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].

Financial Performance - Net revenues for the three months ended September 30, 2025, were $5,783,182, a decrease from $6,440,049 for the same period in 2024, representing a decline of approximately 10.2%[200] - Net income for the three months ended September 30, 2025, was $2,232,855, compared to a net loss of $2,569,518 for the same period in 2024[200] - For the nine months ended September 30, 2025, net revenues were $19,220,445, down from $19,884,213 in 2024, indicating a decrease of about 3.3%[200] - Revenue for the three months ended September 30, 2025, decreased by $656,867, or 10%, compared to the same period in 2024, primarily due to a decrease in build revenue[238] - Revenue for the nine months ended September 30, 2025, decreased by $663,768 (3%) to $19,220,445 compared to $19,884,213 in the same period of 2024[246] - The company reported a net loss of $4,787,756, a decrease of $2,671,119 (36%) compared to a net loss of $7,458,875 in the same period of 2024[246] Debt and Financing - The company entered into a Securities Purchase Agreement on October 6, 2023, issuing a senior secured convertible note for a principal amount of $15,819,209[204] - The December 2023 Convertible Note has a maturity date of December 12, 2026, and is secured by a first priority perfected security interest in all existing and future assets of the company[205] - The company executed a Business Loan and Security Agreement on February 20, 2025, receiving a term loan of $1,575,000, which included an administrative agent fee of $75,000[216] - A new business loan agreement was entered into on April 4, 2025, for a principal amount of $1,824,300, with repayments structured over 69 equal weekly payments[218] - The net proceeds from the new loan were used to pay off the Agile Loan in a discounted amount of $1,749,300, including principal and interest[219] - Interest expense increased by $1,680,635, or 120%, for the three months ended September 30, 2025, due to additional debt taken out[243] - Interest expense increased by $3,200,138 (83%) to $7,044,791 due to additional debt and early repayment of the Agile Loan[251] - Total other income increased by $8,915,282, primarily due to gains on the fair value of conversion of Notes Payable to Series B and C Preferred Stock[250] Operating Expenses - Cost of goods sold increased by $3,021,678, or 68%, for the three months ended September 30, 2025, leading to a gross loss of $1,671,005[238] - Operating expenses rose by $771,097, or 29%, for the three months ended September 30, 2025, driven mainly by increased general and administrative costs[241] - Gross profit fell by $4,106,005 (73%) to $1,482,011 due to increased costs of materials, shipping, customs fees, and labor associated with builds[248] - Operating expenses rose by $3,376,213 (43%) to $11,141,113, primarily driven by a 52% increase in general and administrative expenses[249] Business Operations - The company operates a logistics center in the UK to source and transport over-25-year-old vehicles for restoration[203] - The company employs 95 individuals at its headquarters, known as the "RoverDome," located in Kissimmee, FL[203] - The company plans to expand its production capabilities by relocating quality and warranty services to a new facility in 2025[228] - The company introduced the Jaguar E-type in 2022, which has a higher price point and gross margin compared to traditional models[228] - The company opened new retail locations in West Palm Beach, FL, and Nantucket, MA, in 2025 to enhance marketing channels[229] Cash Flow and Liquidity - Cash used in operating activities was $5,942,498, with $1,457,749 allocated to fund working capital[262] - Financing activities provided cash of $4,623,329, mainly from proceeds of Convertible Notes and Series C Preferred Stock[264] - The company's liquidity condition raises substantial doubt about its ability to continue as a going concern within one year[260] Accounting and Financial Reporting - The Company provides for estimated warranty costs at the time revenue is recognized, influenced by historical warranty costs per vehicle[275] - Sales, value add, and other taxes collected on behalf of third parties are excluded from revenue, with contracts typically having a payment period of one year or less[276] - Shipping and handling costs related to customer contracts are recorded as part of the