Market Newsdesk

May 6, 2025 4:05 pm

ALLEGIANT TRAVEL COMPANY FIRST QUARTER 2025 FINANCIAL RESULTS

PR Newswire

First quarter
2025 GAAP diluted earnings per share of $1.73

First quarter
2025 adjusted airline-only diluted earnings per share of $2.11⁽¹⁾⁽²⁾

First quarter
2025 adjusted diluted earnings per share of $1.81^(1)(2)(3)

LAS VEGAS
, May 6, 2025 /PRNewswire/ — Allegiant Travel Company (NASDAQ: ALGT) today reported the below financial results for first quarter 2025, as well as comparisons to the prior year:

“Team Allegiant executed a successful first quarter, delivering an airline-only operating margin of 9.3 percent, a three-point improvement from last year and among the best in the industry,” stated Gregory Anderson, president and CEO of Allegiant Travel Company. “These financial results were underscored by our excellent operations, as the team achieved a 99.9 percent controllable completion during the quarter on 14.2 percent capacity growth.

“A few months ago, there was optimism throughout the airline industry heading into 2025 due to a strong economy and solid demand trends. Unfortunately, headlines beginning in February drove broad economic uncertainty and decreased consumer confidence, which led to an industry reduction in near-term revenues, particularly during shoulder and off-peak periods. Despite these challenges, I am proud to report that the team delivered a first-quarter earnings result that was well within our initial guidance range.

“However, heightened volatility is impacting domestic demand. Consequently, it is challenging to predict near-term demand, and we are therefore withdrawing our full-year 2025 guidance. Despite the macroeconomic uncertainty, we anticipate maintaining solid profitability by leveraging our flexible model to adjust capacity as needed. To date, we have removed more than 7.5 points of capacity growth from May through August, primarily coming from off-peak periods. Booking trends over the past few weeks suggest a stabilizing demand environment, with indications of improvement observed over the past several days. Regardless, we will continue to adjust capacity aggressively during the remainder of the year while ensuring that we appropriately address the items within our control.

“Allegiant has performed well during past downturns, thanks to our unique model that positions us for long-term success and stability. We expect to perform no differently during this period of uncertainty and remain confident in our ability to maintain profitability.

“I extend my sincerest appreciation to Team Allegiant for all your efforts. You truly are the best in the business.”

Summary Results

Consolidated	Three Months Ended March 31,		Percent Change
(unaudited) (in millions, except per share amounts)	2025	2024	YoY
Total operating revenue	$ 699.1	$ 656.4	6.5 %
Total operating expense	634.1	641.0	(1.1) %
Operating income	65.0	15.4	322.1 %
Income (loss) before income taxes	41.9	(1.3)	NM
Net income (loss)	32.1	(0.9)	NM
Diluted earnings (loss) per share	1.73	(0.07)	NM
Sunseeker special charge recoveries, net⁽²⁾	(2.9)	(1.8)	(61.1) %
Airline special charges⁽²⁾	1.4	14.9	(90.6) %
Adjusted income before income taxes^(1)(2)(3)	43.8	11.8	271.2 %
Adjusted net income^(1)(2)(3)	33.4	10.4	221.2 %
Adjusted diluted earnings per share^(1)(2)(3)	1.81	0.57	217.5 %

Airline only	Three Months Ended March 31,		Percent Change⁽⁴⁾
(unaudited) (in millions, except per share amounts)	2025	2024	YoY
Airline operating revenue	$ 668.4	$ 632.5	5.7 %
Airline operating expense	607.5	608.3	(0.1) %
Airline operating income	60.9	24.2	151.7 %
Airline income before income taxes	49.6	12.5	296.8 %
Airline special charges⁽²⁾	1.4	14.9	(90.6) %
Adjusted airline-only net income⁽¹⁾⁽²⁾	39.0	19.8	97.0 %
Adjusted airline-only operating margin⁽¹⁾⁽²⁾	9.3 %	6.2 %	3.1
Adjusted airline-only diluted earnings per share⁽¹⁾⁽²⁾	2.11	1.08	95.4 %


⁽¹⁾	Denotes a non-GAAP financial measure. Refer to the Non-GAAP Presentation section within this document for further information and for calculation of per share figures.
⁽²⁾	In Q1 2025 and Q1 2024, we recognized certain expenses as special charges related to Airline activities (accelerated depreciation on airframes identified for early retirement) and damages to Sunseeker Resort (charges due to weather events, net of recoveries). We sometimes refer to all special charges as “specials” in this earnings release. The adjusted numbers in this earnings release exclude the effect of these special charges.
⁽³⁾	In first quarter 2025, the Company incurred a $3.4M non-operating loss on the extinguishment of debt secured by Sunseeker Resort which is being added back, where appropriate, in our adjusted results.
⁽⁴⁾	Except adjusted airline-only operating margin which is percentage point change.
^NM	Not meaningful
*	Note that amounts may not recalculate due to rounding

First Quarter 2025 Results and Highlights

Total consolidated operating revenue of $699.1M, up 6.5 percent over the prior year, on capacity growth of 14.2 percent year-over-year and an 8.4 percent increase in passengers.
- Record total average ancillary fare of $79.28 per passenger, up 4.7 percent year-over-year driven by reintroduction of a third ancillary product bundle offering, Allegiant Extra expansion, Allianz travel insurance, and cobrand credit card strength
Adjusted consolidated operating income
,⁽¹⁾⁽²⁾ of $63.4M, yielding an adjusted operating margin of 9.1 percent
- Adjusted airline-only operating income,⁽¹⁾⁽²⁾of $62.2M, yielding an adjusted airline-only operating margin of 9.3 percent, a more than three-point improvement over the prior year
Adjusted consolidated income before income tax,^(1)(2)(3)of $43.8M, yielding an adjusted pre-tax margin of 6.3 percent
- Adjusted airline-only income before income tax,⁽¹⁾⁽²⁾of $51.0M, yielding an adjusted airline-only pre-tax margin of 7.6 percent
Adjusted consolidated EBITDA,^(1)(2)(3) of $126.1M, yielding an adjusted EBITDA margin of 18.0 percent
- Adjusted airline-only EBITDA,⁽¹⁾⁽²⁾ of $121.3M, yielding an adjusted airline-only EBITDA margin of 18.1 percent
Adjusted airline-only operating CASM, excluding fuel⁽²⁾of 8.07 ¢, down 9.0 percent year-over-year
$36.1M in total cobrand credit card remuneration received from Bank of America, up 24.7 percent from the same quarter in the prior year
- As of March 31, 2025, we had 558K total Allegiant Allways Rewards Visa cardholders
Ended the quarter with 19M total active Allways Rewards members
The only US Airline named by Newsweek as one of America’s Most Loved Brands 2025
Named Tyler Hollingsworth as Chief Operating Officer

Balance Sheet, Cash and Liquidity

Total available liquidity at March 31, 2025 was $1.2B, which included $906.3M in cash and investments, and $275.0M in undrawn revolving credit facilities
$191.4M in cash from operations during first quarter 2025
Total debt at March 31, 2025 was $2.0B
- Net debt at March 31, 2025 was $1.1B
Debt principal payments of $280.6M during the quarter, including $245.7M in prepayments and $34.9M in scheduled debt repayments
Debt proceeds of $222.7M during the quarter, net of issuance costs
Air traffic liability at March 31, 2025 was $439.6M

Airline Capital Expenditures

First quarter capital expenditures of $83.1M, which included $64.8M for aircraft–related capital expenditures and $18.3M in other airline capital expenditures
First quarter deferred heavy maintenance expenditures were $13.8M

Sunseeker Resort Charlotte Harbor

First quarter occupancy was 70 percent with an average daily rate (excluding resort fee) of $284 per night
Adjusted Sunseeker EBITDA,⁽¹⁾⁽²⁾ of $4.8M, yielding an EBITDA margin of 15.7 percent

⁽¹⁾	Denotes a non-GAAP financial measure. Refer to the Non-GAAP Presentation section within this document for further information and for calculation of per share figures.
⁽²⁾	In Q1 2025 and Q1 2024, we recognized certain expenses as special charges related to Airline activities (accelerated depreciation on airframes identified for early retirement) and damages to Sunseeker Resort (charges due to weather events, net of recoveries). The adjusted numbers in this earnings release exclude the effect of these special charges.
⁽³⁾	In first quarter 2025, the Company incurred a $3.4M non-operating loss on the extinguishment of debt secured by Sunseeker Resort which is being added back, where appropriate, in our adjusted results.

Guidance, subject to revision

Certain forward-looking financial information in the following tables is not presented in accordance with accounting principles generally accepted in the U.S. (“GAAP”). Non-GAAP financial figures may be useful to stakeholders, but should not be considered a substitute for GAAP figures. In reliance on the ‘unreasonable efforts’ exception in Item 10(e)(1)(i)(B) of SEC Regulation S-K, a reconciliation to the most comparable GAAP financial measure is not provided for adjusted airline-only earnings per share,adjusted consolidated earnings per share, and adjusted Sunseeker EBITDA. The Company is not able to reconcile these Non-GAAP financial figures without unreasonable effort because the special charge adjustments will not be known until the end of the indicated future periods and any range of projected values would be too broad to be meaningful. As a result, this information would not be significant to investors.

*Second quarter 2025 airline-only guidance*

System ASMs – year over year change			~15.0%
Scheduled service ASMs – year over year change			~15.5%

Fuel cost per gallon			$ 2.40
Operating margin			6.0% to 8.0%
Adjusted airline-only earnings per share⁽¹⁾			$0.50 to $1.50

*Second quarter 2025 consolidated guidance*

Adjusted consolidated earnings per share⁽¹⁾			$0.00 to $1.00

*Full-year 2025 airline-only guidance*

Interest expense⁽²⁾ (millions)			$150 to $160
Capitalized interest⁽³⁾ (millions)			($15) to ($25)
Interest income (millions)			$30 to $40

*Airline full-year CAPEX*
Aircraft-related capital expenditures⁽⁴⁾ (millions)			$260 to $280
Capitalized deferred heavy maintenance (millions)			$50 to $70
Other airline capital expenditures (millions)			$95 to $115

Recurring principal payments⁽⁵⁾ (millions) (full year)			$165 to $175

*Second Quarter 2025 Sunseeker guidance*

Adjusted EBITDA⁽¹⁾ (millions)			~($1)
Depreciation expense (millions)			~$3

Occupancy rate			~55%
Average daily rate⁽⁶⁾			~$225


⁽¹⁾	Denotes a non-GAAP financial measure for which no reconciliation to GAAP is provided as described above.
⁽²⁾	Includes consolidated gross interest expense attributable to both the airline segment and the Sunseeker Resort segment
⁽³⁾	Includes capitalized interest related to pre-delivery deposits on new aircraft.
⁽⁴⁾	Aircraft-related capital expenditures include the purchase of aircraft, engines, induction costs, and pre-delivery deposits. This amount excludes capitalized interest related to pre-delivery deposits on new aircraft.
⁽⁵⁾	Does not include repayment of pre-delivery deposit debt facilities due on delivery of aircraft
⁽⁶⁾	Average daily rate does not include a nightly resort fee of $30

Aircraft Fleet Plan by End of Period

Aircraft – (seats per AC)	1Q25	2Q25	3Q25	YE25
Boeing 737-8200 (190 seats)	8	9	11	16
Airbus A320 (180 seats)	60	69	75	72
Airbus A320 (186 seats)	15	6	—	—
Airbus A320 (177 seats)	10	10	8	7
Airbus A319 (156 seats)	34	32	29	27
Total	127	126	123	122

The table above is management’s best estimate and is provided based on the Company’s current plans and is subject to change. The numbers include aircraft expected to be in service at the end of each period and exclude both aircraft that we expect to take delivery of but not to be placed in service until a subsequent period as well as aircraft in storage.

Allegiant Travel Company will host a conference call with analysts at 4:30 p.m. ET Tuesday, May 6, 2025 to discuss its first quarter financial results. A live broadcast of the conference call will be available via the Company’s Investor Relations website homepage at http://ir.allegiantair.com. The webcast will also be archived in the “Events & Presentations” section of the website.

Allegiant Travel Company

Las Vegas-based Allegiant (NASDAQ: ALGT) is an integrated travel company with an airline at its heart, focused on connecting customers with the people, places and experiences that matter most. Since 1999, Allegiant Air has linked travelers in underserved cities to world-class vacation destinations with all-nonstop flights and industry-low average fares. Today, Allegiant serves communities across the nation, with base airfares less than half the cost of the average domestic round trip ticket. For more information, visit us at Allegiant.com. Media information, including photos, is available at http://gofly.us/iiFa303wrtF.

Media Inquiries: [email protected]

Investor Inquiries: [email protected]

Under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, statements in this press release that are not historical facts are forward-looking statements. These forward-looking statements are only estimates or predictions based on our management’s beliefs and assumptions and on information currently available to our management. Forward-looking statements include our statements regarding future airline and Sunseeker Resort operations, revenue, expenses and earnings, available seat mile growth, expected capital expenditures, the cost of fuel, the timing of aircraft acquisitions and retirements, the number of contracted aircraft to be placed in service in the future, our ability to consummate announced aircraft transactions, Sunseeker average daily rate and occupancy, estimated tax rate, as well as other information concerning future results of operations, business strategies, financing plans, industry environment and potential growth opportunities. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words “believe,” “expect,” “guidance,” “anticipate,” “intend,” “plan,” “estimate”, “project”, “hope” or similar expressions.

Forward-looking statements involve risks, uncertainties and assumptions. Actual results may differ materially from those expressed in the forward-looking statements. Important risk factors that could cause our results to differ materially from those expressed in the forward-looking statements generally may be found in our periodic reports filed with the Securities and Exchange Commission at www.sec.gov. These risk factors include, without limitation, regulatory reviews of, and production limits on, Boeing impacting our aircraft delivery schedule, an accident involving, or problems with, our aircraft, public perception of our safety, our reliance on our automated systems, our reliance on Boeing to deliver aircraft under contract to us on a timely basis, risk of breach of security of personal data, volatility of fuel costs, labor issues and costs, the ability to obtain regulatory approvals as needed , the effect of economic conditions on leisure travel, debt covenants and balances, the impact of government regulations on the airline industry, the ability to finance aircraft to be acquired, the ability to obtain necessary government approvals to implement the announced alliance with Viva Aerobus and to otherwise prepare to offer international service, terrorist attacks, risks inherent to airlines, our competitive environment, our reliance on third parties who provide facilities or services to us, the impact of the possible loss of key personnel, economic and other conditions in markets in which we operate, the ability to successfully operate Sunseeker Resort or to dispose of an interest in it on acceptable terms, increases in maintenance costs and availability of outside maintenance contractors to perform needed work on our aircraft on a timely basis and at acceptable rates, cyclical and seasonal fluctuations in our operating results, and the perceived acceptability of our environmental, social and governance efforts.

Any forward-looking statements are based on information available to us today and we undertake no obligation to update publicly any forward-looking statements, whether as a result of future events, new information or otherwise.

