US Earnings Financial Results SEC Filings — March 11, 2026

11-03-2026

LaFayette Acquisition Corp., a SPAC, filed its 10-K annual report outlining its focus on acquisition targets with enterprise values of $500M to $1.5B, fundamentally sound financials, and positive cash flows. The filing highlights risks such as potential insider loans up to $1.5M convertible into units at $10.00 per unit, conflicts of interest, and impacts from debt or share issuances. Financial statements cover the year ended December 31, 2025, and the period from inception (June 7, 2024) through December 31, 2024, but specific performance metrics are not detailed in the provided content.

• ·Company inception date: June 7, 2024
• ·Financial statements include Balance Sheets as of December 31, 2025 and 2024; Statements of Operations, Changes in Shareholders’ Deficit, and Cash Flows for year ended December 31, 2025 and period from inception through December 31, 2024
• ·Potential non-interest bearing loans from initial shareholders or affiliates for transaction costs, with no written agreements yet

11-03-2026

C3.ai reported Q3 FY2026 total revenue of $53.3M, down 46% YoY from $98.8M, driven by subscription revenue declining 44% to $48.2M and professional services dropping 61% to $5.1M. While sales and marketing expenses rose 10% YoY to $67.2M and R&D remained nearly flat at $58.8M, gross profit plummeted 84% to $9.2M, resulting in a wider net loss of $133.4M (vs. $80.2M prior year). For the nine months FY2026, revenue fell 29% YoY to $198.7M, with net loss expanding 70% to $354.8M from $209.0M.

• ·Accounts receivable net: $123.6M as of Jan 31, 2026 (down from $137.2M at Apr 30, 2025)
• ·Deferred revenue current: $37.5M as of Jan 31, 2026 (up slightly from $36.6M)
• ·Net loss per share Q3 FY2026: $(0.94) (vs. $(0.62) prior year)

11-03-2026

AeroVironment's Q3 revenue surged 143% YoY to $408M, propelled by acquisitions introducing Space and Directed Energy ($53M) and Cyber and Mission Services ($76M) segments, with Precision Strike up 87% to $158M; nine-month revenue rose 145% to $1.3B. However, a $151M goodwill impairment, elevated SG&A (up 127% to $99M), and higher debt interest contributed to a Q3 net loss of $157M (vs $1.8M loss) and nine-month net loss of $241M (vs $27M profit), with Uncrewed Aircraft Systems revenue nearly flat nine-month YoY at $243M. Total assets expanded to $5.45B from $1.12B as of April 30, 2025, reflecting acquisitions funded by $2.6B stock issuance and $728M long-term debt.

• ·Cash used in operating activities nine months: $174M (vs $1M prior)
• ·Business acquisitions net of cash: $845M
• ·Proceeds from shares issued: $969M
• ·Proceeds from convertible debt: $727M
• ·Allowance for credit losses: $2.2M (up from $0.2M)

11-03-2026

Metropolitan Life Insurance Company reported total revenues of $43.3B for the year ended December 31, 2025, up 3.3% YoY from $41.9B, driven by 10.9% growth in premiums to $30.6B. However, net income attributable to the company fell 55.2% YoY to $1.6B from $3.5B, due to higher policyholder benefits ($32.6B, +11.4%), larger net investment losses ($992M) and derivative losses ($1.1B), and elevated total expenses ($41.5B, +10.2%). Cash increased by $1.1B, more than double the prior year's $476M.

• ·Sensitivity analysis shows a 1% mortality increase impacts FPBs pre-tax net income by +$93M and OCI by -$13M.
• ·Net change in interest rate risk exposure improved to -$2.9B from prior year's -$2.5B under 100 bps rate increase scenario.
• ·Dividends paid to MetLife, Inc. decreased to $2.3B from $3.5B.

11-03-2026

Oracle reported strong Q3 revenue growth of 22% YoY to $17.2B, driven by Cloud revenues surging 44% to $8.9B, while total nine-month revenues rose 16% to $48.2B. However, Software revenues were nearly flat down 0.2% YoY at $17.7B for nine months, Hardware grew modestly 4% to $2.2B, and the company significantly increased capital expenditures to $39.2B alongside higher debt to $134.6B non-current notes payable. Net income for nine months jumped 42% to $12.8B, supported by operating cash flow up 18% to $17.4B.

• ·Diluted EPS nine months $4.38 vs $3.15 (+39%)
• ·Cash dividends declared per common share nine months $1.50 vs $1.20
• ·Unpaid capital expenditures $4.5B as of Feb 28, 2026
• ·Trade receivables net $10.7B vs $8.6B
• ·Restructuring expenses nine months $961M vs $220M

11-03-2026

Athena Technology Acquisition Corp. II, a SPAC, reported a reduced net loss of $1.3M for the year ended December 31, 2025, compared to $2.6M in 2024, driven by a 45% YoY decline in operating expenses to $1.9M and a $888K reversal of excise tax liability. However, investments held in the Trust Account plummeted 92% YoY to $298K amid heavy redemptions that reduced redeemable Class A shares from 310,156 to 24,887, causing total assets to drop 70% to $1.4M while liabilities remained elevated at $18.0M. Cash and equivalents rose to $348K from $142K, bolstered by $500K in related-party promissory notes and $400K from Polar subscription.

