Business Highlights - AST SpaceMobile is preparing to deploy nationwide intermittent service in the United States by the end of 2025, followed by the United Kingdom, Japan, and Canada in Q1 2026[11, 14] - The company has completed assembly of microns for phased arrays of eight Block 2 BlueBird satellites and expects to complete assembly of 40 satellites equivalent of microns by early 2026[11, 16] - AST SpaceMobile has expanded its spectrum strategy with an agreement to acquire 60 MHz of global S-Band spectrum priority rights, aiming to deliver up to 120 Mbps peak data rates per cell[12, 22] - The company has advanced commercialization efforts with agreements with more than 50 mobile network operators globally, representing nearly 30 billion existing subscribers[11, 26, 29] - AST SpaceMobile has demonstrated tactical non-terrestrial network (NTN) connectivity and signed two additional early-stage contracts for the U S Government end customer, bringing the total to eight contracts to date[31] Financial Position - As of June 30, 2025, AST SpaceMobile had over $15 billion in balance sheet cash, cash equivalents, and restricted cash, pro forma for convertible notes offering and sales under the now terminated ATM facility[11, 35, 36] - Adjusted operating expenses for Q2 2025 were $517 million[35, 37] - Capital expenditures in Q2 2025 reached $3228 million[35] - The company's manufacturing footprint is expected to grow to over 400000 square feet by the end of 2025[19]

Financial Performance - Oklo reported a loss from operations of $28 million for Q2 2025 [59] - The loss before income taxes for Q2 2025 was $243 million [59] - Cash used in operating activities YTD 2025 totaled $3071 million [60] - Oklo's cash and marketable securities amounted to approximately $683 million as of June 30, 2025 [29] Licensing and Regulatory Progress - The NRC accepted Oklo's licensed operator topical report for review [29] - Oklo completed Phase I of the NRC pre-application readiness assessment for the Aurora-INL combined license application (COLA) [29, 32] - Oklo is targeting submission for Phase I of Aurora-INL's COLA early Q4 2025 [32] Fuel Strategy and Supply - Oklo secured 5 metric tons of HALEU fuel from the U S Department of Energy in 2019 [33] - Oklo is collaborating with Hexium to expand the commercial HALEU supply [29, 33] - Oklo's fast reactors can utilize spent nuclear waste recovered by Oklo's nuclear fuel recycling technology [33] Partnerships and Project Execution - Kiewit was selected as the lead constructor for the Aurora-INL project [29, 43] - Oklo and Korea Hydro & Nuclear Power (KHNP) signed a collaboration agreement [29, 46] - Oklo and Vertiv partnered to advance solutions for U S data centers [29, 49]

Q2 2025 Financial Performance - Q2 Revenue reached $934 million, a 0.5% increase year-over-year; excluding political revenue, the increase was 1.5%[10] - Consolidated Adjusted EBITDA increased by 3.9% to $156 million, compared to $150 million in Q2 2024[10] - Digital Audio Group revenue grew by 13% to $324 million[10] - Podcast revenue within the Digital Audio Group increased by 28% to $134 million[10] - Multiplatform Group revenue decreased by 5% to $545 million; excluding political revenue, the decrease remained at 5%[10] Segment Performance - Digital Audio Group Adjusted EBITDA margin was 33.2%[10] - Multiplatform Group Adjusted EBITDA margin was 17.7%[10] - Audio & Media Services Group Adjusted EBITDA margin was 35%[12] Modernization Program - The company is on track with its modernization program, expecting $150 million in net savings in 2025, primarily driven by technology and AI[33] - The modernization program aims for $200 million in gross savings[13] - 55% of net savings are expected from Sales, Marketing, & Support, 30% from Programming & Content, 10% from Product, Tech, & Other, and 5% from General & Admin[14] Podcast Leadership - iHeartMedia is the 1 podcast publisher in the US, leading in downloads, unique listeners, revenue, and earnings[69] - The company's average monthly podcast audience has more than doubled in 8 years, reaching 158 million in 2025 compared to 67 million in 2017[20, 21]