Detailed financial information follows:

Allegiant Travel Company
Consolidated Statements of Income
(in thousands, except per share amounts)
(Unaudited)

	Three Months Ended March 31,		Percent Change
	2025	2024	YoY
OPERATING REVENUES:
Passenger	$ 616,750	$ 579,936	6.3 %
Third party products	35,203	33,399	5.4
Fixed fee contracts	16,252	18,861	(13.8)
Resort and other	30,869	24,210	27.5
Total operating revenues	699,074	656,406	6.5
OPERATING EXPENSES:
Salaries and benefits	231,439	213,327	8.5
Aircraft fuel	166,333	170,087	(2.2)
Station operations	73,505	66,468	10.6
Depreciation and amortization	63,312	63,844	(0.8)
Maintenance and repairs	34,854	30,278	15.1
Sales and marketing	25,096	30,419	(17.5)
Aircraft lease rentals	5,920	5,985	(1.1)
Other	35,168	47,451	(25.9)
Special charges, net of recoveries	(1,555)	13,099	NM
Total operating expenses	634,072	640,958	(1.1)
OPERATING INCOME	65,002	15,448	320.8
OTHER (INCOME) EXPENSES:
Interest income	(11,935)	(12,241)	(2.5)
Interest expense	40,783	40,160	1.6
Capitalized interest	(6,488)	(11,185)	(42.0)
Other, net	702	51	NM
Total other expenses	23,062	16,785	37.4
INCOME (LOSS) BEFORE INCOME TAXES	41,940	(1,337)	NM
INCOME TAX PROVISION (BENEFIT)	9,838	(418)	NM
NET INCOME (LOSS)	$ 32,102	$ (919)	NM
Earnings (Loss) per share to common shareholders:
Basic	$1.74	($0.07)	NM
Diluted	$1.73	($0.07)	NM
Shares used for computation⁽¹⁾:
Basic	17,984	17,664	1.8
Diluted	18,022	17,664	2.0


⁽¹⁾	The Company’s unvested restricted stock awards are considered participating securities as they receive non-forfeitable rights to cash dividends at the same rate as common stock. The basic and diluted earnings per share calculations for the periods presented reflect the two-class method mandated by ASC Topic 260, “Earnings Per Share.” The two-class method adjusts both the net income and the shares used in the calculation. Application of the two-class method did not have a significant impact on the basic and diluted earnings per share for the periods presented.
^NM	Not meaningful

Allegiant Travel Company
Segment Profit or Loss
(in thousands)
(Unaudited)

	Three Months Ended March 31, 2025			Three Months Ended March 31, 2024
	Airline	Sunseeker	Consolidated	Airline	Sunseeker	Consolidated
REVENUES FROM EXTERNAL CUSTOMERS	668,386	30,688	699,074	632,519	23,887	656,406
OPERATING EXPENSES:
Salaries and benefits	220,374	11,065	231,439	199,508	13,819	213,327
Aircraft fuel	166,333	—	166,333	170,087	—	170,087
Station operations	73,505	—	73,505	66,468	—	66,468
Depreciation and amortization	59,711	3,601	63,312	57,868	5,976	63,844
Maintenance and repairs	34,854	—	34,854	30,278	—	30,278
Sales and marketing	23,370	1,726	25,096	28,878	1,541	30,419
Aircraft lease rentals	5,920	—	5,920	5,985	—	5,985
Other operating expenses	22,075	13,093	35,168	34,315	13,136	47,451
Special charges, net of recoveries	1,392	(2,947)	(1,555)	14,915	(1,816)	13,099
Total operating expenses	607,534	26,538	634,072	608,302	32,656	640,958
OPERATING INCOME (LOSS)	60,852	4,150	65,002	24,217	(8,769)	15,448
OTHER (INCOME) EXPENSES:
Interest income	(11,935)	—	(11,935)	(12,241)	—	(12,241)
Interest expense	28,949	11,834	40,783	34,737	5,423	40,160
Capitalized interest	(6,488)	—	(6,488)	(10,859)	(326)	(11,185)
Other non-operating expenses	702	—	702	51	—	51
Total other expenses	11,228	11,834	23,062	11,688	5,097	16,785
INCOME (LOSS) BEFORE INCOME TAXES	49,624	(7,684)	41,940	12,529	(13,866)	(1,337)

Allegiant Travel Company
Airline Operating Statistics
(Unaudited)

	Three Months Ended March 31,		Percent Change⁽¹⁾
	2025	2024	YoY
AIRLINE OPERATING STATISTICS
Total system statistics:
Passengers	4,451,306	4,104,860	8.4 %
Available seat miles (ASMs) (thousands)	5,451,584	4,771,971	14.2
Airline operating expense per ASM (CASM) (cents)	11.14 ¢	12.75 ¢	(12.6)
Fuel expense per ASM (cents)	3.05 ¢	3.56 ¢	(14.3)
Airline special charges per ASM (cents)	0.02 ¢	0.31 ¢	(93.5)
Airline operating CASM, excluding fuel and special charges (cents)	8.07 ¢	8.87 ¢	(9.0)
Departures	33,235	29,225	13.7
Block hours	83,871	72,632	15.5
Average stage length (miles)	935	919	1.7
Average number of operating aircraft during period	125.1	125.8	(0.6)
Average block hours per aircraft per day	7.5	6.3	19.0
Full-time equivalent employees at end of period	6,057	5,951	1.8
Fuel gallons consumed (thousands)	63,636	56,224	13.2
ASMs per gallon of fuel	85.7	84.9	0.9
Average fuel cost per gallon	$ 2.61	$ 3.03	(13.9)
Scheduled service statistics:
Passengers	4,420,811	4,069,519	8.6
Revenue passenger miles (RPMs) (thousands)	4,271,328	3,883,810	10.0
Available seat miles (ASMs) (thousands)	5,305,191	4,636,922	14.4
Load factor	80.5 %	83.8 %	(3.3)
Departures	32,133	28,177	14.0
Block hours	81,414	70,365	15.7
Average seats per departure	175.0	177.5	(1.4)
Yield (cents)⁽²⁾	7.06 ¢	7.86 ¢	(10.2)
Total passenger revenue per ASM (TRASM) (cents)⁽³⁾	12.29 ¢	13.23 ¢	(7.1)
Average fare – scheduled service⁽⁴⁾	$ 68.19	$ 74.98	(9.1)
Average fare – air-related charges⁽⁴⁾	$ 71.32	$ 67.52	5.6
Average fare – third party products	$ 7.96	$ 8.21	(3.0)
Average fare – total	$ 147.47	$ 150.71	(2.1)
Average stage length (miles)	941	926	1.6
Fuel gallons consumed (thousands)	61,826	54,566	13.3
Average fuel cost per gallon	$ 2.63	$ 3.01	(12.6)
Percent of sales through website during period	92.5 %	96.5 %	(4.0)
Other data:
Rental car days sold	360,890	357,944	0.8
Hotel room nights sold	39,940	61,294	(34.8)


⁽¹⁾	Except load factor and percent of sales through website, which is percentage point change.
⁽²⁾	Defined as scheduled service revenue divided by revenue passenger miles.
⁽³⁾	Various components of this measurement do not have a direct correlation to ASMs. These figures are provided on a per ASM basis to facilitate comparison with airlines reporting revenues on a per ASM basis.
⁽⁴⁾	Reflects division of passenger revenue between scheduled service and air-related charges in Company’s booking path.

Summary Balance Sheet

*(in millions)*	March 31, 2025 (unaudited)	December 31, 2024	Percent Change
Unrestricted cash and investments
Cash and cash equivalents	$ 283.8	$ 285.9	(0.7) %
Short-term investments	594.8	495.2	20.1
Long-term investments	27.7	51.7	(46.4)
Total unrestricted cash and investments	906.3	832.8	8.8
Debt
Current maturities of long-term debt and finance lease obligations, net of related costs	266.6	454.8	(41.4)
Long-term debt and finance lease obligations, net of current maturities and related costs	1,747.3	1,611.7	8.4
Total debt	2,013.9	2,066.5	(2.5)
Debt, net of unrestricted cash and investments	1,107.6	1,233.7	(10.2)
Total Allegiant Travel Company shareholders’ equity	1,112.7	1,089.4	2.1

EPS Calculation

The following table sets forth the computation of net income per share, on a basic and diluted basis, for the periods indicated (share count and dollar amounts other than per-share amounts in table are in thousands):

	Three Months Ended March 31,
	2025	2024
Basic:
Net income (loss)	$ 32,102	$ (919)
Less income allocated to participating securities	(842)	(354)
Net income (loss) attributable to common stock	$ 31,260	$ (1,273)
Earnings (loss) per share, basic	$ 1.74	$ (0.07)
Weighted-average shares outstanding	17,984	17,664
Diluted:
Net income (loss)	$ 32,102	$ (919)
Less income allocated to participating securities	(840)	(354)
Net income (loss) attributable to common stock	$ 31,262	$ (1,273)
Earnings (loss) per share, diluted	$ 1.73	$ (0.07)
Weighted-average shares outstanding⁽¹⁾	17,984	17,664
Dilutive effect of restricted stock	157	—
Adjusted weighted-average shares outstanding under treasury stock method	18,141	17,664
Participating securities excluded under two-class method	(119)	—
Adjusted weighted-average shares outstanding under two-class method	18,022	17,664

Appendix A

Non-GAAP Presentation

Three Months Ended March 31, 2025

(Unaudited)

We present adjusted consolidated operating expense and adjusted consolidated operating income, which exclude special charges related to (i) the impact of losses and insurance recoveries incurred primarily as the result of hurricanes and other insured events at Sunseeker and (ii) accelerated depreciation on airframes identified for early retirement. We also present adjusted consolidated interest expense, adjusted consolidated income before income taxes, adjusted consolidated net income, and adjusted consolidated diluted earnings per share, which exclude the special charges described above and a one-time loss on extinguishment of debt.

We present adjusted airline-only operating expense and adjusted airline-only operating income, which exclude special charges related to aircraft accelerated depreciation on early retirement of certain airframes. We also present adjusted airline-only income before income taxes, adjusted airline-only net income, and adjusted airline-only diluted earnings per share, which exclude special charges.

All of the measures described above are non-GAAP financial measures. We believe the presentation of these measures is relevant and useful for investors because it allows them to better gauge the performance of the airline and to compare our results to other airlines. Management believes the exclusion of these items enhances comparability of financial information between periods.

We also present adjusted airline-only CASM, which excludes aircraft fuel expense and special charges. Fuel price volatility impacts the comparability of year over year financial performance as do the airline special charges. We believe the adjustments for fuel expense and airline special charges allow investors to better understand our non-fuel costs and related performance.

Consolidated and airline-only earnings before interest, taxes, depreciation, and amortization (“Consolidated EBITDA” and “Airline EBITDA”), adjusted Consolidated EBITDA, adjusted Airline EBITDA, estimated adjusted airline-only and adjusted consolidated earnings per share, and Sunseeker adjusted EBITDA, as presented in this press release, are supplemental measures of our performance that are not required by, or presented in accordance with, accounting principles generally accepted in the United States (“GAAP”). These are not measurements of our financial performance under GAAP and should not be considered in isolation or as an alternative to net income or any other performance measures derived in accordance with GAAP or as an alternative to cash flows from operating activities as a measure of our liquidity.

We define “EBITDA” as earnings before interest, taxes, depreciation and amortization. The adjusted EBITDA measures also exclude special charges and a one-time loss on the extinguishment of debt. We caution investors that amounts presented in accordance with this definition may not be comparable to similar measures disclosed by other issuers, because not all issuers and analysts calculate EBITDA in the same manner.

We use EBITDA and adjusted EBITDA to evaluate our operating performance and liquidity, and these are among the primary measures used by management for planning and forecasting of future periods. We believe these presentations of EBITDA are relevant and useful for investors because they allow investors to view results in a manner similar to the method used by management and make it easier to compare our results with other companies that have different financing and capital structures. EBITDA has important limitations as an analytical tool. These limitations include the following:

EBITDA does not reflect our capital expenditures, future requirements for capital expenditures or contractual commitments to purchase capital equipment;
EBITDA does not reflect interest expense or the cash requirements necessary to service principal or interest payments on our debt;
although depreciation and amortization are non-cash charges, the assets that we currently depreciate and amortize will likely have to be replaced in the future, and EBITDA does not reflect the cash required to fund such replacements; and
other companies in our industry may calculate EBITDA differently than we do, limiting its usefulness as a comparative measure.

Presented below is a quantitative reconciliation of these adjusted numbers to the most directly comparable GAAP financial performance measure.

The SEC has adopted rules (Regulation G) regulating the use of non-GAAP financial measures. Because of our use of non-GAAP financial measures in this press release to supplement our consolidated financial statements presented on a GAAP basis, Regulation G requires us to include in this press release a presentation of the most directly comparable GAAP measures, which are operating expenses, operating income (loss), interest expense, income (loss) before income taxes, net income (loss), and earnings (loss) per share, and a reconciliation of the non-GAAP measures to the most comparable GAAP measure. Our utilization of non-GAAP measurements is not meant to be considered in isolation or as a substitute for operating expenses, operating income (loss), interest expense, income (loss) before income taxes, net income (loss), earnings (loss) per share, or other measures of financial performance prepared in accordance with GAAP. Our use of these non-GAAP measures may not be comparable to similarly titled measures employed by other companies in the airline and travel industry. The reconciliation of each of these measures to the most comparable GAAP measure for the periods is indicated below.

Reconciliation of Non-GAAP Financial Measures

	Three Months Ended March 31,
	2025	2024
Special Charges (millions)
Sunseeker insurance recoveries, net⁽²⁾	(2.9)	(1.8)
Accelerated depreciation on airframes identified for early retirement⁽²⁾	$ 1.4	$ 14.9
Consolidated special charges, net of (recoveries)⁽²⁾	(1.6)	13.1

	Three Months Ended March 31, 2025
	Consolidated			Airline			Sunseeker
Reconciliation of adjusted operating income, adjusted operating margin, adjusted interest expense, and adjusted income before income taxes (millions)	GAAP	Adjustments⁽²⁾⁽³⁾	Adjusted (Non- GAAP)⁽¹⁾	GAAP	Adjustments⁽²⁾	Adjusted (Non- GAAP)⁽¹⁾	GAAP	Adjustments⁽²⁾⁽³⁾	Adjusted (Non- GAAP)⁽¹⁾
Total operating revenues	$ 699.1	$ —	$ 699.1	$ 668.4	$ —	$ 668.4	$ 30.7	$ —	$ 30.7
Total operating expenses	634.1	1.6	635.6	607.5	(1.4)	606.1	26.5	2.9	29.5
Operating income (loss)	$ 65.0	$ (1.6)	$ 63.4	$ 60.9	$ 1.4	$ 62.2	$ 4.2	$ (2.9)	$ 1.2
Operating margin (percent)	9.3		9.1	9.1		9.3	13.5		3.9

Interest expense	$ 40.8	$ (3.4)	$ 37.4	$ 28.9	$ —	$ 28.9	$ 11.8	$ (3.4)	$ 8.4

INCOME BEFORE INCOME TAXES	$ 41.9	$ 1.9	$ 43.8	$ 49.6	$ 1.4	$ 51.0	$ (7.7)	$ 0.5	$ (7.2)

	Three Months Ended March 31, 2024
	Consolidated			Airline			Sunseeker
Reconciliation of adjusted operating income, adjusted operating margin, and adjusted income before income taxes (millions)	GAAP	Adjustments⁽²⁾	Adjusted (Non- GAAP)⁽¹⁾	GAAP	Adjustments⁽²⁾	Adjusted (Non- GAAP)⁽¹⁾	GAAP	Adjustments⁽²⁾	Adjusted (Non- GAAP)⁽¹⁾
Total operating revenues	$ 656.4	$ —	$ 656.4	$ 632.5	$ —	$ 632.5	$ 23.9	$ —	$ 23.9
Total operating expenses	641.0	(13.1)	627.9	608.3	(14.9)	593.4	32.7	1.8	34.5
Operating income (loss)	$ 15.4	$ 13.1	$ 28.5	$ 24.2	$ 14.9	$ 39.1	$ (8.8)	$ (1.8)	$ (10.6)
Operating margin (percent)	2.4		4.3	3.8		6.2	(36.7)		(44.3)

INCOME BEFORE INCOME TAXES	$ (1.3)	$ 13.1	$ 11.8	$ 12.5	$ 14.9	$ 27.4	$ (13.9)	$ (1.8)	$ (15.7)

	Three Months Ended March 31,
	2025	2024
Consolidated EBITDA and adjusted consolidated EBITDA (millions)
Net income (loss) as reported (GAAP)	$ 32.1	$ (0.9)
Interest expense, net	22.4	16.7
Income tax expense (benefit)	9.8	(0.4)
Depreciation and amortization	63.3	63.8
Consolidated EBITDA⁽¹⁾	$ 127.6	$ 79.2
Special charges⁽²⁾	(1.6)	13.1
Adjusted consolidated EBITDA⁽¹⁾⁽²⁾	$ 126.1	$ 92.3

Adjusted airline-only EBITDA (millions)
Airline income before income taxes as reported (GAAP)	$ 49.6	$ 12.5
Airline special charges⁽²⁾	1.4	14.9
Airline interest expense, net	10.5	11.6
Airline depreciation and amortization	59.7	57.9
Adjusted airline-only EBITDA⁽¹⁾⁽²⁾	$ 121.3	$ 97.0

