UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended June 30, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-42252 HCM II ACQUISITION CORP. (Exact Name of Registrant as Specified in Its Charter) Cayman Islands 98-1785406 (State or other jurisdiction ...

[FORM 8-K Filing Details](index=1&type=section&id=FORM%208-K%20Filing%20Details) This section details the administrative information for the Form 8-K, including registrant identification, jurisdiction, and report date [Registrant and Filing Information](index=1&type=section&id=Registrant%20and%20Filing%20Information) This section details the registrant's identification, jurisdiction of incorporation, and the report date - Registrant: **Vista Gold Corp.**, incorporated in British Columbia, Canada[1](index=1&type=chunk) - Date of Report: **August 12, 2025**[1](index=1&type=chunk) [Securities Registration Details](index=1&type=section&id=Securities%20Registration%20Details) This section outlines the specific class of securities registered under Section 12(b) and their trading exchange Securities Registered under Section 12(b) | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | | :------------------ | :---------------- | :---------------------------------------- | | Common Shares | VGZ | NYSE American | [Item 2.02 Results of Operation and Financial Condition](index=2&type=section&id=Item%202.02%20Results%20of%20Operation%20and%20Financial%20Condition) This section details the announcement of financial results and clarifies their filing status [Financial Results Announcement](index=2&type=section&id=Financial%20Results%20Announcement) Vista Gold Corp. announced Q2 2025 financial and operational results via a press release, attached as an exhibit - Vista Gold Corp. issued a press release on **August 12, 2025**, announcing Q2 2025 financial and operational results for the quarter ended June 30, 2025[3](index=3&type=chunk) - A management call was announced to discuss the financial results[3](index=3&type=chunk) - The Press Release (Exhibit 99.1) is incorporated by reference[3](index=3&type=chunk) [Information Filing Status](index=2&type=section&id=Information%20Filing%20Status) This section clarifies the financial information in this Form 8-K is "furnished" not "filed," affecting Section 18 liability - The information in this Form 8-K (including Exhibit 99.1) is **"furnished," not "filed,"** for purposes of Section 18 of the Securities Exchange Act of 1934[4](index=4&type=chunk) - This information is not subject to Section 18 liabilities and is not incorporated by reference unless expressly stated[4](index=4&type=chunk) [Item 9.01 Financial Statements and Exhibits](index=2&type=section&id=Item%209.01%20Financial%20Statements%20and%20Exhibits) This section lists the financial statements and exhibits accompanying the Form 8-K filing [List of Exhibits](index=2&type=section&id=List%20of%20Exhibits) This section details the Form 8-K exhibits, including the financial results press release and interactive data file Exhibits to Form 8-K | Exhibit Number | Description | | :------------- | :------------------------------------------------------------------------------------------------------------------------------------- | | 99.1 | Press Release, dated August 12, 2025* | | 104 | Cover Page Interactive Data File––the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | - Exhibit 99.1 is **furnished to, not filed with,** the SEC, pursuant to Regulation FD[5](index=5&type=chunk) [SIGNATURES](index=3&type=section&id=SIGNATURES) This section contains the official signatures, confirming the report's authorization and submission [Report Signatures](index=3&type=section&id=Report%20Signatures) This section contains the official signatures, confirming the report's authorization and submission - The report was signed on **August 12, 2025**, by **Frederick H. Earnest**, President and Chief Executive Officer of Vista Gold Corp[9](index=9&type=chunk)

Exhibit 99.1 M-tron Industries, Inc. Reports Continued Strength in Second Quarter 2025 Results ORLANDO, Florida (August 12, 2025) — M-tron Industries, Inc. (NYSE American: MPTI, MPTI WS) ("Mtron" or the "Company"), a U.S.-based designer and manufacturer of highly-engineered electronic components and solutions for the aerospace and defense, avionics, and space industries, announced strong financial results for the three and six months ended June 30, 2025. "We're pleased to report strong revenue growth, an in ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ___________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR o 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: 001-40551 ___________________________ Acumen Pharmaceuticals, Inc. (Exa ...

