Financial Performance - Q3 FY25 - Total revenue reached $46 million, a 2% increase compared to Q3 FY24[31] - Identity revenue grew significantly by 24% to $20 million[31] - Deposits revenue experienced a decrease of 10%, totaling $26 million[31] - SaaS revenue showed strong growth, increasing by 23% to $19 million[31] - Adjusted EBITDA increased by 8% to $13 million, with an adjusted EBITDA margin of 28.4%, a 160 bps increase[31] - Free Cash Flow surged by 69% to $21 million[31] Key Metrics - LTM SaaS Revenue increased by 21% year-over-year, reaching $74 million, representing 41% of total LTM revenue, up 470 bps[33] - LTM Adjusted EBITDA increased significantly by 53% to $57 million[33] - LTM Free Cash Flow showed substantial growth, increasing by 345% to $56 million[33] - Free Cash Flow Conversion reached 99%, a significant increase of 6490 bps[33] Financial Outlook for FY25 - The company projects total revenue between $174 million and $177 million for FY25[56] - The company anticipates an adjusted EBITDA margin between 28% and 29% for FY25[60]

Financial Performance - Q2 2025 product and service revenue reached $39.8 million, a 7% sequential increase and a 10% increase compared to Q2 2024[12] - Consumable revenue increased by 11% year-over-year, with Revio pull-through in the low-to-mid $200,000s per system[12] - Instrument revenue increased sequentially but decreased by 4% year-over-year due to funding constraints[12] - Non-GAAP gross margin was approximately 38% in Q2 2025, compared to 37% in Q2 2024[45, 47] - Q2 2025 non-GAAP operating expenses were $58.1 million, an 18% decrease compared to Q2 2024[47] - Cash burn was approximately $28 million in Q2 2025, with expectations for improvement in the second half of the year[46] System Placements - 15 Revio systems were shipped in Q2 2025, with 60% going to new customers and one-third to Dx/LDT and hospital labs[12] - 38 Vega systems were shipped, with nearly 60% going to new customers[13] - Cumulative Revio shipments reached 297, and Vega shipments reached 73[14] Guidance - Full-year revenue guidance is maintained at the midpoint, narrowing the range to $155 million to $165 million, representing 1% to 7% growth over 2024[21, 22] - The company expects mid-teens growth in consumables revenue and a mid-teens decline in instrument revenue[22]

Financial Performance - Revenue increased to $38 million, a 13% year-over-year increase[6] - Adjusted EBITDA was $4 million, a $15 million year-over-year improvement[6] - GAAP gross margin was 33%, a 5 percentage point increase year-over-year, while non-GAAP gross margin was 49%, a 9 percentage point increase year-over-year[6] - Annual Recurring Revenue (ARR) reached $59 million, a 3% quarter-over-quarter increase and a 22% year-over-year increase[6] Operating Metrics - Contracted Annual Recurring Revenue (CARR) was $692 million in 2Q25[12] - Storage Operating Assets Under Management (AUM) increased to 17 GWh[13] - Solar Operating AUM reached 327 GW[13] Strategic Debt Exchange - Stem completed a strategic debt exchange, reducing outstanding debt by nearly $200 million[21] - The debt exchange decreased the 2028 principal amount by nearly $230 million[21] - The company exchanged $350 million in aggregate principal amount of 2028 and 2030 Convertible Senior Notes for $155 million in new First Lien Notes due 2030 and $10 million in cash[18] Guidance - Stem reaffirmed its 2025 guidance, with expectations of tracking towards the high end on nearly all metrics[7, 30]

