PART I. FINANCIAL INFORMATION [Item 1. Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited condensed consolidated financial statements for Hyliion Holdings Corp. as of June 30, 2025, and for the three and six-month periods then ended. It includes the balance sheets, statements of operations, changes in stockholders' equity, statements of cash flows, and accompanying notes, which detail the company's financial position and performance [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, the company's total assets decreased to $229.2 million from $263.0 million at year-end 2024, primarily due to a reduction in investments. Total liabilities also decreased to $13.3 million from $18.7 million. The decline in total stockholders' equity to $215.9 million from $244.4 million was mainly driven by the accumulated deficit from net losses Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$229,210** | **$263,046** | | Cash and cash equivalents | $15,591 | $9,227 | | Total investments | $169,709 | $210,502 | | **Total Liabilities** | **$13,340** | **$18,657** | | **Total Stockholders' Equity** | **$215,870** | **$244,389** | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For the second quarter of 2025, the company generated $1.5 million in revenue from R&D services, a new revenue stream. However, the net loss widened to $13.4 million from $10.9 million in the prior-year quarter, driven by increased R&D expenses. For the six-month period, net loss increased to $30.7 million from $26.4 million year-over-year Statement of Operations Summary (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | Total Revenues | $1,515 | $— | $2,004 | $— | | Gross Profit | $131 | $— | $143 | $— | | Research and development | $10,137 | $8,311 | $22,367 | $16,279 | | Loss from operations | $(15,623) | $(14,017) | $(35,345) | $(33,008) | | Net loss | $(13,414) | $(10,856) | $(30,668) | $(26,448) | | Net loss per share | $(0.08) | $(0.06) | $(0.18) | $(0.15) | [Condensed Consolidated Statements of Changes in Stockholders' Equity](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders%20Equity) Stockholders' equity decreased by $28.5 million during the first six months of 2025, falling from $244.4 million to $215.9 million. The primary driver for this reduction was the net loss of $30.7 million incurred during the period, which was partially offset by $2.7 million in share-based compensation - The decrease in total stockholders' equity from **$244.4 million** at the end of 2024 to **$215.9 million** at June 30, 2025, was primarily caused by the net loss of **$30.7 million** for the six-month period[15](index=15&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the first six months of 2025, net cash used in operating activities was $24.0 million, an improvement from $33.4 million in the prior year period. Net cash provided by investing activities was $30.9 million, mainly from the sale and maturity of investments. Financing activities used $0.5 million. Overall, cash and cash equivalents increased by $6.4 million during the period Six Months Ended June 30, Cash Flow Summary (in thousands) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(23,999) | $(33,396) | | Net cash provided by investing activities | $30,895 | $46,027 | | Net cash used in financing activities | $(532) | $(14,297) | | **Net increase (decrease) in cash** | **$6,364** | **$(1,666)** | [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes provide context to the financial statements, detailing the company's strategic shift to focus on the KARNO Power Module after winding down its powertrain business. Key details include the basis of presentation, accounting for the powertrain business disposal, revenue recognition from new R&D service contracts with the U.S. government, and details on investments and share-based compensation - The company is winding down its powertrain business to focus on the commercialization of its KARNO Power Module technology, with wind-down activities expected to be complete in Q4 2025[19](index=19&type=chunk) - Hyliion began recognizing revenue from R&D service contracts with the U.S. government in Q4 2024. For the six months ended June 30, 2025, two customers (Customer A and Customer B) accounted for **77%** and **23%** of revenue, respectively[42](index=42&type=chunk)[45](index=45&type=chunk)[46](index=46&type=chunk) - The company believes it has sufficient funds to execute its business strategy for the next twelve months, with total equity of **$215.9 million**, including **$15.6 million** in cash and **$169.7 million** in investments as of June 30, 2025[26](index=26&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=20&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's strategic focus on the KARNO Power Module, a fuel-agnostic power generator targeting various markets from data centers to defense. The analysis covers R&D progress, including overcoming production challenges with key components. The financial review details an increase in net loss due to higher R&D spending, despite new revenue from government contracts. The company confirms sufficient liquidity for the next year, projecting to