☒ Quarterly Report Pursuant to Section 13 Or 15(d) Of The Securities Exchange Act of 1934 (Mark One) UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (State or other jurisdiction of incorporation or organization) Montana 81-0305822 (IRS Employer Identification No.) 4438 W. Lovers Lane, Unit 100, Dallas, TX 75209 For the quarterly period ended June 30, 2025 ☐ Transition Report Under Section 13 Or 15(d) Of The Securities Exchange Act of 1934 For the transition period ________ ...

[Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Highlights) Reed's reported a challenging Q2 2025 with significant declines across key financial metrics, prompting management to outline strategic initiatives for future growth and profitability [Q2 2025 Financial Highlights](index=1&type=section&id=Q2%202025%20Financial%20Highlights) Reed's reported a challenging second quarter of 2025 with significant declines across key financial metrics, including net sales, gross profit, and a widened net loss, alongside a negative Modified EBITDA Q2 2025 Financial Highlights (vs. Q2 2024) | Metric | Q2 2025 | Q2 2024 | | :--------------------------------- | :------ | :------ | | Net sales | $9.5 million | $11.9 million | | Gross profit | $0.8 million | $3.8 million | | Gross margin | 8% | 32% | | Delivery and handling costs per case | $2.83 | $2.18 | | Selling, general and administrative expenses | $5.0 million | $3.1 million | | Net loss | $6.0 million | $3.2 million | | Modified EBITDA | $(2.9) million | $45,000 | [Management Commentary](index=1&type=section&id=Management%20Commentary) Management outlined strategic initiatives for commercial execution, including sales talent and marketing, while addressing inventory write-offs and focusing on future growth and profitability - Strategic focus areas include strengthening commercial execution, investing in sales talent, refining marketing approach, and accelerating channel development initiatives to rebuild placements with key retail partners and unlock new growth opportunities in underpenetrated segments like convenience and food service[3](index=3&type=chunk) - The company evaluated inventory and determined that **$1.6 million of write-offs** were necessary based on product portfolio optimization, which impacted gross margin but is expected to improve inventory management and working capital efficiency[3](index=3&type=chunk) - Looking ahead, the focus is on driving sales growth within core Reed's and Virgil's portfolios, improving margins, positioning the Company for profitability, and expanding distribution into new channels and regions[3](index=3&type=chunk) [Detailed Financial Results](index=2&type=section&id=Detailed%20Financial%20Results) The company experienced a comprehensive decline in Q2 2025 financial performance, marked by lower sales, reduced gross margins due to write-offs, increased operating expenses, and a significant increase in cash used from operations [Second Quarter 2025 Performance](index=2&type=section&id=Second%20Quarter%202025%20Performance) The second quarter of 2025 saw a detailed decline in financial performance, primarily driven by lower sales volumes, significant inventory write-offs impacting gross margin, and increased operating expenses due to growth initiatives and contract proceedings [Net Sales](index=2&type=section&id=Net%20Sales) Net sales experienced a decline, primarily attributed to reduced volumes from key national customers Net Sales (Q2 2025 vs. Q2 2024) | Metric | Q2 2025 | Q2 2024 | | :------- | :------ | :------ | | Net sales | $9.5 million | $11.9 million | - The decrease in net sales was primarily driven by lower volumes with recurring national customers[5](index=5&type=chunk) [Gross Profit and Margin](index=2&type=section&id=Gross%20Profit%20and%20Margin) Gross profit and margin significantly decreased, primarily due to substantial inventory write-offs for product portfolio optimization Gross Profit and Margin (Q2 2025 vs. Q2 2024) | Metric | Q2 2025 | Q2 2024 | | :----------- | :------ | :------ | | Gross profit | $0.8 million | $3.8 million | | Gross margin | 8% | 32% | - The decrease in gross margin was primarily driven by **$1.6 million of inventory write-offs** related to changes in product portfolio optimization[6](index=6&type=chunk) Adjusted Gross Profit and Margin (Q2 2025, excluding write-offs) | Metric | Q2 2025 (Adjusted) | | :-------------------- | :----------------- | | Gross profit | $2.4 million | | Gross margin | 25% of net sales | [Delivery and Handling Costs](index=2&type=section&id=Delivery%20and%20Handling%20Costs) Delivery and handling costs increased both in total and on a per-case basis, rising as a