• ·Sponsor issued promissory notes totaling $500K ($300K initial + $200K on Dec 6, 2024), repayable upon business combination closing; in exchange, up to 500K Class A shares to be transferred/issued to Polar.
• ·Deferred underwriting fee payable remains $8.96M.
• ·Stockholders’ deficit improved to $(17.0M) from $(18.9M), aided by $2.6M reversal of excise tax liability.
• ·Business address: 442 5th Avenue, New York, NY 10018.

11-03-2026

Campbell's net sales declined 4.5% YoY to $2,564M for the three months ended February 1, 2026, with net earnings falling 16.2% to $145M ($0.49 per share basic). Over the six months ended February 1, 2026, net sales decreased 4.0% YoY to $5,241M and net earnings dropped 13.3% to $339M ($1.14 per share). However, net cash provided by operating activities was flat at $740M YoY, cash and equivalents surged to $561M from $132M at August 3, 2025, and shareholders' equity rose to $4,007M.

• ·Cost of products sold declined to $1,847M (three months) from $1,866M YoY (-1.0%)
• ·Interest expense decreased to $82M (three months) from $88M YoY
• ·Short-term borrowings down to $428M from $762M at Aug 3, 2025
• ·Dividends paid $237M six months ended Feb 1, 2026 (up from $227M YoY)
• ·Net cash used in investing activities increased to $234M from $175M YoY six months

11-03-2026

Sagimet Biosciences Inc. reported a net loss of $51.0M for the year ended December 31, 2025, up 12% YoY from $45.6M in 2024, driven by a 4% increase in total operating expenses to $56.9M despite flat R&D expenses at 2% growth. While clinical development costs declined 12% YoY, manufacturing expenses rose 34% and G&A increased 11%, with cash used in operations worsening to $45.7M from $42.4M, leading to a net cash decrease of $40.8M. Other income fell 34% to $5.9M, and the company highlighted ongoing risks including cash sufficiency and lack of marketing capabilities.

• ·External R&D subtotal remained nearly flat at -1% YoY ($34.3M vs $34.6M).
• ·Investing activities provided $4.6M cash inflow in 2025 vs $61.7M outflow in 2024.
• ·Financing activities generated only $0.3M in 2025 vs $104.8M in 2024.

11-03-2026

CNB Financial Corp's total assets grew 35.6% YoY to $8.4B, driven by net loans expanding 40.9% to $6.4B and deposits increasing 30.8% to $7.0B, with shareholders' equity up 42.8% to $872.1M. Net income rose to $66.1M from $54.6M, supported by net interest income of $242M (up from $187.5M) and a net interest margin improving to 3.65%. However, regulatory capital ratios declined (total risk-based to 14.78% from 16.16%; Tier 1 to 12.65% from 13.41%), and tangible book value per share fell to $23.48 from $24.24.

• ·Nonaccrual loans decreased to $39.8k (0.61% of loans) from $56.3k (1.22%) YoY.
• ·Allowance for credit losses steady at 1.03% of total loans.
• ·Merger-related expenses (net of tax) $11.6M; adjusted net income to common $73.4M.
• ·PPNR (non-GAAP) $91.3M vs $76.6M; adjusted PPNR $105.1M after $13.8M merger costs.

11-03-2026

LCNB Corp reported net interest income of $70.2 million in 2025, up 15% YoY from $60.8 million in 2024 and 25% from $56.3 million in 2023, with net interest margin expanding to 3.50% from 2.91%. However, average loan balances declined 3% to $1.71B from $1.77B, net gains from loan sales dropped 15% to $2.9 million from $3.4 million, and non-interest expenses included a $265 thousand impairment on a closed office building. Total average assets decreased to $2.27B from $2.35B amid branch consolidation efforts.

• ·Yields on loans increased to 5.53% in 2025 from 5.46% in 2024.
• ·Total interest-bearing liabilities averaged $1.52B in 2025, down from $1.63B in 2024.
• ·Noninterest-bearing demand deposits averaged $468.1M in 2025, up slightly from $450.1M in 2024.

11-03-2026

Marvell Technology, Inc. reported FY2026 net revenue of $8,194.6 million, up 42.1% YoY from $5,767.3 million, with gross profit surging 75.5% to $4,180.7 million and margin expanding to 51.0% from 41.3%, driving a swing to operating income of 16.1% and net income of 32.6% from prior losses. However, cost of goods sold rose 18.6% to $4,013.9 million, R&D expenses increased 6.4% to $2,075.2 million, while SG&A dipped slightly by 3.9% and restructuring charges fell sharply to 0.2% of revenue from 6.1%. Total facilities include 983,000 sq ft owned and 1,515,000 sq ft leased, primarily outside the US.

