UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ____________ x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: June 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-38063 QXO, INC. (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation ...

Commission File Number: 001-38063 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ____________ x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: June 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to QXO, INC. (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation ...

[PART I. FINANCIAL INFORMATION](index=5&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) IGC Pharma's Q1 FY2026 financials show increased revenue and reduced net loss, with assets decreasing and cash slightly increasing [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to $7.94 million, liabilities reduced to $1.87 million, and stockholders' equity slightly declined to $6.08 million | Financial Item | June 30, 2025 ($ thousands) | March 31, 2025 ($ thousands) | | :--- | :--- | :--- | | **Total Current Assets** | 2,153 | 2,896 | | **Total Assets** | 7,943 | 8,747 | | **Total Current Liabilities** | 1,725 | 2,257 | | **Total Liabilities** | 1,865 | 2,417 | | **Total Stockholders' Equity** | 6,078 | 6,330 | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) Revenue increased to $328 thousand, operating loss improved to $1.9 million, and net loss reduced to $1.6 million | Metric | Three months ended June 30, 2025 ($ thousands) | Three months ended June 30, 2024 ($ thousands) | | :--- | :--- | :--- | | Revenue | 328 | 272 | | Gross Profit | 154 | 163 | | Operating Loss | (1,905) | (2,396) | | Net Loss | (1,599) | (2,378) | | Net Loss Per Share (Basic and Diluted) | $(0.02) | $(0.03) | [Condensed Consolidated Statements of Stockholders' Equity](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity) Stockholders' equity decreased to $6.08 million due to net loss, partially offset by stock issuance and compensation - Stockholders' equity decreased by **$252 thousand** during the quarter, driven by a **$1.6 million** net loss, partially offset by capital raised from stock issuance (**$839 thousand**) and stock-based compensation (**$498 thousand**)[23](index=23&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operations was $1.4 million, offset by $580 thousand from investing and $851 thousand from financing | Cash Flow Activity | Three months ended June 30, 2025 ($ thousands) | Three months ended June 30, 2024 ($ thousands) | | :--- | :--- | :--- | | Net cash used in operating activities | (1,407) | (1,752) | | Net cash provided by (used in) investing activities | 580 | (131) | | Net cash provided by financing activities | 851 | 2,507 | | **Net increase in cash and cash equivalents** | **49** | **626** | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail the company's Alzheimer's drug development, revenue sources, liquidity, and subsequent capital raise - The company's primary focus is on developing treatments for Alzheimer's disease, with its lead drug candidate, IGC-AD1, currently in Phase 2 clinical trials for treating agitation in Alzheimer's patients[30](index=30&type=chunk)[31](index=31&type=chunk) Revenue Source | Revenue Source | Q1 FY2026 ($ thousands) | Q1 FY2025 ($ thousands) | | :--- | :--- | :--- | | White labeling services | 322 | 251 | | Wellness and lifestyle | 6 | 21 | | **Total** | **328** | **272** | - The company extended its **$12 million** credit agreement with O-Bank, which, along with current cash, is expected to support operations for at least the next twelve months[40](index=40&type=chunk)[42](index=42&type=chunk) - Subsequent to the quarter end, through July 31, 2025, the company sold **6,623,085 shares** through its ATM facility for gross proceeds of **$2,623,467** at an average price of **$0.41 per share**[102](index=102&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=23&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses advancing IGC-AD1 and MINT-AD, improved financials with increased revenue and reduced loss, strengthened liquidity, and a new digital asset treasury strategy [Overview and Business Strategy](index=23&type=section&id=Overview%20and%20Business%20Strategy) The company focuses on advancing IGC-AD1 Phase 2 trials and MINT-AD AI tool deployment for Alzheimer's, while evaluating non-core asset options - The company's core short-term goals are the completion of the Phase 2 trial for IGC-AD1 and the deployment of the MINT-AD AI diagnostic tool[113](index=113&type=chunk) - During the quarter, the company expanded its clinical trial sites for IGC-AD1 across North America to accelerate patient enrollment and presented positive safety data for the drug's API[116](index=116&type=chunk) [Results of Operations](index=25&type=section&id=Results%20of%20Operations) Revenue increased by 21% to $328 thousand, operating loss improved by 20%, and net loss reduced by 33% due to cost optimization and tax credits Metric | Metric | Three months ended June 30, 2025 ($ thousands) | Three months ended June 30, 2024 ($ thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 328 | 272 | 21% | | Gross Profit | 154 | 163 | (6)% | | SG&A Expenses | (1,208) | (1,670) | (28)% | | R&D Expenses | (851) | (889) | (4)% | | Operating Loss | (1,905) | (2,396) | (20)% | | Net Loss | (1,599) | (2,378) | (33)% | - The significant decrease in SG&A expenses by **$462 thousand** (**28%**) was attributed to optimizing operational efficiency, including lower employee-related costs and reduced spending on legal and professional