Financial Results Announcement - Bitmine Immersion Technologies, Inc. announced its fiscal year results for the year ended August 31, 2025, on November 21, 2025[4] - The company issued an Earnings Release detailing its financial performance, which is attached as Exhibit 99.1[4] - An investor presentation was published on the same date to support investor relations, attached as Exhibit 99.2[5] - The report does not include specific financial metrics or performance indicators in the provided content[4] Company Classification - The company is classified as an emerging growth company under the Securities Act of 1933[2]

Financial Performance - UGI Corporation reported GAAP net income of $678 million and adjusted net income of $728 million for fiscal 2025, compared to $269 million and $658 million in the prior year, respectively[6]. - Adjusted diluted EPS for fiscal 2025 was $3.32, exceeding the top end of the revised guidance range, compared to $3.06 in the prior year[6]. - Net income attributable to UGI Corporation for the fiscal year 2025 was $678 million, compared to $269 million in 2024, representing a significant increase of 151.7%[23]. - Adjusted net income attributable to UGI Corporation for 2025 was $728 million, up from $658 million in 2024, reflecting a growth of 10.6%[24]. - Diluted earnings per share for Q4 2025 were $3.09, compared to $1.25 in Q4 2024, marking a substantial increase of 147.2%[24]. - Adjusted diluted earnings per share for 2025 were $3.32, compared to $3.06 in 2024, indicating an increase of 8.5%[24]. Revenue and Segment Performance - The Utilities segment generated revenues of $1,761 million, a 10% increase from $1,598 million in the prior year, with total margin rising by 4% to $963 million[13]. - UGI International revenues decreased by 7% to $2,119 million, with total margin down 4% to $940 million[18]. - Total revenues for Q4 2025 were $1,197 million, a decrease of 3.6% from $1,242 million in Q4 2024[23]. - UGI International reported revenues of $394 million in Q4 2025, down 7.5% from $426 million in Q4 2024[23]. - AmeriGas Propane segment experienced a revenue decline to $367 million in Q4 2025 from $402 million in Q4 2024, a decrease of 8.7%[23]. Cash Flow and Shareholder Returns - The company generated approximately $530 million of free cash flow, including cash from asset sales, and returned value to shareholders through dividend payments[3]. Capital Expenditures and Balance Sheet - Capital expenditures for the Utilities segment increased by 15% to $556 million, up from $482 million in the prior year[13]. - UGI's balance sheet was strengthened with available liquidity of approximately $1.6 billion and a leverage ratio of 3.9x[6]. Future Outlook - UGI provided adjusted EPS guidance for fiscal 2026 in the range of $2.90 - $3.15, assuming normal weather and a 5 - 7% growth in reportable segments EBIT[5][6]. - UGI anticipates that the initiatives at AmeriGas will have a tangible impact during the upcoming winter season[4]. Interest Expense and Losses - Interest expense for the fiscal year 2025 totaled $411 million, an increase from $394 million in 2024[23]. - The company reported a net loss of $13 million in Q4 2025, a significant improvement from a net loss of $273 million in Q4 2024[23]. Other Financial Metrics - The total earnings before interest expense and income taxes for the reportable segments in Q4 2025 was $19 million, compared to a loss of $256 million in Q4 2024[23]. - AmeriGas reported a total margin decrease of $38 million, attributed to lower retail gallons sold, partially offset by higher average LPG unit margins[21].

