Third Quarter 2025 Earnings Conference Call Copyright © 2025 Peraso Inc. Disclaimer This presentation is for information purposes only. Certain information contained herein has been derived from sources prepared by third parties. While such information is believed to be reliable for the purposes used herein, we makes no representation or warrant with respect to the accuracy of such information. Trademarks and trade names referred to in this presentation are the property of their respective owners. We do not ...

Financial Performance - Quanterix reported Q3 2025 revenue of $40.2 million[9], a 12% increase compared to $35.8 million in Q3 2024[18] - The company's GAAP gross margin was 42.8% in Q3 2025, compared to 56.3% in Q3 2024[18] - Adjusted EBITDA margin was -29% in Q3 2025, compared to -15% in Q3 2024[18] - Adjusted cash usage for Q3 2025 was $16.1 million, compared to $3.3 million in Q3 2024[18] - The company expects to end 2025 with approximately $120 million in cash and no debt[9] Synergies and Cost Reduction - Synergies and cost actions are expected to result in cash flow breakeven performance in 2026[9] - The company has implemented $67 million of the total $85 million annualized cost reduction[11] Business Outlook - Full year 2025 revenue is guided to be between $130 million and $135 million, including ~$30 million contribution from Spatial[20] - GAAP and Adjusted Gross Margin (Non-GAAP) between 45% to 47%[21] - Adjusted cash usage is projected to be $34 million to $38 million for the full year 2025[22] Alzheimer's Diagnostics Business - The company is making solid progress in advancing its Alzheimer's Diagnostics Business[13]

Q3 2025 Financial Performance - Q3 Revenue was $997 million, a decrease of 1.1% year-over-year; excluding political revenue, revenue increased by 2.8%[10] - Consolidated Adjusted EBITDA was $205 million, flat compared to Q3 2024[10] - Digital Audio Group Revenue increased by 14% to $342 million, with Podcast Revenue up 22% to $140 million and Digital Revenue excluding Podcast up 8% to $202 million[10] - Multiplatform Group Revenue decreased by 5% to $591 million; excluding political revenue, Multiplatform Group Revenue decreased by 3%[10] Segment Performance - Digital Audio Group Adjusted EBITDA increased by 30% to $130 million, with a margin of 38.1%[10] - Multiplatform Group Adjusted EBITDA decreased by 8% to $119 million, with a margin of 20.2%[10] - Audio & Media Services Group Revenue decreased by 26% to $66.6 million[12] Q4 2025 Guidance and Savings Initiatives - Q4 Consolidated Revenue is expected to decline in the low-single digits, but excluding political impact, it's expected to increase in the mid-single digits[10] - Q4 Consolidated Adjusted EBITDA is expected to be approximately $200 million to $240 million[10] - The company is on track with its modernization program, expecting $150 million in net savings in 2025 and an additional $50 million in 2026, driven by technology and AI[36, 15] Debt and Liquidity - Cash balance and total available liquidity were $192 million and $510 million, respectively, as of September 30, 2025[10] - Net Debt was $4,673.8 million as of September 30, 2025[44]

Financial Performance - Q3 2025 revenue reached $33.3 million, a significant increase of approximately 27 times year-over-year[10, 12, 13] - Gross margin for Q3 2025 was 270%, compared to 403% in Q3 2024[10, 12, 13] - Adjusted EBITDA improved by 59% year-over-year, resulting in a loss of $60 million in Q3 2025 compared to a loss of $147 million in Q3 2024[10, 12, 13] - Total cash and cash equivalents increased by approximately 7% quarter-over-quarter to $619 million as of September 30, 2025[10, 12, 13] Commercial Pipeline and Backlog - The company's backlog as of September 30th reached $920 million, an increase of 112% year-to-date[10, 15] - The developed pipeline is valued at $21 billion[15] - Executed projects have generated $583 million in revenue since the company's IPO[15] Guidance and Strategy - The company reiterated its 2025 revenue guidance of $200 million to $250 million[17, 18] - The company anticipates a gross margin of 14-16% for the full year 2025[17, 18] - The company projects an ending cash balance of $75 million to $100 million for the full year 2025[17, 18]

Company Overview - Babcock & Wilcox (B&W) is a global energy leader providing innovative technologies for nearly 160 years[9, 11] - B&W leverages a vast installed base with over 300 operating utility and industrial boiler units in the U S and nearly 200 units across 40 countries[12] - B&W has more than 400 Gigawatts of installed global capacity at utility and industrial plants[15] Financial Performance and Pipeline - B&W's Last Twelve Months (LTM) revenue as of September 2025 was approximately $623 1 million[36, 50] - The company has a solid global pipeline of $10 to $12 billion, including AI data center opportunities of over $3 to $5 billion and BrightLoop/ClimateBright opportunities of $2 6 billion[20, 39] - Capital expenditure is expected to exceed $1 trillion within the next five years for electric and gas utilities, and also reach $1 trillion within the next three years for data centers[25] Growth Opportunities - B&W is capitalizing on significant opportunities for profitable growth, including delivering power generation technologies for AI data centers[16] - The company is involved in a $1 5 billion project to deliver one gigawatt of power for an Applied Digital AI Factory, with full notice to proceed expected in January 2026[25, 29] - The company has a pipeline of more than $5 billion in Europe, more than $11 billion in Americas, more than $6 billion in Asia-Pacific, and more than $3 billion in Middle East & Africa[40]