percentage of net sales Delivery and Handling Costs (Q2 2025 vs. Q2 2024) | Metric | Q2 2025 | Q2 2024 | | :------------------------- | :------ | :------ | | Total costs | $1.6 million | $1.4 million | | As % of net sales | 17% | 12% | | Per case | $2.83 | $2.18 | [Selling, General and Administrative Expenses](index=2&type=section&id=Selling%2C%20General%20and%20Administrative%20Expenses) Selling, general, and administrative expenses rose due to contract proceedings and investments in personnel and marketing for growth initiatives Selling, General and Administrative Expenses (Q2 2025 vs. Q2 2024) | Metric | Q2 2025 | Q2 2024 | | :------- | :------ | :------ | | SG&A | $5.0 million | $3.1 million | - The increase in SG&A was primarily driven by contract proceedings costs and investments in personnel, marketing, and related services to support growth initiatives[8](index=8&type=chunk) [Net Loss and EPS](index=2&type=section&id=Net%20Loss%20and%20EPS) The company reported a widened net loss, yet loss per share decreased significantly due to a substantial increase in outstanding shares Net Loss and EPS (Q2 2025 vs. Q2 2024) | Metric | Q2 2025 | Q2 2024 | | :---------------- | :------ | :------ | | Net loss | $6.0 million | $3.2 million | | Loss per share | $(0.13) | $(0.77) | - Despite a higher net loss, the loss per share decreased from **$(0.77) to $(0.13)** due to a significant increase in the weighted average number of shares outstanding (**46,367,047 in Q2 2025 vs. 4,187,291 in Q2 2024**)[8](index=8&type=chunk)[27](index=27&type=chunk) [Modified EBITDA](index=2&type=section&id=Modified%20EBITDA) Modified EBITDA turned significantly negative, reflecting a deterioration in operational profitability compared to the prior year Modified EBITDA (Q2 2025 vs. Q2 2024) | Metric | Q2 2025 | Q2 2024 | | :------------- | :------ | :------ | | Modified EBITDA | $(2.9) million | $45,000 | [Liquidity and Cash Flow](index=2&type=section&id=Liquidity%20and%20Cash%20Flow) The company experienced a significant increase in cash used from operating activities during Q2 2025, leading to a substantial decrease in its cash balance compared to the end of the previous fiscal year, while total debt remained relatively stable Cash Flow from Operating Activities (Q2 2025 vs. Q2 2024) | Metric | Q2 2025 | Q2 2024 | | :-------------------------------- | :------ | :------ | | Cash used from operating activities | $5.0 million | $0.9 million | Liquidity Position (as of June 30, 2025 vs. December 31, 2024) | Metric | June 30, 2025 | December 31, 2024 | | :---------- | :------------ | :---------------- | | Cash | $2.7 million | $10.4 million | | Total debt | $9.7 million | $9.6 million | [Company Information](index=2&type=section&id=Company%20Information) This section provides details on the upcoming Q2 2025 earnings conference call and an overview of Reed's, Inc. as a leader in natural ginger beverages and craft sodas [Conference Call Details](index=2&type=section&id=Conference%20Call%20Details) Reed's, Inc. will host a conference call on August 13, 2025, to discuss its second-quarter 2025 financial results, providing dial-in numbers and a webcast link for participants - A conference call will be held on Wednesday, August 13, 2025, at 8:30 a.m. Eastern time to discuss the Q2 2025 results[11](index=11&type=chunk)[12](index=12&type=chunk) - Access to the conference call is available via toll-free dial-in **(800) 717-1738**, international dial-in **(646) 307-1865** (Conference ID: **89617**), and a live webcast on the investor relations section of the Company's website[12](index=12&type=chunk)[13](index=13&type=chunk) [About Reed's, Inc.](index=3&type=section&id=About%20Reed's%2C%20Inc.) Reed's, Inc. is a category leader in handcrafted, natural ginger beverages and craft sodas, established in 1989. The company markets its products under the Reed's®, Virgil's®, and Flying Cauldron® brand names, with distribution in over 32,000 stores nationwide, and recently launched a functional soda line - Reed's, Inc. is an innovative company and category leader providing high quality, premium, and better-for-you sodas, established in **1989**[14](index=14&type=chunk) - The company's brands include Reed's® (America's original ginger beer), Virgil's® (award-winning craft sodas), and Flying Cauldron® (non-alcoholic butterscotch beer)[14](index=14&type=chunk)[15](index=15&type=chunk)[16](index=16&type=chunk)[17](index=17&type=chunk) - Reed's beverages are sold in over **32,000 stores nationwide**, and the brand recently launched a new functional soda line featuring adaptogenic ingredients[14](index=14&type=chunk)[15](index=15&type=chunk) [Non-GAAP Financial