million in the current period, slightly higher than $25.4 million in the first nine months of 2024[18] - Cash flows used in operating activities for the nine months ended September 30, 2025, were $(26,017,625), slightly higher than $(25,360,649) in the same period of 2024[44] Operating Expenses - Operating expenses increased to $18.1 million in Q3 2025, up from $8.7 million in Q3 2024, primarily due to increased payroll costs and non-cash stock compensation[14] - Total operating expenses for the three months ended September 30, 2025, were $18,107,945, up from $8,708,275 in the same period of 2024, reflecting a 107% increase[49] - The company incurred stock-based compensation expenses of $9,210,913 for the nine months ended September 30, 2025, compared to $988,683 in the same period of 2024, reflecting increased investment in employee incentives[44] Strategic Initiatives - Ondas completed multiple government-led counter-UAS pilot programs in Europe and Asia, validating the performance of the Iron Drone Raider in complex environments[7] - The company announced strategic acquisitions, including Sentrycs and Apeiro Motion, to enhance its capabilities in counter-UAS and ground robotics[4][7] - Ondas launched a new line of fiber-optic spools for drones and ground robotics, with production expected to begin in Q4 2025, aimed at enhancing connectivity for defense missions[8] - Ondas Networks is positioned for a multi-year upgrade cycle across AAR-owned frequencies, with several Class 1 railroads engaging in Proof of Concept application testing for the dot16 platform[10][11] Market Outlook - The company anticipates fluctuations in bookings and revenue growth due to variability in expected orders and the timing of new customer additions[22] - Ondas Holdings continues to focus on expanding its autonomous systems and private wireless solutions across essential industries[26]

Financial Performance - Cingulate Inc. reported a net loss of $7.3 million for Q3 2025, an increase of 77.6% compared to a net loss of $4.1 million in Q3 2024[12]. - General and administrative expenses increased by 69.7% to $3.1 million in Q3 2025, up from $1.9 million in Q3 2024, primarily due to personnel and commercial costs[11]. Research and Development - Research and development expenses rose to $2.8 million in Q3 2025, a 99.5% increase from $1.4 million in Q3 2024, driven by higher personnel, manufacturing, and regulatory costs[10]. - Positive Phase 3 trial results for CTx-1301 were presented, showing significant improvements in ADHD symptoms with once-daily dosing[5]. Cash Position and Financing - As of September 30, 2025, Cingulate had approximately $6.1 million in cash and cash equivalents, down from $12.2 million at the end of 2024[14]. - Cingulate completed a $6 million financing transaction to strengthen its balance sheet, structured as a non-convertible promissory note with a 9% interest rate[4]. - The company expects to raise approximately $7.0 million in additional capital to support commercialization efforts leading up to the May 31, 2026 PDUFA date for CTx-1301[9]. Regulatory Developments - Cingulate's NDA for CTx-1301 was accepted by the FDA, with a PDUFA target action date set for May 31, 2026[2]. - A commercial supply agreement was established with Bend Bio Sciences for the exclusive manufacturing of CTx-1301 in the U.S. through 2028, contingent on FDA approval[7]. - The company received a PDUFA fee waiver from the FDA, saving approximately $4.3 million[8].

