Revenue Performance - Consolidated net revenue in Q3 FY2026 was $75M, flat compared to Q3 FY2025, with cannabis net revenue at $52M, representing a 4% increase year-over-year[3]. - Canada medical cannabis net revenue increased by 15% to $23M, driven by a rise in insured patients and larger order sizes[3]. - Canada adult-use cannabis net revenue rose by 8% to $23M, primarily due to growth in infused pre-roll joints and new All-In-One vapes[3]. - International cannabis net revenue decreased by 31% year-over-year but increased by 22% sequentially compared to Q2 FY2026, attributed to improved supply chain conditions[3]. - Total revenue for the three months ended December 31, 2025, was CAD 90,391,000, an increase from CAD 86,244,000 in the same period of 2024, representing a growth of 2.6%[31]. - Net revenue for the same period was CAD 74,541,000, slightly down from CAD 74,761,000 year-over-year, indicating a decrease of 0.3%[31]. - Canadian adult-use cannabis revenue increased by 8% to $22,927 for the three months ended December 31, 2025, up from $21,153 in 2024[36]. - International markets cannabis revenue decreased by 31% to $6,209 for the three months ended December 31, 2025, down from $8,974 in 2024[36]. - Storz & Bickel segment revenue decreased by 9% to $22,894 for the three months ended December 31, 2025, compared to $25,059 in 2024[39]. Profitability and Loss - Consolidated gross margin in Q3 FY2026 was 29%, a decrease of 300 basis points compared to Q3 FY2025, with cannabis gross margin at 25%[7]. - The operating loss from continuing operations was CAD 26,350,000, worsening from a loss of CAD 23,822,000 in the prior year[31]. - Net loss in Q3 FY2026 narrowed by 49% year-over-year, while adjusted EBITDA loss improved by 17% to $3M[7]. - Net loss attributable to Canopy Growth Corporation was CAD 62,627,000, an improvement from CAD 121,896,000 in the same quarter of 2024, showing a reduction of 48.7%[31]. - Basic and diluted loss per share for the quarter was CAD 0.18, compared to CAD 1.11 in the previous year, indicating a significant improvement[31]. - Adjusted EBITDA for the three months ended December 31, 2025, was $(2,871), an improvement from $(3,469) in 2024[42]. - Free cash flow for continuing operations was $(19,037) for the three months ended December 31, 2025, compared to $(28,181) in 2024[44]. Cash Flow and Financial Position - Free cash outflow improved from $28M in Q3 FY2025 to $19M in Q3 FY2026[7]. - Cash and cash equivalents increased to CAD 371,322,000 as of December 31, 2025, up from CAD 113,811,000 at the end of March 2025[29]. - Total assets reached CAD 1,106,192,000, a significant increase from CAD 917,701,000 in March 2025, representing a growth of 20.6%[29]. - Total liabilities decreased to CAD 348,019,000 from CAD 430,488,000, indicating a reduction of 19.2%[29]. - Net cash provided by financing activities was $285,799 for the nine months ended December 31, 2025, compared to $164,618 in 2024[34]. Strategic Developments - The acquisition of MTL Cannabis is on track to close in the current quarter, expected to strengthen Canopy Growth's global cannabis platform[1]. - The company has captured $29M of annualized savings since March 1, 2025, and continues to seek additional efficiencies[7]. - Strong consumer demand for Claybourne infused pre-roll joints and Gassers AIO vapes supported performance during Q3 FY2026[7]. - The company anticipates future growth in customer numbers and revenue, contingent on regulatory developments and market conditions[25]. Year-over-Year Comparisons - Net loss from continuing operations for the nine months ended December 31, 2025, was $105,793, compared to a loss of $382,637 for the same period in 2024[34]. - Gross margin for the cannabis segment was reported at 25% for the three months ended December 31, 2025, down from 28% in 2024[39].

Exhibit 99.1 Investor Contact: Derek Fiebig (954) 769-2227 fiebigd@autonation.com Media Contact: Lisa Rhodes Ryans (954) 769-4120 publicrelations@autonation.com AutoNation Reports Fourth Quarter and Full Year Results FORT LAUDERDALE, Fla., (February 6, 2026) —AutoNation, Inc. (NYSE: AN) today reported fourth quarter 2025 revenue of $6.9 billion, a decrease of 4% compared to the same period a year ago. Fourth quarter 2025 EPS was $4.70, compared to $4.64 a year ago, and fourth quarter Adjusted EPS was $5.08, ...

