[Executive Summary & Corporate Update](index=1&type=section&id=Executive%20Summary%20%26%20Corporate%20Update) vTv Therapeutics presents its Q2 2025 financial results and corporate updates, highlighting the progression of cadisegliatin into Phase 3 trials for Type 1 Diabetes [Introduction and CEO Commentary](index=1&type=section&id=Introduction%20and%20CEO%20Commentary) vTv Therapeutics reported Q2 2025 financial results and provided a corporate update, highlighting the advancement of cadisegliatin into Phase 3 trials for Type 1 Diabetes, which the CEO believes addresses a significant unmet medical need - vTv Therapeutics is a late-stage biopharmaceutical company focused on the development of cadisegliatin, a potential first-in-class oral adjunctive therapy to insulin for the treatment of type 1 diabetes (T1D)[2](index=2&type=chunk) - The first participant was randomized in the CATT1 Phase 3 trial for cadisegliatin, reflecting continued momentum in its advancement[3](index=3&type=chunk) - Cadisegliatin is designed to selectively activate glucokinase in the liver, aiming to improve glycemic control and reduce hypoglycemia risk when used alongside insulin[3](index=3&type=chunk) [Recent Company Highlights](index=1&type=section&id=Recent%20Company%20Highlights) Key recent developments include the initiation of the Phase 3 CATT1 trial for cadisegliatin, expansion of its intellectual property portfolio, participation in a corporate presentation, and the appointment of a new Chief Financial Officer - First study participant randomized in Phase 3 CATT1 trial evaluating cadisegliatin for T1D in August 2025, with topline data expected in the second half of 2026[5](index=5&type=chunk)[6](index=6&type=chunk) - Patent allowance for a crystalline salt form of cadisegliatin, extending the patent term through 2041[5](index=5&type=chunk)[6](index=6&type=chunk) - Michael Tung, MD, MBA, was appointed as Chief Financial Officer in May 2025, bringing over 20 years of financial management and strategic leadership experience[6](index=6&type=chunk) [Second Quarter 2025 Financial Results](index=2&type=section&id=Second%20Quarter%202025%20Financial%20Results) This section details vTv Therapeutics' financial performance for Q2 2025, including cash position, R&D and G&A expenses, net loss, and condensed consolidated balance sheets and statements of operations [Financial Summary](index=2&type=section&id=Financial%20Summary) vTv Therapeutics reported a decrease in cash position, an increase in R&D expenses due to payroll, a slight decrease in G&A expenses, and an increased net loss for Q2 2025 compared to Q2 2024 Cash Position | Metric | June 30, 2025 (in millions) | December 31, 2024 (in millions) | | :----- | :-------------------------- | :------------------------------ | | Cash | $25.9 | $36.7 | Research & Development (R&D) Expenses (Three Months Ended June 30) | Metric | 2025 (in millions) | 2024 (in millions) | | :----- | :----------------- | :----------------- | | R&D Expenses | $4.1 | $3.4 | General & Administrative (G&A) Expenses (Three Months Ended June 30) | Metric | 2025 (in millions) | 2024 (in millions) | | :----- | :----------------- | :----------------- | | G&A Expenses | $3.6 | $3.7 | Net Loss Attributable to vTv Shareholders (Three Months Ended June 30) | Metric | 2025 (in millions) | 2024 (in millions) | | :----- | :----------------- | :----------------- | | Net Loss | $6.0 | $5.2 | | Basic EPS | $0.92 | $0.81 | [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet shows a decrease in total assets from $38.266 million at December 31, 2024, to $26.448 million at June 30, 2025, primarily driven by a reduction in cash and cash equivalents. Total stockholders' equity also significantly decreased Key Balance Sheet Figures | Metric | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :-------------------------------- | :------------------- | :----------------------- | | Cash and cash equivalents | $25,922 | $36,746 | | Total current assets | $26,374 | $38,113 | | Total assets | $26,448 | $38,266 | | Total liabilities | $24,043 | $23,965 | | Total stockholders' equity | $2,405 | $14,301 | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For the three months ended June 30, 2025, vTv Therapeutics reported no revenue, an operating loss of $7.721 million, and a net loss attributable to shareholders of $6.046 million, an increase from the prior year. The six-month period also showed an increased net loss Statements of Operations (Three Months Ended June 30) | Metric | 2025 (in thousands) | 2024 (in thousands) | | :-------------------------------------------------- | :------------------ | :------------------ | | Revenue | $— | $— | | Research and development | $4,103 | $3,439 | | General and administrative | $3,618 | $3,716 | | Total operating expenses | $7,721 | $7,155 | | Operating loss | $(7,721) | $(7,155) | | Net loss attributable to vTv Therapeutics Inc. | $(6,046) | $(5,180) | | Net loss per share (basic and diluted, in dollars) | $(0.92) | $(0.81) | Statements of Operations (Six Months Ended June 30) | Metric | 2025 (in thousands) | 2024 (in thousands) | | :-------------------------------------------------- | :------------------ | :------------------ | | Revenue | $— | $1,000 | | Research and development | $6,933 | $6,088 | | General and administrative | $7,291 | $7,694 | | Total operating expenses | $14,224 | $13,782 | | Operating loss | $(14,224) | $(12,782) | | Net loss attributable to vTv Therapeutics Inc. | $(11,138) | $(10,045) | | Net loss per share (basic and diluted, in dollars) | $(1.69) | $(1.97) | [Company and Product Information](index=4&type=section&id=Company%20and%20Product%20Information) This section provides an overview of cadisegliatin as a potential first-in-class treatment for Type 1 Diabetes and details vTv Therapeutics' focus as a late-stage biopharmaceutical company [About Cadisegliatin](index=4&type=section&id=About%20Cadisegliatin) Cadisegliatin (TTP399) is an investigational oral, small molecule, liver-selective glucokinase activator being developed as a potential first-in-class adjunctive treatment for Type 1 Diabetes, aiming to improve glycemic control through hepatic glucose uptake and glycogen storage - Cadisegliatin (TTP399) is a novel, oral small molecule, liver-selective glucokinase activator[12](index=12&type=chunk) - It is being investigated as a potential first-in-class oral adjunctive treatment for type 1 diabetes (T1D)[12](index=12&type=chunk) - Non-clinical studies suggest cadisegliatin, acting selectively on the liver, increases glucokinase activity independently from insulin, supporting improved glycemic control through hepatic glucose uptake and glycogen storage[12](index=12&type=chunk) [About vTv Therapeutics](index=4&type=section&id=About%20vTv%20Therapeutics) vTv Therapeutics is a late-stage biopharmaceutical company focused on developing oral, small molecule drug candidates for diabetes and other chronic diseases, with cadisegliatin for Type 1 Diabetes leading its clinical pipeline - vTv Therapeutics is a late-stage biopharmaceutical company[14](index=14&type=chunk) - The company focuses on developing oral, small molecule drug candidates intended to help treat people living with diabetes and other chronic diseases[14](index=14&type=chunk) - vTv's clinical pipeline is led by cadisegliatin, currently in a Phase 3 trial for the treatment of type 1 diabetes[14](index=14&type=chunk) [Additional Information](index=4&type=section&id=Additional%20Information) This section contains important cautionary statements regarding forward-looking information and provides essential contact details for investor relations and media inquiries [Forward-Looking Statements](index=4&type=section&id=Forward-Looking%20Statements) This section contains cautionary statements regarding forward-looking information, emphasizing that actual results may differ materially due to known and unknown risks and uncertainties, and the company undertakes no obligation to update these statements - The release contains forward-looking statements, identifiable by terms such as 'anticipate,' 'believe,' 'could,' 'expect,' 'intend,' 'may,' 'plan,' 'potential,' 'predict,' 'project,' 'should,' 'target,' 'will,' 'would'[15](index=15&type=chunk) - These statements involve known and unknown risks, uncertainties, and other important factors that may cause actual results, performance, or achievements to be materially different from those expressed or implied[15](index=15&type=chunk) - The company undertakes no obligation to update or review publicly any forward-looking statements, whether as a result of new information, future events, or otherwise, after the date of the release, except as required by law[16](index=16&type=chunk) [Investor and Media Contacts](index=6&type=section&id=Investor%20and%20Media%20Contacts) Contact information for investor relations (John Fraunces, LifeSci Advisors, LLC) and media inquiries (Caren Begun, TellMed Strategies) is provided - Investor Contact: John Fraunces, LifeSci Advisors, LLC, 917-355-2395, jfraunces@lifesciadvisors.com[17](index=17&type=chunk) - Media Contact: Caren Begun, TellMed Strategies, 201-396-8551, caren.begun@tmstrat.com[17](index=17&type=chunk)

Exhibit 99.1 Sea Limited Reports Second Quarter 2025 Results Singapore, August 12, 2025 – Sea Limited (NYSE: SE) ("Sea" or the "Company") today announced its financial results for the second quarter ended June 30, 2025. "The momentum from our strong start to 2025 has continued into the second quarter. All three of our businesses have delivered robust, healthy growth, giving us greater confidence of delivering another great year," said Forrest Li, Sea's Chairman and Chief Executive Officer. "Given the high p ...