Financial Performance - Revenues for the nine months ended September 30, 2025, were approximately $2.6 million, a slight decrease from $2.7 million for the same period in 2024[6] - Gross profit for the nine months ended September 30, 2025, was $0.7 million, reflecting a gross margin of approximately 27%, compared to a gross margin of approximately 26% in 2024[9] - Net loss for the nine months ended September 30, 2025, was $12.8 million, compared to a net loss of $8.2 million for the same period in 2024[11] - Revenues included $0.7 million from vision-based platform solutions and $1.7 million from released contract liability associated with a former medical customer[7] Cash and Assets - Cash balance as of September 30, 2025, was approximately $29.8 million, up from $13.6 million as of September 30, 2024[11] - Total current assets increased to $31,340,000 as of September 30, 2025, up from $20,787,000 on December 31, 2024, representing a growth of 50.5%[22] - Cash and cash equivalents increased significantly to $29,482,000 as of September 30, 2025, from $18,164,000 on December 31, 2024, marking a growth of 62.2%[22] - Accounts receivable decreased to $354,000 as of September 30, 2025, down from $1,510,000 on December 31, 2024, a decline of 76.6%[22] - Total non-current assets decreased to $1,575,000 as of September 30, 2025, from $2,892,000 on December 31, 2024, a decline of 45.5%[22] Liabilities and Equity - Total liabilities decreased to $3,801,000 as of September 30, 2025, down from $5,435,000 on December 31, 2024, a reduction of 30.1%[22] - Total current liabilities slightly decreased to $3,206,000 as of September 30, 2025, from $3,295,000 on December 31, 2024, a reduction of 2.7%[22] - Shareholders' equity rose to $29,114,000 as of September 30, 2025, compared to $18,244,000 on December 31, 2024, reflecting an increase of 59.8%[22] - Additional paid-in capital increased to $87,827,000 as of September 30, 2025, up from $64,205,000 on December 31, 2024, an increase of 36.7%[22] - The accumulated deficit increased to $(58,730,000) as of September 30, 2025, compared to $(45,974,000) on December 31, 2024, reflecting a worsening of 27.6%[22] - Operating lease liabilities - long term decreased to $309,000 as of September 30, 2025, down from $508,000 on December 31, 2024, a reduction of 39.2%[22] Business Development - Backlog as of September 30, 2025, was approximately $14.2 million, with monetization expected to continue through 2026 and beyond[2] - The company has successfully transitioned to aerospace, transportation, and industrial sectors, marking its first operational footprint in Europe with the Italian Air Force[4] - A strategic partnership was signed to integrate predictive health monitoring systems across various sectors, including defense and agriculture[4] - The company is engaged in advanced negotiations to increase its backlog in the coming months, enhancing its growth outlook[5] Operating Expenses - Operating expenses increased to $14.4 million for the nine months ended September 30, 2025, compared to $9.4 million for the same period in 2024, driven by expansion and new product development[10]

Product Development - Vivani Medical is developing a portfolio of miniature, ultra long-acting subdermal drug implants using its proprietary NanoPortal™ technology, aimed at improving medication adherence and drug tolerability for chronic diseases [128]. - The lead program, NPM-139, a six-month GLP-1 (semaglutide) implant, demonstrated approximately 20% weight loss in preclinical studies, maintained for over seven months [131]. - NPM-115, an exenatide implant, showed comparable weight loss results of approximately 20% in obese mice, indicating potential for similar outcomes in human trials [135]. - The FDA lifted the clinical hold on NPM-119, allowing the initiation of a first-in-human study for the exenatide implant in type 2 diabetes patients [140]. - Vivani plans to initiate a Phase 1 clinical study for NPM-139 in the first half of 2026, pending regulatory clearance [146]. - The company established Vivani Medical Australia Pty Ltd. to support studies of its product candidates in the fourth quarter of 2023 [134]. - The NPM-139 program is expected to provide annual dosing potential, enhancing its commercial viability [145]. - Vivani's GLP-1 implant technology aims to deliver therapeutic drug levels for up to six months or longer, addressing the issue of medication non-adherence [130]. Financial Performance - Vivani's cash, cash equivalents, and restricted cash decreased by $15.7 million from $19.7 million as of December 31, 2024, to $4.0 million as of September 30, 2025 [164]. - Working capital decreased by $17.1 million from $14.5 million as of December 31, 2024, to negative $2.7 million as of September 30, 2025 [164]. - Research and development expense for the three months ended September 30, 2025, was $4.5 million, an increase of $0.3 million or 8% compared to the same period in 2024 [168]. - General and administrative expense for the three months ended September 30, 2025, was $2.2 million, an increase of $0.1 million or 5% compared to the same period in 2024 [169]. - Research and development expense for the nine months ended