Company Overview - WhiteHorse Finance's portfolio fair value was $568.4 million as of September 30, 2025[9, 13] - The company's investments are diversified across 125 positions in 66 portfolio companies as of September 30, 2025[13] - The average investment size is $3.8 million, while the average debt investment size is $5.2 million[13] - Since its IPO in December 2012, the company has invested $2,825 million in 265 transactions[13, 14] Financial Performance - The Q3 2025 Net Investment Income (NII) and Core NII was $6.1 million, or $0.263 per share[17] - The company received dispositions and principal repayments of $50.5 million in Q3 2025[17] - As of September 30, 2025, STRS JV had total assets of $364.3 million, with the company's return on its investment at 13.8%[17] - The Net Asset Value (NAV) per share at the end of Q3 2025 was $11.41, compared to $11.82 in Q2 2025[17] Portfolio Composition - As of Q3 2025, 99.1% of the debt investments were floating rate[27] - First lien secured loans accounted for 74.7% of the total portfolio composition by fair value[27] - Investments on non-accrual status represented 2.2% of the portfolio based on fair value of debt investments[27]

Stan Kovler SVP, Finance and Corporate Development Investor Day Welcome to 1 Disclaimer Non - GAAP Financial Measures Forward - Looking Statements This presentation contains forward - looking statements including statements regarding our business outlook; future operating and financial metrics and results; market conditions and global demand; customer adoption of our technologies, products and solutions; our product roadmap and innovation priorities; our go - to - market execution; and our ability to compet ...

Financial Performance - Net earnings per share increased by 171% year-on-year to $0.76[13] - Attributable EBITDA increased by 57% year-on-year to $2.02 billion[13] - Free cash flow increased significantly by 233% year-on-year to $1.5 billion[13] - Operating cash flow increased by 105% year-on-year to $2.4 billion[13] - Revenues increased 13% from Q2 2025 and 23% from Q3 2024, reaching $4.1 billion[24] Production and Costs - Gold production was 829,000 ounces in Q3 2025, a 4% increase compared to Q2 2025 but a 12% decrease compared to Q3 2024[20] - Gold AISC decreased by 9% from Q2 2025 to $1,538/oz[20] - Copper production was 55,000 tonnes in Q3 2025, a 7% decrease compared to Q2 2025 but a 15% increase compared to Q3 2024[20] - Copper AISC increased by 8% from Q2 2025 to $3.14/lb[20] Capital Allocation - The quarterly dividend was $0.175 per share[13] - Share buybacks in Q3 2025 amounted to $589 million[13] - Non-core asset sales year-to-date reached $2.6 billion[13]

Merger & Acquisition - Sonida and CNL Healthcare Properties (CHP) announced a definitive merger agreement to create a \$3 billion pure-play senior housing company[15] - The merger is expected to close in late Q1 or early Q2 of 2026[15] - The combined company will be the 8th largest U S senior housing owner with approximately 14,700 owned units[17, 24] - The merger is expected to be immediately accretive to Normalized FFO per share, with annual corporate synergies of approximately \$16 to \$20 million[17] Portfolio & Occupancy - Total portfolio includes 97 communities[37] - Total portfolio includes 9,342 units across 20 states[37] - Same-store community portfolio includes 55 consolidated communities[12, 42] - October 31 spot occupancy for same-store communities reached 89%[13] - Q3 2025 weighted average occupancy for same-store communities was 87 7%, a 60 bps increase year-over-year[13, 40] Financial Performance - Q3 2025 RevPOR for same-store communities was \$4,353[13] - Q3 2025 Community NOI margin for same-store communities was 27 3%[13] - Q3 2025 same-store community revenue increased 5 4% year-over-year[57] - Q3 2025 same-store community NOI increased 2 5% year-over-year[40]

Company Overview - Beasley Media Group's future will be driven by operational efficiency in its core business and expansion of its digital capabilities[12] - The company operates in 12 US markets[13] - Beasley campaigns deliver 30%+ higher intent to purchase when combining radio and digital[20] Revenue Performance - Audio revenue reached $38 million in Q3 2025[22] - Digital revenue reached $129 million in Q3 2025[23] - Digital revenue accounted for 25% of total net revenue in Q3 2025[24] - Same-station digital revenue grew by 285% year-over-year in Q3 2025[24] - Local advertisers make up 79% of the company's revenue[26] Financial Metrics - Total net revenue was $51 million in Q3 2025[48] - Capital expenditures (CAPEX) amounted to $22 million in Q3 2025[48] - Station Operating Income (SOI) was $49 million in Q3 2025[48] - Adjusted EBITDA was $39 million in Q3 2025[48] - Cash and cash equivalents totaled $143 million[48]