Financial Performance - Total operating expenses increased to $17596 thousand in Q2 2025 from $10471 thousand in Q2 2024[13] - Research and Development (R&D) expenses increased to $11049 thousand in Q2 2025 from $9078 thousand in Q2 2024[13] - General and Administrative (G&A) expenses increased significantly to $6547 thousand in Q2 2025 from $1393 thousand in Q2 2024[13] - Net loss increased to $16320 thousand in Q2 2025 from $9494 thousand in Q2 2024[13] - The company had $1492 million in cash, liquidity fund, time deposits and U S treasury bills[13] - The company raised approximately $15 million in gross proceeds in a registered direct offering on August 8, 2025[13] Pipeline and Clinical Trials - Belite Bio is conducting a Phase 3, 2-year global trial ("PHOENIX" Study) for Stargardt Disease (STGD1) with completed enrollment of 529 subjects[10] - A Phase 3, 2-year global trial ("DRAGON" Study) is ongoing for Tinlarebant with 104 subjects aged 12-20, with completion expected in Q4 2025[10] - A Phase 2/3, 2-year global trial ("DRAGON II" Study) is ongoing for Tinlarebant with 60 subjects aged 12-20[10] Tinlarebant - Tinlarebant is a novel, once-daily oral tablet designed to reduce retinol delivery to the eye by binding to serum retinol binding protein 4 (RBP4)[11] - Belite Bio believes early intervention targeting emerging retinal pathology is the best approach to slow disease progression in STGD1 & GA[11]

Financial Performance - Forward Air Corporation reported revenue of $619 million in 2Q25[35] - The company's Consolidated EBITDA for 2Q25 was $74 million, with a margin of 119%[37] - The company's LTM Net Leverage was 57x[39] - Expedited Freight segment revenue for 2Q25 was $258 million[48] with Reported EBITDA Margin of 116%[49] - Omni Logistics segment revenue for 2Q25 was $328 million[59] with Reported EBITDA Margin of 90%[60] - Intermodal segment revenue for 2Q25 was $59 million[63] with Reported EBITDA Margin of 151%[64] Liquidity and Debt - The company's liquidity stands at $368 million[38] - Operating cash flow improved by $40 million year-over-year in 2Q[73] - No long-term debt maturities until December 2030[83] Operational Highlights - Expedited Freight segment claims ratio is approximately 01%[55] - Over $100 million in annualized cost savings realized since closing the Omni acquisition[88]

Business Highlights - Peraso的mmWave模块被Tachyon Networks选中，用于最新的户外60 GHz固定无线解决方案[16] - 公司于2025年6月开始初步生产出货先进的60 GHz无线解决方案，以支持战术通信应用[19] - 公司于2025年6月获得了首个60 GHz无线解决方案的生产订单，该解决方案用于客户在教育市场中使用的视频系统[25] Technology and Applications - Peraso的mmWave技术本质上是一种隐形协议，具有低概率检测、低概率拦截和抗干扰能力[21] - Peraso的解决方案具有高数据速率（3 Gbps）、低延迟（<5 ms）和低干扰的优点，适用于专业视频传输等应用[25] - DUNE平台专为密集城市网络环境设计，采用集成的HW/SW解决方案，利用mmWave模块，具有DUNE接入协议、波束成形、多千兆位和低延迟等技术优势[16] Pipeline Growth - 客户机会渠道从2023年第四季度的11个增加到2025年第二季度的19个[26] - SKU机会渠道从2023年第四季度的70个增加到2025年第二季度的83个[28] - 生产中的客户SKU从2023年第四季度的31个增加到2025年第二季度的59个[29]

Financial Highlights - BigBear.ai reported a record ending cash balance of $391 million[19, 20] - The company achieved a net positive cash position for the first time, with almost $250 million[19, 20] - For the three months ended June 30, 2025, revenues were $32472 thousand, with a gross margin of 250%[34] - Adjusted gross margin for the three months ended June 30, 2025, was 292% or $9488 thousand[34] - Net loss for the three months ended June 30, 2025, was $(228619) thousand[33] - Adjusted EBITDA for the three months ended June 30, 2025, was $(8498) thousand[33] Market and Strategic Focus - There is a massive increase in emphasis on border and biometrics[12] - The industry is experiencing defense disruption and AI breakthroughs[12] - The company is accelerating global expansion with UAE partnership and others[12] - There is a $14 trillion investment through One Big Beautiful Bill[15] - There is a $70 billion acceleration joint AI investment with the United Arab Emirates (UAE)[15] - There is a 44% YoY increase in U S investments in AI physical infrastructure[15]

