US Earnings Financial Results SEC Filings — March 10, 2026

10-03-2026

Lipocine Inc. (LPCN) filed its 10-K annual report on March 10, 2026, outlining extensive risk factors including the need for substantial additional capital to fund clinical trials and operations, potential delays in regulatory approvals, and challenges in commercializing TLANDO and product candidates such as LPCN 1154, LPCN 2201, LPCN 2101, LPCN 2203, LPCN 2401, and LPCN 1148. The filing emphasizes uncertainties in achieving profitability, stock price volatility, competition in the TRT market, and risks of delisting from Nasdaq Capital Market. No financial performance data or period-over-period comparisons were detailed in the provided risk factor excerpts.

• ·Risks include FDA Advisory Committee meetings, Phase 4 study commitments, and REMS requirements
• ·Potential for product recalls, withdrawals, or litigation impacting revenues
• ·Anti-takeover provisions in amended certificate of incorporation, bylaws, and stockholder rights plan

10-03-2026

Total assets grew 38% to $1.53M as of January 31, 2026, driven by $446M net proceeds from share issuances that boosted cash and cash equivalents to $0.49M from $0.15M, while total equity rose 44% to $1.41M. However, quarterly sales declined 59% YoY to $20.2k with gross profit down 45% to $10k, amid sharply higher mineral property expenditures up 66% to $23.7k and total operating costs up 54% to $33.6k, leading to an operational loss widening to $23.6k from $3.6k. For the six months, net loss improved 20% to $24.3k from $30.4k, but cash used in operations surged to $72.4k from $20.3k.

• ·Investment in equity securities increased to $84k from $28k.
• ·Equity-accounted investments rose to $60k from $56k.
• ·Current liabilities decreased to $21k from $26k.
• ·Mineral rights and properties slightly up to $713k from $710k.
• ·Net cash used in investing activities $37k vs $136k prior six months.

10-03-2026

Arq, Inc. reported revenue growth of 10% YoY to $120.3M in 2025 from $109.0M in 2024, with Adjusted EBITDA improving to $13.2M from $10.5M and SG&A expenses declining 21%. However, net loss widened dramatically to $52.6M from $5.1M, driven by a $44.8M impairment of long-lived assets and a 25% increase in cost of revenue; operating cash flow turned negative at $2.7M versus positive $10.5M prior year. Total assets decreased to $230.6M from $284.4M, reflecting impairments and asset write-downs.

• ·Property, plant and equipment net: $143.2M (2025) vs $178.6M (2024)
• ·Revolving credit facility increased to $19.0M (2025) from $13.8M (2024)
• ·Weighted-average basic shares outstanding: 41,522 (thousands) in 2025 vs 36,051 (thousands) in 2024
• ·Basic loss per share: $(1.27) (2025) vs $(0.14) (2024)

10-03-2026

Trailblazer Merger Corp I reported a net loss of $8.3M for the year ended December 31, 2025, compared to net income of $0.28M in 2024, primarily due to a $6.2M loss on debt extinguishment and $0.2M loss on fair value changes, despite $0.94M in interest income. Total assets declined 84% YoY to $4.3M from $27.7M, driven by Trust Account reduction to $4.0M from $26.8M amid heavy redemptions of Class A shares (down to 333K shares from 2.4M). Liabilities rose to $16.2M from $7.2M with $11.0M in new convertible promissory notes, worsening stockholders' deficit to $15.9M from $6.1M, while operating costs increased 12% YoY.

• ·Class A redeemable shares at $11.76/share in 2025 (vs $11.19/share in 2024)
• ·Excise tax payable increased to $912,593 from $497,749
• ·Promissory note - related party extinguished; new convertible note $11.0M with related party
• ·Net cash used in operating activities worsened to $2.55M from $1.56M
• ·Cash paid for income taxes $1.04M in 2025 vs $0.35M in 2024

10-03-2026

Creative Media & Community Trust Corp (CMCT) reported total revenues of $116.7M for the year ended December 31, 2025, down 6.3% YoY from $124.5M, with declines in office (-7.6%), multifamily (-19.1%), and lending (-16.7%) segments offsetting hotel growth of 4.9%. Net loss widened 53.7% to $39.6M from $25.8M amid higher expenses (+2.7%) and a $3.7M real estate impairment, though FFO attributable to common stockholders improved to -$31.5M from -$46.3M and total assets stood at $859.2M, down from $889.6M.

• ·Sheraton Grand Hotel (Sacramento, CA) had 72.5% occupancy and $152.70 RevPAR.
• ·Investments in real estate, net: $698.1M (2025) vs. $709.2M (2024).
• ·Loans receivable, net: $0 (2025) vs. $56.2M (2024).
• ·Net loss attributable to common stockholders per share: $(67.08) basic and diluted (2025) vs. $(431.43) (2024).
• ·Weighted average common shares outstanding: 919K basic and diluted (2025) vs. 170K (2024).

10-03-2026

For the nine months ended January 31, 2026, GPO Plus, Inc. reported revenues of $4.1M, up 12% YoY from $3.6M, with gross profit rising 28% to $1.1M driven by improved margins. However, operating expenses surged 21% to $2.6M, resulting in a widened operating loss of $1.5M and net loss of $2.0M versus $1.6M prior year, while Q3 revenues fell 2% YoY to $1.2M and net loss more than doubled to $748K. Cash balances plummeted 95% to $18K from $336K at fiscal year-end, with total assets down 18% to $0.65M amid rising liabilities.

