Market Newsdesk

Delivered Q2 2025 revenue of $86 million

Q
2
2025
total test reports for our core revenue drivers (DecisionDx

^®

-Melanoma, TissueCypher

^®

) increased 33% over Q22024

Raising full-year 2025 revenue guidance range to $310-320 million from $287-297 million

Conference call and webcast today at 4:30 p.m. ET

FRIENDSWOOD, Texas, Aug. 04, 2025 (GLOBE NEWSWIRE) — Castle Biosciences, Inc. (Nasdaq: CSTL), a company improving health through innovative tests that guide patient care, today announced its financial results for the second quarter and six months ended June 30, 2025.

“Following a strong first quarter, our team closed out a very successful second quarter that we believe continued to reflect the clinical value our tests provide to clinicians and their patients,” said Derek Maetzold, president and chief executive officer of Castle Biosciences. “We saw very solid total year-over-year test volume growth in our core revenue drivers, with both DecisionDx-Melanoma and TissueCypher exceeding our volume expectations for the quarter, driving our top-line performance.

“In alignment with our capital allocation priorities and M&A strategy, we closed the Previse tuck-in acquisition and announced an exciting collaboration and license agreement with SciBase, both of which we believe will support our mid- to long-term value creation goals. At the same time, we remain deeply focused on execution across our current test portfolio, which we believe positions us well for continued near-term success. Our ability to invest in the future while advancing our core franchises reflects the strength of our growth initiatives and commitment to delivering sustainable value to our stakeholders.”

Second Quarter Ended June 30, 2025, Financial and Operational Highlights

• Revenues were $86.2 million, compared to $87.0 million in the second quarter of 2024. Affecting second quarter 2025 revenue was the Novitas local coverage determination (LCD), Genetic Testing in Oncology: Specific Tests, that included DecisionDx^®-SCC as noncovered, which became effective April 24, 2025, as well as discontinuation of IDgenetix^® in May 2025.
• Adjusted Revenues, which exclude the effects of revenue adjustments related to tests delivered in prior periods, were $86.2 million, compared to $86.6 million for the same period in 2024.
• Delivered 26,574 total test reports in the second quarter of 2025, an increase of 6% compared to 25,102 in the same period of 2024. Affecting second quarter 2025 test report volume was the Novitas LCD, Genetic Testing in Oncology: Specific Tests, that included DecisionDx-SCC as noncovered, which became effective April 24, 2025, as well as discontinuation of IDgenetix in May 2025:
  • DecisionDx-Melanoma test reports delivered in the quarter were 9,981, compared to 9,585 in the second quarter of 2024.
  • TissueCypher Barrett’s Esophagus test reports delivered in the quarter were 9,170, compared to 4,782 in the second quarter of 2024.
  • DecisionDx-SCC test reports delivered in the quarter were 4,762, compared to 4,277 in the second quarter of 2024. Affecting second quarter test report volume was the Novitas LCD, Genetic Testing in Oncology: Specific Tests, that included DecisionDx-SCC as noncovered, which became effective April 24, 2025.
  • MyPath^® Melanoma test reports delivered in the quarter were 1,166, compared to 1,099 in the second quarter of 2024.
  • IDgenetix test reports delivered in the quarter were 1,027, compared to 4,903 in the second quarter of 2024. The Company discontinued its IDgenetix test offering effective May 2025.
  • DecisionDx^®-UM test reports delivered in the quarter were 468, compared to 456 in the second quarter of 2024.
• Gross margin was 77%, and Adjusted Gross Margin was 80%, compared to 81% and 83%, respectively, for the same periods in 2024.
• Net cash provided by operations was $20.8 million, compared to net cash provided by operations of $24.0 million for the same period in 2024.
• Net income, which includes non-cash stock-based compensation expense of $11.2 million, was $4.5 million, compared to net income of $8.9 million for the same period in 2024.
• Net income per share and Adjusted Net Income per Share, Basic and Diluted, was $0.16 and $0.15, respectively, compared to $0.32 and $0.31, respectively, for the same period in 2024.
• Adjusted EBITDA was $10.4 million, compared to $21.5 million for the same period in 2024.

Six Months Ended
June 30, 2025
, Financial and Operational Highlights

• Revenues were $174.2 million, a 9% increase compared to $160.0 million during the same period in 2024. Affecting six months ended June 30, 2025 revenue was the Novitas LCD, Genetic Testing in Oncology: Specific Tests, that included DecisionDx-SCC as noncovered, which became effective April 24, 2025, as well as discontinuation of IDgenetix in May 2025.
• Adjusted Revenues, which exclude the effects of revenue adjustments related to tests delivered in prior periods, were $176.2 million, an 11% increase compared to $159.0 million for the same period in 2024.
• Delivered 50,976 total test reports in the six months ended June 30, 2025, an increase of 11% compared to 45,990 in the same period of 2024. Affecting six months ended June 30, 2025 test report volume was the Novitas LCD, Genetic Testing in Oncology: Specific Tests, that included DecisionDx-SCC as noncovered, which became effective April 24, 2025, as well as discontinuation of IDgenetix in May 2025:
  • DecisionDx-Melanoma test reports delivered in the six months ended June 30, 2025, were 18,602, compared to 17,969 for the same period in 2024.
  • TissueCypher Barrett’s Esophagus test reports delivered in the six months ended June 30, 2025, were 16,602, compared to 8,211 for the same period in 2024.
  • DecisionDx-SCC test reports delivered in the six months ended June 30, 2025, were 9,137, compared to 7,854 for the same period in 2024. Affecting six months ended June 30, 2025 volume was the Novitas LCD, Genetic Testing in Oncology: Specific Tests, that included DecisionDx-SCC as noncovered, which became effective April 24, 2025.
  • MyPath Melanoma test reports delivered in the six months ended June 30, 2025, were 2,092, compared to 2,097 for the same period in 2024.
  • IDgenetix test reports delivered in the six months ended June 30, 2025, were 3,605, compared to 8,981 for the same period in 2024. The Company discontinued its IDgenetix test offering effective May 2025.
  • DecisionDx-UM test reports delivered in the six months ended June 30, 2025, were 938, compared to 878 for the same period in 2024.
• Gross margin for the six months ended June 30, 2025, was 63%, and Adjusted Gross Margin was 81%.
• Net cash provided by operations was $14.8 million, compared to $17.2 million net cash provided by operations for the same period in 2024.
• Net loss, which includes non-cash stock-based compensation expense of $22.4 million, was $21.3 million, compared to net income of $6.4 million for the same period in 2024.
• Net loss per share, Basic and Diluted, was $0.74 and Adjusted Net Loss per Share, Basic and Diluted, was $0.04, compared to Net income per share and Adjusted Net Income per Share, Basic and Diluted, of $0.23 and $0.22, respectively, for the same period in 2024.
• Adjusted EBITDA was $23.4 million, compared to $32.1 million for the same period in 2024.

Cash, Cash Equivalents and Marketable Investment Securities

As of June 30, 2025, the Company’s cash, cash equivalents and marketable investment securities totaled $275.9 million.

