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 s Commission File Number 001-39538 CalciMedica, Inc. (Exact name of Registrant as specified in its Charter) Delaware 45-2120079 (State or other jurisdiction ...

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 s Commission File Number 001-39538 CalciMedica, Inc. (Exact name of Registrant as specified in its Charter) Delaware 45-2120079 (State or other jurisdiction ...

[Financial and Operational Highlights](index=1&type=section&id=Financial%20and%20Operational%20Highlights) WEBTOON Entertainment reported strong Q2 2025 results, exceeding revenue and Adjusted EBITDA guidance. Revenue grew 8.5% to $348.3 million (5.5% on a constant currency basis), driven by growth in all segments. The company significantly narrowed its Net Loss to $3.9 million from $76.6 million a year ago, primarily due to lower G&A expenses. However, Adjusted EBITDA decreased to $9.7 million. The company maintains a strong balance sheet with $581.5 million in cash and no debt Q2 2025 Key Financial Metrics (vs. Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Total Revenue | $348.3M | $321.0M | +8.5% | | Revenue (Constant Currency) | $338.7M | $321.0M | +5.5% | | Net Loss | ($3.9M) | ($76.6M) | +94.9% | | Adjusted EBITDA | $9.7M | $20.4M | -52.5% | | Diluted Loss Per Share | ($0.03) | ($0.70) | +95.7% | | Adjusted EPS | $0.07 | $0.18 | -61.1% | - The company maintains a strong liquidity position with approximately **$581.5 million** in cash and cash equivalents and no debt on its balance sheet[1](index=1&type=chunk)[4](index=4&type=chunk) - A new strategic collaboration was announced with Disney to bring iconic comics from Marvel, Star Wars, Disney Studios, and 20th Century Studios to WEBTOON's vertical-scroll format[5](index=5&type=chunk) [Management Commentary and Outlook](index=1&type=section&id=Management%20Commentary%20and%20Outlook) Management expressed satisfaction with the strong Q2 results, which surpassed guidance. The CEO highlighted growth across all three revenue streams (Paid Content, Advertising, and IP Adaptations) and emphasized platform investments, such as updates to the English-language app, to drive user engagement. The company provided a positive outlook for Q3 2025, forecasting continued revenue growth and positive Adjusted EBITDA - CEO Junkoo Kim stated that both revenue and Adjusted EBITDA came in above the top end of the company's guidance range for the quarter[3](index=3&type=chunk) - Growth was driven by all three revenue streams: Paid Content, Advertising, and IP Adaptations[3](index=3&type=chunk)[4](index=4&type=chunk) - The company is investing in platform enhancements, such as updates to its English-language webcomic app, to improve content discovery and drive deeper user engagement[3](index=3&type=chunk)[5](index=5&type=chunk) Third Quarter 2025 Outlook | Metric | Guidance Range | | :--- | :--- | | Revenue Growth (Constant Currency) | 9.4% - 12.2% | | Revenue (at current FX rates) | $380M - $390M | | Adjusted EBITDA | $2.0M - $7.0M | | Adjusted EBITDA Margin | 0.5% - 1.8% | [Financial Statements](index=5&type=section&id=Financial%20Statements) The consolidated financial statements provide a detailed view of WEBTOON's financial position and performance. The balance sheet shows an increase in total assets to $2.01 billion, supported by strong cash reserves. The statement of operations reflects an 8.5% year-over-year revenue increase in Q2 and a significantly narrowed net loss. The cash flow statement indicates cash used in operations for the first six months of 2025, a reversal from the cash provided in the same period of 2024, alongside positive cash flow from investing activities [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2025, the company's balance sheet remains robust with total assets of $2.01 billion, up from $1.94 billion at the end of 2024. Cash and cash equivalents increased slightly to $581.5 million. Total liabilities grew to $411.8 million, while total equity increased to $1.56 billion Selected Balance Sheet Data (in thousands USD) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $581,546 | $572,402 | | Total current assets | $862,018 | $836,372 | | Total assets | $2,009,759 | $1,935,334 | | Total current liabilities | $339,848 | $313,224 | | Total liabilities | $411,802 | $378,873 | | Total equity | $1,560,280 | $1,519,881 | [Consolidated Statements of Operations](index=8&type=section&id=Consolidated%20Statements%20of%20Operations) For the second quarter ended June 30, 2025, revenue increased 8.5% YoY to $348.3 million. The company recorded a net loss of $3.9 million, a substantial improvement from a $76.6 million net loss in Q2 2024. This improvement was primarily driven by a significant reduction in general and administrative expenses, which fell from $138.7 million to $65.0 million YoY Q2 Statement