• ·Net cash used in operating activities for nine months: $1.0M (worsened from $0.8M YoY)
• ·Promissory note payable net: $3.4M as of Jan 31, 2026 (up from $2.6M)
• ·Stockholders' deficit worsened to $8.2M from $7.3M
• ·Finance lease right-of-use assets increased to $408K from $206K

10-03-2026

ACRES Commercial Realty Corp's total investment portfolio reached $1.96B at December 31, 2025, with CRE whole loans comprising 91.74% ($1.80B net carrying amount). Net interest income declined 19% YoY to $33.2M from $41.2M, driven by a 24% drop in interest income primarily from 25% lower CRE whole loan volumes and yield compression from 9.01% to 7.62%, though offset somewhat by a 26% decrease in interest expense. Positively, real estate income grew 11% to $46.6M and total operating expenses fell 12% to $63.5M, boosted by a $7.7M reversal of credit loss provisions.

• ·Tax loss carryforwards as of 2024 return: REIT QRS operating $32.1M (unlimited life), capital $115.9M (5 years); TRS operating $62.0M (various), capital $20.8M (5 years).
• ·Properties held for sale: $67.5M (3.44% of portfolio) at Dec 31, 2025.
• ·Average yield on CRE whole loans declined from 9.22% in 2024 to 7.67% in 2025.
• ·Management fees - related party down 1% YoY to $6.4M.

10-03-2026

TWFG, Inc. reported total revenues of $248.5M for 2025, up 22% YoY from $203.8M, driven by strong growth in commission income (+20.6%), contingent income (+50%), and TWFG MGA segment (+50.5%). Net income rose 44% to $41.2M, with adjusted net income up to $50.9M (margin 20.5% vs 16.2%), and adjusted diluted EPS of $0.90 (from $0.59); however, organic revenue growth slowed to 11.6% (revised methodology) from 15.2% prior year, reflecting moderated underlying expansion.

• ·Interest expense declined sharply to $287K from $2.2M YoY.
• ·Adjusted EBITDA increased to $66.8M (margin 26.9%) from $45.3M (22.3%).
• ·Diluted EPS $0.53 (from $0.19); legacy organic growth 11.4% vs 14.5% prior.

10-03-2026

Custom Truck One Source, Inc. (CTOS) reported total revenue of $1.94B for FY 2025, up 7.9% YoY from $1.80B, driven by strong rental revenue growth of 14.3% to $506.2M and equipment sales up 6.7% to $1.30B, though parts sales and services declined 2.2% to $133.3M. Gross profit rose 5.5% to $411.9M with fleet utilization improving 6.9% to 79.4%, but operating income dipped 1.1% to $124.9M and net loss widened 8.4% to $31.1M amid higher expenses. Adjusted EBITDA increased 12.9% to $383.6M, while sales order backlog fell 9.1% to $335.3M and net leverage improved to 4.31x from 4.55x.

• ·Ending OEC grew 8.0% YoY to $1.64B; Average OEC on rent up 14.1% to $1.26B.
• ·Depreciation of rental equipment increased 17.5% to $215.6M.
• ·Gain on sale leaseback transaction was $0 in 2025 vs $23.5M in 2024.

10-03-2026

Q32 Bio Inc. reported net income of $29.8M for FY 2025, a sharp turnaround from a $47.7M net loss in FY 2024, driven by $53.7M in new collaboration revenue and a 60% YoY decline in R&D expenses to $19.2M, while total operating expenses fell 44% to $36.8M. However, cash and equivalents decreased to $48.3M from $77.9M, with net cash used in operations improving to $33.5M from $67.7M but still reflecting ongoing burn, and G&A expenses remained essentially flat at $17.7M.

• ·Basic EPS $2.42 FY2025 vs ($5.12) FY2024
• ·Gain on sale of asset $11.7M in FY2025
• ·Venture debt total $9.7M as of Dec 31 2025 (current $6.2M)
• ·Weighted-average common shares basic 12.3M FY2025 vs 9.3M FY2024
• ·Total assets $61.8M Dec 31 2025 vs $92.3M Dec 31 2024

10-03-2026

Cullinan Therapeutics reported a widened net loss of $219.9M in 2025, up 31% YoY from $167.6M in 2024, driven by a 31% increase in R&D expenses to $187.4M while G&A expenses remained essentially flat at $54.2M. Total operating expenses rose 23% to $241.6M, and total assets declined 28% to $448.4M amid reduced investments, though cash and equivalents increased 6% to $88.3M. Operating cash burn intensified 21% to $175.8M used, offset by $180.0M net cash from investing activities.

• ·Equity-based compensation expense was $36.0M in 2025, down slightly from $37.8M in 2024.
• ·Long-term investments declined to $58.3M from $204.4M as of Dec 31, 2025.
• ·Common stock shares issued and outstanding increased to 60.2M from 58.5M.

10-03-2026

Rapport Therapeutics, a clinical-stage biotech, reported a widened net loss of $111.5M for the year ended December 31, 2025, up 42% YoY from $78.3M in 2024, primarily due to sharply higher operating expenses with R&D surging 56% to $94.8M and G&A rising 37% to $30.3M. However, the company bolstered its balance sheet through strong financing inflows of $270.8M (up from $221.6M), driving total assets to $512.4M (up 63%) and short-term investments to $437.9M (up 76%), while cash and equivalents dipped slightly to $52.6M. Net cash used in operations increased to $87.5M from $64.8M, reflecting ongoing R&D investments.

• ·Net loss per share improved to -$2.86 from -$3.78 YoY due to increased share count.
• ·Stockholders’ equity grew to $484.7M from $305.4M.
• ·Common shares issued and outstanding increased to 47.8M from 36.6M, including 11.1M from underwritten public offering.
• ·Stock-based compensation expense rose to $18.9M from $10.2M.