Financial Performance - Fourth quarter 2025 net revenues reached $666 million, a 39% increase from Q3 2025 and a 38% increase from Q4 2024[10] - Full year 2025 revenues totaled $1.9 billion, growing over 20% year-over-year, driven by a record year in advisory services[2] - Advisory services revenues for Q4 2025 were $403 million, reflecting a 44% year-over-year growth[5] - Corporate investment banking revenues for 2025 were $1.3 billion, up 28% compared to 2024, with five of seven industry groups showing growth[5] - Institutional brokerage revenues increased to $433 million in 2025, an 8% rise from 2024, supported by strong equity brokerage performance[5] - Investment banking revenues for 2025 reached $1.40 billion, an increase of 27% compared to 2024[11] - Municipal financing revenues for 2025 increased by 19% to $145.8 million compared to the prior year, driven by improved market conditions[12] - Net income for 2025 was $281.3 million, or $15.82 per diluted common share, reflecting an increase compared to 2024[20] - Net income attributable to Piper Sandler Companies for Q4 2025 was $114 million, a 89% increase from Q4 2024[10] - Earnings per diluted share for 2025 were $15.82, a 54% increase compared to the previous year[10] Dividends and Shareholder Returns - The company declared a special cash dividend of $5.00 per share and a quarterly cash dividend of $0.70 per share[5] - Total dividends for fiscal year 2025 amounted to $7.70 per share, a 40% increase over 2024[5] - The company declared a special cash dividend of $5.00 per share and a quarterly cash dividend of $0.70 per share, totaling $7.70 per share for fiscal year 2025, with a payout ratio of 43% of adjusted net income[33][34] Stock and Share Repurchase - The company announced a four-for-one stock split effective March 24, 2026[5] - A four-for-one stock split was approved by the Board of Directors to enhance liquidity and accessibility for investors, effective March 23, 2026[31][32] - During Q4 2025, the company repurchased 59,000 shares at an average price of $337.34 per share, totaling $19.8 million; for 2025, a total of 421,000 shares were repurchased at an average price of $297.22 per share, amounting to $125.0 million[36][37] Operating Expenses and Income - Non-interest expenses for 2025 totaled $1.52 billion, a 17% increase compared to the prior year[15] - Adjusted operating expenses for Q4 2025 were $462.5 million, a 29% increase from Q3 2025 and a 23% increase from Q4 2024; total adjusted operating expenses for 2025 reached $1.47 billion, up 19% year-over-year[26] - Adjusted operating income for Q4 2025 was $172.5 million, a 79% increase from Q3 2025 and a 42% increase from Q4 2024; total adjusted operating income for 2025 was $410.7 million, up 35% compared to 2024[27] - Adjusted operating margin for the three months ended December 31, 2025, was 27.2%, compared to 21.2% in the previous quarter, showing an improvement of 6 percentage points[46] Tax and Income Tax Expense - The effective tax rate for 2025 was 21.5%, down from 27.9% in 2024[18] - Adjusted effective tax rate for Q4 2025 was 28.5%, slightly down from 28.8% in Q3 2025; for 2025, the adjusted effective tax rate was 22.6%, down from 24.9% in the prior year[28] - The company reported an income tax expense of $45.80 million for Q4 2025, compared to $24.95 million in Q3 2025[47] - Adjusted income tax expense for the twelve months ended December 31, 2025, was $92.64 million, an increase from $75.51 million in 2024[48] Employee and Equity Information - The company had 1,858 full-time employees as of December 31, 2025, an increase from 1,836 in Q3 2025 and 1,805 in Q4 2024[38] - Common shareholders' equity increased to $1.371 billion as of December 31, 2025, up from $1.282 billion in Q3 2025[38] - The weighted average diluted common shares outstanding for Q4 2025 was 17,924 thousand, slightly up from 17,931 thousand in Q3 2025[48] Adjusted Financial Metrics - Adjusted net revenues for Q4 2025 were $635.0 million, a 39% increase from Q3 2025 and a 27% increase from Q4 2024[25] - Adjusted net income for Q4 2025 was $123.3 million, translating to $6.88 per diluted common share; for 2025, adjusted net income was $318.1 million, or $17.74 per diluted common share[29][30] - Adjusted total revenues for the twelve months ended December 31, 2025, were $1.88 billion, compared to $1.55 billion in the previous year, reflecting a 22% growth[46] - Adjusted operating income for the twelve months ended December 31, 2025, was $410.71 million, a 35% increase from $303.73 million in 2024[47]

