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US Earnings Financial Results SEC Filings — March 17, 2026

Financial Results & Earnings

50 high priority50 total filings analysed

Executive Summary

Across 50 SEC filings for Q4 2025/FY2025 financial results filed March 17, 2026, sentiment is predominantly mixed (25+ filings) with neutral ABS servicing compliance dominating low-materiality disclosures (15+ filings), signaling routine stability in asset-backed securities servicing but no major issues. Revenue growth trends are uneven: strong outperformers like Ethos Technologies (+52% YoY to $387.6M), Xerox (+12.9% to $7.0B), and HealthEquity (+9% to $1.31B) contrast with decliners like NextNav (-19.3%), IZEA (-13%), and Gossamer Bio (-58%), averaging modest portfolio-level growth of ~15% YoY among high-materiality names. Margin compression is widespread (e.g., Xerox gross margin -440bps to 27.1%, Academy SG&A +820bps to 26.3%), offset by loss narrowing in biotechs (Monte Rosa -47% to $38.6M loss, AN2 -31% to $35.2M) and banks (Mechanics +817% net income post-merger). Capital allocation leans conservative with dividends up in Value Line (+8% nine-month payout to $9.2M) but dilution rampant via equity raises (X4 shares +1495% to 90.9M, Oklo cash +712% to $788M). SPACs like M3-Brigade and ProCap show passive interest income gains ($4.15M, $5.66M) amid no business combinations. Biotech/pharma heavy (12 filings) highlights R&D spend persistence despite cuts, while banking/mining exhibit asset expansion but yield pressures; actionable theme is selective rotation to revenue accelerators like DTC/tech amid macro caution.

Tracking the trend? Catch up on the prior US Earnings Financial Results SEC Filings digest from March 16, 2026.

Investment Signals(12)

  • Mechanics Bancorp↓(BULLISH)
    ▲

    Net income +817% YoY to $266M post-HomeStreet merger, NIM +12bps to 3.43%, assets +36% to $22.4B, CET1 14.09%

  • Ethos Technologies↓(BULLISH)
    ▲

    Revenue +52% YoY to $387.6M (DTC +40%, third-party +79%), gross margin +100bps to 98%, Adj EBITDA +55% to $89M

  • Xerox Holdings↓(BULLISH)
    ▲

    Revenue +12.9% YoY to $7.0B (IT Solutions +112.6%), post-sale +14.3%, pre-tax loss narrowed 59% to $488M

  • HealthEquity↓(BULLISH)
    ▲

    Revenue +9% YoY to $1.31B (custodial +17%), net income +123% to $215M, Adj EBITDA +20% to $566M (43% margin), op cash +34% to $457M

  • Coda Octopus↓(BULLISH)
    ▲

    Q2 revenue +28.8% YoY to $6.7M, op income +52.6% to $1.0M, cash +6% QoQ to $30.4M, op cash doubled YoY to $1.5M

  • Monte Rosa Therapeutics↓(BULLISH)
    ▲

    Collaboration revenue +63.5% YoY to $123.7M, net loss -47% to $38.6M, cash runway extended via $23.9M ATM

  • X4 Pharmaceuticals↓(BULLISH)
    ▲

    Revenue +1250% to $35.1M (license $28.6M), cash +286% to $217.9M via $238.6M financing despite loss widening

  • PSQ Holdings↓(BULLISH)
    ▲

    Revenue +81% YoY to $18.2M (payments $5.6M new), op loss -23% to $32M, net loss -37% to $36.6M

  • Abeona Therapeutics↓(BULLISH)
    ▲

    First FY revenue $5.82M (ZEVASKYN $2.42M), net income $71.18M via $152M PRV sale, investing cash +$105M inflow

  • IZEA Worldwide↓(BULLISH)
    ▲

    Costs -40% YoY to $33.1M (S&M -64%), swung to net income $42K from $18.9M loss, op cash +$2.4M positive, cash to $50.9M

  • Value Line↓(BULLISH)
    ▲

    Q3 net income +14% YoY to $5.9M ($0.63/share), nine-month +8% to $18.1M, dividends +8% to $9.2M, assets +4% to $151M

  • Academy Sports↓(BULLISH)
    ▲

    FY sales +2% YoY to $6.05B (all segments positive), gross margin +470bps to 34.8% despite SG&A rise

Risk Flags(10)

  • Bank7 Corp↓[HIGH RISK]
    ▼

    NIM -17bps YoY to 4.94%, loan yields -64bps to 7.92%, noninterest income -24.4% to $8.5M, noninterest deposits -17% to $318M

  • McEwen Inc↓[MEDIUM RISK]
    ▼

    GEO sales -16% YoY to 113,732 despite +48% price, new $240M loan at 12% interest drawn $28.5M for Los Azules

  • Hammer Technology↓[HIGH RISK]
    ▼

    No continuing ops revenue, net loss $153K (six-mo cash burn $328K), assets -22% to $182K, liabilities +19% to $1.15M, deficit $(968K)

  • PURE BIOSCIENCE↓[MEDIUM RISK]
    ▼

    SILVÉRION revenue -91.9% to $14K, dilutive shares +63.3% to 68.6M, convertible notes $5.52M +$625K interest

  • NextNav↓[HIGH RISK]
    ▼

    Revenue -19.3% YoY to $4.573M, net loss +86% to $189M, op cash use +34% to $50.7M despite $120M financing

  • Gossamer Bio↓[HIGH RISK]
    ▼

    Revenue -58% YoY to $48.5M (no license), net loss +202% to $170.4M, op cash use +$171M, equity to -$122.8M deficit

  • SafeSpace Global↓[HIGH RISK]
    ▼

    No revenue, six-mo net loss +41% to $2.74M, op exps +49%, cash -49% to $3.86M, assets/equity -29%

  • Oklo Inc↓[MEDIUM RISK]
    ▼

    Net loss +43.5% to $105.7M (R&D +120%, G&A +208%), op cash use +114% to $82.2M post-acquisition

  • Guru App Factory↓[HIGH RISK]
    ▼

    Six-mo revenue -72.5% to $26K, net loss +303% to $31K, full DTA valuation allowance

  • Northern Minerals↓[MEDIUM RISK]
    ▼

    Net loss +48% YoY to $173K despite first revenue $14.5K, op exps +48%, equity deficit to -$353K

Opportunities(10)

Sector Themes(6)

  • Biotech Loss Narrowing Amid R&D Cuts
    ◆

    8/12 biotechs narrowed losses YoY (avg -35%, e.g., Monte Rosa -47%, AN2 -31%) via op ex cuts (R&D -20% avg) but cash burn persists ($50M+ avg use), signals pipeline prioritization over growth

  • Banking NIM Pressure Post-Growth
    ◆

    2/3 banks show NIM compression (Bank7 -17bps, Mechanics stable post-merger), assets +20% avg but provisions/nonaccruals up (Mechanics x3 to 0.30%), deposit flight risk in noninterest-bearing (-17%)

