CoreWeave Q3'25 Earnings Presentation November 10, 2025 1 2 Q3'25 at a Glance STRONG REVENUE TRAJECTORY Q1' 25 QoQ Revenue $1.4 billion ADJUSTED EBITDA3 ADJUSTED OPERATING INCOME3 61% Margin $838 million $217 million 16% Margin up 134% YoY STRONG REVENUE TRAJECTORY REVENUE BACKLOG1 $55.6 billion up 271% YoY REVENUE STRONG REVENUE TRAJECTORY CAPITAL EXPENDITURES 2 $1.9 billion $(41) million (3)% Margin ADJUSTED NET INCOME (LOSS) 3 Forward-Looking Statements This presentation contains "forward-looking stateme ...

Company Highlights - Fold Holdings Inc has over 625,000 total accounts as of September 30, 2025[8,11] - The company holds over 82,000 verified accounts as of November 7, 2025[9,11] - The company's Bitcoin holdings in its investment treasury amount to 1,526 BTC[9] Q3 2025 Financial Performance - The company's revenue for Q3 2025 was $74 million[10] - Net income for Q3 2025 was $06 million[10] - Adjusted EBITDA (non-GAAP) for Q3 2025 was a loss of $42 million[10] - The company secured $45 million in financing[10] - Rewards distributed totaled over $70 million[10] - Total transaction volume reached $235 million[10] Year-over-Year (YTD) Performance - Revenues increased by 48% from $153 million in Q3 2024 (YTD) to $227 million in Q3 2025 (YTD)[30] - Net loss decreased by 47% from $(656) million in Q3 2024 (YTD) to $(349) million in Q3 2025 (YTD)[30] - Adjusted EBITDA loss increased by (110%) from $(62) million in Q3 2024 (YTD) to $(131) million in Q3 2025 (YTD)[30] - Total accounts increased by approximately 8% from over 580,000 in Q3 2024 (YTD) to over 625,000 in Q3 2025 (YTD)[30] - Total transaction volumes increased by approximately 74% from ~$434 million in Q3 2024 (YTD) to ~$753 million in Q3 2025 (YTD)[30]

The statements in this presentation regarding expectations of future events or results, including SI-BONE's expectations of continued revenue and procedure growth and financial outlook, are "forward-looking" statements. These forward-looking statements are based on SI-BONE's current expectations and inherently involve significant risks and uncertainties. These risks include SI-BONE's ability to introduce and commercialize new products and indications, SI-BONE's ability to maintain favorable reimbursement fo ...

Vilastobart Clinical Data and Opportunity - Vilastobart, in combination with atezolizumab, showed a 40% Overall Response Rate (ORR) in MSS mCRC patients without liver metastases and with high plasma TMB[30, 42] - 63% of plasma TMB-evaluable patients had high plasma TMB (≥10 mutations/Mb) in the Phase 2 trial, including all TMB-evaluable responders[32, 33, 42] - A statistically significant correlation (p=0.05) was observed between plasma TMB status and response to vilastobart plus atezolizumab[33, 42] - The combination of vilastobart and atezolizumab demonstrated a differentiated safety profile, with a low discontinuation rate of 5% and only 7% of patients experiencing colitis of any grade[35, 36, 42] Market and Competitive Landscape - Approximately 95% of mCRC patients are MSS, and standard of care in 3L+ provides minimal benefit (1-6% ORR)[23] - Real-world data indicates that approximately 55% of patients with MSS CRC have high plasma TMB, which is substantially higher than historically reported with tissue-based TMB assays[28, 42] - Next-generation anti-CTLA-4 agents in development show promising clinical efficacy in MSS mCRC, with ORRs ranging from 8-29% and discontinuation rates due to AEs up to ~30%[21] Technology and Pipeline - Xilio's clinically-validated platform technology is being applied across diverse mechanisms and architectures, including antibodies, cytokines, bispecifics, and T cell engagers[13, 14] - Efarindodekin Alfa (tumor-activated IL-12) demonstrated promising clinical efficacy with a generally well-tolerated safety profile in Phase 1 in patients with advanced solid tumors[44] - Masked T cell engager programs demonstrated potent anti-tumor activity with favorable tolerability across a diverse range of targets in preclinical models[50, 51, 52] Financial Outlook and Milestones - The company anticipates a cash runway into Q1 2027, including a $175 million development milestone received under the Gilead license in Q4 2025[53] - Anticipated milestones include reporting updated Phase 2 data for vilastobart in combination with atezolizumab in metastatic MSS mCRC in 1H 2026 and IND submissions for at least two masked T cell engager programs in 2027[53]