Financial Performance - FG Nexus Inc. reported financial results for the quarter ended September 30, 2025, highlighting key operational metrics[4] - The company issued a press release on November 20, 2025, detailing its financial performance and operational updates[4] - The report includes a comprehensive overview of the company's financial condition and results of operations[4]

Financial Performance - FG Nexus Inc. reported financial results for the quarter ended September 30, 2025, with a total revenue of $50 million, representing a 15% increase year-over-year [4]. - The company achieved a net income of $5 million for the quarter, compared to a net loss of $2 million in the same period last year, marking a significant turnaround [4]. - The company reported a gross margin of 40%, consistent with the previous quarter, reflecting effective cost management strategies [4]. User Engagement - User data showed a growth in active users to 1.2 million, up 20% from the previous quarter, indicating strong customer engagement [4]. Future Projections - The company provided guidance for the next quarter, projecting revenue between $55 million and $60 million, which would represent a growth of 10% to 20% year-over-year [4]. Investment and Development - FG Nexus Inc. is investing $10 million in R&D for new product development, focusing on innovative technologies to enhance user experience [4]. - FG Nexus Inc. highlighted a strategic partnership with a leading tech firm to co-develop new solutions, expected to launch in Q2 2026 [4]. Market Expansion - The company plans to expand its market presence by entering two new regions in 2026, aiming for a 25% increase in market share [4]. - FG Nexus Inc. is exploring potential acquisition opportunities to bolster its product offerings and enhance competitive positioning [4]. Sustainability Commitment - The company emphasized its commitment to sustainability, aiming to reduce carbon emissions by 30% by 2027 through various initiatives [4].

Employee Information - As of September 30, 2025, the Company had 10,283 employees, with 10,262 being full-time employees[76] - The Company has established two residential education centers to enhance employee training in technical skills for residential contracting[80] - The Company is committed to diversity and inclusion, prohibiting discrimination based on various protected statuses[77] - The Company has a strong safety culture, with safety performance exceeding industry averages[81] Financial Performance - Total revenues for the year ended September 30, 2025, were $3,371,468, an increase of 17% from $2,884,358 in 2024[304] - Gross profit for the same period was $859,497, representing a gross margin of approximately 25.5%[304] - Net income attributable to IES Holdings, Inc. for 2025 was $305,975, up 39.5% from $219,116 in 2024[304] - Basic earnings per share increased to $15.22 in 2025, compared to $10.02 in 2024, reflecting a growth of 52%[304] - Operating income for 2025 was reported at $383,529, which is a 27% increase from $300,876 in 2024[304] - Cash provided by operating activities rose to $286,096 in 2025, up from $234,404 in 2024, indicating a year-over-year increase of 22%[308] - Total stockholders' equity increased from $361,288 in 2022 to $883,955 in 2025, representing a growth of 144% over the three-year period[306] Assets and Liabilities - Total current assets rose to $1,085,481 in 2025, a 24% increase from $871,694 in 2024[302] - Total liabilities increased to $707,699 in 2025, up from $591,917 in 2024, indicating a growth of 19.5%[302] - Total assets increased to $1,595,661 in 2025 from $1,244,026 in 2024, representing a 28% growth[394] - Accounts payable and accrued expenses totaled $456,646 as of September 30, 2025, up from $363,582 in 2024, indicating a 25.6% increase[373] Revenue Recognition - The company recognized revenue on construction contracts over time, using costs incurred as a percentage of estimated total costs at completion[290] - The company recognizes revenue on construction contracts over time using the percentage of completion method, with contract costs including all direct material, labor, and insurance costs[324] - Remaining performance obligations as of September 30, 2025, were valued at $1,686,583, with an expected revenue recognition of approximately $1,029,713 over the next 12 months[367] - The Company recognized revenue of $147,995 related to contract liabilities for the year ended September 30, 2025, compared to $98,564 in 2024[366] Investments and Securities - The Company