  • SPAC Passive Yield Stability
    ◆

    3 SPACs net income from interest ($4-6M on $250-350M trusts), no combos but low op losses (<$0.5M), accretion creates deficits but $10/share redemption floor intact

  • Tech/Consumer Margin Squeeze
    ◆

    6/10 tech/retail filings margin hits (Xerox -440bps, Academy SG&A +820bps) despite revenue +10% avg, driven by S&M/G&A ramps (Ethos S&M +54%), capex efficiency key

  • ABS Servicing Routine Compliance
    ◆

    17/50 filings neutral on Reg AB 1122(d), all affirm most criteria (cash deposits <2 days, recon <30 days) but consistent 'not performed' on backups/investor remittances, no deficiencies implies low default risk

  • Mining/Energy Revenue Volatility
    ◆

    McEwen GEO -16% despite price +48%, Trio +1029% first rev, Northern first $14K but losses +48%, project funding (McEwen $240M loan) signals capex rebound potential

Watch List(8)

Filing Analyses(50)
Mechanics Bancorp10-Kmixedmateriality 9/10

17-03-2026

Mechanics Bancorp reported net income of $266M in 2025, up 817% YoY from $29M, boosted by a $145M bargain purchase gain from the September 2, 2025 merger with HomeStreet Bank and noninterest income swing to $223M from a $139M loss. Net interest income grew 13% YoY to $586M with NIM expanding 12 bps to 3.43%, while total assets expanded 36% to $22.4B and deposits rose 36% to $19.0B. However, provision for credit losses on loans increased to $20.5M from a $1.6M reversal, nonaccrual loans tripled to $43M (0.30% of total loans), and noninterest expenses rose 36% to $470M driven by $73M acquisition/integration costs.

  • ·Common equity Tier 1 capital ratio for Mechanics Bancorp: 14.09% (newly reported post-merger)
  • ·Tangible common equity ratio declined to 8.48% from 9.10%
  • ·Loans to deposits ratio increased to 74.52% from 69.17%
  • ·Full time equivalent employees grew 34% to 1,921
PURE BIOSCIENCE, INC.10-Qmixedmateriality 7/10

17-03-2026

For the six months ended January 31, 2026, PURE BIOSCIENCE, INC. reported revenue growth of 21.7% YoY to $1.152M, driven by strong performance in PURE Hard Surface (+46.8% to $1.136M for the month), while SILVÉRION revenue declined sharply 91.9% to $14,000. Net loss narrowed 16.0% YoY to $1.249M amid lower G&A expenses, however interest expense rose to $195,000 from $132,000 and dilutive securities outstanding surged 63.3% to 68.6M shares. Convertible notes increased to $5.52M principal plus $625,000 accrued interest.

  • ·Fiscal 2026 Notes issued totaling $720K at 6.34%-6.68% interest, maturing Oct-Dec 2028.
  • ·G&A expenses decreased 10.2% YoY to $1.498M for six months.
  • ·Interest expense increased 47.7% YoY to $195K for six months.
Unknown10-Kneutralmateriality 4/10

17-03-2026

The 10-K annual report filed on March 17, 2026, contains multiple assertions of compliance with Item 1122 servicing criteria under Regulation AB by servicers including Midland, PBLS, KeyBank, and the Company for asset-backed securities transactions. Compliance is affirmed for most applicable criteria through direct performance or responsible vendor oversight, while several criteria are marked as N/A, inapplicable, or not performed by the respective parties, indicating no universal coverage across all servicers.

Unknown10-Kneutralmateriality 4/10

17-03-2026

Appendix B of Unknown Company's 10-K filing details compliance with Regulation AB 1122(d) servicing criteria for asset-backed securities by multiple servicers, including the Company, PBLS1, CoreLogic, and Midland. Most criteria across general servicing, cash collection, investor remittances, and pool asset administration are marked as performed directly or by responsible vendors, while several (e.g., back-up servicer maintenance, certain investor reporting reconciliations) are noted as inapplicable or not performed by the servicers or their vendors.

  • ·Servicing compliance assessed for criteria including deposits within 2 business days, reconciliations within 30 calendar days (resolved within 90 days), and escrow analysis on annual basis.
  • ·Multiple criteria marked as 'NOT performed' or 'INAPPLICABLE' by servicers, such as 1122(d)(1)(iii) back-up servicer, certain investor report filings/reconciliations under 1122(d)(3), and external enhancements under 1122(d)(4)(xv).
Unknown10-Kneutralmateriality 3/10

17-03-2026

Unknown Company filed its 10-K annual report on March 17, 2026, including detailed assessments of compliance with Regulation AB Item 1122 servicing criteria for asset-backed securities by servicers Midland, PBLS, and KeyBank. Applicable criteria are predominantly performed directly by these servicers or by vendors for which they are responsible, while many others are marked as not applicable or not performed by them. No material non-compliance, exceptions, or performance issues are disclosed across the tables.

  • ·Multiple criteria reference standard timeframes such as deposits/postings within 2 business days, reconciliations within 30 calendar days, and resolution of reconciling items within 90 calendar days.
  • ·N/A notations appear frequently for criteria like back-up servicer maintenance (1122(d)(1)(iii)), investor remittances (1122(d)(3)(ii)-(iv)), and external enhancements (1122(d)(4)(xv)).
Unknown10-Kneutralmateriality 4/10

17-03-2026

Unknown Company's 10-K filing dated March 17, 2026, includes Appendix B detailing compliance with Regulation AB servicing criteria (1122(d)) for asset-backed securities and mortgage loan pools. Various servicers, including the Company, CWCAM, PBLS, CoreLogic, and KeyBank, indicate that most general servicing considerations, cash collection, pool asset administration criteria are performed directly or via responsible vendors, while several investor remittances and reporting criteria (e.g., 1122(d)(3)(i)(B-D), (ii)-(iv)) and certain pool asset criteria are marked as not applicable or not performed. No material deficiencies or non-compliance issues are reported across the tables.

  • ·Servicing criteria timeframes include deposits/postings within 2 business days, reconciliations within 30 calendar days, resolution of reconciling items within 90 calendar days, and escrow returns within 30 calendar days.
  • ·Backup servicer maintenance (1122(d)(1)(iii)) marked as not performed or not applicable by most servicers.
Unknown10-Kneutralmateriality 4/10

17-03-2026

This 10-K filing includes servicing compliance assertions from KeyBank, PBLS, CoreLogic, and the Company under Regulation AB 1122(d) criteria for asset-backed securities pool assets. Most applicable servicing criteria in areas like cash collection, pool asset administration, and general servicing are marked as performed directly by the asserting parties or responsible vendors, while several investor remittances criteria and others are designated as N/A or not performed. No material non-compliance or exceptions are noted in the tables.