2025
Outlook

Castle Biosciences is raising its guidance for anticipated total revenue in 2025. The Company now anticipates generating between $310-320 million in total revenue in 2025, compared to the previously provided guidance of between $287-297 million.

Second
Quarter and Recent Accomplishments and Highlights

Dermatology

• DecisionDx-Melanoma: DecisionDx-Melanoma test has been granted Breakthrough Device designation from the U.S. Food and Drug Administration (FDA). The FDA grants Breakthrough Device designation to select qualifying devices that may offer improved treatment or diagnosis of life-threatening or irreversibly debilitating diseases when compared to currently available alternatives. The Breakthrough Devices Program is intended to provide patients and healthcare providers with timely access to medical devices by speeding up development, assessment and review. See the Company’s news release from July 23, 2025, for more information.
• DecisionDx-Melanoma: Prior studies have shown that clinicians use DecisionDx-Melanoma to inform both avoiding sentinel lymph node biopsy procedures in low-risk patients and initiation of surveillance imaging and referrals to medical oncology in high-risk patients, which enables early detection of recurrences and initiation of therapy. Early detection has been shown to improve outcomes to a greater extent when therapy is initiated with smaller metastatic burden, which can improve net health outcomes. The Company presented novel research as part of Castle’s ongoing collaboration with the NCI’s SEER Program Registries at the 2025 American Society of Clinical Oncology (ASCO) Annual Meeting. The study presented an updated matching of patients who received DecisionDx-Melanoma as part of their clinical care to those who did not. In this large, real-world cohort of 13,560 patients with CM – the largest real-world study of gene expression profile testing to date – the DecisionDx-Melanoma was associated with a 32% reduction in mortality risk compared to untested patients, providing further evidence of the test’s association with improved patient survival. Additionally, test performance on independent risk stratification was re-confirmed. See the Company’s news release from May 29, 2025, for more information.
• DecisionDx-SCC: The Company submitted a DecisionDx-SCC reconsideration request for the Novitas LCD and received notification confirming acceptance of the reconsideration submission.
• DecisionDx-SCC: Two new studies were published in SKIN The Journal of Cutaneous Medicine supporting the clinical utility of DecisionDx-SCC in patients with high-risk cutaneous squamous cell carcinoma (SCC). The first study represents a new validation milestone, establishing DecisionDx-SCC as a significant predictor of local recurrence (LR) in patients classified as high-risk by National Comprehensive Cancer Network (NCCN) guidelines, thereby adding a third utility to the test’s existing capabilities. The test has now been validated to predict individual risk of metastasis, benefit from adjuvant radiation therapy (ART) and risk of LR, providing comprehensive results to support tailored post-surgical management and treatment pathway recommendations for patients with SCC. The second study shares results from a clinician survey, affirming the impact of the test’s results in guiding these recommendations, specifically the use of ART and surveillance imaging, by providing actionable decision points based on individual patient risk.

Gastroenterology

• The Company closed its acquisition of Capsulomics, Inc., d/b/a Previse. This acquisition has the potential to increase Castle’s GI offerings. There is the potential to create a multiomics approach for improved patient care in Barrett’s esophagus, as well as a nonendoscopic sample collection device for pipeline opportunities to potentially expand screening and diagnostic support for patients with Barrett’s esophagus and other GI diseases. See the Company’s news release from May 5, 2025, for more information.

Uveal Melanoma

• The Company announced new data from the first independent validation of the recently published Collaborative Ocular Oncology Group Study No. 2 (COOG2.) by Harbour et al. The data, from a real-world cohort of 1,297 patients with uveal melanoma (UM), was presented at the Association for Research in Vision and Ophthalmology (ARVO) 2025 Annual Meeting in Salt Lake City. The findings provided further support for adding Preferentially Expressed Antigen in Melanoma (PRAME) gene expression information to the DecisionDx-UM test result to further refine metastatic risk prediction for patients with UM, which is a rare but aggressive eye cancer. See the Company’s news release from May 9, 2025, for more information.

Pipeline Initiatives

• The Company announced that it entered into a collaboration and license agreement with SciBase Holding AB (“SciBase”) utilizing SciBase’s Electrical Impedance Spectroscopy technology, which includes both desktop and point-of-care instruments. The initial goal of the collaboration is to advance the development of a diagnostic test that predicts flares in patients diagnosed with atopic dermatitis (AD), a U.S., market with an estimated up to 24 million patients.¹,² See the Company’s news release from June 16, 2025, for more information.

Corporate

• The Company announced that its founder, president and chief executive officer Derek Maetzold was awarded a distinguished Lifetime Achievement Award in the Management: Business Products Industries category in the 23rd Annual American Business Awards. The American Business Awards recognizes outstanding business performances in the United States, with more than 3,600 nominations from organizations of all sizes submitted this year for consideration in a wide range of categories. See the Company’s news release from June 4, 2025, for more information.
• The Company announced that it earned multiple awards through the 2025 Top Workplaces program: a third consecutive national Healthcare Industry Top Workplaces award, with Castle ranking third among other recognized companies in its size bracket; a fourth consecutive regional Arizona Top Workplaces award from AZ Central; and consecutive national Top Workplaces Culture Excellence awards for Innovation, Work-Life Flexibility, Compensation & Benefits, Leadership and Purpose & Values. Top Workplaces award designations are garnered solely through anonymous employee feedback gathered through a third-party survey administered by Energage. The confidential survey measures the workplace experience and various culture themes that are indicative of successful organizations. See the Company’s news release from July 17, 2025, for more information.
• The Company announced that Maetzold was also named a 2025 Most Admired CEO by the Houston Business Journal. This prestigious honor celebrates leaders who have demonstrated outstanding financial stewardship, fostered inclusive and thriving workplace cultures, and made meaningful contributions to the greater Houston community. See the Company’s news release from July 25, 2025, for more information.

Conference Call and Webcast Details

Castle Biosciences will hold a conference call on Monday, August 4, 2025, at 4:30 p.m. Eastern time to discuss its second quarter 2025 results and provide a corporate update.

A live webcast of the conference call can be accessed here: https://events.q4inc.com/attendee/164444215 or via the webcast link on the Investor Relations page of the Company’s website, https://ir.castlebiosciences.com/overview/default.aspx. Please access the webcast at least 10 minutes before the conference call start time. An archive of the webcast will be available on the Company’s website until August 25, 2025.

To access the live conference call via phone, please dial 833 470 1428 from the United States, or +1 404 975 4839 internationally, at least 10 minutes prior to the start of the call, using the conference ID 638217.

There will be a brief Question & Answer session following management commentary.

Use of Non-GAAP Financial Measures (UNAUDITED)

In this release, we use the metrics of Adjusted Revenues, Adjusted Gross Margin, Adjusted EBITDA and Adjusted Net Income (Loss) per Share, Basic and Diluted, which are non-GAAP financial measures and are not calculated in accordance with generally accepted accounting principles in the United States (GAAP). Adjusted Revenues and Adjusted Gross Margin reflect adjustments to GAAP net revenues to exclude net positive and/or net negative revenue adjustments recorded in the current period associated with changes in estimated variable consideration related to test reports delivered in previous periods. Adjusted Gross Margin further excludes acquisition-related intangible asset amortization. Adjusted EBITDA excludes from net income (loss): interest income, interest expense, income tax benefit, depreciation and amortization expense, stock-based compensation expense and changes in fair value of trading securities. Adjusted Net Income (Loss) per Share, Basic and Diluted, excludes a one-time adjustment of an acceleration of amortization expense for our IDgenetix test from net income (loss).

