Exhibit 99.3 Franco-Nevada Corporation Condensed Consolidated Statements of Financial Position (unaudited, in millions of U.S. dollars) | | | At June 30, | | At December 31, | | --- | --- | --- | --- | --- | | | | 2025 | | 2024 | | ASSETS | | | | | | Cash and cash equivalents (Note 4) | $ | 160.3 | $ | 1,451.3 | | Receivables | | 146.7 | | 151.8 | | Gold and silver bullion and stream inventory (Note 7) | | 7.0 | | 96.8 | | Loans receivable (Note 6) | | 17.8 | | 5.9 | | Other current assets (Note 8) | | 25.5 ...

Table of Contents The term "Credit Agreement" refers to the March 26, 2021 credit agreement with Coöperatieve Rabobank U.A., New York Branch, as amended from time to time. Forward-Looking Statements The following discussion and analysis of our financial condition, results of operations and notes to the unaudited condensed consolidated financial statements included herein may contain forward-looking statements that relate to our plans, objectives, estimates and goals and involve risks and uncertainties. Our ...

[Second Quarter 2025 Financial Highlights](index=1&type=section&id=Second%20Quarter%202025%20Financial%20Highlights) [Key Financial and Operational Results](index=1&type=section&id=Key%20Financial%20and%20Operational%20Results) RadNet reported record quarterly revenue and Adjusted EBITDA for Q2 2025, driven by strong growth in both Imaging Center and Digital Health segments, leading to an upward revision of full-year guidance Q2 2025 Key Financial Metrics vs. Q2 2024 | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | **Total Company Revenue** | $498.2 million | $459.7 million | +8.4% | | **Digital Health Revenue** | $20.7 million | $15.8 million | +30.9% | | **Total Company Adjusted EBITDA** | $81.2 million | $72.3 million | +12.3% | | **Adjusted EBITDA Margin** | 16.3% | 15.7% | +57 bps | | **Adjusted Earnings Per Share** | $0.31 | $0.16 | +93.8% | - Growth was primarily driven by increased procedural volumes, improved reimbursement rates, a shift towards advanced imaging, and incremental sales from the Digital Health segment[3](index=3&type=chunk) - The proportion of advanced imaging (MRI, CT, PET/CT) as a percentage of total procedural volumes grew by **102 basis points to 27.5%** compared to the same quarter last year[4](index=4&type=chunk) - As of June 30, 2025, the company held **$833.2 million in cash** and maintained a Net Debt to Adjusted EBITDA ratio of **0.96x**[4](index=4&type=chunk) [Management Commentary](index=2&type=section&id=Management%20Commentary) Management emphasized strategic expansion of advanced imaging capacity and procedures, contributing to margin improvement, while Digital Health solutions address staffing and efficiency, alongside new imaging center openings - The company is focused on driving growth in advanced imaging (MRI, CT, PET/CT) through initiatives like software upgrades to shorten scan times and expanding complex procedures like Cardiac CT Angiography[5](index=5&type=chunk) - PET/CT was the fastest-growing modality, with a **22.4% volume increase** from Q2 2024, driven by new offerings for prostate cancer and Alzheimer's disease[5](index=5&type=chunk) - The Digital Health solution, TechLive, is being implemented to mitigate technologist staffing challenges by enabling remote control of imaging equipment, thereby expanding hours of operation[5](index=5&type=chunk) - RadNet is expanding capacity by opening new imaging centers, with one opened in Q2 and nine more planned for the rest of 2025[6](index=6&type=chunk) [Detailed Financial Performance](index=2&type=section&id=Detailed%20Financial%20Performance) [Second Quarter Financial Results](index=2&type=section&id=Second%20Quarter%20Financial%20Results) Q2 2025 saw Total Company Revenue reach $498.2 million, an 8.4% increase, with Adjusted EBITDA growing 12.3% to $81.2 million, and Adjusted Earnings significantly improving to $0.31 per diluted share Q2 2025 Financial Summary (in millions) | Metric | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | $498.2 | $459.7 | +8.4% | | **Total Adjusted EBITDA** | $81.2 | $72.3 | +12.3% | | **Digital Health Revenue** | $20.7 | $15.8 | +30.9% | | **Digital Health Adj. EBITDA** | $3.4 | $3.3 | +4.1% | | **GAAP Net Income** | $14.5 | ($3.0) | N/A | | **Adjusted Earnings** | $23.8 | $12.0 | +98.3% | - Adjustments to net income in Q2 2025 included items such as **$2.0 million loss** from interest rate swaps, **$2.3 million** in acquisition costs, and **$4.8 million** in non-capitalized R&D expenses[10](index=10&type=chunk) [Six-Month Financial Results](index=3&type=section&id=Six-Month%20Financial%20Results) For the first six months of 2025, Total Company Revenue increased 8.8% to $969.6 million, though Adjusted EBITDA decreased 2.4% to $127.6 million, primarily due to Q1 weather impacts Six Months Ended June 30 Financial Summary (in millions) | Metric | 2025 | 2024 | % Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | $969.6 | $891.4 | +8.8% | | **Total Adjusted EBITDA** | $127.6 | $130.7 | -2.4% | | **Digital Health Revenue** | $39.9 | $30.4 | +31.0% | | **Digital Health Adj. EBITDA** | $7.1 | $6.8 | +4.8% | | **GAAP Net Loss** | ($23.5) | ($5.8) | N/A | - The decrease in six-month Adjusted EBITDA was attributed to an estimated **$15 million loss** from California wildfires and severe winter weather that impacted Q1 2025[12](index=12&type=chunk) [Procedural Volume Analysis](index=3&type=section&id=Procedural%20Volume%20Analysis) RadNet experienced broad-based growth in Q2 2025 procedural volumes, with advanced imaging modalities showing particularly strong increases, notably PET/CT volumes up 22.4% Q2 2025 vs. Q2 2024 Procedural Volume Growth | Modality | Aggregate Volume Growth | Same-Center Volume Growth | | :--- | :--- | :--- | | **MRI** | +9.0% | +6.6% | | **CT** | +8.1% | +5.9% | | **PET/CT** | +22.4% | +16.2% | | **Routine Imaging** | +3.5% | +1.4% | [2025 Financial Guidance Update](index=4&type=section&id=2025%20Financial%20Guidance%20Update) [Imaging Center Segment Guidance](index=4&type=section&id=Imaging%20Center%20Segment%20Guidance) RadNet raised its full-year 2025 guidance for the Imaging Center segment for the second time, projecting revenue between $1,850 million and $1,900 million and Adjusted EBITDA of $271 million to $279 million Updated 2025 Guidance for Imaging Center Segment (in millions) | Metric | Original Guidance | Revised After Q1 | Revised After Q2 | | :--- | :--- | :--- | :--- | | **Total Net Revenue** | $1,825 - $1,875 | $1,835 - $1,885 | $1,850 - $1,900 | | **Adjusted EBITDA** | $265 - $273 | $268 - $276 | $271 - $279 | | **Capital Expenditures** | $140 - $150 | $145 - $155 | $152 - $162 | [Digital Health Segment Guidance](index=4&type=section&id=Digital%20Health%20Segment%20Guidance) Digital Health segment's 2025 revenue and Adjusted EBITDA guidance remains unchanged, but non-capitalized R&D spending for DeepHealth Cloud OS & Generative AI is increased to $17 million to $19 million Updated 2025 Guidance for Digital Health Segment (in millions) | Metric | Original Guidance | Revised After Q2 | | :--- | :--- | :--- | | **Total Net Revenue** | $80 - $90 | $80 - $90 | | **Adj. EBITDA (before specific R&D)** | $15 - $17 | $15 - $17 | | **Non-Capitalized R&D** | $16 - $18 | $17 - $19 | | **Capital Expenditures** | $3 - $5 | $2 - $4 | [Financial Statements](index=8&type=section&id=Financial%20Statements) [Condensed Consolidated Balance Sheets](index=8&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, RadNet's total assets grew to $3.51 billion, driven by increased cash and property, with total liabilities rising to $2.34 billion and total equity reaching $1.18 billion Balance Sheet Summary (in thousands) | Account | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | **Cash and Cash equivalents** | $833,152 | $740,020 | | **Total current assets** | $1,094,379 | $1,019,252 | | **Total Assets** | $3,514,966 | $3,286,690 | | **Total current liabilities** | $546,210 | $479,712 | | **Total Liabilities** | $2,335,705 | $2,153,280 | | **Total Equity** | $1,179,261 | $1,133,410 | [Condensed Consolidated Statement of Operations](index=9&type=section&id=Condensed%20Consolidated%20Statement%20of%20Operations) Q2 2025 total service revenue was $498.2 million, resulting in $30.9 million income from operations and a net income of $14.5 million, a significant improvement from a prior-year net loss Statement of Operations Summary (in thousands) | Metric | Q2 2025 | Q2 2024 | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | :--- | :--- | | **Total service revenue** | $498,230 | $459,714 | $969,629 | $891,421 | | **Income from operations** | $30,879 | $34,846 | $6,778 | $46,185 | | **Net income (loss) to stockholders** | $14,454 | $(2,982) | $(23,472) | $(5,761) | | **Diluted EPS** | $0.19 | $(0.04) | $(0.32) | $(0.08) | [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the first six months of 2025, RadNet generated $161.8 million in cash from operations, with a net increase in cash of $93.1 million, ending the period with $833.2 million in cash Six-Month Cash Flow Summary (in thousands) | Activity | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | | **Net cash from operating activities** | $161,829 | $133,090 | | **Net cash used in investing activities** | $(154,201) | $(138,278) | | **Net cash from financing activities** | $84,918 | $404,404 | | **Net increase in cash** | $93,132 | $399,109 | | **Cash at end of period** | $833,152 | $741,679 | [Non-GAAP Reconciliations and Supplemental Data](index=11&type=section&id=Non-GAAP%20Reconciliations%20and%20Supplemental%20Data) [Reconciliation of Net Income to Adjusted EBITDA](index=11&type=section&id=Reconciliation%20of%20Net%20Income%20to%20Adjusted%20EBITDA) Q2 2025 Net Income of $14.5 million was adjusted for various items to yield a Total Company Adjusted EBITDA of $81.2 million, with contributions from both Imaging Center and Digital Health segments Adjusted EBITDA Reconciliation Summary (in thousands) | Metric | Q2 2025 | Q2 2024 | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | :--- | :--- | | **Net income (loss) to stockholders** | $14,454 | $(2,982) | $(23,472) | $(5,761) | | **Adjusted EBITDA - Radnet, Inc.