cost of goods[277] - Inventories are measured at the lower of cost or net realizable value, with finished goods inventory including completed vehicles not yet delivered[278] - The estimated fair value of cash, accounts receivable, and accounts payable approximates their carrying amounts due to short maturities[279] - The Company assesses warrants for liability or equity classification based on specific accounting standards, impacting how changes in fair value are recorded[280] - Convertible debt instruments are evaluated for liability classification and whether conversion features should be accounted for separately[281] - Redeemable equity instruments are classified based on whether they are subject to unconditional obligations for redemption, affecting their measurement[282] - The Company is not required to provide quantitative and qualitative disclosures about market risk as a smaller reporting company[283]

Financial Performance - Net revenues for the three months ended September 30, 2025, were $5,783,182, a decrease from $6,440,049 for the same period in 2024, representing a decline of approximately 10.2%[200] - Net income for the three months ended September 30, 2025, was $2,232,855, compared to a net loss of $2,569,518 for the same period in 2024[200] - The company had net revenues of $19,220,445 for the nine months ended September 30, 2025, down from $19,884,213 for the same period in 2024, indicating a decrease of about 3.3%[200] - Revenue for the three months ended September 30, 2025, decreased by $656,867, or 10%, compared to the same period in 2024, primarily due to a decrease in build revenue[238] - Revenue for the nine months ended September 30, 2025, decreased by $663,768 (3%) to $19,220,445 compared to $19,884,213 in the same period of 2024[246] - Gross profit fell by $4,106,005 (73%) to $1,482,011 due to increased costs of materials, shipping, customs fees, and labor[248] - Adjusted EBITDA for the three months ended September 30, 2025, was $(4,656,467), a decrease of $4,200,774 compared to the same period in 2024[235] Expenses and Costs - Cost of goods sold increased by $3,021,678, or 68%, for the three months ended September 30, 2025, leading to a gross loss of $1,671,005[238] - Operating expenses rose by $771,097, or 29%, driven mainly by increased general and administrative costs and a provision for credit losses[241] - Operating expenses increased by $3,376,213 (43%) to $11,141,113, primarily driven by a 52% rise in general and administrative expenses[249] - Interest expense increased by $1,680,635, or 120%, for the three months ended September 30, 2025, due to additional debt taken out[243] - Interest expense rose by $3,200,138 (83%) to $7,044,791 due to additional debt and early repayment of the Agile Loan[251] Financing Activities - The company entered into a Securities Purchase Agreement on October 6, 2023, issuing a senior secured convertible note for a principal amount of $15,819,209[204] - The December 2023 Convertible Note has a maturity date of December 12, 2026, and is secured by a first priority perfected security interest in all existing and future assets of the company[205] - The company received a term loan of $1,575,000 under a Business Loan and Security Agreement on February 20, 2025[216] - A new business loan agreement was entered into on April 4, 2025, providing a term loan of $1,824,300, to be repaid in 69 equal weekly payments of $35,693[218] - The net proceeds from the new loan were used to pay off the Agile Loan in the discounted amount of $1,749,300, including principal and interest[219] - Financing activities provided cash of $4,623,329, primarily from proceeds of Convertible Notes and Series C Preferred Stock[264] Liquidity and Going Concern - Cash and cash equivalents were $157,682 as of September 30, 2025, indicating liquidity challenges[257] - Net cash used in operating activities was $5,942,498 for the nine months ended September 30, 2025, compared to $7,199,988 in 2024[262] - The company faces substantial doubt about its ability to continue as a going concern within one year due to liquidity concerns[260] Operational Developments - The company operates a logistics center in the UK to source and transport over-25-year-old vehicles for restoration[203] - The company employs 95 individuals at its headquarters, known as the "RoverDome," located in Kissimmee, FL[203] - The company plans to relocate quality and