Financial Performance - PAR's total Annual Recurring Revenue (ARR) reached $2867 million in Q2 2025[11], a 49% year-over-year growth compared to $1922 million in Q2 2024[11, 27] - Organic ARR grew by 16% year-over-year[19, 26], reaching $2232 million in Q2 2025 compared to $1922 million in Q2 2024[11, 26] - Non-GAAP consolidated gross margin percentage improved to 528% in Q2 2025 from 493% in Q2 2024[19, 35] - Adjusted EBITDA was $55 million in Q2 2025, a $99 million increase from Q2 2024[19, 37, 40] Revenue Breakdown - Subscription service revenue increased by 60% to $71903 thousand in Q2 2025 from $44872 thousand in Q2 2024[37, 40] - Operator Cloud ARR reached $1192 million in Q2 2025, a 42% year-over-year growth[30] - Engagement Cloud ARR reached $1675 million in Q2 2025, a 55% year-over-year growth[31] - In Q2 2025, revenue was composed of 640% Subscription Service, 239% Hardware, and 121% Professional Service[21] Strategic Initiatives - The company divested its Government segment to focus on becoming a pure-play food service tech company[12] - PAR has a proven track record of strategic M&A, expanding its TAM into convenience stores and international markets[19]

Financial Performance - Barings BDC's net asset value (NAV) as of June 30, 2025, was $11.18 per share, compared to $11.29 per share as of March 31, 2025, representing a 1.0% decrease[26] - The Board of Directors approved a third quarter 2025 regular dividend of $0.26 per share, along with a previously declared special dividend of $0.05 per share[26] - Net investment income for the quarter ended June 30, 2025, was $0.28 per share[26] Portfolio Composition and Activity - Total originations during the quarter were $199 million, while sales and repayments totaled $167 million, resulting in net originations of $32 million[26] - The weighted-average portfolio yield as of June 30, 2025, was 10.1%[26] - Total non-accruals represented 0.5% of the total portfolio at fair value[26] - Sponsored and Non-Sponsored corporate issuers accounted for 86% of the BBDC portfolio as of June 30, 2025[35] - The top issuer accounted for 5.9% of exposure, and the top 10 issuers accounted for 23.4% of the portfolio as of June 30, 2025[37] - Approximately 84% of the portfolio is comprised of secured assets, considering the look-through exposure of investments in Eclipse and Rocade[38] Capital Structure and Liquidity - Debt-to-equity as of June 30, 2025, was 1.34x, or 1.29x after adjusting for unrestricted cash and foreign currencies and net unsettled transactions[64] - Barings LLC made a $23 million payment during 2Q25 related to the MVC CSA termination[56] - Barings manages over $50 billion in direct lending platform[13]

Financial Performance - Calumet's Q2'25 Adjusted EBITDA with Tax Attributes was $76.5 million[6], compared to $74.8 million in Q2'24[6] - Specialty Products and Solutions (SPS) segment achieved Adjusted EBITDA of $66.8 million in Q2'25[6], slightly lower than the $72.7 million in Q2'24[6] - Performance Brands (PB) segment reported Adjusted EBITDA of $13.5 million in Q2'25[6], compared to $14.1 million in Q2'24[6] - Montana/Renewables (MRL at 87%) segment saw an increase in Adjusted EBITDA with Tax Attributes to $16.3 million in Q2'25[6] from $8.7 million in Q2'24[6] - Montana Renewables generated $0.53 per gallon in Production Tax Credits (PTC), totaling $24.6 million in Q2'25[27] Strategic Initiatives and Regulatory Landscape - The company achieved $42 million year-over-year operating cost reduction in the first half of 2025[6, 7] - Operating costs at Montana Renewables were $0.43 per gallon[6, 7] ($0.51 per gallon including SG&A)[6, 7] - The company issued a partial redemption notice for $80 million of '26 Notes, following a $150 million partial redemption in April[7, 16] - EPA's Renewable Volume Obligation (RVO) proposal includes a proposed 5.6 billion gallon requirement for biomass-based diesel[10, 11], up from the current 4.5 billion gallons[10, 11] - Plans are on track to unlock 120 million to 150 million gallons of Sustainable Aviation Fuel (SAF) capacity by Q2 2026 ("MaxSAF150") at a capital cost of $20 million to $30 million[6, 15, 33]