** | $81,246 | $72,327 | $127,645 | $130,789 | | **Adjusted EBITDA - Imaging Center** | $77,843 | $69,058 | $120,531 | $124,000 | | **Adjusted EBITDA - Digital Health** | $3,403 | $3,269 | $7,114 | $6,789 | [Reconciliation to Adjusted Earnings Per Share](index=13&type=section&id=Reconciliation%20to%20Adjusted%20Earnings%20Per%20Share) After tax-effected adjustments for non-recurring items, RadNet's Q2 2025 Adjusted Net Income was $23.8 million, resulting in an Adjusted Diluted EPS of $0.31, up from $0.16 in Q2 2024 Q2 Adjusted EPS Reconciliation (in thousands, except per share) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | **GAAP Net Income to Stockholders** | $14,454 | $(2,982) | | **Total Tax-Effected Adjustments** | $9,331 | $15,029 | | **Adjusted Net Income** | $23,785 | $12,047 | | **Diluted Weighted Avg. Shares** | 75,531,743 | 74,944,366 | | **Adjusted Diluted EPS** | $0.31 | $0.16 | [Supplemental Operating Data](index=12&type=section&id=Supplemental%20Operating%20Data) In Q2 2025, commercial insurance was the largest payor, and MRI the top modality by payments, with the company performing over 2.9 million procedures, showing growth across most major modalities - In Q2 2025, the primary sources of payments were **Commercial Insurance (58.3%)**, Medicare (23.3%), and Capitation (6.1%)[37](index=37&type=chunk) - MRI (**37.3%**), Mammography (**15.8%**), and CT (**15.7%**) were the top three modalities by percentage of payments in Q2 2025[39](index=39&type=chunk) Procedures by Modality | Modality | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | **MRI** | 490,299 | 449,781 | | **CT** | 291,820 | 269,939 | | **PET/CT** | 22,155 | 18,107 | | **Mammography** | 508,000 | 483,510 | | **Total** | 2,923,663 | 2,785,804 |

PART I. FINANCIAL INFORMATION [Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20%28Unaudited%29) The unaudited financial statements for the period ended June 30, 2025, show decreased cash and total assets, an increased net loss of $7.5 million, and higher cash used in operations [Balance Sheets](index=4&type=section&id=Balance%20Sheets) As of June 30, 2025, total assets decreased to **$6.0 million** from **$10.1 million**, driven by reduced cash, with liabilities and equity also falling Balance Sheet Summary (Unaudited) | Account | June 30, 2025 ($M) | December 31, 2024 ($M) | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $5.57M | $10.02M | | Total current assets | $5.97M | $10.11M | | **Total assets** | **$5.98M** | **$10.12M** | | **Liabilities & Equity** | | | | Total current liabilities | $1.68M | $2.68M | | **Total liabilities** | **$1.68M** | **$2.68M** | | Accumulated deficit | $(33.24M) | $(25.72M) | | **Total stockholders' equity** | **$4.30M** | **$7.44M** | [Statements of Operations and Comprehensive Loss](index=5&type=section&id=Statements%20of%20Operations%20and%20Comprehensive%20Loss) Net loss for the six months ended June 30, 2025, increased to **$7.5 million**, driven by higher operating expenses, particularly General and Administrative costs Operating Results (Unaudited) | Metric | Three Months Ended June 30, 2025 ($M) | Three Months Ended June 30, 2024 ($M) | Six Months Ended June 30, 2025 ($M) | Six Months Ended June 30, 2024 ($M) | | :--- | :--- | :--- | :--- | :--- | | General and administrative expenses | $2.66M | $1.21M | $4.91M | $2.34M | | Research and development expenses | $1.08M | $1.25M | $2.75M | $1.88M | | **Loss from operations** | **$(3.73M)** | **$(2.47M)** | **$(7.66M)** | **$(4.22M)** | | **Net loss** | **$(3.67M)** | **$(2.39M)** | **$(7.51M)** | **$(4.06M)** | | **Net loss per share (basic and diluted)** | **$(1.87)** | **$(2.24)** | **$(3.95)** | **$(3.80)** | [Statements of Cash Flows](index=7&type=section&id=Statements%20of%20Cash%20Flows) Net cash used in operating activities more than doubled to **$7.7 million** for the six months ended June 30, 2025, resulting in a **$4.4 million** net decrease in cash Cash Flow Summary (Unaudited) | Cash Flow Activity | Six Months Ended June 30, 2025 ($) | Six Months Ended June 30, 2024 ($) | | :--- | :--- | :--- | | Net cash used in operating activities | $(7,674,557) | $(3,365,624) | | Net cash used in investing activities | $(3,251) | $0 | | Net cash provided by financing activities | $3,230,596 | $298 | | **Net change in cash and cash equivalents** | **$(4,447,212)** | **$(3,365,326)** | | **Cash and cash equivalents – end of period** | **$5,570,730** | **$5,037,174** | [Notes to Financial Statements](index=8&type=section&id=Notes%20to%20Financial%20Statements) Notes highlight tecarfarin development, going concern uncertainty, a **1-for-15 reverse stock split**, and recent ATM equity sales - The company is a biopharmaceutical firm developing **tecarfarin**, a novel oral anticoagulant, for cardiovascular conditions like **end-stage kidney disease with atrial fibrillation (ESKD+AFib)** and for patients with **left ventricular assist devices (LVADs)**[21](index=21&type=chunk)[22](index=22&type=chunk) - The company's cash balance of approximately **$5.0 million** as of August 6, 2025, is expected to fund operations for at least the **next twelve months**[27](index=27&type=chunk) However, **additional funding** is necessary for further late-stage clinical trials, including a **Phase 3 trial** for tecarfarin[28](index=28&type=chunk) - A **1-for-15 reverse stock split** was effected on August 20, 2024[63](index=63&type=chunk) All share and per-share data have been retroactively adjusted to reflect this split[63](index=63&type=chunk) - During the six months ended June 30, 2025, the company sold **186,294 shares** through its **at-the-market (ATM) facility**, generating net proceeds of approximately **$3.2 million**[73](index=73&type=chunk) - Subsequent to the quarter end, from July 1 to July 14, 2025, the company sold an additional **39,741 shares** via its **ATM facility**, raising net proceeds of approximately **$499,000**[90](index=90&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=20&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management focuses on tecarfarin for niche cardiovascular conditions; H1 2025 operating expenses increased, requiring additional capital for future clinical trials - The company is pursuing a 'pipeline-in-a-product' approach for **tecarfarin**, targeting niche cardiovascular conditions where DOACs have failed or are unproven, such as in patients with **ESKD and AFib**, or those with **LVADs**[97](index=97&type=chunk)[98](index=98&type=chunk) - On **August 5, 2025**, the company announced plans to initiate a **clinical trial** for tecarfarin in patients with **ESKD transitioning to dialysis**, with enrollment expected to begin later in the year[100](index=100&type=chunk) - As of August 11, 2025, the company had approximately **$5.0 million** in cash and cash equivalents, which is expected to fund operations for at least the **next twelve months**[113](index=113&type=chunk) However, **additional funding** is needed for any further clinical trials, including a **Phase 3 trial** for tecarfarin[113](index=113&type=chunk) [Results of Operations](index=22&type=section&id=Results%20of%20Operations) Total operating expenses increased to **$7.7 million** for the six months ended June 30, 2025, driven by significant increases in G&A and R&D Comparison of Operating Expenses (Six Months Ended June 30) | Expense Category | 2025 ($) | 2024 ($) | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | General and administrative | $4,910,970 | $2,338,430 | $2,572,540 | 110% | | Research and development | $2,745,379 | $1,882,736 | $862,643 | 46% | | **Total operating expenses** | **$7,662,267** | **$4,222,233** | **$3,440,034** | **81.5%** | - The **$2.6 million** increase in G&A expenses for the six-month period was primarily due to a **$1.3 million** rise in public company costs, a **$0.6 million** increase in stock-based compensation, and a **$0.2 million** increase in personnel-related expenses[110](index=110&type=chunk) - The **$0.9 million** increase in R&D expenses for the six-month period was mainly attributed to a **$0.5 million** increase in CMC expenses, a **$0.3 million** increase in personnel costs (severance), and a **$0.1 million** increase in clinical trial preparation costs[111](index=111&type=chunk) [Liquidity and Capital Resources](index=24&type=section&id=Liquidity%20and%20Capital%20Resources) The company funds operations through equity sales; cash used in operations increased to **$7.7 million** in H1 2025, partially offset by **$3.2 million** from financing Cash Flow Summary (Six Months Ended June 30) | Activity | 2025 ($) | 2024 ($) | | :--- | :--- | :--- | | Cash used in operating activities | $(7,674,557) | $(3,365,624) | | Cash provided by financing activities | $3,230,596 | $298 | | **Net change in cash** | **$(4,447,212)** | **$(3,365,326)** | - Cash used in operating activities for the first six months of 2025 was **$7.7 million**, driven by a net loss of **$7.5 million** (which included **$1.1 million** of non-cash expenses) and a **$1.3 million** use of cash from changes in operating assets and liabilities[113](index=113&type=chunk)[115](index=115&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=25&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section is not applicable as the company qualifies as a smaller reporting company - The company is a **smaller reporting company** and is not required to provide these disclosures[121](index=121&type=chunk) [Controls and Procedures](index=25&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting - Based on an evaluation as of June 30, 2025, the Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were **effective** at the **reasonable assurance level**[123](index=123&type=chunk) - **No changes** in internal control over financial reporting occurred during the quarter ended June 30, 2025, that have **materially affected**, or are reasonably likely to materially affect, internal controls[124](index=124&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=27&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently subject to any material legal proceedings - The company is **not currently a party** to any **material legal proceedings**[126](index=126&type=chunk) [Risk Factors](index=27&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report - There have been **no material changes** from the risk factors disclosed in the company's Annual Report[127](index=127&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=27&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) On June 29, 2025, the company issued **10,000 shares** of restricted common stock to a consultant, exempt from registration under Section 4(a)(2) - On **June 29, 2025**, the company issued **10,000 shares** of **restricted common stock** to a consultant for services, exempt from registration under **Section 4(a)(2) of the Securities Act**[129](index=129&type=chunk) [Other Information](index=27&type=section&id=Item%205.%20Other%20Information) On May 9, 2025, the CEO and CFO entered into Rule 10b5-1 stock selling plans for up to **50,600** and **33,333 shares**, effective August 2025 - On **May 9, 2025**, the CEO and CFO entered into **Rule 10b5-1 stock selling plans**[135](index=135&type=chunk) - The plans allow for the sale of a maximum of **50,600 shares** by the CEO and **33,333 shares** by the CFO, with the selling period beginning in **August 2025** and ending in **November 2025**[136](index=136&type=chunk) [Exhibits](index=28&type=section&id=Item%206.%20Exhibits) This section provides an index of exhibits filed or furnished as part of the Quarterly Report on Form 10-Q - The report includes an **Exhibit Index** listing all documents filed or furnished with the **Form 10-Q**[137](index=137&type=chunk)