of Operations Highlights (in thousands USD) | Account | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Revenue | $348,271 | $320,972 | | Cost of revenue | ($260,992) | ($237,915) | | General and administrative expenses | ($64,972) | ($138,705) | | Operating income (loss) | ($8,763) | ($79,096) | | Net income (loss) | ($3,883) | ($76,568) | | Diluted loss per share | ($0.03) | ($0.70) | [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash used in operating activities was $13.0 million, a decrease from $22.4 million provided by operating activities in the prior-year period. Net cash provided by investing activities was $5.7 million, compared to $7.3 million used in the prior year. Financing activities were minimal, and the company's cash balance increased by $9.1 million during the period Six-Month Cash Flow Summary (in thousands USD) | Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | ($12,951) | $22,394 | | Net cash provided by (used in) investing activities | $5,711 | ($7,306) | | Net cash provided by (used in) financing activities | $229 | $336,053 | | Effect of exchange rate changes | $16,155 | ($10,581) | | **Net increase in cash** | **$9,144** | **$340,560** | [Non-GAAP Financial Measures and Reconciliations](index=3&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Reconciliations) This section defines the non-GAAP metrics used by management, such as Adjusted EBITDA and Revenue on a Constant Currency Basis, to assess performance. It provides detailed reconciliations of these measures to their nearest GAAP equivalents. For Q2 2025, constant currency revenue growth was 5.5%. Adjusted EBITDA was $9.7 million, reconciled from a net loss of $3.9 million by adding back items like stock-based compensation and restructuring costs [Definitions of Non-GAAP Measures](index=3&type=section&id=Definitions%20of%20Non-GAAP%20Measures) The company uses several non-GAAP measures to provide additional insight into its financial performance. Key metrics include Adjusted EBITDA, which excludes items like stock-based compensation; Adjusted EPS, which makes similar adjustments to earnings per share; and Revenue on a Constant Currency Basis, which removes the impact of foreign currency fluctuations - **Adjusted EBITDA:** Defined as net income (loss) adjusted for interest, taxes, depreciation, amortization, stock-based compensation, and other non-recurring costs[17](index=17&type=chunk) - **Adjusted EPS:** Calculated by adjusting Net Income (Loss) for the same items as Adjusted EBITDA and dividing by weighted average shares outstanding[19](index=19&type=chunk)[20](index=20&type=chunk) - **Revenue on a Constant Currency Basis:** Revenue adjusted to remove the impact of foreign currency rate fluctuations, calculated by applying prior year average exchange rates to current period local currency revenue[21](index=21&type=chunk) [Reconciliation of Revenue to Constant Currency Basis](index=11&type=section&id=Reconciliation%20of%20Revenue%20to%20Constant%20Currency%20Basis) In Q2 2025, reported total revenue was $348.3 million. After adjusting for a negative $9.5 million impact from foreign currency fluctuations, the revenue on a constant currency basis was $338.7 million, representing 5.5% YoY growth. IP Adaptations showed the strongest constant currency growth at 42.6%, followed by Advertising at 10.2% and Paid Content at 2.0% Q2 2025 Revenue to Constant Currency Reconciliation (in thousands USD) | Description | Amount | Growth vs. Q2 2024 | | :--- | :--- | :--- | | Total Revenue (GAAP) | $348,271 | 8.5% | | Effects of foreign currency rate fluctuations | ($9,543) | N/A | | **Revenue on a Constant Currency Basis** | **$338,728** | **5.5%** | [Reconciliation of Net Loss to Adjusted EBITDA](index=12&type=section&id=Reconciliation%20of%20Net%20Loss%20to%20Adjusted%20EBITDA) For Q2 2025, the company reconciled its Net Loss of $3.9 million to an Adjusted EBITDA of $9.7 million. Key adjustments included adding back $8.4 million in depreciation and amortization, $8.5 million in stock-based compensation, and $1.5 million in restructuring and IPO-related costs. This resulted in an Adjusted EBITDA Margin of 2.8%, down from 6.3% in the prior year Q2 2025 Net Loss to Adjusted EBITDA Reconciliation (in thousands USD) | Description | Amount | | :--- | :--- | | Net income (loss) | ($3,883) | | Depreciation and amortization | $8,407 | | Stock-based compensation expense | $8,463 | | Restructuring and IPO-related costs | $1,476 | | Other adjustments | ($3,391) | | **Adjusted EBITDA** | **$9,662** |

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q 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 ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Address of principal executive offices) (Zip Code) 1-713-483-6020 (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: for the transition pe ...