Financial Performance - Total net revenues for 2025 reached $30 billion, representing a 5% organic growth year-over-year[6] - Total PMI revenues for 2025 were $40,648 million, representing a 7.3% increase from $37,878 million in 2024[25] - The company reported a significant increase in Net Earnings for 2025, totaling $11,848 million, up 57.9% from $7,503 million in 2024[64] - Net earnings attributable to PMI for 2025 reached $2,141 million, compared to a loss of $(579) million in 2024, resulting in a net earnings for basic and diluted EPS of $11,316 million in 2025, up from $7,034 million in 2024[17] - Basic Earnings Per Share for 2025 was $7.27, a 60.5% increase from $4.53 in 2024[64] - 2025 diluted EPS increased to $1.37, a 100% change from $(0.38) in 2024, with a yearly increase to $7.26 from $4.52, representing a 60.6% growth[19] Revenue Breakdown - Total smoke-free net revenues for 2025 were $4,354 million, a 12.0% increase from $3,887 million in 2024, with significant growth in SSEA, CIS & MEA at 33.2%[22] - Total net revenues for combustible tobacco reached $23,794 million in 2025, a 2.5% increase from $23,218 million in 2024[25] - Total net revenues for smoke-free products amounted to $16,854 million in 2025, reflecting a 15.0% growth compared to $14,660 million in 2024[25] - Total combustible tobacco net revenues for 2025 were $6,008 million, a 3.2% increase from $5,819 million in 2024, with Europe showing a 6.5% growth[22] Operating Income and Margins - The adjusted operating income margin for 2025 was 40%, up from 38% in 2024, indicating improved operational efficiency[6] - Total reported operating income for 2025 was $14,892 million, an increase of 11.1% compared to $13,402 million in 2024[53] - Adjusted operating income for 2025 reached $3,129 million, reflecting an 8.6% increase year-over-year[56] - Adjusted operating income excluding currency and acquisitions/divestitures for the total PMI was $16,243 million, an increase of 10.6% from $14,688 million in 2024[53] Product Performance - The number of total IQOS users increased to 20 million, with a 15% growth in user adoption compared to 2024[11] - PMI's e-Vapor product line saw a 25% increase in sales volume, contributing significantly to overall revenue growth[12] - The wellness segment within smoke-free products saw a decline of 17.2% in net revenues, dropping to $72 million from $87 million in 2024[22] - The company plans to launch three new smoke-free products in 2026, aiming to capture an additional 5% market share in the smoke-free segment[9] Debt and Financial Position - The company reported a net debt of $15 billion, with a debt-to-equity ratio of 1.2, indicating a stable financial position[6] - Total Debt as of December 31, 2025, was $48,835 million, up from $45,695 million in 2024[70] - Net Debt at the end of 2025 was $43,963 million, an increase from $41,479 million in 2024[70] Future Outlook - The company anticipates adjusted earnings per share (EPS) to grow by 8% in 2026, driven by continued expansion in smoke-free product offerings[8] - The company plans to continue expanding its smoke-free product offerings, with a focus on increasing market share in emerging markets[22] - The company anticipates continued growth in smoke-free product revenues, driven by increased market penetration and product innovation[25] Regional Performance - The SSEA, CIS & MEA region reported a significant operating income increase of 19.5%, reaching $4,096 million in 2025 compared to $3,429 million in 2024[36] - In Europe, reported operating income for 2025 was $7,165 million, up 9.4% from $6,547 million in 2024[53] - The Americas region saw a decline in operating income, dropping to $505 million in 2025, a decrease of 7.8% from $548 million in 2024[36] Adjusted Financial Metrics - Adjusted EBITDA for 2025 was $17,375 million, compared to $15,580 million in 2024, indicating a strong growth trajectory[70] - Adjusted gross profit for smoke-free products increased by 19.9% to $11,688 million in 2025, compared to $9,719 million in 2024[33] - Total adjusted gross profit for PMI in 2025 was $27,282 million, an 11.0% increase from $24,549 million in 2024[33]

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 December 31, 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 001-35769 _________________ ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________________________ Table of Contents (Exact name of registrant as specified in its charter) _________________________________________ 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 December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ...