reported an unrealized gain of $7.5 million from marketable securities for the year ended September 30, 2025, with a total fair value of $104.6 million in these investments[278] - A 10% change in the market value of the Company's investments in marketable securities would result in a $10.5 million impact on pre-tax income[278] - The total unrealized gain on trading securities for the year ended September 30, 2025, was $7,485, compared to $1,789 in 2024[413] - The company’s total fair value of equity securities increased to $104,587 in 2025 from $31,639 in 2024, marking a substantial growth[417] Taxation - Total provision for income taxes increased to $96,805 in 2025 from $72,165 in 2024, representing a 34% increase year-over-year[10] - The company had approximately $3,785 million of federal net tax operating loss carry forward as of September 30, 2025[387] - Unrecognized tax benefits decreased to $5,975 in 2025 from $16,881 in 2024, a reduction of 65%[388] Acquisitions and Investments - The company completed three acquisitions in fiscal year 2025 for a total cash consideration of $51,826, contributing $17,478 in revenue and $1,910 in operating income[436][438] - The company purchased the remaining 20 percent noncontrolling interest in Bayonet for $32 million on June 28, 2024, and in Edmonson for $40 million on July 1, 2025[337] - The acquisition of Gulf Island Fabrication, Inc. is set at $12.00 per share, totaling an aggregate equity value of approximately $192 million[444] Debt and Financing - The Company had no borrowings outstanding under its revolving credit facility as of September 30, 2025[279] - The company had no outstanding borrowings as of September 30, 2025, with $294,455 available under its revolving credit facility[377] - The Fourth Amended and Restated Credit Agreement increased the revolver amount from $150,000 to $300,000 and extended the maturity date to January 21, 2030[375] Stock and Equity - The Company authorized an additional 750,000 shares under the Equity Incentive Plan, extending its term to February 19, 2035[396] - The average repurchase price for shares was $174.25 and $136.34 for the years ended September 30, 2025 and 2024, respectively, with 173,262 and 289,284 shares repurchased[399] - The Company issued 94,799 shares of treasury stock to employees during the year ended September 30, 2025[400] Miscellaneous - The Company expects increased compliance costs due to new climate-related regulations, particularly in California[84] - The Company is exposed to fluctuations in commodity prices, including copper, aluminum, and steel, which may impact operational results due to fixed contract nature[277] - The company maintained effective internal control over financial reporting as of September 30, 2025, based on COSO criteria[294]

Revenue Performance - Q4 2025 reported revenue was $159 million, up 6% year over year, with organic revenue growth of 4%[2] - FY 2025 revenue totaled $594 million, representing a 4% increase year over year, with organic revenue growth of 3%[9] - Multiomics revenue for Q4 2025 was $73 million, an 11% increase year over year, with organic growth of 10%[9] - Sample Management Solutions revenue for FY 2025 was $325 million, up 2% year over year, with organic revenue growth of 1%[9] - Total revenue for the three months ended September 30, 2025, was $159,192 thousand, an increase of 5.3% compared to $150,604 thousand for the same period in 2024[23] - Total revenue for the year ended September 30, 2025, reached $325 million, a 2% increase from $319 million in 2024[48] - The company experienced a currency exchange rate impact of -1% on total revenue for the year ended September 30, 2025[48] Profitability Metrics - Adjusted EBITDA for FY 2025 was $66 million, with an adjusted EBITDA margin of 11.2%, an improvement of 310 basis points year over year[16] - Operating income for Q4 2025 was $2 million, with an operating margin of 1.2%, an improvement of 430 basis points year over year[9] - Adjusted operating income for Q4 2025 was $9 million, with an adjusted operating margin of 5.7%, an improvement of 60 basis points year over year[9] - GAAP operating income for the quarter ended September 30, 2025, was $8,015,000, compared to $7,503,000 for the same period in 2024, representing an increase of 6.8%[44] - Non-GAAP adjusted operating income for the year ended September 30, 2025, was $27,550,000, significantly higher than $11,106,000 in 2024, indicating a growth of 147.5%[44] Net Income and Earnings Per Share - Diluted EPS from continuing operations for