Adjusted Sunseeker EBITDA (millions)
Sunseeker loss before income taxes as reported (GAAP)	$ (7.7)	$ (13.9)
Sunseeker special charge recoveries, net⁽²⁾	(2.9)	(1.8)
Sunseeker interest expense, net	11.8	5.1
Sunseeker depreciation and amortization	3.6	6.0
Adjusted Sunseeker EBITDA⁽¹⁾⁽²⁾	$ 4.8	$ (4.6)

	Three Months Ended March 31, 2025		Three Months Ended March 31, 2024
	Amount	Per Share	Amount	Per Share
Reconciliation of adjusted consolidated earnings per share and adjusted consolidated net income (millions except share and per share amounts)
Net income (loss) as reported (GAAP)	$ 32.1		$ (0.9)
Less: Net income allocated to participating securities	(0.8)		(0.4)
Net income attributable to common stock (GAAP)	$ 31.3	$ 1.73	$ (1.3)	$ (0.07)

Plus: Net income allocated to participating securities	0.8	0.05	0.4	0.02
Plus: Loss on extinguishment of debt⁽³⁾	3.4	0.20	—	—
Plus (minus): Special charges, net of (recoveries)⁽²⁾	(1.6)	(0.09)	13.1	0.74
Minus: Income tax effect of adjustments above	(0.5)	(0.03)	(1.8)	(0.10)
Adjusted net income⁽¹⁾	$ 33.4		$ 10.4

Less: Adjusted consolidated net income allocated to participating securities	(0.9)	(0.05)	(0.4)	(0.02)
Adjusted net income attributable to common stock⁽¹⁾	$ 32.5	$ 1.81	$ 10.0	$ 0.57

Shares used for diluted computation (thousands)		18,022		17,669

	Three Months Ended March 31, 2025		Three Months Ended March 31, 2024
	Amount	Per Share	Amount	Per Share
Reconciliation of adjusted airline-only earnings per share and adjusted airline-only net income (millions except share and per share amounts)
Net income (loss) as reported (GAAP)	$ 32.1		$ (0.9)
Less: Net income allocated to participating securities	(0.8)		(0.4)
Net income attributable to common stock (GAAP)	$ 31.3	$ 1.73	$ (1.3)	$ (0.07)

Plus: Net income allocated to participating securities	0.8	0.05	0.4	0.02
Plus: Sunseeker loss before income taxes	7.7	0.43	13.9	0.78
Plus: Special charges, net of recoveries⁽²⁾	1.4	0.08	14.9	0.85
Minus: Income tax effect of adjustments above	(2.2)	(0.12)	(8.1)	(0.46)
Adjusted airline-only net income⁽¹⁾	$ 39.0		$ 19.8

Less: Adjusted airline-only net income allocated to participating securities	(1.0)	(0.06)	(0.7)	(0.04)
Adjusted airline-only net income attributable to common stock⁽¹⁾	$ 38.0	$ 2.11	$ 19.1	$ 1.08

Shares used for diluted computation (thousands)		18,022		17,669

	Three Months Ended March 31,
	2025	2024
Reconciliation of adjusted airline-only operating CASM excluding fuel (millions)
Consolidated operating expenses (GAAP)	$ 634.1	$ 641.0
Minus: Sunseeker operating expenses	26.5	32.7
Minus: airline special charges⁽²⁾	1.4	14.9
Adjusted airline-only operating expenses⁽¹⁾⁽²⁾	$ 606.2	$ 593.4
Minus: fuel expenses	166.3	170.1
Adjusted airline-only operating expenses, excluding fuel⁽¹⁾⁽²⁾	$ 439.9	$ 423.3

System available seat miles (millions)	5,451.6	4,772.0
Airline-only cost per available seat mile (cents)	11.14	12.75
Adjusted airline-only cost per available seat mile excluding fuel (cents)⁽²⁾	8.07	8.87


⁽¹⁾	Denotes non-GAAP figure.
⁽²⁾	In 2025 and 2024, we recognized certain expenses as special charges related to Airline activities (accelerated depreciation on airframes identified for early retirement) and damages to Sunseeker Resort (charges due to weather events, net of recoveries). The adjusted numbers in this earnings release exclude the effect of these special charges.
⁽³⁾	In first quarter 2025, the Company incurred a $3.4M non-operating loss on the extinguishment of debt secured by Sunseeker Resort which is being added back, where appropriate, in our adjusted results.
*	Note that amounts may not recalculate due to rounding

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SOURCE Allegiant Travel Company

May 6, 2025 4:05 pm

Charter to Participate in J.P. Morgan Global Technology, Media and Communications Conference

PR Newswire

STAMFORD, Conn.
, May 6, 2025 /PRNewswire/ — Charter Communications, Inc. (NASDAQ: CHTR) (along with its subsidiaries, “Charter”) today announced that Jessica Fischer, Chief Financial Officer, will participate in the J.P. Morgan Global Technology, Media and Communications Conference in Boston, Massachusetts on Tuesday, May 13, 2025. Ms. Fischer’s remarks are scheduled to begin at 9:30 a.m. ET.

A live webcast of the event can be accessed on Charter’s investor relations website, ir.charter.com. Following the live broadcast, the webcast will be archived at ir.charter.com.

About Charter
Charter Communications, Inc. (NASDAQ:CHTR) is a leading broadband connectivity company and cable operator with services available to more than 57 million homes and businesses in 41 states through its Spectrum brand. Over an advanced communications network, supported by a 100% U.S.-based workforce, the Company offers a full range of state-of-the-art residential and business services including Spectrum Internet^®, TV, Mobile and Voice.

More information about Charter can be found at corporate.charter.com.

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SOURCE Charter Communications, Inc.

May 6, 2025 4:05 pm

Purple Announces Significant Expansion of Commercial Relationship with Somnigroup

PR Newswire

Agreements meaningfully increase Purple’s footprint in Mattress Firm stores nationwide and provide Purple with strategic supply support from Tempur Sherwood

Bolsters Mattress Firm’s position as a multi-branded retailer offering customers more choice and value, while enabling Somnigroup to participate in Purple’s future success

Purple secures substantial new debt financing to support expansion with Mattress Firm and continued investments in innovation and advertising

LEHI, Utah
, May 6, 2025 /PRNewswire/ — Purple Innovation, Inc. (NASDAQ: PRPL) (“Purple”), a comfort innovation company known for creating the “World’s First No Pressure™ Mattress,” today announced that it has entered into an agreement with Somnigroup International, Inc. (NYSE: SGI) (“Somnigroup”) to significantly expand their commercial relationship. Under the terms of the agreement, Purple will materially increase its presence in Mattress Firm stores nationwide. Purple also executed a strategic supply agreement with Tempur Sherwood, LLC (“Sherwood”), a subsidiary of Tempur Sealy, further aligning Purple with the world’s largest bedding company and delivering meaningful value to both companies’ stakeholders.

Announcement Highlights

Mattress Firm will expand its showcasing of Purple products across its national store network from approximately 5,000 Purple mattress slots to a minimum of 12,000 Purple mattress slots
Sherwood will have the exclusive right to assemble certain product lines that Purple sells to Mattress Firm, while Purple will continue to manufacture its GelFlex Grid technology and retain all related Intellectual Property
Purple will grant Somnigroup a combined 8 million equity warrants at a strike price of $1.50

“Our expanded relationship with Somnigroup delivers myriad benefits to Purple and serves as a clear vote of confidence in our business from one of the most respected names in our industry,” said Rob DeMartini, CEO of Purple. “Mattress Firm has long been an important and valued relationship to Purple, and by broadening our retail footprint in Mattress Firm stores nationwide, we have an opportunity to generate meaningful top-line growth while bringing better sleep and health to customers across the country. These relationships, coupled with our new debt financing, provides Purple with increased financial flexibility to continue to invest behind innovation and consumer awareness while adding further durability to our business. We are excited to embark on this strengthened relationship with Somnigroup and to the tremendous value it will create for our shareholders, customers, and all Purple stakeholders.”

“We are pleased to deepen our relationship with Purple, a brand that resonates with consumers and has brought innovation to the market,” said Scott Thompson, Chairman, President, and CEO of Somnigroup. “Offering more Purple premium mattresses in Mattress Firm stores across the country will help Mattress Firm further cement its position as a leading multi-branded retailer with a product suite to meet the full range of consumer preferences. Our expanded relationship with Purple underscores our strong conviction in its future success and the significant value we believe our comprehensive distribution and manufacturing capabilities can bring to its business. The Purple and Somnigroup teams look forward to working together to improve people’s lives through better sleep.”

Expanded Distribution

Mattress Firm, the U.S.-based multi-branded mattress specialty retailer business unit of Somnigroup, will expand its Purple mattress offerings to all retail locations over the next several months. With Mattress Firm more than doubling the Purple products it showcases across its national store network, the number of dedicated Purple mattress slots in Mattress Firm stores will grow from approximately 5,000 to a minimum of 12,000. The mattress slots will be filled with Purple’s premium mattress lines, including The Purple Mattress, Purple Plus, and Exclusive Mattress Firm mattresses from the Restore and Rejuvenate lines.

As part of its distribution agreement, Purple will grant Somnigroup 8 million equity warrants at a strike price of $1.50 and a term of approximately 10 years. The equity warrants – which are for shares of Purple’s common stock – are consistent with the strike price of all other outstanding Purple equity warrants and do not carry any extraordinary governance rights. Somnigroup will not be on the Board of Directors of Purple.

Purple expects that its increased retail presence in Mattress Firm stores will generate at least $70 million in incremental annual revenue beginning in 2026.

Strategic Supply Support

Sherwood, the private label bedding manufacturer business unit of Somnigroup, will have the exclusive right to assemble certain product lines that Purple sells to Mattress Firm, while Purple will continue to manufacture its GelFlex Grid technology and retain all related Intellectual Property.

Substantial New Financing

Purple also announced that it has received an incremental $20.0 million from existing lenders pursuant to an amendment to its existing credit agreement, bringing the total principal commitment to $100.0 million. The new financing will support Purple’s continued investments in product innovation and advertising. As with the existing term loan, the increased amount includes the ability to PIK interest. In connection with the incremental borrowings, Purple issued to the lenders approximately 6.6 million equity warrants at a strike price of $1.50 and a term of approximately 10 years.

About Purple

Purple is an innovation-led creator of mattresses and pillows, and the originator of pain-relieving GelFlex Grid® technology — the most significant advancement in sleep science for decades. This unique, proprietary feature of Purple products is proven to reduce aches and pains and provides superior pressure relief, temperature balance and responsiveness to movement. The result? Deep, uninterrupted sleep for every type of sleeper. Purple products, including mattresses, pillows, seat cushions, frames and more, can be found online at Purple.com, in over 55 Purple stores and in 3,000+ retailers nationwide.

About Somnigroup

Somnigroup (NYSE: SGI) is the world’s largest bedding company, dedicated to improving people’s lives through better sleep. With superior capabilities in design, manufacturing, distribution and retail, we deliver breakthrough sleep solutions and serve the evolving needs of consumers in more than 100 countries worldwide through our fully-owned businesses, Tempur Sealy, Mattress Firm and Dreams. Our portfolio includes the most highly recognized brands in the industry, including Tempur-Pedic®, Sealy® and Stearns & Foster®, Sleepy’s and our global omni-channel platform enables us to meet consumers wherever they shop, offering a personal connection and innovation to provide a unique retail experience and tailored solutions.

We seek to deliver long-term value for our shareholders through prudent capital allocation, including managing investments in our businesses. We are guided by our core value of Doing the Right Thing and committed to our global responsibility to protect the environment and the communities in which we operate. For more information, please visit www.somnigroup.com.

Forward Looking Statements

Certain statements made in this release that are not historical facts are “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Statements based on historical data are not intended and should not be understood to indicate the Company’s expectations regarding future events. Forward-looking statements provide current expectations or forecasts of future events or determinations. Such forward-looking statements include statements relating to the commercial relationship with Somnigroup, the number of slots to be allocated to Purple and related number of stores, anticipated incremental revenue from the expanded Somnigroup commercial relationship, and the durability of our business. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Factors that could influence the realization of forward-looking statements include, among others: changes in economic, financial and end-market conditions in the markets in which we operate; fluctuations in raw material prices and cost of labor; the financial condition of our customers and suppliers; competitive pressures, including the need for technology improvement, successful new product development and introduction; changes in consumer demand, including pullbacks in consumer spending; disruptions to our manufacturing processes and supply chain; and the risk factors outlined in the “Risk Factors” section of our Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 14, 2025, and in our other filings made with the SEC. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Gasthalter & Co.
Amanda Shpiner/Sam Fisher
212-257-4170
[email protected]

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SOURCE Purple Innovation, LLC

May 6, 2025 4:04 pm

WOW! REPORTS FIRST QUARTER 2025 RESULTS

PR Newswire

Greenfield markets now pass 75.6 thousand homes with a penetration rate at 16.3%

ENGLEWOOD, Colo.
, May 6, 2025 /PRNewswire/ — WideOpenWest, Inc. (“WOW!” or the “Company”) (NYSE: WOW), one of the nation’s leading broadband providers, with an efficient, high-performing network that passes nearly 2.0 million residential, business and wholesale consumers, today announced financial and operating results for the first quarter ended March 31, 2025.

First Quarter 2025 Highlights

⁽¹⁾

Total Revenue of $150.0 million, a decrease of $11.5 million, or 7.1%, compared to the first quarter of 2024
HSD Revenue totaled $105.4 million, a decrease of $0.8 million, or 0.8%, compared to the first quarter of 2024
Net Loss was $13.9 million for the quarter ended March 31, 2025
Adjusted EBITDA of $76.7 million, an increase of $9.3 million, or 13.8%, compared to the first quarter of 2024
Net loss of 4,500 HSD RGUs for the quarter ended March 31, 2025
Passed approximately 13,700 new homes and added 2,000 subscribers in the Greenfield markets during the first quarter of 2025, bringing total homes passed to 75,600 in Greenfield markets with a penetration rate of 16.3%

“Our first quarter results build on the momentum in our Greenfield markets that we carried forward from last year. We have now passed 75,600 homes across our new markets in Hernando Beach, Florida, Central Florida, Brighton, Michigan and Greenville County, South Carolina,” said Teresa Elder, WOW!’s CEO. “Combined with low-churn and record ARPU, our expansion strategy continues to drive growth in our new markets.”

“Effective cost management, and strategic investment in both our Greenfield and legacy markets, led to Adjusted EBITDA growth of 13.8% year-over-year and record Adjusted EBITDA margins of 51.1%,” said John Rego, WOW!’s CFO. “Strong results in our Greenfield markets reinforces our confidence in our strategy and commitment to further build on this success.”

Revenue

Total Revenue was $150.0 million for the quarter ended March 31, 2025, down $11.5 million, or 7.1%, as compared to the corresponding period in 2024.

Total Subscription Revenue for the quarter ended March 31, 2025 was $138.5 million, down $10.5 million, or 7.0%, as compared to the corresponding period in 2024. The decrease is primarily driven by a $10.5 million shift in service offering mix as a result of the reduction in RGUs, coupled with a $7.4 million decrease in volume across all services. This decrease was partially offset by a $7.4 million increase in average revenue per unit (“ARPU”) as a result of rate increases in the fourth quarter of 2024 and the first quarter of 2025. ARPU is calculated as subscription revenue for each of the HSD, Video and Telephony services divided by the average total RGUs for each service category for the respective period.

Other Business Services Revenue totaled $4.9 million for the quarter ended March 31, 2025, down $0.4 million, or 7.5%, as compared with the corresponding period in 2024 primarily due to decreases in wholesale and data center revenue.

Other Revenue totaled $6.6 million for the quarter ended March 31, 2025, down $0.6 million, or 8.3%, as compared to the corresponding period in 2024 primarily due to advertising and paper statement revenue, partially offset by an increase in partner streaming fee revenue.

(1)

Refer to “Non-GAAP Financial Measures” “Unaudited Reconciliations of GAAP Measures to Non-GAAP Measures,” and “Subscriber Information” in this Press Release for definitions and information related to Adjusted EBITDA, Adjusted EBITDA margin and reconciliation of non-GAAP measures to the closest comparable GAAP measures and why our management thinks it is beneficial to present such non-GAAP measures.