We use Adjusted Revenues, Adjusted Gross Margin, Adjusted EBITDA and Adjusted Net Income (Loss) per Share, Basic and Diluted, internally because we believe these metrics provide useful supplemental information in assessing our revenue and operating performance reported in accordance with GAAP, respectively. We believe that Adjusted Revenues, when used in conjunction with our test report volume information, facilitates investors’ analysis of our current-period revenue performance and average selling price performance by excluding the effects of revenue adjustments related to test reports delivered in prior periods, since these adjustments may not be indicative of the current or future performance of our business. We believe that providing Adjusted Revenues may also help facilitate comparisons to our historical periods. Adjusted Gross Margin is calculated using Adjusted Revenues and therefore excludes the impact of revenue adjustments related to test reports delivered in prior periods, which we believe is useful to investors as described above. We further exclude acquisition-related intangible asset amortization in the calculation of Adjusted Gross Margin. We believe that excluding acquisition-related intangible asset amortization may facilitate gross margin comparisons to historical periods and may be useful in assessing current-period performance without regard to the historical accounting valuations of intangible assets, which are applicable only to tests we acquired rather than internally developed. Adjusted Net Income (Loss) per Share, Basic and Diluted, is calculated by excluding a one-time adjustment of an acceleration of amortization expense for our IDgenetix test from net loss. We believe that providing Adjusted Net Income (Loss) per Share, Basic and Diluted, may also help facilitate comparisons to our historical periods. We believe Adjusted EBITDA may enhance an evaluation of our operating performance because it excludes the impact of prior decisions made about capital investment, financing, investing and certain expenses we believe are not indicative of our ongoing performance. However, these non-GAAP financial measures may be different from non-GAAP financial measures used by other companies, even when the same or similarly titled terms are used to identify such measures, limiting their usefulness for comparative purposes.

These non-GAAP financial measures are not meant to be considered in isolation or used as substitutes for net revenues, gross margin net income (loss) or net income (loss) per share reported in accordance with GAAP; should be considered in conjunction with our financial information presented in accordance with GAAP; have no standardized meaning prescribed by GAAP; are unaudited; and are not prepared under any comprehensive set of accounting rules or principles. In addition, from time to time in the future, there may be other items that we may exclude for purposes of these non-GAAP financial measures, and we may in the future cease to exclude items that we have historically excluded for purposes of these non-GAAP financial measures. Likewise, we may determine to modify the nature of adjustments to arrive at these non-GAAP financial measures. Because of the non-standardized definitions of non-GAAP financial measures, the non-GAAP financial measure as used by us in this press release and the accompanying reconciliation tables have limits in their usefulness to investors and may be calculated differently from, and therefore may not be directly comparable to, similarly titled measures used by other companies. Accordingly, investors should not place undue reliance on non-GAAP financial measures. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are presented in the tables at the end of this release.

About Castle Biosciences

Castle Biosciences (Nasdaq: CSTL) is a leading diagnostics company improving health through innovative tests that guide patient care. The Company aims to transform disease management by keeping people first: patients, clinicians, employees and investors.

Castle’s current portfolio consists of tests for skin cancers, Barrett’s esophagus and uveal melanoma. Additionally, the Company has active research and development programs for tests in these and other diseases with high clinical need, including its test in development to help guide systemic therapy selection for patients with moderate-to-severe atopic dermatitis seeking biologic treatment. To learn more, please visit www.CastleBiosciences.com and connect with us on LinkedIn, Facebook, X and Instagram.

DecisionDx-Melanoma, DecisionDx-CMSeq, i31-SLNB, i31-ROR, DecisionDx-SCC, MyPath Melanoma, TissueCypher, DecisionDx-UM, DecisionDx-PRAME and DecisionDx-UMSeq are trademarks of Castle Biosciences, Inc.

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, which are subject to the “safe harbor” created by those sections. These forward-looking statements include, but are not limited to, statements concerning our expectations regarding: Castle’s 2025 total revenue guidance of $310-320 million; continued top-line performance and growth of test volumes; the potential mid- to long-term value possibly generated from the Previse and SciBase transactions; the ability of DecisionDx-Melanoma and DecisionDx-SCC to bring substantial added value to clinicians and their patients; the ability of DecisionDx-Melanoma to (i) reduce mortality risk compared to untested patients and (ii) improve patient survival; the ability of DecisionDx-SCC to (i) predict individual risk of metastasis, benefit from /ART and risk of LR and (ii) provide comprehensive results to support tailored post-surgical management and treatment pathway recommendations; the success of Castle’s DecisionDx-SCC reconsideration request for the Novitas LCD determination; and Castle’s ability to achieve near- and long-term success and the continued growth of our portfolio. The words “anticipate,” “can,” “could,” “expect,” “goal,” “may,” “plan” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that we make. These forward-looking statements involve risks and uncertainties that could cause our actual results to differ materially from those in the forward-looking statements, including, without limitation: our assumptions or expectations regarding reimbursement for our products and subsequent coverage decisions, our estimated total addressable markets for our products and product candidates and the related expenses, capital requirements and potential needs for additional financing, the anticipated cost, timing and success of our product candidates, and our plans to research, develop and commercialize new tests and our ability to successfully integrate new businesses, assets, products or technologies acquired through acquisitions, the effects of macroeconomic events and conditions, including inflation and monetary supply shifts, labor shortages, liquidity concerns at, and failures of, banks and other financial institutions or other disruptions in the banking system or financing markets and recession risks, supply chain disruptions, tariffs, outbreaks of contagious diseases and geopolitical events (such as the ongoing conflicts in the Middle East and Ukraine-Russia conflict), among others, on our business and our efforts to address its impact on our business; the possibility that subsequent study or trial results and findings may contradict earlier study or trial results and findings or may not support the results discussed in this press release, including with respect to the tests discussed in this press release; our planned installation of additional equipment and supporting technology infrastructures and implementation of certain process efficiencies may not enable us to increase the future scalability of our TissueCypher Test; the possibility that actual application of our tests may not provide the aforementioned benefits to patients; the possibility that our newer gastroenterology franchise may not contribute to the achievement of our long-term financial targets as anticipated; and the risks set forth under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024 and our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, each filed or to be filed with the SEC, and in our other filings with the SEC. The forward-looking statements are applicable only as of the date on which they are made, and we do not assume any obligation to update any forward-looking statements, except as may be required by law.