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: 001-42135 LIONHEART HOLDINGS (Exact name of registrant as specified in its charter) | Cayman Islands | 98-1778167 | | --- | --- | | ...

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 transition period from to Commission File Number: 001-42135 LIONHEART HOLDINGS (Exact name of registrant as specified in its charter) | Cayman Islands | 98-1778167 | | --- | --- | | (State or other jurisdiction of | (I.R.S. Employer | | incorporation or organization) | Identification No.) | | 4218 NE 2nd Avenue, | | | M ...

[Management Commentary and Strategic Outlook](index=1&type=section&id=Management%20Commentary%20and%20Strategic%20Outlook) Management explores strategic alternatives, achieved positive Adjusted EBITDA in June, expects $10 million in annualized savings, and provides no 2025 financial outlook - The company is nearing completion of a process to explore strategic alternatives, including a potential sale or strategic investments to enhance capabilities[3](index=3&type=chunk) - A key operational milestone was achieved in June 2025 with **positive Adjusted EBITDA**, indicating strategic efforts are yielding tangible results[4](index=4&type=chunk) - Ongoing initiatives in fulfillment network realignment, AI, and automation are projected to generate approximately **$10 million in annualized cost savings**[4](index=4&type=chunk) - Due to the evaluation of strategic alternatives, the company is not providing financial guidance for 2025[10](index=10&type=chunk) [Second Quarter 2025 Financial Performance](index=1&type=section&id=Second%20Quarter%202025%20Financial%20Performance) Net sales increased to **$151.9 million**, but gross margin declined, leading to a wider **net loss** and an **Adjusted EBITDA loss** Q2 2025 Key Metrics vs. Q2 2024 | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net Sales | $151.9 million | $144.3 million | | Gross Profit | $49.8 million | $48.4 million | | Gross Margin | 32.8% | 33.5% | | Net Loss | ($12.7) million | ($8.7) million | | Net Loss per Share | ($0.23) | ($0.15) | | Adjusted EBITDA | ($3.1) million | ($0.1) million | | Cash Balance | $19.8 million | - | | Inventory | $94.0 million | - | [Detailed Financial Analysis](index=2&type=section&id=Detailed%20Financial%20Analysis) - Net sales increased by **5% year-over-year**, primarily driven by higher consumer demand through the carparts.com e-commerce channel, partially offset by weakness in marketplace sales[6](index=6&type=chunk) - Gross margin decreased by **70 basis points to 32.8%**, mainly due to product mix and the impact of tariffs, while outbound transportation costs remained flat as a percentage of net sales[7](index=7&type=chunk) - Total operating expenses rose to **$62.2 million** from **$57.1 million** in the prior year, attributed to unfavorable marketing spend and one-time fees related to strategic alternatives exploration[8](index=8&type=chunk) [Financial Statements](index=6&type=section&id=Financial%20Statements) This section presents unaudited consolidated financial statements for Q2 and H1 2025, covering operations, balance sheets, and cash flows [Consolidated Statements of Operations](index=7&type=section&id=Consolidated%20Statements%20of%20Operations) Statement of Operations Highlights (Thirteen Weeks Ended, USD Thousands) | Account | June 28, 2025 | June 29, 2024 | | :--- | :--- | :--- | | Net sales | $151,949 | $144,270 | | Gross profit | $49,779 | $48,393 | | Loss