Unknown10-Kneutralmateriality 4/10

17-03-2026

Unknown Company's 10-K annual report filed on March 17, 2026, includes Appendix B assessing compliance with Regulation AB servicing criteria (1122(d)) for asset-backed securities across multiple tables for the Company, servicers, CoreLogic, and PBLS1. Most applicable criteria are reported as performed directly by the servicer or responsible vendors, such as policies for monitoring defaults, cash collections, and pool asset administration. However, numerous criteria are marked as inapplicable, not performed, or handled by non-responsible parties, including back-up servicer maintenance, certain investor reporting reconciliations, and external enhancements.

  • ·Multiple servicing criteria (e.g., 1122(d)(1)(iii), 1122(d)(3)(ii)-(iv)) marked as NOT performed or INAPPLICABLE across tables.
  • ·Standard timeframes referenced include deposits/postings within 2 business days, reconciliations within 30/90 calendar days, and escrow analysis annually.
Unknown10-Kneutralmateriality 4/10

17-03-2026

Unknown Company's 10-K filing includes Appendix B, assessing compliance with Regulation AB servicing criteria for asset-backed securities, primarily mortgage loans or pool assets. The company and servicers such as CWCAM and CoreLogic confirm direct performance or oversight for most criteria in general servicing considerations, cash collection and administration, and select pool asset administration areas. However, numerous investor remittances and reporting criteria (e.g., 1122(d)(3)(i)(B)-(D), (ii)-(iv)) and several pool asset administration items (e.g., 1122(d)(4)(ii), (v), (ix)-(xv)) are marked as not performed, not applicable, or handled by non-responsible parties.

  • ·Filing date: March 17, 2026
  • ·Multiple tables show variations: some criteria split as applicable only to Platform A (e.g., 1122(d)(3)(i)(C)-(D)), not Platform B
  • ·Back-up servicer maintenance (1122(d)(1)(iii)) and pool asset safeguarding (1122(d)(4)(ii)) consistently not performed by company or responsible vendors
Ethos Technologies Inc.10-Kmixedmateriality 10/10

17-03-2026

Ethos Technologies Inc. reported revenue of $387.6M for FY 2025, up 52% YoY from $254.9M, driven by strong growth in DTC channel revenue (+40% to $242.5M) and third-party channel revenue (+79% to $145.1M). Gross profit rose 53% to $380.9M with margin expansion to 98% from 97%, and Adjusted EBITDA increased 55% to $89.0M with flat 23% margin; however, net income margin slightly declined to 18% from 19%, sales and marketing expenses surged 54% to $229.3M (59% of revenue), and G&A expenses jumped 77% to $39.6M (10% of revenue).

  • ·Contribution profit FY 2025: $162.0M (42% margin) vs FY 2024: $104.6M (41% margin)
  • ·Cost of revenue FY 2025: $6.7M vs FY 2024: $6.5M
  • ·Depreciation and amortization FY 2025: $5.4M (flat YoY)
  • ·Income tax expense FY 2025: $4.6M vs FY 2024: $5.1M
HAMMER TECHNOLOGY HOLDINGS CORP.10-Qmixedmateriality 6/10

17-03-2026

Hammer Technology Holdings Corp. reported a reduced net loss from continuing operations of $153K for the three months ended January 31, 2026, compared to a $280K loss in the prior year period, driven by lower operating expenses ($139K vs. $348K). Cash and equivalents increased to $28K from $18K at July 31, 2025, supported by $339K in related-party financing, however total assets declined 22% to $182K amid amortization of intangibles, while total liabilities rose 19% to $1.15M and stockholders' deficit worsened to $(968K). For the six months, operating cash burn improved to $328K from $497K, but the company continues to generate no revenue from continuing operations.

  • ·Intangible assets declined to $154K from $216K due to amortization.
  • ·Selling, general and administrative expenses for six months ended Jan 31, 2026: $242K (down 33% YoY from $363K).
  • ·No revenue reported from continuing operations in any period.
  • ·Gain on disposal of subsidiaries in prior year discontinued operations: $1.66M for three and six months ended Jan 31, 2025.
Unknown10-Kneutralmateriality 4/10

17-03-2026

Unknown Company's 10-K filing dated March 17, 2026, includes Appendix B, which details compliance assertions for Servicing Criteria under Rule 1122(d) of Regulation AB across multiple tables for the Company, PBLS1, and CoreLogic. The Company directly performs or is responsible for the majority of criteria in areas like general servicing considerations, cash collection, and pool asset administration, while several investor remittances and reporting criteria (e.g., 1122(d)(3)(i)-(iv)) are marked as not performed by the Company or its responsible vendors. Certain criteria, such as maintaining a back-up servicer (1122(d)(1)(iii)), are consistently inapplicable across tables.

  • ·Multiple tables show varying responsibility: e.g., 1122(d)(1)(iii) back-up servicer not maintained across all (marked X in NOT performed column).
  • ·Timeframes referenced include deposits/postings within 2 business days, reconciliations within 30 days, resolution of items within 90 days, and escrow analysis annually.
  • ·Investor reporting criteria 1122(d)(3)(i)(B)-(D), (ii)-(iv) largely not performed by Company/PBLS1/CoreLogic or non-responsible parties.
Unknown10-Kneutralmateriality 4/10

17-03-2026

Unknown Company's 10-K filed on March 17, 2026, includes Appendix B assessing compliance with Regulation AB servicing criteria for asset-backed securities servicing. The company (CoreLogic) performs most criteria directly in areas like general servicing considerations, cash collection, and pool asset administration. However, multiple investor remittances and reporting criteria (e.g., 1122(d)(3)(i)-(iv)), back-up servicer maintenance (1122(d)(1)(iii)), pool asset safeguarding (1122(d)(4)(ii)), and external enhancements (1122(d)(4)(xv)) are not performed by the company or its subservicers.

  • ·Compliance assessed for criteria including deposits within 2 business days, reconciliations within 30 calendar days (resolved within 90 days), and escrow analysis on annual basis.
  • ·Several criteria marked as 'not applicable' across platforms, particularly in cash collection reconciliations (1122(d)(2)(vii)) and pool asset changes.
Unknown10-Kneutralmateriality 4/10

17-03-2026

Appendix B of the 10-K filing provides assessments of compliance with Regulation AB servicing criteria (1122(d)) for asset-backed securities, indicating that most criteria are performed directly by the Company, by responsible vendors, or marked as inapplicable/not performed. Several investor reporting criteria (e.g., 1122(d)(3)(i)(B)-(D), (ii)-(iv)) are listed as not performed or inapplicable by the Company or servicer, while others like loss mitigation (1122(d)(4)(vii)) are applicable. CoreLogic is identified as a servicer handling select criteria such as fidelity bonds and disbursements.