services[119](index=119&type=chunk) - Other net income increased by **1,600%** to **$306 thousand**, primarily due to a tax credit of approximately **$263 thousand** received during the quarter[121](index=121&type=chunk) [Liquidity and Capital Resources](index=26&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity is supported by cash, a $12 million credit facility extension, and recent equity financing, including a $2.6 million ATM offering - The company extended its **$12 million** credit facility, with amended terms including a reduction in facility fees and a slight increase in the applicable interest margin[125](index=125&type=chunk) - In the first quarter of Fiscal 2026, the company raised **$841,000** by selling **2,803,333 shares** of common stock at **$0.30 per share** through Share Purchase Agreements[126](index=126&type=chunk) - Subsequent to the quarter, the company raised an additional **$2,623,467** by selling **6,623,085 shares** through its ATM at an average price of **$0.41**[127](index=127&type=chunk) [Treasury Strategy and Critical Accounting Policies](index=28&type=section&id=Treasury%20Strategy%20and%20Critical%20Accounting%20Policies) Management plans to invest in digital assets like bitcoin, establishing a new critical accounting policy for fair value measurement - Management plans to implement a new treasury policy in the quarter ending September 30, 2025, allowing for investment in digital assets like bitcoin to diversify treasury holdings[139](index=139&type=chunk)[140](index=140&type=chunk) - A new critical accounting policy for Digital Asset Investments has been established. Direct holdings will be accounted for under ASC 350-60 and measured at fair value, with changes recognized in earnings[143](index=143&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=29&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This item is not applicable as the company qualifies as a smaller reporting company - The company is a smaller reporting company, and therefore, is not required to provide the information under this item[148](index=148&type=chunk) [Controls and Procedures](index=29&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes to internal control over financial reporting - Based on an evaluation as of the end of the reporting period, the Chief Executive Officer and Principal Financial Officer concluded that the company's disclosure controls and procedures were effective[150](index=150&type=chunk) - There were no changes in the company's internal control over financial reporting during the quarter that have materially affected or are reasonably likely to materially affect it[151](index=151&type=chunk) [PART II. OTHER INFORMATION](index=30&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=30&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in a pending contractual dispute in Colombia, alleging fraud against four individuals, with no material changes this quarter - The company has a pending legal proceeding in Colombia involving a contractual dispute, where it has filed a complaint alleging fraud and other crimes against four individuals[155](index=155&type=chunk) [Risk Factors](index=30&type=section&id=Item%201A.%20Risk%20Factors) A new material risk factor has been identified regarding the company's potential investment in highly volatile digital assets - A new risk factor has been added regarding the company's plan to invest in digital assets like bitcoin[157](index=157&type=chunk) - Key risks associated with digital asset investment include price volatility, regulatory uncertainty, custody and operational risks, and potential negative impacts on earnings and financial position[159](index=159&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=31&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company sold 2,803,333 common shares for $841,000 in an unregistered private placement under Section 4(a)(2) of the Securities Act - The company sold **2,803,333 shares** of common stock in an unregistered private placement for gross proceeds of **$841,000** (**$0.30 per share**)[160](index=160&type=chunk) [Defaults Upon Senior Securities](index=31&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) No defaults upon senior securities were reported during the period - The company reported no defaults upon senior securities during the period[161](index=161&type=chunk) [Mine Safety Disclosures](index=31&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - This item is not applicable to the company[162](index=162&type=chunk) [Other Information](index=31&type=section&id=Item%205.%20Other%20Information) No other information was reported under this item - The company reported no other information under this item[163](index=163&type=chunk) [Exhibits](index=32&type=section&id=Item%206.%20Exhibits) The report includes key exhibits such as the O-Bank loan extension, officer certifications, and XBRL data files - Key exhibits filed with the report include the extension of the Master Loan Agreement (Exhibit 10.1) and officer certifications (Exhibits 31.1, 31.2, 32.1)[164](index=164&type=chunk)

Dear Shareholders, This shareholder letter follows the completion of our second quarter of 2025. It has been another record revenue quarter. We closed a financing for $40M during the quarter and another $48.7M last month. We want to take this opportunity to provide context and deeper insights into our operations and what these represent for Unusual Machines' future. Operations Update Unusual Machines revenue for the second quarter was about $2.12 million which represents a year over year increase for the qu ...