from operations | ($12,417) | ($8,728) | | Net loss | ($12,711) | ($8,687) | | Basic and diluted net loss per share | ($0.23) | ($0.15) | [Consolidated Balance Sheets](index=8&type=section&id=Consolidated%20Balance%20Sheets) Balance Sheet Highlights (USD Thousands) | Account | June 28, 2025 | December 28, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $19,774 | $36,397 | | Inventory, net | $94,010 | $90,353 | | Total current assets | $126,418 | $138,868 | | Total assets | $189,584 | $210,574 | | Total current liabilities | $86,152 | $90,423 | | Revolving loan payable | $10,000 | $0 | | Total liabilities | $127,138 | $125,399 | | Total stockholders' equity | $62,446 | $85,175 | [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Cash Flow Summary (Twenty-Six Weeks Ended, USD Thousands) | Cash Flow Activity | June 28, 2025 | June 29, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | ($20,060) | $18 | | Net cash used in investing activities | ($4,408) | ($14,607) | | Net cash provided by (used in) financing activities | $7,845 | ($2,384) | | **Net change in cash and cash equivalents** | **($16,623)** | **($16,886)** | [Non-GAAP Financial Measures and Reconciliations](index=4&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Reconciliations) This section details Adjusted EBITDA as a non-GAAP measure, its purpose, and provides reconciliation from net loss - Adjusted EBITDA is a non-GAAP measure defined as net loss before interest, taxes, depreciation, amortization, share-based compensation, and other specific costs such as workforce transition and strategic alternatives exploration[15](index=15&type=chunk) Reconciliation of Net Loss to Adjusted EBITDA (Thirteen Weeks Ended, USD Thousands) | Line Item | June 28, 2025 | June 29, 2024 | | :--- | :--- | :--- | | **Net loss** | **($12,711)** | **($8,687)** | | Depreciation & amortization | $4,978 | $4,455 | | Stock compensation expense | $2,273 | $3,328 | | Workforce transition costs | $1,657 | $108 | | Strategic alternatives exploration costs | $379 | $0 | | Other adjustments | $218 | $748 | | **Adjusted EBITDA** | **($3,116)** | **($118)** | [Supplementary Information](index=2&type=section&id=Supplementary%20Information) This section provides supplementary details, including conference call information, a corporate overview, and the Safe Harbor statement - A conference call with CEO David Meniane and CFO Ryan Lockwood was scheduled for August 12, 2025, at 5:00 p.m. Eastern time to discuss the quarterly results[11](index=11&type=chunk) - The press release contains forward-looking statements regarding future performance and growth, which are subject to risks and uncertainties as outlined in the company's SEC filings[19](index=19&type=chunk)[20](index=20&type=chunk)

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 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: 001-40502 __________________________ Lyell Immunopharma, Inc. (Exact Name of Registrant a ...

Exhibit 99.1 Playboy Reports Second Quarter 2025 Financial Results Q2 Revenue of $28.1 Million, up 13% Year-over-Year; Net Loss of $7.7 Million, an Improvement of $9.0 Million; Adjusted EBITDA of $3.5 Million, an Improvement of $6.4 Million LOS ANGELES – August 12, 2025 (GLOBE NEWSWIRE) – Playboy, Inc. (NASDAQ: PLBY) (the "Company" or "Playboy"), one of the most recognizable and iconic lifestyle brands in the world, today announced financial and operational results for its second fiscal quarter ended June 3 ...