[Q2 2025 Earnings Overview](index=1&type=section&id=Q2%202025%20Earnings%20Overview) [Key Financial Highlights](index=1&type=section&id=Key%20Financial%20Highlights) IZEA achieved its first-ever profitability in Q2 2025, with positive net income and operating cash flow, driven by strategic transformation and significant reductions in operating costs - The company achieved its first-ever profitability in Q2 2025, both from an operational and net income perspective[3](index=3&type=chunk) Q2 2025 Key Financial Data | Metric | Q2 2025 | Q2 2024 | | :----------------------------- | :------------- | :------------- | | Net Income | $1.2 million | $(2.2) million | | Earnings Per Share (EPS) | $0.07 | $(0.13) | | Adjusted EBITDA | $1.3 million | $(2.2) million | | Total Revenue | $9.1 million | $9.1 million | | Revenue from On-Going Operations (Excluding Hoozu) | 11% Growth | - | - Positive cash flow generated from operating activities[1](index=1&type=chunk)[6](index=6&type=chunk) - Total costs and expenses decreased by **30% year-over-year to $8.4 million**[6](index=6&type=chunk) [Management Commentary](index=1&type=section&id=Management%20Commentary) CEO Patrick Venetucci highlighted Q2 2025 as another exceptional quarter for IZEA, achieving the company's first-ever profitability due to 11% growth in continuing operations, strong margins, and reduced operating costs, successfully transitioning to larger, more profitable, and recurring clients, and building a strong business pipeline for future profitable growth - Q2 was another exceptional quarter for IZEA, with **11% growth in continuing operations**, strong margins, and reduced operating costs[3](index=3&type=chunk) - The company achieved its first-ever quarter of both operational and net income profitability[3](index=3&type=chunk) - Executed a strategic shift towards larger, more profitable, and recurring clients, while reducing smaller, lower-margin projects[3](index=3&type=chunk) - Possesses a strong and growing business pipeline expected to support profitable growth over the next twelve months[3](index=3&type=chunk) [Detailed Financial Results](index=1&type=section&id=Detailed%20Financial%20Results) [Revenue Performance](index=1&type=section&id=Revenue%20Performance) Total revenue for Q2 2025 was $9.1 million, a slight year-over-year increase of 0.4%, with revenue from continuing operations growing 11% after excluding the Hoozu business divested in December 2024, driven by a 13% increase in managed services revenue from continuing operations, while SaaS services revenue significantly decreased by 67% Q2 2025 Revenue Performance | Metric | Q2 2025 | Q2 2024 | Change ($) | Change (%) | | :----------------------------- | :---------- | :---------- | :--------- | :--------- | | Total Revenue | $9,133,232 | $9,093,816 | $39,416 | 0% | | Managed Services Revenue from On-Going Operations | $9,053,031 | $8,019,123 | $1,033,908 | 13% | | Hoozu Revenue | — | $831,340 | $(831,340) | (100)% | | SaaS Services Revenue | $80,201 | $243,353 | $(163,152) | (67)% | [Cost and Expense Management](index=1&type=section&id=Cost%20and%20Expense%20Management) The company demonstrated strong cost control in Q2 2025, with total costs and expenses decreasing by 30% year-over-year, primarily due to significant reductions in sales and marketing costs (down 70%) and general and administrative costs (down 14%), resulting from targeted layoffs, paused advertising, and reduced contractor fees Q2 2025 Costs and Expenses | Expense Category | Q2 2025 | Q2 2024 | Change ($) | Change (%) | | :----------------------- | :---------- | :---------- | :--------- | :--------- | | Total Costs and Expenses | $8,395,422 | $11,983,124 | $(3,587,702) | (30)% | | Cost of Revenue | $4,386,612 | $5,177,600 | $(790,988) | (15)% | | Sales and Marketing | $962,017 | $3,206,979 | $(2,244,962) | (70)% | | General and Administrative | $2,897,551 | $3,372,797 | $(475,246) | (14)% | - Sales and marketing costs decreased primarily due to targeted layoffs, a temporary pause in advertising spending, and lower overall contractor fees[5](index=5&type=chunk) - General and administrative expenses decreased mainly due to reduced employee costs associated with layoffs, decreased use of external contractors, and lower spending on professional services and software licenses[5](index=5&type=chunk) [Profitability Metrics](index=1&type=section&id=Profitability%20Metrics) IZEA achieved significant improvement in profitability in Q2 2025, with net income reaching $1.2 million and Adjusted EBITDA at $1.3 million, marking a substantial turnaround from a loss in the prior year period and the company's first-ever profitability Q2 2025 Profitability | Metric | Q2 2025 | Q2 2024 | Change ($) | | :-------------------- | :---------- | :---------- | :--------- | | Net Income (Loss) | $1,205,068 | $(2,194,828) | $3,399,896 | | Basic EPS | $0.07 | $(0.13) | $0.20 | | Diluted EPS | $0.07 | $(0.13) | $0.20 | | Adjusted EBITDA | $1,326,460 | $(2,194,167) | $3,520,627 | [Balance Sheet and Cash Position](index=2&type=section&id=Balance%20Sheet%20and%20Cash%20Position) As of June 30, 2025, IZEA maintained strong liquidity with $50.6 million in cash and equivalents and no long-term debt, also achieving positive cash flow from operating activities during the quarter Key Balance Sheet Data | Metric | June 30, 2025 | December 31, 2024 | | :-------------------------- | :------------ | :---------------- | | Cash and Cash Equivalents | $50,643,015 | $44,644,468 | | Accounts Receivable, Net | $6,177,880 | $7,781,824 | | Short-Term Investments | — | $6,427,488 | | Total Current Assets | $57,389,059 | $60,030,040 | | Total Assets | $59,630,190 | $62,220,274 | | Total Current Liabilities | $10,250,106 | $13,434,521 | | Total Liabilities | $10,250,106 | $13,438,555 | | Total Stockholders' Equity | $49,380,084 | $48,781,719 | - Total cash, cash equivalents, and investments were **$50.6 million** as of June 30, 2025[7](index=7&type=chunk) - The company has no outstanding long-term debt[7](index=7&type=chunk) - Positive cash flow generated from operating activities[6](index=6&type=chunk) [Operational Achievements](index=1&type=section&id=Operational%20Achievements) IZEA achieved several operational milestones in Q2 2025, including winning new clients like T. Marzetti, Corona, and Kellogg's, producing new work for projects such as 'Minecraft The Movie' and 'F1: The Movie', enhancing its technology platform with improved workflows, analytics, and TikTok API, and recruiting Cecilia Peralta as VP of Talent Acquisition to attract top talent - Secured new business with T. Marzetti, Shampoo Hotel, Corona, Revry, Kellogg's, and Nestlé[6](index=6&type=chunk) - Produced new work for 'Minecraft The Movie', 'F1: The Movie', Jeep, and Acer[6](index=6&type=chunk) - Enhanced its technology platform with improved workflows, analytics, and TikTok API[6](index=6&type=chunk) - Recruited Cecilia Peralta as Vice President of Talent Acquisition to attract top talent and elevate the brand[6](index=6&type=chunk) [Capital Allocation Strategy](index=2&type=section&id=Capital%20Allocation%20Strategy) IZEA continued to return value to shareholders through its stock repurchase program, repurchasing 121,788 shares for a total investment of $0.3 million in Q2 2025 - Committed to repurchasing up to **$10 million** of its common stock in the open market[8](index=8&type=chunk) - Repurchased **121,788 shares** at an average price of **$2.29 per share** for a total investment of **$0.3 million** in Q2 2025[8](index=8&type=chunk) - As of August 8, 2025, **523,268 shares** have been repurchased for an investment of **$1.3 million**[8](index=8&type=chunk) [About IZEA Worldwide, Inc.](index=2&type=section&id=About%20IZEA%20Worldwide%2C%20Inc.) IZEA Worldwide, Inc. is a leading influencer marketing company providing creator economy solutions for marketers, having facilitated nearly 4 million collaborations between brands and creators since launching the industry's first influencer marketing platform in 2006 - IZEA Worldwide, Inc. is an influencer marketing company dedicated to providing creator economy solutions for marketers[10](index=10&type=chunk) - Since launching the industry's first influencer marketing platform in 2006, it has facilitated nearly **4 million** collaborations between brands and creators[10](index=10&type=chunk) [Use of Key Metrics and Non-GAAP Financial Measures](index=1&type=section&id=Use%20of%20Key%20Metrics%20and%20Non-GAAP%20Financial%20Measures) [Managed Services Bookings](index=2&type=section&id=Managed%20Services%20Bookings) Managed Services Bookings measure all sales orders received in a period, net of cancellations and refunds, serving as a general indicator of business health, and while useful for operational planning and client trend analysis, it may not directly predict quarterly revenue due to contract complexities and varying revenue recognition timelines - Managed Services Bookings measure all sales orders received in a specific period, net of cancellations and refunds[11](index=11&type=chunk) - This metric is a general indicator of business health, used by management to plan operational staffing, identify trends in key client groups, and guide marketing activities and product development[11](index=11&type=chunk)[12](index=12&type=chunk) - Due to contract complexities and varying revenue recognition timelines, this metric may not be used to predict quarterly revenue and may be subject to future adjustments[11](index=11&type=chunk) - Managed Services Bookings were **$5.6 million** in