September 30, 2025, was $13.5 million, an increase of $2.1 million or 18% compared to the same period in 2024 [171]. - General and administrative expense for the nine months ended September 30, 2025, was $7.3 million, an increase of $0.5 million or 7% compared to the same period in 2024 [172]. - The company incurred a net loss of $20.0 million during the nine months ended September 30, 2025 [174]. - Other income, net during the three months ended September 30, 2025, was $0.2 million, a decrease of $0.1 million compared to the same period in 2024 [170]. - The company expects to continue incurring operating losses and negative operating cash flows for the foreseeable future [159]. - The company estimates that currently available cash will provide sufficient funds to meet its planned obligations into 2027 [160]. - For the nine months ended September 30, 2024, the company reported a net loss of $17.4 million, with cash used in operating activities amounting to $15.0 million [175]. - Cash used for investing activities during the nine months ended September 30, 2025 and 2024 was $0.9 million and $0.3 million respectively, primarily for the purchase of property and equipment [176]. - Cash provided by financing activities was $2.7 million during the nine months ended September 30, 2025, mainly from the issuance of common stocks in private financing agreements [177]. - Cash provided by financing activities was $14.2 million during the nine months ended September 30, 2024, primarily due to a securities purchase agreement with an institutional investor [178]. - As of September 30, 2025, the company had no off-balance sheet arrangements [179]. - The company invests excess cash in money market funds and short-term certificates of deposits to maintain liquidity and safety of principal [180]. - The majority of the company's operating expenses are denominated in U.S. dollars, with no current foreign currency hedging strategies in place [181]. Corporate Structure - Vivani's merger with Second Sight Medical Products and Nano Precision Medical was completed on August 30, 2022, creating a focused biopharmaceutical entity [132]. - The company is pursuing a spin-off of its neurostimulation assets into Cortigent, with a Form 10 registration statement filed with the SEC on May 29, 2025 [149].

Business Operations - Bitcoin Depot operates the largest network of Bitcoin ATMs in North America, with approximately 9,276 BTMs installed as of September 30, 2025, an increase from 8,304 BTMs a year earlier [262]. - The company acquired over 500 kiosks from Westcliff Technologies Inc. in August 2025, expanding its network significantly [261]. - New user count reached 25,254 in Q3 2025, showing growth from 20,818 in Q3 2024 [273]. - Returning user transaction count averaged 5.6 transactions per user in the trailing twelve months as of September 30, 2025, indicating user retention [276]. - Cash in BTM kiosks was approximately 28.2% of average monthly revenues for the trailing twelve months ended September 30, 2025 [266]. Financial Performance - Revenue for the nine months ended September 30, 2025, was $498.8 million, representing an 8.6% increase compared to $436.9 million for the same period in 2024 [265]. - Revenue for the three months ended September 30, 2025, was $162.5 million, an increase of 20.1% compared to $135.3 million for the same period in 2024 [311]. - Revenue for the nine months ended September 30, 2025, increased by $61.9 million, or 14.2%, compared to the same period in 2024, attributed to more kiosks and larger transaction sizes [297][298]. - Revenue for the three months ended September 30, 2025, increased by $27.2 million, or 20.1%, compared to the same period in 2024, primarily due to an increase in total kiosks in operation and median transaction size [290][291]. - The median kiosk transaction size increased to $350 in Q3 2025, up from $250 in Q3 2024 [273]. - Adjusted Gross Profit for the three months ended September 30, 2025, was $30.1 million, representing an increase of 34.5% from $22.4 million in 2024 [311]. - Adjusted EBITDA for the three months ended September 30, 2025, was $16.1 million, up 74.5% from $9.2 million in the same period of 2024 [314]. - Net income for the three months ended September 30, 2025, was approximately $5.5 million, a 138.7% increase compared to $2.3 million in the same period of 2024 [290][291]. Cost and Expenses - Cost of revenue (excluding depreciation and amortization) for the three months ended September 30, 2025, increased by $19.5 million, or 17.3%, driven by higher transaction volume [290][292]. - The cost of revenue (excluding depreciation and amortization) for the nine months ended September 30, 2025, rose by $32.0 million, or 8.6%, primarily due to increased transaction volume [297][299]. - Operating expenses for the three months ended September 30, 2025, totaled $18.3 million, an increase of 8.3% from $16.9 million in the same period of 2024 [290][291]. Cash Flow and Working Capital - Positive cash flow from operations for the nine months ended September 30, 2025, was $33.0 million, up from $17.3 million in the same period of 2024 [306]. - Net cash provided by operating activities increased by $15.8 million