UNITED STATES SECURITIES AND EXCHANGE COMMISSION 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 No. 001-41478 ADDENTAX GROUP CORP. (Exact name of registrant as specified in its charter) Washington, D.C. 20549 (State or other jurisdiction of ...

Exhibit 99.1 22nd Century Group Reports Second Quarter 2025 Financial Results VLN® Early Adoption Commercial Activity Expands with Two Partner Brand Launches in Progress – Smoker Friendly and Pinnacle Commenced Pinnacle VLN® Stocking Shipments for Almost 1,000 Locations of Top-5 C-Store Customer, Additional Locations to Come Significantly Expanded State Authorizations for both Reduced Nicotine Content and Conventional Products High Margin Branded Products Business Model Set to Grow Profitably MOCKSVILLE, N. ...

[Overview of Second Quarter 2025 Results](index=1&type=section&id=Overview%20of%20Second%20Quarter%202025%20Results) [Key Highlights & Management Comments](index=1&type=section&id=Key%20Highlights%20%26%20Management%20Comments) Battalion Oil successfully completed its 2025 six-well drilling plan ahead of schedule and under budget, with new wells showing strong initial production. However, the company faces a significant operational challenge due to the abrupt shutdown of its primary acid gas injection (AGI) facility, forcing a temporary shut-in of production - Completed the 2025 six-well drilling plan, with the final two wells in the West Quito area drilled ahead of schedule and approximately **$1.0 million per well under budget**[2](index=2&type=chunk) - Initial production rates from the new wells are outperforming legacy offset wells, which have also seen increased production due to positive frac interference[2](index=2&type=chunk) - The Acid Gas Injection (AGI) facility, which treated an average of **24 MMcf/d**, ceased operations on August 11, 2025, citing economic non-viability. This has forced the company to temporarily shut in some production and seek alternative gas processing solutions[3](index=3&type=chunk) [Financial & Operating Performance](index=1&type=section&id=Financial%20%26%20Operating%20Performance) Q2 2025 revenue decreased to $42.8 million from $49.1 million year-over-year due to lower realized prices, despite a slight production increase to 12,989 Boe/d, resulting in a $3.5 million net loss to common stockholders Q2 2025 vs Q2 2024 Key Financial Metrics | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | **Total Operating Revenue** | $42.8 million | $49.1 million | | **Average Daily Production** | 12,989 Boe/d | 12,857 Boe/d | | **Net Loss to Common Stockholders** | $3.5 million | $8.7 million | | **Adjusted EBITDA** | $18.1 million | $15.6 million | - The decrease in revenue was primarily due to a **$5.93 decrease per Boe** in average realized prices (excluding hedges), partially offset by a **132 Boe/d production increase**[4](index=4&type=chunk) Operating Expenses per Boe (YoY Comparison) | Expense Category | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | **Lease operating and workover** | $10.98 | $10.22 | | **Gathering and other** | $9.27 | $10.36 | | **General and administrative** | $2.17 | $2.85 | [Liquidity and Balance Sheet](index=3&type=section&id=Liquidity%20and%20Balance%20Sheet) As of June 30, 2025, Battalion Oil reported $44.6 million in cash and cash equivalents, with $219.4 million in outstanding term loan indebtedness Liquidity Position as of June 30, 2025 | Metric | Amount | | :--- | :--- | | **Cash and cash equivalents** | $44.6 million | | **Term loan indebtedness** | $219.4 million | [Financial Statements](index=5&type=section&id=Financial%20Statements) [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2025 total operating revenues were $42.8 million, leading to a net income of $4.8 million, significantly improved from a prior-year net loss, but resulting in a $3.5 million net loss to common stockholders after preferred dividends Q2 2025 Statement of Operations Highlights (in thousands) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | **Total operating revenues** | $42,812 | $49,104 | | **(Loss) income from operations** | $(153) | $5,120 | | **Net gain on derivative contracts** | $11,548 | $1,223 | | **Net income (loss)** | $4,796 | $(105) | | **Net loss available to common stockholders** | $(3,474) | $(8,691) | | **Diluted net loss per share** | $(0.21) | $(0.53) | [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets increased to $498.8 million, driven by higher cash and oil/gas properties, while total liabilities rose to $306.4 million, shifting stockholders' equity to a $5.2 million deficit Balance Sheet Summary (in thousands) | Metric | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | **Cash and cash equivalents** | $44,621 | $19,712 | | **Total current assets** | $83,462 | $54,052 | | **Net oil and natural gas properties** | $402,327 | $368,005 | | **Total assets** | $498,781 | $431,048 | | **Total current liabilities** | $90,042 | $77,664 | | **Long-term debt, net** | $191,467 | $145,535 | | **Total stockholders' (deficit) equity** | $(5,236) | $4,120 | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities significantly decreased to $10.2 million in Q2 2025, while investing activities used $33.4 million, and financing activities provided $55.4 million for the first six months Cash Flow Summary for Three Months Ended June 30 (in thousands) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $10,205 | $29,824 | | **Net cash used in investing activities** | $(33,362) | $(13,857) | | **Net cash (used in) provided by financing activities** | $(5,790) | $(10,478) | | **Net (decrease) increase in cash** | $(28,947) | $5,489 | [Supplemental Information](index=8&type=section&id=Supplemental%20Information) [Selected Operating Data](index=8&type=section&id=Selected%20Operating%20Data) Q2 2025 average daily production slightly increased to 12,989 Boe/d, while crude oil prices dropped, yet post-hedge total realized price per Boe rose, and adjusted total operating costs per Boe decreased Q2 Production Volumes | Production | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | **Crude oil (MBbls)** | 584 | 577 | | **Natural gas (MMcf)** | 2,136 | 1,929 | | **Total (MBoe)** | 1,182 | 1,170 | | **Average daily production (Boe/d)** | 12,989 | 12,857 | Q2 Average Prices per Unit | Price | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | **Crude oil (per Bbl)** | $62.14 | $79.20 | | **Total per Boe (pre-hedge)** | $36.02 | $41.95 | | **Total per Boe (post-hedge)** | $39.66 | $39.21 | Q2 Average Costs per Boe | Cost | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | **Lease operating** | $9.03 | $9.41 | | **Gathering and other** | $9.27 | $10.36 | | **General and administrative (adjusted)** | $2.11 | $2.49 | | **Total operating costs (adjusted)** | $24.49 | $25.93 | [Non-GAAP Reconciliations](index=9&type=section&id=Non-GAAP%20Reconciliations) This section provides detailed reconciliations of GAAP to non-GAAP measures, clarifying adjusted net loss and Adjusted EBITDA by removing non-cash and non-recurring items for a clearer operational performance view [Reconciliation of Net Loss to Adjusted Net Loss](index=9&type=section&id=Reconciliation%20of%20Net%20Loss%20to%20Adjusted%20Net%20Loss) Q2 2025 reported net loss of $3.5 million was adjusted to a $10.6 million net loss, or ($0.65) per share, primarily by excluding a $7.2 million non-cash unrealized derivative gain Adjusted Net Loss Reconciliation for Q2 2025 (in thousands) | Metric | Amount | | :--- | :--- | | **Net loss available to common stockholders** | $(3,474) | | **Unrealized gain on derivatives** | $(7,248) | | **Non-recurring charges** | $73 | | **Adjusted net loss available to common stockholders** | $(10,649) | | **Adjusted diluted net loss per share** | $(0.65) | [Adjusted EBITDA Reconciliation](index=10&type=section&id=Adjusted%20EBITDA%20Reconciliation) Adjusted EBITDA for Q2 2025 increased to $18.1 million, with the Last Twelve Months (LTM) Adjusted EBITDA reaching $64.7 million as of June 30, 2025 Adjusted EBITDA Reconciliation for Q2 (in thousands) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | **Net income (loss), as reported** | $4,796 | $(105) | | **Interest expense** | $7,341 | $7,610 | | **Depletion, depreciation and accretion** | $13,939 | $13,213 | | **Unrealized (gain) on derivatives** | $(7,248) | $(4,434) | | **Adjusted EBITDA** | $18,137 | $15,634 | - Adjusted Last Twelve Months (LTM) EBITDA as of June 30, 2025 was **$64.7 million**[30](index=30&type=chunk)

[Executive Summary and Financial Highlights](index=1&type=section&id=Executive%20Summary%20and%20Financial%20Highlights) Amcor's fiscal 2025 results highlight the transformative Berry Global acquisition, positioning the company for strong fiscal 2026 earnings and free cash flow growth [Overview and CEO Remarks](index=1&type=section&id=Overview%20and%20CEO%20Remarks) Amcor's CEO emphasized the Berry Global acquisition as a milestone, driving strong fiscal 2026 earnings and free cash flow growth, with integration on track and a $20 billion core portfolio identified - The acquisition of Berry Global is a significant milestone, expected to drive strong adjusted EPS growth of **12-17%** and Free Cash Flow of **$1.8-$1.9 billion** in fiscal 2026[1](index=1&type=chunk) - Integration is progressing well, with synergy targets on track; a strategic portfolio review has identified a **$20 billion core portfolio** focused on consumer packaging and dispensing solutions for nutrition and health[2](index=2&type=chunk) [Fiscal 2025 Performance