Q2 2025, compared to **$10.3 million** in the prior year period[6](index=6&type=chunk) [Adjusted EBITDA](index=1&type=section&id=Adjusted%20EBITDA) Adjusted EBITDA is a non-GAAP financial measure defined as earnings or loss before interest, taxes, depreciation, amortization, non-cash stock-based compensation, gain or loss on asset disposals, and other non-recurring non-cash items, used by management as a proxy for operating cash flow and providing useful information to investors for period-over-period comparisons by excluding non-cash and non-operating transactions - Adjusted EBITDA is a non-GAAP financial measure defined in accordance with SEC rules[13](index=13&type=chunk) - Defined as earnings or loss before interest expense, interest income, taxes, depreciation and amortization, non-cash stock-based compensation, gain or loss on disposal or impairment of assets, and certain other non-recurring or non-cash income and expense items such as gain or loss on settlement of liabilities and transactions, and changes in fair value of derivatives[13](index=13&type=chunk) - This metric provides useful information to investors by primarily excluding non-cash and non-operating transactions, and facilitates consistent period-over-period comparisons[14](index=14&type=chunk)[15](index=15&type=chunk) - Adjusted EBITDA was **$1.3 million** in Q2 2025, compared to **negative $2.2 million** in the prior year period[6](index=6&type=chunk)[7](index=7&type=chunk)[28](index=28&type=chunk) [Revenue from On-Going Operations](index=1&type=section&id=Revenue%20from%20On-Going%20Operations) Revenue from On-Going Operations is a key metric that excludes revenue from the Hoozu business, which was divested in December 2024, aiming to provide investors with more accurate period-over-period comparisons of the core business - Revenue from On-Going Operations excludes revenue from Hoozu in the prior year period[15](index=15&type=chunk) - Hoozu was divested by the company in December 2024[15](index=15&type=chunk) - This metric is useful to investors and facilitates period-over-period comparisons[15](index=15&type=chunk) - Revenue from On-Going Operations increased by **11% year-over-year** in Q2 2025[3](index=3&type=chunk)[4](index=4&type=chunk)[6](index=6&type=chunk) [Unaudited Consolidated Financial Statements](index=4&type=section&id=Unaudited%20Consolidated%20Financial%20Statements) [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) The Consolidated Balance Sheets show total assets decreased from $62.2 million as of December 31, 2024, to $59.6 million as of June 30, 2025, with a decline in current assets primarily due to reduced short-term investments and accounts receivable, but an increase in cash and cash equivalents, while total liabilities also significantly decreased Consolidated Balance Sheet Highlights | Metric | June 30, 2025 | December 31, 2024 | | :-------------------------- | :------------ | :---------------- | | Cash and Cash Equivalents | $50,643,015 | $44,644,468 | | Accounts Receivable, Net | $6,177,880 | $7,781,824 | | Short-Term Investments | — | $6,427,488 | | Total Current Assets | $57,389,059 | $60,030,040 | | Total Assets | $59,630,190 | $62,220,274 | | Total Current Liabilities | $10,250,106 | $13,434,521 | | Total Liabilities | $10,250,106 | $13,438,555 | | Total Stockholders' Equity | $49,380,084 | $48,781,719 | [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) The Consolidated Statements of Operations reflect a significant turnaround, with IZEA achieving a net income of $1.2 million in Q2 2025, compared to a net loss of $2.2 million in Q2 2024, driven by stable revenue and a substantial reduction in total costs and expenses Consolidated Statements of Operations Highlights (Three Months Ended June 30) | Metric | 2025 | 2024 | | :-------------------------- | :---------- | :---------- | | Revenue | $9,133,232 | $9,093,816 | | Total Costs and Expenses | $8,395,422 | $11,983,124 | | Operating Income (Loss) | $737,810 | $(2,889,308) | | Net Income (Loss) Before Taxes | $1,205,068 | $(2,283,124) | | Net Income (Loss) | $1,205,068 | $(2,194,828) | | Basic EPS | $0.07 | $(0.13) | | Diluted EPS | $0.07 | $(0.13) | [Consolidated Statements of Comprehensive Income (Loss)](index=6&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income%20%28Loss%29) The Consolidated Statements of Comprehensive Income (Loss) show total comprehensive income of $1.17 million in Q2 2025, a significant improvement from a comprehensive loss of $2.12 million in Q2 2024, primarily attributed to the reported net income despite some unrealized losses from currency translation Consolidated Statements of Comprehensive Income (Loss) Highlights (Three Months Ended June 30) | Metric | 2025 | 2024 | | :-------------------------------- | :---------- | :---------- | | Net Income (Loss) | $1,205,068 | $(2,194,828) | | Unrealized Gain (Loss) on Securities Held | $1,694 | $92,630 | | Unrealized Gain (Loss) on Currency Translation | $(34,932) | $(16,472) | | Total Other Comprehensive Income (Loss) | $(33,238) | $76,158 | | Total Comprehensive Income (Loss) | $1,171,830 | $(2,118,670) | [Revenue Details by Type](index=7&type=section&id=Revenue%20Details%20by%20Type) Revenue details indicate that managed services revenue from continuing operations was the primary growth driver, increasing by 13% in Q2 2025, while the divestiture of Hoozu led to a 100% decrease in its revenue contribution, and SaaS services revenue significantly declined by 67% Q2 2025 Revenue Details by Type | Revenue Type | Q2 2025 | Percentage of Total Revenue (2025) | Q2 2024 | Percentage of Total Revenue (2024) | Change ($) | Change (%) | | :----------------------------- | :---------- | :---------------- | :---------- | :---------------- | :--------- | :--------- | | Managed Services Revenue from On-Going Operations | $9,053,031 | 99% | $8,019,123 | 88% | $1,033,908 | 13% | | Hoozu | — | 0% | $831,340 | 9% | $(831,340) | (100)% | | Total Managed Services Revenue | $9,053,031 | 99% | $8,850,463 | 97% | $202,568 | 2% | | SaaS Services Revenue | $80,201 | 1% | $243,353 | 3% | $(163,152) | (67)% | | Total Revenue | $9,133,232 | 100% | $9,093,816 | 100% | $39,416 | 0% | [Reconciliation of GAAP Net Income (Loss) to Non-GAAP Adjusted EBITDA](index=8&type=section&id=Reconciliation%20of%20GAAP%20Net%20Income%20%28Loss%29%20to%20Non-GAAP%20Adjusted%20EBITDA) The reconciliation table shows IZEA's Adjusted EBITDA was $1.33 million in Q2 2025, a significant improvement from negative $2.19 million in Q2 2024, with key adjustments from net income (loss) to Adjusted EBITDA including non-cash stock-based compensation, non-cash stock for services, depreciation and amortization, and interest income Reconciliation of GAAP Net Income (Loss) to Non-GAAP Adjusted EBITDA (Three Months Ended June 30) | Metric | 2025 | 2024 | | :------------------------------------------ | :---------- | :---------- | | Operating Net Income (Loss) | $1,205,068 | $(2,194,828) | | Fair Value Adjustment of Digital Assets | — | $26,044 | | Non-Cash Stock-Based Compensation | $355,714 | $394,931 | | Non-Cash Stock for Services | $89,994 | $75,000 | | Depreciation and Amortization | $149,242 | $225,748 | | Interest Expense | $1,784 | $1,999 | | Interest Income | $(475,342) | $(634,765) | | Adjusted EBITDA | $1,326,460 | $(2,194,167) | [Additional Information](index=2&type=section&id=Additional%20Information) [Conference Call Details](index=2&type=section&id=Conference%20Call%20Details) IZEA will host a conference call on Tuesday, August 12, 2025, at 5:00 PM ET to discuss its Q2 2025 results, led by CEO Patrick Venetucci and CFO Peter Biere, with replay information available after the call - Conference call date: **Tuesday, August 12, 2025**[9](index=9&type=chunk) - Time: **5:00 PM ET**[9](index=9&type=chunk) - Webcast link: https://viavid.webcasts.com/starthere.jsp?ei=1727723&tp_key=0f55fcfc8d[9](index=9&type=chunk) - Replay will be available approximately 3 hours after the call until **11:59 PM ET on Tuesday, August 19, 2025**[9](index=9&type=chunk) [Safe Harbor Statement](index=3&type=section&id=Safe%20Harbor%20Statement) This press release contains forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially, based on certain assumptions and describing future plans, strategies, and expectations, with IZEA undertaking no obligation to update these statements unless required by law - All statements in this press release that are not historical facts are 'forward-looking statements' intended to qualify for the safe harbor provisions established by the Private Securities Litigation Reform Act of 1995[17](index=17&type=chunk) - Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially, including factors such as competitive conditions, failure of platform adoption, ability to maintain disclosure controls and internal controls, Nasdaq listing requirements, and adverse economic conditions[17](index=17&type=chunk) - IZEA undertakes no obligation to update any such forward-looking statements to reflect actual results or changes in expectations, except as required by law[17](index=17&type=chunk) [Press Contact](index=3&type=section&id=Press%20Contact) For media inquiries, please contact Matt Gray at IZEA Worldwide, Inc - Contact: Matt Gray[18](index=18&type=chunk) - Phone: **407-674-6911**[18](index=18&type=chunk) - Email: ir@izea.com[18](index=18&type=chunk)

Table of Contents 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 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: 001-41247 __________________________ Satellogic ...