[Q2 2025 Earnings Overview](index=1&type=section&id=Q2%202025%20Earnings%20Overview) [Company Highlights and Strategic Focus](index=1&type=section&id=Company%20Highlights%20and%20Strategic%20Focus) Luminar advanced key auto milestones, streamlined operations, and exited non-core businesses to focus on Halo - Luminar advanced key auto customer milestones in Q2 and is pursuing growth opportunities in commercial markets[2](index=2&type=chunk) - The company is exiting non-core data and insurance businesses to drive cost reductions and operational discipline[2](index=2&type=chunk)[3](index=3&type=chunk) - CEO Paul Ricci emphasized delivering on customer commitments, advancing Halo as the foundation, and sharpening focus on near-term revenue and profit opportunities beyond automotive[3](index=3&type=chunk) [About Luminar](index=2&type=section&id=About%20Luminar) Luminar develops proprietary LiDAR hardware and software for automotive, commercial, and defense sectors - Luminar is a global technology company advancing safety, security, and autonomy across automotive, commercial, and defense sectors[13](index=13&type=chunk) - The company develops proprietary LiDAR hardware, software, semiconductor, and photonics technologies in-house to meet demanding performance and scalability requirements[13](index=13&type=chunk) - With series production underway and commercial traction, Luminar is positioned to deliver next-generation advanced, mission-critical LiDAR and photonics solutions[13](index=13&type=chunk) [Q2 2025 Financial Performance](index=1&type=section&id=Q2%202025%20Financial%20Performance) [Key Q2 2025 Financials](index=1&type=section&id=Key%20Q2%202025%20Financials) Q2 2025 revenue was $15.6 million (down 5% YoY), GAAP net loss $(30.5) million, and $107.6 million cash Q2 2025 Key Financials | Metric | Q2 2025 (Millions) | Change YoY (vs Q2'24) | Change QoQ (vs Q1'25) | | :-------------------------- | :----------------- | :-------------------- | :-------------------- | | Revenue | $15.6 | -5% | -17% | | GAAP Gross Loss | $(12.4) | N/A | N/A | | Non-GAAP Gross Loss | $(10.8) | N/A | N/A | | GAAP Net Loss | $(30.5) | N/A | N/A | | GAAP Net Loss per Share | $(0.62) | N/A | N/A | | Non-GAAP Net Loss | $(73.1) | N/A | N/A | | Non-GAAP Net Loss per Share | $(1.49) | N/A | N/A | | GAAP Operating Expenses | $(27.1) | N/A | N/A | | Non-GAAP Operating Expenses | $47.0 | N/A | N/A | | Cash & Marketable Securities (End of Q2'25) | $107.6 | N/A | N/A | - Q2 Revenue was **$15.6 million**, down **5%** compared to Q2'24, and **17%** compared to Q1'25, consistent with guidance for revenue to be lower QoQ[8](index=8&type=chunk) - Ended Q2'25 with **$107.6 million** in Cash & Marketable Securities, excluding an undrawn **$50 million** line of credit, **$180 million** remaining under the equity financing program, and **$165 million** of convertible preferred facility[8](index=8&type=chunk) [Business Milestones and Outlook](index=1&type=section&id=Business%20Milestones%20and%20Outlook) [Operational Milestones](index=1&type=section&id=Operational%20Milestones) Luminar outlined Halo milestones: ASIC tape-out, Thailand production by Q4'25, prototype Q1'26, B-sample Q2'26 - ASIC tape-out for Halo is expected by the end of **Q4'25**[8](index=8&type=chunk) - High-volume production line in Thailand is expected to be live by the end of **Q4'25**[8](index=8&type=chunk) - Low-volume Halo prototype line launch is planned by the end of **Q1'26**, with Halo B-sample delivery by the end of **Q2'26**[8](index=8&type=chunk) [Revised FY 2025 Financial Guidance](index=1&type=section&id=Revised%20FY%202025%20Financial%20Guidance) Luminar revised FY25 guidance, reducing sensor shipments and total revenue forecasts, with non-GAAP losses consistent - Luminar is revising elements of its FY 2025 financial guidance to reflect updated expectations of vehicle production ramps in 2H'25 and the winding down of non-core business, including