Highlights](index=1&type=section&id=Fiscal%202025%20Performance%20Highlights) For fiscal 2025, Amcor achieved 11% constant currency net sales growth to $15,009 million, 12% adjusted EBIT growth to $1,723 million, and 3% adjusted EPS growth to 71.2 cents per share Fiscal Year 2025 Highlights | Metric | Value | Constant Currency Growth | | :--- | :--- | :--- | | Net Sales | $15,009 million | 11% | | Adjusted EBITDA | $2,186 million | 13% | | Adjusted EBIT | $1,723 million | 12% | | Adjusted EPS | 71.2 cps | 3% | | Adjusted Free Cash Flow | $926 million | N/A | | Annual Dividend | 51 US cents per share | N/A | [Q4 Fiscal 2025 Performance Highlights](index=1&type=section&id=Q4%20Fiscal%202025%20Performance%20Highlights) Q4 fiscal 2025 results show significant impact from the Berry Global acquisition, with 43% constant currency net sales growth to $5,082 million, a GAAP Net Loss of $39 million, and strong adjusted EBITDA and EBIT growth Q4 Fiscal 2025 Highlights | Metric | Value | Constant Currency Growth | | :--- | :--- | :--- | | Net Sales | $5,082 million | 43% | | GAAP Net Income | ($39) million | N/A | | Adjusted EBITDA | $789 million | 43% | | Adjusted EBIT | $611 million | 34% | [Key Financials Summary](index=1&type=section&id=Key%20Financials%20Summary) This table provides a comparative overview of Amcor's GAAP and adjusted non-GAAP financial metrics for Q4 and full fiscal years 2024 and 2025, reflecting significant top-line growth post-acquisition GAAP and Adjusted Non-GAAP Results (in millions, except EPS) | Metric | Q4 2024 | Q4 2025 | FY 2024 | FY 2025 | | :--- | :--- | :--- | :--- | :--- | | **GAAP Results** | | | | | | Net Sales | $3,535 | $5,082 | $13,640 | $15,009 | | Net Income | $257 | ($39) | $730 | $511 | | EPS (diluted US cents) | 17.8 | (1.9) | 50.5 | 32.0 | | **Adjusted Non-GAAP Results** | | | | | | Net Sales | $3,535 | $5,082 | $13,640 | $15,009 | | EBIT | $454 | $611 | $1,560 | $1,723 | | Net Income | $305 | $408 | $1,015 | $1,136 | | EPS (diluted US cents) | 21.1 | 20.0 | 70.2 | 71.2 | | Free Cash Flow | $837 | $943 | $952 | $926 | [Strategic Developments and Shareholder Returns](index=3&type=section&id=Strategic%20Developments%20and%20Shareholder%20Returns) Amcor completed the Berry Global acquisition, reorganizing into two segments, identifying a core portfolio, and increasing its quarterly cash dividend [Berry Global Acquisition and Integration](index=3&type=section&id=Berry%20Global%20Acquisition%20and%20Integration) Amcor completed the all-stock acquisition of Berry Global on April 30, 2025, targeting $650 million in pre-tax synergies by fiscal 2028, and reorganized into Global Flexible and Rigid Packaging Solutions - The all-stock acquisition of Berry Global was completed on **April 30, 2025**[7](index=7&type=chunk) - Amcor is targeting total pre-tax synergy benefits of **$650 million by the end of fiscal 2028**, with **$260 million expected in fiscal 2026**[10](index=10&type=chunk) - The company has been reorganized into two segments: **Global Flexible Packaging Solutions** and **Global Rigid Packaging Solutions**, combining legacy businesses from both Amcor and Berry Global[9](index=9&type=chunk) [Portfolio Review and Optimization](index=3&type=section&id=Portfolio%20Review%20and%20Optimization) A portfolio review identified a **$20 billion core portfolio** focused on consumer packaging for nutrition and health, while businesses with **$2.5 billion in sales** are under review for strategic alternatives - A review identified a **$20 billion core portfolio** focused on consumer packaging and dispensing solutions for nutrition and health[11](index=11&type=chunk) - Businesses with combined annual sales of approximately **$2.5 billion**, including the **$1.5 billion North America Beverage business**, are considered less aligned with the core portfolio and are under review for strategic alternatives such as restructuring, partnership, or sale[12](index=12&type=chunk) [Shareholder Returns](index=3&type=section&id=Shareholder%20Returns) Amcor's Board declared a quarterly cash dividend of **12.75 cents per share**, increasing the total annual dividend for fiscal 2025 to **51.0 cents per share** Quarterly Dividend Information | Metric | Value | | :--- | :--- | | Quarterly Dividend per Share | 12.75 US cents | | Annual Dividend for FY2025 | 51.0 US cents | | Ex-dividend Date (ASX) | September 4, 2025 | | Ex-dividend Date (NYSE) | September 5, 2025 | | Record Date | September 5, 2025 | | Payment Date | September 25, 2025 | [Financial Performance Analysis](index=5&type=section&id=Financial%20Performance%20Analysis) Amcor's fiscal 2025 net sales grew 10% to $15,009 million and adjusted EBIT increased 12% in constant currency, primarily driven by the Berry Global acquisition [Consolidated Financial Results](index=5&type=section&id=Consolidated%20Financial%20Results) For fiscal 2025, Amcor's net sales grew 10% to $15,009 million and adjusted EBIT increased 12% in constant currency, largely driven by the Berry Global acquisition, despite some volume and price/mix offsets - For FY2025, constant currency net sales grew **11%**, driven by a **10% contribution from acquired sales** and **1% from higher volumes**, partially offset by a **1% unfavorable price/mix**[24](index=24&type=chunk) - For Q4 2025, constant currency net sales grew **43%**, almost entirely due to a **43% contribution from acquired sales**, with overall volumes declining by **1.7%**[19](index=19&type=chunk)[20](index=20&type=chunk) - FY2025 adjusted EBIT grew **12% in constant currency**, with a **13% contribution from acquisitions**, partly offset by unfavorable price/mix, though strong cost performance and higher volumes provided some benefit[25](index=25&type=chunk) [Segment Performance: Global Flexible Packaging Solutions](index=7&type=section&id=Segment%20Performance%3A%20Global%20Flexible%20Packaging%20Solutions) The Global Flexible Packaging Solutions segment saw fiscal 2025 net sales increase by 6% in constant currency to $10,872 million and adjusted EBIT up 5% to $1,458 million, driven by acquisitions and volume growth Global Flexible Packaging Solutions - Q4 FY2025 | Metric | Q4 2024 ($M) | Q4 2025 ($M) | Constant Currency ∆% | | :--- | :--- | :--- | :--- | | Net Sales | 2,686 | 3,205 | 18% | | Adjusted EBIT | 403 | 450 | 11% | | Adjusted EBIT Margin | 15.0% | 14.1% | N/A | Global Flexible Packaging Solutions - Full Year FY2025 | Metric | FY 2024 ($M) | FY 2025 ($M) | Constant Currency ∆% | | :--- | :--- | :--- | :--- | | Net Sales | 10,332 | 10,872 | 6% | | Adjusted EBIT | 1,395 | 1,458 | 5% | | Adjusted EBIT Margin | 13.5% | 13.4% | N/A | - In Q4, combined volumes for the segment were down approximately **1.5%**, with low single-digit declines in North America and lower volumes in Europe, while emerging markets saw low single-digit growth[30](index=30&type=chunk) [Segment Performance: Global Rigid Packaging Solutions](index=8&type=section&id=Segment%20Performance%3A%20Global%20Rigid%20Packaging%20Solutions) The Global Rigid Packaging Solutions segment experienced dramatic growth in fiscal 2025, with constant currency net sales up 26% to $4,137 million and adjusted EBIT surging 47% to $375 million, primarily due to the Berry acquisition Global Rigid Packaging Solutions - Q4 FY2025 | Metric | Q4 2024 ($M) | Q4 2025 ($M) | Constant Currency ∆% | | :--- | :--- | :--- | :--- | | Net Sales | 849 | 1,877 | 121% | | Adjusted EBIT | 75 | 204 | 173% | | Adjusted EBIT Margin | 8.8% | 10.9% | N/A | Global Rigid Packaging Solutions - Full Year FY2025 | Metric | FY 2024 ($M) | FY 2025 ($M) | Constant Currency ∆% | | :--- | :--- | :--- | :--- | | Net Sales | 3,308 | 4,137 | 26% | | Adjusted EBIT | 259 | 375 | 47% | | Adjusted EBIT Margin | 7.8% | 9.1% | N/A | - In Q4, combined volumes for the segment were down approximately **2%**, or **1% excluding North America beverage**; the decline was partly due to operating challenges and higher costs in the North America Beverage business[36](index=36&type=chunk)[37](index=37&type=chunk) [Other Financial Items](index=8&type=section&id=Other%20Financial%20Items) Fiscal 2025 adjusted net interest expense rose to $332 million due to acquisition-related debt, adjusted free cash flow was $926 million, and net debt reached $13,271 million, including $7.4 billion from the Berry Global acquisition - Adjusted net interest expense for FY2025 was **$332 million**, up from **$310 million** last year, due to increased debt from the acquisition[41](index=41&type=chunk) - Adjusted free cash flow for FY2025 was **$926 million**, compared to **$952 million** in the prior year[42](index=42&type=chunk) - Net debt increased to **$13,271 million** as of June 30, 2025, which includes about **$7.4 billion of debt from Berry Global**[42](index=42&type=chunk) [Fiscal 2026 Outlook](index=10&type=section&id=Fiscal%202026%20Outlook) Amcor forecasts strong fiscal 2026 adjusted EPS of 80 to 83 cents per share, representing 12% to 17% constant currency growth, and robust free cash flow of $1.8 to $1.9 billion [Fiscal 2026 Guidance](index=10&type=section&id=Fiscal%202026%20Guidance) Amcor's fiscal 2026 guidance projects adjusted EPS of 80 to 83 cents per share (12-17% constant currency growth) and free cash flow of $1.8 to $1.9 billion, including $260 million in Berry Global synergy benefits Fiscal 2026 Guidance | Metric | Guidance Range | Notes | | :--- | :--- | :--- | | Adjusted EPS | 80 - 83 cents per share | 12% to 17% constant currency growth | | Free Cash Flow | $1.8 - $1.9 billion | After ~$220M integration/transaction costs | | Capital Expenditure | $850 - $900 million | | | Net Interest Expense | $570 - $600 million | | | Effective Tax Rate | 19% - 21% | | - The guidance includes pre-tax synergy benefits of approximately **$260 million** related to the Berry Global acquisition[48](index=48&type=chunk) - The guidance reflects a full 12 months of ownership of Berry Global and does not account for the impact of potential portfolio optimization actions[43](index=43&type=chunk) [Appendix: Financial Statements & Reconciliations](index=12&type=section&id=Appendix%3A%20Financial%20Statements%20%26%20Reconciliations) This appendix provides unaudited U.S. GAAP financial statements and detailed reconciliations of non-GAAP measures, offering a comprehensive view of Amcor's financial performance and position [U.S. GAAP Financial Statements](index=12&type=section&id=U.S.%20GAAP%20Financial%20Statements) This section presents unaudited U.S. GAAP condensed consolidated financial statements for periods ending June 30, 2025, including Statements of Income, Cash Flows, and Balance Sheets - The Condensed Consolidated Statements of Income show a GAAP net loss of **$39 million** for Q4 2025 and net income of **$511 million** for FY 2025, impacted by significant restructuring, transaction, and integration expenses[56](index=56&type=chunk) - The Condensed Consolidated Balance Sheet as of June 30, 2025, shows total assets of **$37,066 million** and total liabilities of **$25,326 million**, reflecting the significant increase in assets and debt following the Berry Global acquisition[58](index=58&type=chunk) - The Condensed Consolidated Statements of Cash Flows for FY 2025 show net cash provided by operating activities of **$1,390 million** and a net increase in cash of **$239 million** for the year[57](index=57&type=chunk) [Reconciliation of Non-GAAP Measures](index=16&type=section&id=Reconciliation%20of%20Non-GAAP%20Measures) This section reconciles non-GAAP financial measures to U.S. GAAP, detailing adjustments for items like restructuring costs, acquisition-related expenses, and amortization of acquired intangibles - For Q4 2025, GAAP Net Income of **($39) million** is reconciled to Adjusted Net Income of **$408 million**; major adjustments include **$166 million** for Berry Transaction & Integration costs, **$133 million** for inventory step-up amortization, and **$130 million** for amortization of acquired intangibles[61](index=61&type=chunk) - For FY 2025, GAAP Net Income of **$511 million** is reconciled to Adjusted Net Income of **$1,136 million**; key adjustments include **$246 million** for amortization of acquired intangibles, **$202 million** for Berry Transaction & Integration costs, and **$133 million** for inventory step-up amortization[63](index=63&type=chunk) - A reconciliation of net debt is provided, showing an increase from **$6,111 million** at June 30, 2024, to **$13,271 million** at June 30, 2025[70](index=70&type=chunk) [Components of Net Sales Growth](index=14&type=section&id=Components%20of%20Net%20Sales%20Growth) This table breaks down fiscal 2025 net sales growth into foreign exchange, raw material pass-through, comparability items (acquisitions), and organic growth (volume and price/mix) FY2025 Total Company Net Sales Growth Components | Component | Q4 FY2025 | Full Year FY2025 | | :--- | :--- | :--- | | Reported Growth % | 44% | 10% | | FX % | 1% | (1)% | | Constant Currency Growth % | 43% | 11% | | Raw Material Pass Through % | 1% | 1% | | Items affecting comparability % | 43% | 10% | | Organic Growth % | (1)% | 0% | | - Volume % | (2)% | 1% | | - Price/Mix % | 1% | (1)% |

Date of Report (Date of earliest event reported) TEN Holdings, Inc. (Exact Name of Registrant as Specified in its Charter) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 8-K Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 August 14, 2025 Nevada 001-42515 99-1291725 (State or other jurisdiction of incorporation) (Commission File Number) 1170 Wheeler Way Langhorne, PA 19047 (Address of Principal Executive Offices) (Zip Code) 1.800.909.9598 Re ...

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: 001-42515 TEN Holdings, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organizati ...

Rockwell Medical Announces Second Quarter 2025 Results Wixom, Michigan, August 14, 2025 – Rockwell Medical, Inc. (the "Company") (Nasdaq: RMTI), a healthcare company that develops, manufactures, commercializes, and distributes a portfolio of hemodialysis products to dialysis providers worldwide, today announced financial and operational results for the three and six months ended June 30, 2025. FINANCIAL HIGHLIGHTS: THREE- AND SIX-MONTHS ENDED JUNE 30, 2025 Net Sales Gross Profit Gross Margin • Generated $1. ...