[Second Quarter 2025 Performance Highlights](index=1&type=section&id=Second%20Quarter%202025%20Performance%20Highlights) Twin Vee PowerCats reported a strong second quarter for 2025, with a 9.9% increase in revenue and a significant 910 basis point improvement in gross margin Q2 2025 Key Performance Indicators | Metric | Value | Change vs Q2 2024 | | :--- | :--- | :--- | | Revenues | $4.8 million | +9.9% | | Gross Margin | 13.8% | +910 basis points | | Cash & Equivalents | $6.2 million | Increase | | New Dealer Locations | 10 | Added | - Strategic initiatives driving performance include new dealer expansion, cost improvement measures, the integration of the newly acquired Bahama Boat Works, and utilizing AI tools on the boatsforsale.com website[4](index=4&type=chunk) - The company is expanding the Bahama Boat lineup with new **22, 24, and 28-foot models** to complement its existing larger portfolio and plans to enhance all Twin Vee models based on Bahama's high-quality fit and finish[4](index=4&type=chunk) - The company acquired the legendary Bahama Boat Works and introduced an all-new **22' BayCat model**[11](index=11&type=chunk) [Financial Statements Analysis](index=3&type=section&id=Financial%20Statements%20Analysis) The company's financial statements show a notable improvement in profitability for Q2 2025, with gross profit increasing 223% and net loss narrowing by 63% year-over-year [Consolidated Statements of Operations](index=3&type=section&id=Consolidated%20Statements%20of%20Operations) For the second quarter of 2025, net sales grew 9.9% to $4.8 million, while the net loss significantly decreased to $(1.7) million from $(4.5) million in the prior year, driven by a 223% increase in gross profit Three Months Ended June 30, 2025 vs 2024 | Metric | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Net Sales | $4,755,618 | $4,326,821 | 9.9% | | Gross Profit | $654,053 | $202,340 | 223% | | Loss from Operations | $(1,675,806) | $(4,659,076) | (64%) | | Net Loss | $(1,654,071) | $(4,519,196) | (63%) | | Basic and Diluted EPS | $(0.87) | $(3.09) | (72%) | Six Months Ended June 30, 2025 vs 2024 | Metric | H1 2025 | H1 2024 | % Change | | :--- | :--- | :--- | :--- | | Net Sales | $8,367,909 | $9,603,164 | (13%) | | Gross Profit | $1,191,167 | $479,653 | 148% | | Loss from Operations | $(3,354,900) | $(7,202,281) | (53%) | | Net Loss | $(3,264,311) | $(6,854,390) | (52%) | | Basic and Diluted EPS | $(1.93) | $(4.87) | (60%) | [Consolidated Balance Sheet Data](index=3&type=section&id=Consolidated%20Balance%20Sheet%20Data) As of June 30, 2025, the company's financial position strengthened, with working capital increasing by 52.7% to $10.2 million compared to December 31, 2024 Balance Sheet Highlights (as of June 30, 2025 vs Dec 31, 2024) | Metric | June 30, 2025 | Dec 31, 2024 | % Change | | :--- | :--- | :--- | :--- | | Cash and cash equivalents | $5,961,668 | $7,491,123 | (20.4%) | | Current assets | $13,392,948 | $10,419,141 | 28.5% | | Current liabilities | $3,203,858 | $3,747,990 | (14.5%) | | Working capital | $10,189,090 | $6,671,151 | 52.7% | [Non-GAAP Financial Measures](index=4&type=section&id=Non-GAAP%20Financial%20Measures) The company uses Adjusted Net Loss, a non-GAAP measure, to provide insight into its core operational performance by excluding certain non-cash expenses - Adjusted Net Loss is a supplemental non-GAAP financial measure used by management to evaluate core operations by excluding non-cash expenses such as depreciation, stock-based compensation, and impairment charges[18](index=18&type=chunk) Reconciliation of GAAP Net Loss to Adjusted Net Loss | Period | GAAP Net Loss | Adjusted Net Loss | Change in Adjusted Net Loss | | :--- | :--- | :--- | :--- | | **Q2 2025** | $(1,654,071) | $(941,153) | Improved from Q2 2024 | | **Q2 2024** | $(4,519,196) | $(2,092,494) | N/A | | **H1 2025** | $(3,264,311) | $(1,938,673) | Improved from H1 2024 | | **H1 2024** | $(6,854,390) | $(3,576,124) | N/A | [Corporate Information](index=1&type=section&id=Corporate%20Information) Twin Vee PowerCats Co., located in Fort Pierce, Florida, has been manufacturing and selling boats for 30 years, operating under the Twin Vee and Bahama Boats brands - The company manufactures and markets power sport boats under the Twin Vee and Bahama Boats brands, with a **30-year history** in Fort Pierce, Florida[3](index=3&type=chunk)[7](index=7&type=chunk)[8](index=8&type=chunk) - A conference call with CEO Joseph Visconti and CFO Michael P. Dickerson was scheduled for August 7, 2025, at 12:00 p.m. (Eastern) to discuss the financial results[5](index=5&type=chunk)

[Business Highlights and Outlook](index=1&type=section&id=Business%20Highlights%20and%20Outlook) Editas Medicine reported significant progress in its in vivo gene editing strategy during Q2 2025, on track to select a lead development candidate, file an IND, and achieve human proof-of-concept by year-end 2026, while maintaining a strong financial position - Key strategic milestones are on track: selection of a lead development candidate in September 2025, IND filing by mid-2026, and human proof-of-concept by year-end 2026[1](index=1&type=chunk)[2](index=2&type=chunk) - The company has a strong cash position, with an operational runway expected to last into the **second quarter of 2027**[1](index=1&type=chunk)[9](index=9&type=chunk) - Presented positive preclinical proof-of-concept data at ASGCT, TIDES, and EHA, validating its gene upregulation strategy and in vivo delivery platform[1](index=1&type=chunk)[3](index=3&type=chunk) [Research and Development Progress](index=1&type=section&id=Recent%20Achievements%20and%20Outlook) The company presented new preclinical proof-of-concept data for both liver cells and hematopoietic stem cells, demonstrating the potential of its technology [Liver Cells Program](index=1&type=section&id=Liver%20Cells) At ASGCT and TIDES meetings, Editas presented preclinical data for an undisclosed liver target, showing successful upregulation of target protein expression and reduction of a disease-associated biomarker - Shared preclinical proof-of-concept data for an undisclosed liver target, showing upregulation of target protein expression and reduction of a disease-associated biomarker in a mouse model[4](index=4&type=chunk) [Hematopoietic Stem Cells (HSCs) Program](index=1&type=section&id=Hematopoietic%20Stem%20Cells) At the EHA 2025 Congress, the company presented new in vivo data from non-human primates, demonstrating therapeutically relevant gene editing levels in hematopoietic stem cells with a single dose of tLNP - Demonstrated therapeutically relevant levels of HBG1/2 promoter editing in hematopoietic stem cells of non-human primates (NHPs) with a single dose of a novel targeted lipid nanoparticle (tLNP)[5](index=5&type=chunk) [Platform Enhancements](index=1&type=section&id=Platform%20Enhancements%20and%20Other%20Cells%2FTissues) Editas showcased its proprietary tLNP's in vivo gene editing capabilities at ASGCT and remains on schedule to identify and disclose a new target cell type or tissue by the end of 2025 - The company is on track to establish and disclose a further target cell type/tissue for its in vivo platform by the end of 2025[7](index=7&type=chunk) [Partnership Update](index=3&type=section&id=Partnership%20Update) The collaboration with Bristol Myers Squibb achieved a key milestone with the acceptance of the first IND/CTA for the CD19 HD Allo CAR T program, triggering a milestone payment and marking the first clinical use of Editas' technology in this setting - The first IND/CTA was accepted for the CD19 HD Allo CAR T program under the Bristol Myers Squibb collaboration, triggering a milestone payment[8](index=8&type=chunk) - This marks the first time Editas' in-house developed technology will be used clinically in an allogeneic CAR-T setting, targeting autoimmune disease[8](index=8&type=chunk) [Financial Results](index=3&type=section&id=Second%20Quarter%202025%20Financial%20Results) In Q2 2025, Editas reported a reduced net loss compared to the prior year, driven by increased collaboration revenue and significantly lower operating expenses, ending the quarter with a cash balance of $178.5 million Cash Position | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash, cash equivalents, and marketable securities | **$178.5 million** | **$269.9 million** | Q2 2025 vs Q2 2024 Financial Performance | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Collaboration Revenue | **$3.6 million** | **$0.5 million** | **+$3.1 million** | | R&D Expenses | **$16.2 million** | **$54.2 million** | **-$38.0 million** | | G&A Expenses | **$12.9 million** | **$18.2 million** | **-$5.3 million** | | Restructuring Charges | **$26.1 million** | **$0** | **+$26.1 million** | | Net Loss | **($53.2 million)** | **($67.6 million)** | **+$14.4 million** | | Net Loss per Share | **($0.63)** | **($0.82)** | **+$0.19** | - The decrease in R&D and G&A expenses was primarily due to the discontinuation of the reni-cel clinical program and related workforce reduction initiated in December 2024[12](index=12&type=chunk) [Financial Statements](index=5&type=section&id=Financial%20Statements) This section contains the unaudited Consolidated Statement of Operations for the three and six months ended June 30, 2025, and the Selected Consolidated Balance Sheet Items as of June 30, 2025 [Consolidated Statement of Operations](index=5&type=section&id=Consolidated%20Statement%20of%20Operations) The company reported a net loss of $53.2 million for the three months ended June 30, 2025, compared to $67.6 million for the same period in 2024, with the six-month net loss nearly flat year-over-year Consolidated Statement of Operations (Unaudited, in thousands) | | Three Months Ended June 30, | Six Months Ended June 30, | | :--- | :--- | :--- | | | **2025** | **2024** | **2025** | **2024** | | Collaboration revenues | **$3,578** | **$513** | **$8,236** | **$1,649** | | Total operating expenses | **$55,122** | **$72,416** | **$135,943** | **$140,542** | | Operating loss | **($51,544)** | **($71,903)** | **($127,707)** | **($138,893)** | | Net loss | **($53,235)** | **($67,607)** | **($129,323)** | **($129,557)** | | Net loss per share | **($0.63)** | **($0.82)** | **($1.54)** | **($1.58)** | [Selected Consolidated Balance Sheet Items](index=6&type=section&id=Selected%20Consolidated%20Balance%20Sheet%20Items) As of June 30, 2025, the company reported total assets of $210.6 million and total stockholders' equity of $19.2 million, a decrease from the end of 2024 Selected Consolidated Balance Sheet Items (Unaudited, in thousands) | | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash, cash equivalents, and marketable securities | **$178,501** | **$269,913** | | Working capital | **$116,859** | **$212,090** | | Total assets | **$210,581** | **$341,589** | | Total stockholders' equity | **$19,189** | **$134,274** |