  • ·Multiple servicing criteria marked as 'NOT performed by the Company or subservicers/vendors' including 1122(d)(1)(iii) (back-up servicer), 1122(d)(3)(ii)-(iv) (investor remittances), and 1122(d)(4)(xv) (external enhancements).
  • ·Applicability varies by platform: 1122(d)(3)(i)(C)-(D) applicable for Platform A but not Platform B.
  • ·Standard timeframes noted in criteria: deposits/postings within 2 business days, reconciliations within 30 days, resolutions within 90 days.
McEwen Inc.10-Kmixedmateriality 9/10

17-03-2026

McEwen Inc. reported full-year 2025 revenue of $197.6 million, up 13% YoY from $174.5 million in 2024, driven by a 48% higher average realized price of $3,532 per GEO despite a 22% decline in GEO sales from 100% owned operations to 58,552. Consolidated GEO sales fell 16% to 113,732, including an 9% drop in attributable GEOs from the San José mine to 55,180. Additionally, on February 6, 2026, McEwen Copper secured a loan facility of up to $240 million, with $28.5 million drawn to date at 12% annual interest, to fund the Los Azules Project and other purposes.

  • ·Loan proceeds for McEwen Copper to be used for general corporate purposes, working capital, going public transaction costs, and advancing Los Azules Project toward Final Investment Decision.
  • ·Company received 203,280 transferable warrants to purchase McEwen Copper shares at $40 per share as part of loan agreement.
  • ·Argentina corporate income tax rate changed to progressive 25%-35% for fiscal years starting on/after Jan 1, 2021, with annual inflation adjustments from Jan 2022.
Unknown10-Kneutralmateriality 4/10

17-03-2026

Appendix B of the 10-K assesses compliance with asset-backed securities servicing criteria under Rule 1122(d), with the Company reporting most criteria (e.g., cash collection, pool asset administration) as performed directly or by responsible vendors. Several criteria are marked as inapplicable or not performed by the Company or its vendors/subservicers, including maintenance of a back-up servicer, certain investor reporting and remittance functions, and external enhancements. CoreLogic is identified as performing specific servicing functions in one assessment table.

  • ·Filing Date: March 17, 2026
  • ·Compliance timeframes include deposits/postings within 2 business days, reconciliations within 30 calendar days, and resolution of reconciling items within 90 calendar days
  • ·Escrow analyses required at least annually
Unknown10-Kneutralmateriality 3/10

17-03-2026

Unknown Company's 10-K filing includes Appendix B detailing compliance with Regulation AB servicing criteria for asset-backed securities, asserting that most criteria (e.g., cash collection, pool asset administration) are performed directly or by responsible vendors. However, several criteria, such as maintaining a back-up servicer, investor remittances/reporting, and certain pool asset safeguards, are marked as not performed by the company or its subservicers/vendors. Additional tables cover assertions by entities including PBLS1 and CoreLogic, with similar patterns of direct performance or outsourcing.

  • ·Filing date: March 17, 2026
  • ·Servicing criteria timeframes include deposits/postings within 2 business days, reconciliations within 30 calendar days, resolution of reconciling items within 90 calendar days, and escrow analysis on at least an annual basis
Unknown10-Kneutralmateriality 4/10

17-03-2026

Unknown Company's 10-K annual report filed on March 17, 2026, includes Appendix B assessing compliance with Regulation AB servicing criteria (1122(d)) for asset-backed securities pool assets. The company and vendors like CoreLogic and PBLS1 directly perform or oversee most criteria in general servicing considerations, cash collection, and pool asset administration. However, multiple investor remittances and reporting criteria (e.g., 1122(d)(3)(i)(B)-(D), (ii)-(iv)), back-up servicer maintenance (1122(d)(1)(iii)), and certain pool asset safeguards are marked as not performed by the company or its responsible parties.

  • ·Back-up servicer requirements (1122(d)(1)(iii)) not maintained.
  • ·Investor reports filing with Commission (1122(d)(3)(i)(C)) and agreement with records (1122(d)(3)(i)(D)) marked as not performed in several tables.
  • ·Pool asset documents safeguarding (1122(d)(4)(ii)) not performed by company in some sections.
Xerox Holdings Corp10-Kmixedmateriality 10/10

17-03-2026

Xerox Holdings Corp reported total revenue of $7.0B for the year ended December 31, 2025, up 12.9% YoY from $6.2B in 2024, driven by IT Solutions revenue surging 112.6% to $761M and post-sale revenue growing 14.3% to $5.5B. However, Print and Other segment profit declined 29.5% to $279M from $396M, total segment profit fell 18.9% to $321M, adjusted operating profit dropped 17.9% to $248M, and total gross margin compressed 4.4 percentage points to 27.1%. Pre-tax loss narrowed to $488M from $1.2B but remained negative amid higher expenses.

  • ·Equipment gross margin declined to 21.4% in 2025 from 30.2% in 2024 (-8.8 pts)
  • ·Post sale gross margin declined to 28.6% in 2025 from 31.9% in 2024 (-3.3 pts)
  • ·SAG as % of revenue improved slightly to 23.6% in 2025 from 24.7% in 2024 (+1.1 pts)
  • ·Non-financing interest expense rose to $248M in 2025 from $119M in 2024
  • ·Other expenses, net increased to $360M in 2025 from $158M in 2024
Unknown10-Kneutralmateriality 4/10

17-03-2026

The 10-K annual report includes Appendix B, asserting compliance with Regulation AB 1122(d) servicing criteria for asset-backed securities pool assets across multiple entities including the Company, Servicer, PBLS, and CoreLogic. Many criteria in general servicing, cash collection, pool asset administration, and investor reporting are marked as performed directly or by responsible vendors, such as monitoring defaults, custodial account maintenance, and loss mitigation. However, numerous criteria are designated as inapplicable or not performed, including back-up servicer maintenance, certain investor report filings and remittances, pool asset safeguarding, and external enhancements.

  • ·Filing Date: March 17, 2026
  • ·Servicing criteria timeframes referenced: no more than 2 business days for deposits/postings, 30 calendar days for reconciliations/escrow returns, 90 calendar days for reconciling items
M3-Brigade Acquisition VI Corp.10-Kmixedmateriality 6/10

17-03-2026

M3-Brigade Acquisition VI Corp., a SPAC formed on June 5, 2025, reported net income of $4.15M for the period ended December 31, 2025, driven by $4.61M in interest income on Investments held in Trust Account totaling $349.6M. However, the company recorded an operating loss of $0.43M from general and administrative costs and a shareholders' deficit of $15.56M primarily due to accretion of Class A ordinary shares subject to redemption. Total assets were $350.8M, including $0.88M in cash, with $34.5M Class A shares at $10.13 redemption value and deferred underwriting fees of $16.4M.

  • ·Inception date: June 5, 2025
  • ·Balance sheet date: December 31, 2025
  • ·Filing date: March 17, 2026
  • ·Class A redemption value: $10.13 per share
  • ·Net income per share: $0.14 (basic and diluted for both Class A and B)
  • ·Auditor: Independent Registered Public Accounting Firm (PCAOB ID: 100)
Unknown10-Kneutralmateriality 4/10

17-03-2026

Appendix B of the 10-K annual report details the Unknown Company's compliance with Regulation AB Item 1122(d) servicing criteria for asset-backed securities transactions. Most criteria across general servicing, cash collection, administration, and pool asset management are marked as performed directly by the company or responsible vendors, including policies for monitoring defaults, payment deposits within two business days, and monthly reconciliations. However, several investor remittances and reporting criteria (e.g., 1122(d)(3)(i)(B)-(D), (ii)-(iv)) and back-up servicer maintenance (1122(d)(1)(iii)) are noted as inapplicable or not performed by the company or its subservicers.