Q2 2025 Financial Highlights - Net revenues increased by 64% to $294341 million, or 60% on a constant currency basis, compared to Q2 2024[35, 69] - Adjusted EBITDA increased by 98% to $150735 million, or 95% on a constant currency basis, compared to Q2 2024[29, 69] - Adjusted EBITDA margin increased by 156 basis points to 512% compared to Q2 2024[29, 35] - Adjusted EPS increased by $001 to $020 compared to Q2 2024[29, 35] Segment Performance - Sterigenics revenue increased by 105% to $194839 million in Q2 2025[38, 69] - Nordion revenue increased by 29% to $42431 million in Q2 2025[42, 69] - Nelson Labs revenue decreased by 33% to $57071 million in Q2 2025[46, 69] Liquidity and Capital Deployment - Strong liquidity position of $918 million as of June 30, 2025, with no outstanding borrowings on the revolving line of credit[32, 51] - Net Leverage Ratio improved to 35x as of June 30, 2025, compared to 37x as of December 31, 2024[32, 53] Full-Year 2025 Outlook - Net Revenues are expected to increase by 45% to 60%[60] - Adjusted EBITDA is expected to increase by 60% to 75%[60] - Adjusted EPS is expected to be $075 to $082[60]

Financial Performance - The company reported a net profit of $1.1 million and an EBITDA of $20.9 million for Q2 2025[9] - Time charter equivalent (TCE) earnings were approximately $28,400 per day, gross, for Q2 2025 and $32,700 per day, gross, for July 2025[9] - Operating revenues decreased by $1.3 million compared to Q2 2024, from $31.2 million to $29.9 million, due to reduced average TCE, offset by more operational days[12, 14] - Vessel operating expenses increased by $1.5 million compared to Q2 2024, primarily due to more operational days[14] - Interest expense increased by $1.8 million due to draw downs on sale leaseback financing[14] Balance Sheet and Cash Flow - Cash and cash equivalents totaled $24.7 million as of June 30, 2025, including a minimum cash balance of $12.3 million[17] - Total debt was $714.0 million, or $701.3 million net of deferred loan costs, as of June 30, 2025[17] - Cash flow from operations was $8.3 million in Q2 2025[17] - Total cash distributions of $0.105 per share were declared for April, May, and June 2025[17] Market Dynamics - Year-on-year Capesize tonne-mile development decreased by 1.2% in Q2 2025, but increased by 3.2% compared to the 3-year average[35] - China's iron ore imports remain solid, and inventories are set for a seasonal rebound[45] - The orderbook represents 8.9% of the existing Capesize fleet, indicating a historically low orderbook[55]

Financial Performance - Revenue for Q2 2025 reached $10.2 million, a 42% increase compared to $7.2 million in Q2 2024 [13] - Gross profit for Q2 2025 was $8.0 million, up 52% from $5.2 million in Q2 2024 [13] - Gross margin improved to 78.3% in Q2 2025, a 513 basis point increase from 73.2% in Q2 2024 [13] - Operating income for Q2 2025 was $1.9 million, a 6% decrease compared to $2.0 million in Q2 2024 [13] - Adjusted EBITDA for the three months ended June 30, 2025, was $3.37 million, compared to $1.457 million for the same period in 2024 [18] UltraMIST Performance - UltraMIST saw continuous revenue growth in 2024 and strong year-over-year growth in Q2 2025 [20] - The company had 1,261 UltraMIST systems in the field at the end of Q2 2025 [22] - 116 UltraMIST systems were sold in Q2 2025, compared to 72 in Q2 2024 and 98 in Q1 2025 [22] Revenue Guidance - The company projects Q3 2025 revenue to be between $12 million and $12.7 million, compared to $9.36 million in Q3 2024 [25] - The company targets full-year 2025 revenue to be between $48 million and $50 million, representing a 47-53% increase compared to $32.6 million in FY 2024 [25]