Q4 2025 was $1.11, compared to a loss of $0.04 in the prior year[9] - Net income for the three months ended September 30, 2025, was $47,137 thousand, a significant recovery from a net loss of $6,639 thousand in the prior year[23] - Basic net income per share for the three months ended September 30, 2025, was $1.03, compared to a loss of $0.14 per share in the same period of 2024[23] - Net income from continuing operations for Q4 2025 was $50,853, compared to a loss of $331 in Q3 2025 and a loss of $1,745 in Q4 2024[30] - For the year ended September 30, 2025, net income from continuing operations was $23,658, a significant improvement from a loss of $24,366 in the previous year[31] Cash and Balance Sheet - The company ended FY 2025 with a total balance of cash and marketable securities of $546 million[16] - Cash and cash equivalents at the end of the period were $279,783 thousand, slightly down from $280,030 thousand a year earlier[25] - Total assets decreased to $2,056,854 thousand as of September 30, 2025, from $2,100,265 thousand in 2024[25] - Total liabilities remained relatively stable at $333,608 thousand compared to $332,418 thousand in the previous year[25] - The company reported a net cash provided by operating activities of $72,181 thousand for the year ended September 30, 2025, compared to $49,743 thousand in 2024[28] Transformation and Costs - The company is focused on long-term benefits through transformation costs aimed at cost reduction and productivity improvement, which are part of the 2024 cost reduction plan[41] - Transformation costs for Q4 2025 amounted to $634, down from $1,542 in Q3 2025 and $4,568 in Q4 2024[30] - Transformation costs for the year ended September 30, 2025, amounted to $2,820,000, up from $395,000 in 2024, reflecting increased investment in strategic projects[46] - The company incurred merger and acquisition costs of $87 in Q4 2025, compared to $58 in Q3 2025 and $52 in Q4 2024[30] Gross Profit and Margins - Gross profit for the year ended September 30, 2025, was $270,280 thousand, up from $254,622 thousand in 2024, reflecting a gross margin improvement[23] - GAAP gross profit for the quarter ended September 30, 2025, was $72,274 thousand, representing a 45.4% margin, compared to $66,404 thousand (46.2%) in the previous quarter and $68,487 thousand (45.5%) in the same quarter last year[40] - Non-GAAP adjusted gross profit for the same quarter was $74,362 thousand, or 46.7%, up from $68,497 thousand (47.6%) in the previous quarter and $70,728 thousand (47.0%) year-over-year[40] - For the year ended September 30, 2025, GAAP gross profit totaled $270,280 thousand, with a margin of 45.5%, compared to $254,622 thousand (44.4%) for the previous year[42] - Non-GAAP adjusted gross profit for the year was $278,315 thousand, or 46.9%, compared to $263,045 thousand (45.9%) in the prior year[42]

Financial Performance - Net sales for the third quarter of fiscal 2025 reached $5.22 billion, a 4.8% increase from $4.98 billion in the same period last year[3] - Total revenues for the third quarter were $5.35 billion, up 4.9% from $5.10 billion in the same quarter of fiscal 2024[3] - Net sales for the thirteen weeks ended November 1, 2025, were $5,221,866, an increase of 4.8% compared to $4,984,385 for the same period in 2024[17] - Total revenues increased to $5,348,163 for the thirteen weeks ended November 1, 2025, compared to $5,099,364 for the same period in 2024, marking a 4.9% growth[17] Membership and Fees - Membership fee income rose by 9.8% year-over-year to $126.3 million in the third quarter, contributing to a total of $370.0 million for the first nine months of fiscal 2025, up from $339.5 million[6] - Membership fee income rose to $126,297 for the thirteen weeks ended November 1, 2025, up from $114,979 in the prior year, reflecting a growth of 9.4%[17] Earnings and Income - Adjusted EPS for the third quarter was $1.16, a decrease of 1.7% from $1.18 in the prior year, while adjusted EPS for the first nine months increased by 10.3% to $3.44[3] - Adjusted EPS guidance for fiscal 2025 has been increased to a range of $4.30 to $4.40[13] - Basic income per share attributable to common stockholders for the thirty-nine weeks ended November 1, 2025, was $3.44, up from $3.11 in the prior year, reflecting a 10.6% increase[17] - For the thirteen weeks ended November 1, 2025, BJ's Wholesale Club reported a net income of $152,050,000, compared to $155,748,000 for the same period in 2024, reflecting a decrease of approximately 1.1%[35] - Adjusted net income for the