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 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 333-275062 Commission file number IMPACT BIOMEDICAL, INC. (Exact name of registrant as specified in its charter) (State or other Jurisdiction of (IRS Employer incorporation- or Organization) Identificatio ...

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 OR Maryland 99-1859402 (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification Number) 353 Carondelet Street, New Orleans, Louisiana 70130 (Address of Principal Executive Offices) (Zip Code) (504) 569-8640 (Registrant's Telephone Number, Including Area Cod ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ___________________________________________________________ FORM 10-Q ___________________________________________________________ ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ☒ 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 For the period from _____ to _____ 001-34049 (Commission File N ...

Table of Contents 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 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the period from _____ to _____ 001-34049 (Commission File N ...

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 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 001-38910 TECTONIC FINANCIAL, INC. (Exact name of registrant as specified in its charter) | Texas | 82-0764846 | | --- | --- | ...

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 ☐ 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: 001-42406 CORP. (Exact name of registrant as specified in its charter) Cayman Islands N/A (State or other jurisdiction of (I.R.S. ...

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 ☐ 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: 001-42406 HORIZON SPACE ACQUISITION II CORP. (Exact name of registrant as specified in its charter) Cayman Islands N/A (State or o ...

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 quarter ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 001-40146 FORIAN INC. Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during t ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____ to ____ Commission File Number: 001-41103 DRILLING TOOLS INTERNATIONAL CORPORATION (Exact Name of Registrant as Specified in its Charter) Delaware 87-248870 ...