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: 001-40920 Aeries Technology, Inc. (Exact Name of Registrant as Specified in Its Charter) | Cayman Islands | 98-15 ...

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: 001-40920 Aeries Technology, Inc. (Exact Name of Registrant as Specified in Its Charter) | Cayman Islands | 98-15 ...

PART I FINANCIAL INFORMATION [Item 1. Financial Statements (unaudited)](index=7&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) The unaudited condensed consolidated financial statements for StandardAero, Inc. show significant year-over-year growth in revenue and net income for the three and six months ended June 30, 2025. Total assets increased to **$6.48 billion** from **$6.21 billion** at year-end 2024, driven by higher contract assets and inventories. Total liabilities also rose, primarily due to increased long-term debt. Stockholders' equity grew to **$2.51 billion**. The statements reflect the impact of recent debt refinancing, acquisitions, and stock-based compensation following the company's IPO Condensed Consolidated Statements of Operations Highlights (unaudited) | Metric | Three Months Ended June 30, 2025 (in thousands) | Three Months Ended June 30, 2024 (in thousands) | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | $1,528,943 | $1,347,198 | $2,964,531 | $2,582,921 | | **Operating Income** | $135,570 | $105,077 | $264,493 | $210,584 | | **Net Income** | $67,713 | $5,404 | $130,656 | $8,591 | | **Diluted EPS** | $0.20 | $0.02 | $0.39 | $0.03 | Condensed Consolidated Balance Sheet Highlights (unaudited) | Metric | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :--- | :--- | :--- | | **Total Current Assets** | $2,769,014 | $2,485,134 | | **Total Assets** | $6,482,711 | $6,213,601 | | **Total Current Liabilities** | $1,285,227 | $1,273,544 | | **Total Liabilities** | $3,969,428 | $3,840,197 | | **Total Stockholders' Equity** | $2,513,283 | $2,373,404 | Condensed Consolidated Statements of Cash Flows Highlights (unaudited) | Metric | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :--- | :--- | :--- | | **Net cash used in operating activities** | $(21,103) | $(18,154) | | **Net cash used in investing activities** | $(72,371) | $(44,776) | | **Net cash provided by financing activities** | $81,714 | $65,912 | | **Net (decrease) increase in cash** | $(11,068) | $2,292 | [Note 3: Revenue Recognition](index=14&type=section&id=NOTE%203%3A%20REVENUE%20RECOGNITION) Revenue is disaggregated into two segments: Engine Services and Component Repair Services. For the six months ended June 30, 2025, Engine Services generated **$2.62 billion** and Component Repair Services generated **$345.5 million**. Commercial Aerospace is the largest end market, contributing **$1.75 billion** in revenue. A single customer, Customer A, accounted for **15.9%** of total revenue during this period. Contract assets grew to **$1.07 billion**, and remaining performance obligations stood at approximately **$366.8 million** as of June 30, 2025 Revenue by Segment (Six Months Ended June 30) | Segment | 2025 Revenue (in thousands) | 2024 Revenue (in thousands) | | :--- | :--- | :--- | | Engine Services | $2,618,990 | $2,308,853 | | Component Repair Services | $345,541 | $274,068 | | **Total Revenue** | **$2,964,531** | **$2,582,921** | - A single customer, Customer A, represented **15.9% of revenues** for the six months ended June 30, 2025, a decrease from 22.5% in the same period of 2024[43](index=43&type=chunk) - As of June 30, 2025, the company had approximately **$366.8 million of remaining performance obligations**, primarily related to multi-year engine utilization contracts[45](index=45&type=chunk) [Note 5: Acquisitions](index=16&type=section&id=NOTE%205%3A%20ACQUISITIONS) On August 23, 2024, the Company acquired 100% of Aero Turbine, Inc. for a purchase price of approximately **$130.7 million**. This price includes an initial cash payment and up to **$21.0 million** in contingent consideration based on future gross profit targets. The acquisition added **$75.0 million** in customer relationships and **$51.8 million** in goodwill to the Component Repair Services segment. The purchase price allocation is provisional and subject to adjustments - The company acquired Aero Turbine, Inc. on August 23, 2024, for a purchase price of approximately **$130.7 million**, including contingent consideration[49](index=49&type=chunk) - The acquisition resulted in the recognition of **$75.0 million in customer relationships** and **$51.8 million in goodwill**, which is attributed to Aero Turbine's workforce and market position[50](index=50&type=chunk) [Note 8: Long-Term Debt](index=18&type=section&id=NOTE%208%3A%20LONG-TERM%20DEBT) As of June 30, 2025, total long-term debt, including the current portion, was **$2.35 billion**. In October 2024, the company entered into a New Credit Agreement, establishing a **$2.25 billion Term Loan Facility** and a **$750 million Revolving Credit Facility**. Proceeds were used to repay all amounts under prior credit agreements. This refinancing lowered the company's weighted average interest rate to **6.4%** for the first six months of 2025, down from **9.2%** in the same period of 2024 Long-Term Debt Composition (as of June 30, 2025) | Facility | Amount (in thousands) | | :--- | :--- | | New 2024 Term Loan Facilities | $2,238,750 | | New 2024 