• ·Stock-based compensation totaled $590.8M in FY2026, slightly down from $597.4M in FY2025, with breakdowns: COGS $49.2M (up from $47.3M), R&D $409.0M (up from $395.6M), SG&A $132.6M (down from $154.5M).

11-03-2026

Vista Gold Corp reported a net loss of $7.5M for 2025, compared to a $11.2M net income in 2024, driven by higher exploration and holding costs of $5.6M (up 62% YoY) and the absence of one-time gains like the $16.9M royalty grant. Cash and equivalents declined 20% to $13.6M from $17.0M, with total assets down 14% to $16.3M and shareholders' equity falling 16% to $15.1M; however, management believes working capital plus $41.9M net proceeds from an offering will fund operations and Mt Todd programs. Planned Mt Todd capital expenditures total $425M initial and $442M sustaining, with no revenue generated in either year.

• ·Corporate administration expenses remained flat at approximately $3.6M YoY.
• ·Proceeds from equity financing net: $4.3M in 2025 vs $1.1M in 2024.
• ·Capitalized mineral property development costs: $0.15M in 2025 vs $1.9M in 2024 (decline).

11-03-2026

HighPeak Energy, Inc. reported proved undeveloped (PUD) reserves growing from 61,700 MBoe at December 31, 2022, to a peak of 90,879 MBoe at December 31, 2024, supported by extensions and discoveries totaling 86,646 MBoe over the period. However, PUD reserves declined 14.4% YoY to 77,764 MBoe at December 31, 2025, driven by downward revisions of 11,531 MBoe primarily from well performance adjustments and lower commodity prices, despite extensions of 10,666 MBoe and conversions to proved developed reserves of 12,250 MBoe.

• ·2025 downward revisions of 11,531 MBoe included 9,177 MBoe from well performance forecasts and 2,636 MBoe from lower crude oil and NGL prices (offset by 282 MBoe from lower operating expenses).
• ·2024 upward revisions of 820 MBoe included 1,196 MBoe from well performance (offset by 182 MBoe from prices and 194 MBoe from higher operating expenses).
• ·2023 downward revisions of 2,229 MBoe included 1,748 MBoe from well performance, 445 MBoe from prices, and 36 MBoe from operating expenses.
• ·Warrants to purchase common stock at $11.50 per share expired August 21, 2025.

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TechTarget, Inc. reported revenues of $486.8M for FY 2025, up 71% YoY from $284.9M in 2024, driven by 105% growth in marketing, advertising services, and sponsorship to $355.8M and 51% increase in advisory services to $52.4M, though intelligence subscriptions grew only 3% to $77.0M. However, a $931.5M goodwill impairment charge propelled operating expenses up 345% to $1.32B and resulted in a $1.01B net loss, worsening 763% from $116.9M in 2024. Total assets declined sharply to $937.3M from $2.27B, with cash dropping to $40.6M.

• ·Net cash provided by operating activities improved to $16.3M in FY 2025 from ($64.9M) in FY 2024.
• ·Convertible debt eliminated to $0 at Dec 31, 2025 from $415.7M at Dec 31, 2024.
• ·Related party long-term debt increased to $106.7M at Dec 31, 2025 from $0.
• ·Restructuring costs of $14.7M in FY 2025.
• ·Basic and diluted net loss per share $14.06 in FY 2025 vs $2.65 in FY 2024.

11-03-2026

Guardian Pharmacy Services, Inc. reported revenue of $1.45B for the year ended December 31, 2025, up 17.9% YoY from $1.23B in 2024, driven by gross profit growth to $293M. SG&A expenses fell 28.4% to $220M (15.2% of revenue vs. 25.0% prior year), swinging operating income to $73M from a $63M loss and net income attributable to $49M from a $110M loss; however, cost of goods sold as a percentage of revenue slightly improved to 79.8% from 80.1%. Adjusted EBITDA increased to $115M from $91M.

• ·Executive officers each have more than 30 years of experience in the pharmacy industry.
• ·Team began working together in 1993 on a previous pharmacy venture acquired by Bindley Western in 1999.
• ·Net income attributable to Guardian Pharmacy, LLC prior to Corporate Reorganization: $23M in 2024.
• ·Net income (loss) attributable to non-controlling interests: $16M in 2024 and -$0.3M in 2025.

11-03-2026

First Choice Healthcare Solutions, Inc. (FCHS) reported its first revenue of $7,350 for the year ended December 31, 2025, up from $0 in 2024, alongside a strategic acquisition of The Good Clinic's assets for $3.5M in an all-stock deal on January 25, 2024. However, operating losses widened to $2.67M from $1.29M YoY due to sharply higher compensation and SG&A expenses, while net loss attributable to common shareholders more than doubled to $7.06M from $3.94M, driven by elevated interest expenses of $4.71M. The company emphasizes competitive strengths in wellness services like hormone therapy and regenerative medicine but warns of risks from indebtedness and billing challenges with Medicare/Medicaid.

