Q3 2025 Financial Performance - Net revenue decreased by 13% year-over-year, impacted by the launch of Ace in Q3 2024 and challenging market conditions, offset partially by home theater strength[11] - GAAP gross margin declined by 490 bps year-over-year, primarily due to higher inventory reserves, reorganization efforts, and deleverage[11] - Non-GAAP gross margin decreased by 400 bps year-over-year, for the same reasons as GAAP gross margin[11] - Tariffs reduced Q3 2025 GAAP and Non-GAAP gross margin by 60 bps, equivalent to $2.1 million[11] - Adjusted EBITDA decreased by $13 million year-over-year due to lower revenue and gross profit, partially offset by lower expenses[12] - Free cash flow declined in Q3 2025 due to working capital changes, partially offset by lower capital expenditure and higher cash earnings[14] Inventory and Cash Flow - Inventories decreased by $39 million, a 25% year-over-year reduction, mainly driven by component inventory workdown[17] - Finished goods inventory decreased by $9 million, a 9% year-over-year decrease[17] - Component balance decreased by $30 million, a 58% year-over-year decrease[17] - Cash flow from operations was $37 million, a decrease of $26 million year-over-year from $64 million in Q3 2024[20] - Capital expenditures were $5 million, down $18 million year-over-year due to the launch of Ace in Q3 2024[20] - Free cash flow was $33 million, a decrease of $7 million year-over-year from $40 million in Q3 2024[20] Operating Expenses and Outlook - Non-GAAP Research and Development expenses were $53 million, down 17% year-over-year due to cost optimization efforts[21] - Non-GAAP Sales and Marketing expenses were $58 million, down 13% year-over-year driven by lower marketing investment[21] - Non-GAAP General and Administrative expenses were $20 million, down 16% year-over-year due to cost optimization efforts[21] - Non-GAAP Operating Expenses were $131 million, down 15% year-over-year, with normalized Non-GAAP Operating Expenses down 23% year-over-year[21] - The company expects Q4 2025 revenue to be between $260 million and $290 million, representing a growth of 2% to 14% year-over-year[26]

Financial Performance - The company's Annual Recurring Revenue (ARR) reached $502 million, showing a year-over-year growth of 5%[9] - Subscription revenue accounted for 76% of the company's total revenue on a trailing twelve-month (TTM) basis[9] - The company's Non-GAAP gross margin was 73%, and the Non-GAAP operating margin was 19% on a TTM basis[9] - Free cash flow was $146 million, resulting in a free cash flow margin of 19% on a TTM basis[9] - Q1 FY26 revenue was $195 million, an 11% increase year-over-year[12] Revenue Breakdown - Subscription revenue in Q1 FY26 was $148 million, a 10% increase year-over-year[14] - Marketplace & Other revenue in Q1 FY26 was $46 million, a 13% increase year-over-year[14] - US revenue in Q1 FY26 was $184 million, an 11% increase year-over-year[14] - International revenue in Q1 FY26 was $11 million, a 9% increase year-over-year[14] Outlook - The company projects Q2 FY26 revenue to be approximately $197 million, representing a 6% year-over-year growth[25]

Financial Performance - Service revenue increased by 3% due to higher Gross Transaction Value (GTV) and service revenue take rate[10] - Service revenue take rate expanded by 20 basis points, driven by a higher buyer fee rate structure[10] - Adjusted EBITDA increased from $342 million to $365 million[11] - Adjusted Earnings Per Share increased from $0.94 to $1.07[11] Gross Transaction Value (GTV) - Automotive sector achieved solid market share gains[6] - Overall GTV growth was observed in certain sectors, while others experienced declines[7] Strategic Initiatives - Announced a joint venture with LKQ Corporation in the U.K. to streamline the distribution of green parts[6] - Successfully closed the J M Wood Auction Co transaction[6] 2025 Outlook - GTV Growth is expected to be at the lower end of the 0% to 3% range[12] - Adjusted EBITDA is projected to be between $1340 million and $1370 million[12] - Full Year 2025 Tax Rate (GAAP and Adjusted) is forecasted at 24% to 27%[12] - Capital Expenditures are estimated to be between $350 million and $400 million[12]

Financial Performance - Total advertising revenue for 2Q25 was $322 million, within the guidance range of $318-336 million[11] - Distribution revenue for 2Q25 was $434 million, slightly below the guidance range of $439-441 million[11] - Total media revenue for 2Q25 was $777 million, slightly below the guidance range of $778-798 million[11] - Adjusted EBITDA for 2Q25 was $103 million, above the mid-point of the guidance range of $91-107 million[11] - The company repurchased $81 million of 2027 notes for $77 million[11] Ventures Portfolio - Ventures received $6 million in cash distributions during 2Q25[12] - Ventures made incremental investments of approximately $11 million in 2Q25[12] - Ventures had $393 million in cash at quarter-end[12] - The total book value of non-EBITDA generating assets in the Ventures portfolio is $726 million[16] Strategic Initiatives - Sinclair acquired the remaining stake in Digital Remedy in March 2025 for approximately $30 million[15]

1 2 Confidential & Proprietary – Do not distribute. © 2024 Zevia PBC 3 Source: Confidential & Proprietary – Do not distribute. © 2024 Zevia PBC 4 1Numerator Shopper Metrics Report for 12M ending 06/30/2025 which incorporates expanded scope of BFY Soda Brands in 2Q25 4 • • • • • | 2025 | Net Sales | Gross Margin | Net Loss | Adjusted EBITDA¹ | | --- | --- | --- | --- | --- | | 02 | $44.5 million +10.1% vs. PY | 48.7% +680 basis points vs. PY | -$0.7 million +$6.3 million vs. PY | +$0.2 million +$4.6 million ...