Revolving Credit Facility | $95,000 | | Finance leases & Other | $20,227 | | **Total** | **$2,353,977** | - On October 31, 2024, the Company entered into a new credit agreement, refinancing its debt structure with new term loan and revolving credit facilities, and used the proceeds to repay prior facilities[57](index=57&type=chunk) - The weighted average interest rate on borrowings decreased to **6.4%** for the six months ended June 30, 2025, compared to **9.2%** for the same period in 2024, due to the refinancing[70](index=70&type=chunk) [Note 19: Segment Information](index=30&type=section&id=NOTE%2019%3A%20SEGMENT%20INFORMATION) The company operates in two segments: Engine Services and Component Repair Services. For the six months ended June 30, 2025, Engine Services revenue was **$2.62 billion** with a Segment Adjusted EBITDA of **$352.5 million (13.5% margin)**. Component Repair Services revenue was **$345.5 million** with a Segment Adjusted EBITDA of **$99.0 million (28.7% margin)**. Both segments showed year-over-year growth in revenue and profitability Segment Performance (Six Months Ended June 30, 2025) | Segment | Total Segment Revenue (in thousands) | Segment Adjusted EBITDA (in thousands) | Segment Adjusted EBITDA Margin | | :--- | :--- | :--- | :--- | | Engine Services | $2,618,990 | $352,518 | 13.5% | | Component Repair Services | $345,541 | $99,001 | 28.7% | Segment Performance (Six Months Ended June 30, 2024) | Segment | Total Segment Revenue (in thousands) | Segment Adjusted EBITDA (in thousands) | Segment Adjusted EBITDA Margin | | :--- | :--- | :--- | :--- | | Engine Services | $2,308,853 | $303,681 | 13.2% | | Component Repair Services | $274,068 | $70,310 | 25.7% | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=35&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the **14.8%** revenue growth for the first six months of 2025 to continued strength in commercial aerospace and business aviation, alongside contributions from the Aero Turbine acquisition. Adjusted EBITDA margin improved to **13.6%** from **13.0%** year-over-year, driven by favorable product mix, volume growth, and pricing. The company's liquidity remains strong with **$715.5 million** available as of June 30, 2025. Key operational factors include the aging aircraft fleet driving maintenance demand, offset by ongoing supply chain risks - Key business drivers include an aging installed base of aircraft requiring more maintenance, while supply chain disruptions pose a risk to parts availability and engine throughput[144](index=144&type=chunk)[145](index=145&type=chunk)[146](index=146&type=chunk) Reconciliation of Net Income to Adjusted EBITDA (Six Months Ended June 30) | Metric | 2025 (in thousands) | 2024 (in thousands) | | :--- | :--- | :--- | | **Net Income** | $130,656 | $8,591 | | Income tax expense | $46,211 | $37,879 | | Depreciation and amortization | $97,223 | $92,876 | | Interest expense | $87,626 | $155,599 | | Other Adjustments | $41,148 | $41,005 | | **Adjusted EBITDA** | **$402,864** | **$335,950** | | **Adjusted EBITDA Margin** | 13.6% | 13.0% | [Results of Operations](index=39&type=section&id=Results%20of%20Operations) For Q2 2025, revenue increased **13.5% to $1.53 billion**, and net income surged to **$67.7 million** from **$5.4 million** in Q2 2024. For H1 2025, revenue grew **14.8% to $2.96 billion**, with net income reaching **$130.7 million** compared to **$8.6 million** in H1 2024. The significant increase in profitability was primarily driven by higher revenue and a **43.7%** decrease in interest expense due to debt refinancing - Q2 2025 revenue grew **13.5% YoY**, driven by strength in commercial aerospace (**+13.7%**), business aviation (**+8.9%**), and military/helicopter (**+11.7%**) end markets[169](index=169&type=chunk) - Interest expense for H1 2025 decreased by **$68.0 million (43.7%)** compared to H1 2024, mainly due to the repayment of Prior Senior Notes and the new credit agreement[181](index=181&type=chunk) - SG&A expense for H1 2025 increased by **$31.6 million**, primarily due to higher personnel costs, professional fees related to being a public company, and stock compensation expense[179](index=179&type=chunk) [Segment Results](index=42&type=section&id=Segment%20Results) In Q2 2025, Engine Services revenue grew **11.5% to $1.35 billion**, with Segment Adjusted EBITDA up **16.2% to $178.5 million**. Component Repair Services revenue surged **31.3% to $178.3 million**, with Segment Adjusted EBITDA up **49.6% to $51.6 million**. The strong performance in Component Repair was significantly aided by the Aero Turbine acquisition, which contributed **$27.3 million** in revenue for the quarter - Engine Services Segment Adjusted EBITDA for H1 2025 increased **16.1% to $352.5 million**, driven by favorable product mix, volume growth, pricing, and improved productivity[192](index=192&type=chunk) - Component Repair Services segment revenue for H1 2025 grew **26.1%**, with the Aero Turbine acquisition contributing **$49.2 million** of this growth[193](index=193&type=chunk) [Liquidity and Capital Resources](index=43&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, the company had total available liquidity of **$715.5 million**, consisting of **$91.5 million in cash** and **$639.0 million** available under its revolving credit facility. Total debt stood at **$2.32 billion**. Net cash