10-03-2026

TENAX Therapeutics reported a significantly widened net loss of $52.6M for the year ended December 31, 2025, up 199% from $17.6M in 2024, driven by R&D expenses surging 157% to $32.7M and G&A expenses rising 249% to $23.7M, resulting in total operating expenses increasing 189% to $56.4M. While cash and equivalents grew slightly to $97.6M from $94.9M and interest income doubled to $3.8M, operating cash burn accelerated to $35.8M from $14.8M, with financing inflows dropping sharply to $38.5M from $99.9M. Stockholders' equity rose modestly to $97.1M amid increased share count to 9.3M outstanding.

• ·Net loss per share worsened to $(1.34) from $(1.15).
• ·Weighted average shares outstanding increased to 39.2M from 15.3M.
• ·Stock-based compensation expense rose to $19.2M from $1.1M.
• ·Common shares issued via public offering net proceeds: $23.2M in 2025 vs $100.3M in 2024.

10-03-2026

VALHI INC's Chemicals Segment reported an operating loss of $24.5 million in 2025, a sharp decline from operating income of $138.5 million in 2024. The company faced multiple non-cash deferred income tax expenses, including $19.3 million due to German tax rate reductions and an additional $8.5 million valuation allowance. Sales volumes were geographically concentrated in Europe (45%) and North America (40%), with end-use primarily in coatings (59%) and plastics (30%).

• ·Loss of $0.45 per share from non-cash deferred tax expense due to German tax rate reduction in Q3 2025.
• ·Loss of $0.20 per share from valuation allowance on German deferred tax asset in Q4 2025.
• ·Loss of $0.38 per share from non-cash deferred tax expense on currency translation gains/losses in Q4 2025.

10-03-2026

Motorsport Games Inc. (MSGM) filed its 10-K on March 10, 2026, detailing forward-looking plans to expand esports leadership, grow recurring revenues via Le Mans and in-game purchases, and pursue equity financing for Nasdaq compliance. However, the filing emphasizes extensive risks including liquidity difficulties, material weaknesses in internal controls, dependence on limited distribution partners and licenses, geopolitical tensions, and potential declines in consumer spending. No financial results or quantitative metrics are provided in the extracted sections.

10-03-2026

Reliance Global Group, Inc. reported a net loss of $7.0M for the year ended December 31, 2025, an improvement of 23% YoY from $9.1M in 2024, primarily due to a $3.2M gain on the sale of businesses including Fortman Insurance Services (FIS), Employee Benefits Solutions (EBS), and U.S. Benefits Alliance (USBA). However, commission income declined 12% YoY to $12.4M amid these portfolio realignments, loss from operations worsened 17% to $9.0M, total operating expenses were nearly flat at a 1% decrease to $21.4M, and AEBITDA deteriorated sharply 397% to $(1.6M). Cash flows showed a net increase of $0.9M, reversing a $0.9M decrease in 2024, supported by $5.3M from investing activities.

• ·Salaries and wages increased 43% YoY to $10.3M, driven by non-cash share-based compensation.
• ·Equity-based compensation totaled $5.7M in 2025, up significantly from $0.9M in 2024.
• ·Net cash used in operating activities increased to $3.1M from $2.5M YoY.
• ·Asset sales contributed to $5.3M net cash from investing activities in 2025.

10-03-2026

Groupon's FY2025 revenue grew 1.2% YoY to $498.4M, with North America revenue up 2.6% driven by Local category (+4.5%), however contribution profit declined 4.5% to $286.7M amid a 0.4% drop in North America and 16.6% plunge in International. Adjusted EBITDA remained nearly flat at $69.3M while free cash flow improved 23.0% to $49.9M; International revenue fell 3.3% with all categories declining.

• ·Total employees: 1,734 (North America 421, International 1,313)
• ·North America Goods gross profit declined 50.1% YoY to $4.8M
• ·International Local cost of revenue increased 20.5% YoY
• ·Operating expenses decreased 1.5% YoY to $428.9M, with SG&A down 7.3%

10-03-2026

First United Corp (FUNC) reported net interest income growth of 14% YoY to $68.1M (GAAP) or $68.3M (FTE) in 2025 from $60.0M (FTE) in 2024, driven by higher loan volumes and yields, with average loans up 5% to $1.50B and net interest margin expanding 0.3% to 3.67% (FTE). Total assets grew 4% to $2.02B, while other operating income rose 4% to $20.2M. However, other service charges declined 5%, debit card and brokerage income were flat at -0.2%, and investment securities comprised a smaller 7% of interest income versus 8% prior year.

• ·Interest income increased $8.8M due to $4.5M volume and $4.3M rate impact (FTE).
• ·Interest expense rose $0.7M primarily from deposit volume growth offsetting lower rates.
• ·Non-interest-bearing deposits declined to $447.6M from $468.1M.
• ·Shareholders’ equity grew to $193.0M from $169.2M.

10-03-2026

Net sales declined 9.5% YoY to $273.8M in 2025 from $302.4M in 2024, primarily due to a 38% drop in medium and heavy-duty truck revenue ($101.3M) and 7% decline in power sports ($63.5M), though building products grew 32% to $22.5M and industrial/utilities rose 20% to $22.6M. Net income fell 15.8% to $11.2M amid higher costs, while total assets expanded 8.8% to $228.1M supported by capex. Operating cash flow decreased 45% to $19.2M, with significant $13.8M in capital expenditure commitments.

• ·Gross margin $47.6M in 2025, down from $53.3M in 2024.
• ·Capex purchases $17.3M in 2025, up from $11.5M in 2024.
• ·Treasury stock purchases totaled $3.2M in 2025.
• ·Post-retirement benefits liability $3.1M as of Dec 31 2025.