[Rumble Q2 2025 Earnings Report](index=1&type=section&id=Rumble%20Q2%202025%20Earnings%20Report) [Q2 2025 Financial & Operational Highlights](index=1&type=section&id=Q2%202025%20Financial%20%26%20Operational%20Highlights) Rumble reported a 12% year-over-year revenue increase to $25.1 million and improved its Adjusted EBITDA loss to $20.5 million Q2 2025 Key Financial Metrics | Metric | Q2 2025 | Change (YoY/QoQ) | | :--- | :--- | :--- | | Revenue | $25.1 million | +12% YoY | | Net Loss | $30.2 million | Increased from $26.8M loss YoY | | Adjusted EBITDA | -$20.5 million | $8.2M improvement YoY | | MAUs | 51 million | -14% QoQ | | ARPU | $0.42 | +24% QoQ | | Total Liquidity (as of June 30) | $306.4 million | N/A | - The decrease in Monthly Active Users (MAUs) from 59 million in Q1 2025 is attributed to a slowdown in news and political commentary outside of a U.S. election cycle[2](index=2&type=chunk) - Strategic developments in Q2 include partnerships with the Tampa Bay Buccaneers and TRON DAO, the appointment of a new Chief Marketing Officer, and the inclusion of Rumble's Class A shares in the **Russell 2000® and 3000® Indexes**[2](index=2&type=chunk) [Management Commentary](index=2&type=section&id=Management%20Commentary) Management highlighted the company's entry into a new phase of aggressive growth, supported by recent investments and a focus on future initiatives - The company is entering a new phase of **aggressive growth**, aiming to compete with and surpass big tech peers[4](index=4&type=chunk) - Future growth is expected to be driven by the upcoming launch of **Rumble Wallet** and expanding **cloud and AI initiatives**[4](index=4&type=chunk) - Recent strategic partnerships with Cumulus Media, MoonPay, and a top AI innovator are building momentum for the company[4](index=4&type=chunk) [Q2 2025 Financial Performance Analysis](index=2&type=section&id=Q2%202025%20Financial%20Performance%20Analysis) Revenue grew 12% YoY to $25.1 million while cost of services decreased significantly, though operating expenses showed mixed results [Revenue Analysis](index=2&type=section&id=Revenue%20Analysis) Revenue increased by $2.6 million year-over-year, driven by growth in Audience Monetization and Other Initiatives Q2 2025 Revenue Breakdown (YoY Change) | Revenue Component | Change (YoY) | Key Driver(s) | | :--- | :--- | :--- | | **Audience Monetization** | +$1.7M | +$4.4M Subscriptions, -$3.7M Advertising | | **Other Initiatives** | +$0.9M | +$0.8M Cloud Services | | **Total Revenue** | **+$2.6M** | **Overall growth in subscriptions and cloud** | [Expense Analysis](index=2&type=section&id=Expense%20Analysis) Cost of services decreased by 26% due to lower content costs, while G&A and sales & marketing expenses increased Q2 2025 Expense Changes (YoY) | Expense Category | Q2 2025 Value | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | | Cost of services | $26.5M | -26% | $10.1M reduction in content costs | | General and administrative | $11.7M | +12% | $1.5M rise in administrative/professional fees | | Research and development | $4.8M | -9% | Reduction in payroll and other R&D costs | | Sales and marketing | $7.9M | +26% | $1.3M increase in marketing activities | [Key Performance Indicators (KPIs)](index=3&type=section&id=Key%20Performance%20Indicators%20(KPIs)) The company tracks audience engagement and monetization through MAUs and ARPU, noting a change in Google's analytics platform may impact data comparability - Monthly Active Users (MAUs) are defined as the total number of distinct web, mobile app, and connected TV users each month, as calculated by Google Analytics[12](index=12&type=chunk) - The transition from Google's Universal Analytics (UA) to Google Analytics 4 (GA4) in July 2023 may affect the comparability of MAU figures reported before and after this date[13](index=13&type=chunk) - Average Revenue Per User (ARPU) is calculated by dividing quarterly Audience Monetization revenue by the MAUs for that quarter and does not include revenue from Other Initiatives[14](index=14&type=chunk) [Subsequent Events](index=2&type=section&id=Subsequent%20Events) Post-quarter end, Rumble announced key strategic partnerships with MoonPay and Cumulus Media and appointed a new VP of Sales for Rumble Cloud - Announced an exclusive partnership with MoonPay to provide crypto on and off-ramps for the **Rumble Wallet**, which is expected to launch in Q3 2025[6](index=6&type=chunk) - Appointed tech industry veteran Ian O'Donnell, with prior leadership roles at Google Cloud and Microsoft, as Vice President of Sales for Rumble Cloud[6](index=6&type=chunk) - Entered a strategic partnership with Cumulus Media to address the convergence of podcasting and video in the media landscape[6](index=6&type=chunk) [Financial Statements (Unaudited)](index=8&type=section&id=Financial%20Statements%20(Unaudited)) The unaudited statements show a quarterly net loss of $30.2 million, a strong cash position of $283.8 million, and significant cash inflow from financing activities [Condensed Consolidated Interim Statements of Operations](index=8&type=section&id=Condensed%20Consolidated%20Interim%20Statements%20of%20Operations) The company reported a net loss of $30.2 million for the quarter on revenues of $25.1 million and total expenses of $51.7 million Q2 Statement of Operations Highlights (Unaudited) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Revenues | $25,084,631 | $22,469,543 | | Total Expenses | $51,723,872 | $61,283,115 | | Loss from Operations | $(26,639,241) | $(38,813,572) | | Net Loss | $(30,224,930) | $(26,780,700) | | Loss per Share | $(0.12) | $(0.13) | [Condensed Consolidated Interim Balance Sheets](index=9&type=section&id=Condensed%20Consolidated%20Interim%20Balance%20Sheets) Total assets grew to $379.9 million, driven by a substantial increase in cash, while shareholders' equity turned positive to $314.2 million Balance Sheet Highlights (Unaudited) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $283,810,338 | $114,018,900 | | Digital assets | $22,593,025 | - | | Total Assets | $379,925,966 | $195,312,807 | | Total Liabilities | $65,704,968 | $258,428,209 | | Total Shareholders' Equity (Deficit) | $314,220,998 | $(63,115,402) | [Condensed Consolidated Interim Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Interim%20Statements%20of%20Cash%20Flows) Financing activities provided $220.9 million in cash, offsetting cash used in operations and investing, resulting in a net cash increase of $169.8 million Six-Month Cash Flow Summary (Unaudited) | Cash Flow Category | Six Months Ended June 30, 2025 | | :--- | :--- | | Net cash used in operating activities | $(30,376,137) | | Net cash used in investing activities | $(20,752,005) | | Net cash provided by financing activities | $220,919,580 | | **Net increase in cash** | **$169,791,438** | [Reconciliation of GAAP to Non-GAAP Measures](index=12&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Measures) The company's Adjusted EBITDA loss improved by $8.2 million year-over-year to $20.5 million after reconciling from a GAAP Net Loss of $30.2 million Reconciliation of Net Loss to Adjusted EBITDA (Unaudited) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net loss | $(30,224,930) | $(26,780,700) | | Adjustments (e.g., D&A, SBC, etc.) | $9,762,807 | $(1,893,504) | | **Adjusted EBITDA** | **$(20,462,123)** | **$(28,674,204)** | - Adjusted EBITDA is used by management to identify business trends that might be masked by non-cash or non-recurring items included in the GAAP net loss calculation[16](index=16&type=chunk) [Disclosures](index=5&type=section&id=Disclosures) This section contains important forward-looking statements, outlines potential risks, and details the company's use of social media for material disclosures [Forward-Looking Statements](index=5&type=section&id=Forward-Looking%20Statements) The report contains forward-looking statements based on current expectations that are subject to numerous risks and uncertainties - This section cautions investors that actual results could differ materially from those expressed in forward-looking statements due to a wide range of risks and uncertainties[19](index=19&type=chunk)[20](index=20&type=chunk) [Social Media Disclosures](index=7&type=section&id=Social%20Media%20Disclosures) Rumble uses its investor relations website and specific social media accounts as primary channels for disclosing material information - Investors should monitor the company's investor relations website and designated social media accounts on X (formerly Twitter) and TRUTH Social for material information[21](index=21&type=chunk)

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 001-37762 Yum China Holdings, Inc. (Exact Name of Registrant as Specified in Its Charter) (State or O ...