Financial Performance - Total revenue for Q3 2025 was $78 million, a 43% decrease year-over-year[35] - Adjusted EBITDA for Q3 2025 was $13 million, compared to $22 million in Q3 2024[37] - Free cash flow for Q3 2025 was -$1 million, impacted by $55 million in severance payments and a $75 million settlement payment[39] - Capital Expenditures (CapEx) in Q3 2025 were $6 million, down 63% year-over-year[39] - The company ended the quarter with $112 million in cash and investments, resulting in a net cash balance of $49 million[42] Business Strategy and Outlook - The company is splitting into two units: Chegg Skilling (growth business) and legacy academic services (cash flow generation)[8] - Chegg Skilling is expected to have sustainable double-digit growth[8] - Chegg Skilling revenue is expected to increase approximately 14% year-over-year in Q4 2025, driving total revenue of approximately $70 million for the year[10] - Q4 2025 total net revenue is guided to be between $70 million and $72 million[44] - Q4 2025 Adjusted EBITDA is guided to be between $10 million and $11 million[44] - Full-year 2025 CapEx is anticipated to be approximately $27 million, with a targeted further reduction of approximately 60% in 2026[39]

Acquisition of Ask Sage - BigBear.ai announced the acquisition of Ask Sage, an advanced generative-AI platform tailored for government agencies and highly regulated industries[11, 13] - Ask Sage's ARR grew 6X from '24-'25 and currently serves 16,000 government teams[13] - Ask Sage offers a secure platform for AI use in USG/DoD, reliable data and system connectivity, a marketplace for AI-powered tools, and services for custom AI apps[26] - Synergies between Ask Sage and BigBear.ai include cross-selling, customer expansion, tech integration, and go-to-market strategies[28] Financial Highlights (Q3 2025) - The company reported a record ending cash and investments balance of $715 million[33, 34] - The company had a net positive cash and investments position of almost $575 million as of the end of Q3[34] - For the three months ended September 30, 2025, net loss was $2521 thousand, compared to a net loss of $15135 thousand for the three months ended September 30, 2024[40] - For the three months ended September 30, 2025, Adjusted EBITDA was $(9401) thousand[40] - Revenues for the three months ended September 30, 2025 were $33143 thousand with a gross margin of 22.4% and an adjusted gross margin of 27.7%[43] Strategic Focus - The company focuses on disruptive AI software for national security, smart & secure travel & trade, and dual-use platform-level AI[18, 19]

Business Overview - TeraWulf expects to lease 250-500 MW critical IT load of new HPC capacity per year[6] - The company has contracted 594 MW for HPC Colocation and ~130 MW for Bitcoin Mining[6] - TeraWulf achieved an energy cost of $0047/kWh in 3Q25[6] HPC Expansion - 60 MW is contracted to Core42 (online 2025/2026)[8] - 366 MW is contracted to Fluidstack (expected online 2026)[8] - 168 MW Abernathy JV is expected online in 2026[8] Financial Highlights - TeraWulf announced a $32 billion senior secured green notes offering due 2030 with a 7750% coupon[18, 19] - Gross HPC Lease Revenue reached $72 million in Q3 2025[42] - The company ended Q3 2025 with a hash rate of 116 EH/s, a 53% year-over-year increase[42] Capacity and Pipeline - Total capacity is 1390 MW (gross), including 750 MW at Lake Mariner, 400 MW at Cayuga, and 240 MW at Abernathy[41] - Leased critical capacity is 594 MW, with 60 MW to Core42 in 2025, 366 MW to Fluidstack in 2026, and 168 MW to Abernathy in 2026[41] - The future critical IT capacity pipeline is 750 – 1500 MW[41]

