Financial Performance - Q2 2025 - Total revenue for Q2 2025 increased by 7% year-over-year, reaching $103 million[20] - Clinical Solutions revenue increased significantly by 32% compared to Q2 2024[21] - Gross margin improved from 292% in Q2 2024 to 387% in Q2 2025[23] - Adjusted EBITDA improved from a loss of $26 million in Q2 2024 to a loss of $08 million in Q2 2025[26] - Free cash flow improved from a negative $30 million in Q2 2024 to a negative $23 million in Q2 2025[28] Revenue Breakdown - 2024 - Catalog products accounted for approximately 60% of total revenue in 2024[14, 15] - Custom products represented about 35% of total revenue in 2024, with biopharma contributing 70% of custom revenue and 25% of total revenue[14, 15] - Other revenue, including services and shipping, made up roughly 5% of total revenue in 2024[14, 15] Customer Migration and Spending - Customers purchasing GMP reagents spent 44 times more annually compared to catalog-only customers in 2024[17] - 58% of 2024 revenue came from custom and/or clinical accounts[17] - 27% of 2024 revenue was generated from Cell and Gene Therapy (CGT) customers[17] 2025 Outlook - The company estimates total revenue between $39 million and $42 million, representing a 7% year-over-year increase at the midpoint[41] - The company is targeting a free cash outflow of less than $12 million for 2025[41] - The company estimates an annualized revenue range of $50 million to $55 million to achieve Adjusted EBITDA break-even[41]

Financial Performance - Non-GAAP Net Sales reached $119.6 million, a 10% increase compared to Q2 2024, driven by domestic demand growth[14] - Pro Forma Adjusted EBITDA increased by 26% to $46.3 million compared to Q2 2024, attributed to organic revenue growth and operational efficiencies[15] - The company is raising full year guidance for Non-GAAP Net Sales to approximately $455 million and Pro Forma Adjusted EBITDA to approximately $158 million[16] - Holdings Domestic Net Sales increased by 22% reaching $104.3 million in Q2 2025[66] - Holdings International Net Sales decreased by 35% reaching $15.3 million in Q2 2025[66] - Holdings Gross Margin increased by 588 bps reaching 57.5% in Q2 2025[66] Market and Strategic Positioning - Metal payment cards represent less than 1% of total payment card shipments per year, indicating a growth opportunity[10,40] - The company is focused on increasing its share of metal card issuance as overall payment card volumes expand[38] - The company is making strategic investments in personnel and manufacturing to support long-term growth[30] Product and Customer Wins - The company secured high-profile card program wins and upgrades, including Chase Sapphire Reserve, Crypto.com, Gemini, XP, and MGM[15,33] - The Coinbase One Card, powered by Arculus, launched as the first crypto card on the American Express network[15]

Financial Performance - Consolidated revenue increased by 0.3%, reaching $87.721 million in Q2'25[33, 42] - Adjusted EBITDA decreased by 2.1% year-over-year, totaling $48.065 million, with an adjusted EBITDA margin of 54.8%[33, 50] - Adjusted EPS increased by 2.0% year-over-year[33] - Free cash flow for Q2'25 was $20.3 million, compared to $15.8 million in Q2'24[36] Corporate Business - Corporate revenue increased by 6.9% to $55.3 million in Q2'25, compared to $51.7 million in Q2'24[13] - Corporate revenue retention rate improved to 102% in Q2'25, up from 99% in Q2'24[13] - Total corporate customer count increased to 63,000 in Q2'25, compared to 56,000 in Q2'24, an 11.3% increase[13, 20] SoHo Business - SoHo revenue decreased to $32.4 million in Q2'25, compared to $35.8 million in the previous year, a 9.4% decline[16] - SoHo account base was 682,000 in Q2'25, compared to 702,000 in Q1'25[16] - SoHo churn rate increased to 3.84% in Q2'25, compared to 3.52% in Q1'25[16] Capital Allocation - The company repurchased 546,000 shares for approximately $12 million in Q2'25[36] - Bond repurchases in Q2'25 amounted to approximately $6 million face value[36] - A $225 million credit facility was executed, including a $150 million delayed draw term loan and a $75 million revolving credit facility[36]