• ·PPP loan forgiveness declined to $471,300 in 2025 from $812,324 in 2024.
• ·Loss on sale of equipment: $48,328 in 2025.
• ·Trademark for ‘The Good Clinic’ registered April 6, 2021 (No. 90077963).

11-03-2026

Codexis, Inc. reported total revenues of $70.4M for the year ended December 31, 2025, up 19% YoY from $59.3M, primarily driven by R&D revenue surging 97% to $44.4M; however, product revenue declined sharply 29% to $26.0M. Net loss narrowed to $44.0M from $65.3M, with total operating expenses down 5% to $112.1M amid lower cost of product revenue (-43%) but higher R&D expenses (+13%). Product gross margin improved to 64% from 56% YoY.

• ·Net cash used in operating activities improved to $(19.4M) in 2025 from $(49.4M) in 2024.
• ·Net cash provided by financing activities was $27.9M in 2025.
• ·Restructuring charges of $3.4M recorded in 2025.
• ·Working capital at $71.5M as of Dec 31, 2025, down slightly from $75.1M in 2024.

11-03-2026

International Tower Hill Mines Ltd (THM), a metal mining company, filed its 10-K annual report on March 11, 2026, for the fiscal year ended December 31, 2025. The filing list shows a pattern of regular periodic reports including multiple 10-Q quarterly reports, 8-K current reports, and ownership disclosures via 13D/G amendments, but no specific financial metrics, improvements, or declines are detailed in the provided index. Recent activity includes an 8-K on February 13, 2026, and prior 10-Qs in late 2025.

• ·CIK: 0001134115
• ·SIC: 1000 - METAL MINING
• ·Fiscal Year End: December 31
• ·Mailing/Business Address: 200 Burrard Street, Suite 1570, Vancouver A1 V6C 3L6
• ·Phone: 604-683-6332

11-03-2026

For the six months ended January 31, 2026, Oil-Dri Corp of America reported net sales of $238.2M, down 2.7% YoY from $244.9M, with gross profit declining 9.9% to $67.8M and net income falling 4.3% to $28.0M amid higher cost of goods sold. However, stockholders' equity rose 5.2% to $272.5M from July 31, 2025, supported by retained earnings growth to $300.3M, while Q2 net sales showed slight 0.7% YoY growth to $117.7M but operating income dropped 10.2%. Operating cash flow decreased 12.0% YoY to $28.4M, with increased treasury stock purchases of $12.4M.

• ·Dividends declared per Common share increased to $0.385 for six months 2026 from $0.310 in 2025.
• ·Capital expenditures $14.8M for six months 2026, down from $17.8M in 2025.
• ·Current liabilities decreased to $51.2M as of Jan 31, 2026 from $69.2M as of Jul 31, 2025.

11-03-2026

Foghorn Therapeutics Inc. (FHTX) reported collaboration revenue of $30.9M for 2025, up 37% YoY from $22.6M, while narrowing its net loss to $74.3M (14% improvement) from $86.6M and reducing total operating expenses 6% to $117.3M, driven by a 10% drop in R&D expenses. Cash burn from operations improved to $86.1M used from $100.4M, with net cash increasing $27.0M to end with $84.1M in cash, cash equivalents, and restricted cash. However, total assets fell 30% to $198.1M from $284.0M due to a sharp decline in marketable securities to $78.0M from $188.3M, impairments rose to $5.9M from $2.4M, and stockholders' deficit widened to $108.5M from $45.5M.

• ·Net loss per share improved to $(1.18) from $(1.58).
• ·Weighted average common shares outstanding: 62,980,959 in 2025 vs. 54,899,432 in 2024.
• ·Stock-based compensation expense: $10.4M in 2025 vs. $11.9M in 2024.
• ·Deferred revenue (current + non-current): $249.2M at Dec 31, 2025 vs. $280.1M at Dec 31, 2024.

11-03-2026

Viant Technology Inc. reported revenue of $344.2M for the year ended December 31, 2025, up 19% YoY from $289.2M in 2024. Operating income improved significantly to $12.1M (4% of revenue) from $3.5M (1% of revenue), and net income attributable to the company rose to $8.4M from $2.4M. However, income before taxes declined 20% to $10.1M from $12.7M due to other expense of $1.9M versus income of $9.2M in 2024, while platform operations and sales & marketing expenses remained flat as a percentage of revenue at 54% and 19%, respectively.