Measures](index=3&type=section&id=Non-GAAP%20Financial%20Measures) This section defines the company's non-GAAP financial measures, such as Modified EBITDA, explaining their rationale for use while also outlining their inherent analytical limitations [Definition and Rationale](index=3&type=section&id=Definition%20and%20Rationale) Reed's presents Modified EBITDA and gross profit/margin excluding inventory write-offs as supplemental non-GAAP measures. Modified EBITDA is defined by adjusting net income (loss) for various non-cash and non-recurring items, used by management and investors to compare performance consistently across periods and for internal strategic planning - The company presents Modified EBITDA and gross profit and gross margin excluding inventory write-offs as supplemental non-GAAP financial measures[19](index=19&type=chunk) - Modified EBITDA is defined as net income (loss) plus interest expense, tax expense, depreciation and amortization, stock-based compensation, changes in fair value of warrant/SAFE agreements, legal and insurance settlements, contract proceedings, non-recurring professional fees, inventory write-offs, one-time policy changes, accounting methodology impacts, and restructuring-related costs[19](index=19&type=chunk) - These non-GAAP measures assist investors and analysts in comparing performance consistently by excluding items not indicative of core operating performance, and are used internally for budgets, forecasts, strategic plans, acquisitions, compensation, and board communications[22](index=22&type=chunk) [Limitations](index=4&type=section&id=Limitations) The company acknowledges that its non-GAAP financial measures, particularly Modified EBITDA, have limitations as analytical tools. They do not reflect cash expenditures for capital, working capital needs, future interest or principal payments on debt, or cash requirements for asset replacements - Modified EBITDA does not reflect cash expenditures or future requirements for capital expenditures or contractual commitments[22](index=22&type=chunk) - Modified EBITDA does not reflect changes in, or cash requirements for, working capital needs[22](index=22&type=chunk) - Modified EBITDA does not reflect future interest expense, or the cash requirements necessary to service interest or principal payments on debts, nor does it reflect cash requirements for asset replacements[22](index=22&type=chunk) [Forward-Looking Statements & Investor Relations](index=5&type=section&id=Forward-Looking%20Statements%20%26%20Investor%20Relations) This section includes a disclaimer regarding forward-looking statements, highlighting associated risks and uncertainties, and provides contact information for investor relations inquiries [Forward-Looking Statements](index=5&type=section&id=Forward-Looking%20Statements) This section serves as a disclaimer, identifying forward-looking statements by specific terminology and outlining the inherent risks, uncertainties, and assumptions that could cause actual results to differ materially from projections. The company assumes no obligation to update these statements - Forward-looking statements are identified by terms such as "aim," "believe," "look forward to," "can," "will," "realize," "deliver," and similar expressions, covering strategic initiatives, ability to achieve objectives, expand business, and generate long-term value[23](index=23&type=chunk) - The achievement of forward-looking statements involves risks, uncertainties, and assumptions beyond the company's control, including competition, growth management, refinancing, new product risks, inflation, customer demand, personnel, distribution, suppliers, innovation, intellectual property, inventory, geopolitical events, and evolving regulations[23](index=23&type=chunk)[24](index=24&type=chunk) - These statements are based on current expectations, and Reed's assumes no obligation to update them, except as required by law[24](index=24&type=chunk) [Investor Relations Contact](index=5&type=section&id=Investor%20Relations%20Contact) Contact information for investor relations inquiries is provided, including names, email, and phone number - For investor relations, contact Sean Mansouri, CFA or Aaron D'Souza at Elevate IR via email (**ir@reedsinc.com**) or phone (**720) 330-2829**[25](index=25&type=chunk) [Financial Statements](index=6&type=section&id=Financial%20Statements) The unaudited condensed financial statements for Q2 2025 reveal a significant deterioration in operational results, a weakened balance sheet, and increased cash utilization from operating activities [Condensed Statements of Operations](index=6&type=section&id=Condensed%20Statements%20of%20Operations) The