Investor Relations Contact:

Camilla Zuckero
[email protected]
281-906-3868

Media Contact:

Allison Marshall
[email protected]

C ASTLE BIOSCIENCES, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (in thousands, except per share data)
	Three Months Ended June 30,								Six Months Ended June 30,
		2025				2024				2025				2024
NET REVENUES	$	86,188			$	87,002			$	174,176			$	159,976
OPERATING EXPENSES
Cost of sales (exclusive of amortization of acquired intangible assets)		17,626				14,519				34,009				28,413
Research and development		12,787				14,136				25,375				27,945
Selling, general and administrative		58,065				51,088				116,685				99,583
Amortization of acquired intangible assets		1,961				2,247				30,286				4,494
Total operating expenses, net		90,439				81,990				206,355				160,435
Operating (loss) income		(4,251	)			5,012				(32,179	)			(459	)
Interest income		2,944				3,144				6,043				6,140
Changes in fair value of trading securities		1,185				—				(240	)			—
Interest expense		(21	)			(270	)			(38	)			(284	)
(Loss) income before income taxes		(143	)			7,886				(26,414	)			5,397
Income tax benefit		(4,666	)			(1,034	)			(5,089	)			(989	)
Net income (loss)	$	4,523			$	8,920			$	(21,325	)		$	6,386
Earnings (loss) per share:
Basic	$	0.16			$	0.32			$	(0.74	)		$	0.23
Diluted	$	0.15			$	0.31			$	(0.74	)		$	0.22
Weighted-average shares outstanding:
Basic		28,914				27,646				28,763				27,566
Diluted		29,545				28,738				28,763				28,542

Stock-Based Compensation Expense

Stock-based compensation expense is included in the unaudited condensed consolidated statements of operations as follows (in thousands):  

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Cost of sales (exclusive of amortization of acquired intangible assets)	$	1,422		$	1,401		$	2,878		$	2,715
Research and development		1,962			2,637			3,857			5,266
Selling, general and administrative		7,824			9,141			15,652			17,873
Total stock-based compensation expense	$	11,208		$	13,179		$	22,387		$	25,854

CASTLE BIOSCIENCES, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (UNAUDITED) (in thousands)
	Three Months Ended June 30,								Six Months Ended June 30,
		2025				2024				2025				2024
Net income (loss)	$	4,523			$	8,920			$	(21,325	)		$	6,386
Other comprehensive loss:
Net unrealized loss on marketable investment securities		(92	)			(61	)			(191	)			(308	)
Comprehensive income (loss)	$	4,431			$	8,859			$	(21,516	)		$	6,078

CASTLE BIOSCIENCES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands)
	June 30, 2025				December 31, 2024
ASSETS	(unaudited)
Current Assets
Cash and cash equivalents	$	82,233			$	119,709
Marketable investment securities		193,697				173,421
Accounts receivable, net		52,311				51,218
Inventory		8,366				8,135
Prepaid expenses and other current assets		12,061				7,671
Total current assets		348,668				360,154
Long-term accounts receivable, net		1,132				918
Property and equipment, net		74,060				51,122
Operating lease assets		15,503				11,584
Goodwill and other intangible assets, net		104,125				106,229
Other assets – long-term		1,241				1,228
Total assets	$	544,729			$	531,235
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Accounts payable	$	13,181			$	6,901
Accrued compensation		24,973				32,555
Contingent consideration		1,000				—
Operating lease liabilities		1,571				1,665
Current portion of long-term debt		1,944				278
Other accrued and current liabilities		8,221				7,993
Total current liabilities		50,890				49,392
Long-term debt		8,096				9,745
Noncurrent portion of contingent consideration		1,500				—
Noncurrent operating lease liabilities		25,377				14,345
Noncurrent finance lease liabilities		364				311
Deferred tax liability		3,126				1,607
Total liabilities		89,353				75,400
Stockholders’ Equity
Preferred stock		—				—
Common stock		29				28
Additional paid-in capital		676,759				655,703
Accumulated deficit		(221,451	)			(200,126	)
Accumulated other comprehensive income		39				230
Total stockholders’ equity		455,376				455,835
Total liabilities and stockholders’ equity	$	544,729			$	531,235

CASTLE BIOSCIENCES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (in thousands)
	Six Months Ended June 30,
		2025				2024
OPERATING ACTIVITIES
Net (loss) income	$	(21,325	)		$	6,386
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Depreciation and amortization		33,178				6,688
Stock-based compensation expense		22,387				25,854
Change in fair value of trading securities		240				—
Deferred income taxes		(5,437	)			(1,542	)
Accretion of discounts on marketable investment securities		(2,606	)			(3,422	)
Other		219				83
Change in operating assets and liabilities:
Accounts receivable		(1,307	)			(7,620	)
Prepaid expenses and other current assets		(4,696	)			(294	)
Inventory		(231	)			(71	)
Operating lease assets		664				678
Other assets		(13	)			143
Accounts payable		1,689				(1,650	)
Operating lease liabilities		(869	)			(432	)
Accrued compensation		(7,582	)			(7,706	)
Other accrued and current liabilities		474				68
Net cash provided by operating activities		14,785				17,163
INVESTING ACTIVITIES
Purchases of marketable investment securities		(92,832	)			(113,194	)
Proceeds from maturities of marketable investment securities		80,300				86,450
Purchases of debt securities classified as held-to-maturity		(5,569	)			—
Asset acquisition, net of cash and cash equivalents acquired		(18,726	)			—
Purchases of property and equipment		(14,003	)			(14,381	)
Proceeds from sale of property and equipment		21				7
Net cash used in investing activities		(50,809	)			(41,118	)
FINANCING ACTIVITIES
Proceeds from exercise of common stock options		37				73
Payment of employees’ taxes on vested restricted stock units		(3,104	)			(1,089	)
Proceeds from contributions to the employee stock purchase plan		1,482				1,749
Repayment of principal portion of finance lease liabilities		(57	)			(47	)
Proceeds from lease incentives received		190				—
Proceeds from issuance of term debt		—				10,000
Net cash (used in) provided by financing activities		(1,452	)			10,686
NET CHANGE IN CASH AND CASH EQUIVALENTS		(37,476	)			(13,269	)
Beginning of period		119,709				98,841
End of period	$	82,233			$	85,572

CASTLE BIOSCIENCES, INC.

Reconciliation of Non-GAAP Financial Measures (UNAUDITED)

The table below presents the reconciliation of Adjusted Revenues, Adjusted Gross Margin and Adjusted Net Income (Loss) Per Share, Basic and Diluted, which are non-GAAP financial measures. See “Use of Non-GAAP Financial Measures (UNAUDITED)” above for further information regarding the Company’s use of non-GAAP financial measures.