  • ·Filing date: March 17, 2026
  • ·Servicing criteria compliance assessed for reporting period, with standard timeframes including deposits/postings within 2 business days, reconciliations within 30 calendar days, and resolution of reconciling items within 90 calendar days
  • ·Multiple tables provided for different platforms/servicers (e.g., Platform A/B/C, CoreLogic, PGIM RELS) showing variations in direct performance vs. vendor responsibility
Unknown10-Kneutralmateriality 4/10

17-03-2026

Appendix B of the 10-K filing details compliance assessments with Regulation AB Item 1122(d) servicing criteria for asset-backed securities by multiple parties, including the Company, PBLS1, CoreLogic, and Midland. Most criteria in general servicing considerations, cash collection, and pool asset administration are marked as performed directly or by responsible vendors, while several investor remittances and reporting criteria, along with specific pool asset tasks like back-up servicer maintenance and external enhancements, are noted as not performed or inapplicable. This disclosure confirms adherence to standard servicing protocols without any identified deficiencies or exceptions.

  • ·Compliance assessments cover criteria such as 1122(d)(1)(iii) back-up servicer (not performed by most parties), 1122(d)(2)(vii) monthly reconciliations (performed by several), and 1122(d)(4)(xv) external enhancements (not performed)
ProCap Acquisition Corp10-Kmixedmateriality 7/10

17-03-2026

ProCap Acquisition Corp, a SPAC, reported net income of $5.66M for the period from inception (Jan 2, 2025) through Dec 31, 2025, driven by $6.11M in interest income from its $256.1M Trust Account, offset by a $0.47M operating loss from G&A expenses. The balance sheet shows total assets of $257.3M, with shareholders' deficit of $10.17M due to accretion of redeemable shares. Cash outside Trust stands at $1.07M, with no business combination completed.

  • ·Promissory note to related party: $23,345
  • ·Net cash used in operating activities: $0.49M
  • ·Net cash provided by financing activities: $251.6M
Bank7 Corp.10-Kmixedmateriality 9/10

17-03-2026

Bank7 Corp. reported total assets of $1.82B for 2025, up from $1.72B in 2024 and $1.69B in 2023, with average loans growing 6.6% YoY to $1.48B and net interest income increasing 1.9% to $87.9M; however, net interest margin declined to 4.94% from 5.11%, loan yields dropped to 7.92% from 8.56%, loan interest income fell 1.6% to $117.5M, and total noninterest income decreased 24.4% to $8.5M primarily due to lower oil and gas-related income. Noninterest-bearing deposits declined to $318M from $382M YoY and $434M in 2023, while shareholders' equity grew to $233M.

  • ·Equity compensation plans approved by shareholders: 317,046 outstanding options at weighted average exercise price of $16.96, with 623,504 securities remaining available.
  • ·Short-term investments average yield declined to 4.21% in 2025 from 5.04% in 2024.
  • ·Taxable debt securities average balance dropped to $46.6M in 2025 from $90.2M in 2024.
VALUE LINE INC10-Qmixedmateriality 7/10

17-03-2026

Value Line Inc reported net income of $5.9M for the three months ended January 31, 2026, up 14% YoY to $0.63 per share, driven by strong investment gains of $2.2M (up 229% YoY) and EAM Trust revenues of $4.8M, despite an 8% YoY decline in total publishing revenues to $8.3M and a sharp 36% drop in operating income to $1.0M. For the nine months, net income rose 8% YoY to $18.1M, with publishing revenues down 5% to $25.4M but offset by 9% higher EAM Trust contribution and 51% investment gains growth. Total assets grew 4% to $151M, supported by higher cash and equity securities, though fixed income securities fell 44%.

  • ·Net cash provided by operating activities for 9M down 6% YoY to $13.8M.
  • ·Net cash from investing activities for 9M down 48% YoY to $8.6M.
  • ·Dividends paid for 9M $9.2M, up from $8.5M YoY.
  • ·Treasury stock purchases: 612,110 shares at cost $16.5M as of Jan 31, 2026 (up from 589K shares $15.6M).
Unknown10-Kneutralmateriality 4/10

17-03-2026

Unknown Company's 10-K Appendix B discloses compliance with Regulation AB servicing criteria for asset-backed securities, with most general servicing, cash collection, pool asset administration criteria performed directly by the company or responsible vendors. However, several investor remittances and reporting criteria (e.g., 1122(d)(3)(i)(B)-(D), (ii)-(iv)) are marked as not performed by the company or subservicers, and some are inapplicable. Additional tables from servicers like CoreLogic and PBLS1 show similar assertions, with many criteria either performed directly or deemed inapplicable/not performed per transaction agreements.

  • ·Filing date: March 17, 2026
  • ·Multiple servicing criteria (e.g., 1122(d)(1)(iii), 1122(d)(3)(ii)-(iv), 1122(d)(4)(ii)) marked as NOT performed or inapplicable across tables
Unknown10-Kneutralmateriality 4/10

17-03-2026

Appendix B of the 10-K details the Company's compliance with Regulation AB servicing criteria for asset-backed securities, primarily pool assets and mortgage loans, confirming that most applicable criteria (e.g., cash collection, pool asset administration) are performed directly by the Company or responsible vendors. However, several criteria such as maintaining a back-up servicer, certain investor remittances and reporting (e.g., 1122(d)(3)(i)(B)-(D)), and external enhancements are marked as inapplicable or not performed by the Company, subservicers, or vendors. CoreLogic and KeyBank are noted as performing specific servicing functions.

  • ·Filing date: March 17, 2026
  • ·Standard timeframes referenced across criteria: deposits/postings within 2 business days, reconciliations within 30 calendar days, resolution of reconciling items within 90 calendar days, escrow analysis annually, and returns within 30 calendar days of repayment
Unknown10-Kneutralmateriality 4/10

17-03-2026

Unknown Company's 10-K filing dated March 17, 2026, includes Appendix B asserting compliance with Regulation AB servicing criteria for asset-backed securities transactions involving pool assets such as mortgage loans. The company directly performs or is responsible for most criteria across general servicing considerations, cash collection, and pool asset administration. However, multiple criteria in investor remittances and reporting (e.g., 1122(d)(3)(i)-(iv)), back-up servicer maintenance, and certain pool asset safeguards are marked as not performed by the company or its subservicers/vendors.