Revenue and Sales Performance - The company operates as a single reportable segment, with revenues primarily derived from the sale of networking hardware [103]. - For the six months ended December 31, 2025, sales to distributors accounted for 55% of revenues, while direct sales contributed 45% [105]. - Total revenues increased by $215.0 million, or 36%, from $599.9 million in Q4 2024 to $814.9 million in Q4 2025 [116]. - Enterprise Technology revenue increased by $210.8 million, or 41%, from $518.2 million in Q4 2024 to $729.0 million in Q4 2025 [118]. - Revenues in North America increased by $121.9 million, or 38%, from $321.6 million in Q4 2024 to $443.6 million in Q4 2025 [123]. - Revenues in EMEA increased by $72.1 million, or 35%, from $208.6 million in Q4 2024 to $280.7 million in Q4 2025 [125]. - Revenues in Asia Pacific increased by $11.4 million, or 26%, from $43.1 million in Q4 2024 to $54.5 million in Q4 2025 [127]. - Revenues in South America increased by $9.5 million, or 36%, from $26.6 million in Q4 2024 to $36.1 million in Q4 2025 [129]. Cost and Expense Management - Gross profit margins may be affected by factors such as product mix, tariffs, and competitive pricing pressures, with recent tariff changes increasing product costs significantly [109]. - Research and development expenses are expected to rise as the company continues to invest in new product development and enhancements to existing products [112]. - Operating expenses are classified into research and development and sales, general and administrative expenses, with an anticipated increase in absolute dollars due to growth in headcount and market expansion [110]. - Research and Development expenses increased by $10.9 million, or 27%, from $40.0 million in Q4 2024 to $50.8 million in Q4 2025 [132]. - Sales, General and Administrative expenses increased by $1.8 million, or 6%, from $28.5 million in Q4 2024 to $30.3 million in Q4 2025 [135]. - I&O expenses decreased by $17.2 million, or 78%, from $22.0 million in the six months ended December 31, 2024, to $4.8 million in the six months ended December 31, 2025, representing 0% of revenue [139]. Financial Position and Cash Flow - Net cash provided by operating activities for the six months ended December 31, 2025, was $462.4 million, compared to $386.1 million for the same period in 2024, reflecting a significant increase [145]. - Cash and cash equivalents increased to $302.8 million as of December 31, 2025, from $149.7 million as of June 30, 2025 [144]. - Net cash used in financing activities was $300.5 million during the six months ended December 31, 2025, which included $202.5 million repaid under credit facilities and $96.8 million for dividends [149]. - The company had $1,263.8 million in purchase commitments with third-party manufacturers as of December 31, 2025 [159]. Tax and Interest Rate Implications - Provision for income taxes increased by $27.1 million, or 89%, from $30.6 million for the three months ended December 31, 2024, to $57.7 million for the three months ended December 31, 2025, with an effective tax rate increase to 19.8% [141]. - The effective tax rate increase was primarily driven by changes in the mix of income earned in various tax jurisdictions [143]. - An instantaneous and sustained 200-basis-point increase in interest rates would result in an incremental charge of approximately $1.0 million to income before income taxes over the next twelve months [167]. - A 10% appreciation or depreciation in the value of the U.S. dollar relative to other currencies would result in a charge or benefit of approximately $5.5 million for income before income taxes for the three months ended December 31, 2025 [168]. - A 10% appreciation or depreciation in the value of the U.S. dollar relative to other currencies in bank accounts would result in a charge or benefit of approximately $3.3 million for income before income taxes for the three months ended December 31, 2025 [169]. Operational Challenges and Market Conditions - The company has experienced periodic volatility in the supply of components, leading to increased delivery lead times and costs, which may impact future operations [100]. - The company is monitoring geopolitical tensions, including the Russia-Ukraine conflict and China-Taiwan tensions, which may impact operations and supply chains [101][102]. - The company has a broad portfolio of networking products targeting wireless internet service providers, enterprises, and smart homes, differentiated by proprietary software and hardware design [95]. - The company does not employ a traditional sales force but relies on online marketing and community engagement to drive brand awareness and customer interaction [94].