10-03-2026

Evolv Technologies Holdings, Inc. reported FY2025 total revenue of $145.9M, up 40% YoY from $103.9M, with product revenue surging 235% to $21.6M and subscription revenue growing 29% to $83.8M. However, net loss narrowed to $33.1M from $54.0M (39% improvement), but product revenue gross margin remained negative at -12% (improved from -66%), subscription margin dipped 1pp to 56%, and service margin declined 7pp to 71%. Adjusted EBITDA swung to positive $11.1M from -$21.0M, while operating cash flow turned positive at $18.7M versus -$30.9M prior year.

• ·R&D expenses decreased 12% YoY to $20.6M.
• ·Total operating expenses fell 13% YoY to $123.8M.
• ·Net cash used in investing activities increased to $41.8M from $1.4M.
• ·Gross profit margin for license fee and other revenue declined 4pp to 89%.

10-03-2026

Artiva Biotherapeutics reported a widened net loss of $83.9M for the year ended December 31, 2025, up 28% from $65.4M in 2024, primarily due to sharply higher R&D expenses of $69.5M (up 38% YoY) and total operating expenses rising 33% YoY to $89.8M, with no license revenue versus $0.3M in 2024. Cash and cash equivalents declined to $26.7M from $40.2M, and total assets fell 38% to $130.9M, reflecting increased cash burn from operations at $76.8M (up 39% YoY). While interest income improved slightly to $6.0M (up 11% YoY) and investing activities provided $63.4M in net cash, stockholders' equity dropped to $110.0M from $186.6M.

• ·Common shares outstanding increased slightly to 24.6M from 24.3M.
• ·Stock-based compensation expense slightly declined to $6.8M from $7.0M.
• ·Net cash provided by investing activities swung to $63.4M from -$120.5M due to investment maturities.

10-03-2026

For the 13 weeks ended January 31, 2026, Barnes & Noble Education reported total sales of $515.1M, up 11% YoY from $462.8M, driven by 18% growth in Course Materials Product Sales, though General Merchandise Sales declined 2% and Operating income fell 23% to $14.6M due to higher Selling and administrative expenses and Other expense. Over 39 weeks, sales rose 9% YoY to $1.45B with Gross profit up 5%, Operating income increased 18% to $32.3M, and Net income swung to a $13.4M profit from a prior $42.8M loss; however, cash from operations remained negative at -$30.8M, improved from -$138M.

• ·Receivables, net increased to $416.4M from $98.1M as of May 3, 2025, reflecting seasonal student receivables.
• ·Net cash used in operating activities improved to -$30.8M from -$138.0M for 39 weeks.
• ·Long-term borrowings at $138.4M as of Jan 31, 2026, up from $103.1M.
• ·Restatement of previously issued financial statements noted in Note 3.
• ·Stockholders' equity rose to $290.0M from $272.2M as of May 3, 2025.

10-03-2026

Shoulder Innovations, Inc. reported net revenue growth of 49.6% YoY to $47.3M for the year ended December 31, 2025, from $31.6M in 2024, with gross profit increasing 48.7% to $36.2M. However, operating expenses rose 60.3% to $62.5M, driven by SG&A up 58.7% and R&D up 72.2%, resulting in an operating loss widening 79.5% to $26.3M and net loss expanding 158.4% to $40.4M. The company completed an IPO, boosting total assets to $170M and converting to positive stockholders' equity of $140.8M, though cash used in operating activities more than doubled to $28.6M.

• ·Adjusted EBITDA loss widened to $(36.1M) from $(11.4M).
• ·Cash increased to $26.9M from $6.1M, driven by $145.0M financing inflows including IPO net proceeds of $64.2M.
• ·Inventories grew to $21.6M from $14.0M; accounts receivable to $8.3M from $5.1M.
• ·Long-term debt steady at ~$14.9M.

10-03-2026

ADC Therapeutics SA reported total net revenue of $81.4M for the year ended December 31, 2025, up 14.9% YoY from $70.8M, driven by a 401.3% surge in license revenues and royalties to $7.8M, though product revenues grew modestly 6.2% to $73.6M. Net loss narrowed 9.6% to $142.6M from $157.8M, with improvements in loss from operations (-7.0%) and reduced R&D (-5.1%) and G&A (-12.7%) expenses; however, total operating expenses rose slightly 0.7% due to new $13.1M restructuring costs, and cash used in operating activities worsened to $141.2M from $123.8M. Cash and equivalents increased to $261.3M, bolstered by $151.0M in financing activities including an underwritten offering.

• ·Shareholders’ deficit improved to $(185.8M) from $(202.6M) as of Dec 31 2025.
• ·Senior secured term loans totaled $115.5M long-term as of Dec 31 2025.
• ·Deferred royalty obligation stood at $322.5M as of Dec 31 2025.
• ·Underwritten offering in 2025 raised $85.4M net from shares and $65.4M from warrants.
• ·Weighted average shares outstanding basic and diluted: 127.1M in 2025 vs 97.2M in 2024.

10-03-2026

Cadre Holdings, Inc. reported net sales of $610.3M for the year ended December 31, 2025, up 7.5% YoY from $567.6M, with net income rising 22.2% YoY to $44.1M and Adjusted EBITDA increasing 6.6% to $111.7M. However, operating income grew only 0.9% to $67.4M due to sharp rises in SG&A expenses (15.7%) and restructuring/transaction costs (28.1%), while the Distribution segment saw sales decline 0.5% YoY to $104.9M.

• ·Restructuring and transaction costs included $1.0M fee to Kanders & Company for Zircaloy acquisition in 2025 and $1.8M + $0.3M for Alpha Safety and debt refinancing in 2024.
• ·Interest expense, net increased to $12.5M in 2025 from $7.8M in 2024.
• ·Long-term debt of $309.1M outstanding as of December 31, 2025, with significant payment obligations.