Exhibit 99.1 Beam Global Announces Second Quarter 2025 Operating Results SAN DIEGO, CA – August 14, 2025 – Beam Global, (Nasdaq: BEEM), (the "Company"), a leading provider of innovative and sustainable infrastructure solutions for the electrification of transportation, energy security and smart city infrastructure, today announced its second quarter results for the period ended June 30, 2025. Financial Highlights Recent Operational Highlights "The second quarter of 2025 was a quarter in which Beam Global su ...

Exhibit 99.1 Beam Global Announces Second Quarter 2025 Operating Results SAN DIEGO, CA – August 14, 2025 – Beam Global, (Nasdaq: BEEM), (the "Company"), a leading provider of innovative and sustainable infrastructure solutions for the electrification of transportation, energy security and smart city infrastructure, today announced its second quarter results for the period ended June 30, 2025. Financial Highlights Gross profit for the quarter ended June 30, 2025 was $1.4 million, or 20% gross margin. This re ...

Exhibit 99.1 SIFCO Industries, Inc. ("SIFCO") Announces Third Quarter and First Nine Months of Fiscal 2025 Financial Results Cleveland — SIFCO Industries, Inc. (NYSE American: SIF) today announced financial results for its third quarter and first nine months of fiscal 2025, which ended June 30, 2025. ◦ Net sales in the first nine months of fiscal 2025 increased 7.0% to $62.0 million, compared with $58.0 million for the same period in fiscal 2024. ◦ Net loss from continuing operations for the first nine mont ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 ☐ 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: 001-32295 FENNEC PHARMACEUTICALS INC. OR (Exact Name of Registrant as Specified in Its Charter) | British Co ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 Delaware 99-1946435 (State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.) 6775 Cowboys Way, Ste. 1335 Frisco, Texas, USA 75034 (Address of principal executive offices) (Zip Code) (216) 464-6400 (Registrant's telephone number, including area code) Secu ...