Arlo's Business Overview - Arlo is an AI-powered SaaS business in the smart security space with a focus on innovation and privacy [7] - Arlo's annual recurring revenue (ARR) is greater than $315 million, with year-over-year growth exceeding 30% [11] - Arlo has over 5 million paid subscribers and over 11 million registered accounts [11] - Arlo's LTV/CAC ratio is 3x [11] Market Opportunity - The US smart home security market is sized at $25 billion in 2025 [16] - Paid smart home security services are only 7% penetrated in the US, leaving significant room for growth [16] - Smart cameras and video doorbells have the highest subscription attach rates among smart home products, at 66% and 71% respectively [16] Q2 2025 Performance - Arlo's annual recurring revenue (ARR) reached $316 million, a 34% year-over-year increase [50] - Service revenue accounted for 60% of total revenue [50] - The service gross margin was 85% (non-GAAP) [50] - Adjusted EBITDA reached $344 million YTD, a 79% year-over-year increase [66] - Free cash flow reached $34 million YTD, a 33% year-over-year increase [67] Future Outlook - Arlo is targeting over $310 million in service revenue [82] - Arlo projects non-GAAP earnings per share of $012 to $018 for Q3 2025 and $056 to $066 for the full year 2025 [82]

Financial Performance - Q2 2025 - Total revenue decreased by $6.9 million, a (1.4)% decrease, from $488.1 million to $481.2 million compared to Q2 2024[29] - New and used equipment sales increased by $14.2 million, or 5.6%, totaling $265.6 million[13, 28] - Adjusted EBITDA was $48.5 million, compared to $50.3 million in the same quarter last year, a (3.6)% decrease[14, 28] - Product support revenue decreased by $3.7 million, or (2.6)%, from $144.2 million to $140.5 million[29] Segment Performance - Q2 2025 - Material Handling segment revenue decreased by $14.9 million, or (8.5)%, from $175.6 million to $160.7 million[32] - Construction Equipment segment revenue increased by $5.8 million, or 2.0%, from $294.9 million to $300.7 million[36] - Master Distribution segment revenue increased by $4.2 million, or 25.1%, from $16.7 million to $20.9 million[39] Rental Fleet and Capital Allocation - Total rental fleet decreased from $617.2 million to $569.5 million, a decrease of $(47.7) million[42] - The company completed the sale of non-core aerial equipment business for $18 million in cash proceeds and a $4.3 million gain on sale[59] - The company repurchased approximately 1.13 million shares (~3.4% of shares outstanding) at an average price of $5.64 in Q2 2025[59] FY 2025 Guidance - Adjusted EBITDA guidance is $171.5 million - $181.5 million[60] - Free Cash Flow before RTS Decisioning guidance is $105.0 million - $115.0 million[60]

Company Overview - Golden Entertainment focuses on casino and branded tavern operations in Nevada[6,8] - The company owns real estate with excess land, providing potential development opportunities[11,12] - The company has an experienced management team aligned with shareholders[6] Market Position - Golden Entertainment operates 8 Nevada casinos with approximately 4,400 slots and 99 tables[7] - The company also operates 72 Nevada taverns with approximately 1,100 slots[7,26] - The company's loyalty program, True Rewards, includes over six million players[30] Financial Performance - As of June 30, 2025, the company's net debt was $385 million[32] - Since July 2023, the company has returned $216 million of capital to shareholders[33] - The company has $392 million in 1st lien term loans and $40 million drawn on a revolver as of June 30, 2025[36,37] Nevada Market - Nevada's total gaming Gross Gaming Revenue (GGR) in 2024 was $156 billion[17] - Las Vegas Strip GGR in 2024 was $88 billion, while Nevada locals GGR was $36 billion[17] - Las Vegas visitation reached 425 million in 2024[18]

Financial Performance - Net revenues reached $152.6 million, a 6% year-over-year increase[18, 20] - Gross margin was 67.0%[18] - Adjusted EBITDA margin was 12.9%, exceeding expectations[18, 20] - The company maintained a strong financial position with $238.8 million in cash, cash equivalents, and short-term investments[20] Key Operating Metrics - Active customers increased by 4% year-over-year to 2.736 million[20, 24] - Average order value (AOV) increased by 4% year-over-year to $117[20, 30] - Net revenues per active customer saw a slight decrease of 1% year-over-year, landing at $208[27] Revenue Breakdown - Scrubwear revenues grew by 8%, while non-scrubwear revenues declined by 3%[20] - U S revenues grew by 4%, and international revenues experienced substantial growth of 20%[20] International Expansion - International net revenues accounted for 15% of total net revenues in FY 2024 and Q2 2025, with over 80% of global healthcare professionals located outside the U S [61] Updated Outlook for 2025 - Net revenues growth is projected to be up low-single-digits compared to 2024[107] - Adjusted EBITDA margin is expected to be between 8.5% and 9.0%[107]