	Three Months Ended June 30,								Six Months Ended June 30,
		2025				2024				2025				2024
(in thousands, except per share data)
Adjusted Revenues
Net revenues (GAAP)	$	86,188			$	87,002			$	174,176			$	159,976
Revenue associated with test reports delivered in prior periods		(6	)			(363	)			1,996				(959	)
Adjusted Revenues (Non-GAAP)	$	86,182			$	86,639			$	176,172			$	159,017
Adjusted Gross Margin
Gross margin (GAAP)1	$	66,601			$	70,236			$	109,881			$	127,069
Amortization of acquired intangible assets		1,961				2,247				30,286				4,494
Revenue associated with test reports delivered in prior periods		(6	)			(363	)			1,996				(959	)
Adjusted Gross Margin (Non-GAAP)	$	68,556			$	72,120			$	142,163			$	130,604
Gross Margin percentage (GAAP)2		77.3	%			80.7	%			63.1	%			79.4	%
Adjusted Gross Margin percentage (Non-GAAP)3		79.5	%			83.2	%			80.7	%			82.1	%
Adjusted Net Income (Loss) per Share, Basic and Diluted
Net income (loss) (GAAP)	$	4,523			$	8,920			$	(21,325	)		$	6,386
Amortization of acquired intangible assets4		—				—				20,099				—
Adjusted Net Income (Loss) (Non-GAAP)	$	4,523			$	8,920			$	(1,226	)		$	6,386
Weighted-average shares outstanding
Basic		28,914				27,646				28,763				27,566
Diluted		29,545				28,738				28,763				28,542
Net income (loss) per share (GAAP)5
Basic	$	0.16			$	0.32			$	(0.74	)		$	0.23
Diluted	$	0.15			$	0.31			$	(0.74	)		$	0.22
Adjusted Net Income (Loss) per share (Non-GAAP)6
Basic	$	0.16			$	0.32			$	(0.04	)		$	0.23
Diluted	$	0.15			$	0.31			$	(0.04	)		$	0.22

1. Calculated as net revenues (GAAP) less the sum of cost of sales (exclusive of amortization of acquired intangible assets) and amortization of acquired intangible assets.
2. Calculated as gross margin (GAAP) divided by net revenues (GAAP).
3. Calculated as Adjusted Gross Margin (Non-GAAP) divided by Adjusted Revenues (Non-GAAP).
4. Represents a one-time adjustment of an acceleration of amortization expense for our IDgenetix test during the three months ended March 31,2025.
5. Calculated as net income (loss) (GAAP) divided by weighted-average shares outstanding, basic and diluted.
6. Calculated as Adjusted Net Income (Loss) (Non-GAAP) divided by weighted-average shares outstanding, basic and diluted.

The table below presents the reconciliation of Adjusted EBITDA, which is a non-GAAP financial measure. See “Use of Non-GAAP Financial Measures (UNAUDITED)” above for further information regarding the Company’s use of non-GAAP financial measures.

	Three Months Ended June 30,								Six Months Ended June 30,
		2025				2024				2025				2024
(in thousands)
Adjusted EBITDA
Net income (loss)	$	4,523			$	8,920			$	(21,325	)		$	6,386
Interest income		(2,944	)			(3,144	)			(6,043	)			(6,140	)
Interest expense		21				270				38				284
Income tax benefit		(4,666	)			(1,034	)			(5,089	)			(989	)
Depreciation and amortization expense		3,414				3,348				33,178				6,688
Stock-based compensation expense		11,208				13,179				22,387				25,854
Change in fair value of trading securities		(1,185	)			—				240				—
Adjusted EBITDA (Non-GAAP)	$	10,371			$	21,539			$	23,386			$	32,083

---

<sup>1

https://nationaleczema.org/eczema-facts/#:~:text=Atopic%20dermatitis%3A%20Atopic%20dermatitis%20is,for%20moderate%20to%20severe%20disease


2

https://www.annallergy.org/article/S1081-1206(19)30371-0/abstract</sup>

$3.7 billion in minimum contracted revenues

Dynamic expansion with 21 eco vessels to be delivered until 2028

$60m
in
free
cash
g
enerated from
s
trategic
asset
sales

TEN’s proforma fleet approaching 11m dwt capacity

ATHENS, Greece, Aug. 04, 2025 (GLOBE NEWSWIRE) — TEN Ltd. (NYSE: TEN), a leading diversified crude, product and LNG tanker operator, today announced the order of two eco VLCCs at Hanwha Ocean in South Korea with an option for an additional unit, to be delivered in 2027 and 2028. Concurrently with these orders, TEN proceeded with the sale of three 2007-built vessels, two handysize product tankers to related party interests as well as an aframax crude carrier to independent third parties. From the divestment of the above-mentioned vessels, TEN generated approximately $60.0 million in free cash and about $9.0 million in capital gains to be reflected in the Company’s third quarter financial statements.

“TEN continues its goal to address the needs of its clients by building high specification, environmentally friendly vessels while gradually divesting from its first-generation assets,” Mr. George Saroglou, TEN’s President & COO, said. “With responsible fleet growth remaining a core pillar of our tested model, TEN keeps being a one-stop shipping operation for its blue-chip clients,” Mr. Saroglou concluded.

ABOUT TEN Ltd.

Founded in 1993 and celebrating 32 years as a public company, TEN is one of the first and most established public shipping companies in the world. TEN’s diversified energy fleet currently consists of 82 vessels, including eleven DP2 shuttle tankers, two VLCCs plus one option, one scrubber fitted suezmax vessel, two scrubber-fitted MR product tankers and five scrubber-fitted LR1 tankers under construction, consisting of a mix of crude tankers, product tankers and LNG carriers totaling approx. 11 million dwt.

ABOUT FORWARD-LOOKING STATEMENTS

Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those predicted by such forward-looking statements. TEN undertakes no obligation to publicly update any forward-looking statement, whether as result of new information, future events, or otherwise.

For further information, please contact:

Company
Tsakos Energy Navigation Ltd.
George Saroglou
President & COO
+30210 94 07 710
[email protected]

Investor Relations / Media
Capital Link, Inc.
Nicolas Bornozis/ Markella Kara
+212 661 7566
[email protected]

GAAP Net Income of $0.04 Per Diluted Share for the Second Quarter

Normalized FFO of $0.25 Per Diluted Share for the Second Quarter

Same Store NOI Growth of 1.4% (GAAP)

Positive Office Releasing Spreads of 11.7% (GAAP) and 5.5% (Cash)

Positive Retail Renewal Spreads of 10.8% (GAAP) and 5.5% (Cash)

Approximately 168K Net Rentable Square Feet of New and Renewed Commercial Lease Space

Maintained 2025 Full-Year Normalized FFO Guidance Range of $1.00 to $1.10 per Diluted Share

VIRGINIA BEACH, Va., Aug. 04, 2025 (GLOBE NEWSWIRE) — Armada Hoffler Properties, Inc. (NYSE: AHH) today announced its results for the quarter ended June 30, 2025 and provided an update on current events and earnings guidance.

Second Quarter
and Recent Highlights:

• Net income attributable to common stockholders and OP Unit holders of $3.9 million, or $0.04 per diluted share, compared to net income attributable to common stockholders and OP Unit holders of $0.4 million, or $0.00 per diluted share, for the three months ended June 30, 2024. 

• Funds from operations attributable to common stockholders and OP Unit holders (“FFO”) of $19.0 million, or $0.19 per diluted share, compared to $22.4 million, or $0.25 per diluted share, for the three months ended June 30, 2024. See “Non-GAAP Financial Measures.” 