[PART I. FINANCIAL INFORMATION](index=6&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements](index=6&type=section&id=Item%201.%20Financial%20Statements) The unaudited condensed consolidated financial statements for Immix Biopharma, Inc. as of June 30, 2025, and for the three and six months ended June 30, 2025 and 2024, detail the company's financial position, operational results, changes in equity, and cash flows, reflecting increased net losses and a decrease in cash reserves, primarily driven by escalating research and development expenses for its clinical programs [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets%20as%20of%20June%2030%2C%202025%20%28Unaudited%29%20and%20December%2031%2C%202024) The balance sheet as of June 30, 2025, shows a significant decrease in cash and cash equivalents to **$11.6 million** from **$17.7 million** at year-end 2024, with total assets declining to **$15.6 million** from **$22.9 million**, while total liabilities increased to **$11.0 million**, and total stockholders' equity fell sharply to **$4.7 million** from **$13.3 million**, reflecting the company's net loss and cash burn Condensed Consolidated Balance Sheet Highlights (Unaudited) | Balance Sheet Item | June 30, 2025 (USD) | December 31, 2024 (USD) | | :--- | :--- | :--- | | Cash and cash equivalents | $11,637,945 | $17,681,954 | | Total current assets | $12,325,460 | $20,197,834 | | Total assets | $15,635,104 | $22,947,872 | | Total current liabilities | $10,009,738 | $8,687,118 | | Total liabilities | $10,982,073 | $9,696,669 | | Total stockholders' equity | $4,653,031 | $13,251,203 | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss%20for%20the%20Three%20and%20Six%20Months%20ended%20June%2030%2C%202025%20and%202024%20%28Unaudited%29) The company reported a net loss of **$6.6 million** for the three months ended June 30, 2025, a **50% increase** from the **$4.4 million** loss in the same period of 2024, and for the six-month period, the net loss was **$11.2 million** in 2025 compared to **$9.7 million** in 2024, with widening losses primarily due to a substantial increase in research and development expenses Statement of Operations Highlights (Unaudited) | Metric | Three Months Ended June 30, 2025 (USD) | Three Months Ended June 30, 2024 (USD) | Six Months Ended June 30, 2025 (USD) | Six Months Ended June 30, 2024 (USD) | | :--- | :--- | :--- | :--- | :--- | | Research and development | $3,972,458 | $2,224,139 | $5,947,532 | $5,472,808 | | General and administrative | $2,745,247 | $2,478,357 | $5,453,098 | $4,819,821 | | Loss from operations | ($6,717,705) | ($4,702,496) | ($11,400,630) | ($10,292,629) | | Net loss | ($6,622,563) | ($4,405,850) | ($11,165,091) | ($9,736,914) | | Loss per common share | ($0.22) | ($0.15) | ($0.37) | ($0.36) | [Condensed Consolidated Statements of Stockholders' Equity](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders%27%20Equity) Stockholders' equity decreased from **$13.3 million** at the end of 2024 to **$4.7 million** as of June 30, 2025, primarily driven by the net loss of **$11.2 million** for the six-month period, partially offset by capital raised from stock issuances under the At-The-Market (ATM) facility - For the six months ended June 30, 2025, the company's total stockholders' equity decreased by approximately **$8.6 million**, from **$13,251,203** to **$4,653,031**[19](index=19&type=chunk) - The decrease in equity was primarily due to a net loss of **$11,165,091**, which was partially offset by proceeds from stock issuances, including **$1,094,399** net from the ATM facility[16](index=16&type=chunk)[19](index=19&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash used in operating activities was **$7.0 million**, with **$1.1 million** generated from financing activities, primarily through its ATM offering, resulting in a net decrease in cash and cash equivalents of **$6.0 million**, leaving an ending balance of **$11.6 million** Cash Flow Summary (Six Months Ended June 30) | Cash Flow Activity | 2025 (USD) | 2024 (USD) | | :--- | :--- | :--- | | Net cash used in operating activities | ($6,994,921) | ($9,082,817) | | Net cash used in investing activities | ($195,343) | ($398,987) | | Net cash provided by financing activities | $1,110,116 | $15,948,567 | | Net change in cash and cash equivalents | ($6,044,009) | $6,465,307 | | Cash and cash equivalents – end of period | $11,637,945 | $23,975,098 | [Notes to the Condensed Consolidated Financial Statements (Unaudited)](index=11&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements%20%28Unaudited%29) The notes provide critical context to the financial statements, highlighting the company's clinical-stage nature, significant accounting policies, and major financial events, including details on financing activities, such as the ATM agreement and a CIRM grant, license agreements with ongoing payment obligations, and a 'going concern' warning due to recurring losses and insufficient capital to fund operations for the next twelve months - The company is a clinical-stage biopharmaceutical firm focused on developing cell therapies for AL Amyloidosis and other diseases[25](index=25&type=chunk) - Management has concluded there is substantial doubt about the Company's ability to continue as a going concern, as it does not have sufficient capital to sustain operations for at least the next twelve months from the filing date[39](index=39&type=chunk) - In June 2025, the company initiated an At The Market (ATM) offering agreement to sell up to **$50 million** of its common stock, and as of June 30, 2025, it had raised net proceeds of **$1.1 million** under this agreement[38](index=38&type=chunk) - The company was awarded an **$8 million** grant from CIRM in July 2024 and has received **$3.6 million** in reimbursements as of June 30, 2025, with the remaining **$4.4 million** contingent on achieving milestones[37](index=37&type=chunk)[87](index=87&type=chunk) - The company has significant financial commitments under a license agreement with HADASIT and BIRAD, including quarterly payments totaling approximately **$13.0 million** due through September 2026, plus potential royalties and milestone payments[83](index=83&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's focus on its lead CAR-T candidate, NXC-201, for AL Amyloidosis, highlighting recent positive clinical data and regulatory designations like RMAT, with the analysis of financial results showing widening net losses due to increased R&D spending on clinical trials, and the liquidity section underscoring a 'going concern' issue, stating that current cash is insufficient for the next year and detailing plans to raise additional capital through its ATM facility and other means [Overview](index=26&type=section&id=Overview) Immix Biopharma is a clinical-stage company focused on developing its lead CAR-T cell therapy candidate, NXC-201, for AL Amyloidosis and other serious diseases, with NXC-201 having received FDA RMAT and ODD designations, and recent clinical data from ongoing trials presented at major conferences (ASH, ASCO) showing high overall and complete response rates in relapsed/refractory AL Amyloidosis patients - The company's lead candidate, NXC-201, is a CAR-T therapy for AL Amyloidosis that has received FDA Regenerative Medicine Advanced Therapy (RMAT) and Orphan Drug Designation (ODD)[106](index=106&type=chunk)[107](index=107&type=chunk) - Clinical data presented at ASCO 2025 for 10 patients showed a **70% complete response (CR) rate**, with all patients normalizing pathological disease markers and no relapses recorded[123](index=123&type=chunk) - The company is conducting two clinical trials for NXC-201 in AL Amyloidosis: the U.S.-based Phase 1b/2 NEXICART-2 and the ex-U.S. Phase 1b/2a NEXICART-1[116](index=116&type=chunk) [Results of Operations](index=30&type=section&id=Results%20of%20Operations) Comparing the periods ended June 30, 2025, and 2024, the company's net loss increased for both the three-month and six-month periods, primarily driven by a significant rise in Research and Development expenses, which grew from **$2.2 million** to **$4.0 million** for the second quarter, due to costs associated with the ongoing CAR-T clinical trials, while General and Administrative expenses also saw a moderate increase Comparison of Operating Expenses (Three Months Ended June 30) | Expense Category | 2025 (USD) | 2024 (USD) | Change (USD) | | :--- | :--- | :--- | :--- | | General and administrative | $2,745,247 | $2,478,357 | +$266,890 | | Research and development | $3,972,458 | $2,224,139 | +$1,748,319 | - The increase in R&D expense was primarily driven by costs for the ongoing Phase 1b/2a CAR-T clinical trial, including patient treatment, site onboarding, and license fees[136](index=136&type=chunk) - Net loss for Q2 2025 was **$6.6 million**, compared to **$4.4 million** in Q2 2024, mainly due to the increase in R&D expenses[139](index=139&type=chunk) [Liquidity and Capital Resources](index=31&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, the company had **$11.6 million** in cash and cash equivalents, but management states these funds are not sufficient to support planned operations for the next twelve months, raising substantial doubt about its ability to continue as a going concern, with the company relying on its June 2025 ATM agreement, which allows for sales of up to **$50 million** in stock, and remaining CIRM grant funds to finance future operations, though additional capital will be necessary - The company