Q3 FY25 Performance Highlights - The company achieved record Q3 and Year-to-Date GAAP and Non-GAAP EPS [12] - Significant margin expansion was observed during the quarter [12] - There was a major improvement in workplace safety performance [12] Financial Results - Q3 net sales were $960.913 million [49] - GAAP gross margin was 34.6% [49] - Non-GAAP operating income was $139.041 million [49] - Adjusted EBITDA reached $166.568 million [50] Segment Performance - Pet segment net sales were $493 million with a non-GAAP operating margin of 15.8% [28] - Garden segment net sales were $468 million with a non-GAAP operating margin of 18.2%, up 310 bps [29, 30] Outlook - The company reaffirmed fiscal year 2025 non-GAAP EPS guidance of approximately $2.60 [15]

Financial Performance - Total revenue decreased by 8% year-over-year to $248.2 million in Q2 2025[25] - Bumble App revenue decreased by 8% year-over-year to $201.4 million in Q2 2025[25] - The company reported a net loss of $367 million in Q2 2025[25] - Adjusted EBITDA increased by 26% year-over-year to $94.6 million in Q2 2025, with an Adjusted EBITDA margin of 38.1%[25, 48] User Metrics - Total paying users decreased by 9% year-over-year to 3.8 million in Q2 2025[25] - Bumble App paying users decreased by 11% year-over-year to 2.5 million in Q2 2025[25] - Total Average Revenue per Paying User (ARPPU) increased by 1% year-over-year to $21.69 in Q2 2025[25] - Badoo App and Other paying users decreased by 3% year-over-year[36] Future Outlook - The company expects total revenue of $240-$248 million for Q3 2025[44] - Bumble App revenue is projected to be $194-$200 million for Q3 2025[44] - Adjusted EBITDA is expected to be $79-$84 million for Q3 2025[44]

Financial Performance - Total revenue reached $54.8 million, a 16% increase compared to the second quarter of 2024[10] - Software revenue grew by 15% to $40.5 million[10] - Drug discovery revenue increased by 19% to $14.2 million[10] - Cash and marketable securities increased by 21% to $462.3 million as of June 30, 2025[28] - Deferred revenue surged by 289% to $186.5 million[28] Guidance and Outlook - The company maintains its software growth and drug discovery revenue guidance[10] - Operating expenses are expected to be lower than in 2024[10] - Third-quarter software revenue is projected to be between $36 million and $40 million[10] - The company anticipates software revenue to increase by 10%–15% in 2025[31] - Drug discovery revenue is projected to be between $45 million and $50 million in 2025[31] Pipeline and Development - Initial Phase 1 data for SGR-1505 was presented in June, with strategic opportunities for clinical development being explored[11] - Initial Phase 1 data for SGR-2921 and SGR-3515 are expected in the fourth quarter of 2025[11]

Market Opportunity & Financial Performance - The quantum computing and networking market is projected to create up to $880 billion in economic value by 2040[8] - IonQ anticipates FY25 revenue between $82 million and $100 million[12] - The company's cash, cash equivalents, and investments balance was $697 million as of March 31, 2025[12] Technology & Roadmap - IonQ is targeting 2 million qubits and 80,000 logical qubits by 2030[10] - The company plans to release a 100-qubit system in 2025[10] - IonQ's error correction overhead is exceedingly low at 13:1[10] Expansion & Acquisitions - IonQ has been expanding its global footprint across 5 countries[10] - The company intends to acquire Oxford Ionics, with the agreement signed in June 2025[12] - IonQ acquired a majority stake in ID Quantique in April 2025[14] Applications & Partnerships - Quantum machine learning applications are expected to impact most industries[9] - Ansys simulation times improved by up to 12% using IonQ's quantum solution[58] - AstraZeneca simulations achieved 20x faster time-to-solution using IonQ's quantum solution[59]

Oncology Programs - Vir Biotechnology is developing potential best-in-class programs across oncology, targeting solid tumors such as HER2, PSMA, and EGFR [12] - VIR-5818 (HER2) showed a 33% response rate and 100% biomarker response in metastatic colorectal cancer (mCRC) at early doses [57] - VIR-5500 (PSMA) demonstrated 100% PSA decline and 58% PSA50 responses at early doses in prostate cancer [57] - VIR-5818 (HER2) showed a molecular response in 54% of subjects based on ctDNA analysis [91, 94] Hepatitis Delta Program - An estimated 61,000 patients in the U S have active viremic HDV infection [22] - Tobevibart + elebsiran combination therapy showed 41% of participants achieving HDV RNA <Target Not Detected (0 IU/mL) at 24 weeks and 64% at 36 weeks in P2 trial [36] - 90% of participants receiving tobevibart + elebsiran achieved HBsAg <10 IU/mL, compared to only 22% with tobevibart monotherapy Q2W at Week 24 [41] - The ECLIPSE registrational clinical trials for Hepatitis Delta are actively enrolling [48] Financial Status - Vir Biotechnology had approximately $892 million in cash and investments as of June 30, 2025, providing a cash runway into mid-2027 [12, 144] - Total revenues for the three months ended June 30, 2025, were $12 million, a 61% decrease compared to $31 million for the same period in 2024 [142]