end 2025 with approximately $155 million in cash and investments [Overview and Strategy](index=20&type=section&id=Overview%20and%20Strategy) Hyliion is focused on its primary product, the KARNO Power Module, a fuel-agnostic generator designed for clean and efficient electricity production. The company is targeting diverse markets including data centers, prime power, defense, EV charging, and biogas. Management highlights the technology's key advantages over conventional generators, such as higher efficiency (up to 50%), lower maintenance, fuel flexibility (over 20 sources), and low emissions - The company's primary focus is the KARNO Power Module, a fuel-agnostic power generating solution targeting commercial, industrial, and utility-scale applications[66](index=66&type=chunk) - Key competitive advantages of the KARNO Power Module include high efficiency, low maintenance, fuel flexibility, low noise, and modularity[82](index=82&type=chunk) - Target markets are broad, including data centers, microgrids, defense, EV charging, biogas conversion, and mobile applications[84](index=84&type=chunk)[86](index=86&type=chunk) [KARNO Power Module Development](index=25&type=section&id=KARNO%20Power%20Module%20Development) R&D activities are concentrated on testing and validating the 200 kW KARNO Power Module. The company has addressed earlier delays caused by design and production issues with a key printed component (the regenerator) and has insourced linear electric motor production to improve quality control and ramp-up speed. As of the report date, two of the ten planned early adopter units for 2025 have been delivered under an R&D contract with the Office of Naval Research (ONR) - The company has overcome initial production delays related to a key component (the regenerator) and has insourced linear electric motor production to accelerate ramp-up[90](index=90&type=chunk)[91](index=91&type=chunk)[92](index=92&type=chunk) - Two of the ten planned early adopter units for 2025 have been delivered and are undergoing testing under the ONR contract[89](index=89&type=chunk) - The company was awarded a cost-plus-fixed-fee contract of up to **$16.0 million** by the ONR to assess the KARNO Power Module for Navy applications[94](index=94&type=chunk) [Results of Operations](index=28&type=section&id=Results%20of%20Operations) For Q2 2025, the company recorded $1.5 million in R&D services revenue, which was not present in 2024. R&D expenses rose 22% to $10.1 million, driving an increased operating loss of $15.6 million. For the six-month period, R&D expenses increased 37.4% to $22.4 million, and the operating loss grew to $35.3 million. The increases in R&D spending are attributed to the design, testing, and production ramp-up for the KARNO Power Module Comparison of Three Months Ended June 30 (in thousands) | Account | 2025 | 2024 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Total revenues | $1,515 | $— | $1,515 | N/A | | Research and development | $10,137 | $8,311 | $1,826 | 22.0% | | Loss from operations | $(15,623) | $(14,017) | $(1,606) | 11.5% | | Net loss | $(13,414) | $(10,856) | $(2,558) | 23.6% | Comparison of Six Months Ended June 30 (in thousands) | Account | 2025 | 2024 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Total revenues | $2,004 | $— | $2,004 | N/A | | Research and development | $22,367 | $16,279 | $6,088 | 37.4% | | Loss from operations | $(35,345) | $(33,008) | $(2,337) | 7.1% | | Net loss | $(30,668) | $(26,448) | $(4,220) | 16.0% | [Liquidity and Capital Resources](index=32&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, Hyliion held $114.5 million in current assets, including $15.6 million in cash and $93.0 million in short-term investments, against $10.3 million in current liabilities. The company believes its current assets and $76.7 million in long-term investments are sufficient to meet capital requirements for the next twelve months. Management projects ending 2025 with approximately $155 million in total cash and investments - The company projects to have approximately **$155 million** in cash, short-term, and long-term investments remaining on its balance sheet at the end of 2025[120](index=120&type=chunk) - Hyliion has paused its **$20 million** share repurchase program, with up to **$6.1 million** remaining authorized for repurchases[120](index=120&type=chunk) - Primary short-term cash needs are for KARNO Power Module development, initial deployment units, and capital investments in additive printer acquisitions[120](index=120&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=34&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, Hyliion is not required to provide the information for this item - The company is exempt from providing quantitative and qualitative disclosures about market risk because it qualifies as a smaller reporting company[134](index=134&type=chunk) [Item 4. Controls and Procedures](index=34&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the Principal Executive Officer and Principal Financial Officer, evaluated the company's disclosure controls and procedures and concluded they were effective as of June 30, 2025. There were no changes in internal control over financial reporting during the quarter that have materially affected, or are reasonably likely to materially affect, these controls - Management concluded that as of June 30, 2025, the company's disclosure controls and procedures were effective[135](index=135&type=chunk) - No material changes to the company's internal control over financial reporting occurred during the quarter ended June 30, 2025[136](index=136&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=35&type=section&id=Item%201.