Financial Performance - Revenues for Q4 2025 were $208.0 million, a decrease of 11% from $233.5 million in Q4 2024 and a 4% decline from $216.4 million in Q3 2025[2] - Operating income for the quarter was $39.8 million, down 21% year-over-year and 15% sequentially, with an operating margin of 19.1%[2] - Net income attributable to Virtus Investment Partners was $35.5 million, representing an 11% increase from $31.9 million in the prior quarter[2] - Total revenues decreased by 6% to $852,865,000 for the twelve months ended December 31, 2025, compared to $906,949,000 for the same period in 2024[22] - Net income for the twelve months ended December 31, 2025, was $135,988,000, an 11% decrease from $152,453,000 in 2024[22] - Earnings per share increased by 11% to $20.27 for the twelve months ended December 31, 2025, compared to $17.19 in 2024[22] - Operating income decreased by 8% to $168,680,000 for the twelve months ended December 31, 2025, from $182,490,000 in 2024[22] Assets Under Management (AUM) - Total assets under management decreased to $159.5 billion, down 9% from $175.0 billion year-over-year and 6% from $169.3 billion in the prior quarter[5] - Total Assets Under Management (AUM) decreased from $175,001 million on 12/31/2024 to $159,493 million on 12/31/2025, representing a decline of approximately 8.9%[23] - Open-End Funds AUM declined from $56,073 million to $52,759 million over the same period, a decrease of about 5.2%[23] - Institutional Accounts AUM fell from $59,167 million to $53,008 million, a reduction of approximately 10.4%[23] - Net outflows for Total AUM amounted to $10,433 million for the twelve months ended 12/31/2025[25] - Market performance negatively impacted AUM by $15,829 million over the twelve months, contributing to the overall decline[25] Revenue and Expense Trends - Total sales for the quarter were $5.3 billion, a decrease of 17% from $6.4 billion in Q4 2024 and 15% from $6.3 billion in Q3 2025[6] - Investment management fees fell by 6% to $725,039,000 for the twelve months ended December 31, 2025, down from $773,830,000 in 2024[22] - Operating expenses decreased by 6% to $684,185,000 for the twelve months ended December 31, 2025, compared to $724,459,000 in 2024[22] - Total operating expenses for the three months ended December 31, 2025, were $168,208,000, a decrease from $182,773,000 in 2024, reflecting a reduction of 8.0%[27] Shareholder Actions - The company repurchased 60,292 shares for $10.0 million during the quarter[17] Tax and Other Adjustments - The effective tax rate for the quarter was 28%, a slight decrease from 29% in the prior quarter[11] - The effective tax rate for the three months ended December 31, 2025, was 28.4%, down from 32.6% in 2024[28] - The company reported a restructuring expense of $693,000, a 100% decrease from $1,487,000 in 2024[22] - The change in fair value of contingent consideration improved by 61%, from $(5,608,000) in 2024 to $(2,214,000) in 2025[22] Forward-Looking Statements - Forward-looking statements indicate that actual results may differ materially due to various risks and uncertainties, including changes in assets under management and market conditions[43] - The company does not plan to update or revise any forward-looking statements after the date of the release, regardless of actual results[47] - Management believes that adjustments made to financial results aid in comparing the company's operating results with prior periods and other asset management firms[37]

Growth products up 6% year-over-year in the fourth quarter demonstrating continued strong commercial execution 1 Continued to deliver progress across key late-stage pipeline programs Biogen Inc. (Nasdaq: BIIB) today reported fourth quarter and full year 2025 financial results. Press Release Cambridge, Mass. – February 6, 2026 Biogen reports strong fourth quarter and full year 2025 results and provides full year 2026 financial guidance Fourth quarter 2025 total revenue $2.3 billion; GAAP diluted EPS $(0.33); ...