warranty services to a new facility in 2025, which will also serve as a warranty, used vehicle sales, and service center[228] - The company has opened new marketing channels in 2025, including retail locations in West Palm Beach, FL, and Nantucket, MA[229] - The company increased production by approximately 20% in 2023 and added an additional 10,000 sq. ft. of space in the second half of 2024 to accommodate storage needs[227] Other Income and Gains - Total other income, net increased by $8,936,528 for the three months ended September 30, 2025, primarily due to a gain on the fair value conversion of Notes Payable to Series C Preferred Stock[242] - Total other income increased by $8,915,282, primarily from gains on the fair value of conversion of Notes Payable to Series B and C Preferred Stock[250] Customer and Inventory Information - As of September 30, 2025, customer deposits amounted to $6,893,657, with no deferred revenue for vehicles completed but not titled[254] - Inventories are measured at the lower of cost or net realizable value, with finished goods inventory including completed vehicles not yet delivered[278] Accounting and Reporting - The Company provides for estimated warranty costs at the time revenue is recognized, influenced by historical warranty costs per vehicle[275] - Sales and other taxes collected on behalf of third parties are excluded from revenue, with contracts typically having a payment period of one year or less[276] - Shipping and handling costs related to customer contracts are recorded as part of the cost of goods[277] - The estimated fair value of cash, accounts receivable, and accounts payable approximates their carrying amounts due to short maturities[279] - The Company assesses warrants for liability or equity classification based on specific accounting standards, impacting how changes in fair value are recorded[280] - Convertible debt instruments are evaluated for liability classification and whether conversion features should be accounted for separately[281] - Redeemable equity instruments are classified based on whether they are subject to unconditional obligations for redemption, affecting their measurement[282] - The Company is not required to provide market risk disclosures as a smaller reporting company[283]

Financial Performance - Net Income for the three months ended September 30, 2025, was $18.7 million, an increase of $3.6 million or 23.8% compared to $15.1 million in the same period of 2024[22] - Adjusted Net Income for the three months ended September 30, 2025, was $14.2 million, a decrease of $0.3 million or 2.1% compared to $14.5 million in the same period of 2024[23] - The Partnership's operating income for the nine months ended September 30, 2025, was $56.5 million, compared to $58.0 million for the same period in 2024[57] - Net income for Q3 2025 was $18,655,000, an increase of 24.5% compared to $15,054,000 in Q3 2024[61] - Adjusted Net Income for the nine months ended September 30, 2025, was $43,006,000, up from $39,216,000 in the same period of 2024, reflecting a 7.1% growth[73] - Common unitholders' interest in Adjusted Net Income for Q3 2025 was $13,050,000, compared to $11,206,000 in Q3 2024, indicating a 16.4% increase[73] - Adjusted Earnings per common unit for Q3 2025 was $0.36, up from $0.30 in Q3 2024, marking a 20% rise[73] Revenue and Earnings - Voyage revenues for the three months ended September 30, 2025, were $38.9 million, a decrease of $0.2 million or 0.5% compared to $39.1 million in the same period of 2024[24] - Adjusted EBITDA for the three months ended September 30, 2025, was $27.6 million, a decrease of $1.3 million or 4.5% compared to $28.9 million in the same period of 2024[27] - Time Charter Equivalent (TCE) rate for Q3 2025 was $67,094, a decrease from $69,261 in Q3 2024[63] - Average daily hire gross of commissions was approximately $69,960 per day per vessel for the three-month period ended September 30, 2025, compared to approximately $72,800 for the same period in 2024[25] Cash Flow and Distribution - The Partnership generated net cash from operating activities of $26.5 million for the three months ended September 30, 2025, an increase of $0.9 million or 3.5% compared to $25.6 million in the same period of 2024[32] - Cash distribution of $0.050 per common unit was declared for the quarter ended September 30, 2025, representing an annualized distribution yield of approximately 