%20Legal%20Proceedings) The company reports that it is not currently involved in any material legal proceedings - Hyliion is not currently a party to any material legal proceedings[139](index=139&type=chunk) [Item 1A. Risk Factors](index=35&type=section&id=Item%201A.%20Risk%20Factors) This section highlights a specific risk related to changes in U.S. tariff policies. The company notes that it imports components from overseas, including Germany and China, and the imposition of tariffs could increase costs for these items, which may not be passable to customers, potentially harming business operations and financial condition - The company identifies potential adverse effects from changes in U.S. tariff policies, as it imports parts and supplies from countries like Germany and China[141](index=141&type=chunk) - Increased tariffs could raise component costs, and the company may be unable to pass these costs on to customers, which could materially affect financial results[141](index=141&type=chunk)[142](index=142&type=chunk) [Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities](index=35&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities,%20Use%20of%20Proceeds,%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company reported no repurchases of its Common Stock during the quarter ended June 30, 2025. The share repurchase program announced in December 2023, which has approximately $6.1 million remaining, is currently paused Issuer Purchases of Equity Securities (Q2 2025) | Period | Total Number of Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | April 1 - 30, 2025 | — | $— | | May 1 - 31, 2025 | — | $— | | June 1 - 30, 2025 | — | $— | | **Total** | **—** | **$—** | - The company's share repurchase program has been paused. The maximum approximate dollar value of shares that may yet be purchased under the program is **$6,144,349**[143](index=143&type=chunk) [Item 3. Defaults Upon Senior Securities](index=35&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities - None [Item 4. Mine Safety Disclosures](index=35&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable [Item 5. Other Information](index=37&type=section&id=Item%205.%20Other%20Information) The company reported no other information for this item - None [Item 6. Exhibits](index=37&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including certifications by the Principal Executive Officer and Principal Financial Officer, and XBRL data files

BOLT PROJECTS HOLDINGS REPORTS Q2 2025 FINANCIAL RESULTS Berkeley, California – August 12, 2025 Introduction Bolt Projects Holdings, Inc. (Nasdaq: BSLK), a developer of biomaterials for the beauty and personal care industry, reported financial results for the second quarter ended June 30, 2025. "Demand for Vegan Silk™ continues to grow, resulting in positive gross margins a quarter ahead of estimate," said Dan Widmaier, Chairman and CEO. "Our pricing discipline helped us achieve profitability on material fr ...

BOLT PROJECTS HOLDINGS REPORTS Q2 2025 FINANCIAL RESULTS Berkeley, California – August 12, 2025 Introduction Bolt Projects Holdings, Inc. (Nasdaq: BSLK), a developer of biomaterials for the beauty and personal care industry, reported financial results for the second quarter ended June 30, 2025. "Demand for Vegan Silk™ continues to grow, resulting in positive gross margins a quarter ahead of estimate," said Dan Widmaier, Chairman and CEO. "Our pricing discipline helped us achieve profitability on material fr ...

[Business Overview and Key Highlights](index=1&type=section&id=Business%20Overview%20and%20Key%20Highlights) Hyliion reported $1.5M Q2 revenue, secured 30% ITC for KARNO, resumed production, and shifted commercialization to 2026 - The KARNO Power Module now qualifies for a **30% Investment Tax Credit (ITC)** under the One Big Beautiful Bill Act (OBBBA), expected to accelerate customer adoption starting in 2026[3](index=3&type=chunk)[4](index=4&type=chunk)[5](index=5&type=chunk) - The company resolved significant production issues by transitioning all **Linear Electric Motor (LEM)** manufacturing in-house and solving a critical depowdering challenge for printed parts[3](index=3&type=chunk)[5](index=5&type=chunk)[10](index=10&type=chunk) - A non-binding **$1 billion Memorandum of Understanding (MOU)** was signed with Alkhorayef Industries for potential deployment of KARNO Power Modules in Saudi Arabia, with initial deployment targeted for 2026[5](index=5&type=chunk)[9](index=9&type=chunk) - The company reiterated its plan to deliver **ten Early Adopter Units in 2025**, but shifted the broader commercialization timeline