unaudited condensed statements of operations for the three and six months ended June 30, 2025, and 2024, show a significant increase in net loss and operating expenses, alongside a decrease in net sales and gross profit, particularly impacted by inventory write-offs in 2025 Condensed Statements of Operations (Three Months Ended June 30, in thousands) | Metric | 2025 | 2024 | | :--------------------------------- | :----- | :----- | | Net sales | $9,523 | $11,874 | | Total cost of goods sold | $8,716 | $8,043 | | Gross profit | $807 | $3,831 | | Total operating expenses | $6,600 | $4,500 | | Loss from operations | $(5,793) | $(669) | | Net loss | $(6,048) | $(3,212) | | Loss per share – basic and diluted | $(0.13) | $(0.77) | Condensed Statements of Operations (Six Months Ended June 30, in thousands) | Metric | 2025 | 2024 | | :--------------------------------- | :----- | :----- | | Net sales | $19,552 | $21,469 | | Total cost of goods sold | $15,343 | $14,225 | | Gross profit | $4,209 | $7,244 | | Total operating expenses | $11,744 | $8,563 | | Loss from operations | $(7,535) | $(1,319) | | Net loss | $(8,079) | $(4,885) | | Loss per share – basic and diluted | $(0.18) | $(1.17) | [Condensed Balance Sheets](index=7&type=section&id=Condensed%20Balance%20Sheets) The unaudited condensed balance sheets show a decrease in total assets and cash from December 31, 2024, to June 30, 2025, while total liabilities increased, leading to a significant reduction in total stockholders' equity Condensed Balance Sheets (Amounts in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :------------ | :---------------- | | Cash | $2,677 | $10,391 | | Total current assets | $21,890 | $23,311 | | Total assets | $23,705 | $25,140 | | Total current liabilities | $21,154 | $17,655 | | Total liabilities | $21,970 | $18,492 | | Total stockholders' equity | $1,735 | $6,648 | [Condensed Statements of Cash Flows](index=8&type=section&id=Condensed%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, the company significantly increased cash used in operating activities compared to the prior year, resulting in a substantial net decrease in cash, despite proceeds from the sale of common stock Condensed Statements of Cash Flows (Six Months Ended June 30, in thousands) | Metric | 2025 | 2024 | | :-------------------------------- | :------- | :------- | | Net cash used in operating activities | $(10,410) | $(3,307) | | Net cash used in investing activities | $(101) | $(34) | | Net cash provided by financing activities | $2,797 | $3,064 | | Net decrease in cash | $(7,714) | $(277) | | Cash at end of period | $2,677 | $326 | [Reconciliation of GAAP to Non-GAAP Financial Measures](index=9&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Financial%20Measures) The reconciliation of GAAP net loss to Modified EBITDA shows that for both the three and six months ended June 30, 2025, Modified EBITDA was significantly negative, indicating a deterioration in operational performance even after adjusting for non-cash and non-recurring items Reconciliation of GAAP to Non-GAAP Financial Measures (Three Months Ended June 30, in thousands) | Metric | 2025 | 2024 | | :-------------------------- | :----- | :----- | | Net loss | $(6,048) | $(3,212) | | Total EBITDA adjustments | $3,103 | $3,257 | | Modified EBITDA | $(2,945) | $45 | Reconciliation of GAAP to Non-GAAP Financial Measures (Six Months Ended June 30, in thousands) | Metric | 2025 | 2024 | | :-------------------------- | :----- | :----- | | Net loss | $(8,079) | $(4,885) | | Total EBITDA adjustments | $3,550 | $4,560 | | Modified EBITDA | $(4,529) | $(325) |

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: June 30, 2025 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: 001-41173 NexGel, Inc. (Exact name of registrant as specified in its charter) | Delaware | 26-4042544 | | -- ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 (Mark One) FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________to ___________ Commission File Number: 001-41822 SYRA HEALTH CORP. (Exact Name of Registrant as Specified in its Charter) (State or other jurisdiction o ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: June 30, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES 1100 Kubota Dr. Grapevine, TX 76051 (Address of principal executive offices) (Zip Code) EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-41090 Southland Holdings ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: June 30, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-41090 Southland Holdings, Inc. (Exact name of registrant as specified in its charter) (817) 293-4263 (Registrant ...