Costs and Expenses

Operating Expenses (excluding Depreciation and Amortization) totaled $59.0 million for the quarter ended March 31, 2025, down $8.5 million, or 12.6%, compared to the corresponding period in 2024. The decrease is primarily driven by decreases in direct operating expense, specifically programming expense of $8.1 million, which aligns with the reduction in Video RGUs between periods, as well as reduction in call center related expenses and bad debt expenses partially offset by increases in building maintenance and utilities, and hardware and software expenses. Selling, General, and Administrative expenses totaled $31.5 million for the quarter ended March 31, 2025, down $4.9 million, or 13.5%, compared to the corresponding period in 2024. The decrease is primarily due to reductions in certain cash compensation expenses, marketing expenses, and stock compensation expense, as well as the receipt of business continuity insurance recoveries, partially offset by increases in professional and legal services.

Net Loss

Net Loss for the quarter ended March 31, 2025 was $13.9 million as compared to net loss of $15.0 million for the quarter ended March 31, 2024. Net Profit Margin was (9.3)% for both quarters ended March 31, 2025 and March 31, 2024.

Adjusted EBITDA

Adjusted EBITDA for the quarter ended March 31, 2025 was $76.7 million, an increase of $9.3 million compared to the corresponding period in 2024. Adjusted EBITDA margin was 51.1% for the quarter ended March 31, 2025, as compared to 41.7% for the quarter ended March 31, 2024.

Subscribers

WOW! reported Total Subscribers of approximately 473,800 as of March 31, 2025, a decrease of 26,900, or 5%, compared to March 31, 2024, down 4,900 compared to December 31, 2024. HSD RGUs totaled 465,900 as of March 31, 2025, a decrease of 23,800, or 5%, compared to March 31, 2024, and down 4,500 compared to December 31, 2024.

Market Expansion

Market Expansion projects passed an additional 15,200 homes for the quarter ended March 31, 2025, including 13,700 additional homes in Greenfield markets and 1,500 additional homes in Edge-out projects. In total, Greenfield markets now pass a total of 75,600 homes and 12,300 subscribers, representing a 16.3% penetration rate.

At March 31, 2025, the 2025 Edge-out projects passed 1,500 new homes and 400 subscribers, representing a 26.7% penetration rate. The 2024 Edge-out projects passed 8,300 new homes and 3,700 subscribers, which represents 44.6 % penetration rate. The 2023 Edge-out projects passed 18,500 new homes and 5,800 subscribers, which represents 31.4% penetration rate.

Capital Expenditures

Capital Expenditures totaled $38.9 million for the quarter ended March 31, 2025, representing a $33.6 million decrease compared to the quarter ended March 31, 2024. The decrease is primarily related to decreases in scalable infrastructure, line extensions, and support capital and other as a result of the timing of spend on market expansion initiatives. Core Capital Expenditures, or total capital expenditures excluding expansion capital expenditures, equated to 16% of Total Revenue for the quarter ended March 31, 2025.

Liquidity and Leverage

As of March 31, 2025, the total outstanding amount of long-term debt and finance lease obligations was $1,033.9 million, and cash was $28.8 million. Total Net Leverage as of March 31, 2025, was 3.4x on a LTM Adjusted EBITDA basis and undrawn revolver capacity totaled $130.7 million.

Acquisition Proposal Update

On May 2, 2024, the WOW! Board of Directors received an unsolicited non-binding preliminary acquisition proposal from DigitalBridge Investments, LLC and various Crestview entities. A special committee of independent directors has been formed to evaluate the Proposal. The Special Committee has retained Centerview Partners and Wachtell, Lipton, Rosen & Katz as its financial and legal advisors. The work of the Special Committee is ongoing. WOW! does not undertake any obligation to make any further public comment or disclosure on matters related to the proposal or related matters unless and until WOW! determines that additional disclosure is appropriate or required by law.

Q2 2025 Guidance

		Q2 2025
HSD Revenue		$101.0-$104.0
Total Revenue		$141.0-$144.0
Adjusted EBITDA		$65.0-$68.0

HSD net additions		(6,500)-(4,500)

Webcast

WOW! will host a webcast and conference call on Tuesday, May 6, 2025 at 4:30 p.m. ET to discuss the financial and operating results contained in this press release. The conference call and webcast will be broadcast live on the Company’s investor relations website at ir.wowway.com. Those parties interested in participating can use the information as follows:

Call Date:	Tuesday, May 6, 2025	Call Time:	4:30 p.m. Eastern
Dial In:	(800) 715-9871	International:	(646) 307-1963
Conf. ID:	2688718

A replay of the call will be available on the investor relations website.

WIDEOPENWEST, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (unaudited)

	March 31,		December 31,
	2025		2024
	(in millions, except share data)
Assets
Current assets
Cash	$	28.8	$	38.8
Accounts receivable—trade, net of allowance for credit losses of $3.3 and $3.3, respectively		33.5		32.0
Accounts receivable—other		5.7		2.1
Prepaid expenses and other		43.3		38.9
Total current assets		111.3		111.8
Right-of-use lease assets—operating		19.6		19.3
Property, plant and equipment, net		822.0		831.2
Franchise operating rights		278.3		278.3
Goodwill		225.1		225.1
Intangible assets subject to amortization, net		0.6		0.6
Other non-current assets		45.4		46.2
Total assets	$	1,502.3	$	1,512.5
Liabilities and stockholders’ equity
Current liabilities
Accounts payable—trade	$	41.5	$	42.2
Accrued interest		18.8		19.8
Current portion of long-term lease liability—operating		4.6		4.6
Accrued liabilities and other		59.4		72.8
Current portion of long-term debt and finance lease obligations		20.1		20.0
Current portion of unearned service revenue		23.3		23.8
Total current liabilities		167.7		183.2
Long-term debt and finance lease obligations, net of debt issuance costs —less current portion		1,013.8		997.4
Long-term lease liability—operating		17.0		16.9
Deferred income taxes, net		94.9		91.0
Other non-current liabilities		12.9		15.2
Total liabilities		1,306.3		1,303.7
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.01 par value, 100,000,000 shares authorized; 0 shares issued and outstanding		—		—
Common stock, $0.01 par value, 700,000,000 shares authorized; 101,249,624 and 100,219,835 issued as of March 31, 2025 and December 31, 2024, respectively; 85,587,885 and 84,810,418 outstanding as of March 31, 2025 and December 31, 2024, respectively		1.0		1.0
Additional paid-in capital		405.3		402.9
Retained earnings (accumulated deficit)		(52.4)		(38.5)
Treasury stock at cost, 15,661,739 and 15,409,417 shares as of March 31, 2025 and December 31, 2024, respectively		(157.9)		(156.6)
Total stockholders’ equity		196.0		208.8
Total liabilities and stockholders’ equity	$	1,502.3	$	1,512.5

WIDEOPENWEST, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED (unaudited)

	Three months ended
	March 31,
	2025		2024
	(in millions, except for share data)
Revenue:
HSD	$	105.4	$	106.2
Video		22.9		31.8
Telephony		10.2		11.0
Total subscription services revenue		138.5		149.0
Other business services		4.9		5.3
Other		6.6		7.2
Total revenue		150.0		161.5

Costs and expenses:
Operating (excluding depreciation and amortization)		59.0		67.5
Selling, general and administrative		31.5		36.4
Depreciation and amortization		50.8		52.4
		141.3		156.3
Income from operations		8.7		5.2
Other income (expense):
Interest expense		(27.5)		(21.0)
Other income, net		—		0.3
Loss from operations before provision for income tax		(18.8)		(15.5)
Income tax benefit		4.9		0.5
Net loss	$	(13.9)	$	(15.0)

Basic and diluted loss per common share
Basic	$	(0.17)	$	(0.18)
Diluted	$	(0.17)	$	(0.18)
Weighted-average common shares outstanding
Basic		82,249,490		81,347,672
Diluted		82,249,490		81,347,672

WIDEOPENWEST, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

	Three months ended
	March 31,
	2025		2024
	(in millions)
Cash flows from operating activities:
Net loss	$	(13.9)	$	(15.0)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		52.1		52.7
Deferred income taxes		3.9		(1.4)
Provision for credit losses		2.0		2.7
Gain on sale of operating assets, net		(1.3)		(0.3)
Amortization of debt issuance costs and discount		1.5		0.4
Change in fair value of derivative instruments		2.8		1.1
Non-cash compensation		2.4		3.0
Other non-cash items		—		(0.2)
Changes in operating assets and liabilities:
Receivables and other operating assets		(10.9)		(6.0)
Payables and accruals		(21.9)		(3.8)
Net cash provided by operating activities	$	16.7	$	33.2
Cash flows from investing activities:
Capital expenditures	$	(38.9)	$	(72.5)
Other investing activities		1.2		—
Net cash used in investing activities	$	(37.7)	$	(72.5)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	$	20.0	$	40.0
Payments on long-term debt and finance lease obligations		(7.7)		(5.4)
Reimbursement of finance lease payments		—		1.7
Purchase of shares		(1.3)		(1.2)
Net cash provided by financing activities	$	11.0	$	35.1
Decrease in cash and cash equivalents		(10.0)		(4.2)
Cash, beginning of period		38.8		23.4
Cash, end of period	$	28.8	$	19.2
Supplemental disclosures of cash flow information:
Cash paid during the periods for interest, net	$	24.3	$	19.3
Insurance proceeds received for business interruption	$	0.5	$	—
Indemnification proceeds received for patent litigation	$	0.5	$	1.8
Non-cash operating activities:
Operating lease additions	$	1.4	$	2.5
Non-cash investing and financing activities:
Finance lease additions	$	2.9	$	0.5
Excise tax payable	$	—	$	0.4
Capital expenditures within accounts payable and accruals	$	30.4	$	41.4

About WOW! Internet, TV & Phone

WOW! is one of the nation’s leading broadband providers, with an efficient and high-performing network that passes nearly 2 million residential, business and wholesale consumers. WOW! provides services in 19 markets, primarily in the Midwest and Southeast, including Michigan, Alabama, Tennessee, South Carolina, Georgia and Florida, including the new all-fiber networks in Central Florida, Hernando County, Florida and Greenville County, South Carolina. With an expansive portfolio of advanced services, including high-speed Internet services, cable TV, home phone, mobile phone, business data, voice, and cloud services, the company is dedicated to providing outstanding service at affordable prices. WOW! also serves as a leader in exceptional human resources practices, having been recognized 11 times by the National Association for Business Resources as a Best & Brightest Company to Work For in the Nation, winning the award for the last seven consecutive years and making the 2024 Top 101 National Winners list. Visit wowway.com for more information.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements in this press release, including statements related to any future events or potential transactions, that are not historical facts contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements represent our goals, beliefs, plans and expectations about our prospects for the future and other future events. Forward-looking statements include all statements that are not historical fact and can be identified by terms such as “may,” “intend,” “might,” “will,” “should,” “could,” “would,” “anticipate,” “expect,” “believe,” “estimate,” “plan,” “project,” “predict,” “potential,” or the negative of these terms. Although these forward-looking statements reflect our good-faith belief and reasonable judgment based on current information, these statements are qualified by important factors, many of which are beyond our control that could cause our actual results to differ materially from those in the forward-looking statements. These factors and other risks that could cause our actual results to differ materially include all matters relating to the acquisition proposal (including any response by the Company to such proposal, any further actions that may be taken by Crestview, DigitalBridge or any third party, any transaction that may result from the proposal or otherwise, the possibility that no transaction may result from the proposal or any impact on our business or operations as a result of the proposal), the effects of adverse weather events, including recent hurricanes in the southeastern U.S., and the other matters set forth in the section entitled “Risk Factors” in our Annual Report filed on Form 10-K with the Securities and Exchange Commission (“SEC”) and other reports subsequently filed with the SEC. Given these uncertainties, you should not place undue reliance on any such forward-looking statements. The forward-looking statements included in this report are made as of the date hereof or the date specified herein, based on information available to us as of such date. Except as required by law, we assume no obligation to update these forward-looking statements, even if new information becomes available in the future.

Non-GAAP Financial Measures

The Company has included certain non-GAAP financial measures in this release, including Adjusted EBITDA and Adjusted EBITDA margin. These terms, as defined herein, are not intended to be considered in isolation, as a substitute for, or superior to, the financial information prepared and presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”). These terms may vary from the use of similar terms by other companies in our industry due to different methods of calculation and therefore are not necessarily comparable.

We believe that these non-GAAP measures enhance an investor’s understanding of our financial performance. We believe that these non-GAAP measures are useful financial metrics to assess our operating performance from period to period by excluding certain items that we believe are not representative of our core business. We believe that these non-GAAP measures provide investors with useful information for assessing the comparability between periods of our ability to generate cash from operations sufficient to pay taxes, to service debt and to undertake Capital Expenditures. We use these non-GAAP measures for business planning purposes and in measuring our performance relative to that of our competitors. We believe these non-GAAP measures are measures commonly used by investors to evaluate our performance and that of our competitors.

Adjusted EBITDA eliminates the impact of expenses that do not relate to overall business performance and is defined by WOW! as net income (loss) before interest expense, income taxes, depreciation and amortization (including impairments), impairment losses on intangibles and goodwill, write-off of any asset, loss on early extinguishment of debt, integration and restructuring expenses and all non‑cash charges and expenses (including stock compensation expense) and certain other income and expenses. Adjusted EBITDA should not be considered as an alternative to net income (loss), operating income or any other performance measures derived in accordance with GAAP as measures of operating performance, operating cash flows or liquidity.

Refer to “Reconciliations of GAAP Measures to Non-GAAP Measures” and the accompanying tables below for a reconciliation of Adjusted EBITDA to Net Income and Adjusted EBITDA margin to Net Profit margin which are the most directly comparable corresponding GAAP financial measures.

Subscriber Information

The Company uses the terms defined below throughout this release.

Homes passed are reported as the number of serviceable addresses, such as single residence homes, apartments and condominium units, and businesses passed by our broadband network and listed in our database.

We deliver multiple services to our customers, as such we report Total Subscribers as the number of Subscribers who receive at least one of our HSD, Video or Telephony services, without regard to which or how many services they subscribe. We define each of the individual HSD Subscribers, Video Subscribers and Telephony Subscribers as a Revenue Generating Unit (“RGU”).

While we take appropriate steps to ensure subscriber information is presented on a consistent and accurate basis at any given balance sheet date, we periodically review our policies in light of the variability we may encounter across our different markets due to the nature and pricing of products and services and billing systems. Accordingly, we may from time to time make appropriate adjustments to our subscriber information based on such reviews.

WIDEOPENWEST, INC. AND SUBSIDIARIES Reconciliations of GAAP Measures to Non-GAAP Measures (unaudited)

The following table provides a reconciliation of Adjusted EBITDA and Adjusted EBITDA Margin to Net (Loss) Income and Net Profit Margin for the periods presented:

	Three months ended
	March 31,
	2025		2024
	(in millions)
Net loss	$	(13.9)	$	(15.0)
Net Profit Margin		(9.3) %		(9.3) %

Plus: Depreciation and amortization		50.8		52.4
Interest expense		27.5		21.0
Non-recurring professional fees, M&A integration and restructuring expense		15.3		8.6
Patent litigation settlement		(0.5)		(1.8)
Non-cash stock compensation		2.4		3.0
Other income, net		—		(0.3)
Income tax benefit		(4.9)		(0.5)
Adjusted EBITDA	$	76.7	$	67.4
Adjusted EBITDA Margin		51.1 %		41.7 %

WIDEOPENWEST, INC. AND SUBSIDIARIES Capital Expenditures and Subscriber Information (unaudited)

The following table provides additional information regarding our Capital Expenditures for the periods presented:

	Three months ended
	March 31,
	2025			2024
	(in millions)
Customer premise equipment	$	15.9	$	18.6
Scalable infrastructure		11.6		32.6
Support capital and other		6.4		10.2
Line extensions		5.0		11.1
Total	$	38.9	$	72.5
Capital expenditures included in total related to:
Greenfields	$	10.8	$	43.1
Business services	$	2.0	$	2.2
Edge-outs	$	1.9	$	1.7

The following table provides an unaudited summary of our subscriber information:

	Mar. 31,	Jun. 30,	Sep. 30,	Dec. 31,	Mar. 31,
	2024	2024	2024	2024	2025
Homes Passed	1,948,500	1,956,700	1,952,200	1,962,100	1,977,600
Total Subscribers	500,700	495,200	490,500	478,700	473,800
HSD RGUs	489,700	485,000	480,600	470,400	465,900
Video RGUs	79,300	71,600	66,300	60,600	48,900
Telephony RGUs	77,700	75,700	73,700	71,600	69,200
Total RGUs	646,700	632,300	620,600	602,600	584,000

Additional Information Available on Website:

The information in this press release should be read in conjunction with the financial statements and footnotes contained in the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, which will be posted on of our investor relations website at ir.wowway.com, when it is filed with the Securities and Exchange Commission. A slide presentation to accompany the conference call and a trending schedule containing historical customer and financial data will also be available on our website.