10-03-2026

UNFI's Q3 FY26 net sales declined 2.6% YoY to $7.95B from $8.16B, with gross profit down 2.4% to $1.05B, reflecting softer demand. However, operating income more than doubled (+111%) to $57M driven by a 5.6% reduction in operating expenses to $972M, leading to net income of $20M versus a $3M loss in the prior year. For the first half FY26, net sales fell 1.5% YoY to $15.79B, but operating income rose 138% to $76M and net income turned positive at $16M from a $24M loss.

• ·Cash and cash equivalents increased to $52M from $44M QoQ.
• ·Net cash provided by operating activities for H1 FY26 was $245M, up from $137M YoY.
• ·Capital expenditures for H1 FY26 were $56M, down from $103M YoY.
• ·Repurchased common stock for $25M in Q3 FY26.
• ·Accounts receivable, net decreased to $994M from $1,093M QoQ.

10-03-2026

vTv Therapeutics Inc. reported no revenue in 2025 versus $1.0M in 2024, with net loss attributable to the company widening to $27.0M from $18.5M driven by R&D expenses surging 55% to $17.9M and G&A up 9% to $14.9M. However, strong financing activities provided $77.4M, boosting cash and equivalents to $88.9M from $36.7M and total assets to $89.9M from $38.3M. Net cash used in operations remained flat at approximately $25.3M.

• ·Class A common stock outstanding increased to 3,938,654 from 2,612,257 at Dec 31, 2024; Class B decreased to 241 from 577,349.
• ·Noncontrolling interest reduced to $0 from $2.1M at Dec 31, 2024.
• ·Warrant liabilities totaled $236k at Dec 31, 2025 versus $100k at Dec 31, 2024.

10-03-2026

High Roller Technologies, Inc. reported FY2025 revenues of $20.5M, down 12% YoY from $23.2M, with growth in Finland (+15% to $12.3M, 61% of total) offset by declines in New Zealand (-19%), Norway (-67%), and Canada (-31%). Net income swung to a profit of $3.2M from a $5.9M loss in 2024, driven by $2.5M from discontinued operations, a $4.0M gain on intangible asset acquisition, and a $2.9M tax benefit, though continuing operations showed modest $0.7M profit versus prior $8.6M loss. Adjusted EBITDA loss narrowed to $3.7M (-18% margin) from $5.7M (-25% margin), but cash and equivalents dropped to $2.1M from $6.9M amid ongoing operating cash burn.

• ·Total operating expenses declined 16% YoY to $26.6M from $31.7M.
• ·Net cash used in operating activities improved to $3.2M from $3.9M.
• ·Intangible assets increased to $10.5M from $4.6M.
• ·IPO in 2024 raised $8.1M net proceeds.

10-03-2026

Beachbody Company, Inc. reported total revenue of $251.7M for FY 2025, down 40% YoY from $418.8M, with all segments declining sharply: Digital -32%, Nutrition and other -48%, and Connected fitness -87%. However, gross margin improved to 73.0% from 68.6%, net loss narrowed significantly to $2.9M from $71.6M, Adjusted EBITDA rose slightly to $30.8M from $28.3M, and free cash flow turned positive at $17.4M from -$2.0M.

• ·Total streams declined to 72.5M in FY 2025 from 87.4M in FY 2024.
• ·Net cash position improved to $15.4M as of Dec 31, 2025 from $1.0M as of Dec 31, 2024.
• ·No goodwill impairment in FY 2025 vs $20M in FY 2024.

10-03-2026

Wheels Up Experience Inc. reported 2025 revenue of $737M, down 7% YoY from $792M, while cost of revenue declined 10% to $663M. Net loss improved 13% to $294M from $340M, with Adjusted EBITDA advancing to -$43M from -$118M and gross margin expanding to 1.7% from 0.3%; Adjusted Contribution Margin rose to 14.1% from 10.8%. However, cash and equivalents fell to $134M from $216M, total assets decreased to $969M from $1.16B, and net cash used in operating activities worsened to $166M from $78M.

• ·Gain on sale of aircraft held for sale: $52M in 2025 vs $4.6M in 2024.
• ·Interest expense increased 38% to $90M.
• ·Long-term debt, net: $316M at Dec 31, 2025 vs $376M at Dec 31, 2024.
• ·Deferred revenue, current: $739M at Dec 31, 2025 vs $749M at Dec 31, 2024 (slight decline).
• ·Net cash provided by investing activities: $180M in 2025 vs -$47M in 2024.

10-03-2026

MMEX Resources Corp reported no revenues for the three months ended January 31, 2026, posting a net loss of $349,850, an improvement from $531,555 YoY due to lower operating expenses ($292K vs $343K), and for the nine months a reduced net loss of $1.15M versus $1.46M prior year. However, cash dwindled to $1.4K from $4.6K at April 30, 2025, total liabilities increased 5% to $7.3M amid related-party notes and defaults, total assets dipped to $992K, and stockholders' deficit worsened to $(6.3M) after common shares outstanding more than doubled to 22.3B from debt conversions.

• ·Multiple notes payable and convertible notes in default, including $1.15M note payable and $654K convertible notes.
• ·Significant related-party liabilities: $1.37M accounts payable/accrued and $1.56M convertible notes payable net.
• ·Cash used in operating activities for nine months: $145K vs $386K prior year (improved).
• ·Non-cash debt conversions: $53.7K unrelated and $674K related-party into common stock.

10-03-2026

NewtekOne, Inc. reported net income of $60.5M for the year ended December 31, 2025, up 19% YoY from $50.9M, supported by net interest income after provisions rising 50% to $21.2M and noninterest income increasing 3.5% to $224.9M. However, provision for credit losses surged 48% to $38.7M due to deteriorating credit quality, with nonaccrual loans at amortized cost climbing to 8.8% ($78.8M) from 3.9% ($24.3M) and total nonperforming assets reaching 5.8% of total assets from 4.6%. Noninterest expenses also rose 2.1% to $166.1M.