• Normalized funds from operations attributable to common stockholders and OP Unit holders (“Normalized FFO”) of $25.4 million, or $0.25 per diluted share, compared to $30.2 million, or $0.34 per diluted share, for the three months ended June 30, 2024. See “Non-GAAP Financial Measures.” 

• As of June 30, 2025, weighted average stabilized portfolio occupancy was 94.9%. Retail occupancy was 94.2%, office occupancy was 96.3%, and multifamily occupancy was 94.0%.

• Positive spreads on renewals across all commercial segments:
  • Retail 10.8% (GAAP) and 5.5% (Cash)
  • Office 11.7% (GAAP) and 5.5% (Cash)

• Executed 16 commercial lease renewals and 10 new commercial leases during the second quarter for an aggregate of approximately 168,000 of net rentable square feet.

“We believe our focus on high-quality properties that generate stable, predictable income positions us to deliver long-term value to our shareholders,” said Shawn Tibbetts, Chief Executive Officer and President. “We are building on our strengths to create a more agile Armada Hoffler; one positioned to deliver consistent, durable earnings growth and long-term value.”

• Same Store Net Operating Income (“NOI”) increased 1.4% on a GAAP basis compared to the quarter ended June 30, 2024.

• Third-party construction backlog as of June 30, 2025 was $106.6 million and general contracting and real estate services gross profit for the second quarter was $1.4 million.

• During the second quarter of 2025, unrealized gains on non-designated interest rate derivatives that positively affected FFO were $3.8 million. As of June 30, 2025, the value of the Company’s entire interest rate derivative portfolio, net of unrealized gains, was $8.2 million. These gains are excluded from Normalized FFO.

• On June 10, 2025, the Company acquired the remaining interest of its partner for the Harbor Point Parcel 4 (“Allied | Harbor Point”) project, resulting in Harbor Point Parcel 4 Development, LLC becoming a wholly owned subsidiary of the Company.

• On July 22, 2025, the Company, as parent guarantor, and Armada Hoffler, L.P., the Company’s operating partnership (the “Operating Partnership”), as borrower, entered into a note purchase agreement with institutional investors, pursuant to which the Operating Partnership sold, and the institutional investors purchased, an aggregate of $115.0 million of senior unsecured notes of the Operating Partnership, consisting of (a) $25.0 million aggregate principal amount of 5.57% Senior Notes, Series A, due July 22, 2028, (b) $45.0 million aggregate principal amount of 5.78% Senior Notes, Series B, due July 22, 2030 and (c) $45.0 million aggregate principal amount of 6.09% Senior Notes, Series C, due July 22, 2032 (collectively, the “Notes”). The Company utilized the proceeds of the sale of the Notes to repay the $65.0 million construction loan secured by the Southern Post mixed-use asset and $48.0 million under the Company’s revolving credit facility.

• On July 24, 2025, the Company entered into four interest rate swap agreements with a total notional of $820.0 million and a SOFR rate of 2.25%. The interest rate swaps will expire on August 1, 2026. The Company paid $14.0 million in premiums for the transactions.

Financial Results

Net income attributable to common stockholders and OP Unit holders for the second quarter was $3.9 million compared to net income attributable to common stockholders and OP Unit holders of $0.4 million for the second quarter of 2024. The period-over-period change was primarily due to the $6.9 million gain on consolidation of Allied | Harbor Point, partially offset by conversion of development property into the operating portfolio.

FFO attributable to common stockholders and OP Unit holders for the second quarter was $19.0 million compared to $22.4 million for the second quarter of 2024. The year-over-year decrease in FFO was primarily due to a decrease in general contracting and real estate services gross profit, an increase in interest expense, and the recognition of equity in loss of unconsolidated real estate entities, partially offset by an increase in portfolio NOI recognized during the quarter. Normalized FFO attributable to common stockholders and OP Unit holders for the second quarter decreased to $25.4 million compared to $30.2 million for the second quarter of 2024. The year-over-year decrease in Normalized FFO was primarily due to the decrease in general contracting and real estate services gross profit and the recognition of equity in loss of unconsolidated real estate entities, partially offset by an increase in portfolio NOI recognized during the quarter.

Operating Performance

At the end of the second quarter, the Company’s retail, office, and multifamily stabilized operating property portfolios were 94.2%, 96.3%, and 94.0% occupied, respectively.

Total third party construction contract backlog was $106.6 million as of June 30, 2025.

Interest income from real estate financing investments was $3.7 million for the three months ended June 30, 2025.

Balance Sheet and Financing Activity

As of June 30, 2025, the Company had $1.4 billion of total debt outstanding, including $209.0 million outstanding under its revolving credit facility. Total debt outstanding excludes GAAP adjustments and deferred financing costs. As of June 30, 2025, the Company’s debt was 94% fixed or economically hedged after considering interest rate swaps.

Outlook

The Company maintained its 2025 full-year Normalized FFO guidance at the Company’s previous guidance range of $1.00 to $1.10 per diluted share. The following table updates the Company’s assumptions underpinning full year guidance. The Company’s executive management will provide further details regarding its 2025 earnings guidance during tomorrow’s webcast and conference call.

Full-year 2025 Guidance [1][2]		Expected Ranges
Portfolio NOI		$173.6M			$176.0M
Construction Segment Gross Profit		$5.0M			$7.0M
G&A Expenses		($17.2M)			($16.4M)
Interest Income		$15.3M			$16.3M
Adjusted Interest Expense[3]		($64.7M)			($60.7M)
Normalized FFO per diluted share			$1.00			$1.10

^[1] Ranges exclude certain items per the Company ’s Normalized FFO definition: Normalized FFO excludes certain items, including debt extinguishment losses and prepayment penalties, impairment and accelerated amortization of intangible assets and liabilities, property acquisition, development, and other pursuit costs, mark-to-market adjustments for interest rate derivatives not designated as cash flow hedges, amortization of payments made to purchase interest rate caps and swaps designated as cash flow hedges, provision for unrealized non-cash credit losses, amortization of right-of-use assets attributable to finance leases, severance related costs, and other non-comparable items. See “Non-GAAP Financial Measures.” The Company does not provide a reconciliation for its guidance range of Normalized FFO per diluted share to net income per diluted share, the most directly comparable forward-looking GAAP financial measure, because it is unable to provide a meaningful or accurate estimate of reconciling items and the information is not available without unreasonable effort as a result of the inherent difficulty of forecasting the timing and/or amounts of various items that would impact net income per diluted share. For the same reasons, the Company is unable to address the probable significance of the unavailable information and believes that providing a reconciliation for its guidance range of Normalized FFO per diluted share would imply a degree of precision for its forward-looking net income per diluted share that could be misleading to investors.

^[2] Includes the following assumptions:

• Southern Post Commercial Stabilized 4Q25
• Two Real Estate Financing investments acquired in second half of 2025
• One Property Disposition

^[3] Includes the interest expense on finance leases and interest receipts of non-designated derivatives.

Supplemental Financial Information

Further details regarding operating results, properties, and leasing statistics can be found in the Company’s supplemental financial package available on the Investors page at ArmadaHoffler.com.