had approximately **$11.6 million** in cash and cash equivalents as of June 30, 2025[152](index=152&type=chunk) - Management believes that current cash and cash equivalents will not be sufficient to fund planned operations over the next twelve months, and there is substantial doubt about the company's ability to continue as a going concern[152](index=152&type=chunk)[176](index=176&type=chunk) - The company is funding operations through its June 2025 ATM agreement (raised **$2.4 million** as of Aug 6, 2025), and an **$8 million** CIRM grant (**$4.4 million** remaining to be disbursed upon milestone achievement)[150](index=150&type=chunk)[151](index=151&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=34&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is a "smaller reporting company" as defined by the Exchange Act and is therefore not required to provide the information for this item - As a 'smaller reporting company,' the company is not required to provide quantitative and qualitative disclosures about market risk[166](index=166&type=chunk) [Controls and Procedures](index=34&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that as of June 30, 2025, the company's disclosure controls and procedures were not effective due to a previously identified material weakness in internal control over financial reporting, stemming from the company's small size and lack of adequate segregation of duties, with a remediation plan ongoing - Management concluded that disclosure controls and procedures were not effective as of June 30, 2025[167](index=167&type=chunk) - The ineffectiveness is due to a material weakness in internal control over financial reporting related to the company's small size and limited personnel, which prevents adequate segregation of duties[168](index=168&type=chunk) - The company is working to remediate the material weakness by establishing additional points of segregation of duties and upgrading IT controls[170](index=170&type=chunk) [PART II. OTHER INFORMATION](index=35&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=35&type=section&id=Item%201.%20Legal%20Proceedings) The company reports that it is not currently aware of any pending legal proceedings that would have a material adverse effect on its business, financial condition, or operating results - The company is not currently a party to any material legal proceedings[174](index=174&type=chunk) [Risk Factors](index=35&type=section&id=Item%201A.%20Risk%20Factors) The company states there have been no material changes to its risk factors from its 2024 Annual Report, with the exception of highlighting the risk related to its ability to continue as a 'going concern', which arises from recurring losses and the need to raise additional capital to fund future operations - The company's ability to continue as a going concern is identified as a key risk, as existing cash is not expected to fund operations into the third quarter of 2026, creating substantial doubt about its viability within one year[176](index=176&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=37&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During the six months ended June 30, 2025, the company issued a total of **183,531 shares** of restricted common stock, valued at a combined **$0.3 million**, for investor relations services under various marketing agreements, with these issuances exempt from registration under the Securities Act - The company issued shares of restricted common stock for investor relations services in three separate transactions during the first six months of 2025[178](index=178&type=chunk)[179](index=179&type=chunk)[180](index=180&type=chunk) [Other Information](index=37&type=section&id=Item%205.%20Other%20Information) During the quarter ended June 30, 2025, none of the company's directors or officers adopted or terminated any Rule 10b5-1 trading plans for the purchase or sale of company securities - No directors or officers adopted or terminated a Rule 10b5-1 trading plan during the second quarter of 2025[183](index=183&type=chunk) [Exhibits](index=38&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Quarterly Report on Form 10-Q, including the At The Market Offering Agreement, officer certifications (pursuant to Sarbanes-Oxley Act Sections 302 and 906), and Inline XBRL data files - Exhibits filed include the At The Market Offering Agreement with Citizens JMP Securities, LLC, and required certifications by the Principal Executive Officer and Principal Financial Officer[185](index=185&type=chunk)

[PART I — FINANCIAL INFORMATION](index=5&type=section&id=PART%20I%20%E2%80%94%20FINANCIAL%20INFORMATION) [Financial Statements](index=5&type=section&id=Item%201%20Financial%20Statements) This section presents MPT's unaudited condensed consolidated financial statements for Q2 and H1 2025, detailing financial position, performance, and cash flows, alongside notes on tenant bankruptcies, debt, and asset sales MPT Inc. Financial Position Summary (in thousands) | Account | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Total Assets | $15,150,428 | $14,294,594 | +$855,834 | | Debt, net | $9,649,035 | $8,848,112 | +$800,923 | | Total Equity | $4,833,810 | $4,833,783 | +$27 | MPT Inc. Statement of Net Income Summary (in thousands) | Period | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Total Revenues | $240,359 | $266,560 | $464,158 | $537,876 | | Net Loss Attributable to MPT | $(98,357) | $(320,635) | $(216,632) | $(1,196,260) | | Diluted EPS | $(0.16) | $(0.54) | $(0.36) | $(1.99) | MPT Inc. Cash Flow Summary - Six Months Ended June 30 (in thousands) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $52,131 | $109,601 | | Net Cash (used for)/provided by Investing Activities | $(161,734) | $1,082,853 | | Net Cash provided by/(used for) Financing Activities | $271,523 | $(831,442) | [Note 3: Real Estate and Other Activities](index=19&type=section&id=Note%203.%20Real%20Estate%20and%20Other%20Activities) This note details significant operational events, including financial impacts from Steward and Prospect bankruptcies, asset sales like the $1.2 billion Utah hospital portfolio, and increased credit loss reserves - Steward Health Care System filed for Chapter 11 bankruptcy, leading to a global settlement where MPT terminated its master lease, gained control of **23 properties** for re-tenanting, and released its claims. MPT had already recorded significant impairment charges in 2024 related to its Steward investments[64](index=64&type=chunk)[66](index=66&type=chunk) - Prospect Medical Holdings filed for Chapter 11 bankruptcy in January 2025. MPT recorded over **$400 million** in impairment charges in Q4 2024 and additional charges in 2025. The ultimate recovery of the remaining **~$660 million** investment is uncertain[72](index=72&type=chunk)[75](index=75&type=chunk)[77](index=77&type=chunk) - In April 2024, MPT sold its interest in five Utah hospitals in a joint venture transaction valued at **$1.2 billion**, recognizing a gain of approximately **$380 million** and generating **$1.1 billion** in cash[51](index=51&type=chunk) Credit Loss Reserve Activity (in thousands) | Period | Beginning Balance | Provision for Credit Loss, net | Ending Balance | | :--- | :--- | :--- | :--- | | **H1 2025** | $511,473 | $53,323 | $564,796 | | **H1 2024** | $96,001 | $442,533 | $538,534 | [Note 4: Debt](index=32&type=section&id=Note%204.%20Debt) This note details MPT's debt, which increased to $9.8 billion by June 2025, highlighting the February 2025 refinancing of $1.5 billion USD and €1.0 billion Euro secured notes, and the amendment of its credit facility - In February 2025, MPT issued **$1.5 billion** in USD Senior Secured Notes at **8.500%** and **€1.0 billion** in Euro Senior Secured Notes at **7.000%**, both maturing in 2032[105](index=105&type=chunk) - Net proceeds from the new notes were used to redeem senior unsecured notes due in 2025 and 2026, and to pay down the revolving credit facility[106](index=106&type=chunk) - The company's credit facility was amended to be secured, with the interest rate reset to **SOFR + 225 bps** and maturity extended to 2027[103](index=103&type=chunk) [Note 9: Contingencies](index=42&type=section&id=Note%209.