[PART I: Financial Information](index=3&type=section&id=PART%20I.%20Financial%20Statements%20(Unaudited)) This section details the company's unaudited financial statements, management's analysis, market risks, and internal controls [Item 1. Condensed Consolidated Financial Statements](index=3&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) The company presents its unaudited condensed consolidated financial statements, reporting a 10% revenue increase to **$82.3 million** but a net loss of **$4.1 million** for the first half of 2025 [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$230.3 million** as of June 30, 2025, driven by acquisitions, while total liabilities rose to **$107.8 million** and shareholders' equity slightly increased | | June 30, 2025 (in millions) | December 31, 2024 (in millions) | | :--- | :--- | :--- | | **Total Current Assets** | $66.1 | $68.1 | | **Total Assets** | $230.3 | $222.4 | | **Total Current Liabilities** | $32.0 | $31.0 | | **Revolving line of credit** | $33.1 | $27.1 | | **Total Liabilities** | $107.8 | $102.5 | | **Total Shareholders' Equity** | $122.5 | $120.0 | [Condensed Consolidated Statements of Comprehensive Income (Loss)](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)) Total revenue increased **10.5%** to **$82.3 million** for the six months ended June 30, 2025, but the company reported a net loss of **$4.1 million** due to increased expenses and a goodwill impairment | | Six months ended June 30, 2025 (in millions) | Six months ended June 30, 2024 (in millions) | | :--- | :--- | :--- | | **Total revenue, net** | $82.3 | $74.5 | | Tool rental | $67.3 | $58.3 | | Product sale | $15.0 | $16.2 | | **Total costs and other deductions** | $85.8 | $70.2 | | Goodwill impairment | $1.9 | $0.0 | | **Net income (loss)** | $(4.1) | $3.5 | | **Diluted earnings (loss) per share** | $(0.11) | $0.12 | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities remained stable at **$4.6 million**, while investing activities decreased to **$12.1 million** and financing activities significantly declined to **$2.4 million** | | Six Months Ended June 30, 2025 (in millions) | Six Months Ended June 30, 2024 (in millions) | | :--- | :--- | :--- | | **Net cash flows from operating activities** | $4.6 | $4.4 | | **Net cash flows from investing activities** | $(12.1) | $(26.7) | | **Net cash flows from financing activities** | $2.4 | $23.5 | | **Net change in cash** | $(5.0) | $0.8 | | **Cash at end of period** | $1.1 | $6.8 | [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) The notes detail significant accounting policies, recent acquisitions, segment realignment, a **$1.9 million** goodwill impairment, and the initiation of a share repurchase program - The company completed four acquisitions: Casing Technologies Group (CTG) on March 15, 2024; Superior Drilling Products (SDPI) on July 31, 2024; European Drilling Projects (EDP) on October 3, 2024; and Titan Tools Group on January 2, 2025[23](index=23&type=chunk)[24](index=24&type=chunk)[26](index=26&type=chunk) - In January 2025, the company realigned its operations into two reportable segments: Eastern Hemisphere and Western Hemisphere. This change was made to support strategic initiatives to expand global operations[90](index=90&type=chunk) - The segment realignment triggered a goodwill impairment test, resulting in a non-cash impairment loss of **$1.9 million** during the six months ended June 30, 2025[134](index=134&type=chunk) - On May 13, 2025, the company announced a share repurchase program for up to **$10.0 million**. During the quarter, **202,611 shares** were repurchased for **$0.6 million**[181](index=181&type=chunk)[182](index=182&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=34&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the 10% revenue growth driven by acquisitions, the shift to a net loss, and market headwinds, while affirming liquidity Six Months Ended June 30, 2025 vs 2024 | | 2025 (in millions) | 2024 (in millions) | $ Change (in millions) | % Change | | :--- | :--- | :--- | :--- | :--- | | **Total revenue, net** | $82.3 | $74.5 | $7.8 | 10% | | Western Hemisphere Revenue | $78.8 | $73.9 | $4.9 | 7% | | Eastern Hemisphere Revenue | $11.1 | $5.4 | $5.7 | 105% | | **Net income (loss)** | $(4.1) | $3.5 | $(7.6) | -217% | | **Adjusted EBITDA** | $20.1 | $19.9 | $0.2 | 1% | - Revenue growth was driven by acquisitions, particularly in the Eastern Hemisphere, which saw a **105% increase** in revenue for the six-month period[194](index=194&type=chunk)[202](index=202&type=chunk) - The swing to a net loss was primarily due to a **$2.5 million** increase in depreciation and amortization, a **$1.7 million** increase in net interest expense, and a **$1.9 million** goodwill impairment charge[194](index=194&type=chunk) - The company is experiencing market headwinds, including declining rig counts. The weekly average Western Hemisphere rig count was **881** for H1 2025, down from **946** in H1 2024. The Eastern Hemisphere rig count was **719**, down from **760**[192](index=192&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=41&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company identifies credit, concentration, foreign currency, and inflation as primary market risks, noting significant customer concentration and unhedged FX exposure - The company has significant customer concentration, with two customers representing **27% of revenue** for the six months ended June 30, 2025[56](index=56&type=chunk) - Foreign exchange risk is growing due to expansion in international markets. The company does not currently hedge this exposure[229](index=229&type=chunk)[230](index=230&type=chunk) - Rising international tariffs and inflation are identified as risks that could materially and adversely affect business, financial condition, and results of operations[231](index=231&type=chunk)[232](index=232&type=chunk) [Item 4. Controls and Procedures](index=42&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were ineffective due to a continued material weakness in internal control over financial reporting - As of June 30, 2025, the Company's disclosure controls and procedures were deemed **ineffective** by management[235](index=235&type=chunk) - The ineffectiveness is due to a continued material weakness related to ineffective monitoring activities to assess the operation of internal control over financial reporting[236](index=236&type=chunk) [PART II: Other Information](index=44&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section covers legal proceedings, risk factors, equity sales, and other relevant disclosures [Item 1. Legal Proceedings](index=44&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings in the ordinary course of business, with no specific material litigation disclosed - The company may become involved in various legal proceedings in the ordinary course of its business. Refer to Note 15 for further details on commitments and contingencies[166](index=166&type=chunk)[240](index=240&type=chunk) [Item 1A. Risk Factors](index=44&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the risk factors previously disclosed in the Annual Report on Form 10-K have been identified - No material changes to the risk factors from the Annual Report as of the date of this Quarterly Report have been identified[241](index=241&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=44&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company initiated a **$10.0 million** share repurchase program, repurchasing **202,611 shares** for **$0.6 million** in Q2 2025 Share Repurchases for Q2 2025 | Period | Total Shares Purchased | Average Price Paid | Total Cost (in millions) | | :--- | :--- | :--- | :--- | | May 2025 | 61,528 | $2.60 | $0.2 | | June 2025 | 141,083 | $3.17 | $0.4 | | **Total** | **202,611** | **$3.00** | **$0.6** | - The company remains authorized to purchase an additional **$9.4 million** worth of common shares under the current repurchase program[242](index=242&type=chunk) [Item 5. Other Information](index=44&type=section&id=Item%205.%20Other%20Information) A Rule 10b5-1 trading plan was adopted by an executive to sell up to **125,000 shares** over a 15-month period - Michael Domino, President of the Directional Tool Rentals Division, adopted a Rule 10b5-1 trading plan on May 16, 2025, to sell up to **125,000 shares** over 15 months[246](index=246&type=chunk)[247](index=247&type=chunk)