View original content to download multimedia:https://www.prnewswire.com/news-releases/wow-reports-first-quarter-2025-results-302446414.html

SOURCE WideOpenWest, Inc.

May 6, 2025 4:04 pm

Caribou Biosciences to Participate in the BofA Securities 2025 Health Care Conference

BERKELEY, Calif., May 06, 2025 (GLOBE NEWSWIRE) — Caribou Biosciences, Inc. (Nasdaq: CRBU), a leading clinical-stage CRISPR genome-editing biopharmaceutical company, today announced Rachel Haurwitz, PhD, Caribou’s president and chief executive officer, will participate in a fireside chat at the BofA Securities 2025 Health Care Conference on May 13^th at 2:35 PM PDT.

For more information and a link to the webcast, visit the Events page on Caribou’s website. Webcasts will be available on the Caribou website for at least 30 days after the event.

About Caribou Biosciences, Inc.

Caribou Biosciences is a clinical-stage CRISPR genome-editing biopharmaceutical company dedicated to developing transformative therapies for patients with devastating diseases. The company’s genome-editing platform, including its Cas12a chRDNA technology, enables superior precision to develop cell therapies that are armored to potentially improve activity against diseases. Caribou is focused on CB-010 and CB-011 as off-the-shelf CAR-T cell therapies that have the potential to provide broad access and rapid treatment for patients with hematologic malignancies. Follow us @CaribouBio and visit www.cariboubio.com.

Caribou Biosciences, Inc. contacts:

Investors:
Amy Figueroa, CFA
[email protected]

Media:
Peggy Vorwald, PhD
[email protected]

May 6, 2025 4:04 pm

Redfin Reports First Quarter 2025 Financial Results

Redfin Reports First Quarter 2025 Financial Results

SEATTLE–(BUSINESS WIRE)–
Redfin Corporation (NASDAQ: RDFN) today announced results for its first quarter ended March 31, 2025.

First Quarter 2025

First quarter revenue was $221.0 million, a decrease of 2% compared to the first quarter of 2024. Gross profit was $70.6 million, flat year-over-year. Real estate services gross profit was $19.9 million, a decrease of 2% year-over-year, and real estate services gross margin was 16%, compared to 15% in the first quarter of 2024.

Net loss was $92.5 million, compared to a net loss of $66.8 million in the first quarter of 2024. Net loss per share attributable to common stock, diluted, was $0.73, compared to net loss per share, diluted, of $0.57 in the first quarter of 2024.

Adjusted EBITDA loss was $32.0 million, down from an adjusted EBITDA loss of $27.6 million in the first quarter of 2024.

“Redfin profits were at the high end of the guidance we gave investors in our last earnings call,” said Redfin CEO Glenn Kelman. “The number of Redfin lead agents increased 32% year on year, and loyalty sales increased 40% year on year, thanks to our new plan to pay agents entirely on commission. And since the March 10th announcement of Redfin’s agreement to be bought by Rocket, many Redfin employees, from agents to engineers, have been over the moon about Rocket’s vision of a home-ownership platform. We can’t wait to join Rocket and build the future of homeownership.”

First Quarter Highlights

Firstquarter market share was 0.75% of U.S. existing home sales by units, compared to 0.77% in the first quarter of 2024.

Redfin’s mobile apps and website reached approximately 46 million monthly average visitors, compared to 49 million the first quarter of 2024.

Achieved the best quarter on record for mortgage cross-selling with a 29% attach rate, up from 28% in the first quarter of 2024.¹

Increased momentum in loyalty sales, with 40% of sales coming from loyalty customers in the first quarter, compared to 35% in the first quarter of 2024.

Welcomed more than 360 new Redfin agents as we continue to build upon the success of Redfin Next. We had an average of 2,190 lead agents in the first quarter, up 32% compared to the first quarter of 2024. We’ve continued to see net additions with 2,265 lead agents at the end of March 2025.

Announced a partnership with Zillow to become Redfin’s exclusive provider of multifamily rental listings across our network of sites. The partnership gives Redfin visitors access to one of the fastest-growing databases of rental listings and is expected to drive long-term profits for our rentals business.

Launched dark mode on iOS, making Redfin one of the first major real estate search apps to provide users with a more comfortable and customizable search experience.

(1) Attach rate reflects total closed loans for Redfin buy-side customers divided by Redfin buy-side transactions with a mortgage (excluding cash transactions) for the period. We previously reported only the inclusive attach rate (includes cash transactions in the denominator), which was 23% in Q1 2025, compared to 22% in Q1 2024.

Transaction with Rocket Companies

Due to Redfin’s pending acquisition by Rocket Companies, which was announced on March 10, 2025, Redfin will not be hosting a webcast or conference call to discuss results. Furthermore, Redfin will not be providing financial guidance for the second quarter of 2025 in light of the pending transaction. For further detail and discussion of our financial performance, please refer to our quarterly report on Form 10-Q for the quarter ended March 31, 2025, filed today with the SEC.

Non-GAAP Financial Measure

To supplement our consolidated financial statements that are prepared and presented in accordance with GAAP, we also compute and present adjusted EBITDA, which is a non-GAAP financial measure. We believe adjusted EBITDA is useful for investors because it enhances period-to-period comparability of our financial statements on a consistent basis and provides investors with useful insight into the underlying trends of the business. The presentation of this financial measure is not intended to be considered in isolation or as a substitute of, or superior to, our financial information prepared and presented in accordance with GAAP. Our calculation of adjusted EBITDA may be different from adjusted EBITDA or similar non-GAAP financial measures used by other companies, limiting its usefulness for comparison purposes. Our adjusted EBITDA for the three months ended March 31, 2025 and 2024 is presented below, along with a reconciliation of adjusted EBITDA to net loss.

Forward-Looking Statements

This communication contains statements herein regarding the proposed transaction between Rocket Companies, Inc. (“Rocket”) and Redfin Corporation (“Redfin”); future financial and operating results; benefits and synergies of the transaction; future opportunities for the combined company; the conversion of equity interests contemplated by the Agreement and Plan of Merger (the “Merger Agreement”) entered into by Rocket and Redfin on March 9, 2025; the issuance of common stock of Rocket contemplated by the Merger Agreement; the expected timing of the closing of the proposed transaction; the ability of the parties to complete the proposed transaction considering the various closing conditions and any other statements about future expectations that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements in this communication, other than statements of historical fact, are forward-looking statements that may be identified by the use of words “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and, in each case, their negative or other various or comparable terminology. Such forward-looking statements are based upon current beliefs, expectations and discussions related to the proposed transaction and are subject to significant risks and uncertainties that could cause actual results to differ materially from the results expressed in such statements.

Risks and uncertainties include, among other things, (i) the risk that the proposed transaction may not be completed in a timely basis or at all, which may adversely affect Rocket’s and Redfin’s businesses and the price of their respective securities; (ii) the potential failure to receive, on a timely basis or otherwise, the required approvals of the proposed transaction, including stockholder approval by Redfin’s stockholders, and the potential failure to satisfy the other conditions to the consummation of the proposed transaction; (iii) the effect of the announcement, pendency or completion of the proposed transaction on each of Rocket’s or Redfin’s ability to attract, motivate, retain and hire key personnel and maintain relationships with lead agents, partner agents and others with whom Rocket or Redfin does business, or on Rocket’s or Redfin’s operating results and business generally; (iv) that the proposed transaction may divert management’s attention from each of Rocket’s and Redfin’s ongoing business operations; (v) the risk of any legal proceedings related to the proposed transaction or otherwise, including the risk of stockholder litigation in connection with the proposed transaction, or the impact of the proposed transaction thereupon, including resulting expense or delay; (vi) that Rocket or Redfin may be adversely affected by other economic, business and/or competitive factors; (vii) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement, including in circumstances which would require payment of a termination fee; (viii) the risk that restrictions during the pendency of the proposed transaction may impact Rocket’s or Redfin’s ability to pursue certain business opportunities or strategic transactions; (ix) the risk that the anticipated benefits and synergies of the proposed transaction may not be fully realized or may take longer to realize than expected; (x) the impact of legislative, regulatory, economic, competitive and technological changes; (xi) risks relating to the value of Rocket securities to be issued in the proposed transaction; (xii) the risk that integration of the Rocket and Redfin businesses post-closing may not occur as anticipated or the combined company may not be able to achieve the growth prospects expected from the transaction; and (xiii) the effect of the announcement, pendency or completion of the proposed transaction on the market price of the common stock of each of Rocket and Redfin.

These risks, as well as other risks related to the proposed transaction, are described in a registration statement on Form S-4 (the “Registration Statement”) filed with the Securities and Exchange Commission (“SEC”), which became effective on May 5, 2025 and a prospectus of Rocket and a proxy of Redfin included therein (the “Proxy Statement/ Prospectus”) in connection with the proposed transaction. While the list of factors presented here and the list of factors presented in the Registration Statement are considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Additional factors that may affect future results are contained in each company’s filings with the SEC, including each company’s most recent Annual Report on Form 10-K, as it may be updated from time to time by quarterly reports on Form 10-Q and current reports on Form 8-K, all of which are available at the SEC’s website http://www.sec.gov. The information set forth herein speaks only as of the date hereof, and any intention or obligation to update any forward-looking statements as a result of developments occurring after the date hereof is hereby disclaimed.

Important Information for Investors and Stockholders

In connection with the proposed transaction, Rocket filed with the SEC the Registration Statement on Form S-4, containing the Proxy Statement/Prospectus. After the Registration Statement has been declared effective by the SEC, the Proxy Statement/Prospectus will be delivered to stockholders of Redfin. Investors and security holders of Rocket and Redfin are urged to read the Registration Statement and any other relevant documents filed with the SEC, including the Proxy Statement/Prospectus that forms a part of the Registration Statement, because they contain important information about Rocket, Redfin, the proposed transaction and related matters. Investors and security holders of Rocket and Redfin may obtain copies of the Registration Statement and the Proxy Statement/Prospectus, as well as other filings with the SEC that will be incorporated by reference into such documents, containing information about Rocket and Redfin, without charge, at the SEC’s website (http://www.sec.gov). Copies of the documents filed with the SEC by Rocket are available free of charge under the SEC Filings heading of the Investor Relations section of Rocket’s website at ir.rocketcompanies.com. Copies of the documents filed with the SEC by Redfin are available free of charge under the Financials & Filings heading of the Investor Relations section of Redfin’s website investors.redfin.com.

Participants in the Solicitation

Rocket and Redfin and their respective directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies from Redfin’s stockholders in respect of the transaction under the rules of the SEC. Information regarding Rocket’s directors and executive officers is available in Rocket’s Annual Report on Form 10-K for the year ended December 31, 2024, as amended by Form 10-K/A Amendment No. 1 (the “Rocket 10-K/A”) filed with the SEC on April 28, 2025, and other documents subsequently filed by Rocket with the SEC, which can be obtained free of charge through the website maintained by the SEC at http://www.sec.gov. Any changes in the holdings of Rocket’s securities by Rocket’s directors or executive officers from the amounts described in the Rocket 10-K/A have been reflected in Statements of Change in Ownership on Form 4 filed with the SEC subsequent to the filing date of the Rocket 10-K/A and are available at the SEC’s website at www.sec.gov. Information regarding Redfin’s directors and executive officers is available in Redfin’s Annual Report on Form 10-K for the year ended December 31, 2024, as amended by Form 10-K/A Amendment No. 1 (the “Redfin 10-K/A”) filed with the SEC on April 25, 2025, and other documents subsequently filed by Redfin with the SEC, which can be obtained free of charge through the website maintained by the SEC at http://www.sec.gov. Any changes in the holdings of Redfin’s securities by Redfin’s directors or executive officers from the amounts described in the Redfin 10-K/A have been reflected in Statements of Change in ownership on Form 4 filed with the SEC subsequent to the filing date of the Redfin 10-K/A and are available at the SEC’s website at www.sec.gov. Additional information regarding the interests of such participants is included in the Registration Statement containing the Proxy Statement/Prospectus and other relevant materials filed with the SEC.

No Offer or Solicitation

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

About Redfin

Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, and title insurance services. We run the country’s #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we’ve saved customers more than $1.8 billion in commissions. We serve approximately 100 markets across the U.S. and Canada and employ over 4,000 people.

Redfin-F

Redfin Corporation and Subsidiaries

Consolidated Balance Sheets

(in thousands, except share and per share amounts, unaudited)

March 31, 2025

December 31, 2024

Assets

Current assets

Cash and cash equivalents

$

183,538

$

124,743

Restricted cash

128

229

Accounts receivable, net of allowances for credit losses of $5,531 and $4,571

39,731

48,730

Loans held for sale

172,744

152,426

Prepaid expenses

31,229

26,853

Other current assets

31,354

22,457

Total current assets

458,724

375,438

Property and equipment, net

38,220

41,302

Right-of-use assets, net

22,536

23,713

Mortgage servicing rights, at fair value

2,614

2,736

Goodwill

461,349

461,349

Intangible assets, net

46,660

99,543

Contract asset, noncurrent

38,180

—

Other assets, noncurrent

7,896

8,376

Total assets

$

1,076,179

$

1,012,457

Liabilities and stockholders’ deficit

Current liabilities

Accounts payable

$

20,113

$

16,847

Accrued and other liabilities

118,726

82,709

Warehouse credit facilities

170,212

146,629

Convertible senior notes, net

73,593

73,516

Lease liabilities

12,749

12,862

Total current liabilities

395,393

332,563

Lease liabilities, noncurrent

18,487

19,855

Convertible senior notes, net, noncurrent

499,181

498,691

Term loan

243,003

243,344

Deferred revenue, noncurrent

77,321

—

Deferred tax liabilities

780

672

Total liabilities

1,234,165

1,095,125

Stockholders’ deficit

Common stock—par value $0.001 per share; 500,000,000 shares authorized; 128,022,988 and 126,389,290 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively

128

126

Additional paid-in capital

922,728

905,506

Accumulated other comprehensive loss

(189

)

(166

)

Accumulated deficit

(1,080,653

)

(988,134

)

Total stockholders’ deficit

(157,986

)

(82,668

)

Total liabilities and stockholders’ deficit

$

1,076,179

$

1,012,457

Redfin Corporation and Subsidiaries

Consolidated Statements of Comprehensive Loss

(in thousands, except share and per share amounts, unaudited)

Three Months Ended March 31,

2025

2024

Revenue

$

221,027

$

225,479

Cost of revenue⁽¹⁾

150,393

154,667

Gross profit

70,634

70,812

Operating expenses

Technology and development⁽¹⁾

39,486

46,429

Marketing⁽¹⁾

39,265

24,878

General and administrative⁽¹⁾

56,467

67,873

Restructuring and reorganization

20,930

889

Total operating expenses

156,148

140,069

Loss from operations

(85,514

)

(69,257

)

Interest income

1,119

1,832

Interest expense

(7,784

)

(4,874

)

Income tax (expense) benefit

(255

)

172

Gain on extinguishment of convertible senior notes

—

5,686

Other expense, net

(85

)

(333

)

Net loss

$

(92,519

)

$

(66,774

)

Dividends on convertible preferred stock

$

—

$

(233

)