for the nine months ended September 30, 2025, primarily due to a $27.6 million increase in net income [323]. - Cash provided by financing activities increased by $14.5 million for the nine months ended September 30, 2025, mainly due to a $20.8 million increase in proceeds from equity sales [325]. - The company reported working capital of approximately $37.1 million as of September 30, 2025, compared to negative working capital of $(6.3) million at December 31, 2024 [305][306]. Future Plans and Capital Requirements - The company plans to invest in the expansion of products and services and may seek additional equity or debt financing in the future [308]. - Future capital requirements will depend on revenue growth, research and development spending, and potential acquisitions of complementary businesses [308]. Accounting and Regulatory Changes - The Company adopted ASU 2023-07 effective January 1, 2024, resulting in additional segment disclosures related to significant expenses [332]. - The FASB issued ASU 2023-08 requiring entities to measure crypto assets at fair value, effective for fiscal years beginning after December 15, 2024 [333]. - ASU 2023-09 mandates detailed disclosures on income tax expense and payments, effective for fiscal years beginning after December 15, 2024 [334]. - ASU 2023-06 introduces amendments to disclosure requirements related to cash flows and earnings per share, with an uncertain effective date pending SEC actions [335]. - ASU 2024-03 requires expanded disclosures on expense disaggregation in the income statement, effective for annual periods beginning after December 15, 2026 [336]. - ASU 2025-03 changes the accounting for variable interest entities, effective for annual periods beginning after December 15, 2026 [337]. Market Risks - The company is exposed to market risks from foreign currency exchange rates and interest rates, with no material changes noted since the last annual report [338].

Financial Performance - MeiraGTx reported cash and cash equivalents of approximately $17.1 million as of September 30, 2025, down from $105.7 million as of December 31, 2024[18]. - Service revenue decreased to $0.4 million for Q3 2025, compared to $10.9 million for Q3 2024, a decline of $10.5 million[18]. - For the three months ended September 30, 2025, total revenue was $410,000, a decrease of 96.2% compared to $10.91 million for the same period in 2024[31]. - Net loss attributable to ordinary shareholders for the quarter ended September 30, 2025, was $50.5 million, or $0.62 per share, compared to a net loss of $39.3 million, or $0.55 per share for the same quarter in 2024[26]. - Cash and cash equivalents decreased to $14.8 million as of September 30, 2025, down from $103.7 million as of December 31, 2024[33]. - Total current liabilities increased to $152.9 million as of September 30, 2025, compared to $60.8 million as of December 31, 2024[33]. - The company reported a foreign currency loss of $1.6 million for the three months ended September 30, 2025, compared to a gain of $3.5 million for the same period in 2024, reflecting a change of $5.1 million[24]. - Interest income decreased to $0.2 million for the three months ended September 30, 2025, down from $1.2 million in the same period in 2024, a decline of 83.3%[24]. - Interest expense decreased to $3.1 million for the three months ended September 30, 2025, compared to $3.4 million for the same period in 2024, a reduction of 8.8%[25]. Research and Development - Research and development expenses increased to $32.5 million for Q3 2025, up from $26.2 million in Q3 2024, reflecting higher manufacturing costs and clinical program expenses[22]. - Research and development expenses for the three months ended September 30, 2025, were $32.5 million, an increase of 24.0% from $26.2 million in the same period in 2024[31]. - The pivotal Phase 2 study of AAV-hAQP1 for radiation-induced xerostomia is on track for target enrollment by the end of 2025, with potential BLA filing in early 2027[3]. - The company anticipates initiating a Phase 3 study for AAV-GAD in Parkinson's disease in the coming months, following positive data from previous studies[11]. - The BBS10 program for a rare pediatric ophthalmology condition has been awarded Rare Pediatric Disease Designation, with the first patient treated during the quarter[4]. - MeiraGTx has completed optimization of its riboswitch program for leptin delivery, demonstrating durability and efficacy in a mouse model over more than a year[5]. Strategic Collaborations and Future Prospects - MeiraGTx entered a strategic collaboration with Eli Lilly, receiving an upfront payment of $75 million and potential milestone payments exceeding $400 million[7]. - The company is eligible to receive up to $285 million upon the first commercial sales of botaretigene sparoparvovec in the US and EU[14]. Manufacturing and Technology - The company has developed a novel technology for in vivo delivery of biologic therapeutics using oral small molecules, focusing on metabolic peptides and CAR-T therapies[27]. - MeiraGTx has built comprehensive manufacturing capabilities with five facilities globally, including two licensed for GMP viral vector production[27].