• ·Stock-based compensation increased to $24.8M in 2025 from $21.0M in 2024.
• ·Total depreciation rose to $18.0M in 2025 from $16.3M in 2024.
• ·Total amortization increased to $0.7M in 2025 from $0.2M in 2024.
• ·Net income attributable to noncontrolling interests was $15.7M in 2025, up from $10.1M in 2024.
• ·Traffic acquisition costs grew 21% YoY to $135.5M in 2025.

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11-03-2026

Evofem Biosciences, Inc.'s 10-K filing raises substantial doubt about its ability to continue as a going concern, citing material weaknesses in internal controls as of December 31, 2025 and 2024, over 90 days past due on significant vendor obligations, notices of default from Future Pak, LLC, and ongoing significant losses with negative cash flows. The company faces challenges in raising additional capital, remediating controls, commercializing PHEXX and SOLOSEC, and complying with debt arrangements, with no indications of near-term profitability. Risks include potential asset seizures, regulatory enforcement, and failure to meet Nasdaq or other listing standards.

• ·Over 90 days past due on significant vendor obligations.
• ·Material weaknesses in internal controls identified as of December 31, 2025 and December 31, 2024.
• ·FDA approval for PHEXX (as Femidence in Nigeria) for pregnancy prevention and SOLOSEC for BV and trichomoniasis treatment.

11-03-2026

Target Corp's FY2025 net sales declined 1.7% YoY to $104.8B from $106.6B, with comparable sales down 2.6% due to 2.2% lower traffic and 0.4% lower average transaction amount. Operating income fell 8.1% to $5.1B, GAAP diluted EPS decreased 8.2% to $8.13, and gross margin rate slipped to 27.9% from 28.2%, while SG&A expense rate remained flat at 20.6%. Adjusted operating income dropped 14.2% to $4.8B amid business transformation costs and interchange fee settlements.

• ·Depreciation and amortization expense increased 3.5% YoY to $2,617M in FY2025.
• ·Gross margin rate declined to 27.9% from 28.2% in FY2024.
• ·Adjusted SG&A expenses decreased 0.4% to $21,877M in FY2025.

11-03-2026

Costco Wholesale Corp reported strong Q2 results for the 12 weeks ended February 15, 2026, with total revenue increasing 9.3% YoY to $69.6B, driven by 9.1% net sales growth to $68.2B and 13.6% rise in membership fees to $1.4B; net income grew 13.8% to $2.0B. For the 24 weeks YTD, total revenue rose 8.8% YoY to $136.9B, with net income up 12.5% to $4.0B, while operating cash flow surged 28% to $7.7B. Balance sheet remains solid with cash and equivalents at $17.4B, up from $14.2B at FY end, and total assets expanding to $83.6B.

• ·Diluted EPS for 12 weeks: $4.58 (up from $4.02 YoY)
• ·Diluted EPS for 24 weeks: $9.08 (up from $8.06 YoY)
• ·Operating income 12 weeks: $2.6B (up 12.5% YoY)
• ·Merchandise inventories: $19.0B as of Feb 15, 2026 (up from $18.1B at FY end)
• ·Long-term debt excluding current: $5.7B (stable YoY)
• ·Stock-based compensation expense: $655M for 24 weeks (up from $616M YoY)

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Community West Bancshares reported net income of $38.2M for the year ended December 31, 2025, up 398% YoY from $7.7M in 2024, driven by net interest income growth to $136.2M (+23% YoY) and sharply lower provisions for credit losses ($3.8M vs. $11.1M). However, average investment securities balances declined to $825M (-10% YoY) with yields dropping to 2.79%, and nonaccrual loans rose to $6.5M average. ROE improved to 9.92% from 2.42% but remained below 2023's 13.81%, while efficiency ratio was 61.63%.

• ·Allowance for credit losses on loans: $30.1M at Dec 31, 2025 (up from $25.8M at Dec 31, 2024)
• ·Non-interest bearing deposits: $1.06B at Dec 31, 2025 (up 8% YoY)
• ·Interest rate sensitivity: NII +3.73% in Year 1 for +400 bps shock, but -2.60% for -400 bps shock

11-03-2026

IMPACT Biomedical Inc. reported total assets of $17.4M as of December 31, 2025, down 14% from $20.3M in 2024, driven by a sharp drop in cash to $3K from $2M and reduced current assets to $0.4M from $2.4M. Net loss narrowed 52% YoY to $11.9M from $24.8M, with total operating expenses falling 85% to $4.3M due to absence of prior-year impairments, while liabilities decreased to $1.9M from $13.1M and stockholders' equity rose to $15.6M from $7.2M; however, revenue remained at $0 (with minimal $32K biotech retail sales) and accumulated deficit widened to $49.5M from $37.7M.

• ·Biotech retail sales of $32K in 2025 (no prior year comparable).
• ·Change in fair value of note payable, related party: $(9.4M) in 2025 vs $5.1M gain in 2024.
• ·Other intangible assets, net: $17.0M in 2025 vs $17.8M in 2024.
• ·Equity compensation plans show 18.0M securities remaining available for future issuance.