%20Contingencies) This note details MPT's involvement in federal securities class action and shareholder derivative lawsuits concerning disclosures about tenant financial health, particularly Steward and Prospect, with the company believing claims are without merit - MPT and its executives are defendants in federal securities class action lawsuits in Alabama and New York concerning disclosures about tenant financial health (Steward and Prospect)[134](index=134&type=chunk)[136](index=136&type=chunk) - Related shareholder derivative lawsuits have also been filed. Most cases have been stayed pending developments in the primary securities lawsuits[135](index=135&type=chunk)[137](index=137&type=chunk) - The company believes the claims are without merit but cannot predict the outcome or potential financial impact[138](index=138&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=45&type=section&id=Item%202%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the significant decrease in H1 2025 net loss due to lower impairment charges, a 42% decline in Q2 NFFO from asset sales and higher interest, and outlines liquidity strategies including asset sales and dividend management [Results of Operations](index=51&type=section&id=Results%20of%20Operations) Q2 2025 total revenues decreased 9.8% to $240.4 million due to lower financing lease income and asset sales, while interest expense rose; H1 2025 net loss significantly improved due to lower impairment charges Revenue Comparison - Q2 2025 vs Q2 2024 (in thousands) | Revenue Type | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Rent billed | $177,860 | $183,764 | (3.2)% | | Income from financing leases | $9,923 | $27,641 | (64.1)% | | **Total revenues** | **$240,359** | **$266,560** | **(9.8)%** | - The decrease in net loss for H1 2025 was primarily driven by significantly lower impairment charges (**$77.5 million** in H1 2025 vs. **$830.5 million** in H1 2024)[172](index=172&type=chunk)[180](index=180&type=chunk) - Interest expense increased in Q2 and H1 2025 due to debt refinancing activities in February 2025 at higher interest rates. The weighted-average interest rate was **5.3%** in Q2 2025, up from **4.1%** in Q2 2024[156](index=156&type=chunk)[175](index=175&type=chunk) [Reconciliation of Non-GAAP Financial Measures](index=60&type=section&id=Reconciliation%20of%20Non-GAAP%20Financial%20Measures) This section reconciles GAAP Net Loss to FFO and NFFO, showing Q2 2025 NFFO at $81.4 million ($0.14 per share), a 42% decrease from Q2 2024, primarily due to lower revenues and higher interest costs FFO and Normalized FFO Reconciliation (in thousands, except per share) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Net loss attributable to MPT | $(98,357) | $(320,635) | $(216,632) | $(1,196,260) | | Funds from operations (FFO) | $(40,176) | $(89,550) | $(24,053) | $(869,509) | | **Normalized FFO (NFFO)** | **$81,362** | **$139,367** | **$162,464** | **$281,152** | | **NFFO per diluted share** | **$0.14** | **$0.23** | **$0.27** | **$0.47** | - The **42%** decrease in quarterly Normalized FFO is primarily attributed to lower revenues from property disposals and higher interest expense following recent refinancing activities[153](index=153&type=chunk)[172](index=172&type=chunk) [Liquidity and Capital Resources](index=63&type=section&id=LIQUIDITY%20AND%20CAPITAL%20RESOURCES) MPT's liquidity strategy leverages operating cash flow and asset sales, with total liquidity at $1.2 billion as of August 2025, supported by recent debt refinancing and a new S-3 shelf registration for future capital access - As of August 5, 2025, the company has liquidity of **$1.2 billion**, including cash on hand and availability under its **$1.28 billion** revolving credit facility[199](index=199&type=chunk) - On June 2, 2025, MPT filed a new shelf registration statement on Form S-3, regaining the ability to raise capital in the public markets[192](index=192&type=chunk)[207](index=207&type=chunk) - The quarterly dividend was reduced to **$0.08 per share** in August 2024 to preserve liquidity[206](index=206&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=67&type=section&id=Item%203%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) MPT's primary market risks are interest rate and foreign currency fluctuations, with most debt fixed-rate; a 10% variable rate increase would raise interest expense by $5.1 million, and a 10% currency change would impact net loss by $1.9 million - At June 30, 2025, the company had **$9.8 billion** in total debt, of which **$0.8 billion** was variable rate[211](index=211&type=chunk) - A **10%** increase in variable interest rates would result in a **$5.1 million** annual increase in interest expense[212](index=212&type=chunk) - A **10%** adverse change in foreign currency exchange rates would impact net loss by approximately **$1.9 million**[213](index=213&type=chunk) [Controls and Procedures](index=67&type=section&id=Item%204%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures are effective in providing reasonable assurance for timely and accurate reporting[215](index=215&type=chunk) - No material changes were made to the internal control over financial reporting during the most recent fiscal quarter[216](index=216&type=chunk) [PART II — OTHER INFORMATION](index=70&type=section&id=PART%20II%20%E2%80%94%20OTHER%20INFORMATION) [Legal Proceedings](index=70&type=section&id=Item%201%20Legal%20Proceedings) The company is involved in various lawsuits, including securities class action and shareholder derivative suits related to tenant financial health disclosures, which management believes are without merit - The company is party to various lawsuits as described in Note 9, 'Contingencies'[219](index=219&type=chunk) - Management believes the resolution of pending legal matters will not have a material adverse effect, but acknowledges the inherent uncertainty of litigation[220](index=220&type=chunk) [Risk Factors](index=70&type=section&id=Item%201A%20Risk%20Factors) No material changes have occurred to the risk factors previously disclosed in the company's 2024 Annual Report on Form 10-K - No material changes to the Risk Factors presented in the 2024 Form 10-K have occurred[221](index=221&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=70&type=section&id=Item%202%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q2 2025, the company repurchased **87,000** common shares at **$5.24** each to satisfy employee tax withholding obligations from restricted stock awards, not as part of a public buyback program Common Stock Repurchases - Q2 2025 | Period | Total Shares Purchased (thousands) | Average Price per Share | | :--- | :--- | :--- | | April 1-April 30, 2025 | 87 | $5.24 | - The shares were purchased from employees to satisfy tax withholding obligations from vesting of restricted stock awards[222](index=222&type=chunk) [Other Information](index=70&type=section&id=Item%205%20Other%20Information) No company directors or officers adopted, terminated, or modified Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during Q2 2025 - No directors or officers adopted, terminated, or modified a Rule 10b5-1 trading plan during the three months ended June 30, 2025[225](index=225&type=chunk)

PART I – FINANCIAL INFORMATION [Item 1. Financial Statements (Unaudited)](index=5&type=section&id=Item%201.%20FINANCIAL%20STATEMENTS%20(Unaudited)) This section presents Cathay General Bancorp's unaudited consolidated financial statements, including balance sheets, income statements, equity changes, and cash flows, with notes on accounting policies [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets increased to $23.72 billion from $23.05 billion at year-end 2024, driven by growth in loans, with total liabilities rising to $20.84 billion and total stockholders' equity increasing to $2.89 billion Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$23,723,847** | **$23,054,681** | | Loans held for investment, net | $19,597,337 | $19,203,649 | | Securities available-for-sale | $1,648,433 | $1,547,128 | | **Total Liabilities** | **$20,837,552** | **$20,208,977** | | Total deposits | $20,006,330 | $19,686,199 | | Advances from FHLB | $412,000 | $60,000 | | **Total Stockholders' Equity** | **$2,886,295** | **$2,845,704** | [Consolidated Statements of Operations and Comprehensive Income](index=6&type=section&id=Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income) Net income for Q2 2025 rose to $77.5 million ($1.10 diluted EPS) from $66.8 million in Q2 2024, driven by higher net interest income and lower non-interest expense, with six-month net income reaching $147.0 million Q2 2025 vs Q2 2024 Performance (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net Interest Income | $181,221 | $165,316 | | Provision for Credit Losses | $11,200 | $6,600 | | Non-Interest Income | $15,391 | $13,215 | | Non-Interest Expense | $89,134 | $99,352 | | **Net Income** | **$77,450** | **$66,829** | | **Diluted EPS** | **$1.10** | **$0.92** | Six Months 2025 vs 2024 Performance (in thousands, except per share data) | Metric | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | | Net Interest Income | $357,860 | $333,888 | | Provision for Credit Losses | $26,700 | $8,500 | | Non-Interest Income | $26,595 | $19,826 | | Non-Interest Expense | $174,790 | $192,591 | | **Net Income** | **$146,956** | **$138,264** | | **Diluted EPS** | **$2.09** | **$1.90** | [Consolidated Statements of Changes in Stockholders' Equity](index=8&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Equity) Stockholders' equity increased to $2.89 billion by June 30, 2025, from $2.85 billion at year-end 2024, primarily due to net income and other comprehensive income, partially offset by treasury stock purchases and cash dividends Reconciliation of Stockholders' Equity (Six Months Ended June 30, 2025, in thousands) | Description | Amount | | :--- | :--- | | Balance at Dec 31, 2024 | $2,845,704 | | Net Income | $146,956 | | Other Comprehensive Income | $16,385 | | Purchases of Treasury Stock | $(77,338) | | Cash Dividends | $(47,701) | | Other (Stock Comp, DRIP, etc.) | $(2,001) | | **Balance at June 30, 2025** | **$2,886,295** | [Consolidated Statements of Cash Flows](index=10&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities was $162.9 million for the first half of 2025, while investing activities used $501.1 million and financing activities provided $545.6 million, resulting in a $207.5 million net increase in cash and cash equivalents Cash Flow Summary (Six Months Ended June 30, 2025, in thousands) | Activity | Amount | | :--- | :--- | | Net Cash from Operating Activities | $162,911 | | Net Cash from Investing Activities | $(501,088) | | Net Cash from Financing Activities | $545,632 | | **Net Increase in Cash** | **$207,455** | [Notes to Consolidated Financial Statements (Unaudited)](index=11&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements%20(Unaudited)) This section provides detailed disclosures supporting the primary financial statements, covering business operations, accounting policies, investment securities, loan portfolio, credit losses, borrowed funds, fair value, derivatives, and equity activities [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=50&type=section&id=Item%202.