Revenue Performance - Total revenue for Q3 Fiscal Year 2025 was $51.901 million, reflecting a 12% year-over-year growth[4,11] - Payments revenue reached $13.100 million, showing an 11% year-over-year increase[4] - Recurring revenue totaled $40.201 million for the quarter[4] - Total Annualized Recurring Revenue (ARR) reached $160.804 million, a 12% increase year-over-year[4] Revenue Composition - Software and related service revenue amounted to $36.245 million[4] - SaaS revenue contributed $9.299 million to the total[4] - Transaction-based revenue was $4.052 million[4] - Maintenance revenue reached $8.648 million[4] - Professional services generated $9.458 million[4] Profitability Metrics - Adjusted EBITDA from continuing operations was $12.724 million, representing an Adjusted EBITDA margin of 25%[11] - Net loss from continuing operations attributable to i3 Verticals, Inc was $(410) thousand[12] - Non-GAAP adjusted income before taxes from continuing operations was $10.249 million[12] - Adjusted net income from continuing operations was $7.687 million[12] - Adjusted diluted earnings per share from continuing operations was $0.23[14]

Second Quarter 2025 Highlights - P&C premium production increased by 110% to approximately $346 million[5] - P&C revenue increased by 21% to approximately $54 million, and total revenue increased by 8% to approximately $55 million[5] - Cirrata's premium placed increased 368% to $250 million[12] - Cirrata's total revenue increased 148% to $33 million year-over-year[12] Segment Performance - Everspan's Gross Written Premiums (GPW) was $96 million, down (13)% compared to the second quarter of 2024[15] - 61% of Everspan's 2Q25 GPW is E&S lines[15] - Cirrata experienced organic growth of (3)%[12] - Beat Capital had organic growth of approximately 26%, and Cirrata Proforma Organic Growth Inclusive of Beat was approximately 12%[5] Profitability Metrics - Cirrata reported a net loss of $(8) million with a margin of (24)%[12] - Cirrata's Adjusted EBITDA was $5 million with a margin of 14%[12] - Cirrata's Adjusted EBITDA to shareholders was $3 million with a margin of 8%[12]

Financial Performance - The company reported attributable gold production of 173,000 ounces in Q2 2025[22], and 334,000 ounces year-to-date[23] - The average realized gold price was $3,182 per ounce[24] - The company's cash costs were $1,556 per ounce and AISC was $2,041 per ounce[22] - H1 2025 adjusted EBITDA reached $480.9 million[22] - The company maintains a strong balance sheet with a liquidity position of $616.5 million, including $223.8 million in cash and equivalents[22] Operational Highlights - Côté Gold achieved 100% nameplate throughput of 36,000 tonnes per day in June 2025[22, 24] - Essakane declared a dividend of $855 million during Q2 2025, with IAMGOLD's attributable portion being $680 million net of taxes[31] - Westwood produced 29,000 ounces of gold in Q2 2025[24] - Essakane produced 77,000 attributable ounces in Q2 2025[24] Guidance and Outlook - The company anticipates 2025 attributable gold production of 735,000 to 820,000 ounces at an AISC of $1,830 to $1,930 per ounce[22] - Côté Gold is expected to produce 250,000 to 280,000 attributable ounces in 2025[30] - Westwood is expected to produce 125,000 to 140,000 ounces in 2025[30] - Essakane is expected to produce 360,000 to 400,000 ounces in 2025[30]

Financial Performance - Net loss from continuing operations was $(0.31) per common share[5] - Distributable losses were $(0.14) per common share[5] - Distributable losses before realized losses were $(0.10) per common share[5] - A dividend of $0.125 per common share was declared[5] Loan Portfolio - Total loan originations amounted to $532.1 million[5] - The total loan portfolio was $7.9 billion[5] - Loan repayments and sales reached $774.7 million[5] - 60+ core delinquencies stood at 4.6%[5] Capitalization and Business Updates - Book value per share was $10.44 per common share[5] - 8.5 million shares were repurchased at an average price of $4.41, impacting BVPS by $0.31[5] - Total leverage was 3.5x, with a recourse leverage ratio of 1.5x[5] - The company completed the sale of its residential mortgage banking segment[5] - A bulk sale of legacy bridge loans, selling $494 million of multi-family bridge assets, generated net proceeds of $85 million[5]