Net loss attributable to common stock—basic and diluted

$

(92,519

)

$

(67,007

)

Net loss per share attributable to common stock—basic and diluted

$

(0.73

)

$

(0.57

)

Weighted-average shares to compute net loss per share attributable to common stock—basic and diluted

127,168,402

118,364,267

Net loss

$

(92,519

)

$

(66,774

)

Other comprehensive income

Foreign currency translation adjustments

(23

)

(3

)

Unrealized gain on available-for-sale debt securities

—

40

Comprehensive loss

$

(92,542

)

$

(66,737

)

(1) Includes stock-based compensation as follows:

Three Months Ended March 31,

2025

2024

Cost of revenue

$

2,607

$

2,739

Technology and development

7,342

8,239

Marketing

904

1,431

General and administrative

4,509

5,000

Total

$

15,362

$

17,409

Redfin Corporation and Subsidiaries

Consolidated Statements of Cash Flows

(in thousands, unaudited)

Three Months Ended March 31,

2025

2024

Operating Activities

Net loss

$

(92,519

)

$

(66,774

)

Adjustments to reconcile net loss to net cash provided by operating activities:

Depreciation and amortization

8,309

14,398

Stock-based compensation

15,362

17,409

Contract asset amortization

1,323

—

Amortization of debt discount and issuance costs

851

709

Non-cash lease expense

2,615

3,154

Net gain on IRLCs, forward sales commitments, and loans held for sale

(3,042

)

(4,124

)

Change in fair value of mortgage servicing rights, net

116

(365

)

Gain on extinguishment of convertible senior notes

—

(5,686

)

Other

4,600

263

Change in assets and liabilities:

Accounts receivable, net

8,999

(3,245

)

Prepaid expenses and other assets

(1,620

)

(4,718

)

Accounts payable

3,263

5,432

Accrued and other liabilities and deferred tax liabilities

14,537

8,155

Deferred revenue

97,321

—

Lease liabilities

(3,384

)

(4,089

)

Origination of mortgage servicing rights

(44

)

(61

)

Proceeds from sale of mortgage servicing rights

50

269

Origination of loans held for sale

(774,556

)

(828,421

)

Proceeds from sale of loans originated as held for sale

755,697

821,714

Net cash provided by (used in) operating activities

37,878

(45,980

)

Investing activities

Purchases of property and equipment

(3,234

)

(3,558

)

Sales of investments

—

39,225

Maturities of investments

—

6,395

Net cash (used in) provided by investing activities

(3,234

)

42,062

Financing activities

Proceeds from the issuance of common stock pursuant to employee equity plans

1,835

94

Tax payments related to net share settlements on restricted stock units

(721

)

(529

)

Borrowings from warehouse credit facilities

783,547

827,186

Repayments to warehouse credit facilities

(759,963

)

(822,562

)

Principal payments under finance lease obligations

—

(27

)

Repurchases of convertible senior notes

—

(42,525

)

Repayment of term loan principal

(625

)

(313

)

Net cash provided by (used in) financing activities

24,073

(38,676

)

Effect of exchange rate changes on cash, cash equivalents, and restricted cash

(23

)

(3

)

Net change in cash, cash equivalents, and restricted cash

58,694

(42,597

)

Cash, cash equivalents, and restricted cash:

Beginning of period

124,972

151,000

End of period

$

183,666

$

108,403

Redfin Corporation and Subsidiaries

Supplemental Financial Information and Business Metrics

(unaudited)

Three Months Ended

Mar. 31,

2025

Dec. 31,

2024

Sep. 30,

2024

Jun. 30,

2024

Mar. 31,

2024

Dec. 31,

2023

Sep. 30,

2023

Jun. 30,

2023

Monthly average visitors (in thousands)

45,659

42,680

49,413

51,619

48,803

43,861

51,309

52,308

Real estate services transactions

Brokerage

9,866

11,441

13,324

14,178

10,039

10,152

13,075

13,716

Partner

2,389

2,922

3,440

3,395

2,691

3,186

4,351

3,952

Total

12,255

14,363

16,764

17,573

12,730

13,338

17,426

17,668

Real estate services revenue per transaction

Brokerage

$

12,084

$

12,249

$

12,363

$

12,545

$

12,433

$

12,248

$

12,704

$

12,376

Partner

2,955

3,027

3,025

2,859

2,367

2,684

2,677

2,756

Aggregate

10,304

10,373

10,447

10,674

10,305

9,963

10,200

10,224

U.S. market share by units

0.75

%

0.72

%

0.76

%

0.77

%

0.77

%

0.72

%

0.78

%

0.75

%

Revenue from top-10 Redfin markets as a percentage of real estate services revenue

55

%

56

%

56

%

56

%

55

%

55

%

56

%

55

%

Average number of lead agents

2,190

1,927

1,757

1,719

1,658

1,692

1,744

1,792

Mortgage originations by dollars (in millions)

$

887

$

1,035

$

1,214

$

1,338

$

969

$

885

$

1,110

$

1,282

Mortgage originations by units

2,111

2,434

2,900

3,192

2,365

2,293

2,786

3,131

Redfin Corporation and Subsidiaries

Supplemental Financial Information

(unaudited, in thousands)

Three Months Ended March 31, 2025

Real estate

services

Rentals

Mortgage

Title

Monetization

Corporate

overhead

Total

Revenue

$

126,278

$

52,288

$

29,318

$

8,637

$

4,506

$

—

$

221,027

Cost of revenue

106,423

12,964

23,912

6,994

100

—

150,393

Gross profit

19,855

39,324

5,406

1,643

4,406

—

70,634

Operating expenses

Technology and development

25,489

10,992

689

108

784

1,424

39,486

Marketing

28,358

10,243

644

18

2

—

39,265

General and administrative

17,731

14,603

6,364

703

947

16,119

56,467

Restructuring and reorganization

—

—

—

—

—

20,930

20,930

Total operating expenses

71,578

35,838

7,697

829

1,733

38,473

156,148

(Loss) income from operations

(51,723

)

3,486

(2,291

)

814

2,673

(38,473

)

(85,514

)

Interest income, interest expense, income tax expense, gain on extinguishment of convertible senior notes, and other expense, net

50

102

5

160

59

(7,381

)

(7,005

)

Net (loss) income

$

(51,673

)

$

3,588

$

(2,286

)

$

974

$

2,732

$

(45,854

)

$

(92,519

)

Three Months Ended March 31, 2025

Real estate

services

Rentals

Mortgage

Title

Monetization

Corporate

overhead

Total

(in thousands)

Net (loss) income

$

(51,673

)

$

3,588

$

(2,286

)

$

974

$

2,732

$

(45,854

)

$

(92,519

)

Interest income⁽¹⁾

(50

)

(102

)

(2,353

)

(160

)

(59

)

(747

)

(3,471

)

Interest expense⁽²⁾

—

—

1,972

—

—

7,782

9,754

Income tax expense

—

—

—

—

—

255

255

Depreciation and amortization

3,079

5,377

864

19

91

201

9,631

Stock-based compensation⁽³⁾

9,041

2,738

387

277

319

2,600

15,362

Transaction-related costs⁽⁴⁾

—

—

—

—

8,100

8,100

Restructuring and reorganization⁽⁵⁾

—

—

—

—

—

20,930

20,930

Adjusted EBITDA

$

(39,603

)

$

11,601

$

(1,416

)

$

1,110

$

3,083

$

(6,733

)

$

(31,958

)

(1) Interest income includes $2.4 million of interest income related to originated mortgage loans for the three months ended March 31, 2025.

(2) Interest expense includes $2.0 million of interest expense related to our warehouse credit facilities for the three months ended March 31, 2025.

(3) Stock-based compensation consists of expenses related to restricted stock units and our employee stock purchase program.

(4) Transaction-related costs consist of fees for external advisory, legal, and other professional services incurred in connection with any mergers, acquisitions, or other significant financing transactions.

(5) Restructuring and reorganization expenses primarily consist of personnel-related costs associated with employee terminations, furloughs, or retention due to the restructuring and reorganization activities, impairment of property and equipment and prepaid expenses, and write-off of customer accounts receivable.

Three Months Ended March 31, 2024

Real estate

services

Rentals

Mortgage

Title

Monetization

Corporate

overhead

Total

Revenue

$

131,180

$

49,518

$

33,819

$

6,513

$

4,449

$

—

$

225,479

Cost of revenue

110,914

11,457

25,904

6,166

226

—

154,667

Gross profit

20,266

38,061

7,915

347

4,223

—

70,812

Operating expenses

Technology and development

28,507

15,512

656

95

737

922

46,429

Marketing

11,177

12,788

906

7

—

—

24,878

General and administrative

19,775

22,478

6,683

827

327

17,783

67,873

Restructuring and reorganization

—

—

—

—

—

889

889

Total operating expenses

59,459

50,778

8,245

929

1,064

19,594

140,069

(Loss) income from operations

(39,193

)

(12,717

)

(330

)

(582

)

3,159

(19,594

)

(69,257

)

Interest income, interest expense, income tax expense, gain on extinguishment of convertible senior notes, and other expense, net

(46

)

7

3

139

105

2,275

2,483

Net (loss) income

$

(39,239

)

$

(12,710

)

$

(327

)

$

(443

)

$

3,264

$

(17,319

)

$

(66,774

)

Three Months Ended March 31, 2024

Real estate

services

Rentals

Mortgage

Title

Monetization

Corporate

overhead

Total

(in thousands)

Net (loss) income

$

(39,239

)

$

(12,710

)

$

(327

)

$

(443

)

$

3,264

$

(17,319

)

$

(66,774

)

Interest income⁽¹⁾

(16

)

(71

)

(2,034

)

(139

)

(105

)

(1,501

)

(3,866

)

Interest expense⁽²⁾

—

—

2,085

—

—

4,873

6,958

Income tax expense

—

60

—

—

—

(232

)

(172

)

Depreciation and amortization

3,184

9,839

964

33

165

213

14,398

Stock-based compensation⁽³⁾

11,388

3,338

276

259

241

1,907

17,409

Gain on extinguishment of convertible senior notes

—

—

—

—

—

(5,686

)

(5,686

)

Legal contingencies⁽⁴⁾

—

—

—

—

—

9,250

9,250

Adjusted EBITDA

$

(24,683

)

$

456

$

964

$

(290

)

$

3,565

$

(7,606

)

$

(27,594

)

(1) Interest income includes $2.0 million of interest income related to originated mortgage loans for the three months ended March 31, 2024.

(2) Interest expense includes $2.1 million of interest expense related to our warehouse credit facilities for the three months ended March 31, 2024.

(3) Stock-based compensation consists of expenses related to restricted stock units and our employee stock purchase program.

(4) Legal contingencies includes expenses related to significant contingent liabilities resulting from litigation or other legal proceedings.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250506045198/en/

Investor Relations

Meg Nunnally

[email protected]

Press

Alina Ptaszynski

[email protected]

KEYWORDS: United States North America Washington

INDUSTRY KEYWORDS: Residential Building & Real Estate Construction & Property Professional Services Insurance

MEDIA:

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Posted on May 6, 2025 4:04 pm
Acumen Pharmaceuticals to Report First Quarter 2025 Financial Results on May 13, 2025

NEWTON, Mass., May 06, 2025 (GLOBE NEWSWIRE) — Acumen Pharmaceuticals, Inc. (NASDAQ: ABOS) (“Acumen” or the “Company”), a clinical-stage biopharmaceutical company developing a novel therapeutic that targets toxic soluble amyloid beta oligomers for the treatment of Alzheimer’s disease, today announced that the Company will report first quarter 2025 financial results on Tuesday, May 13, 2025. The Company will host a conference call and live audio webcast at 8:00 a.m. ET to provide a business and financial update.

To participate in the live conference call, please register using this link. After registration, you will be informed of the dial-in numbers including PIN. Please register at least one day in advance. 

The webcast audio will be available via this link.

An archived version of the webcast will be available for at least 30 days in the Investors section of the Company’s website at www.acumenpharm.com.

About Acumen Pharmaceuticals, Inc.

Acumen Pharmaceuticals is a clinical-stage biopharmaceutical company developing a novel therapeutic that targets toxic soluble amyloid beta oligomers (AβOs) for the treatment of Alzheimer’s disease (AD). Acumen’s scientific founders pioneered research on AβOs, which a growing body of evidence indicates are early and persistent triggers of Alzheimer’s disease pathology. Acumen is currently focused on advancing its investigational product candidate, sabirnetug (ACU193), a humanized monoclonal antibody that selectively targets toxic soluble AβOs, in its ongoing Phase 2 clinical trial ALTITUDE-AD (NCT06335173) in early symptomatic Alzheimer’s disease patients, following positive results in its Phase 1 trial INTERCEPT-AD. The company is headquartered in Newton, Mass. For more information, visit www.acumenpharm.com.

Investors:

Alex Braun
[email protected]

Media:
[email protected]

Posted on May 6, 2025 4:04 pm
Corsair Gaming Reports Strong First Quarter 2025 Growth in Revenue, EBITDA and Gross Margin

Corsair Gaming Reports Strong First Quarter 2025 Growth in Revenue, EBITDA and Gross Margin

Global Manufacturing Strategy Limits Tariff Exposure

MILPITAS, Calif.–(BUSINESS WIRE)–
Corsair Gaming, Inc. (Nasdaq: CRSR) (“Corsair” or the “Company”), a leading global provider and innovator of high-performance products for gamers, streamers, content-creators, and gaming PC builders, today announced financial results for the first quarter ended March 31, 2025.

First Quarter 2025 Select Financial Metrics

Net revenue was $369.8 million compared to $337.3 million in the first quarter of 2024, led by continued growth in the Gamer and Creator Peripherals segment and a rebound in growth in the Gaming Components and Systems segment.

Gamer and Creator Peripherals segment net revenue was $112.0 million compared to $107.0 million in the first quarter of 2024. Gaming Components and Systems segment net revenue was $257.8 million compared to $230.3 million in the first quarter of 2024.

Net loss attributable to common shareholders was $10.1 million, or net loss of $0.10 per diluted share, compared to a net loss of $12.5 million, or net loss of $0.12 per diluted share, in the first quarter of 2024.

Adjusted net income was $12.3 million, or net income of $0.11 per diluted share, compared to adjusted net income of $9.5 million, or net income of $0.09 per diluted share, in the first quarter of 2024.

Adjusted EBITDA was $22.6 million, compared to $18.0 million for the first quarter of 2024.

Cash and restricted cash was $102.5 million as of March 31, 2025.

Definitions of the non-GAAP financial measures used in this press release and reconciliations of such measures to their nearest GAAP equivalents are included below under the heading “Use and Reconciliation of Non-GAAP Financial Measures.”

Andy Paul, Chief Executive Officer of Corsair, stated, “We met our revenue and earnings targets for Q1, reflecting strong execution across the business, with continued growth in the Gamer and Creator Peripherals segment and a rebound in growth in the Gaming Components and Systems segment. One of the key milestones this quarter was the successful initial integration of Fanatec into Corsair, including our website, e-commerce systems, enterprise resource planning, supply chain, and customer support infrastructure. Consumers have responded enthusiastically to the improved product availability, enhanced customer service and better overall experience. We’re excited to bring Fanatec products to key specialist retailers in Q2, further expanding our reach in the enthusiast gaming market and driving incremental revenue growth.”

“Looking ahead to Q2, we expect continued year over year growth in the self-built PC market as GPU availability improves, barring any unexpected tariff-related disruptions and barring any consumer slowdown, which could follow from generally higher prices on other consumer goods. We have proactively built substantial inventory in-country and, based on what we know today, we do not anticipate major tariffs on the core processing components of gaming PCs, including CPUs and GPUs. If that holds, we see no significant barriers to continued momentum in gaming PC builds, especially given the aging GPU install base of 3 to 5 years in systems for a significant portion of our customer base. While casual gaming purchases may soften in a broader economic slowdown, we believe our enthusiast-level products, including high-performance keyboards, mice, and headsets, will remain resilient. Growth in non-China Asia continues to be strong, with increased investment in Japan, South Korea, and other important markets.”