Financial Performance - For the three months ended September 30, 2025, the company reported revenue of $8,010,112, an increase from $7,126,333 for the same period in 2024, representing a growth of approximately 12.4%[164]. - Gross profit for the three months ended September 30, 2025, was $5,680,816, or 71% of revenue, compared to $4,790,432, or 67% of revenue in 2024, marking an increase of $890,384, or 19%[168]. - Net income for the three months ended September 30, 2025, was $125,327, a decrease from $783,593 in 2024, attributed to higher expenses and other income in 2024[173]. - For the nine months ended September 30, 2025, total revenue was $24,315,642, a decrease from $24,563,039 in 2024, with Nutraceuticals revenue declining due to a new product sell-in that did not repeat[175]. - EBITDA for the three months ended September 30, 2025, was $1,311,570, compared to $1,329,334 in 2024, reflecting a slight decrease[162]. - For the nine months ended September 30, 2025, net income was $2,474,827, an increase from $2,019,309 in 2024, primarily due to a gain on loan settlements[182]. Expenses and Cash Flow - Operating expenses for the three months ended September 30, 2025, included selling and marketing expenses of $2,729,767, up from $2,509,440 in 2024, indicating an immaterial increase[169]. - The cost of revenue for the three months ended September 30, 2025, was $2,329,296, slightly down from $2,335,901 in 2024, due to a favorable product mix[167]. - Interest expense for the three months ended September 30, 2025, was $1,164,402, an increase from $705,088 in 2024, primarily due to new loan advances[172]. - For the nine months ended September 30, 2025, net cash used in operating activities was $3,209,149, compared to $1,377,479 for the same period in 2024, indicating a significant increase in cash outflow[185][186]. - Net cash provided by financing activities for the nine months ended September 30, 2025, was $3,515,856, a substantial increase from $895,972 in 2024, primarily due to new loans[187]. - Proceeds from issuing common stock amounted to $3,880,462 for the nine months ended September 30, 2025, while there were no proceeds from common stock issuance in 2024[188]. Strategic Plans and Market Position - The company plans to grow its current product lines and expand into new markets, specifically focusing on increased distribution for the recently launched ready-to-drink beverage under the FOCUSfactor brand[189]. - The company intends to pursue additional strategic acquisitions to enhance its brand portfolio and is actively evaluating potential opportunities[189]. Other Financial Information - As of September 30, 2025, the company had cash on hand of $1,006,489 and restricted cash of $100,000 held for credit card collateral[183]. - There were no off-balance sheet arrangements during the nine months ended September 30, 2025, or the year ended December 31, 2024[190]. - The effect of inflation on operating results was not significant for the nine months ended September 30, 2025, or 2024[191]. - Critical accounting estimates include those related to revenue recognition and accounts receivable allowances, which are significant for understanding the company's financial results[192].