11-03-2026

Alpha Pro Tech Ltd reported consolidated net sales of $59.1M for 2025, up 2.2% YoY from $57.8M, driven by 2.3% growth in US sales to $58.5M, though international sales declined 2.2% to $0.6M. Operating income improved 11.3% to $3.8M with margins expanding to 6.5% from 6.0%, but gross profit fell 1.7% to $22.5M (margin 38.1% vs 39.6%) and net income decreased 10.1% to $3.5M (margin 6.0% vs 6.8%). Cash and equivalents dropped to $17.0M from $18.6M, with operating cash flow declining sharply to $2.4M from $5.7M.

• ·Common stock repurchased and retired: 685,313 shares in 2025 for $3.3M (vs 831,000 shares for $4.5M in 2024).
• ·Accounts receivable, net increased 87.9% to $6.9M from $3.7M.
• ·Equity in income of unconsolidated affiliate dropped to $0.2M from $0.6M.
• ·Basic EPS $0.34 in 2025 vs $0.35 in 2024.

11-03-2026

CID Holdco reported explosive revenue growth of 3,261.7% YoY to $5.8M in 2025 from $0.17M in 2024, with gross profit surging 1,970.3% to $2.7M. However, gross margin declined sharply by 38.4% to 46.0% from 74.7%, sales and marketing expenses increased 34.9% to $3.7M, and net cash used in operating activities more than quadrupled to -$13.3M from -$3.3M. Auditors expressed substantial doubt about the company's ability to continue as a going concern due to liquidity concerns.

• ·Technology features low-cost passive transponders (less than a tenth the cost of competitors' active transponders).
• ·Net cash used in investing activities increased to -$1.8M in 2025 from -$0.8M in 2024.

11-03-2026

Activate Energy Acquisition Corp., a SPAC formed on June 10, 2025, reported total assets of $231.8M as of December 31, 2025, primarily from $230.6M held in its Trust Account (23,000,000 Class A shares at $10.02 redemption value) following its IPO proceeds of $225.4M public units and $6.45M private placement units. For the inception-to-date period through December 31, 2025, the company recorded net income of $300,371, with interest income of $556,356 offsetting general and administrative costs of $255,985; however, shareholders' deficit was $7.0M due to accretion of redeemable shares and transaction costs. Cash and equivalents stood at $738,076, with net cash used in operations of $487,642.

• ·Basic and diluted net income per share of $0.03 for both Class A and Class B ordinary shares.
• ·Deferred underwriting fee of $8,050,000.
• ·Prepaid expenses: $267,857 current and $198,350 long-term.
• ·Accrued expenses: $101,392; Accrued offering costs: $75,000.
• ·Non-cash activities include $4.2M fair value of public warrants at issuance and $17.8M accretion for Class A shares to redemption amount.

11-03-2026

Nuwellis, Inc. reported net sales of $8.27M for the year ended December 31, 2025, down 5.4% YoY from $8.74M, with gross profit declining to $5.12M from $5.68M. While R&D expenses decreased 15.5% to $2.71M, SG&A rose slightly by 0.5% to $13.52M and COGS increased 2.7% to $3.15M, contributing to an operating loss of $11.11M (vs. $10.99M prior) and net loss widening to $17.52M from $11.17M. Cash and equivalents fell sharply to $1.09M from $5.10M, total assets to $6.12M from $9.86M, and stockholders' equity to $2.62M from $6.53M.

• ·Basic and diluted loss per share improved to ($25.39) from ($353.30) due to significant share dilution.
• ·Weighted average shares outstanding increased to 690,145 from 31,601.
• ·Net cash used in operating activities worsened to $10.81M from $9.59M.
• ·Inventories, net increased to $1.91M from $1.72M.

11-03-2026

As of December 31, 2025, Stellus Capital Investment Corp reported total assets of $1,041.3 million, net assets of $371.2 million, and outstanding indebtedness of $660.6 million at a weighted average interest rate of 5.50%, with debt investments yielding 9.3% overall (8.5% current cash interest) and all investments at 8.7%. However, the filing highlights risks from price declines and illiquidity in corporate debt markets that could reduce net asset value via increased unrealized depreciation, and notes a cumulative capital gains fee to Stellus Capital Management of $0.70 million exceeding the standard 20% threshold due to $2.25 million in net unrealized depreciation.

• ·To qualify as a RIC, at least 90% of gross income must derive from dividends, interest, securities loans, gains from stock/securities/foreign currencies, or income from qualified publicly traded partnerships.
• ·Small company definition for certain investments: total assets not more than $4 million and capital/surplus not less than $2 million.
• ·Eligible liquid investments include cash equivalents, U.S. government securities, or high-quality debt securities maturing in one year or less.