from late 2025 to **2026**[5](index=5&type=chunk)[12](index=12&type=chunk) Q2 2025 Financial Snapshot | Metric | Value | | :--- | :--- | | Q2 Revenue | $1.5 million | | Q2 Ending Cash & Investments | $185 million | | Expected Year-End Cash | ~$155 million | | Revised 2025 Revenue Forecast | $5 - $10 million | [KARNO Generator Platform Updates](index=2&type=section&id=KARNO%20Generator%20Platform%20Updates) Hyliion resumed KARNO production, delivered to the U.S. Navy, brought LEM production in-house, and achieved key technical milestones [Commercial Updates](index=2&type=section&id=Commercial%20Updates) Hyliion resumed KARNO production, delivered to the U.S. Navy, secured a $1.5M SBIR contract, and signed a $1B MOU - Production has resumed, with the **second Early Adopter KARNO unit** delivered to the U.S. Navy for testing, and two additional units are near completion for UL certification and a commercial customer[7](index=7&type=chunk) - Awarded a Phase II SBIR contract worth up to **$1.5 million** to develop software for managing multi-megawatt KARNO systems for the U.S. Navy[8](index=8&type=chunk) - The U.S. Air Force designated the KARNO Power Module as an "**awardable technology**," positioning it for broader military applications[8](index=8&type=chunk) - Signed a non-binding MOU with Alkhorayef Industries for a potential **$1 billion opportunity** to deploy KARNO systems in Saudi Arabia, subject to a definitive purchase agreement[9](index=9&type=chunk) [Development and Production](index=2&type=section&id=Development%20and%20Production) Hyliion brought LEM production in-house, resolved depowdering issues, and shifted KARNO commercial launch to 2026 - All **Linear Electric Motor (LEM)** production has been fully transitioned in-house, resolving previous quality issues and production constraints from a contract manufacturer[10](index=10&type=chunk) - A key technical milestone was achieved by resolving a **depowdering challenge** for complex printed parts, enabling a redesign of the regen component to improve power output and efficiency[11](index=11&type=chunk) - The commercial launch of the KARNO Power Module is now anticipated to occur in **2026**, a delay from the previous target of late 2025, though delivery of **ten Early Adopter units in 2025** is still expected[12](index=12&type=chunk) [Financial Performance and Guidance](index=3&type=section&id=Financial%20Performance%20and%20Guidance) Hyliion reported $1.5M Q2 revenue, a $13.4M net loss, $185.3M cash, and revised 2025 revenue guidance to $5-$10M Q2 2025 vs Q2 2024 Financials | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Revenue | $1.5M | $0 | | Gross Profit | $131K | $0 | | R&D Expenses | $10.1M | $8.3M | | Operating Expenses | $15.8M | $14.0M | | Net Loss | ($13.4M) | ($10.9M) | Year-to-Date 2025 vs 2024 Financials | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Revenue | $2.0M | $0 | | Gross Profit | $143K | $0 | | Operating Expenses | $35.5M | $33.0M | | Net Loss | ($30.7M) | ($26.4M) | - The company ended Q2 with **$185.3 million** in cash and investments, with cash use during the quarter being **$13.5 million**, including **$4.3 million** for capital expenditures[16](index=16&type=chunk) - 2025 revenue guidance was revised downward to **$5-$10 million** from a previous **$10-$15 million**, reflecting the shift of commercialization to 2026[17](index=17&type=chunk) - The company maintains its forecast for a 2025 year-end cash and investment balance of approximately **$155 million** and targets breakeven gross margins on a cash basis by the end of **2026**[17](index=17&type=chunk) [Consolidated Financial Statements](index=5&type=section&id=Consolidated%20Financial%20Statements) Hyliion's unaudited financials show a Q2 net loss of $13.4M, total assets of $229.2M, and $24.0M net cash used in H1 2025 operations [Statements of Operations](index=5&type=section&id=Statements%20of%20Operations) Hyliion reported Q2 2025 revenue of $1.5M and a net loss of $13.4M, with increased operating expenses Condensed Consolidated Statements of Operations (in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Total Revenues | $1,515 | $0 | $2,004 | $0 | | Gross Profit | $131 | $0 | $143 | $0 | | Total Operating Expenses | $15,754 | $14,017 | $35,488 | $33,008 | | Loss from Operations | ($15,623) | ($14,017) | ($35,345) | ($33,008) | | Net Loss | ($13,414) | ($10,856) | ($30,668) | ($26,448) | | Net Loss Per Share | ($0.08) | ($0.06) | ($0.18) | ($0.15) | [Balance Sheets](index=6&type=section&id=Balance%20Sheets) Hyliion's balance sheet shows total assets of **$229.2M** and total liabilities of **$13.3M** as of June 30, 2025 Condensed Consolidated Balance Sheets (in thousands) | Account | June 30, 2025 (Unaudited) | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $15,591 | $9,227 | | Short-term investments | $92,964 | $110,918 | | Long-term investments | $76,745 | $99,584 | | **Total Assets** | **$229,210** | **$263,046** | | **Liabilities & Equity** | | | | Total Current Liabilities | $10,259 | $14,291 | | **Total Liabilities** | **$13,340** | **$18,657** | | **Total Stockholders' Equity** | **$215,870** | **$244,389** | [Statements of Cash Flows](index=7&type=section&id=Statements%20of%20Cash%20Flows) Cash flow statement indicates **$24.0M** net cash used in operations for H1 2025, with positive investing activities Condensed Consolidated Statements of Cash Flows (in thousands) | Cash Flow Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | ($23,999) | ($33,396) | | Net cash provided by investing activities | $30,895 | $46,027 | | Net cash used in financing activities | ($532) | ($14,297) | | **Net increase (decrease) in cash** | **$6,364** | **($1,666)** |