Financial Performance - Revenues for the nine months ended September 30, 2025, amounted to $2,576 thousand, a decrease of 3% compared to $2,660 thousand for the same period in 2024[104] - Revenues for the three months ended September 30, 2025, were $149 thousand, a decrease of 88% from $1.3 million in the same period of 2024[128] - Operating loss for the nine months ended September 30, 2025, was $13.7 million, an increase of 57% from $8.7 million in the same period of 2024[120] - Cash used in operating activities for the nine months ended September 30, 2025, was $9.8 million, compared to $5.5 million for the same period in 2024[123] Expenses - Cost of revenues for the nine months ended September 30, 2025, was $1,882 thousand, a decrease of 4% from $1,964 thousand in 2024[108] - Research and development expenses increased by 56% to $7,322 thousand for the nine months ended September 30, 2025, compared to $4,705 thousand in 2024[112] - Sales and marketing expenses rose by 99% to $1,604 thousand for the nine months ended September 30, 2025, up from $806 thousand in 2024[116] - General and administrative expenses increased by 39% to $5,473 thousand for the nine months ended September 30, 2025, compared to $3,929 thousand in 2024[119] - Research and development expenses for the three months ended September 30, 2025, were $2.5 million, an increase of 43% from $1.7 million in the same period of 2024[135] - General and administrative expenses for the three months ended September 30, 2025, were $1.7 million, an increase of 24% from $1.3 million in the same period of 2024[140] Cash Flow - Cash provided by financing activities for the nine months ended September 30, 2025, was $21.1 million, compared to $9.9 million in the same period of 2024[127] - Cash and cash equivalents as of September 30, 2025, were $29.8 million, an increase from $18.5 million as of December 31, 2024[150] Backlog and Contracts - The backlog as of September 30, 2025, was approximately $14.2 million, primarily reflecting contracts with government clients and defense and aviation companies[98] - Backlog as of September 30, 2025, was approximately $14.2 million, down from $15.0 million as of December 31, 2024[149] - The company fully derecognized a contract liability of $1.7 million associated with a Fortune 500 medical company customer due to the lack of a purchase order for 2025[99] Future Outlook - The company expects an increase in research and development expenses as it continues to focus on new product development and recruitment in the Industry 4.0 domain[114] - The company expects to incur significant commercialization expenses related to product sales, marketing, manufacturing, and distribution[153] - Future operating lease obligations as of September 30, 2025, were approximately $0.9 million[155] External Factors - The ongoing conflict in Israel has not had a material adverse effect on the company's business operations, although some minor disruptions were experienced[102] Product Development - The Odysight TruVision solution has been successfully utilized by NASA, indicating strong interest in the technology across various sectors[97]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 For the quarterly period ended September 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission File Number: 001-42875 Turn Therapeutics Inc. (Exact Name of Registrant as Specified in its Charter) FORM 10-Q Delaware 32-0456090 (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 (State ...

Financial Performance - Net sales for Q3 2025 were $30.5 million, a decrease of 2.9% compared to $31.4 million in Q3 2024[5] - Gross profit increased by 31.0% to $5.0 million in Q3 2025 from $3.8 million in Q3 2024[5] - Net loss improved to $(146) thousand, or $(0.05) per basic share, compared to a net loss of $(739) thousand, or $(0.27) per basic share in Q3 2024, representing an 80.2% improvement[6] - Adjusted EBITDA for Q3 2025 was $1.3 million, up 776.2% from $0.1 million in Q3 2024[6] - For the nine months ended September 30, 2025, the net loss was $1,149,000 compared to a net income of $183,000 for the same period in 2024[16] - EBITDA for the nine months ended September 30, 2025, was $1,060,000, a decrease from $2,432,000 in the same period of 2024[17] - Adjusted EBITDA for the nine months ended September 30, 2025, was $1,326,000, down from $2,699,000 in the prior year[17] - The total net sales for the last twelve months ended in Q3 2025 were $120.8 million, a decline from $138.9 million in Q3 2023[18] - The adjusted gross profit margin for Q3 2025 was 13.1%, down from 15.4% in Q3 2024[18] Operational Metrics - The company reported a 90-day backlog of $31.3 million as of September 30, 2025, compared to $29.6 million as of September 30, 2024[6] - Operating expenses decreased by 5.2% to $4.1 million in Q3 2025 from $4.3 million in Q3 2024[5] - Cash used in operating activities for the nine months ended September 30, 2025, was $2,865,000, slightly improved from $3,043,000 in 2024[16] - The company experienced a significant increase in accounts receivable, with a change of $(3,875,000) for the nine months ended September 30, 2025[16] Assets and Liabilities - Total assets increased to $74.8 million as of September 30, 2025, up from $72.4 million as of December 31, 2024[13] - Current liabilities rose to $33.6 million as of September 30, 2025, compared to $21.4 million as of December 31, 2024[13] Certification and Strategic Outlook - The Monterrey, Mexico facility achieved AS9100:D certification, enhancing service offerings in aerospace and industrial markets[3] - The company is optimistic about leveraging operational performance in the nearshoring landscape with its North American and Asian footprint[3] Financing Activities - The company reported a net cash provided by financing activities of $3,218,000 for the nine months ended September 30, 2025, compared to $3,561,000 in 2024[16] - The cash balance at the end of the period was $1,271,000, compared to $1,239,000 at the end of the same period in 2024[16] - The company incurred $235,000 in severance charges during Q1 2025 related to a reduction in force[17]