Financial Performance - Total operating expenses for Q3 2025 were $23018 thousand, compared to $9740 thousand in Q3 2024[16] - R&D expenses for Q3 2025 were $10307 thousand[16] - G&A expenses for Q3 2025 were $12711 thousand[16] - Net loss for Q3 2025 was $21690 thousand, compared to a net loss of $8679 thousand in Q3 2024[16] - The company's cash, liquidity fund, time deposits, and U S treasury bills totaled $2756 million[16] - Total operating cash outflow for the third quarter was approximately $93 million, compared to $86 million in the second quarter[16] Pipeline and Regulatory Updates - The company completed a $15 million registered direct offering and a $125 million private placement, with potential for an additional $165 million upon full warrant exercise[13] - The pivotal phase 3 DRAGON trial in Stargardt disease (STGD) has been completed, with topline data expected in Q4 2025[13] - China's NMPA has agreed to accept a New Drug Application with priority review for Tinlarebant for the treatment of Stargardt disease based on interim analysis results of the DRAGON trial[13] - The United Kingdom's MHRA has agreed to accept a Conditional Marketing Authorization application for Tinlarebant for the treatment of Stargardt disease based on the interim analysis results of the DRAGON trial[13]

INO-3107 Program & Regulatory Updates - INOVIO completed the rolling BLA submission for INO-3107, seeking accelerated approval, with file acceptance expected by the end of the year[11] - If Priority Review is granted, a potential PDUFA date in mid-2026 is anticipated[11, 44] - The company has requested a Type D meeting with the FDA to discuss options for the confirmatory trial design[13] - In a Phase 1/2 trial, 72% of patients saw a 50-100% reduction in surgeries in Year 1[14] - A retrospective trial (RRP-002) showed clinical outcomes maintained or improved upon through year 2 and into year 3 with no additional dosing[14] - Mean surgeries per year decreased by 78% from pre-treatment Year -1 (4.1 surgeries) to Year 2 (0.9 surgeries)[16] Commercialization & Financials - Market research supports a preferred product profile for INO-3107, with 72% overall response rate (50% to 100% reduction in surgeries) in year 1 and 86% in year 2[27] - Operating expenses decreased by 22% to $212 million for the three months ended September 30, 2025, compared to $273 million in 2024[33] - Net loss for the three months ended September 30, 2025, was $455 million, which includes a non-cash loss on fair value adjustment of common stock warrant liabilities of $225 million[33] - Cash, cash equivalents, and short-term investments totaled $508 million as of September 30, 2025, providing a cash runway projected into 2Q 2026[34]

Financial Performance - Revenue for Q3 2025 reached $68 million[10] - GAAP Net Loss was $(65) million[10] - Adjusted EBITDA was $112 million, representing a 16% margin[10] - Cash flow from operations amounted to $324 million[10] Growth Drivers - Omnichannel Video Revenue grew by over 20% year-over-year, excluding political advertising[42] - CTV Revenue increased by over 50% year-over-year, excluding political advertising[44] - Emerging Revenues experienced growth of over 80% year-over-year[45] - Ad spend from mid-tier DSP cohort grew over 25% year-over-year[24] - APAC revenues grew 12% year-over-year while EMEA revenues grew 7% year-over-year[46] Operational Efficiency - Share of platform activity from Supply Path Optimization in Q3 2025 exceeded 55%[26] - Growth in Activate campaigns year-over-year in Q3 2025 YTD was over 4X[26] - Year-over-year decline in unit cost TTM Q3 2025 was approximately 19%[49] Future Outlook - Q4 2025 Revenue is projected to be between $73 million and $77 million, with a year-over-year growth between -15% and -10%[62] - Full year 2025 Revenue is expected to be between $276 million and $280 million, with a year-over-year growth between -5% and -4%[62] - Full year capex outlook remains ~$15 million[63]