Q2 2025 Financial Performance - Total revenue reached $61.7 million, a 22% increase year-over-year and a 19% increase quarter-over-quarter[10] - Aerospace & Defense (A&D) revenue hit a record $40.7 million, up 49% year-over-year and 24% quarter-over-quarter[10] - Product revenue in A&D reached a record $19.8 million, a 75% increase year-over-year and 18% quarter-over-quarter[10] - Development revenue reached a record $20.9 million, a 30% increase year-over-year and 31% quarter-over-quarter[10] - Total gross margin was 29.9%, with product gross margin at 38.5%[10] - Adjusted EBITDA was $5.6 million[10] - The company holds a strong balance sheet with $113.7 million in cash and marketable securities[10] Revenue Breakdown by Market - A&D accounted for 66% of total revenue in Q2 2025[12] - Industrial revenue was $9.7 million, a 25% decrease year-over-year but a 10% increase quarter-over-quarter, representing 16% of total revenue[12] - Microfabrication revenue was $11.3 million, an 11% increase year-over-year and a 12% increase quarter-over-quarter, representing 18% of total revenue[12] Q3 2025 Outlook - The company projects Q3 2025 revenues between $62 million and $67 million, with a midpoint of $64.5 million[24] - Q3 2025 gross margin is expected to be between 24% and 30%[24] - Adjusted EBITDA for Q3 2025 is projected to be between $2.0 million and $6.0 million[24]

Strategic Divestments - StoneCo divested Linx and related assets to TOTVS for an enterprise value of R$305 billion and a total value of R$341 billion[12] - SimplesVet was divested to PetLove for an enterprise value of R$140 million and a total value of R$155 million[12] - The value captured from divestments represents approximately 25% of StoneCo's market capitalization, while the divested assets accounted for less than 5% of the company's adjusted net income[11, 14] Financial Performance (2Q25) - StoneCo's adjusted basic EPS for continuing operations increased by 409% year-over-year[20, 45] - Adjusted net income from continuing operations increased by 237% year-over-year to R$5981 million[20, 39] - Total revenue and income from continuing operations grew by 202% year-over-year to R$35009 million[34, 39] - Adjusted gross profit from continuing operations increased by 139% year-over-year to R$15615 million[39] Business Segments - MSMB (Micro, Small, and Medium Businesses) payments client base increased by 64% year-over-year[26] - MSMB TPV (Total Payment Volume) increased by 12% year-over-year[26] - Retail deposits increased by 36% year-over-year[28] - Credit portfolio increased by 25% quarter-over-quarter[30] Guidance Update - StoneCo updated its 2025 adjusted gross profit guidance to > R$6375 billion, reflecting a 145% year-over-year increase[17] - The company updated its 2025 adjusted basic EPS guidance to > R$96 per share, representing a 32% year-over-year increase[17] Future Outlook (2027 Guidance) - StoneCo projects MSMB TPV to exceed R$670 billion by 2027, with a CAGR of +14%[46] - The company anticipates retail deposits to surpass R$140 billion by 2027, with a CAGR of +17%[46] - StoneCo expects its credit portfolio to exceed R$55 billion by 2027, with a CAGR of +66%[46] - The company forecasts adjusted gross profit to exceed R$102 billion by 2027, with a CAGR of +18%[46] - StoneCo projects adjusted basic EPS to exceed R$150 per share by 2027, with a CAGR of +27%[46]

Financial Performance & Growth - The Trade Desk's 2024 revenue reached $2.445 billion[7,12], with adjusted net income of $832 million[7,12] and adjusted EBITDA of $1.011 billion[7,12] - The company's gross spend increased from $5.52 billion in FY2015 to $12.041 billion in FY2024[10,12] - Revenue grew from $114 million in FY2015 to $2.445 billion in FY2024[7,11], representing a significant increase over the years - Q2 2025 revenue was $694.039 million, compared to $584.550 million in Q2 2024[112] - Adjusted EBITDA for Q2 2025 was $270.755 million, compared to $241.897 million for Q2 2024[118] Market & Strategy - The open internet represents a $935 billion+ market[18] - Approximately 88% of The Trade Desk's spend was in North America in 2024, while about 12% was international[91] - Connected TV (CTV) is the company's largest and fastest-growing channel[111], reaching over 120 million households and 90 million CTV devices[82] Key Initiatives - The company is focused on Connected TV, shopper marketing, global expansion, and UID2[98] - The Trade Desk emphasizes objectivity, independence, and transparency[97]