11-03-2026

BillionToOne, Inc. reported revenue of $305.1M for the year ended December 31, 2025, doubling 100% YoY from $152.6M in 2024, driven by gross profit surging 158% to $208.5M with margin expansion to 68% from 53%. The company achieved profitability with net income of $7.5M versus a $41.6M loss in 2024 and operating income of $16.0M, though total operating expenses rose 50% to $192.4M amid 56% growth in SG&A.

• ·Stock-based compensation expense increased to $15.9M in 2025 from $8.4M in 2024 (+90%).
• ·Revenue grew 325% from $71.7M in 2023 to $305.1M in 2025.
• ·Provision for income taxes was $0.3M in 2025.

11-03-2026

First Internet Bancorp reported net interest income growth of 30% YoY to $113.8M for 2025, driven by higher interest-earning assets ($5.66B average) and improved net interest margin of 2.01%, up from 1.65% in 2024. However, total assets declined to $5.57B from $5.74B, loans decreased 10% to $3.75B, noninterest income plunged 94% to $2.7M due to an $8.3M loss on loan sales, and nonperforming loans ratio deteriorated to 1.56% from 0.68%. Noninterest expenses rose 5% to $95.0M amid higher salaries and premises costs.

• ·Nonaccrual loans increased to $56.4M from $26.0M at Dec 31 2024.
• ·Allowance for credit losses to loans: 1.49% (2025) vs 1.07% (2024).
• ·Interest-bearing deposits average balance up to $4.87B from $4.32B YoY.

11-03-2026

Total operating revenues edged up 0.4% YoY to $176.4M for the year ended December 31, 2025, with flat overall growth despite a 1.0% increase in RNG production volumes to 5,644 MMBtu; however, RNG revenues declined 1.4% to $155.7M and electricity revenues fell 2.9% to $17.2M. Net income dropped sharply 82.0% to $1.7M, operating income plunged 94.7% to $0.9M, and Adjusted EBITDA decreased to $35.6M from $42.6M, driven by higher operating expenses (+10.0%), O&M expenses (+16.5%), and depreciation (+27.5%). Cash from operating activities fell to $30.3M from $43.8M amid heavy investing outflows of $120.5M.

• ·Cash and cash equivalents decreased to $24.2M from $46.0M.
• ·Property, plant and equipment, net increased to $341.4M from $252.3M.
• ·Long-term debt rose significantly to $126.0M from $43.8M.
• ·Total stockholders' equity grew to $263.1M from $257.4M.
• ·Impairment loss increased 103.7% to $3.2M.

11-03-2026

Kodiak AI, Inc. reported full-year 2025 revenues of $3.8M, a sharp 75% YoY decline from $14.9M, while total operating expenses surged 52% to $116.4M driven by truck and freight operations (+175%), general and administrative (+75%), and R&D (+15%). Loss from operations widened 82% YoY to $112.6M, with net loss ballooning to $585.5M primarily from non-cash items including $210.7M loss on equity issuance and fair value changes; however, cash and equivalents rose to $50.8M from $16.7M, bolstered by $219.9M in financing inflows.

• ·Net cash used in operating activities worsened to $94.4M in 2025 from $51.0M in 2024.
• ·Stockholders’ deficit at $(283.1M) as of Dec 31 2025, compared to $(250.8M) in 2024.
• ·Series A cumulative redeemable convertible preferred stock: 142 shares outstanding valued at $223.2M as of Dec 31 2025.
• ·Net loss per common share: $(6.42) in 2025 vs $(1.19) in 2024.

11-03-2026

Exodus Movement, Inc. (EXOD) reported FY 2025 revenues of $121.6M, up 4.5% YoY from $116.3M, with growth in exchange aggregation partnerships (to $18.2M, +136%) and fiat onboarding users (+28%). However, the company posted a net loss of $11.4M versus a $113.0M profit in 2024, driven by surging expenses (technology +36.7% to $62.9M, G&A +67.8% to $66.3M) and a net loss on digital assets of $18.9M (vs. $96.1M gain prior year). Total treasury assets fell 39% to $161.6M, with Bitcoin holdings at $149.2M down from $181.2M.

• ·Total liquid assets declined to $5.2M as of Dec 31, 2025 from $68.4M prior year.
• ·Net cash used in operating activities increased to $25.6M from $12.0M.
• ·Class A common shares issued/outstanding rose to 10.4M from 8.5M.

11-03-2026

Digimarc Corp (DMRC) reported total revenue of $33.9M for the year ended December 31, 2025, down 12% YoY from $38.4M, driven by declines in both subscription revenue (-11% to $19.8M) and service revenue (-12% to $14.1M). While gross profit margin slipped slightly to 62% from 63%, the company achieved significant cost reductions, narrowing its operating loss to $33.2M from $41.3M and net loss to $32.3M from $39.0M, primarily due to sharp drops in sales & marketing expenses (-34%) and R&D (-22%), though G&A rose 8%.