%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management discusses the company's financial condition and results for Q2 and H1 2025, analyzing net interest income, credit losses, non-interest items, and balance sheet components including loans, non-performing assets, deposits, capital, and liquidity, alongside critical accounting policies like CECL [Highlights](index=51&type=section&id=Highlights) The company reported strong Q2 2025 performance with net income of $77.5 million ($1.10 diluted EPS), a 16.0% increase year-over-year, alongside an improved net interest margin, and growth in total loans and deposits Q2 2025 Key Performance Metrics | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net Income (millions) | $77.5 | $66.8 | | Diluted EPS | $1.10 | $0.92 | | Return on Average Assets | 1.33% | 1.15% | | Return on Average Equity | 10.72% | 9.63% | | Efficiency Ratio | 45.34% | 55.65% | - Net interest margin expanded to **3.27%** in Q2 2025 from 3.01% in Q2 2024[171](index=171&type=chunk) - Total loans grew **2.11%** to **$19.78 billion** and total deposits grew **1.6%** to **$20.01 billion** since December 31, 2024[171](index=171&type=chunk) [Quarterly Statement of Operations Review](index=51&type=section&id=Quarterly%20Statement%20of%20Operations%20Review) Q2 2025 net interest income increased 9.6% year-over-year to $181.2 million due to lower cost of funds, while provision for credit losses rose, non-interest income increased, and non-interest expense decreased primarily from reduced amortization of tax credit investments - The increase in net interest income was primarily due to a decrease in interest expense from deposits, which more than offset a decrease in interest income from loans and securities[168](index=168&type=chunk) - The provision for credit losses increased to **$11.2 million** in Q2 2025 from $6.6 million in Q2 2024[175](index=175&type=chunk) - Non-interest expense decreased mainly due to a **$12.2 million** reduction in amortization expense from investments in low-income housing and alternative energy partnerships[179](index=179&type=chunk) [Balance Sheet Review](index=57&type=section&id=Balance%20Sheet%20Review) The balance sheet review details changes from year-end 2024 to June 30, 2025, showing total asset growth to $23.72 billion driven by a 2.1% increase in gross loans to $19.78 billion, stable non-performing assets, 1.6% deposit growth, and an increased allowance for credit losses [Loans](index=59&type=section&id=Loans) Gross loans held for investment increased by **$408.7 million** (2.1%) to **$19.78 billion** by June 30, 2025, primarily driven by commercial real estate and commercial loans, with commercial real estate comprising **52.4%** of the portfolio Loan Portfolio Composition (in thousands) | Loan Type | June 30, 2025 | Dec 31, 2024 | % Change | | :--- | :--- | :--- | :--- | | Commercial loans | $3,194,724 | $3,098,004 | 3.1% | | Construction loans | $301,125 | $319,649 | (5.8)% | | Commercial real estate loans | $10,363,109 | $10,033,830 | 3.3% | | Residential mortgage & equity lines | $5,922,143 | $5,919,092 | 0.1% | | **Gross loans held for investment** | **$19,784,702** | **$19,375,955** | **2.1%** | [Non-performing Assets](index=59&type=section&id=Non-performing%20Assets) Total non-performing assets increased slightly to **$199.5 million** by June 30, 2025, maintaining a stable 0.84% ratio to total assets, with non-accrual loans rising to **$174.2 million** primarily due to commercial real estate Non-Performing Assets (in thousands) | Category | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Accruing loans past due 90+ days | $6,389 | $4,050 | | Non-accrual loans | $174,153 | $169,161 | | Other real estate owned (OREO) | $18,990 | $23,071 | | **Total Non-Performing Assets** | **$199,532** | **$196,282** | | **NPA / Total Assets** | **0.84%** | **0.85%** | [Allowance for Credit Losses](index=66&type=section&id=Allowance%20for%20Credit%20Losses) The allowance for credit losses increased to **$183.4 million** by June 30, 2025, representing **0.93%** of gross loans, driven by a **$26.7 million** provision, with the CECL methodology incorporating an 8-quarter forecast period sensitive to macroeconomic factors like unemployment Allowance for Credit Losses Ratios | Ratio | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | ACL to Gross Loans | 0.93% | 0.88% | | ACL to Non-Performing Loans | 101.60% | 98.98% | - The CECL model uses a blended scenario approach with an 8-quarter reasonable and supportable forecast period and a 4-quarter reversion period. The baseline scenario projects unemployment peaking at **4.8%** in Q4 2026, while the downside scenario contemplates a recession with unemployment peaking at **8.3%**[232](index=232&type=chunk)[233](index=233&type=chunk)[234](index=234&type=chunk) - A sensitivity analysis indicates that applying a 100% weighting to the downside scenario would have increased the ACL by approximately **$111.9 million** as of June 30, 2025[235](index=235&type=chunk) [Deposits](index=72&type=section&id=Deposits) Total deposits increased by **$320.1 million** (1.6%) to **$20.01 billion** by June 30, 2025, maintaining a stable mix with time deposits at **48.5%**, and available liquidity sources exceeding the **$9.48 billion** in uninsured deposits Deposit Composition (in thousands) | Deposit Type | June 30, 2025 | % of Total | | :--- | :--- | :--- | | Non-interest-bearing | $3,381,407 | 16.9% | | Interest-bearing | $16,624,923 | 83.1% | | *Time deposits* | *$9,702,651* | *48.5%* | | **Total Deposits** | **$20,006,330** | **100.0%** | - Total uninsured deposits were **$9.48 billion**. Excluding **$824.0 million** in collateralized deposits, uninsured and uncollateralized deposits were **$8.66 billion**, representing **43.3%** of total deposits[244](index=244&type=chunk) - The company has recognized **$13.3 million** cumulatively as of June 30, 2025, related to the FDIC special assessment to recover losses from the Deposit Insurance Fund (DIF)[246](index=246&type=chunk) [Capital Resources](index=74&type=section&id=Capital%20Resources) Total equity increased to **$2.89 billion** in H1 2025, with the company remaining well-capitalized as evidenced by a **13.35%** CET1 ratio and **14.92%** Total Capital ratio, while maintaining a **$0.34** quarterly cash dividend per share Bancorp Capital Ratios | Ratio | June 30, 2025 | Required (incl. buffer) | | :--- | :--- | :--- | | CET1 Capital Ratio | 13.35% | 7.00% | | Tier 1 Capital Ratio | 13.35% | 8.50% | | Total Capital Ratio | 14.92% | 10.50% | | Leverage Ratio | 11.09% | 4.00% | - The company declared a cash dividend of **$0.34** per share in Q2 2025, continuing the rate set in Q4 2021[256](index=256&type=chunk)[258](index=258&type=chunk) [Liquidity](index=78&type=section&id=Liquidity) The company maintains a strong liquidity position, with principal sources including deposit growth, securities cash flows, and FHLB advances, holding an **$8.12 billion** approved FHLB credit line with **$7.00 billion** unused capacity, deemed adequate for the next twelve months - The average monthly liquidity ratio was **13.9%** as of June 30, 2025[259](index=259&type=chunk) - At June 30, 2025, the Bank had an approved FHLB credit line of **$8.12 billion**, with **$412.0 million** in advances outstanding and **$930.0 million** in standby letters of credit issued[260](index=260&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=78&type=section&id=Item%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company manages interest rate risk using a net interest income simulation model, projecting that a +200 basis point shock would increase NII by **13.0%** and decrease market value of equity by **8.4%**, while a -200 basis point shock would decrease NII by **4.2%** and increase market value of equity by **5.2%** Interest Rate Sensitivity Analysis (as of June 30, 2025) | Change in Interest Rate (bps) | % Change in Net Interest Income (12 mo.) | % Change in Market Value of Equity | | :--- | :--- | :--- | | +200 | 13.0% | -8.4% | | +100 | 6.5% | -3.7% | | -100 | -2.3% | 3.2% | | -200 | -4.2% | 5.2% | - The company has established policy tolerance levels to limit NII volatility to **+/- 5%** and the loss in net economic value to zero for a **+/- 200 basis point** rate shock[266](index=266&type=chunk) [Controls and Procedures](index=80&type=section&id=Item%204.%20CONTROLS%20AND%20PROCEDURES) The company's principal executive and financial officers concluded that disclosure controls and procedures were effective as of Q2 2025, with no material changes in internal control over financial reporting during the quarter - Management concluded that the Company's disclosure controls and procedures are effective as of the end of the period covered by the report[270](index=270&type=chunk) - No changes in internal control over financial reporting occurred during Q2 2025 that materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting[271](index=271&type=chunk) PART II – OTHER INFORMATION [Legal Proceedings](index=80&type=section&id=Item%201.