Q3 FY25 Financial Performance - Revenue reached $203 million, a decrease of 3% year-over-year[7, 9] - Non-GAAP gross margin improved to 34%, a 100 bps increase year-over-year[7, 9] - Non-GAAP EPS increased to $0.18, a 29% increase year-over-year[7, 10] - Adjusted EBITDA increased to $29 million, a 27% increase year-over-year[13] - The company paid off $200 million in convertible notes on June 2[7] Balance Sheet and Cash Flow - Cash, cash equivalents, and marketable securities totaled $153 million[7, 8] - Adjusted EBITDA for the trailing twelve months (TTM) was $110 million[31] - Net debt leverage (TTM) was 20x[31] Segment and Geographic Revenue Mix - Medical segment revenue was $142 million[19, 21] - Industrial segment revenue was $61 million[19, 21] - Revenue from the Americas was $71 million[20, 22] Q4 FY25 Guidance - Revenue is projected to be between $210 million and $230 million[34] - Non-GAAP EPS is expected to be between $010 and $030[34]

Financial Performance - Q2 2025 revenue was $574 million, compared to $313 million in Q2 2024 [13] - Adjusted EBITDA for Q2 2025 was -$125 million, compared to -$271 million in Q2 2024 [13] - Adjusted diluted EPS for Q2 2025 was -$013, compared to -$017 in Q2 2024 [13] Materials Segment - Record NdPr oxide production of 597 metric tons in Q2 2025, a 119% year-over-year increase [11] - REO production volumes increased to 13145 metric tons in Q2 2025 from 9084 metric tons in Q2 2024 [17] - NdPr sales volumes were 443 metric tons in Q2 2025, compared to 136 metric tons in Q2 2024 [17] - Materials Segment revenue was $375 million in Q2 2025, compared to $313 million in Q2 2024 [21] - Materials Segment Adjusted EBITDA was -$127 million in Q2 2025, compared to -$176 million in Q2 2024 [21] Magnetics Segment - Magnetics Segment revenue was $199 million in Q2 2025 [21] - Magnetics Segment Adjusted EBITDA was $81 million in Q2 2025 [21]

Q2 2025 Financial Results - Paid tickets were 197 million, a decrease of 7% year-over-year[12, 18, 19] - Gross ticket sales reached $755 million[12] - Net revenue totaled $728 million, down 14% year-over-year[14, 29, 31] - The net loss was $21 million, compared to a net income of $11 million in the prior year, but improved year-over-year excluding a one-time litigation settlement gain in Q2 2024[13, 33, 34] - Adjusted EBITDA was $64 million, with an Adjusted EBITDA margin of 88%[13, 36, 38] - Operating expenses decreased by 16% year-over-year to $554 million[40, 41] Operational Metrics - Paid creators numbered 1683K, a decrease of 5% year-over-year[15, 21, 22] - Average Monthly Active Users (MAUs) were 912 million, a decrease of 2% year-over-year[23, 25] Debt and Liquidity - Debt outstanding was $241 million, a 33% decrease year-over-year[46, 47, 114] - Available liquidity was $248 million, a $7 million increase from Q1 2025[49, 50, 114] 2025 Business Outlook - The company anticipates net revenue for Q3 2025 to be in the range of $70 million to $73 million with an Adjusted EBITDA margin of approximately 7%[52] - For fiscal year 2025, the company expects to achieve monthly year-over-year growth in paid ticket volume by the end of the year and updated the net revenue outlook range to $290 million to $296 million with an Adjusted EBITDA margin outlook of approximately 7%[53]

Transaction Overview - Monroe Capital Corporation (MRCC) and Horizon Technology Finance Corporation (HRZN) have announced a proposed merger[7] - MRCC will sell substantially all of its assets to Monroe Capital Income Plus Corporation (MCIP) at fair value[7] - The merger is structured as a tax-free exchange, offering long-term upside for MRCC shareholders[7, 14] - The merger is expected to close in December 2025, pending shareholder approvals and customary conditions[7, 13] Financial Benefits and Synergies - The merger will provide HRZN with approximately $165 million in equity capital[7] - MRCC shareholders realize an immediate 33% NAV premium to the current trading price[14] - The combined company's investment adviser, HTFM, will waive $4 million in management and incentive fees[13, 19] - Estimated annualized G&A expense savings of $2.5 million are expected in the first year, a 30% expense reduction[28] Post-Merger Structure and Governance - HRZN will be the surviving public entity, managed by Horizon Technology Finance Management LLC (HTFM)[12] - MRCC shareholders are expected to own approximately 37% of the combined company immediately following closing[29] - HRZN's existing stock purchase program will be available for open market repurchases of up to 2% of outstanding shares when trading below 90% of NAV[13]