Growth & Capacity Expansion - The company aims to reach 1 billion pounds of installed polypropylene recycling capacity by the end of 2029[6,9] - Thailand plant is expected to be operational in Q3 2027 with 130 million pounds capacity[9,11] - Antwerp plant is expected to be operational in Q3 2028 with 130 million pounds capacity[9,11] - Augusta Gen 2 Line 1 is expected to have 300 million+ pounds capacity and be operational in 2029[11] - A second Gen 2 line is planned for an unconfirmed location, also with 300 million+ pounds capacity, expected in 2029[11] Commercial Progress - A commercial agreement is in place with Emerald Carpets for approximately 5 million pounds of fiber sales[6,20] - The company is engaged in 17 post-trial negotiations representing approximately 80 million pounds of potential annual production volume[6] - The company has a strong pipeline with 26 active trials and 70 pending trials[6] Operational Achievements - Ironton facility achieved 87% onstream time in April/May and produced pellets for 65 consecutive days in Q2[6] - A rate test was successfully completed at 14,000 lbs/hr on August 1, nearing nameplate capacity[6] - The company is initiating a project to add approximately 100 million pounds of annual compounding capacity to Ironton[6,26] Financial Update - Approximately $300 million was raised from a perpetual preferred security in June[6] - Unrestricted cash increased from $22.5 million on March 31, 2025, to $284.1 million on June 30, 2025, a change of $261.6 million[30]

Financial Performance - The Joint Corp's Q2 2025 consolidated Adjusted EBITDA increased by 52% compared to Q2 2024[30, 34] - Q2 2025 comp sales increased by 14%[30] - Q2 2025 system-wide sales increased by 26%[30] - The company reported revenue of $133 million for the three months ended June 30, 2025, a 5% increase compared to $126 million for the same period in 2024[34] - Net loss from continuing operations decreased by 42%, from $17 million in Q2 2024 to $10 million in Q2 2025[34] - Consolidated net income was $01 million, a significant improvement from a net loss of $36 million in the same period last year[34] Clinic Network - Franchised clinics now represent 92% of the company's portfolio[32] - The company refranchised 37 clinics[15] - Total clinics open increased from 842 in 2024 to 885 in Q2 2025[33] 2025 Guidance - System-wide sales are projected to be between $530 million and $550 million[40] - Consolidated Adjusted EBITDA is expected to be between $108 million and $118 million[40] - The company anticipates opening 30 to 35 new franchised clinics, excluding the impact of refranchised clinics[40] Liquidity - The company's unrestricted cash balance as of June 30, 2025, was $298 million[36] - The company has access to a $20 million line of credit with JP Morgan Chase, available through February 2027[36, 38]

Financial Performance - Net income reached $26.0 million, a 75.9% increase compared to $14.8 million in 2Q24[7] - Core net income increased by 72.6% to $27.5 million from $15.9 million in 2Q24[7] - Portfolio net interest margin (NIM) increased to 3.82%, up 47 bps from 3.35% in 1Q25[7] - Diluted book value per share as of June 30, 2025, was $15.62, a 5.1% increase from $14.87 as of March 31, 2025[15] Loan Portfolio and Production - Loan production reached a record of $725.4 million in UPB, a 13.3% increase from 1Q25 and a 71.8% increase from 2Q24[7, 18] - The total loan portfolio was $5.9 billion in UPB as of June 30, 2025, a 30.8% increase from $4.5 billion in UPB as of June 30, 2024[7, 21] - The UPB of fair value option (FVO) loans was $3.6 billion, or 62.3% of total loans, as of June 30, 2025, an increase from 42.0% as of June 30, 2024[21] Capital and Financing - The company completed four securitizations totaling $985.5 million of securities issued[6] - The company collapsed and refinanced two securitizations totaling $68.0 million in debt outstanding, which released $53.5 million of capital[6] - Nonperforming loans (NPL) as a % of HFI loans decreased to 10.3%, down from 10.8% as of March 31, 2025[7]