Financial Performance - Net sales for Q4 2025 were $116 million, a decrease of 13% compared to $134 million in Q4 2024, primarily due to a decline in weighted-average realized prices[9] - Net loss for Q4 2025 was $65 million, or $2.50 per share, compared to a net loss of $49 million, or $1.92 per share, in Q4 2024[10] - Adjusted EBITDA for Q4 2025 was negative $22 million, worsening from negative $7 million in Q4 2024, largely due to lower realized prices[10] - Gross loss for Q4 2025 was $24,337 thousand, compared to a gross loss of $10,443 thousand in Q4 2024, indicating a significant decline in profitability[51] - Operating loss for the year ended December 31, 2025, was $77,066 thousand, slightly higher than the operating loss of $75,225 thousand for the previous year[51] - Net loss for Q4 2025 was $65,116 thousand, compared to a net loss of $49,476 thousand in Q4 2024, representing a 31.5% increase in losses year-over-year[51] - Basic loss per share for Q4 2025 was $2.50, compared to $1.92 in Q4 2024, reflecting a worsening financial position[51] - Adjusted net loss for Q4 2025 was $63,886 thousand, compared to $33,143 thousand in Q4 2024, indicating a deterioration in adjusted financial performance[55] - Free cash flow for Q4 2025 was $(39.265) million, compared to $(39.209) million in Q4 2024, indicating continued cash flow challenges[59] Sales and Production - Sales volume for Q4 2025 was 27.1 thousand MT, flat year-over-year, while full-year sales volume grew 6% to 109.2 thousand MT[15] - Production volume for Q4 2025 was 27.8 thousand MT, resulting in a capacity utilization rate of 60%[17] - The company anticipates a 5-10% year-over-year increase in sales volume for 2026, with approximately 65% of the anticipated volume already committed[22] - The company expects a modest increase in global demand for graphite electrodes in 2026, driven by improving steel industry trends[21] - Sales volume in Q4 2025 was 27.1 thousand MT, a slight decrease from 27.2 thousand MT in Q4 2024[60] Liquidity and Capital Expenditures - Total liquidity at the end of Q4 2025 was $340 million, consisting of cash and cash equivalents of $138 million and availability under credit facilities[18] - Capital expenditures for 2026 are anticipated to be approximately $35 million, adequate to maintain current asset utilization levels[26] - Capital expenditures for the year ended December 31, 2025, totaled $38,885 thousand, an increase from $34,309 thousand in 2024[53] - Capital expenditures in Q4 2025 were $18.371 million, up from $12.792 million in Q4 2024, indicating increased investment in operations[59] Debt and Assets - GrafTech reported a gross debt of $1,125 million as of December 31, 2025, with cash and cash equivalents of $138 million, resulting in a net debt of $987 million[33] - Total current assets decreased from $636,797 thousand in 2024 to $484,534 thousand in 2025, reflecting a decline of approximately 24%[49] - The company's total assets decreased from $1,224,274 thousand in 2024 to $1,028,789 thousand in 2025, a reduction of about 16%[49] - GrafTech's accumulated deficit increased from $793,453 thousand in 2024 to $1,012,948 thousand in 2025, indicating a rise of approximately 28%[49] - GrafTech's stockholders' deficit increased from $78,902 thousand in 2024 to $259,628 thousand in 2025, reflecting a significant decline in equity[49] Cost Management - The company achieved an 11% reduction in cash cost of goods sold per metric ton for the full year 2025 compared to 2024[13] - GrafTech's cash cost of goods sold per metric ton is a critical measure for evaluating costs, which is calculated by excluding certain expenses from the total cost of goods sold[45] - Cash cost of goods sold for Q4 2025 was $108.904 million, with a cash cost of goods sold per MT of $4,019, slightly lower than $4,086 in Q4 2024[60] Research and Development - Research and development expenses for the year ended December 31, 2025, were $6,475 thousand, up from $5,706 thousand in 2024, highlighting ongoing investment in innovation[51] Operational Risks - The company is subject to various risks, including dependence on the global steel industry and potential disruptions in manufacturing operations[35] - The company is focusing on cost rationalization and footprint optimization, which may impact future financial performance[61] Performance Metrics - The company emphasizes the importance of adjusted EBITDA as a key performance metric, which excludes non-operational items to provide a clearer view of operational profitability[41] - Adjusted EBITDA for Q4 2025 was $(21.900) million, a decrease from $13.013 million in Q3 2025 and $(6.859) million in Q4 2024[58]