a data contract and insurance initiative[6](index=6&type=chunk) Revised FY 2025 Financial Guidance | Metric | Previous Guidance | Revised Guidance | Change | | :------------------------------------ | :---------------- | :--------------- | :----- | | Sensor Shipments | 30 thousands to 33 thousands | 20 thousands to 23 thousands | Down | | Total Revenue | $82 million to $90 million (implied) | $67 million to $74 million | Down | | Non-GAAP Gross Loss (per quarter, average) | $(5) million to $(10) million | $(5) million to $(10) million (likely towards higher-end) | Unchanged | | Non-GAAP Quarterly Operating Expenses (by YE'25) | Low ~$30 million range | Low ~$30 million range | Unchanged | | YE'25 Cash & Marketable Securities | > $100 million (excluding LOC) | $80 million to $100 million (excluding LOC) | Down | [Q3 2025 Revenue Expectation](index=1&type=section&id=Q3%202025%20Revenue%20Expectation) Luminar anticipates Q3 2025 revenue to be in the range of $17 million to $19 million Q3 2025 Revenue Expectation | Metric | Q3 2025 Expectation | | :----- | :------------------ | | Revenue | $17 million to $19 million | [Consolidated Financial Statements](index=3&type=section&id=Consolidated%20Financial%20Statements) [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets $265.5 million (down), liabilities $513.5 million (down), stockholders' deficit $(272.2) million (up) Condensed Consolidated Balance Sheets (in thousands) | Metric | June 30, 2025 (Unaudited) | December 31, 2024 | | :-------------------------------- | :------------------------ | :---------------- | | **ASSETS** | | | | Total current assets | $167,328 | $245,227 | | Total assets | $265,487 | $365,213 | | **LIABILITIES, PREFERRED STOCK AND STOCKHOLDERS' DEFICIT** | | | | Total current liabilities | $69,187 | $60,588 | | Debt | $429,679 | $500,516 | | Total liabilities | $513,456 | $586,002 | | Total stockholders' deficit | $(272,179) | $(220,789) | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2025 revenue was $15.6 million (down YoY), with GAAP gross loss $(12.4) million and net loss $(30.5) million Condensed Consolidated Statements of Operations (in thousands, except per share data) | 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 revenue | $15,634 | $16,451 | $34,520 | $37,419 | | Total cost of sales | $28,061 | $30,131 | $55,047 | $61,554 | | Gross loss | $(12,427) | $(13,680) | $(20,527) | $(24,135) | | Total operating expenses | $27,052 | $114,042 | $91,224 | $229,356 | | Loss from operations | $(39,479) | $(127,722) | $(111,751) | $(253,491) | | Net loss attributable to common stockholders | $(30,501) | $(130,607) | $(111,192) | $(256,321) | | Basic and diluted net loss per share | $(0.62) | $(4.32) | $(2.44) | $(8.76) | [Condensed Consolidated Statements of Cash Flows](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities decreased to $(97.9) million, with investing activities providing $41.4 million Condensed Consolidated Statements of Cash Flows (in thousands) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------------------- | :------------------------------- | :------------------------------- | | Net cash used in operating activities | $(97,954) | $(158,936) | | Net cash provided by investing activities | $41,417 | $35,511 | | Net cash provided by financing activities | $22,721 | $36,894 | | Net decrease in cash, cash equivalents and restricted cash | $(33,816) | $(86,531) | | Ending cash, cash equivalents and restricted cash | $50,906 | $54,093 | [Non-GAAP Reconciliations](index=2&type=section&id=Non-GAAP%20Reconciliations) [Non-GAAP Financial Measures Disclosure](index=2&type=section&id=Non-GAAP%20Financial%20Measures%20Disclosure) Non-GAAP measures enhance comparability but are not GAAP alternatives; forward-looking reconciliation is unavailable - Non-GAAP measures are used to enhance investors' and analysts' ability to meaningfully compare results from period to period and to