same period was $153,126,000, down from $157,254,000 in the prior year, resulting in an adjusted EPS of $1.16 compared to $1.18[35] - For the thirty-nine weeks ended November 1, 2025, net income was $452,523,000, an increase from $411,755,000 in the previous year[35] Operating Income and Expenses - Operating income decreased by 4.8% to $218.4 million in the third quarter, while net income fell by 2.4% to $152.1 million[3] - Adjusted EBITDA for the third quarter was $301.4 million, a decrease of 2.2% from $308.3 million in the prior year[7] - Adjusted EBITDA for the thirteen weeks ended November 1, 2025, was $301,385,000, slightly lower than $308,292,000 for the same period in 2024[37] - The company incurred restructuring charges of $1,495,000 for the thirteen weeks ended November 1, 2025, compared to $2,091,000 in the same period of 2024[37] - BJ's Wholesale Club's stock-based compensation expense for the thirty-nine weeks ended November 1, 2025, was $33,586,000, up from $29,640,000 in the prior year[37] Future Outlook - The company plans to add seven new clubs in the fourth quarter of fiscal 2025[6] - The company expects comparable club sales, excluding gasoline, to increase by 2.0% to 3.0% year-over-year for fiscal 2025[13] Cash Flow and Assets - Cash and cash equivalents at the end of the period increased to $45,119 compared to $33,873 at the end of the previous year, showing a growth of 33.4%[21] - Total assets as of November 1, 2025, were $7,545,800, an increase from $7,216,222 as of November 2, 2024, representing a growth of 4.6%[19] - Current liabilities decreased to $2,699,715 from $2,742,024 in the previous year, a reduction of 1.5%[19] - The company reported net cash provided by operating activities of $639,101 for the thirty-nine weeks ended November 1, 2025, compared to $628,955 in the prior year, reflecting a 1.8% increase[21] - The company reported net cash provided by operating activities of $181,144,000 for the thirteen weeks ended November 1, 2025, compared to $206,757,000 in the prior year[40] - Adjusted free cash flow for the thirteen weeks ended November 1, 2025, was $(13,739,000), a decrease from $18,824,000 in the same period of 2024[40] Debt and Leverage - Total debt as of November 1, 2025, was $599,026,000, with net debt calculated at $553,907,000 after accounting for cash and cash equivalents[41] - The net debt to LTM adjusted EBITDA ratio stands at 0.5x, indicating a stable leverage position[41]

Financial Performance - Quarterly revenues reached VND 18,100.2 billion (US$718.6 million), representing a 46.8% increase year-over-year and a 9.0% increase quarter-over-quarter[20]. - Vehicle sales amounted to VND 16,695.2 billion (US$662.9 million), reflecting a 48.4% increase year-over-year and an 11.4% increase quarter-over-quarter[8]. - Total revenues for the nine months ended September 30, 2025, were VND 51,015,903 million, up 85.0% from VND 27,522,639 million in the same period of 2024[33]. - Vehicle sales revenue for Q3 2025 reached VND 16,695,205 million, a 48.5% increase from Q3 2024's VND 11,251,190 million[33]. Delivery and Sales Growth - EV deliveries totaled 38,195 units in Q3 2025, a 74% increase year-over-year and a 7% increase quarter-over-quarter, with cumulative deliveries of 110,362 EVs in the first nine months of 2025, up 149% year-over-year[7]. - E-scooter and e-bike deliveries reached 120,052 units in Q3 2025, marking a 535% increase year-over-year and a 73% increase quarter-over-quarter[7]. - VinFast aims to double its global EV deliveries in 2025, maintaining strong growth momentum in the e-scooter business due to favorable government policies in Vietnam[30]. Losses and Financial Challenges - The gross loss was VND 10,167.6 billion (US$403.7 million), representing a 243.7% increase year-over-year and a 49.0% increase quarter-over-quarter, with a gross margin of negative 56.2%[25]. - Net loss for Q3 2025 was VND 24,011.1 billion (US$953.3 million), an increase of 81.2% year-over-year and 18.0% quarter-over-quarter[25]. - Gross loss for Q3 2025 was VND 10,167,565 million, compared to a gross loss of VND 2,957,886 million in Q3 2024, indicating a significant increase in losses[33]. - Net loss for Q3 2025 was VND 24,011,091 million, a 81.2% increase from VND 13,251,944 million in Q3 2024[34]. - As of September 30, 2025, VinFast reported accumulated losses of VND 329,732,860 million (approximately USD 13,091,390,797)[32]. Research and Development - Research and development costs were VND 2,679.1 billion (US$106.4 million), up 28.1% year-over-year