  • ·Standard timeframes referenced: deposits/postings within 2 business days, reconciliations within 30 calendar days, resolution of reconciling items within 90 calendar days, escrow analysis annually
  • ·Criteria 1122(d)(1)(iii) (back-up servicer) consistently marked as not performed across tables
  • ·Investor reporting criteria (1122(d)(3)) largely inapplicable or not performed by asserting parties
NORTHERN MINERALS & EXPLORATION LTD.10-Qmixedmateriality 6/10

17-03-2026

Northern Minerals & Exploration Ltd. (NMEX) reported first revenue of $14,519 for the six months ended January 31, 2026 (vs $0 YoY), yielding a gross margin of $2,000, while total assets grew 35% to $219,712 from $162,265 at July 31, 2025, bolstered by $182,000 in related-party financing and cash rising to $8,580. However, net loss widened 48% YoY to $173,265 from $116,797 due to operating expenses surging 48% to $163,756, with stockholders' deficit deteriorating to $(353,113) from $(223,348). Three-month net loss also increased to $110,057 from $39,335 YoY amid elevated officer, director, and professional fees.

  • ·Issued 4,250,000 common shares for oil/gas rights and services during the period.
  • ·Purchased Bitcoin for $42,139 in investing activities.
  • ·Related-party loan proceeds: $182,000 (six months).
  • ·Net cash used in operations increased 64% YoY to $135,340.
  • ·Standardized measure of discounted future net cash flows: $156,671 (2025).
Unknown10-Kmixedmateriality 9/10

17-03-2026

Eloxx Pharmaceuticals reported a net loss of $6.0M for the year ended December 31, 2025, widening 91% YoY from $3.1M in 2024 after license revenue fell 100% to $0, while operating expenses declined 27% YoY to $6.4M driven by cuts in R&D (-15%) and G&A (-36%). Cash and equivalents rose sharply to $4.8M from $0.1M, supported by $11.0M in net financing inflows including PIPE transactions and debt conversions, though cash used in operations increased to $6.3M. Stockholders' deficit narrowed to $11.9M from $24.3M amid equity issuances, but total liabilities remained elevated at $17.2M.

  • ·Common shares outstanding increased to 4,790,239 as of Dec 31, 2025 from 3,534,250 in 2024 via PIPE, debt conversions, and vesting.
  • ·Net cash from financing activities in 2025 included $9.7M from 2025 PIPE pre-funded warrants and $2.9M from debt financing.
  • ·Domicilium debt conversion in 2025: principal $7.4M and accrued interest $1.1M totaling $8.5M.
  • ·Total assets $5.3M as of Dec 31, 2025, up from $3.0M in 2024.
Clene Inc.10-Kmixedmateriality 5/10

17-03-2026

Clene Inc.'s 10-K filing discloses key risks including potential delays in regulatory approvals for drug candidates like CNM-Au8 that could prevent commercialization and revenue generation, as well as the company's lack of experience in drug marketing. Positively, the company received grants of $0.4M (Sep 2019), $0.7M (May 2023), and AUD1.4M (Aug 2019) to support MS and ALS clinical trials, though these carry repayment obligations of 50-450% upon commercialization success. Additionally, Clene entered exclusive license and supply agreements with 4Life for dietary supplements through 2033, featuring minimum sales commitments starting 2024 and 3% royalties on incremental sales.

  • ·Grant repayments for CNM-Au8 commercialization: 50% to 450% of funds based on sales milestones.
  • ·FightMND grant repayment: up to 500% of original amount or 10% of net sales in Australia at discretion.
  • ·4Life agreements allow non-exclusivity conversion if minimum sales commitments unmet for two years, with option to pay royalties to retain.
  • ·4Life permitted third-party sales by Clene starting Jan 1, 2027; agreements renewable post-2033.
Coda Octopus Group, Inc.10-Qmixedmateriality 8/10

17-03-2026

Coda Octopus Group, Inc. reported net revenues of $6.7M for the three months ended January 31, 2026, up 28.8% YoY from $5.2M, with gross profit rising 27.3% to $4.4M and operating income surging 52.6% to $1.0M. However, net income was nearly flat at $0.93M (+1.9% YoY) amid sharply higher SG&A expenses (+23.7% to $2.8M) and elevated tax expense; comprehensive income swung to $2.0M positive from a $0.1M loss due to a $1.1M foreign currency gain. Cash equivalents grew to $30.4M (QoQ from $28.7M), supported by operating cash flow of $1.5M, more than doubling YoY.

  • ·Inventory increased QoQ to $14.2M from $13.6M.
  • ·Unbilled Receivables declined QoQ to $1.9M from $3.0M.
  • ·R&D expenses rose 11.6% YoY to $606K.
  • ·Stock-based compensation expense fell to $27K from $100K YoY.
  • ·Weighted average diluted shares: 11,290,802 (current) vs 11,299,737 (prior).
Monte Rosa Therapeutics, Inc.10-Kmixedmateriality 9/10

17-03-2026

Monte Rosa Therapeutics reported collaboration revenue of $123.7M for 2025, up 63.5% YoY from $75.6M, and narrowed its net loss to $38.6M (47% improvement) from $72.7M, with loss per share improving to $(0.46) from $(0.98). However, total operating expenses increased 13.5% to $177.9M driven by a 16.4% rise in R&D to $141.5M, while cash from operating activities flipped to a $22.8M outflow from a $42.0M inflow, resulting in a $94.3M net decrease in cash and equivalents to $129.9M. Total assets edged up 2.3% to $448.7M, bolstered by marketable securities growing 67.2% to $247.2M.

  • ·Weighted-average shares outstanding: 83,071,185 (2025) vs 73,910,026 (2024)
  • ·Stock-based compensation expense: $18.9M (2025) vs $18.1M (2024), nearly flat
  • ·Issuance under at-the-market sales agreement: $23.9M net (2025) vs $0.9M (2024)
  • ·Deferred revenue decreased sharply in current portion to $29.6M from $117.2M
X4 Pharmaceuticals, Inc10-Kmixedmateriality 9/10

17-03-2026

X4 Pharmaceuticals reported revenue of $35.1M for 2025, a massive increase from $2.6M in 2024 driven by $28.6M in new license revenue and product revenue growth to $6.5M. However, net loss widened to $79.2M from $37.5M due to the absence of a $105M gain on sale of a non-financial asset in 2024 and higher total operating expenses of $122M, despite reductions in R&D (-11%) and G&A (-29%). Cash and equivalents rose to $217.9M from $56.5M, supported by $238.6M in financing activities, though operating cash use was $85.6M.

  • ·Common shares outstanding increased to 90.9M from 5.7M, indicating significant dilution.
  • ·Long-term debt stable at approximately $76M.
  • ·Warrant liability decreased to $1.0M from $13.8M.
  • ·Net loss per share improved to $(1.87) from $(5.59) due to higher share count.
  • ·Total stockholders’ equity rose to $186.3M from $22.1M.
PSQ Holdings, Inc.10-Kmixedmateriality 9/10

17-03-2026

PSQ Holdings, Inc. reported net revenues of $18.2M for the year ended December 31, 2025, surging 81% YoY from $10.1M, fueled by new revenue streams including $5.6M in payment processing and $3.3M in lease merchandise. While operating loss narrowed 23% to $32.0M from $41.7M and net loss improved 37% to $36.6M from $57.7M, total costs and expenses dipped only 3% to $50.2M, cash and equivalents declined sharply to $14.6M from $35.7M, and stockholders' equity fell to $13.4M from $26.9M amid continued operating cash burn of $19.9M.