• ·Loans HFI at amortized cost grew to $894.3M from $620.4M YoY.
• ·Average interest-earning assets increased to $1.99B from $1.40B, but net interest margin improved slightly to 3.01% from 2.87%.
• ·Total goodwill and intangibles decreased slightly to $14.6M from $14.8M.
• ·NTS sold to IPM on January 2, 2025; NCL merged into NALH on May 13, 2025.

10-03-2026

Voyager Technologies reported net sales of $166.4M for the year ended December 31, 2025, up 15.4% YoY from $144.2M, with growth in cost-plus fee and time & materials contracts (up to $106.9M from $83.0M) and U.S. Government sales (up to $143.2M from $121.0M). However, the operating loss widened dramatically to $108.5M (124.0% worse YoY) and net loss attributable to the company reached $104.8M (68.9% worse), driven by SG&A expenses surging 87.1% to $117.1M, cost of sales up 25.0% to $136.5M, and R&D up 67.6%; firm fixed price contracts declined slightly to $59.5M from $61.2M, while commercial sales remained flat at $23.2M.

• ·No impairment losses recorded in 2025 vs. $3.6M in 2024
• ·Income tax benefit decreased to $0.4M from $1.7M (74.2% YoY)

10-03-2026

Medicnova Inc reported first-year revenues of $0.41M in 2025 versus $0 in 2024, with operating cash usage improving to $9.8M from $10.6M and R&D expenses slightly declining to $7.2M from $7.2M. However, net loss widened 8.6% to $12.0M from $11.0M, driven by higher G&A expenses up 12% and overall operating expenses rising to $13.7M from $12.7M, while cash reserves dropped 24% to $30.8M and total assets fell 18% to $45.6M.

• ·External development expense for MN-166: $4.6M in 2025 vs $4.5M in 2024 (+3.1%)
• ·R&D personnel expense declined sharply to $1.1M from $1.6M (-28.6%)
• ·Stock-based compensation decreased to $0.83M from $1.19M (-30.4%)
• ·Interest income declined to $1.3M from $1.7M (-22%)
• ·175,000 shares issued under SEPA for $0.24M proceeds

10-03-2026

Westrock Coffee Co reported net sales of $1.19B for the year ended December 31, 2025, up 39.8% YoY from $851M, with strong growth in Beverage Solutions (+37.7% to $908M) and Sustainable Sourcing & Traceability (+46.6% to $281M). However, gross profit declined 19.6% to $151M amid margin compression to 12.7% from 18.1%, SG&A remained flat at $185M, operating loss narrowed slightly to $45M from $49M, but net loss widened to $90M from $80M driven by interest expense doubling to $56M. The company highlighted risks around scaling its new Conway, Arkansas facility and achieving positive cash flows.

• ·No impairment charges in 2025 vs $5.7M in 2024
• ·Transaction, restructuring and integration expense declined to $9.5M from $13.8M YoY
• ·Net sales in 2024 declined 1.7% YoY from $865M in 2023

10-03-2026

Total debt investments declined 5.1% YoY to $302.4M as of December 31, 2025, driven by decreases in revolver loans (-39.8%) and convertible notes (-45.5%), though growth capital loans remained dominant at 95.4% ($288.6M). The ending portfolio fair value was nearly flat at $359.4M (down 0.1% YoY), supported by higher new debt investments (+18.6% to $149.1M), but offset by larger net realized losses ($25.6M) and lower weighted average yield (15.0% vs. 16.7%). Net investment income fell 27.0% to $26.4M, NAV per share dropped 6.0% to $10.44, and total assets decreased 8.6% to $397.1M.

• ·Number of portfolio companies increased to 77 from 75 YoY.
• ·White credit category fair value declined to $242.7M (80.3%) from $267.4M (83.9%).
• ·Clear credit category fair value increased to $33.6M (11.1%, 9 companies) from $21.5M (6.7%, 4 companies).
• ·Revolving Credit Facility liability decreased to $66.0M from $88.0M.

10-03-2026

Nature's Sunshine Products Inc reported net sales of $480.1M for the year ended December 31, 2025, up 5.7% YoY from $454.4M, with growth in Asia (+6.7%) and Europe (+9.8%), while North America grew modestly +3.4% and Latin America declined 5.5%. Operating income margin improved to 5.1% from 4.5%, and net income margin rose to 4.2% from 1.8%, supported by cash from operations of $35.3M versus $25.3M prior year. Total assets grew to $261.1M from $240.9M, though shares outstanding decreased to 17.5M from 18.5M.

• ·Cash and cash equivalents held by foreign subsidiaries: $87.5M as of 2025.
• ·Net financial assets subject to exchange rate risk: $94.5M as of 2025; potential loss of $7.6M (-8.0%) with 10% USD strengthening.
• ·Operating income sensitivity: potential decline of $5.1M (-20.7%) with 10% USD strengthening.
• ·Noncontrolling interest reduced to $0 from $5.7M.
• ·Property, plant and equipment, net declined to $32.9M from $39.6M.

10-03-2026

BriaCell Therapeutics Corp. reported a widened net loss of $15.6M for the six months ended January 31, 2026, up 28% YoY from $12.2M, primarily due to R&D expenses rising 36% to $12.7M while G&A remained relatively flat. Cash and equivalents increased significantly to $29.9M from $10.5M at July 31, 2025, supported by $27.9M in net financing proceeds from unit issuance, driving total assets to $33.6M. However, operating cash burn intensified to $15.7M and the company notes substantial doubt on going concern due to ongoing losses and accumulated deficit of $127.2M.

• ·Warrant liability decreased to $195K from $338K.
• ·Equity investment in BC Therapeutics increased to $582K from $524K.
• ·Current liabilities decreased to $3.2M from $4.0M.
• ·Shares increased via issuance of 4.3M units and exercise of 1.0M warrants.