• ·Subscription contracts typically 1-3 years, recurring and paid in advance.
• ·Service contracts primarily time and materials, billed within one month.
• ·Risks include inability to develop new revenue sources or maintain competitive technologies.
• ·Amortization on acquired intangibles: $4.7M cost of revenue and $1.1M op ex in 2025.

11-03-2026

Alzamend Neuro reported significantly higher operating expenses for the three months ended January 31, 2026, with R&D surging 186% YoY to $1.3M and G&A up 56% YoY to $0.9M, driving total OpEx to $2.2M (up 112% YoY) and net loss to $2.2M from $1.0M YoY. For the nine months, OpEx rose 76% YoY to $5.9M, resulting in a $5.9M net loss versus $3.4M prior year, though cash used in operations improved slightly to $5.3M from $5.9M; cash balance declined to $2.7M from $3.9M at April 30, 2025, after $4.0M raised via preferred stock financing.

• ·Basic and diluted net loss per common share improved to $(0.58) from $(1.75) for three months YoY and to $(1.89) from $(9.54) for nine months YoY, due to increased shares outstanding.
• ·Accounts payable and accrued liabilities rose to $1.9M from $0.6M as of Apr 30, 2025.
• ·Stockholders’ equity declined to $2.2M from $4.0M as of Apr 30, 2025.
• ·Conversion of Series B and C preferred stock into 3,026,008 common shares during nine months.

11-03-2026

Katapult Holdings, Inc. reported total revenue of $291.8M for FY 2025, up 18.0% YoY from $247.2M, driven by 17.7% growth in rental revenue, with gross profit rising 12.7% to $51.6M; operating expenses declined 3.3% to $52.1M, leading to a swing to net income of $1.4M from a $25.9M loss, and Adjusted EBITDA improved to $12.4M from $4.8M. However, cost of revenue increased 19.2% to $240.2M, interest expense rose 9.0% to $20.6M, and net cash used in operating activities remained negative at $11.9M despite improvement from $32.6M.

• ·Adjusted gross profit $43.7M in FY 2025 vs $38.9M in FY 2024 (+12.3%).
• ·Fixed cash operating expenses $32.0M in FY 2025 vs $36.3M in FY 2024 (-11.8%).
• ·Net loss per common share $(0.11) in FY 2025 vs $(5.96) in FY 2024.

11-03-2026

Minerva Neurosciences reported a significant GAAP net loss of $293.4M for 2025 versus a $1.4M profit in 2024, driven by a $321.5M loss on issuance of convertible preferred stock and warrants, though partially offset by $45.4M positive change in warrant liability fair value. Operating expenses declined 31% YoY to $15.1M, with R&D expenses halving to $5.8M and cash used in operations improving to $13.5M from $19.6M, leading to cash reserves rising to $82.3M after $74.5M financing inflows. However, non-GAAP net loss improved modestly to $16.0M from $19.3M, but stockholders' deficit deepened to $140.7M amid substantial share dilution from 7.0M to 43.3M shares outstanding.

• ·Stock-based compensation expense remained flat at ~$1.3M YoY.
• ·Total assets increased to $98.0M from $37.1M, driven by cash inflows.
• ·Accumulated deficit worsened to $688.8M from $395.4M.
• ·Non-GAAP net loss per share improved to ($1.89) from ($2.54).

11-03-2026

Verrica Pharmaceuticals Inc. reported total revenue of $35.6M for the year ended December 31, 2025, a 370% YoY increase from $7.6M, driven by product revenue growth to $15.3M (+133%) and license/collaboration revenue surging to $20.3M (+1,945%). Operating expenses declined 35% to $47.8M, narrowing the net loss to $17.9M from $76.6M (-77% improvement), however cash and equivalents decreased 35% to $30.1M amid $17.6M cash used in operations.

• ·Net cash used in operating activities improved to $17.6M from $60.9M YoY.
• ·Stock-based compensation expense declined to $3.3M from $7.2M.
• ·R&D expenses decreased 25% to $8.9M, with VP-315 spend down 86% to $0.5M.

11-03-2026

Tredegar Corporation's total net sales rose 21.0% YoY to $699M in 2025 from $577M in 2024, propelled by Aluminum Extrusions segment growth of 27.0% to $599M with sales volume up 12.9%. However, High Performance Films net sales declined 5.2% to $100M with sales volume down 2.5% and EBITDA from ongoing operations falling 11.0%; overall net income from continuing operations improved to $24M from $1M. EBITDA from ongoing operations for Aluminum Extrusions increased 23.2% to $51M, while the segment for High Performance Films dropped to $27M.

• ·Aluminum Extrusions Nonresidential market segment: 54% of net sales in 2025 (down from 56% in 2024)
• ·Foreign net sales as % of total: 9% in 2025 (up from 11% exports in 2024, but foreign operations assets 2%)
• ·OPEB termination gain: $6M in 2025
• ·Goodwill impairment: $13M in Aluminum Extrusions 2024