used in operating activities was **$21.1 million** for the first six months of 2025, reflecting working capital investments to support business growth. The company was in compliance with all debt covenants - Total available liquidity as of June 30, 2025, was **$715.5 million**, comprising **$91.5 million in cash** and **$639.0 million** in revolving credit facility availability[195](index=195&type=chunk) - Net cash used in operating activities for H1 2025 was **$21.1 million**, primarily due to a **$251.3 million increase** in operating assets and liabilities (working capital) driven by business growth[204](index=204&type=chunk) - The company was in compliance with all covenants in the New Credit Agreement as of June 30, 2025[201](index=201&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=47&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to interest rate, inflation, and currency risks. Interest rate risk on its variable-rate debt is managed through interest rate swap and cap agreements. Inflation risk affects costs for labor and materials, which the company attempts to mitigate through price increases and operational efficiencies. Currency risk from foreign operations is managed through natural hedges and foreign exchange contracts - The company uses interest rate swaps and caps to manage exposure on its floating-rate debt. As of March 2023, it has a **$400 million swap** fixing SOFR at **3.71%** and a **$1.5 billion cap** on SOFR at **4.45%**[215](index=215&type=chunk) - To manage currency risk, the company entered into a foreign currency contract on April 7, 2025, with a notional value of **GBP 39.5 million** and **CAD 136.5 million**, maturing at year-end[217](index=217&type=chunk) [Item 4. Controls and Procedures](index=48&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that as of June 30, 2025, the company's disclosure controls and procedures were not effective at a reasonable assurance level. This is due to previously identified material weaknesses in internal control over financial reporting related to the control environment, risk assessment, monitoring, IT general controls, and the period-end financial reporting process. The company is in the process of implementing remediation efforts, including hiring additional personnel and improving control design and testing - Management concluded that disclosure controls and procedures were **not effective** as of June 30, 2025, due to existing material weaknesses in internal control over financial reporting[220](index=220&type=chunk) - Material weaknesses identified include deficiencies in the control environment, risk assessment, monitoring, written policies, management review processes, and IT general controls[221](index=221&type=chunk)[224](index=224&type=chunk) - Remediation efforts are underway, including hiring more accounting and IT staff, developing monitoring controls, and improving the design and testing of IT controls[223](index=223&type=chunk)[225](index=225&type=chunk) PART II OTHER INFORMATION [Item 1. Legal Proceedings](index=50&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings arising in the normal course of business. Management does not expect the outcome of these matters to have a material adverse effect on the company's consolidated financial position - The company is involved in legal actions and claims in the ordinary course of business but does not expect them to have a material adverse effect on its financial position[228](index=228&type=chunk) [Item 1A. Risk Factors](index=50&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes from the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2024 - No material changes have occurred to the risk factors disclosed in the 2024 Form 10-K[229](index=229&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=50&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reports no unregistered sales of equity securities or purchases of equity securities by the issuer during the period - There were no unregistered sales of equity securities or use of proceeds to report for the period[230](index=230&type=chunk) [Item 3. Defaults Upon Senior Securities](index=50&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reports no defaults upon senior securities - None[231](index=231&type=chunk) [Item 4. Mine Safety Disclosures](index=50&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[232](index=232&type=chunk) [Item 5. Other Information](index=50&type=section&id=Item%205.%20Other%20information) The company disclosed the adoption of Rule 10b5-1 trading plans by two executive officers, Alexander Trapp and Marc Drobny, on June 11, 2025. These plans cover the potential sale of up to **46,320** and **90,626 shares** of common stock, respectively, and are scheduled to expire on September 18, 2026 Executive Rule 10b5-1 Trading Plans Adopted | Name and Title | Date of Adoption | Expiration Date | Aggregate Number of Securities to be Sold | | :--- | :--- | :--- | :--- | | Alexander Trapp, Chief Strategy Officer | 6/11/2025 | 9/18/2026 | Up to 46,320 shares | | Marc Drobny, President, Engine Services | 6/11/2025 | 9/18/2026 | Up to 90,626 shares | [Item 6. Exhibits](index=52&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including certifications by the Principal Executive Officer and Principal Financial Officer as required by the Sarbanes-Oxley Act, and Inline XBRL documents