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements](index=10&type=section&id=Item%201.%20Financial%20Statements) The unaudited financial statements for H1 2025 report a $22.8 million net loss, a $69.5 million stockholders' deficit, and $4.3 million cash, raising going concern doubts Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $4,328 | $9,291 | | Total current assets | $7,520 | $11,308 | | Total assets | $80,790 | $86,437 | | Total current liabilities | $120,085 | $48,249 | | Total liabilities | $150,293 | $134,456 | | Total stockholders' deficit | $(69,503) | $(48,019) | Condensed Consolidated Statements of Operations Highlights (in thousands) | Account | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Grant and award revenue | $2,169 | $— | $2,660 | $966 | | Research and development | $6,394 | $8,475 | $11,823 | $16,491 | | General and administrative | $2,619 | $3,439 | $5,872 | $6,617 | | Operating loss | $(6,844) | $(11,914) | $(15,035) | $(22,142) | | Net income (loss) | $(16,295) | $8,986 | $(22,826) | $(16,035) | Condensed Consolidated Statements of Cash Flows Highlights (in thousands) | Account | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(14,791) | $(20,761) | | Net cash used in investing activities | $(248) | $(1,616) | | Net cash provided by financing activities | $9,986 | $35,019 | | Net (decrease) increase in cash | $(5,053) | $12,642 | [Notes to Condensed Consolidated Financial Statements](index=15&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail significant operating losses, a $350.6 million accumulated deficit, $4.3 million cash, and reliance on Innoviva loans and MTEC grants - The company is a clinical-stage biotechnology firm focused on bacteriophage therapeutics for antibiotic-resistant infections[32](index=32&type=chunk) - As of June 30, 2025, the company had an accumulated deficit of **$350.6 million** and cash of **$4.3 million**, which is **insufficient** to fund operations for the next 12 months, raising **substantial doubt** about its ability to continue as a **going concern**[33](index=33&type=chunk) - The company secured a **$10.0 million** loan in March 2025 and a **$15.0 million** loan in August 2025 from its principal stockholder, **Innoviva**, to fund operations. The maturity dates for existing loans were also extended to March 12, 2026[35](index=35&type=chunk)[36](index=36&type=chunk)[39](index=39&type=chunk) - The **MTEC** award for the **AP-SA02** program was increased to **$26.2 million** in April 2025, with the term extended to March 31, 2026, providing continued non-dilutive funding[94](index=94&type=chunk)[109](index=109&type=chunk) - Subsequent to the quarter end, on August 11, 2025, the company entered into a new credit agreement with **Innoviva** for a loan of **$15.0 million**[107](index=107&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=38&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses positive Phase 2 trial results for bacteriophage therapeutics, ongoing financial challenges, a going concern warning, and a narrowed operating loss due to reduced R&D [Overview and Clinical Development](index=38&type=section&id=Overview%20and%20Clinical%20Development) Armata, a clinical-stage biotech, completed three Phase 2 trials for phage therapeutics, showing positive results for AP-PA02 and AP-SA02, with future development contingent on funding - **AP-PA02** (P. aeruginosa): Completed two **Phase 2** trials (**SWARM-P.a.** in CF and **Tailwind** in NCFB). Data showed a favorable safety profile and a durable reduction of P. aeruginosa in the lung. Future development, including a potential **Phase 3** trial, depends on securing additional funding or partnerships[118](index=118&type=chunk)[119](index=119&type=chunk)[123](index=123&type=chunk) - **AP-SA02** (S. aureus): The **Phase 1b/2a diSArm** study in bacteremia met its primary endpoint, showing a statistically significant **increase** in investigator-assessed responder rate at day 12 (**88%** for **AP-SA02** vs. **58%** for placebo; **p=0.047**)[129](index=129&type=chunk)[131](index=131&type=chunk) - Following the positive **AP-SA02** results, the company plans to hold an end-of-**Phase 2** meeting with the **FDA** in the second half of 2025 to discuss the design of a pivotal efficacy study[135](index=135&type=chunk) [Results of Operations](index=48&type=section&id=Results%20of%20Operations) H1 2025 saw increased grant revenue, a 23.4% decrease in operating expenses, a narrowed operating loss, but an increased net loss due to fair value adjustments Comparison of Operating Results (in thousands) | Account | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Grant and award revenue | $2,660 | $966 | 175.4% | | Research and development | $11,823 | $16,491 | (28.3%) | | General and administrative | $5,872 | $6,617 | (11.3%) | | Loss from operations | $(15,035) | $(22,142) | (32.1%) | | Net loss | $(22,826) | $(16,035) | 42.4% | - The **decrease** in R&D expenses for the six-month period was primarily due to a **$3.1 million reduction** in clinical trial costs, mainly from the completion of the **AP-PA02** NCFB trial[149](index=149&type=chunk)[151](index=151&type=chunk) - The net **loss** was significantly impacted by a non-cash **loss** of **$0.5 million** on the change in fair value of the Convertible Loan in H1 2025, compared to a non-cash **gain** of **$10.4 million** in H1 2024[165](index=165&type=chunk) [Liquidity, Capital Resources and Financial Condition](index=53&type=section&id=Liquidity%2C%20Capital%20Resources%20and%20Financial%20Condition) Critical financial condition with $4.3 million cash, insufficient for 12 months, raising going concern doubts, reliant on Innoviva debt and MTEC grants - The company's cash and cash equivalents of **$4.3 million** as of June 30, 2025, are not **sufficient** to fund operations for the next 12 months, raising **substantial doubt** about its ability to continue as a **going concern**[167](index=167&type=chunk) - The company secured a **$10.0 million** loan from **Innoviva** in March 2025 and extended the maturity of its existing convertible and term loans to March 2026[168](index=168&type=chunk) - The **MTEC** award was **increased** to a total of **$26.2 million**, providing a key source of non-dilutive funding for the **AP-SA02** program[170](index=170&type=chunk)[171](index=171&type=chunk) Cash Flow Summary (in thousands) | Cash Flow Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(14,791) | $(20,761) | | Net cash used in investing activities | $(248) | $(1,616) | | Net cash provided by financing activities | $9,986 | $35,019 | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=58&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, Armata Pharmaceuticals, Inc. is not required to provide this information - The company is a smaller reporting company and is not required to provide quantitative and qualitative disclosures about market risk[183](index=183&type=chunk) [Item 4. Controls and Procedures](index=58&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of June 30, 2025, with no material changes in internal control over financial reporting - Based on an evaluation as of June 30, 2025, the CEO and PFO concluded that the company's disclosure controls and procedures were **effective**[184](index=184&type=chunk) - There were no changes in internal control over financial reporting during the six months ended June 30, 2025, that have materially affected, or are reasonably likely to materially affect, internal controls[186](index=186&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=60&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently party to any legal proceedings that would materially adversely affect its financial position - The company is not currently party to any legal proceedings that would have a material adverse effect on its financial position[187](index=187&type=chunk) [Item 1A. Risk Factors](index=60&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors described in the company's 2024 Form 10-K - There have been no material changes to the risk factors described in the company's 2024 Form 10-K[188](index=188&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=60&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during the period - None[189](index=189&type=chunk) [Item 5. Other Information](index=60&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the quarter - No directors or officers adopted or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the quarter[192](index=192&type=chunk)

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 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: 001-41063 JOURNEY MEDICAL CORPORATION (Exact name of registrant as specified in its charter) ( ...

Exhibit 99.1 Southland Announces Second Quarter 2025 Results GRAPEVINE, Texas, August 12, 2025 -- Southland Holdings, Inc. (NYSE American: SLND and SLND WS) ("Southland"), a leading provider of specialized infrastructure construction services, today announced financial results for the quarter ended June 30, 2025. "We continue to be encouraged by the sustained margin improvement in our core business resulting from our disciplined approach to bidding and operations," said Frank Renda, Southland's President & ...

Exhibit 99.1 Southland Announces Second Quarter 2025 Results GRAPEVINE, Texas, August 12, 2025 -- Southland Holdings, Inc. (NYSE American: SLND and SLND WS) ("Southland"), a leading provider of specialized infrastructure construction services, today announced financial results for the quarter ended June 30, 2025. "We continue to be encouraged by the sustained margin improvement in our core business resulting from our disciplined approach to bidding and operations," said Frank Renda, Southland's President & ...