[Financial & Business Highlights](index=1&type=section&id=Financial%20%26%20Business%20Highlights) Bionano's Q2 2025 revenue decreased 13% to $6.7 million, while gross margin improved to 52% and operating expenses fell 42% [Q2 2025 Financial Performance](index=1&type=section&id=Q2%202025%20Financial%20Performance) Q2 2025 revenue was $6.7 million, down 13% YoY, with gross margin at 52% and operating expenses reduced by 42% Q2 2025 Financial Summary | Financial Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | $6.7 million | $7.8 million | -13% | | **Gross Margin** | 52% | 33% | +19 p.p. | | **Operating Expenses** | $11.3 million | $19.6 million | -42% | | **Cash & Equivalents (End of Quarter)** | $27.4 million | N/A | N/A | - The decrease in total revenue was driven by the discontinuation of clinical services (**$0.7M** in prior year) and a strategic shift away from new instrument placements, causing instrument revenue to fall to **$1.4M** from **$2.3M**[5](index=5&type=chunk) - Excluding instrument sales and discontinued services, the core business of consumables, software, and other services saw revenue increase by **11%**[5](index=5&type=chunk) [Q2 2025 Business & Operational Progress](index=1&type=section&id=Q2%202025%20Business%20%26%20Operational%20Progress) Operational progress includes a 17% increase in flowcell sales, 4% OGM system base growth, and a new Category I CPT code - Nanochannel array flowcell sales, a key indicator of system utilization, increased by **17%** YoY to **7,233 units**[5](index=5&type=chunk) - The total installed base of OGM systems reached **378**, a **4%** increase from the **363 systems** at the end of Q2 2024[5](index=5&type=chunk) - The American Medical Association (AMA) established a **second Category I CPT code** for OGM in cytogenomic genome-wide analysis, which can facilitate reimbursement and adoption[5](index=5&type=chunk) - A new quarterly record of **119 peer-reviewed publications** was achieved, highlighting growing scientific validation and utilization of OGM[5](index=5&type=chunk) [2025 Financial Outlook](index=3&type=section&id=2025%20Financial%20Outlook) Bionano reiterated 2025 revenue guidance of $26-30 million, increased OGM installation targets, and confirmed cash runway into Q1 2026 2025 Financial Guidance | Guidance Metric | 2025 Outlook | | :--- | :--- | | **Full Year 2025 Revenue** | $26.0 - $30.0 million (Reiterated) | | **Q3 2025 Revenue** | $6.7 - $7.2 million (Initiated) | | **New OGM Installations (FY 2025)** | 20 to 25 (Increased from 15-20) | | **Cash Runway** | Into Q1 2026 | [Financial Statements](index=7&type=section&id=Financial%20Statements) Detailed unaudited financial statements for Q2 2025 include the Balance Sheet, Statement of Operations, and GAAP to Non-GAAP reconciliation [Condensed Consolidated Balance Sheet](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheet) As of June 30, 2025, total assets were $76.0 million, liabilities $30.6 million, and stockholders' equity $45.4 million Condensed Consolidated Balance Sheet Summary | Balance Sheet Item | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | **Cash, Cash Equivalents & Investments** | $27.4 million | $20.5 million | | **Total Assets** | $76.0 million | $76.7 million | | **Total Liabilities** | $30.6 million | $41.3 million | | **Total Stockholders' Equity** | $45.4 million | $35.4 million | [Condensed Consolidated Statement of Operations](index=8&type=section&id=Condensed%20Consolidated%20Statement%20of%20Operations) Q2 2025 revenue was $6.7 million, with a net loss of $6.9 million, significantly reduced by a 42% drop in operating expenses Condensed Consolidated Statement of Operations Summary | Income Statement (Three Months Ended June 30) | 2025 | 2024 | | :--- | :--- | :--- | | **Total Revenue** | $6,733,000 | $7,771,000 | | **Gross Profit** | $3,477,000 | $2,585,000 | | **Total Operating Expenses** | $11,277,000 | $19,603,000 | | **Loss from Operations** | ($7,800,000) | ($17,018,000) | | **Net Loss** | ($6,857,000) | ($16,224,000) | [Reconciliation of GAAP to Non-GAAP Financial Measures](index=9&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Financial%20Measures) Reconciliation shows Q2 2025 non-GAAP gross margin at 52% and non-GAAP operating expenses reduced by 53% to $8.8 million GAAP to Non-GAAP Reconciliation Summary | Metric (Three Months Ended June 30) | 2025 | 2024 | | :--- | :--- | :--- | | **GAAP Gross Margin %** | 52% | 33% | | **Non-GAAP Gross Margin %** | 52% | 35% | | **GAAP Operating Expense** | $11.3 million | $19.6 million | | **Non-GAAP Operating Expense** | $8.8 million | $18.8 million | [Supplementary Information](index=4&type=section&id=Supplementary%20Information) Supplementary information includes a company overview, non-GAAP financial measure explanations, and forward-looking statements disclaimer [About Bionano](index=4&type=section&id=About%20Bionano) Bionano provides genome analysis solutions, including OGM technology, diagnostic services, and software for research and clinical applications - Bionano's business is centered on providing genome analysis solutions through its **optical genome mapping (OGM) systems**, **diagnostic testing services**, and **analysis software**[8](index=8&type=chunk) [Non-GAAP Financial Measures](index=4&type=section&id=Non-GAAP%20Financial%20Measures) Non-GAAP measures are used to supplement GAAP results by excluding non-cash or non-recurring items for clearer operational insights - Bionano uses **non-GAAP metrics** to supplement GAAP results, believing they offer better insight into performance and trends by excluding certain non-cash or non-recurring items[11](index=11&type=chunk) - Key adjustments to derive non-GAAP figures include excluding **stock-based compensation**, **amortization of intangibles**, **changes in fair value of contingent consideration**, and **restructuring expenses**[10](index=10&type=chunk) [Forward-Looking Statements](index=5&type=section&id=Forward-Looking%20Statements) This section cautions that forward-looking statements regarding future performance are subject to significant risks and uncertainties - The report contains **forward-looking statements** concerning future financial results (including revenue guidance), OGM adoption, and cash runway, which are subject to inherent risks and uncertainties[14](index=14&type=chunk)