Webcast and Conference Call

The Company will host a webcast and conference call on Tuesday, August 5, 2025 at 8:30 a.m. Eastern Time to review financial results and discuss recent events. The recorded webcast will be available through the Investors page of the Company’s website, ArmadaHoffler.com. To participate in the call, please dial (+1) 800 549 8228 (toll-free dial-in number) or (+1) 646 564 2877 (toll dial-in number). The conference ID is 67471. A replay of the conference call will be available through Thursday, September 4, 2025 by dialing (+1) 888 660 6264 (toll-free dial-in number) or (+1) 646 517 3975 (toll dial-in number) and providing passcode 67471#.

About Armada Hoffler Properties, Inc.

Armada Hoffler (NYSE: AHH) is a vertically integrated, self-managed real estate investment trust with over four decades of experience developing, building, acquiring, and managing high-quality retail, office, and multifamily properties located primarily in the Mid-Atlantic and Southeastern United States. The Company also provides general construction and development services to third-party clients, in addition to developing and building properties to be placed in their stabilized portfolio. Founded in 1979 by Daniel A. Hoffler, Armada Hoffler has elected to be taxed as a REIT for U.S. federal income tax purposes. For more information visit ArmadaHoffler.com.

Forward-Looking Statements

Certain matters within this press release are discussed using forward-looking language as specified in the Private Securities Litigation Reform Act of 1995, and, as such, may involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance to differ from those projected in the forward-looking statement. These forward-looking statements may include comments relating to the current and future performance of the Company’s operating property portfolio, the Company’s development pipeline, the Company’s real estate financing program, the Company’s construction and development business, including backlog and timing of deliveries and estimated costs, financing activities, as well as acquisitions, dispositions, and the Company’s financial outlook, guidance, and expectations. Forward-looking statements depend on assumptions, data or methods which may be incorrect or imprecise, and the Company may not be able to realize any forward-looking statement. For a description of factors that may cause the Company’s actual results or performance to differ from its forward-looking statements, please review the information under the heading “Risk Factors” included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and the other documents filed by the Company with the Securities and Exchange Commission from time to time. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein, to reflect any change in the Company’s expectations with regard thereto, or any other change in events, conditions, or circumstances on which any such statement is based, except to the extent otherwise required by applicable law.

Non-GAAP Financial Measures

The Company calculates FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts (“Nareit”). Nareit defines FFO as net income (loss) (calculated in accordance with GAAP), excluding depreciation and amortization related to real estate, gains or losses from the sale of certain real estate assets, gains and losses from change in control, and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity.

FFO is a supplemental non-GAAP financial measure. The Company uses FFO as a supplemental performance measure because it believes that FFO is beneficial to investors as a starting point in measuring the Company’s operational performance. Specifically, in excluding real estate related depreciation and amortization and gains and losses from property dispositions, which do not relate to or are not indicative of operating performance, FFO provides a performance measure that, when compared period-over-period, captures trends in occupancy rates, rental rates, and operating costs. We also believe that, as a widely recognized measure of the performance of REITs, FFO will be used by investors as a basis to compare the Company’s operating performance with that of other REITs.

However, because FFO excludes depreciation and amortization and captures neither the changes in the value of the Company’s properties that result from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of the Company’s properties, all of which have real economic effects and could materially impact the Company’s results from operations, the utility of FFO as a measure of the Company’s performance is limited. In addition, other equity REITs may not calculate FFO in accordance with the Nareit definition as the Company does, and, accordingly, the Company’s FFO may not be comparable to such other REITs’ FFO. Accordingly, FFO should be considered only as a supplement to net income as a measure of the Company’s performance. FFO should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to pay dividends or service indebtedness. Also, FFO should not be used as a supplement to or substitute for cash flow from operating activities computed in accordance with GAAP.

Management also believes that the computation of FFO in accordance with Nareit’s definition includes certain items that are not indicative of the results provided by the Company’s operating property portfolio and affect the comparability of the Company’s period-over-period performance. Accordingly, management believes that Normalized FFO is a more useful performance measure that excludes certain items, including but not limited to, debt extinguishment losses and prepayment penalties, impairment and accelerated amortization of intangible assets and liabilities, property acquisition, development, and other pursuit costs, mark-to-market adjustments for interest rate derivatives not designated as cash flow hedges, amortization of payments made to purchase interest rate caps and swaps designated as cash flow hedges, provision for unrealized non-cash credit losses, amortization of right-of-use assets attributable to finance leases, severance related costs, and other non-comparable items. Other equity REITs may not calculate Normalized FFO in the same manner as we do, and, accordingly, our Normalized FFO may not be comparable to such other REITs’ Normalized FFO.

NOI is the measure used by the Company’s chief operating decision-maker to assess segment performance. The Company calculates NOI as segment revenues less segment expenses. Segment revenues include rental revenues (base rent, expense reimbursements, termination fees, and other revenue) for our property segments, general contracting and real estate services revenues for our general contracting and real estate services segment, and interest income for our real estate financing segment. Segment expenses include rental expenses and real estate taxes for our property segments, general contracting and real estate services expenses for our general contracting and real estate services segment, and interest expense for our real estate financing segment. Segment NOI for the general contracting and real estate services and real estate financing segments is also referred to as segment gross profit. NOI is not a measure of operating income or cash flows from operating activities as measured in accordance with GAAP and is not indicative of cash available to fund cash needs. As a result, NOI should not be considered an alternative to cash flows as a measure of liquidity. Not all companies calculate NOI in the same manner. The Company considers NOI to be an appropriate supplemental measure to net income because it assists both investors and management in understanding the core operations of the Company’s real estate and construction businesses. To calculate NOI on a cash basis, we adjust NOI to exclude the net effects of straight line rent and the amortization of lease incentives and above/below market rents.

For reference, as an aid in understanding the Company’s computation of NOI, NOI Cash Basis, FFO and Normalized FFO, a reconciliation of net income calculated in accordance with GAAP to NOI, NOI Cash Basis, FFO, and Normalized FFO has been included further in this release.

ARMADA HOFFLER PROPERTIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (dollars in thousands)
		June 30, 2025				December 31, 2024
		(Unaudited)
ASSETS
Real estate investments:
Income producing property		$	2,435,640			$	2,173,787
Held for development			5,683				5,683
Construction in progress			24,095				17,515
			2,465,418				2,196,985
Accumulated depreciation			(487,686	)			(451,907	)
Net real estate investments			1,977,732				1,745,078
Real estate investments held for sale			4,800				4,800
Cash and cash equivalents			52,111				70,642
Restricted cash			2,490				1,581
Accounts receivable, net			53,993				52,860
Notes receivable, net			139,772				132,565
Construction receivables, including retentions, net			47,135				84,624
Construction contract costs and estimated earnings in excess of billings			2,990				6
Equity method investments			47,335				158,151
Operating lease right-of-use assets			22,727				22,841
Finance lease right-of-use assets			88,262				88,986
Acquired lease intangible assets			83,492				89,739
Other assets			53,832				60,990
Total Assets			2,576,671				2,512,863
LIABILITIES AND EQUITY
Indebtedness, net			1,446,820				1,295,559
Accounts payable and accrued liabilities			34,106				38,840
Construction payables, including retentions			59,377				104,495
Billings in excess of construction contract costs and estimated earnings			6,664				5,871
Operating lease liabilities			31,284				31,365
Finance lease liabilities			93,086				92,646
Other liabilities			44,543				54,418
Total Liabilities			1,715,880				1,623,194
Total Equity			860,791				889,669
Total Liabilities and Equity		$	2,576,671			$	2,512,863