CAVA GROUP REPORTS SECOND QUARTER 2025 RESULTS YEAR OVER YEAR CAVA REVENUE GROWTH OF 20.3% INCLUDING CAVA SAME RESTAURANT SALES GROWTH OF 2.1% 16 NET NEW CAVA RESTAURANT OPENINGS DURING QUARTER SECOND QUARTER 2025 CAVA RESTAURANT-LEVEL PROFIT MARGIN OF 26.3% WASHINGTON, D.C. (August 12, 2025) - CAVA Group, Inc. (NYSE: CAVA) ("CAVA Group" or the "Company"), the category- defining Mediterranean fast-casual restaurant brand that brings heart, health, and humanity to food, today announced financial results for ...

[Everus Q2 2025 Earnings Release](index=1&type=section&id=Everus%20Q2%202025%20Earnings%20Release) [Management Commentary](index=1&type=section&id=Management%20Commentary) Management attributes strong Q2 results to market momentum and project execution, highlighting significant growth and raising full-year 2025 guidance - CEO Jeffrey S. Thiede attributed the strong Q2 performance to end-market momentum, excellent project execution, and long-term customer relationships[5](index=5&type=chunk) - Backlog grew **24% year-over-year**, with balanced growth in both Transmission & Distribution (T&D) and Electrical & Mechanical (E&M) segments, driven by opportunities in commercial, utility, renewables, and institutional markets[6](index=6&type=chunk) - The company **raised its 2025 guidance** based on strong first-half results, efficient project execution, and favorable project timing[7](index=7&type=chunk) [Financial Performance](index=1&type=section&id=Financial%20Performance) The company reported record Q2 and H1 2025 results, with significant year-over-year growth in revenue, net income, and EBITDA [Second Quarter 2025 Consolidated Results](index=1&type=section&id=Second%20Quarter%202025%20Consolidated%20Results) Q2 2025 saw record results with revenue up 31.0% to $921.5 million and net income growing 35.4% to $52.8 million Q2 2025 Consolidated Financial Highlights (vs. Q2 2024) | Metric | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Revenues | $921.5M | $703.3M | +31.0% | | Gross Profit | $119.9M | $88.5M | +35.5% | | Net Income | $52.8M | $39.0M | +35.4% | | Diluted EPS | $1.03 | $0.76 | +35.5% | | EBITDA | $84.2M | $62.1M | +35.6% | | Backlog (as of June 30) | $3.0B | $2.4B | +23.9% | - Gross profit margin improved to **13.0%** from 12.6% in Q2 2024, primarily due to project timing and efficiency gains[8](index=8&type=chunk) - Selling, general and administrative (SG&A) expenses increased to **$47.4 million**, up from $37.2 million, to support operational growth[9](index=9&type=chunk) [Second Quarter 2025 Segment Results](index=2&type=section&id=Second%20Quarter%202025%20Segment%20Results) The Electrical & Mechanical segment drove growth with a 41.6% revenue increase, while the Transmission & Distribution segment also saw solid growth E&M Segment Q2 2025 Results (vs. Q2 2024) | Metric | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Revenues | $713.6M | $503.8M | +41.6% | | Net Income | $47.3M | $29.3M | +61.4% | | EBITDA | $63.7M | $41.5M | +53.5% | | Backlog | $2.6B | $2.1B | +24.4% | T&D Segment Q2 2025 Results (vs. Q2 2024) | Metric | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Revenues | $212.4M | $206.8M | +2.7% | | Net Income | $17.8M | $14.8M | +20.3% | | EBITDA | $30.4M | $25.5M | +19.2% | | Backlog | $410.1M | $339.6M | +20.8% | [Six Months Ended June 30, 2025 Consolidated Results](index=2&type=section&id=Six%20Months%20Ended%20June%2030%2C%202025%20Consolidated%20Results) First-half 2025 revenues grew 31.5% to $1.75 billion, with net income rising 33.2% to $89.5 million compared to the prior year First Half 2025 Consolidated Financial Highlights (vs. H1 2024) | Metric | H1 2025 | H1 2024 | % Change | | :--- | :--- | :--- | :--- | | Revenues | $1.75B | $1.33B | +31.5% | | Gross Profit | $212.4M | $163.3M | +30.1% | | Net Income | $89.5M | $67.2M | +33.2% | | Diluted EPS | $1.75 | $1.32 | +32.6% | | EBITDA | $146.0M | $108.9M | +34.1% | [Financial Position and Cash Flow](index=3&type=section&id=Financial%20Position%20and%20Cash%20Flow) The company maintained a strong financial position with reduced net leverage, and operating cash flow increased substantially year-over-year Balance Sheet and Leverage Summary | Metric | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Unrestricted Cash | $64.5M | $69.9M | | Gross Debt | $292.5M | $300.0M | | Working Capital | $474.7M | $403.9M | | Net Leverage | 0.8x | 1.0x | Cash Flow Summary (Six Months Ended June 30) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Operating