10-03-2026

Willis Lease Finance Corp (WLFC) reported total revenue of $730.2M for the year ended December 31, 2025, up 28.3% YoY from $569.2M, driven by explosive growth in spare parts and equipment sales (+252.3%) and lease rent revenue (+22.4%). However, income from operations declined 27.8% to $104.3M from $144.4M due to significantly higher depreciation (+20.7%), equipment write-downs (+193.4%), and interest expense (+26.1%), while net income attributable to common shareholders increased modestly 3.5% to $108.1M. Adjusted EBITDA rose 16.7% to $459.1M, supported by overall revenue gains despite elevated expenses.

• ·Total undiscounted lease receivables: $208.6M; less interest $52.0M for net $156.5M.
• ·Debt obligations increased to $2.70B from $2.26B as of Dec 31, 2025.
• ·Restricted cash surged to $530.5M from $123.4M.
• ·Gain on sale of business: $43.0M in 2025 (none in 2024).

10-03-2026

For the year ended December 31, 2025, CoinShares Bitcoin ETF (BRRR) reported a net loss of $49.7M versus net income of $307M in 2024, driven by a $185M unrealized loss on Bitcoin investments that offset higher realized gains of $137M (up 203% YoY). Net assets fell 39% to $505.4M from $826.1M, with shares outstanding declining 35% to 20.4M and NAV per share dropping slightly to $24.74 from $26.43; total return was -6.39% compared to +103% prior year. Expenses rose 45% YoY to $1.62M amid no sponsor fee waivers.

• ·Sponsor fees payable declined to $109K from $190K YoY.
• ·Bitcoin purchases dropped sharply to $112.6M from $632M YoY.
• ·Q4 2025 net loss of $157.6M with unrealized loss of $168.6M, contrasting Q3 2025 profit of $43.3M.
• ·Weighted average shares declined to 22.6M from 26.5M YoY.

10-03-2026

Global Indemnity Group reported modest growth in gross written premiums (+2.3% YoY to $399M) and net earned premiums (+3.1% YoY to $389M) for FY 2025, with stable total investments and cash equivalents at $1.44B. However, higher net losses (+7.1% to $228M) driven by $15.7M California wildfires and a worsened combined ratio of 98.6% (from 95.6%) led to sharp declines in segment income (-66% to $6M) and net income (-41% to $25M). Excluding wildfires, underlying current accident year combined ratio improved to 92.2%, but operating cash flow fell to $9M from $39M.

• ·Unpaid losses and loss adjustment expenses declined to $750M from $800M YoY.
• ·Shareholders’ equity increased to $707M from $689M.
• ·Belmont Non-Core segment reported loss of $1.0M in 2025 vs $1.9M in 2024.
• ·Agency and Insurance Services segment income $4.2M in 2025.
• ·Current accident year catastrophe loss ratio excl. California Wildfires improved to 5.9% from 7.6% in Belmont Core.

10-03-2026

In 2025, UR-Energy's U3O8 sales declined 18% YoY to $27.2M from $33.1M in 2024, with pounds sold dropping 23% to 440,000 lb despite a 6% increase in average price to $61.77/lb; non-produced sales fell sharply 62% to $6.3M while produced sales rose 25% to $20.9M. However, the company swung to a $2.7M profit from a $3.5M loss, aided by a 14% lower cost per pound sold at $55.52/lb and robust production growth with 410k lb drummed (up 65% YoY). Ending inventory expanded 21% to 406k lb valued at $24.3M.

• ·Shirley Basin projected U3O8 pricing ranges from $82.46 to $86.21 per lb over project life.
• ·Non-produced pounds acquired: 550,000 lb in 2024 vs 100,000 lb in 2025.

10-03-2026

For the three months ended January 31, 2026, Concrete Pumping Holdings, Inc. reported revenue of $90.6M, up 4.7% YoY from $86.4M, with gross profit increasing 2.3% to $32.0M and operating income rising 29.3% to $4.5M due to lower G&A expenses. However, higher interest expense of $8.4M led to a net loss of $2.4M, slightly improved from $2.6M YoY, while stockholders' equity declined to $262.6M from $264.8M QoQ amid $4.6M in share repurchases. Operating cash flow strengthened significantly to $21.4M from $6.0M YoY.

• ·Interest expense increased to $8.4M from $6.2M YoY.
• ·Foreign currency translation adjustment gain of $4.3M drove comprehensive income to $1.8M from loss of $5.6M YoY.
• ·Capital expenditures of $9.5M in Q1 FY26, up from $5.8M YoY.

10-03-2026

Voyager Acquisition Corp., a SPAC, reported net income of $9.0M for the year ended December 31, 2025, up 117% YoY from $4.1M, driven by a 130% increase in income from Trust Account investments to $10.8M. However, operating losses more than doubled to $1.8M from $0.7M due to sharply higher G&A expenses (+154%), while cash and equivalents declined 73% to $0.2M. The Trust Account grew 4% to $269.9M at $10.67 per share, with EPS for Class A shares rising slightly to $0.28 from $0.26.

• ·Class A redeemable shares redemption price increased to $10.67 per share from $10.24.
• ·Shareholders’ deficit worsened to $(13.1M) from $(11.4M).
• ·Accounts payable and accrued expenses rose sharply to $1.1M from $5K.
• ·Deferred underwriting commissions unchanged at $12.0M.