5.7%[17] - Net cash provided by operating activities for the nine months ended September 30, 2025, was $68,869,000, up from $59,703,000 in the same period of 2024[61] - Cash and cash equivalents at the end of Q3 2025 were $34,728,000, down from $52,021,000 at the end of Q3 2024[62] Assets and Liabilities - As of September 30, 2025, the Partnership reported total cash of $34.7 million, a decrease from $68.2 million as of December 31, 2024[58] - Total financial liabilities under Sale and Leaseback agreements amounted to $289.7 million as of September 30, 2025[34] - The Partnership's total assets were reported at $785.7 million, down from $847.2 million as of December 31, 2024[58] - Total liabilities decreased from $362,352,000 as of December 31, 2024, to $324,137,000 as of September 30, 2025[59] - Total partners' equity decreased from $484,801,000 as of December 31, 2024, to $461,560,000 as of September 30, 2025[59] Fleet and Utilization - The fleet maintained a utilization rate of 99.1% for the quarter ended September 30, 2025[15] - Fleet utilization remained high at 99.1% in Q3 2025, compared to 100.0% in Q3 2024[63] - The number of vessels in the fleet remained stable at 6 vessels throughout the periods reported[63] - Time charter coverage for the Partnership's fleet is estimated at 100% for 2025, 2026, and 2027[36] Other Information - The Partnership closely monitors the impact of ongoing sanctions related to the Russian war with Ukraine, which currently do not materially affect its operations[43] - The Partnership redeemed all issued and outstanding Series B Preferred Units on July 25, 2025, at a redemption price of $25.00 per unit plus accumulated distributions[14] - The Partnership redeemed all 2,200,000 Series B Preferred Units for a total payment of $55.0 million, funded by internal cash reserves[35] - The estimated contracted revenue backlog was $0.88 billion, with an average remaining contract term of 5.4 years[36] - Other income for Q3 2025 was a loss of $5,190,000, compared to a loss of $1,602,000 in Q3 2024, indicating a significant decline[73] - The partnership's definitions of Adjusted Net Income and related metrics may differ from those of other companies in the industry, which could affect comparability[75] - The partnership believes that Adjusted Net Income is useful for evaluating operating performance compared to other companies in the industry[75] - Adjusted Net Income is not recognized under U.S. GAAP and should not be considered a substitute for net income[74]

Revenue Growth - Total revenue increased 3.2% year-over-year to $20.2 million for Q3 2025, compared to $19.6 million for Q3 2024[4] - Total revenue for the first nine months of 2025 increased 17.8% year-over-year to $60.9 million, up from $51.7 million for the same period in 2024[4] - Residential real estate services revenue rose by approximately $8.2 million, or 19.2%, to $50.8 million for the nine months ended September 30, 2025[4] - Revenue for the three months ended September 30, 2025, was $20,216,143, an increase from $19,593,036 in the same period of 2024, representing a growth of approximately 3.2%[20] Profit and Loss - Gross profit for the first nine months of 2025 increased by approximately $714 thousand, or 16.3%, to $5.1 million[4] - Gross profit for the nine months ended September 30, 2025, was $5,098,077, compared to $4,384,214 for the same period in 2024, reflecting an increase of about 16.3%[20] - Net loss for Q3 2025 was $5.5 million, or $(5.44) per share, compared to a net loss of $3.4 million, or $(16.49) per share, for Q3 2024[8] - The net loss attributable to common stockholders for the three months ended September 30, 2025, was $5,533,352, compared to a net loss of $3,372,206 in the same period of 2024, indicating a deterioration of about 63.9%[20] - The company reported a loss from operations of $(4,988,857) for the three months ended September 30, 2025, compared to $(1,747,790) in the same period of 2024, representing an increase in losses of approximately 185.5%[20] Operating Expenses - Total operating expenses for Q3 2025 were $6.7 million, up from $3.4 million in Q3 2024, resulting in a loss from operations of $5.0 million[7] - Total operating expenses for the three months ended September 30, 2025, were $6,697,038, significantly higher than $3,383,696 in the same period of 2024, marking an increase of approximately 97.5%[20] Financing and Cash Position - The company secured $1.25 billion in financing facilities to support its next-generation AI data center strategy and pursue acquisitions[5] - Cash and restricted cash increased to approximately $6.4 million as of September 30, 2025, compared to $3.2 million as of December 31, 2024[5] Market Outlook - The global market for modern data centers is projected to grow from approximately $347.6 billion in 2024 to $652.0 billion by 2030, representing a CAGR of about 11.2%[5] Shareholder Information - Weighted average shares used in computing net loss per share for the three months ended September 30, 2025, were 1,016,833, compared to 204,481 in the same period of 2024, indicating a significant increase in shares outstanding[20]

Financial Performance - Net sales for Q4 2025 were $2,247.0 million, an increase of 11.8% or $236.9 million compared to $2,010.1 million in Q4 2024[5] - Gross profit for Q4 2025 was $602.1 million, representing 26.8% of net sales, an increase of 4.6% or $26.7 million from $575.4 million in Q4 2024[5] - Net earnings for Q4 2025 were $51.0 million, a decrease of 37.5% or $30.6 million compared to $81.6 million in Q4 2024[7] - Adjusted EBITDA for Q4 2025 was $425.4 million, an increase of 22.0% or $76.7 million compared to $348.7 million in Q4 2024[9] - For fiscal year 2025, net sales were $8,158.1 million, an increase of $235.4 million compared to $7,922.7 million in fiscal year 2024[10] - Fiscal year 2025 Adjusted EBITDA was $1,538.8 million, an increase of 9.6% or $135.2 million compared to $1,403.6 million in fiscal year 2024[13] - Diluted earnings per share for FY 2025 were $5.51, a decrease from $5.64 in FY 2024[42] - Operating profit for Q4 FY 2025 was $168.4 million, compared to $190.9 million in Q4 FY 2024, reflecting a decline of 11.8%[42] Segment Performance - The Foodservice segment reported Q4 2025 net sales of $718.0 million, an increase of 20.4% or $121.9 million compared to Q4 2024[19] - Segment profit for Foodservice increased significantly to $399.7 million, up 29.7% from $308.1 million in 2024[48] - Segment Profit for Post Consumer Brands was $493.9 million, representing 12.3% of Net Sales[74] - Operating Profit for the Refrigerated segment was $399.7 million, with a segment profit margin of 15.1%[74] - Segment Profit for the Weetabix segment was $74.0 million, accounting for 13.6% of Net Sales[74] Cash Flow and Capital Expenditures - Operating activities generated cash of $998.3 million, up from $931.7 million in the previous year, reflecting a growth of 7.0%[46] - Free Cash Flow for the year ended September 30, 2025, was $488.1 million, compared to $502.2 million in 2024[77] - Capital expenditures for the year ended September 30, 2025, were $510.2 million[77] - Capital expenditures for FY 2026 are expected to range from $350 million to $390 million, with $80 million to $90 million allocated for foodservice investments[29] Shareholder Actions - Post repurchased 2.5 million shares for $273.8 million at an average price of $106.48 per share in Q4 FY 2025[28] - The company had $282.6 million remaining under its share repurchase authorization as of November 19, 2025[28] Assets and Liabilities - Total assets increased to $13,528.4 million as of September 30, 2025, up from $12,854.2 million in 2024, representing a growth of 5.2%[44] - Total current liabilities rose to $1,213.1 million, an increase of 28.5% from $944.9 million in 2024[44] - Long-term debt increased to $7,421.7 million, up from $6,811.6 million, marking a rise of 8.9%[44] Impairments and Expenses - The company recorded a non-cash goodwill impairment charge of $29.8 million in Q4 2025 related to its Cheese and Dairy reporting unit[23] - The company reported an impairment of goodwill of $29.8 million in the Refrigerated segment[74] - General corporate expenses for the year ended September 30, 2025, totaled $221.8 million[74] - Depreciation and amortization expenses for the year ended September 30, 2025, were $243.4 million[74] Leadership Changes - The company announced a leadership change with Robert V. Vitale becoming Chairman of the Board effective December 16, 2025[32] Guidance and Expectations - The company expects fiscal year 2026 Adjusted EBITDA to range between $1,500 million and $1,540 million[7] - Adjusted EBITDA guidance for FY 2026 is projected to be between $1,500 million and $1,540 million, including contributions from 8th Avenue's pasta business[29]