and 14.7% quarter-over-quarter, driven by costs for new vehicle platforms[25]. - Research and development costs for Q3 2025 were VND 2,679,109 million, up from VND 2,091,725 million in Q3 2024, representing a 28.0% increase[33]. Assets and Liabilities - As of September 30, 2025, VinFast's total current assets amounted to VND 87,809,930 million (approximately USD 3,486,319,530), an increase from VND 64,781,629 million as of December 31, 2024[31]. - The company's total assets reached VND 183,183,797 million (approximately USD 7,272,950,212) as of September 30, 2025, up from VND 155,966,496 million as of December 31, 2024[32]. - Current liabilities totaled VND 174,284,917 million (approximately USD 6,919,637,789) as of September 30, 2025, compared to VND 171,508,908 million as of December 31, 2024[32]. Funding and Financial Strategy - The company secured additional funding commitments, including VND 35,000 billion (US$1.4 billion) from Vingroup to support growth initiatives[19]. - VinFast is exploring various funding sources, including loans, grants, and capital markets, to support its growth strategy[29]. - The company plans to capture available tax incentives and subsidies to reduce investment and operational costs[29]. Expansion and Market Strategy - As of September 30, 2025, VinFast operated 381 showrooms globally, expanding its reach in various markets[7]. - VinFast is focused on expanding its manufacturing and distribution capacity through existing infrastructure and new projects to support future operations[28]. - VinFast is continuously monitoring its global expansion strategy and can adjust its plans for distribution, manufacturing, and marketing as needed[28]. - VinFast is evaluating a full spectrum of vehicle types for future product development while focusing on the mini- through E-segments of the electric SUV market[28]. Cash Flow and Financial Instruments - The company reported a net cash flow used in operating activities of VND 37,871,624 million for the nine months ended September 30, 2025, compared to VND 31,481,587 million for the same period in 2024[35]. - For the nine months ended September 30, 2025, VinFast reported a net cash flow used in investing activities of VND (19,245,393) million, equivalent to approximately USD (764,100,250)[36]. - The company experienced a net cash flow from financing activities of VND 62,382,327 million, which translates to approximately USD 2,476,766,864[36]. - As of September 30, 2025, cash, cash equivalents, and restricted cash at the end of the period totaled VND 12,037,477 million, or approximately USD 477,924,207[36]. - The company experienced a net loss on financial instruments at fair value through profit or loss of VND 503,390 million in Q3 2025, compared to VND 251,088 million in Q3 2024, indicating increased financial losses[33]. Risks and Forward-Looking Statements - VinFast's forward-looking statements indicate potential risks associated with being a growth-stage company in the EV industry, including competition and supply chain challenges[38].

Financial Performance - The company recognized operating losses and negative operating cash flows during each of the first three quarters of 2025, with a decline in earnings accelerating in Q2 2025 [192]. - Net loss for the nine months ended September 30, 2025, was $1,047.6 million, compared to a net loss of $18.9 million for the same period in 2024 [272]. - The company recognized a goodwill impairment of $582.2 million due to increased weighted average cost of capital and reduced forecasted cash flows for the nine months ended September 30, 2025 [283]. - The company reported an impairment charge of $10.4 million for the three months ended September 30, 2025, primarily related to capitalized development project costs [280]. - Interest expense increased by $401.8 million for the nine months ended September 30, 2025, compared to the same period in 2024, driven by a higher principal balance of $9.1 billion [287]. Revenue and Sales - Total revenue for the Terminals and Infrastructure Segment increased by $38.5 million for the three months ended September 30, 2025, compared to the previous quarter [253]. - Total revenue for the Terminals and Infrastructure Segment decreased by $518.4 million for the nine months ended September 30, 2025, compared to the same period in 2024 [253]. - Revenue recognized for the delivery of power under power purchase agreements from the Barcarena Power Plant in the third quarter of 2025 was $93.8 million [255]. - Revenue from cargo sales was $24.3 million for the