[PART I FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) This part presents the company's comprehensive financial data and management's analysis of its performance and condition [ITEM 1. Financial Statements](index=4&type=section&id=ITEM%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements, including balance sheets, statements of operations, comprehensive income (loss), changes in stockholders' equity, and cash flows, along with detailed notes explaining significant accounting policies, inventory, property, debt, leases, segment reporting, income taxes, and commitments [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This section provides a snapshot of the company's financial position at specific reporting dates Condensed Consolidated Balance Sheet Highlights (in thousands) | Metric | June 30, 2025 | December 31, 2024 | Change (k) | Change (%) | | :-------------------------------- | :------------ | :---------------- | :--------- | :--------- | | Cash and cash equivalents | $4,293 | $1,554 | $2,739 | 176.26% | | Total current assets | $83,120 | $75,525 | $7,595 | 10.06% | | Total assets | $345,849 | $341,546 | $4,303 | 1.26% | | Total current liabilities | $44,783 | $43,210 | $1,573 | 3.64% | | Long-term debt | $17,594 | $9,130 | $8,464 | 92.71% | | Total liabilities | $105,349 | $97,736 | $7,613 | 7.79% | | Total stockholders' equity | $240,500 | $243,810 | $(3,310) | -1.36% | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) This section details the company's revenues, expenses, and net income or loss over specific periods Condensed Consolidated Statements of Operations Highlights (in thousands, except per share amounts) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change (k) | Change (%) | | :---------------------- | :------------------------------- | :------------------------------- | :--------- | :--------- | | Total revenue | $85,770 | $73,800 | $11,970 | 16.22% | | Gross profit | $8,957 | $13,073 | $(4,116) | -31.48% | | Operating (loss) income | $(77) | $3,528 | $(3,605) | -102.18% | | Net income (loss) | $21,396 | $(430) | $21,826 | 5075.81% | | Basic EPS | $0.55 | $(0.01) | $0.56 | -5600.00% | | Diluted EPS | $0.54 | $(0.01) | $0.55 | -5500.00% | | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (k) | Change (%) | | :---------------------- | :----------------------------- | :----------------------------- | :--------- | :--------- | | Total revenue | $151,328 | $156,852 | $(5,524) | -3.52% | | Gross profit | $11,729 | $24,884 | $(13,155) | -52.87% | | Operating (loss) income | $(7,127) | $4,312 | $(11,439) | -265.28% | | Net income (loss) | $(2,835) | $(646) | $(2,189) | 338.85% | | Basic EPS | $(0.07) | $(0.02) | $(0.05) | 250.00% | | Diluted EPS | $(0.07) | $(0.02) | $(0.05) | 250.00% | [Condensed Consolidated Statements of Comprehensive Income (Loss)](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)) This section presents the company's net income or loss and other comprehensive income or loss components Condensed Consolidated Statements of Comprehensive Income (Loss) Highlights (in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change (k) | Change (%) | | :------------------------ | :------------------------------- | :------------------------------- | :--------- | :--------- | | Net income (loss) | $21,396 | $(430) | $21,826 | 5075.81% | | Comprehensive income (loss) | $21,396 | $(457) | $21,853 | 4781.84% | | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (k) | Change (%) | | :------------------------ | :----------------------------- | :----------------------------- | :--------- | :--------- | | Net income (loss) | $(2,835) | $(646) | $(2,189) | 338.85% | | Comprehensive income (loss) | $(2,831) | $(699) | $(2,132) | 304.99% | [Condensed Consolidated Statements of Changes in Stockholders' Equity](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Equity) This section outlines the changes in the company's equity accounts over the reporting period Changes in Stockholders' Equity (Six Months Ended June 30, 2025) (in thousands) | Item | Balance at Dec 31, 2024 | Net Loss/Income | Treasury Stock Purchases | Other Changes | Balance at Jun 30, 2025 | | :--------------------------------- | :---------------------- | :-------------- | :----------------------- | :------------ | :---------------------- | | Common Stock (Par Value) | $39 | — | — | $0 | $39 | | Treasury Stock (Amount) | $(14,671) | — | $(2,067) | $336 | $(17,109) | | Additional Paid-in Capital | $185,263 | — | — | $1,953 | $187,222 | | Retained Earnings | $73,239 | $(2,835) | — | — | $70,404 | | Accumulated Other Comprehensive Loss | $(60) | — | — | $4 | $(56) | | **Total Stockholders' Equity** | **$243,810** | **$(2,835)** | **$(2,067)** | **$2,000** | **$240,500** | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This section reports on the company's cash inflows and outflows from operating, investing, and financing activities Condensed Consolidated Statements of Cash Flows Highlights (Six Months Ended June 30) (in thousands) | Cash Flow Activity | 2025 | 2024 | Change (k) | Change (%) | | :-------------------------------- | :-------- | :-------- | :--------- | :--------- | | Net cash provided by operating activities | $3,587 | $11,019 | $(7,432) | -67.45% | | Net cash used in investing activities | $(5,472) | $(2,998) | $(2,474) | 82.52% | | Net cash provided by (used in) financing activities | $4,624 | $(7,836) | $12,460 | -159.01% | | Net increase in cash and cash equivalents | $2,739 | $185 | $2,554 | 1380.54% | | Cash and cash equivalents at end of period | $4,293 | $6,257 | $(1,964) | -31.39% | [Notes to the Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed explanations and disclosures supporting the condensed consolidated financial statements [NOTE 1 — Organization and Nature of Business](index=10&type=section&id=NOTE%201%20%E2%80%94%20Organization%20and%20Nature%20of%20Business) This note describes the company's operations as a fully integrated frac and industrial sand supply and services provider - Smart Sand, Inc. operates as a **fully integrated frac and industrial sand supply and services company**, offering mine-to-wellsite proppant solutions and diversifying into industrial uses (IPS) since late 2021[31](index=31&type=chunk) - The company's mining facilities include Oakdale, Wisconsin (**5.5M tons** annual capacity), Ottawa, Illinois (**1.6M tons**), and Blair, Wisconsin (**2.9M tons**), with strategic rail access[32](index=32&type=chunk)[33](index=33&type=chunk)[34](index=34&type=chunk) - Logistics solutions include transload terminals in North Dakota, Oklahoma, and the Appalachian Basin (Pennsylvania, Ohio), alongside SmartSystems for portable wellsite proppant storage[35](index=35&type=chunk)[36](index=36&type=chunk)[37](index=37&type=chunk)[38](index=38&type=chunk) [NOTE 2 — Summary of Significant Accounting Policies](index=11&type=section&id=NOTE%202%20%E2%80%94%20Summary%20of%20Significant%20Accounting%20Policies) This note outlines the key accounting principles and estimates used in preparing the financial statements - The interim financial statements are unaudited and prepared in accordance with SEC rules for Form 10-Q, not including all GAAP information, and rely on significant management estimates for various financial items[42](index=42&type=chunk)[43](index=43&type=chunk) - Geopolitical conflicts, changing trade policies, and OPEC output changes may affect oil and natural gas prices, creating volatility in the oilfield service sector, though current sales to Canada and Mexico are tariff-exempt (**8%** of Q2 2025 sand volumes)[44](index=44&type=chunk)[45](index=45&type=chunk) - The company has **$65,683k** in unsatisfied performance obligations as of June 30, 2025, with **$55,027k** expected to be recognized in the remainder of 2025 and **$10,656k** in 2026[47](index=47&type=chunk) - Recent accounting pronouncements (ASU 2023-09 and ASU 2024-03) are being evaluated, with expected primary effects on note disclosures and disaggregation of cost of goods sold and SG&A[50](index=50&type=chunk)[51](index=51&type=chunk) [NOTE 3 — Inventory](index=12&type=section&id=NOTE%203%20%E2%80%94%20Inventory) This note details the composition and valuation of the company's inventory Inventory Composition (in thousands) | Category | June 30, 2025 | December 31, 2024 | Change (k) | Change (%) | | :-------------- | :------------ | :---------------- | :--------- | :--------- | | Raw material | $387 | $584 | $(197) | -33.73% | | Work in progress| $5,894 | $6,740 | $(846) | -12.55% | | Finished goods | $9,928 | $6,507 | $3,421 | 52.57% | | Spare parts | $12,451 | $11,213 | $1,238 | 11.04% | | **Total inventory** | **$28,660** | **$25,044** | **$3,616** | **14.44%** | [NOTE 4 — Property, Plant and Equipment, net](index=13&type=section&id=NOTE%204%20%E2%80%94%20Property,%20Plant%20and%20Equipment,%20net) This note provides information on the company's property, plant, and equipment, including depreciation Property, Plant and Equipment, net (in thousands) | Category | June 30, 2025 | December 31, 2024 | Change (k) | Change (%) | | :------------------------------------- | :------------ | :---------------- | :--------- | :--------- | | Total property, plant and equipment | $429,075 | $421,358 | $7,717 | 1.83% | | Less: accumulated depreciation and depletion | $198,348 | $184,666 | $13,682 | 7.41% | | **Total property, plant and equipment, net** | **$230,727** | **$236,692** | **$(5,965)** | **-2.52%** | - Depreciation expense for the three months ended June 30, 2025, was **$7,026k**, a slight increase from **$6,997k** in the prior year. For the six months, it was **$14,024k** in 2025, up from **$13,978k** in 2024[55](index=55&type=chunk) [NOTE 5 — Accrued and Other Expenses](index=13&type=section&id=NOTE%205%20%E2%80%94%20Accrued%20and%20Other%20Expenses) This note details the various accrued liabilities and other expenses of the company Accrued and Other Expenses (in thousands) | Category | June 30, 2025 | December 31, 2024 | Change (k) | Change (%) | | :------------------------------ | :------------ | :---------------- | :--------- | :--------- | | Employee related expenses | $1,545 | $1,630 | $(85) | -5.21% | | Accrued royalties | $2,831 | $3,224 | $(393) | -12.19% | | Accrued freight and delivery charges | $3,482 | $2,331 | $1,151 | 49.38% | | Sales tax liability | $517 | $158 | $359 | 227.22% | | Other accrued liabilities | $1,962 | $1,267 | $695 | 54.85% | | **Total accrued liabilities** | **$13,976** | **$12,561** | **$1,415** | **11.26%** | [NOTE 6 — Debt](index=14&type=section&id=NOTE%206%20%E2%80%94%20Debt) This note provides details on the company's debt obligations, including credit facilities and maturity schedules Debt Overview (in thousands) | Category | June 30, 2025 | December 31, 2024 | Change (k) | Change (%) | | :---------------------------- | :------------ | :---------------- | :--------- | :--------- | | Current portion of long-term debt | $4,041 | $3,554 | $487 | 13.70% | | Long-term debt | $17,594 | $9,130 | $8,464 | 92.71% | | **Total Debt** | **$21,635** | **$12,684** | **$8,951** | **70.57%** | - The FCB ABL Credit Facility provides up to **$30,000k** in revolving loans, with **$9,000k** outstanding and **$21,000k** available as of June 30, 2025. It matures in September 2029 and bears interest at SOFR plus **2.75%**[63](index=63&type=chunk)[65](index=65&type=chunk) - The VFI Equipment Financing, with a principal of **$10,000k** and a fixed interest rate of **8.56%**, matures on May 8, 2028, and is collateralized by SmartSystems equipment[66](index=66&type=chunk) Debt Maturity Schedule (in thousands) | Year | FCB ABL Credit Facility | VFI Equipment Financing | Notes Payable | Finance Leases | Total Minimum Payments | | :---------------- | :---------------------- | :---------------------- | :------------ | :------------- | :--------------------- | | Remainder of 2025 | $— | $1,470 | $818 | $136 | $2,424 | | 2026 | $— | $2,940 | $1,603 | $262 | $4,805 | | 2027 | $— | $2,940 | $1,344 | $65 | $4,349 | | 2028 | $— | $1,225 | $1,002 | $7 | $2,234 | | 2029 | $9,000 | $— | $590 | $— | $9,590 | | 2030 and thereafter | $— | $— | $105 | $— | $105 | | **Total** | **$9,000** | **$8,575** | **$5,462** | **$470** | **$23,507** | [NOTE 7 — Leases](index=16&type=section&id=NOTE%207%20%E2%80%94%20Leases) This note outlines the company's lease arrangements, including right-of-use assets and lease liabilities Lease Liabilities and Assets (in thousands) | Category | June 30, 2025 | December 31, 2024 | Change (k) | Change (%) | | :------------------------ | :------------ | :---------------- | :--------- | :--------- | | Total right-of-use assets | $26,925 | $23,735 | $3,190 | 13.44% | | Total lease liabilities | $27,791 | $25,084 | $2,707 | 10.80% | Lease Cost (Six Months Ended June 30) (in thousands) | Lease Cost Category | 2025 | 2024 | Change (k) | Change (%) | | :------------------ | :------ | :------ | :--------- | :--------- | | Finance lease cost | $139 | $149 | $(10) | -6.71% | | Operating lease cost| $6,439 | $6,780 | $(341) | -5.03% | | Short-term lease cost | $— | $18 | $(18) | -100.00% | | **Total lease cost**| **$6,578**| **$6,947**| **$(369)** | **-5.31%** | - The weighted average remaining lease term for operating leases is **2.9 years** (2025) and **2.8 years** (2024), with weighted average discount rates of **7.55%** (2025) and **6.99%** (2024)[72](index=72&type=chunk) Maturities of Lease Liabilities (as of June 30, 2025) (in thousands) | Year | Operating Leases | Finance Leases | Total Cash Lease Payments | | :---------------- | :--------------- | :------------- | :------------------------ | | Remainder of 2025 | $6,757 | $136 | $6,893 | | 2026 | $10,624 | $262 | $10,886 | | 2027 | $6,791 | $65 | $6,856 | | 2028 | $4,193 | $7 | $4,200 | | 2029 | $1,988 | $— | $1,988 | | Thereafter | $160 | $— | $160 | | **Total** | **$30,513** | **$470** | **$30,983** | [NOTE 8 — Asset Retirement Obligations](index=17&type=section&id=NOTE%208%20%E2%80%94%20Asset%20Retirement%20Obligations) This note details the company's obligations related to the retirement of long-lived assets Reconciliation of Asset Retirement Obligations (in thousands) | Item | Amount | | :------------------------- | :----- | | Balance at December 31, 2024 | $21,292 | | Accretion expense | $562 | | **Balance at June 30, 2025** | **$21,854** | [NOTE 9 — Segment Reporting](index=17&type=section&id=NOTE%209%20%E2%80%94%20Segment%20Reporting) This note provides financial information for the company's operating segments: Sand and SmartSystems - The Company operates in two reportable segments: Sand (frac sand and Industrial Production Solutions) and SmartSystems (rental of wellsite proppant storage equipment and services)[75](index=75&type=chunk)[79](index=79&type=chunk)[80](index=80&type=chunk) Segment Revenue and Gross Profit (Three Months Ended June 30) (in thousands) | Segment | 2025 Revenue | 2025 Gross Profit | 2024 Revenue | 2024 Gross Profit | | :----------- | :----------- | :---------------- | :----------- | :---------------- | | Sand | $84,590 | $8,917 | $71,020 | $12,117 | | SmartSystems | $1,180 | $40 | $2,780 | $956 | | **Total** | **$85,770** | **$8,957** | **$73,800** | **$13,073** | Segment Revenue and Gross Profit (Six Months Ended June 30) (in thousands) | Segment | 2025 Revenue | 2025 Gross Profit | 2024 Revenue | 2024 Gross Profit | | :----------- | :----------- | :---------------- | :----------- | :---------------- | | Sand | $149,054 | $11,723 | $150,739 | $22,869 | | SmartSystems | $2,274 | $6 | $6,113 | $2,015 | | **Total** | **$151,328** | **$11,729** | **$156,852** | **$24,884** | [NOTE 10 — Income Taxes](index=21&type=section&id=NOTE%2010%20%E2%80%94%20Income%20Taxes) This note explains the company's income tax provisions, including effective tax rates and deferred tax assets Effective Tax Rates | Period | 2025 Effective Tax Rate | 2024 Effective Tax Rate | | :-------------------------- | :---------------------- | :---------------------- | | Three Months Ended June 30 | 6643.1% | 122.6% | | Six Months Ended June 30 | 62.6% | 128.2% | - The statutory tax rate for both periods was **21.0%**. The high effective tax rates are primarily driven by the depletion deduction calculation, which is not directly related to net income[94](index=94&type=chunk) - The Company does not expect to be a federal income tax payer in 2025 and anticipates an immaterial amount of state income taxes[94](index=94&type=chunk) - A liability for uncertain tax positions of **$2,240k** and a partial valuation allowance of **$2,156k** against deferred tax assets were recorded as of December 31, 2024, with no material change for the six months ended June 30, 2025[95](index=95&type=chunk)[96](index=96&type=chunk) - The recently signed One Big Beautiful Bill Act (OBBBA) is being evaluated, but the Company does not expect a material impact on its results of operations[98](index=98&type=chunk) [NOTE 11 — Concentrations](index=21&type=section&id=NOTE%2011%20%E2%80%94%20Concentrations) This note discloses significant concentrations in customers, vendors, and geographic risks - As of June 30, 2025, three customers accounted for **50%** of total accounts and unbilled receivables, compared to four customers for **84%** as of December 31, 2024[99](index=99&type=chunk) - Customer revenue concentration for the three months ended June 30, 2025, was **39%** from two customers (down from **72%** from five customers in 2024). For the six months, it was **54%** from three customers (up from **45%** from two customers in 2024)[100](index=100&type=chunk) - Vendor concentration for accounts payable was **23%** from two vendors as of June 30, 2025 (vs **17%** from one vendor as of December 31, 2024). For cost of goods sold, two vendors accounted for **34%** (Q2 2025) and **36%** (YTD Q2 2025)[101](index=101&type=chunk)[102](index=102&type=chunk) - The Company faces geographic risk due to its primary product (Northern White sand) and mining operations being limited to Wisconsin and Illinois[103](index=103&type=chunk) [NOTE 12 — Commitments and Contingencies](index=22&type=section&id=NOTE%2012%20%E2%80%94%20Commitments%20and%20Contingencies) This note details the company's legal commitments, contingent liabilities, and performance bonds - A nuisance lawsuit (Cory Berg, et al. v. Hi-Crush Blair LLC, et al.) alleging excessive noise, light, and dust was settled and closed in February 2025[107](index=107&type=chunk) - Total aggregate principal amount of performance bonds outstanding was **$19,727k** as of June 30, 2025, for reclamation, permitting, and maintenance of public roadways[108](index=108&type=chunk) [NOTE 13 — Subsequent Events](index=22&type=section&id=NOTE%2013%20%E2%80%94%20Subsequent%20Events) This note reports on significant events that occurred after the balance sheet date - On July 23, 2025, the Board of Directors declared a special dividend of **$0.10** per share of common stock, totaling approximately **$4,354k**, payable on August 14, 2025[109](index=109&type=chunk) [ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=23&type=section&id=ITEM%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on the company's financial condition, operating results, liquidity, and cash flows, including an overview of the business, market trends, GAAP and non-GAAP financial performance analysis, and discussions on capital resources and material cash requirements [Overview](index=23&type=section&id=Overview) This section provides a general description of the company's business model and operational capabilities - Smart Sand, Inc. is a **fully integrated frac and industrial sand supply and services company**, offering mine-to-wellsite proppant solutions and diversifying into Industrial Products Solutions (IPS)[114](index=114&type=chunk)[120](index=120&type=chunk) - The company produces high-quality Northern White sand and provides SmartSystems for wellsite proppant storage, leveraging strategic locations, rail access, and proprietary technology[114](index=114&type=chunk)[116](index=116&type=chunk)[119](index=119&type=chunk) - Total annual processing capacity across its operating facilities (Oakdale, Ottawa, Blair) is approximately **10.0 million tons**, supported by five company-controlled in-basin transloading facilities[117](index=117&type=chunk)[118](index=118&type=chunk) [Market Trends](index=24&type=section&id=Market%20Trends) This section discusses external factors and industry trends influencing the company's business and financial performance - Geopolitical conflicts, trade policy changes, and OPEC output adjustments may affect oil and natural gas prices, leading to volatility in the oilfield service sector[121](index=121&type=chunk) - Sand volumes increased in 2024, slowed in Q1 2025, and then increased