ARMADA HOFFLER PROPERTIES, INC. CONDENSED CONSOLIDATED INCOME STATEMENTS (in thousands, except per share amounts)
		Three Months Ended June 30,
			2025				2024
		(Unaudited)
Revenues
Rental revenues		$	65,147			$	63,265
General contracting and real estate services revenues			31,976				116,839
Interest income			4,140				4,632
Total revenues			101,263				184,736
Expenses
Rental expenses			16,077				15,087
Real estate taxes			6,590				5,886
General contracting and real estate services expenses			30,592				112,500
Depreciation and amortization			21,752				21,183
General and administrative expenses			5,998				4,503
Acquisition, development, and other pursuit costs			286				5,528
Impairment charges			—				1,494
Total expenses			81,295				166,181
Gain on real estate dispositions, net			—				—
Operating income			19,968				18,555
Interest expense			(21,271	)			(21,227	)
Equity in loss of unconsolidated real estate entities			(322	)			—
Gain (loss) on consolidation of real estate entities			6,915				—
Change in fair value of derivatives and other			648				4,398
Unrealized credit loss release			209				228
Other income (expense), net			3				79
Income before taxes			6,150				2,033
Income tax benefit			567				1,246
Net income			6,717				3,279
Net loss (income) attributable to noncontrolling interests in investment entities			77				(17	)
Preferred stock dividends			(2,887	)			(2,887	)
Net (loss) income attributable to common stockholders and OP Unitholders		$	3,907			$	375

  

ARMADA HOFFLER PROPERTIES, INC. RECONCILIATION OF NET (LOSS) INCOME TO FFO & NORMALIZED FFO (in thousands, except per share amounts)
		Three Months Ended June 30,
			2025				2024
		(Unaudited)
Net (loss) income attributable to common stockholders and OP Unitholders		$	3,907			$	375
Depreciation and amortization, net(1)			21,979				20,570
Gain on consolidation of real estate entities			(6,915	)			—
Impairment of real estate assets			—				1,494
FFO attributable to common stockholders and OP Unitholders		$	18,971			$	22,439
Acquisition, development, and other pursuit costs			286				5,528
Unrealized credit loss release			(209	)			(228	)
Amortization of right-of-use assets – finance leases			395				394
Increase in fair value of derivatives not designated as cash flow hedges			3,845				1,950
Stock compensation normalization(2)			139				—
Amortization of interest rate derivatives on designated cash flow hedges			383				121
Severance related costs			1,580				—
Normalized FFO available to common stockholders and OP Unitholders		$	25,390			$	30,204
Net (loss) income attributable to common stockholders and OP Unitholders per diluted share and unit		$	0.04			$	—
FFO attributable to common stockholders and OP Unitholders per diluted share and unit		$	0.19			$	0.25
Normalized FFO attributable to common stockholders and OP Unitholders per diluted share and unit		$	0.25			$	0.34
Weighted average common shares and units – diluted			102,286				88,815

(1) The adjustment for depreciation and amortization excludes amortization of above and below-market ground lease assets. The adjustments for depreciation and amortization for each of the three months ended June 30, 2025 and 2024 excludes $0.3 million and $0.2 million, respectively, of depreciation attributable to our partners.

(2) Accounts for the double-issuance of stock compensation due to a modification in the structure of executive compensation grants, removing the impact of grants in the current year that are related to the prior year’s performance. New grants are now issued in the year in which performance relates. Adjustment also removes impact of a one-time acceleration of 100% of stock compensation awarded to our former Chief Executive Officer in relation to prior year performance and the special award granted in June 2025. This adjustment accounts for the duplicate expense, but does not adjust for the double issuance of shares.

ARMADA HOFFLER PROPERTIES, INC. RECONCILIATION OF NET (LOSS) INCOME TO SAME STORE NOI, CASH BASIS (in thousands) (unaudited)
		Three Months Ended June 30,
			2025				2024
Retail Same Store (1)
Same Store NOI, Cash Basis		$	16,886			$	17,172
GAAP Adjustments(2)			1,350				971
Same Store NOI			18,236				18,143
Non-Same Store NOI(3)			75				1,135
Segment NOI			18,311				19,278
Office Same Store (4)
Same Store NOI, Cash Basis			13,202				13,051
GAAP Adjustments(2)			2,061				1,976
Same Store NOI			15,263				15,027
Non-Same Store NOI(3)			182				(247	)
Segment NOI			15,445				14,780
Multifamily Same Store (5)
Same Store NOI, Cash Basis			7,799				7,569
GAAP Adjustments(2)			215				208
Same Store NOI			8,014				7,777
Non-Same Store NOI(3)			710				455
Segment NOI			8,724				8,232
Total Property NOI			42,480				42,290
General contracting & real estate services gross profit			1,384				4,339
Real estate financing gross profit			3,672				3,966
Interest income(6)			468				666
Depreciation and amortization			(21,752	)			(21,183	)
General and administrative expenses			(5,998	)			(4,503	)
Acquisition, development, and other pursuit costs			(286	)			(5,528	)
Interest expense(7)			(21,271	)			(21,227	)
Equity in income of unconsolidated real estate entities			(322	)			—
Gain on consolidation of real estate entities			6,915				—
Change in fair value of derivatives and other			648				4,398
Unrealized credit loss release			209				228
Other income (expense), net			3				79
Income tax benefit			567				1,246
Net income			6,717				3,277
Net loss (income) attributable to noncontrolling interests in investment entities			77				(17	)
Preferred stock dividends			(2,887	)			(2,887	)
Net income attributable to AHH and OP unitholders		$	3,907			$	373

(1) Retail same-store portfolio for the three months ended June 30, 2025 and 2024 excludes Southern Post Retail, Allied | Harbor Point Retail, and Columbus Village II due to redevelopment, as well as Market at Mill Creek and Nexton Square which were sold in December 2024.

(2) GAAP Adjustments include adjustments for the net effects of straight-line rental revenues, the amortization of lease incentives and above/below market rents, the net effects of straight-line rental expenses, and ground rent expenses for finance leases.

(3) Includes expenses associated with the Company’s in-house asset management division.

(4) Office same-store portfolio for the three months ended June 30, 2025 and 2024 excludes Southern Post Office and Allied | Harbor Point Office Garage.

(5) Multifamily same-store portfolio for the three months ended June 30, 2025 and 2024 excludes Chandler Residences and The Allied | Harbor Point.

(6) Excludes real estate financing segment interest income.

(7) Excludes real estate financing segment interest expense.

Contact:

Chelsea Forrest
Armada Hoffler
Vice President of Corporate Communications and Investor Relations
Email: [email protected]
Phone: (757) 612-4248