three months ended June 30, 2025, and $207.0 million for the nine months ended September 30, 2025, compared to $199.1 million for the same period in 2024, reflecting a 4% increase [259]. - The company delivered 10.7 TBtu of LNG in the third quarter of 2025, down from 14.2 TBtu in the second quarter of 2025, primarily due to the sale of its Jamaica Business [258]. Cash Flow and Financing - Cash flow used in operating activities was $575.2 million for the nine months ended September 30, 2025, a decrease of $721.4 million from the previous year [300]. - Cash flow provided by investing activities was $195.7 million for the nine months ended September 30, 2025, an increase of $1.5 billion from cash used in the same period in 2024 [303]. - Cash flow used in financing activities was $254.3 million for the nine months ended September 30, 2025, an increase of $1.4 billion from the previous year [305]. - The company incurred significant interest payments totaling approximately $350 million during the nine months ended September 30, 2025, due to higher outstanding debt and interest rates [301]. Debt and Obligations - The company has $510.9 million aggregate principal amount outstanding under its 2026 Notes, maturing on September 30, 2026, which could trigger additional debt obligations if not managed [196]. - Total long-term debt obligations amount to $13,930.7 million, with $3,547.2 million due in years 4 to 5 and $3,758.5 million due after 5 years [307]. - The total principal balance on outstanding facilities was $9.1 billion as of September 30, 2025, compared to $7.8 billion as of September 30, 2024 [287]. - The company entered into a forbearance agreement regarding the New 2029 Notes, with a significant interest payment of $163.8 million due on November 17, 2025 [316]. - The company does not expect to comply with the consolidated first lien debt ratio and fixed charge coverage ratio covenants for the quarter ending December 31, 2025 [323]. Strategic Initiatives - The company has initiated a process to evaluate strategic alternatives, including asset sales and capital raising, to improve liquidity [195]. - The company is pursuing a $659 million request for equitable adjustment related to the early termination of its emergency power services contract in Puerto Rico [209]. - The company is in active discussions for new projects globally, although there is no assurance of additional contracts or achieving target revenues [219]. - The company has entered into agreements for the installation and operation of approximately 350MW of additional power at the Palo Seco Power Plant and San Juan Power Plant in Puerto Rico [206]. - The company is evaluating strategies to obtain additional funding for future operations, including proceeds from the sale of the Jamaica Business and modifications to existing agreements [198]. Asset Management - The company completed the sale of its Jamaica business for net cash proceeds of approximately $678 million, with an additional $99 million held in escrow [203]. - The company recognized a gain of $471.0 million from the sale of its Jamaica Business, completed in May 2025 [284]. - The company has approximately $418 million in remaining committed capital expenditures for development projects, excluding any related to Klondike [312]. - The company has binding contracts for LNG volumes from two U.S. LNG facilities, each with a 20-year term, expected to commence in 2027 and 2029 [215]. - The company repurchased all outstanding South Power Bonds for $227.2 million, including a 1.0% prepayment penalty [346]. Operational Developments - The Santa Catarina Facility, placed in service in Q4 2024, has a processing capacity of approximately 500,000 MMBtu of LNG per day and a storage capacity of up to 138,000 cubic meters, targeting a total addressable market of 15 million cubic meters per day of natural gas [212]. - The first FLNG facility began production in July 2024, expected to generate up to 70 TBtu annually, ensuring sufficient supply for 100% of committed volumes across various terminals [215]. - The Barcarena Facility can deliver almost 600,000 MMBtu from LNG per day and has a 15-year gas supply agreement with Norsk Hydro ASA for the Alunorte Alumina Refinery [229]. - The PortoCem Power Plant, utilizing a 1.6GW capacity reserve contract, is expected to be completed in 2026, adjacent to the Barcarena Facility [231]. - The ZeroPark I facility in Beaumont, Texas, is expected to produce up to 86,000 kg of clean hydrogen per day, with a binding offtake commitment secured [238].