in Q2 2025 due to higher customer activity. Frac sand demand is expected to moderately increase, driven by longer lateral wells and higher sand volumes per foot[122](index=122&type=chunk) - Demand in the IPS business is stable, influenced by macroeconomic factors, and is expected to diversify sales and mitigate price volatility from the oil and gas industry[124](index=124&type=chunk) - President Trump's executive orders signal a shift towards expediting conventional energy projects and deregulatory actions, though the impact on the company's financial position is currently unquantifiable[125](index=125&type=chunk) [GAAP Results of Operations](index=26&type=section&id=GAAP%20Results%20of%20Operations) This section analyzes the company's financial performance based on Generally Accepted Accounting Principles [Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024](index=26&type=section&id=Three%20Months%20Ended%20June%2030,%202025%20Compared%20to%20Three%20Months%20Ended%20June%2030,%202024) This subsection compares the company's financial results for the three-month periods ended June 30, 2025 and 2024 Key Financial Changes (Three Months Ended June 30) (in thousands) | Metric | 2025 | 2024 | Change (k) | Change (%) | | :---------------------- | :-------- | :-------- | :--------- | :--------- | | Total revenue | $85,770 | $73,800 | $11,970 | 16% | | Sand revenue | $84,590 | $71,020 | $13,570 | 19% | | SmartSystems revenue | $1,180 | $2,780 | $(1,600) | -58% | | Total cost of goods sold| $76,813 | $60,727 | $16,086 | 26% | | Gross profit | $8,957 | $13,073 | $(4,116) | -31% | | Operating (loss) income | $(77) | $3,528 | $(3,605) | -102% | | Net income (loss) | $21,396 | $(430) | $21,826 | 5076% | - Sand revenue increased due to higher volumes (**1,424k tons** vs **1,274k tons**) and higher average sand prices, primarily driven by changes in delivery location mix[130](index=130&type=chunk) - SmartSystems revenue decreased due to lower utilization of the SmartSystems fleet[132](index=132&type=chunk) - Gross profit declined primarily due to higher freight and transloading costs related to delivery location, and increased mining costs[133](index=133&type=chunk)[134](index=134&type=chunk) - Net income significantly improved due to an income tax benefit of **$(21,723)k** in 2025, compared to an expense of **$2,330k** in 2024, largely influenced by the depletion deduction calculation[137](index=137&type=chunk)[139](index=139&type=chunk) [Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024](index=28&type=section&id=Six%20Months%20Ended%20June%2030,%202025%20Compared%20to%20Six%20Months%20Ended%20June%2030,%202024) This subsection compares the company's financial results for the six-month periods ended June 30, 2025 and 2024 Key Financial Changes (Six Months Ended June 30) (in thousands) | Metric | 2025 | 2024 | Change (k) | Change (%) | | :---------------------- | :-------- | :-------- | :--------- | :--------- | | Total revenue | $151,328 | $156,852 | $(5,524) | -4% | | Sand revenue | $149,054 | $150,739 | $(1,685) | -1% | | SmartSystems revenue | $2,274 | $6,113 | $(3,839) | -63% | | Total cost of goods sold| $139,599 | $131,968 | $7,631 | 6% | | Gross profit | $11,729 | $24,884 | $(13,155) | -53% | | Operating (loss) income | $(7,127) | $4,312 | $(11,439) | -265% | | Net income (loss) | $(2,835) | $(646) | $(2,189) | 339% | - Total revenue declined due to lower sand volumes (**2,493k tons** vs **2,610k tons**) and significantly lower SmartSystems utilization[144](index=144&type=chunk) - Cost of goods sold increased despite lower sales volumes, driven by higher logistics and production costs due to delivery location shifts, lost efficiencies from lower production, and increased mining costs[145](index=145&type=chunk) - Gross profit decreased substantially due to lower sales volumes, higher freight/delivery costs, and increased production costs[146](index=146&type=chunk) - Net loss increased, primarily due to non-cash deferred income taxes and lower gross profit, partially offset by reduced selling, general, and administrative expenses[151](index=151&type=chunk) [Non-GAAP Financial Measures](index=31&type=section&id=Non-GAAP%20Financial%20Measures) This section presents financial metrics not prepared in accordance with GAAP, providing additional insights into performance [Contribution Margin](index=31&type=section&id=Contribution%20Margin) This subsection defines and analyzes the company's contribution margin, a key non-GAAP profitability metric - Contribution margin is defined as total revenues less cost of goods sold, excluding depreciation, depletion, and accretion of asset retirement obligations[154](index=154&type=chunk) Contribution Margin (in thousands, except per ton amounts) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change (k) | Change (%) | | :-------------------------- | :------------------------------- | :------------------------------- | :--------- | :--------- | | Contribution margin | $15,784 | $19,788 | $(4,004) | -20.23% | | Contribution margin per ton | $11.08 | $15.53 | $(4.45) | -28.65% | | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (k) | Change (%) | | :-------------------------- | :----------------------------- | :----------------------------- | :--------- | :--------- | | Contribution margin | $25,362 | $38,295 | $(12,933) | -33.77% | | Contribution margin per ton | $10.17 | $14.67 | $(4.50) | -30.67% | - The decline in contribution margin for both periods was primarily due to higher logistics costs related to frac sand sales delivery location, increased unit production costs from lower plant utilization, and higher mining costs[157](index=157&type=chunk) [EBITDA and Adjusted EBITDA](index=32&type=section&id=EBITDA%20and%20Adjusted%20EBITDA) This subsection defines and analyzes EBITDA and Adjusted EBITDA, providing insights into operational profitability - EBITDA is defined as net income plus depreciation, depletion, amortization, income tax expense (benefit), and interest expense. Adjusted EBITDA further adjusts for non-recurring and non-cash items[160](index=160&type=chunk) EBITDA and Adjusted EBITDA (in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change (k) | Change (%) | | :-------------- | :------------------------------- | :------------------------------- | :--------- | :--------- | | EBITDA | $7,253 | $9,522 | $(2,269) | -23.83% | | Adjusted EBITDA | $7,751 | $11,853 | $(4,102) | -34.61% | | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (k) | Change (%) | | :-------------- | :----------------------------- | :----------------------------- | :--------- | :--------- | | EBITDA | $7,567 | $17,609 | $(10,042) | -57.03% | | Adjusted EBITDA | $9,179 | $21,188 | $(12,009) | -56.68% | - The decrease in Adjusted EBITDA for both periods was primarily due to lower sales volumes, combined with higher logistics and production costs[165](index=165&type=chunk) [Free Cash Flow](index=33&type=section&id=Free%20Cash%20Flow) This subsection defines and analyzes free cash flow, indicating the cash available for discretionary purposes - Free cash flow is defined as net cash provided by operating activities less purchases of property, plant and equipment[166](index=166&type=chunk) Free Cash Flow (in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change (k) | Change (%) | | :-------------------------------------- | :------------------------------- | :------------------------------- | :--------- | :--------- | | Net cash (used in) provided by operating activities | $(5,137) | $14,882 | $(20,019) | -134.52% | | Purchases of property, plant and equipment | $(2,676) | $(1,354) | $(1,322) | 97.64% | | **Free cash flow** | **$(7,813)** | **$13,528** | **$(21,341)**| **-157.76%** | | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (k) | Change (%) | | :-------------------------------------- | :----------------------------- | :----------------------------- | :--------- | :--------- | | Net cash provided by operating activities | $3,587 | $11,019 | $(7,432) | -67.45% | | Purchases of property, plant and equipment | $(6,212) | $(3,000) | $(3,212) | 107.07% | | **Free cash flow** | **$(2,625)** | **$8,019** | **$(10,644)**| **-132.73%** | - Negative free cash flow in 2025 was primarily due to the timing of accounts receivable conversion to cash and higher capital expenditures[168](index=168&type=chunk) [Liquidity and Capital Resources](index=33&type=section&id=Liquidity%20and%20Capital%20Resources) This section discusses the company's ability to meet its short-term and long-term financial obligations - Primary liquidity sources are cash flow from operations and availability under the FCB ABL Credit Facility and other equipment financing[169](index=169&type=chunk) - As of June 30, 2025, the company had **$4.3 million** in cash and **$21.0 million** in undrawn availability on its FCB ABL Credit Facility[169](index=169&type=chunk) - Management believes the company has sufficient liquidity and capital resources to meet cash needs for the next twelve months[170](index=170&type=chunk) [Material Cash Requirements](index=33&type=section&id=Material%20Cash%20Requirements) This section outlines significant future cash outflows for dividends, share repurchases, and capital expenditures - A special dividend of **$0.10** per share, totaling approximately **$4.4 million**, was declared on July 23, 2025, payable on August 14, 2025[171](index=171&type=chunk) - The company has an eighteen-month share repurchase program approved for up to **$10.0 million**, with **$7.9 million** remaining as of June 30, 2025, after repurchasing **$2.1 million**[174](index=174&type=chunk)[175](index=175&type=chunk) - Expected capital expenditures for full year 2025 are between **$13.0 million** and **$17.0 million**, primarily for new mining areas, efficiency projects, and terminal expansions[177](index=177&type=chunk) [Indebtedness](index=34&type=section&id=Indebtedness) This section details the company's various debt instruments and their outstanding balances - As of June 30, 2025, the VFI Equipment Financing had an outstanding balance of **$7.5 million**, with **$1.5 million** in minimum cash payments anticipated for the remainder of 2025[178](index=178&type=chunk) - Notes payable totaled **$4.7 million** as of June 30, 2025, with **$0.8 million** in minimum cash payments anticipated for the remainder of 2025[178](index=178&type=chunk) - The FCB ABL Credit Facility had **$9.0 million** outstanding as of June 30, 2025[178](index=178&type=chunk) [Operating Leases](index=34&type=section&id=Operating%20Leases) This