Financial Performance - Revenue reached $71.1 million, a 6% year-over-year increase[8] - Adjusted EBITDA was $14.2 million, representing a 20% margin[8] - The company experienced a GAAP net loss of $(5.2) million[8] - Cash flow from operations amounted to $14.9 million[8] Growth Drivers - CTV revenue grew by over 50% year-over-year[22, 34] - Emerging revenues increased by over 100% year-over-year[31, 34] - Omnichannel video revenue increased 34% year-over-year[34] - Performance and mid-tier DSPs experienced a growth rate of over 20% year-over-year in Q2 2025[14] Operational Efficiency - Ad impressions processed increased by 28% year-over-year, reaching 78 trillion in Q2 2025, compared to 61 trillion in Q2 2024[37] - The cost of revenue increased to $27 million in Q2 2025 from $25 million in Q2 2024[37] Future Outlook - Q3 2025 revenue is projected to be between $61 million and $66 million, representing a year-over-year growth between -15% and -8%[52] - Q3 2025 adjusted EBITDA is expected to be between $7 million and $10 million, with a margin of 11% to 15%[52]

Financial Performance - Total revenues decreased to $71.1 million in 3Q25 from $76.2 million in 3Q24[20], and to $208.5 million in 9M25 from $222.4 million in 9M24[20] - EPS increased to $0.46 in 3Q25 from $(0.56) in 3Q24[20], and to $1.84 in 9M25 from $0.30 in 9M24[20] - Non-GAAP EPS decreased to $0.77 in 3Q25 from $1.35 in 3Q24[20], and to $2.23 in 9M25 from $3.11 in 9M24[20] - Adjusted EBITDA decreased to $15.3 million in 3Q25 from $20.1 million in 3Q24[20], and to $45.2 million in 9M25 from $54.8 million in 9M24[20] - Free cash flow decreased to $13.3 million in 3Q25 from $13.8 million in 3Q24[20], and to $32.3 million in 9M25 from $35.3 million in 9M24[20] Segment Performance - Nightclubs revenues decreased by $0.5 million or -0.8% in 3Q25 compared to 3Q24[28] - Bombshells revenues decreased by $4.5 million or -34.5% in 3Q25 compared to 3Q24, primarily due to the sale/divestiture of five underperforming locations[35] - Corporate GAAP expenses increased by $1.5 million in 3Q25 compared to 3Q24[42] - Corporate Non-GAAP expenses increased by $1.9 million in 3Q25 compared to 3Q24[42] Capital Allocation and Debt - The company repurchased 75,325 common shares for $3.0 million at an average price of $40.41 per share in 3Q25[18] - Debt, net of loan costs, was $241.3 million as of June 30, 2025[54] - The weighted average interest rate on debt was 6.68% as of June 30, 2025[56] Future Targets - The company aims to generate over $250 million of cumulative free cash flow over the next 5 years[63] - The company targets $400 million in revenue and $75 million in free cash flow by FY29[65]

Company Overview - Exodus' exchange volume since 2017 is approximately $23 billion[11] - The company's last twelve months (LTM) revenue is $127 million[11] - Exodus has $291 million in digital and liquid assets as of June 30, 2025[11] - As of June 30, 2025, Exodus has 17 million funded users[11] Financial Performance - In the first half of 2025, revenue reached $62 million, a 20% increase compared to $51 million in the first half of 2024[63] - Exchange volume in Q2 2025 was $138 billion, exceeding Q2 2024's $105 billion[97] - Partnerships contributed to 15% of the exchange volume in Q2 2025[97] - As of June 30, 2025, Exodus holds 2,058 BTC in its treasury[97] Revenue Composition - As of June 30, 2025, 87% of revenue comes from Exodus users, while 13% comes from partnerships[57] - In fiscal year 2024, 33% of revenue came from other digital assets, 31% from BTC, 23% from stablecoins, and 12% from ETH[60]