10-03-2026

Pulmonx Corp (LUNG) reported FY2025 revenue of $90.5M, up 8.0% YoY from $83.8M, with gross profit rising 8.3% to $67.1M and operating loss narrowing 7.0% to $(53.7M) amid a 0.9% increase in total operating expenses. Net loss improved 4.2% YoY to $(54.0M) from $(56.4M), driven by higher other income, but SG&A expenses were nearly flat down 0.8%, interest income dropped 47.6%, and stockholders' equity fell sharply to $54.1M from $85.8M due to accumulated deficit growth. Cash and equivalents slightly declined to $69.8M, with net cash used in operations worsening marginally to $(32.4M).

• ·Total assets declined to $129.3M from $162.9M YoY.
• ·Long-term debt increased to $37.0M from $34.0M.
• ·Stock-based compensation expense decreased to $21.1M from $23.0M.
• ·Net cash provided by investing activities rose to $30.5M from $17.5M.
• ·Cash, cash equivalents, and restricted cash at year-end: $70.0M (2025) vs $71.2M (2024).

10-03-2026

LifeMD, Inc. reported telehealth revenue growth of 25% YoY to $194.1M for the year ended December 31, 2025, with gross profit increasing 25% to $166.3M, though gross margin slightly declined to 85.7% from 86.2%. Operating loss narrowed to $7.7M from $20.4M amid higher marketing spend (+23% to $86.1M), but G&A expenses remained flat at $57.9M, cash from operations fell to $8.3M from $17.5M, and the company disclosed ongoing material weaknesses in internal controls. Net income of $15.6M was driven by $25.9M from discontinued operations, swinging from a prior year net loss, with working capital improving to $10.3M from a $15.0M deficit.

• ·Four material weaknesses identified in internal controls, including revenue recording as agent, segregation of duties, IPE controls, and IT general controls; none resulted in misstatements except immaterial revenue-related ones requiring restatements.
• ·Remediation efforts underway, including system reporting modifications, reconciliation processes, user access training, and segregation of duties enhancements.
• ·Auditors: PricewaterhouseCoopers LLP (PCAOB ID 238) and Marcum LLP (PCAOB ID 688).

10-03-2026

Commercial Vehicle Group, Inc. (CVGI) reported 2025 revenues of $649M, down 10.3% YoY from $723M in 2024 and continuing a 22.3% decline from $835M in 2023. Net loss from continuing operations narrowed to $20.5M from $35.7M YoY amid cost reductions in SG&A (-6.5%) and gross profit, but was challenged by higher interest expense (+42%) and segment declines including a 22.9% revenue drop in one segment. Operating cash flow swung to positive $44.6M from negative $33.5M, while overall profitability remained elusive with operating losses.

• ·Gross margin declined to 10.5% in 2025 from 10.1% in 2024 and 14.5% in 2023.
• ·Operating income remained a small loss of ($0.7M) in 2025 vs ($0.8M) in 2024.
• ·One segment (Table 6) saw gross profit decline 48.5% YoY to $11.6M.
• ·Net cash used in financing activities was $29.2M in 2025.

10-03-2026

SIGA Technologies reported FY2025 total revenues of $94.6M, down 32% YoY from $138.7M, primarily due to a 34% decline in product sales to $88M, though R&D revenue grew 21% to $6.5M. Net income fell 61% to $23.3M from $59.2M, with operating income dropping 66% to $23.7M, but the company remained profitable and paid a $0.60/share dividend totaling $43.5M. Balance sheet showed total assets at $219.5M (down 10% YoY) and cash stable at $155M, while stockholders' equity decreased to $198.8M amid dividend payouts.

• ·Operating cash flow $43.5M in FY2025, down 11% YoY from $48.8M.
• ·Deferred tax asset declined to $4.4M from $10.9M YoY.
• ·Accounts receivable dropped sharply to $3.3M from $21.2M YoY.
• ·No share repurchases in FY2025 (last in FY2023 for $11.1M).
• ·Stock-based compensation expense $3.7M in FY2025, up slightly from $3.6M.

10-03-2026

Esperion Therapeutics reported total revenues of $403.1M for the year ended December 31, 2025, up 21.4% YoY from $332.3M, with product sales net growing 37.9% to $159.6M and collaboration revenue increasing 12.5% to $243.6M. Operating income rose 10.8% to $60.3M, and net loss narrowed significantly to $22.7M from $51.7M; however, cost of goods sold more than doubled to $129.2M (+87.9% YoY), interest expense surged 42.7% to $84.6M, and royalty sale liability stood at $295.8M. Cash and equivalents grew to $167.9M from $144.8M, while stockholders' deficit improved to ($302.0M) from ($388.7M).

• ·Net cash used in operating activities improved to ($13.1M) from ($23.7M) YoY.
• ·Total liabilities increased to $767.9M from $732.5M.
• ·Accumulated deficit grew to ($1,623.7M) from ($1,601.0M).
• ·No convertible notes in current liabilities as of Dec 31 2025 (extinguished from $54.6M in 2024).

10-03-2026

Interparfums Inc (IPAR) reported total net sales of $1,488.5M for the year ended December 31, 2025, up 2% YoY from $1,452.3M in 2024, with European-based sales growing 7% to $1,016.3M while US-based sales declined 6% to $482.4M. Gross margin percentage dipped slightly in Europe to 66.1% from 67.0% but improved marginally in the US to 58.3% from 57.9%; however, SG&A expenses as a percentage of net sales rose in both regions to 46.7% in Europe (from 46.3%) and 42.0% in the US (from 40.5%). The company highlighted risks of impairment charges on intangible assets like trademarks and licenses amid pandemic concerns.

• ·License expirations: Moncler and Graff expire Dec 31, 2026; several others through 2049 with optional renewals tied to sales targets.
• ·Fair value sensitivity: +10% WACC decreases value by $37.5M; -10% WACC increases by $48.8M; +/-10% future sales impacts value by +/-$31.5M.
• ·Risk: Potential significant impairment charges on trademarks, licenses, and intangibles due to pandemic effects.