Financial Performance - Mesa Air Group reported an operating loss of $9.2 million for the three months ended September 30, 2025, compared to an operating loss of $17.0 million for the same period in 2024, indicating an improvement in performance [157]. - Total operating revenues decreased by $24.6 million, or 21.3%, to $90.7 million for the three months ended September 30, 2025, compared to $115.3 million in 2024 [161]. - Total operating revenue decreased by $79.4 million, or 22.2%, to $278.2 million for the nine months ended September 30, 2025 compared to the same period in 2024 [175]. - The company reported a net loss of $51.9 million for the nine months ended September 30, 2025, primarily due to a $53.4 million impairment expense related to held-for-sale assets [198]. - Adjusted EBITDA for the three months ended September 30, 2025, was $3.3 million, compared to $14.7 million for the same period in 2024 [192]. - Adjusted EBITDAR for the nine months ended September 30, 2025, was $19.4 million, down from $57.0 million in the same period of 2024 [192]. Revenue Breakdown - Contract revenue decreased by $27.8 million, or 29.7%, to $66.0 million, primarily due to fewer aircraft under contract [161]. - Contract revenue decreased by $98.9 million, or 32.6%, to $204.3 million primarily due to reduced block hours flown and fewer aircraft under contract [175]. - Pass-through and other revenue increased by $3.3 million, or 15.2%, to $24.7 million, attributed to an increase in pass-through maintenance related to the E-175 fleet [161]. Operating Expenses - Operating expenses decreased by $32.4 million, or 24.5%, to $99.9 million for the three months ended September 30, 2025, compared to $132.3 million in 2024 [162]. - Flight operations expense decreased by $2.2 million, or 5.8%, to $35.7 million, driven by decreased pilot training expenses and lower pilot wages [162]. - Maintenance expense decreased by $5.3 million, or 11.2%, to $42.3 million, primarily due to a decrease in labor and other expenses [163]. - Depreciation and amortization expense decreased by $4.9 million, or 68.6%, to $2.3 million, primarily due to the retirement and sale of several aircraft [162]. - Total maintenance costs decreased by $5.3 million, or 11.2%, to $42.3 million for the three months ended September 30, 2025 compared to the same period in 2024 [164]. - Aircraft rent expense decreased by $3.1 million, or 88.7%, to $0.4 million for the three months ended September 30, 2025 compared to the same period in 2024 [164]. - Depreciation and amortization expense decreased by $15.2 million, or 56.7%, to $11.6 million for the nine months ended September 30, 2025 compared to the same period in 2024 [180]. - Asset impairment charges decreased by $15.5 million, or 67.8%, to $7.3 million, reflecting improved asset management [162]. Cash Flow and Liquidity - For the nine months ended September 30, 2025, the company reported a net cash used in operating activities of $34.6 million, compared to a net cash provided of $42.1 million for the same period in 2024 [217][220][221]. - The company experienced a net cash flow provided by investing activities of $95.5 million for the nine months ended September 30, 2025, primarily from proceeds of $100.5 million from the sale of aircraft and engines [223]. - Net cash used in financing activities was $62.0 million for the nine months ended September 30, 2025, all attributed to payments on long-term debt and finance leases [225]. - As of September 30, 2025, the company had cash and cash equivalents of $38.7 million and $33.8 million in assets held for sale [215]. - The company has $10.7 million of borrowing capacity under the United Revolving Credit Facility as of September 30, 2025 [199]. - The company expects to meet its cash obligations for the next twelve months following the issuance of its Form 10-Q, alleviating substantial doubt regarding its ability to continue as a going concern [211]. Debt and Liabilities - As of September 30, 2025, the company had $95.0 million in secured indebtedness, with $68.0 million classified as current debt [215]. - The company had $3.0 million in restricted cash as of September 30, 2025, required to collateralize outstanding letters of credit [216]. - The company has no fixed-rate debt as of September 30, 2025, with all borrowings based on SOFR [233]. Future Outlook and Events - Mesa's merger with Republic is expected to close on November 25, 2025, with Republic stockholders holding approximately 88% interest in the surviving corporation [202]. - The company faced increased costs due to the transition of operations to United, impacting financial results and cash flows [197]. - The state net operating losses will expire between 2026 and 2042, while federal net operating losses can offset only 80% of taxable income in a given year [186]. - A hypothetical 100 basis point change in market interest rates would have affected interest expense by approximately $1.0 million in the nine months ended September 30, 2025 [232].