%20LEGAL%20PROCEEDINGS) The company is involved in ordinary course litigation, but management believes any resulting liability would not materially adversely impact its financial condition, results of operations, or liquidity - Management believes that the outcomes of current legal proceedings are not expected to have a material adverse impact on the Company's consolidated financial condition[273](index=273&type=chunk) [Risk Factors](index=80&type=section&id=Item%201A.%20RISK%20FACTORS) The company states that there have been no material changes to the risk factors previously disclosed in its Annual Report on Form 10-K for the year ended December 31, 2024 - There have been no material changes to the risk factors disclosed in the Company's 2024 Form 10-K[274](index=274&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=80&type=section&id=Item%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) The company repurchased **804,179** shares in June 2025 at an average price of **$44.22** as part of a new **$150.0 million** stock repurchase program, with approximately **$114.4 million** remaining available as of June 30, 2025 Issuer Purchases of Equity Securities (Q2 2025) | Period | Total Shares Purchased | Average Price Paid per Share | Approx. Value Remaining in Program | | :--- | :--- | :--- | :--- | | April 2025 | 0 | $0.00 | - | | May 2025 | 0 | $0.00 | - | | June 2025 | 804,179 | $44.22 | $114,438,105 | - A new stock repurchase program of up to **$150.0 million** was announced on June 4, 2025, after the completion of the previous **$125.0 million** program[159](index=159&type=chunk) [Other Information](index=81&type=section&id=Item%205.%20OTHER%20INFORMATION) President and CEO Chang M. Liu entered into a Rule 10b5-1 trading agreement on May 1, 2025, for the sale of vested net shares to cover estimated tax liabilities from equity compensation - President and CEO Chang M. Liu entered into a Rule 10b5-1 trading agreement on May 1, 2025, to sell shares to cover tax liabilities associated with equity awards[280](index=280&type=chunk) [Exhibits](index=81&type=section&id=Item%206.%20EXHIBITS) This section lists the exhibits filed with the Form 10-Q, including certifications by the CEO and CFO pursuant to the Sarbanes-Oxley Act and Inline XBRL data files - Exhibits filed include CEO and CFO certifications (Rule 302 and 906) and Inline XBRL documents[281](index=281&type=chunk)[282](index=282&type=chunk)

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20%28Unaudited%29) Unaudited condensed consolidated financial statements as of June 30, 2025, show decreased total assets and equity, a narrowed net loss, and a shift to net cash outflow from operations, with increased Payor revenue Condensed Consolidated Balance Sheets Summary (Thousands of USD) | Assets/Liabilities | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and Cash Equivalents | $54,342 | $76,692 | | Marketable Securities | $48,427 | $41,118 | | Total Current Assets | $120,667 | $130,182 | | **Total Assets** | **$132,786** | **$138,677** | | **Liabilities and Stockholders' Equity** | | | | Total Current Liabilities | $18,540 | $19,023 | | **Total Liabilities** | **$19,845** | **$21,282** | | **Total Stockholders' Equity** | **$112,941** | **$117,395** | Condensed Consolidated Statements of Operations Summary (Thousands of USD) | Item | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $54,310 | $46,058 | $106,492 | $91,474 | | Operating Loss | $(1,790) | $(3,486) | $(2,875) | $(5,165) | | Net Loss | $(541) | $(474) | $(223) | $(1,940) | | Net Loss Per Share | $(0.00) | $(0.00) | $(0.00) | $(0.01) | Condensed Consolidated Statements of Cash Flows Summary (Thousands of USD) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Cash (Used in)/Provided by Operating Activities | $(1,590) | $1,418 | | Net Cash Used in Investing Activities | $(11,386) | $(2,150) | | Net Cash Used in Financing Activities | $(9,374) | $(8,263) | | Net Decrease in Cash and Cash Equivalents | $(22,350) | $(8,995) | Revenue by Source (Thousands of USD) | Revenue Source | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Payor | $40,501 | $29,945 | $78,343 | $58,453 | | Direct-to-Enterprise (DTE) | $9,403 | $9,628 | $18,986 | $19,541 | | Consumer | $4,406 | $6,485 | $9,163 | $13,480 | | **Total Revenue** | **$54,310** | **$46,058** | **$106,492** | **$91,474** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=15&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management's discussion highlights a strategic shift to Payor business, driving significant revenue growth and improved profitability, with Adjusted EBITDA more than doubling, alongside active share repurchases - The company strategically shifted its marketing focus to attract Payor members, resulting in significant Payor revenue growth and a corresponding decrease in Consumer revenue[95](index=95&type=chunk)[96](index=96&type=chunk) Key Business Metrics | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Payor Completed Sessions (Thousands) | 735.1 | 582.8 | | Health Plan Clients (Period End) | 31 | 24 | | Enterprise Clients (Period End) | 165 | 187 | | Active Consumer Members (Thousands, Period End) | 6.6 | 10.7 | Summary of Operating Results and Year-over-Year Changes (Thousands of USD) | Item | H1 2025 | H1 2024 | Change Amount | Change Percentage | | :--- | :--- | :--- | :--- | :--- | | **Total Revenue** | **$106,492** | **$91,474** | **$15,018** | **16.4%** | | Payor Revenue | $78,343 | $58,453 | $19,890 | 34.0% | | Consumer Revenue | $9,163 | $13,480 | $(4,317) | (32.0)% | | Total Costs and Operating Expenses | $109,367 | $96,639 | $12,728 | 13.2% | | Operating Loss | $(2,875) | $(5,165) | $2,290 | 44.3% | | Net Loss | $(223) | $(1,940) | $1,717 | 88.5% | Reconciliation of Adjusted EBITDA to Net Loss (Thousands of USD) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Loss | $(223) | $(1,940) | | Add: Depreciation and Amortization | 1,368 | 421 | | Add: Stock-Based Compensation Expense | 4,688 | 5,359 | | Add: Net Interest Income | (2,851) | (3,422) | | Add: Income Tax Expense | 199 | 197 | | Add: Non-Recurring Expenses | 1,057 | 1,338 | | **Adjusted EBITDA** | **$4,238** | **$1,953** | - The company expanded its share repurchase program on August 1, 2024, increasing the total authorized repurchase amount to **$40 million**[114](index=114&type=chunk) - As of June 30, 2025, **$20.6 million** remained available for repurchase under the plan[115](index=115&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=25&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company reports no material changes in market risk disclosures for the six months ended June 30, 2025, compared to its 2024 Annual Report on Form 10-K - Market risk information has not materially changed compared to the 2024 fiscal year annual report[136](index=136&type=chunk) [Controls and Procedures](index=25&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal controls over financial reporting during Q2 2025 - Management assessed that the company's disclosure controls and procedures were effective as of June 30, 2025[137](index=137&type=chunk) - No material changes occurred in internal control over financial reporting during Q2 2025[138](index=138&type=chunk) [PART II. OTHER INFORMATION](index=26&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=26&type=section&id=Item%201.%20Legal%20Proceedings) As of June 30, 2025, the company has no material pending legal proceedings - As of June 30, 2025, the company has no material pending legal proceedings, claims, or litigation[141](index=141&type=chunk)[49](index=49&type=chunk) [Risk Factors](index=26&type=section&id=Item%201A.%20Risk%20Factors) No material changes occurred in the company's risk factors for the six months ended June 30, 2025, compared to the 2024 Annual Report on Form 10-K - Risk factors have not materially changed compared to those discussed in the 2024 10-K report[142](index=142&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=26&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details the company's share repurchase activities for the three months ended June 30, 2025, including the repurchase of 541,268 shares in April 2025 Summary of Share Repurchases for Q2 2025 | Period | Total Shares Repurchased | Average Price Paid | Approximate Dollar Value of Shares that May Yet Be Repurchased Under the Plan (Thousands of USD) | | :--- | :--- | :--- | :--- | | April 1 - 30 | 541,268 | $2.62 | $20,632 | | May 1 - 31 | — | — | — | | June 1 - 30 | — | — | — | | **Total** | **541,268** | | | [Defaults Upon Senior Securities](index=26&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) No defaults upon senior securities were reported - No defaults upon senior securities occurred[145](index=145&type=chunk) [Mine Safety Disclosures](index=26&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company's operations - Not applicable[146](index=146&type=chunk) [Other Information](index=26&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted, modified, or terminated Rule 10b5-1 trading arrangements during the three months ended June 30, 2025 - No directors or officers adopted, modified, or terminated 10b5-1 trading arrangements during Q2 2025[147](index=147&type=chunk) [Exhibits](index=27&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the 10-Q report, including executive certifications and XBRL data files - Report exhibits include certifications by the Chief Executive Officer and Chief Financial Officer under Rule 13a-14(a)/15d-14(a) and 18 U.S.C. Section 1350, along with Inline XBRL documents[150](index=150&type=chunk)