“Finally, we are also starting to see the benefits of AI across our business. Elgato is already shipping AI-enhanced tools like the AI Prompter and AI Wavelink with AiCoustic, and our customer support team is leveraging AI-driven knowledge base systems. We expect AI to be an even more significant growth driver for us as it impacts every aspect of game creation and play.”

Thi La, President and future Chief Executive Officer of Corsair as of July 1, 2025, stated, “Roughly 45% of our business is in the U.S. Based on current tariff policies, and using our Q125 product mix, approximately 80% of our product sales in the U.S. are excluded from tariffs or have tariff rates of 10% or less. In Q1, only 19% of our U.S. imports were sourced from China, and this number is expected to drop during this year. Our supply chain is highly adaptable, and we have the flexibility to shift manufacturing to alternative locations within two to four quarters if needed.”

Michael G. Potter, Chief Financial Officer of Corsair, stated, “We are pleased with the continued improvement in our first quarter performance, particularly the expansion in margins, which reflects our disciplined execution and focus on operational efficiency. From a financial standpoint, we have taken meaningful steps to further strengthen our balance sheet, including reducing debt and enhancing liquidity, which provides us with increased flexibility and resilience in the face of broader market volatility. These improvements not only reinforce our strong financial position but also enable us to strategically invest in innovation and pursue long-term growth opportunities that we believe will build meaningful value for shareholders.”

Given the current uncertainty stemming from newly announced tariffs, and the potential for further tariffs and retaliatory measures, we are not reaffirming our full-year 2025 guidance at this time. However, if current conditions hold, we remain on track to achieve the guidance originally issued on February 12, 2025. We intend to provide an updated outlook later this year as visibility improves.

The information provided above is based on Corsair’s current estimates and is not a guarantee of future performance. These statements are forward-looking and actual results may differ materially. Refer to the “Forward-Looking Statements” section below for information on the factors that could cause Corsair’s actual results to differ materially from these forward-looking statements.

Recent Developments

Power supplies designed for NVIDIA high power GPU cards. With dual 12V-2×6 cables and fully modular cabling, Corsair’s HXi Series platinum power supplies have every connection needed to power today’s most demanding PC upgrades, including the latest, most powerful GPUs, the NVIDIA® RTX 50 series and AMD® 9070 series graphics cards. A new dual-color connector provides visual confirmation of a secure connection, offering additional peace of mind for PC builders.

Expanded Custom labs platform: Launched in 2024, Corsair’s innovative platform empowers gamers to personalize gaming peripherals to create a setup that reflects their unique style and preferences. This includes recent expanded options with the award-winning Call of Duty and Starfieldfranchises across multiple product categories at Corsair including Drop, Elgato, ORIGIN PC and SCUF Gaming. Peter Moreo was recently hired as Custom Solutions VP responsible for forging new marketing partnerships and further expanding Corsair’s custom offerings, as the company continues to build upon its differentiated position with leading brands and gaming enthusiasts.

Porsche launches with Fanatec: The officially licensed CSL Elite Steering Wheel Porsche Vision GT features an intuitive input layout, premium materials and exceptional craftsmanship. Suitable for the full range of Fanatec bases. This is the first steering wheel to use Fanatec’s new Tactaris material, a premium microfiber fabric that enhances durability, comfort, and handling.

Conference Call and Webcast Information

Corsair will host a conference call to discuss the first quarter 2025 financial results today at 2:00 p.m. Pacific Time. The conference call will be accessible on Corsair’s Investor Relations website at https://ir.corsair.com, or by dialing 1-844-676-2245 (USA) or 1-412-634-6652 (International) with conference ID 10198678. A replay will be available approximately 3 hours after the live call ends on Corsair’s Investor Relations website, or through May 13, 2025 by dialing 1-844-512-2921 (USA) or 1-412-317-6671 (International), with passcode 10198678.

About Corsair Gaming

Corsair (Nasdaq: CRSR) is a leading global developer and manufacturer of high-performance products and technology for gamers, content creators, and PC enthusiasts. From award-winning PC components and peripherals to premium streaming equipment and smart ambient lighting, Corsair delivers a full ecosystem of products that work together to enable everyone, from casual gamers to committed professionals, to perform at their very best. Corsair also sells products under its Fanatec brand, the leading end-to-end premium Sim Racing product line; Elgato brand, which provides premium studio equipment and accessories for content creators; SCUF Gaming brand, which builds custom-designed controllers for competitive gamers; Drop, the leading community-driven mechanical keyboard brand; and ORIGIN PC brand, a builder of custom gaming and workstation desktop PCs.

Forward-Looking Statements

This press release contains express and implied forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the Company’s financial outlook for the full year 2025; market headwinds and tailwinds, including its expectations regarding the gaming market’s continued growth; new product launches, the entry into new product categories and demand for new products; the Company’s ability to successfully close and integrate acquisitions and expectations regarding the growth of these acquisitions as well as their estimated impact on the Company’s financial results in future periods and the size of markets and segments in the future. Forward-looking statements are based on our management’s beliefs, as well as assumptions made by, and information currently available to them. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected. Factors which may cause actual results to differ materially from current expectations include, but are not limited to: the Company’s limited operating history, which makes it difficult to forecast the Company’s future results of operations; current macroeconomic conditions, including the impacts of high inflation and risk of recession, on demand for our products, consumer confidence and financial markets generally; changes in trade regulations, policies, and agreements and the imposition of tariffs that affect our products or operations, including potential new tariffs that may be imposed on U.S. imports and our ability to mitigate; the Company’s ability to build and maintain the strength of the Company’s brand among gaming and streaming enthusiasts and ability to continuously develop and successfully market new products and improvements to existing products; the introduction and success of new third-party high-performance computer hardware, particularly graphics processing units and central processing units as well as sophisticated new video games; fluctuations in operating results; the loss or inability to attract and retain key management; the impacts from geopolitical events and unrest; delays or disruptions at the Company or third-parties’ manufacturing and distribution facilities; and the other factors described under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission (“SEC”) and our subsequent filings with the SEC. All forward-looking statements reflect our beliefs and assumptions only as of the date of this press release. We undertake no obligation to update forward-looking statements to reflect future events or circumstances. Our results for the quarter ended March 31, 2025 are also not necessarily indicative of our operating results for any future periods.

Use and Reconciliation of Non-GAAP Financial Measures

To supplement the financial results presented in accordance with GAAP, this earnings release presents certain non-GAAP financial information, including adjusted operating income (loss), adjusted net income (loss), adjusted net income (loss) per diluted share and adjusted EBITDA. These are important financial performance measures for us, but are not financial measures as defined by GAAP. The presentation of this non-GAAP financial information is not intended to be considered in isolation of or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

We use adjusted operating income (loss), adjusted net income (loss), adjusted net income (loss) per share and adjusted EBITDA to evaluate our operating performance and trends and make planning decisions. We believe that these non-GAAP financial measures help identify underlying trends in our business that could otherwise be masked by the effect of the expenses and other items that we exclude in such non-GAAP measures. Accordingly, we believe that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating our operating results, enhancing the overall understanding of our past performance and future prospects, and allowing for greater transparency with respect to the key financial metrics used by our management in our financial and operational decision-making. We also present these non-GAAP financial measures because we believe investors, analysts and rating agencies consider it useful in measuring our ability to meet our debt service obligations.

Our use of these terms may vary from that of others in our industry. These non-GAAP financial measures should not be considered as an alternative to net revenue, operating income (loss), net income (loss), cash provided by operating activities, or any other measures derived in accordance with GAAP as measures of operating performance or liquidity. Reconciliations of these measures to the most directly comparable GAAP financial measures are presented in the attached schedules.

We calculate these non-GAAP financial measures as follows:

Adjusted operating income (loss), non-GAAP, is determined by adding back to GAAP operating income (loss), the impact from amortization, stock-based compensation, one-time costs related to legal and other matters, acquisition and related integration costs, restructuring and other charges, and acquisition accounting impact related to recognizing acquired inventory at fair value.

Adjusted net income (loss), non-GAAP, excludes the impact from amortization, stock-based compensation, one-time costs related to legal and other matters, acquisition and related integration costs, restructuring and other charges, acquisition accounting impact related to recognizing acquired inventory at fair value and the reversal of bargain purchase gain on business acquisition recognized in prior year, as well as the related tax effects of each of these adjustments.

Adjusted net income (loss) per diluted share, non-GAAP, is determined by dividing adjusted net income (loss), non-GAAP by the respective weighted average shares outstanding, inclusive of the impact of other dilutive securities.

Adjusted EBITDA excludes the impact from amortization, stock-based compensation, one-time costs related to legal and other matters, depreciation, interest expense, net, acquisition and related integration costs, restructuring and other charges, acquisition accounting impact related to recognizing acquired inventory at fair value, and the reversal of bargain purchase gain on business acquisition recognized in prior year, and tax expense (benefit).

We encourage investors and others to review our financial information in its entirety, not to rely on any single financial measure and to view these non-GAAP financial measures in conjunction with the related GAAP financial measures.

Corsair Gaming, Inc.

Condensed Consolidated Statements of Operations

(Unaudited, in thousands, except per share amounts)

Three Months Ended

March 31,

2025

2024

Net revenue

$

369,750

$

337,257

Cost of revenue

267,388

250,618

Gross profit

102,362

86,639

Operating expenses:

Sales, general and administrative

86,992

80,217

Product development

17,633

16,641

Total operating expenses

104,625

96,858

Operating loss

(2,263

)

(10,219

)

Other (expense) income:

Interest expense

(2,676

)

(3,691

)

Interest income

630

1,565

Other expense, net

(3,947

)

(461

)

Total other expense, net

(5,993

)

(2,587

)

Loss before income taxes

(8,256

)

(12,806

)

Income tax benefit (expense)

(2,061

)

1,777

Net loss

(10,317

)

(11,029

)

Less: Net income attributable to noncontrolling interest

142

536

Net loss attributable to Corsair Gaming, Inc.

$

(10,459

)

$

(11,565

)

Calculation of net loss per share attributable to common stockholders of Corsair Gaming, Inc.:

Net loss attributable to Corsair Gaming, Inc.

$

(10,459

)

$

(11,565

)

Change in redemption value of redeemable noncontrolling interest

392

(975

)

Net loss attributable to common stockholders of Corsair Gaming, Inc.

$

(10,067

)

$

(12,540

)

Net loss per share attributable to common stockholders of Corsair Gaming, Inc.:

Basic

$

(0.10

)

$

(0.12

)

Diluted

$

(0.10

)

$

(0.12

)

Weighted-average common shares outstanding:

Basic

105,240

103,563

Diluted

105,240

103,563

Corsair Gaming, Inc.

Segment Information

(Unaudited, in thousands, except percentages)

Three Months Ended

March 31,

2025

2024

Net revenue:

Gamer and Creator Peripherals

$

111,973

$

106,973

Gaming Components and Systems

257,777

230,284

Total Net revenue

$

369,750

$

337,257

Gross Profit:

Gamer and Creator Peripherals

$

46,414

$

43,643

Gaming Components and Systems

55,948

42,996

Total Gross Profit

$

102,362

$

86,639

Gross Margin:

Gamer and Creator Peripherals

41.5

%

40.8

%

Gaming Components and Systems

21.7

%

18.7

%

Total Gross Margin

27.7

%

25.7

%

Corsair Gaming, Inc.

Condensed Consolidated Balance Sheets

(Unaudited, in thousands)

March 31,

2025

December 31,

2024

Assets

Current assets:

Cash and restricted cash

$

102,282

$

109,385

Accounts receivable, net

219,216

218,648

Inventories

276,837

259,979

Prepaid expenses and other current assets

35,024

35,376

Total current assets

633,359

623,388

Restricted cash, noncurrent

247

246

Property and equipment, net

28,448

29,742

Goodwill

355,002

354,222

Intangible assets, net

154,943

164,319

Other assets

67,458

63,912

Total assets

$

1,239,457

$

1,235,829

Liabilities

Current liabilities:

Debt maturing within one year, net

$

12,267

$

12,229

Accounts payable

240,114

207,215

Other liabilities and accrued expenses

164,800

176,869

Total current liabilities

417,181

396,313

Long-term debt, net

136,391

161,310

Deferred tax liabilities

7,360

7,379

Other liabilities, noncurrent

55,233

51,375

Total liabilities

616,165

616,377

Temporary equity

Redeemable noncontrolling interest

14,535

15,149

Stockholders’ equity

Common stock and additional paid-in capital

680,027

667,627

Accumulated deficit

(68,832

)

(58,765

)

Accumulated other comprehensive loss

(2,438

)

(4,559

)

Total stockholders’ equity

608,757

604,303

Total liabilities, temporary equity and stockholders’ equity

$

1,239,457

$

1,235,829

Corsair Gaming, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited, in thousands)

Three Months Ended

March 31,

2025

2024

Cash flows from operating activities:

Net loss

$

(10,317

)

$

(11,029

)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

Stock-based compensation

9,322

7,691

Depreciation

3,373

3,087

Amortization

9,782

9,515

Reversal of bargain purchase gain on business acquisition recognized in prior year

2,581

—

Deferred income taxes

(1,016

)

(6,059

)

Other

3,031

758

Changes in operating assets and liabilities:

Accounts receivable

201

46,928

Inventories

(22,237

)

(12,101

)

Prepaid expenses and other assets

2,247

4,437

Accounts payable

34,253

(47,962

)

Other liabilities and accrued expenses

(12,470

)

(21,582

)

Net cash provided by (used in) operating activities

18,750

(26,317

)

Cash flows from investing activities:

Purchase of property and equipment

(3,072

)

(2,520

)

Purchase price adjustment related to business acquisition

—

1,041

Net cash used in investing activities

(3,072

)

(1,479

)

Cash flows from financing activities:

Repayment of debt

(25,000

)

(15,000

)

Payment of deferred and contingent consideration

—

(4,942

)

Proceeds from issuance of shares through employee equity incentive plans

3,440

2,351

Payment of taxes related to net share settlement of equity awards

(390

)

(398

)

Dividend paid to noncontrolling interest

(304

)

(1,960

)

Net cash used in financing activities

(22,254

)

(19,949

)

Effect of exchange rate changes on cash

(526

)

(636

)

Net decrease in cash and restricted cash

(7,102

)

(48,381

)

Cash and restricted cash at the beginning of the period

109,631

178,564

Cash and restricted cash at the end of the period

$

102,529

$

130,183

Corsair Gaming, Inc.

GAAP to Non-GAAP Reconciliations

Non-GAAP Operating Income Reconciliations

(Unaudited, in thousands, except percentages)

Three Months Ended

March 31,

2025

2024

Operating Loss – GAAP

$

(2,263

)

$

(10,219

)

Amortization

9,782

9,515

Stock-based compensation

9,322

7,691

One-time costs related to legal and other matters

—

6,414

Acquisition and related integration costs

2,185

702

Restructuring and other charges

1,095

1,126

Acquisition accounting impact related to recognizing acquired inventory at fair value

515

169

Adjusted Operating Income – Non-GAAP

$

20,636

$

15,398

As a % of net revenue – GAAP

-0.6

%

-3.0

%

As a % of net revenue – Non-GAAP

5.6

%

4.6

%

Corsair Gaming, Inc.

GAAP to Non-GAAP Reconciliations

Non-GAAP Net Income and Net Income Per Share Reconciliations

(Unaudited, in thousands, except per share amounts)

Three Months Ended

March 31,

2025

2024

Net loss attributable to common stockholders of Corsair Gaming, Inc.⁽¹⁾

$

(10,067

)

$

(12,540

)

Less: Change in redemption value of redeemable noncontrolling interest

392

(975

)

Net loss attributable to Corsair Gaming, Inc.

(10,459

)

(11,565

)

Add: Net income attributable to noncontrolling interest

142

536

Net Loss – GAAP

(10,317

)

(11,029

)

Adjustments:

Amortization

9,782

9,515

Stock-based compensation

9,322

7,691

One-time costs related to legal and other matters

—

6,414

Acquisition and related integration costs

2,185

702

Restructuring and other charges

1,095

1,126

Acquisition accounting impact related to recognizing acquired inventory at fair value

515

169

Reversal of bargain purchase gain on business acquisition recognized in prior year

2,581

—

Non-GAAP income tax adjustment

(2,844

)

(5,072

)

Adjusted Net Income – Non-GAAP

$

12,319

$

9,516

Diluted net income (loss) per share:

GAAP

$

(0.10

)

$

(0.12

)

Adjusted, Non-GAAP

$

0.11

$

0.09

Weighted-average common shares outstanding – Diluted:

GAAP

105,240

103,563

Adjusted, Non-GAAP

107,367

106,530

(1) Numerator for calculating net income (loss) per share-GAAP

Corsair Gaming, Inc.