forward-looking guidance, and to identify operating trends[10](index=10&type=chunk) - These non-GAAP measures are not in accordance with, or an alternative for, GAAP, and should not be considered in isolation or as a substitute for GAAP financial information[10](index=10&type=chunk) - A forward-looking reconciliation of non-GAAP gross loss and non-GAAP operating expenses for fiscal 2025 is not available due to the inability to present various reconciling cash and non-cash items without unreasonable effort, particularly stock-based compensation expense[11](index=11&type=chunk) [Reconciliation of GAAP Cost of Sales to Non-GAAP Cost of Sales](index=6&type=section&id=Reconciliation%20of%20GAAP%20Cost%20of%20Sales%20to%20Non-GAAP%20Cost%20of%20Sales) GAAP cost of sales was $28.1 million, adjusted to non-GAAP cost of sales of $26.4 million after various adjustments Reconciliation of GAAP Cost of Sales to Non-GAAP Cost of Sales (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 | | :----------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | GAAP cost of sales | $28,061 | $30,131 | $55,047 | $61,554 | | Stock-based compensation | $(1,361) | $(298) | $(2,652) | $(3,693) | | Amortization of intangible assets | $(165) | $(166) | $(394) | $(332) | | Accelerated depreciation | $(143) | $(1,295) | $(286) | $(3,430) | | Non-GAAP cost of sales | $26,392 | $28,372 | $51,715 | $54,099 | [Reconciliation of GAAP Gross Loss to Non-GAAP Gross Loss](index=6&type=section&id=Reconciliation%20of%20GAAP%20Gross%20Loss%20to%20Non-GAAP%20Gross%20Loss) Q2 2025 GAAP gross loss was $(12.4) million, adjusted to non-GAAP gross loss of $(10.8) million after add-backs Reconciliation of GAAP Gross Loss to Non-GAAP Gross Loss (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 | | :----------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | GAAP gross loss | $(12,427) | $(13,680) | $(20,527) | $(24,135) | | Stock-based compensation | $1,361 | $298 | $2,652 | $3,693 | | Amortization of intangible assets | $165 | $166 | $394 | $332 | | Accelerated depreciation | $143 | $1,295 | $286 | $3,430 | | Non-GAAP gross loss | $(10,758) | $(11,921) | $(17,195) | $(16,680) | [Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses](index=6&type=section&id=Reconciliation%20of%20GAAP%20Operating%20Expenses%20to%20Non-GAAP%20Operating%20Expenses) Q2 2025 GAAP operating expenses were $27.1 million, adjusted to non-GAAP operating expenses of $47.0 million Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses (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 | | :----------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | GAAP operating expenses | $27,052 | $114,042 | $91,224 | $229,356 | | Stock-based compensation | $22,007 | $(36,781) | $3,870 | $(77,851) | | Impairment of investments | — | $(4,000) | — | $(4,000) | | Restructuring costs | $(1,180) | $(6,262) | $(1,244) | $(6,262) | | Amortization of intangible assets | $(866) | $(834) | $(1,669) | $(1,668) | | Non-GAAP operating expenses | $47,013 | $66,164 | $92,181 | $139,343 | [Reconciliation of GAAP Net Loss to Non-GAAP Net Loss](index=7&type=section&id=Reconciliation%20of%20GAAP%20Net%20Loss%20to%20Non-GAAP%20Net%20Loss) Q2 2025 GAAP net loss was $(30.5) million, adjusted to non-GAAP net loss of $(73.1) million after adjustments Reconciliation of GAAP Net Loss to Non-GAAP Net Loss (in thousands, except per share data) | 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 | | :----------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | GAAP net loss attributable to common stockholders | $(30,501) | $(130,607) | $(111,192) | $(256,321) | | Stock-based compensation, excluding restructuring | $(20,646) | $37,079 | $(1,218) | $81,544 | | Amortization of intangible assets | $1,031 | $1,000 | $2,063 | $2,000 | | Gain on extinguishment of debt | $(15,281) | — | $(22,056) | — | | Change in the fair value of derivative liabilities | $(8,991) | — | $(5,320) | — | | Non-GAAP