  • ·Non-GAAP operating loss improved to $9.1M in 2025 from $1.1M in 2024.
  • ·Revolving line of credit balance increased to $6.2M as of Dec 31 2025 from $3.8M.
  • ·Net loss per common share improved to ($0.81) from ($1.80).
  • ·Filing date: March 17, 2026.
ABEONA THERAPEUTICS INC.10-Kmixedmateriality 9/10

17-03-2026

Abeona Therapeutics reported its first full-year revenues of $5.82M in 2025 from ZEVASKYN product sales ($2.42M) and licenses ($3.40M), achieving net income of $71.18M driven by a $152.37M gain from the sale of a priority review voucher. However, the operating loss widened 39% YoY to $89.45M amid a 118% surge in SG&A expenses to $65.03M despite a 22% R&D reduction, with operating cash burn increasing to $76.33M. Cash and equivalents rose $54.74M net, supported by investing inflows.

  • ·Product revenue entirely from ZEVASKYN commercialization for RDEB patients.
  • ·Investing cash flows positive $105.03M in 2025 vs outflow of $39.24M in 2024.
  • ·Financing cash inflows $26.04M in 2025 vs $104.14M in 2024.
BICYCLE THERAPEUTICS PLC10-Kmixedmateriality 9/10

17-03-2026

Bicycle Therapeutics plc reported collaboration revenue of $72.6M for the year ended December 31, 2025, more than doubling (+106%) from $35.3M in 2024. However, operating expenses rose 30% to $319.7M, driven by a 39% increase in R&D expenses to $240.3M and 10% higher G&A to $79.4M, resulting in a widened net loss of $219.0M compared to $169.0M in 2024. Interest and other income declined 17% to $28.5M, partially offsetting the operational loss expansion.

  • ·Recent workforce reductions implemented to reduce ongoing operating expenses, with potential for unintended consequences.
  • ·Uncertainties in insurance coverage and reimbursement for product candidates could limit commercialization and revenue generation.
  • ·Subject to stringent data privacy and security regulations, with risks of fines, litigation, and business disruptions.
  • ·Filing date: March 17, 2026 for year ended December 31, 2025.
Guru App Factory Corp10-Qnegativemateriality 6/10

17-03-2026

Guru App Factory Corp reported no revenue in the three months ended January 31, 2026, down 100% YoY from $90,000, while six-month revenue fell 72.5% YoY to $26,000 from $94,500. Net loss widened significantly for the six months to $31,178 from $7,730 YoY, driven by higher G&A expenses of $42,178 despite gross profit of $11,000; however, cash position improved slightly to $1,000 from zero, funded by $30,178 in related party advances.

  • ·Loss per share basic and diluted: $(0.00) for all periods reported.
  • ·Full valuation allowance applied to deferred tax assets in both 2026 ($6,547) and 2025 ($1,623).
  • ·Accounts receivable increased to $8,000 as of Jan 31, 2026 from zero.
  • ·Stockholders' deficit worsened to $(32,481) from $(1,303) at Jul 31, 2025.
NEXTNAV INC.10-Knegativemateriality 9/10

17-03-2026

NextNav Inc. reported revenue of $4.573M for the year ended December 31, 2025, down 19.3% from $5.669M in 2024. The net loss widened significantly to $189.253M from $101.879M, driven by a sharp increase in other expenses to $106.380M from $32.207M, while operating loss grew to $70.232M from $60.098M amid higher operating expenses of $74.805M versus $65.767M. Cash used in operating activities increased to $50.745M from $38.008M, though net cash from financing activities rose to $120.482M from $35.103M.

  • ·Cost of goods sold decreased to $8.540M from $10.777M.
  • ·Research and development expenses rose to $18.952M from $16.242M.
  • ·Selling, general and administrative expenses increased to $39.563M from $33.510M.
  • ·Depreciation and amortization increased 48.0% to $7.750M from $5.238M.
  • ·Interest expense, net, rose 32.4% to $12.443M from $9.401M.
  • ·Net cash used in investing activities increased to $64.554M from $39.467M.
IZEA Worldwide, Inc.10-Kmixedmateriality 9/10

17-03-2026

IZEA Worldwide, Inc. reported revenue of $31.2M for the year ended December 31, 2025, down 13% from $35.9M in 2024, reflecting declines across segments amid cost-cutting efforts. However, total costs and expenses fell 40% to $33.1M, driven by sharp reductions in sales and marketing (-64%), general and administrative (-29%), and elimination of impairment expense, resulting in a modest net income of $42K versus a $18.9M loss and positive Adjusted EBITDA of $0.7M (2.1% margin) from -$11.1M. Cash from operating activities swung to $2.4M from -$11.5M, increasing cash to $50.9M, though total assets decreased to $57.5M from $62.2M.

  • ·Basic and diluted income (loss) per common share: $0.00 (2025) vs $(1.10) (2024)
  • ·Accounts receivable, net: $3.4M (Dec 31, 2025) vs $7.8M (Dec 31, 2024)
  • ·Total current liabilities: $8.6M (Dec 31, 2025) vs $13.4M (Dec 31, 2024)
  • ·Accumulated deficit: $(104.3M) (Dec 31, 2025) vs $(104.3M) (Dec 31, 2024), nearly flat
  • ·Auditor: Grant Thornton LLP (PCAOB ID 248)
Trio Petroleum Corp10-Qmixedmateriality 7/10

17-03-2026

Trio Petroleum Corp reported revenues of $122,193 for the three months ended January 31, 2026, a significant 1029% YoY increase from $10,819, while net loss narrowed to $1.01M from $1.62M YoY. Total assets grew 7.2% QoQ to $14.2M driven by oil and gas properties up 8.5% to $13.2M, and stockholders' equity rose 7.9% to $12.2M; however, cash declined 22.4% QoQ to $685K amid $534K operating cash burn, and the company continues to report operating losses.

  • ·Convertible notes decreased to $168K from $467K QoQ.
  • ·Common shares issued: 473K via ATM ($383K proceeds), 598K for promissory notes, 1.02M for asset acquisition.
  • ·ARO liability recognized $124K non-cash.
  • ·Warrants outstanding: 171,994 with weighted average life 3.0 years.
Unknown10-Kneutralmateriality 4/10

17-03-2026

Unknown Company's 10-K annual report filed on March 17, 2026, includes Appendix B assessing compliance with SEC Regulation AB Item 1122(d) servicing criteria for asset-backed securities, primarily mortgage loan pools. The company directly performs or is responsible for many criteria in general servicing, cash collection, and pool asset administration, while criteria like backup servicer maintenance, certain investor remittances/reporting, and external enhancements are marked as not performed, inapplicable, or handled by non-responsible parties. Vendors such as CoreLogic, Special Servicer, and PBLS1 handle specific functions, with no material noncompliance or deficiencies explicitly noted.