GAAP to Non-GAAP Reconciliations

Adjusted EBITDA Reconciliations

(Unaudited, in thousands, except percentages)

Three Months Ended

March 31,

2025

2024

Net Loss – GAAP

$

(10,317

)

$

(11,029

)

Amortization

9,782

9,515

Stock-based compensation

9,322

7,691

One-time costs related to legal and other matters

—

6,414

Depreciation

3,373

3,087

Interest expense, net of interest income

2,046

2,126

Acquisition and related integration costs

2,185

702

Restructuring and other charges

1,095

1,126

Acquisition accounting impact related to recognizing acquired inventory at fair value

515

169

Reversal of bargain purchase gain on business acquisition recognized in prior year

2,581

—

Income tax (benefit) expense

2,061

(1,777

)

Adjusted EBITDA – Non-GAAP

$

22,643

$

18,024

Adjusted EBITDA margin – Non-GAAP

6.1

%

5.3

%

View source version on businesswire.com: https://www.businesswire.com/news/home/20250506026316/en/

Investor Relations Contact:

David Pasquale

[email protected]

914-337-8801

Media Contact:

Timothy Biba

[email protected]

203-428-3222

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Audio/Video Hardware Online Consumer Electronics General Entertainment Technology Electronic Games Entertainment

MEDIA:

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Posted on May 6, 2025 4:03 pm
Arcutis Announces First Quarter 2025 Financial Results and Provides Business Update

Q1 2025 net product revenue for ZORYVE^® (roflumilast) was $63.8 million, a 196% increase compared to Q1 of 2024, and a 2% decrease compared to Q4 of 2024, due to typical first-quarter deductible resets and insurance changes, and excluding the non-recurring reduction in reserves for product return of $4.1 million reported in Q4 2024

Continued demand growth for ZORYVE of 10%, solidifying its position as most prescribed branded non-steroidal topical treatment across three major inflammatory skin conditions

All three largest national Pharmacy Benefit Managers (PBMs) covering entire ZORYVE portfolio and Medicaid coverage continues to expand

On April 3, 2025, the patent litigation against Padagis was stayed and the court cancelled all case deadlines, including the trial

May 22, 2025 Prescription Drug User Fee Act (PDUFA) action date for ZORYVE foam 0.3% for treatment of individuals with plaque psoriasis of the scalp and body, 12 years and older

WESTLAKE VILLAGE, Calif., May 06, 2025 (GLOBE NEWSWIRE) — Arcutis Biotherapeutics, Inc. (Nasdaq: ARQT), a commercial-stage biopharmaceutical company focused on developing meaningful innovations in immuno-dermatology, today reported financial results for the quarter ended March 31, 2025, and provided a business update.

“In the first quarter we again delivered excellent performance driven by strong demand growth for our ZORYVE portfolio, which offers a distinct and compelling value proposition and provides healthcare providers and their patients with an effective and safe alternative to steroids. We have broad commercial coverage, are continuing to expand Medicaid coverage — with more than 1 in 2 recipients having coverage — and are maintaining our gross-to-net in the 50s,” said Frank Watanabe, president and chief executive officer. “With our team’s execution of our strategy, strong financial position, multiple upcoming catalysts and market expansion opportunities, including additional indications and further coverage expansion for ZORYVE, as well as a promising pipeline, we are confident in our continued growth in 2025 and beyond.”

Program Updates / Key Milestones

ZORYVE cream – a highly potent and selective phosphodiesterase-4 (PDE4) inhibitor in a once-daily cream formulation, approved in the United States for the treatment of plaque psoriasis and atopic dermatitis.

U.S. demand for ZORYVE cream 0.3% in plaque psoriasis continues to grow, with over 425,000 prescriptions filled since launch by over 18,000 unique prescribers, reflecting the high levels of patient and physician satisfaction with the ZORYVE cream clinical profile. ZORYVE cream 0.3% has reached its steady state gross-to-net (GTN).

Launch of ZORYVE cream 0.15% in atopic dermatitis continues to gain momentum with over 69,000 prescriptions filled since launch, with coverage by the three largest national PBMs. The Company anticipates continued improvement in GTN for ZORYVE cream 0.15% in 2025, converging on the GTN of our other products.

The Company submitted a supplemental New Drug Application (sNDA) for ZORYVE cream 0.05% to the FDA for the treatment of atopic dermatitis in children ages 2 to 5, and has been assigned a PDUFA action date of October 13, 2025.

ZORYVE foam – a once-daily foam formulation of topical roflumilast designed to overcome the challenges of delivering topical drugs in hair-bearing areas of the body, approved in the United States for the treatment of seborrheic dermatitis, and under FDA review for scalp and body psoriasis.

Demand for ZORYVE foam 0.3% in seborrheic dermatitis continues to grow robustly each quarter, with over 343,000 prescriptions filled since launch, reflecting the high unmet need in this disease. ZORYVE foam has gained commercial and Medicaid coverage in line with ZORYVE cream 0.3% and is nearing its steady state GTN.

The Company submitted an sNDA for ZORYVE foam for scalp and body psoriasis to the FDA based on the positive results from the pivotal ARRECTOR Phase 3 trial and a Phase 2b trial, and has been assigned a PDUFA action date of May 22, 2025.

ARQ-255 – a topical suspension formulation of ivarmacitinib, a potent and highly selective topical Janus kinase type 1 (JAK1) inhibitor, designed to preferentially deliver the drug deep into the hair follicle, in order to potentially treat alopecia areata at the site of inflammation.

In September 2024, the Company announced that it completed enrollment in a Phase 1b study evaluating ARQ-255 for the treatment of alopecia areata, with data expected in the middle of 2025.

ARQ-234 – a fusion protein that is a potent and highly selective checkpoint agonist of the CD200 Receptor (CD200R), being developed as a potential biologic treatment in atopic dermatitis.

The Company has continued preclinical development efforts and is working towards submitting an Investigational New Drug application in 2025.

Recent Corporate Highlights

The Company appointed Latha Vairavan as Chief Financial Officer effective May 6, 2025.

Obtained two new U.S. patents in Q1 2025 related to topical roflumilast compositions.

In March 2025, at the request of Padagis, Arcutis agreed to a joint stipulation to stay the ongoing patent litigation with Padagis Israel Pharmaceuticals Ltd., Padagis US LLC, and Padagis LLC (Padagis). On April 3, 2025, the court stayed the case and cancelled all case deadlines, including the trial. The 30-month stay will be extended for each day the stay is in place starting March 24, 2025, until the stay is lifted. The parties are not in settlement discussions.

In March 2025, Health Canada approved ZORYVE^® (roflumilast) cream 0.15% for the treatment of atopic dermatitis in individuals 6 years of age and older, and the Company commenced sales in April.

The positive results from Arcutis’s pivotal Phase 3 trial of the efficacy and safety of ZORYVE cream 0.05% for the treatment of mild to moderate atopic dermatitis in children 2 to 5 years old was published in Pediatric Dermatology.

First Quarter 2025 Summary Financial Results

Product revenues for the quarter ended March 31, 2025 were $63.8 million compared to $21.6 million for the corresponding period in 2024. Revenues for the quarter were $23.4 million for ZORYVE (roflumilast) cream 0.3%, $30.2 million for ZORYVE (roflumilast) topical foam 0.3%, and $10.2 million for ZORYVE (roflumilast) cream 0.15%. Year-over-year increases were due to strong unit demand as well as improvements in GTN sales deductions. In addition, the first quarters of 2025 and 2024 included Other revenues of $2.0 million and $3.0 million, respectively, related to license revenues received in connection with the Huadong Pharmaceutical collaboration and licensing agreement. Q1 2024 also included Other revenues of $25.0 million from an upfront payment in connection with the Sato License Agreement.

Cost of sales for the quarter ended March 31, 2025 were $8.8 million compared to $3.3 million for the corresponding period in 2024. The year-over-year increase was due to the cumulative catch-up adjustment related to the $10.0 million milestone payment to AstraZeneca achieved during the quarter, coupled with higher product revenues.

Research and development (R&D) expenses for the quarter ended March 31, 2025 were $17.5 million compared to $23.1 million for the corresponding period in 2024. The year-over-year decrease was due to decreased clinical development costs related to our topical roflumilast program.

Selling, general, and administrative (SG&A) expenses for the quarter ended March 31, 2025 were $64.0 million compared to $54.8 million for the corresponding period in 2024. The year-over-year increase was primarily due to compensation and personnel-related expenses for our continued commercialization efforts for ZORYVE.

Net loss was $25.1 million, or $0.20 per basic and diluted share, for the quarter ended March 31, 2025 compared to $35.4 million, or $0.32 per basic and diluted share, for the corresponding period in 2024.

Cash, cash equivalents, restricted cash, and marketable securities were $198.7 million as of March 31, 2025, compared to $228.6 million as of December 31, 2024. Net cash used in operating activities was $30.4 million during the first quarter.

Conference Call and Webcast
Arcutis management will host a conference call and webcast today at 4:30 PM ET to discuss the financial results for the quarter and provide a business update. The webcast for this conference call may be accessed at the “Events” section of the Company’s website. The replay of the webcast will be available on the Arcutis website following the call.

About Arcutis

Arcutis Biotherapeutics, Inc. (Nasdaq: ARQT) is a commercial-stage medical dermatology company that champions meaningful innovation to address the urgent needs of individuals living with immune-mediated dermatological diseases and conditions. With a commitment to solving the most persistent patient challenges in dermatology, Arcutis has a growing portfolio of advanced targeted topicals approved to treat three major inflammatory skin diseases. Arcutis’ unique dermatology development platform coupled with our dermatology expertise allows us to invent differentiated therapies against biologically validated targets, and has produced a robust pipeline with multiple follow-on clinical programs for a range of inflammatory dermatological conditions including atopic dermatitis and alopecia areata. For more information, visit www.arcutis.com or follow Arcutis on LinkedIn, Facebook, Instagram, and X.

Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. For example, statements contained in this press release regarding matters that are not historical facts are forward-looking statements. These statements are based on the Company’s current beliefs and expectations. Such forward-looking statements include, but are not limited to, statements regarding the potential to address large markets with significant unmet need; the development, approval and potential commercialization of product candidates; the potential commercial success and growth of ZORYVE in plaque psoriasis, seborrheic dermatitis, and atopic dermatitis, including market access and reimbursement, product demand growth and developments regarding GTN; and the timing of regulatory filings and potential approvals. These statements involve substantial known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from the information expressed or implied by these forward-looking statements and you should not place undue reliance on our forward-looking statements. Risks and uncertainties that may cause our actual results to differ include risks inherent in the clinical development process and regulatory approval process, the timing of regulatory filings, the timing, expenses, and success of our commercialization efforts, including uncertainty of future commercial sales and related items that can impact net sales, and our ability to defend our intellectual property. For a further description of the risks and uncertainties applicable to our business, see the “Risk Factors” section of our Form 10-K filed with U.S. Securities and Exchange Commission (SEC) on February 25, 2025, as well as any subsequent filings with the SEC. Any forward-looking statements that the company makes in this press release are made pursuant to the Private Securities Litigation Reform Act of 1995, as amended, and speak only as of the date of this press release. Except as required by law, we undertake no obligation to revise or update information herein to reflect events or circumstances in the future, even if new information becomes available.

Contacts:

Media

Amanda Sheldon, Head of Corporate Communications
[email protected]

Investors

Latha Vairavan, Chief Financial Officer
[email protected]

ARCUTIS BIOTHERAPEUTICS, INC.

Condensed Consolidated Balance Sheets

(In thousands)

March 31, December 31,

2025 2024

(unaudited)

ASSETS

Current assets:

Cash and cash equivalents $ 53,104 $ 71,335

Restricted cash 617 617

Marketable securities 144,984 156,620

Trade receivable, net 85,415 73,066

Inventories 16,614 14,526

Prepaid expenses and other current assets 22,937 19,656

Total current assets 323,671 335,820

Property and equipment, net 1,496 1,041

Intangible assets, net 16,500 9,479

Operating lease right-of-use asset 1,842 1,953

Other assets 596 596

Total assets $ 344,105 $ 348,889

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable $ 24,529 $ 14,220

Accrued liabilities 65,758 65,973

Operating lease liability 842 820

Total current liabilities 91,129 81,013

Operating lease liability, noncurrent 2,340 2,562

Long-term debt, net 107,618 107,203

Other long-term liabilities 360 570

Total liabilities 201,447 191,348

Stockholders’ equity:

Common stock 12 12

Additional paid-in capital 1,289,789 1,279,479

Accumulated other comprehensive loss (140 ) (7 )

Accumulated deficit (1,147,003 ) (1,121,943 )

Total stockholders’ equity 142,658 157,541

Total liabilities and stockholders’ equity $ 344,105 $ 348,889

ARCUTIS BIOTHERAPEUTICS, INC.

Condensed Consolidated Statements of Operations

(In thousands, except share and per share data)

(unaudited)

Three Months Ended March 31,

2025 2024

Revenues:

Product revenue, net $ 63,846 $ 21,569

Other revenue 2,000 28,000

Total revenues 65,846 49,569

Operating expenses:

Cost of sales 8,830 3,256

Research and development 17,543 23,141

Selling, general, and administrative 64,002 54,794

Total operating expenses 90,375 81,191

Loss from operations (24,529 ) (31,622 )

Other income (expense):

Other income, net 2,730 4,044

Interest expense (2,982 ) (7,480 )

Loss before income taxes (24,781 ) (35,058 )

Provision for income taxes 279 324

Net loss $ (25,060 ) $ (35,382 )

Per share information:

Net loss per share, basic and diluted $ (0.20 ) $ (0.32 )

Weighted-average shares used in computing net loss per share, basic and diluted 126,036,862 111,048,525

Posted on May 6, 2025 4:03 pm
Atlantic Union Bankshares Corporation Declares Quarterly Common Stock Dividend and Preferred Stock Dividend

Atlantic Union Bankshares Corporation Declares Quarterly Common Stock Dividend and Preferred Stock Dividend

RICHMOND, Va.–(BUSINESS WIRE)–
The Board of Directors (the “Board”) of Atlantic Union Bankshares Corporation (the “Company”) has declared a quarterly dividend of $0.34 per share of common stock, which is the same as the first quarter of 2025 and a $0.02, or an approximately 6%, increase from the dividend in the second quarter of 2024. Based on the Company’s common stock closing price of $29.10 on May 5, 2025, the dividend yield is approximately 4.7%. The common stock dividend is payable on June 6, 2025 to common shareholders of record as of May 23, 2025.

The Board also declared a quarterly dividend on the outstanding shares of the Company’s 6.875% Perpetual Non-Cumulative Preferred Stock, Series A (the “Series A preferred stock”). The Series A preferred stock is represented by depositary shares, each representing a 1/400^th ownership interest in a share of Series A preferred stock. The dividend of $171.88 per share (equivalent to $0.43 per outstanding depositary share) is payable on June 2, 2025 to holders of record as of May 16, 2025.

About Atlantic Union Bankshares Corporation

Headquartered in Richmond, Virginia, Atlantic Union Bankshares Corporation (NYSE: AUB) is the holding company for Atlantic Union Bank. Atlantic Union Bank has branches and ATMs located throughout Virginia and in portions of Maryland and North Carolina. Certain non-bank financial services affiliates of Atlantic Union Bank include: Atlantic Union Equipment Finance, Inc., which provides equipment financing; Atlantic Union Financial Consultants, LLC, which provides brokerage services; and Union Insurance Group, LLC, which offers various lines of insurance products.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250506587221/en/

Bill Cimino, Senior Vice President and Director of Investor Relations 804.448.0937

KEYWORDS: United States North America Virginia

INDUSTRY KEYWORDS: Banking Professional Services Finance

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