section provides information on the company's operating lease liabilities and future payment obligations - Operating lease liabilities amounted to **$27.4 million** as of June 30, 2025, with anticipated minimum cash payments of **$6.8 million** for the remainder of 2025[179](index=179&type=chunk) [Mineral Rights Property](index=34&type=section&id=Mineral%20Rights%20Property) This section describes the company's obligations related to mineral rights contracts - The company is obligated to make annual minimum payments of approximately **$2.5 million** for the next **12 years** for mineral rights contracts[180](index=180&type=chunk) [Off-Balance Sheet Arrangements](index=34&type=section&id=Off-Balance%20Sheet%20Arrangements) This section discloses the company's off-balance sheet commitments, such as performance bonds - Outstanding performance bonds totaled **$19.7 million** as of June 30, 2025[181](index=181&type=chunk) [Contractual Obligations](index=35&type=section&id=Contractual%20Obligations) This section summarizes the company's various contractual commitments and payment schedules - Contractual obligations include debt facilities (FCB ABL, VFI, notes payable), operating and finance leases, sand delivery, royalties, minimum mining payments, capital expenditures, asset retirement obligations, and municipal commitments[184](index=184&type=chunk) [Environmental Matters](index=35&type=section&id=Environmental%20Matters) This section discusses the company's compliance with environmental regulations and related expenditures - The company is subject to various federal, state, and local environmental laws and regulations and expects to incur future expenditures for compliance, though the full amount is unpredictable[185](index=185&type=chunk) [Seasonality](index=35&type=section&id=Seasonality) This section explains how seasonal weather patterns impact the company's operations and financial results - Seasonal weather impacts wet sand processing, leading to lower cash operating costs in Q1/Q4 and higher in Q2/Q3 due to overproduction for winter demand, which is capitalized into inventory[186](index=186&type=chunk) - Indoor wet processing facilities at two plant locations help mitigate seasonality by allowing year-round wet sand inventory production[186](index=186&type=chunk) - Severe weather in oil and natural gas producing basins can curtail drilling activities and reduce sales volumes[186](index=186&type=chunk) [Customer Concentration](index=35&type=section&id=Customer%20Concentration) This section identifies key customers that account for a significant portion of the company's revenue - For the six months ended June 30, 2025, Equitable Gas Corporation (**28.4%**), Encino Energy (**14.9%**), and Expand Energy Corporation (**11%**) collectively accounted for **54.3%** of total revenue[187](index=187&type=chunk) - For the six months ended June 30, 2024, Equitable Gas Corporation (**32.7%**) and Encino Energy (**12.2%**) accounted for **44.9%** of total revenue[187](index=187&type=chunk) [Critical Accounting Policies and Estimates](index=35&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) This section highlights the accounting policies and estimates that require significant management judgment - There have been no material changes to critical accounting policies and procedures during the six months ended June 30, 2025[188](index=188&type=chunk) - Significant estimates include impairment considerations, asset retirement obligations, fair values of acquired assets, deferred tax assets, inventory reserve, and collectability of receivables[189](index=189&type=chunk) - Future economic performance remains uncertain due to high inflation and other economic concerns, with the impact of future events on financial position and results of operations being unquantifiable[190](index=190&type=chunk)[193](index=193&type=chunk) [ITEM 3. Quantitative and Qualitative Disclosures about Market Risk](index=37&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This section confirms that there have been no material changes to the company's exposure to market risks since the previous annual report - No material changes to market risk exposure occurred during the six months ended June 30, 2025, compared to the disclosures in the Annual Report on Form 10-K for the year ended December 31, 2024[195](index=195&type=chunk) [ITEM 4. Controls and Procedures](index=37&type=section&id=ITEM%204.%20Controls%20and%20Procedures) This section reports on the effectiveness of the company's disclosure controls and procedures and confirms no material changes to internal control over financial reporting - Management, with CEO and CFO participation, concluded that disclosure controls and procedures were effective as of the end of the reporting period[196](index=196&type=chunk) - No changes occurred during the second quarter of fiscal year 2025 that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[197](index=197&type=chunk) [PART II OTHER INFORMATION](index=38&type=section&id=PART%20II%20OTHER%20INFORMATION) This part includes additional information not covered in the financial statements, such as legal proceedings and risk factors [ITEM 1. Legal Proceedings](index=38&type=section&id=ITEM%201.%20Legal%20Proceedings) This section refers to the detailed disclosure of legal proceedings within the notes to the condensed consolidated financial statements - Information regarding legal proceedings is incorporated by reference from Note 12 - Commitments and Contingencies - Litigation of the notes to the condensed consolidated financial statements[198](index=198&type=chunk) [ITEM 1A. Risk Factors](index=38&type=section&id=ITEM%201A.%20Risk%20Factors) This section states that there have been no material changes to the risk factors previously identified in the company's annual report - There have been no material changes to the risk factors described in Part I, Item 1A of the Annual Report on Form 10-K for the year ended December 31, 2024[199](index=199&type=chunk) [ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=38&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section confirms no unregistered sales of equity securities and details the company's share repurchase program activities during the quarter - No shares were sold by the Company without registration under the Securities Act of 1933 during the three months ended June 30, 2025[200](index=200&type=chunk) - Under the **$10.0 million** share repurchase program approved in October 2024, the company repurchased **854,779 shares** for an average price of **$2.06** during Q2 2025, leaving **$7,933,034** available for repurchase as of June 30, 2025[201](index=201&type=chunk)[202](index=202&type=chunk) [ITEM 3. Defaults upon Senior Securities](index=38&type=section&id=ITEM%203.%20Defaults%20upon%20Senior%20Securities) This section states that there were no defaults upon senior securities during the reporting period - There were no defaults upon senior securities[203](index=203&type=chunk) [ITEM 4. Mine Safety Disclosures](index=38&type=section&id=ITEM%204.%20Mine%20Safety%20Disclosures) This section outlines the company's commitment to mine safety, compliance with MSHA regulations, and the potential impact of health and safety standards on operations - The company prioritizes mine safety and is regulated by the U.S. Mining Safety and Health Administration (MSHA), which conducts at least two unannounced inspections annually[204](index=204&type=chunk)[205](index=205&type=chunk) - Operations are subject to regulations regarding respirable silica exposure, with portions of MSHA's rule currently under legal challenge and stayed[206](index=206&type=chunk) - Compliance with the Federal Mine Safety and Health Act of 1977 is critical, as failure to adhere to stringent standards or changes in enforcement could materially affect the business[207](index=207&type=chunk) [ITEM 5. Other Information](index=39&type=section&id=ITEM%205.%20Other%20Information) This section indicates that there is no other information to report - None[208](index=208&type=chunk) [ITEM 6. Exhibits](index=40&type=section&id=ITEM%206.%20Exhibits) This section lists all exhibits filed as part of the Form 10-Q, including certifications, mine safety disclosures, and XBRL documents - Exhibits include certifications (31.1, 31.2, 32.1, 32.2), the Mine Safety Disclosure Exhibit (95.1), and various XBRL taxonomy extension documents (101.INS, 101.SCH, 101.CAL, 101.DEF, 101.LAB, 101.PRE, 104)[210](index=210&type=chunk) [SIGNATURES](index=41&type=section&id=SIGNATURES) This section contains the official certifications and signatures for the financial report [Signatures](index=41&type=section&id=Signatures) This section contains the official signatures of the company's principal financial and accounting officers, certifying the filing of the Form 10-Q - The report was duly signed on August 12, 2025, by Lee E. Beckelman, Chief Financial Officer, and Christopher M. Green, Vice President of Accounting[215](index=215&type=chunk)

DENVER – August 12, 2025 - TriSalus Life Sciences, Inc. (Nasdaq: TLSI) (the "Company"), an oncology company integrating novel delivery technology with standard of care therapies, and its investigational immunotherapeutic to transform treatment for patients with solid tumors, today announces financial results for the quarter ended June 30, 2025, and provides an operation update. "TriSalus continued to deliver strong commercial momentum in the second quarter, underscoring the growing clinical adoption of our ...

TriSalus Life Sciences Second Quarter 2025 Results and Provides Updated 2025 Guidance Company delivers $11.2M in revenues resulting in 52% growth year-over-year and 22% growth quarter-over-quarter Broadened PEDD portfolio with launch of TriNav FLX designed to improve access in tortuous vessels Confirming revenue guidance of at least 50% growth due to continued commercial momentum Company to Host Conference Call and Webcast today at 4:30pm ET DENVER – August 12, 2025 - TriSalus Life Sciences, Inc. (Nasdaq: T ...

Exhibit 99.1 Gain Therapeutics Reports Financial Results for Second Quarter 2025 and Provides Corporate Update Reached full enrolment of Phase 1b study evaluating GT-02287 in Parkinson's Disease (PD) with or without GBA1 mutations during 2Q 2025, earlier than anticipated Analysis of functional changes and biomarker activity at 90 days will be available during 4Q 2025 In July 2025 following the close of 2Q 2025, Gain completed an underwritten public of ering that resulted in approximately $7.1 million of net ...