Cash Flow | $32.5M | $3.7M | | Capital Expenditures | $31.6M | $16.5M | | Free Cash Flow | $6.5M | ($7.4M) | [Business Outlook](index=3&type=section&id=Business%20Outlook) Everus raised its full-year 2025 guidance for revenue and EBITDA, reflecting confidence in its project pipeline and operational execution Updated Full-Year 2025 Guidance | Metric | New Guidance | Previous Guidance | | :--- | :--- | :--- | | Revenues | $3.3B - $3.4B | $3.0B - $3.1B | | EBITDA | $240M - $255M | $210M - $225M | - The company affirmed its full-year 2025 gross capital expenditures guidance to be in the range of **$65 million to $70 million**[35](index=35&type=chunk) [Financial Statements](index=5&type=section&id=Financial%20Statements) The unaudited condensed consolidated financial statements detail significant year-over-year growth in revenue, profitability, and cash generation [Condensed Consolidated Statements of Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) The income statement details significant revenue and net income growth for both the second quarter and first half of 2025 Income Statement Highlights (in thousands) | Line Item | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Operating Revenues | $921,466 | $703,373 | $1,748,095 | $1,329,062 | | Gross Profit | $119,869 | $88,577 | $212,362 | $163,294 | | Operating Income | $72,507 | $51,309 | $123,491 | $90,193 | | Net Income | $52,843 | $38,972 | $89,515 | $67,186 | [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet reflects growth in total assets to $1.48 billion, driven by higher business activity and increased stockholders' equity Balance Sheet Highlights (in thousands) | Line Item | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Total Current Assets | $1,089,026 | $917,229 | | Total Assets | $1,481,377 | $1,288,463 | | Total Current Liabilities | $614,314 | $513,370 | | Total Liabilities | $966,968 | $865,851 | | Total Stockholders' Equity | $514,409 | $422,612 | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities improved significantly to $32.5 million for the first half of 2025, driven by higher net income Cash Flow Highlights (Six Months Ended June 30, in thousands) | Line Item | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $32,470 | $3,751 | | Net cash used in investing activities | ($25,686) | ($11,496) | | Net cash provided by (used in) financing activities | ($8,088) | $6,500 | | Decrease in cash, cash equivalents and restricted cash | ($1,304) | ($1,245) | [Supplementary Information](index=8&type=section&id=Supplementary%20Information) This section provides detailed segment performance data and reconciliations of GAAP to non-GAAP financial measures like EBITDA and Free Cash Flow [Segment and Other Financial Information](index=8&type=section&id=Segment%20and%20Other%20Financial%20Information) Total backlog grew 23.9% year-over-year to nearly $3.0 billion, with the E&M segment contributing the majority at $2.6 billion Revenues by Segment (in millions) | Segment | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Electrical & Mechanical | $713.6 | $503.8 | +41.6% | | Transmission & Distribution | $212.4 | $206.8 | +2.7% | Backlog by Segment (in millions) | Segment | June 30, 2025 | Dec 31, 2024 | June 30, 2024 | | :--- | :--- | :--- | :--- | | Electrical & Mechanical | $2,568.1 | $2,507.0 | $2,063.8 | | Transmission & Distribution | $410.1 | $273.6 | $339.6 | | **Total** | **$2,978.2** | **$2,780.6** | **$2,403.4** | [Non-GAAP Financial Measures](index=9&type=section&id=Non-GAAP%20Financial%20Measures) This section provides reconciliations for key non-GAAP metrics, including EBITDA, Net Debt, Net Leverage, and Free Cash Flow Reconciliation of Net Income to EBITDA (Q2 2025, in millions) | Line Item | Amount | | :--- | :--- | | Net income | $52.8 | | Interest expense, net | $4.8 | | Income taxes | $19.4 | | Depreciation and amortization | $7.2 | | **EBITDA** | **$84.2** | Calculation of Net Leverage (as of June 30, 2025, in millions) | Line Item | Amount | | :--- | :--- | | Total gross debt | $292.5 | | Less: cash and cash equivalents | ($64.5) | | **Total net debt** | **$228.0** | | Trailing 12-month EBITDA | $269.3 | | **Net leverage** | **0.8x** | Reconciliation to Free Cash Flow (H1 2025, in millions) | Line Item | Amount | | :--- | :--- | | Net cash provided by operating activities | $32.5 | | Purchases of property, plant and equipment | ($31.6) | | Cash proceeds from sale of property | $5.6 | | **Free cash flow** | **$6.5** |