net loss attributable to common stockholders | $(73,065) | $(81,133) | $(136,145) | $(161,590) | | Non-GAAP net loss per share attributable to common stockholders | $(1.49) | $(2.68) | $(2.99) | $(5.52) | [Reconciliation of GAAP Operating Cash Flow to Non-GAAP Free Cash Flow](index=8&type=section&id=Reconciliation%20of%20GAAP%20Operating%20Cash%20Flow%20to%20Non-GAAP%20Free%20Cash%20Flow) Q2 2025 GAAP operating cash flow was $(53.7) million, adjusted to non-GAAP free cash flow of $(53.8) million Reconciliation of GAAP Operating Cash Flow to Non-GAAP Free Cash Flow (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 | | :----------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | GAAP operating cash flow | $(53,725) | $(77,707) | $(97,954) | $(158,936) | | Purchases of property and equipment | $(111) | $(302) | $(226) | $(1,586) | | Non-GAAP free cash flow | $(53,836) | $(78,009) | $(98,180) | $(160,522) | [Summary of Stock-Based Compensation and Intangibles Amortization](index=8&type=section&id=Summary%20of%20Stock-Based%20Compensation%20and%20Intangibles%20Amortization) Q2 2025 total stock-based compensation was $(20.7) million and intangibles amortization was $1.0 million Summary of Stock-Based Compensation and Intangibles Amortization (in thousands) | Category | Three Months Ended June 30, 2025 (Stock-Based Compensation) | Three Months Ended June 30, 2025 (Intangibles Amortization) | Six Months Ended June 30, 2025 (Stock-Based Compensation) | Six Months Ended June 30, 2025 (Intangibles Amortization) | | :-------------------------- | :---------------------------------------------------------- | :---------------------------------------------------------- | :---------------------------------------------------------- | :---------------------------------------------------------- | | Cost of Sales | $1,361 | $165 | $2,652 | $394 | | Research and development | $4,792 | $600 | $11,129 | $1,199 | | Sales and marketing | $2,109 | $266 | $3,275 | $470 | | General and administrative | $(28,908) | — | $(18,274) | — | | Restructuring costs | $(11) | — | $(59) | — | | **Total** | **$(20,657)** | **$1,031** | **$(1,277)** | **$2,063** | [Additional Information](index=1&type=section&id=Additional%20Information) [Webcast Details](index=1&type=section&id=Webcast%20Details) Luminar hosted a webcast on August 12, 2025, discussing Q2 financials and business updates, with a recording available - A webcast featuring second quarter 2025 financials, business update, and live Q&A was held on **August 12, 2025, at 5:00 p.m. EDT**[8](index=8&type=chunk) - The webcast was available live on Luminar's Investor site at https://www.luminartech.com/quarterlyreview, with a recording available following its conclusion[8](index=8&type=chunk)[9](index=9&type=chunk) [Forward-Looking Statements](index=2&type=section&id=Forward-Looking%20Statements) Press release contains forward-looking statements for 2025 outlook, liquidity, and Halo development, subject to risks - The press release contains forward-looking statements regarding the outlook for **2025**, including revenue, liquidity resources, sensor shipments, gross loss, operating expense, and expectations for Luminar Halo[12](index=12&type=chunk) - These statements are based on management expectations and assumptions and involve risks, uncertainties, and other factors that could cause actual results to differ materially[12](index=12&type=chunk) - Luminar assumes no obligation to update any forward-looking statements, which speak only as of the date they are made[12](index=12&type=chunk) [Contact Information](index=9&type=section&id=Contact%20Information) Contact information for Luminar's Investor Relations and Media Relations departments is provided - Investor Relations contact: **Yarden Amsalem** at Investors@luminartech.com[31](index=31&type=chunk) - Media Relations contact: **Milin Mehta** at Press@luminartech.com[31](index=31&type=chunk)