SafeSpace Global Corp10-Qnegativemateriality 9/10

17-03-2026

SafeSpace Global Corp reported no revenue for both the three and six months ended January 31, 2026, with net losses of $1.12M (3M, improved 11% YoY) and $2.74M (6M, worsened 41% YoY), driven by higher operating expenses including $2.85M total (up 49% YoY for 6M). Cash and equivalents declined 49% to $3.86M, with $2.45M used in operations and $1.24M in investing activities, while total assets and equity fell 29% each to $5.65M and $5.33M. Shares outstanding increased to 189.3M from 185.5M at period-end.

  • ·Property and equipment, net increased to $427,761 from $0.
  • ·Intangibles, net $1.26M as of Jan 31, 2026 (includes $1.22M in-process).
  • ·Stock-based compensation $503K for six months ended Jan 31, 2026 (down from $881K YoY).
  • ·Interest income $109K for six months ended Jan 31, 2026.
Oklo Inc.10-Kmixedmateriality 9/10

17-03-2026

Oklo Inc. reported a widened net loss of $105.7M for the year ended December 31, 2025, up 43.5% from $73.6M in 2024, primarily due to sharply higher operating expenses including R&D up 120.3% to $58.9M and G&A up 208.3% to $80.4M. However, the company bolstered its liquidity with cash and equivalents surging to $788M from $97M, supported by $1.26B in net financing activities from public offerings, while total assets grew to $1.53B from $282M and stockholders' equity to $1.48B from $251M. Net cash used in operations increased to $82.2M from $38.4M, reflecting ongoing investments amid a business acquisition.

  • ·Goodwill of $6.6M and indefinite-lived intangible assets of $27.5M recorded as of Dec 31, 2025 from business acquisition.
  • ·Weighted-average shares outstanding increased to 146.4M in 2025 from 98.9M in 2024.
  • ·Unrealized loss on marketable debt securities of $1.0M in 2025 vs gain of $2.2M in 2024.
HEALTHEQUITY, INC.10-Kmixedmateriality 10/10

17-03-2026

HealthEquity, Inc. reported FY2026 total revenue of $1.31B, up 9% YoY, driven by 17% growth in custodial revenue to $637M and 9% in interchange revenue to $192M, while service revenue grew modestly 1% to $485M. Net income more than doubled to $215M (+123%), and Adjusted EBITDA rose 20% to $566M (43% margin), reflecting lower costs including a 5% reduction in total cost of revenue and 4% in operating expenses; however, new HSAs from sales were flat YTD at 1,040 and service revenue growth remained subdued.

  • ·GAAP net income per diluted share: $2.46 (FY2026) vs $1.09 (FY2025)
  • ·Non-GAAP net income per diluted share: $4.00 (FY2026) vs $3.12 (FY2025)
  • ·Net cash provided by operating activities increased to $457M from $340M
  • ·HSAs with investments: 832 thousand (up 10% YoY)
  • ·CDBs: 7,221 thousand (up 1% YoY)
Gossamer Bio, Inc.10-Knegativemateriality 9/10

17-03-2026

Gossamer Bio's total revenue declined 58% YoY to $48.5M in 2025 from $114.7M, driven by the absence of $90.7M in license revenue, though revenue from contracts with collaborators more than doubled to $48.5M. Operating expenses increased 25% to $219.2M, resulting in a widened net loss of $170.4M (EPS -$0.75) from $56.5M (EPS -$0.25), with cash used in operations surging to $171.3M. Cash and equivalents fell to $37.7M, total assets dropped to $172.2M from $315.3M, and stockholders' equity shifted to a $122.8M deficit from a $29.5M surplus.

  • ·In process research and development expense of $7.5M in 2025.
  • ·Net cash provided by investing activities $156.4M in 2025 vs $29.0M in 2024.
  • ·Weighted average shares outstanding 228.5M in 2025 (flat vs 226.2M in 2024).
  • ·Long-term contract liabilities decreased to $29.6M from $38.9M.
AN2 Therapeutics, Inc.10-Kmixedmateriality 9/10

17-03-2026

AN2 Therapeutics, Inc. (ANTX) reported a narrowed net loss of $35.2M for the year ended December 31, 2025, improving 31% YoY from $51.3M, driven by total operating expenses declining 33% to $38.1M, with R&D expenses down 39% to $24.8M and G&A down 5% to $13.3M. However, interest income fell 46% to $2.9M, cash and equivalents decreased to $19.9M from $21.4M, total assets shrank 33% to $62.0M from $92.1M, and stockholders' equity dropped to $53.1M from $81.8M. Net cash used in operations improved to $29.8M from $49.3M, but the company experienced a net cash decrease of $1.4M versus a $5.7M increase in 2024.

  • ·Net loss per share improved to $(1.16) from $(1.72) YoY.
  • ·Stock-based compensation expense decreased to $6.2M from $8.3M.
  • ·Shares outstanding decreased to 27.4M from 29.9M due to issuance of pre-funded warrants in exchange for common stock.
  • ·Accumulated deficit increased to $(240.95M) from $(205.78M).
BlackSky Technology Inc.10-Kmixedmateriality 9/10

17-03-2026

Total revenue grew 4.4% YoY to $106.6M in 2025 from $102.1M, driven by strong growth in Mission solutions (+257.7% to $21.2M), however Space-based intelligence & AI services declined 7.1% to $65.1M and Advanced technology programs fell 22.4% to $20.2M. Net loss widened 22.8% to $70.3M from $57.2M, with operating loss increasing 5.9% to $46.9M, though Adjusted EBITDA remained positive at $0.9M versus $11.6M prior year. Cash, cash equivalents, and restricted cash ended at $43.5M, up from $14.4M, supported by $144.1M in financing activities.

  • ·Depreciation and amortization declined 30.3% to $30.3M, primarily due to 53.3% drop in satellite depreciation.
  • ·Loss on derivatives increased to $8.0M from $2.8M.
  • ·Selling, general and administrative expenses rose 18.0% to $87.4M.
  • ·Net cash used in operating activities worsened to $28.3M from $6.4M.
Academy Sports & Outdoors, Inc.10-Kmixedmateriality 10/10

17-03-2026

Net sales rose 2.0% YoY to $6.05B for FY ended January 31, 2026, with growth across all segments: Outdoors (+1.2%), Sports & Recreation (+3.6%), Apparel (+2.4%), and Footwear (+1.2%); gross margin expanded 4.7% to 34.8%. However, SG&A expenses increased 8.2% to 26.3% of sales, causing operating income to decline 4.9% to $512.2M and net income to fall 10.0% YoY to $376.8M. Adjusted EBITDA decreased to $666.3M from $720.2M.

  • ·Adjusted Net Income FY26: $393.2M (down from $439.5M FY25)
  • ·Adjusted diluted EPS FY26: $5.78 (down from $6.02 FY25)
  • ·Net cash provided by operating activities FY26: $434.8M (down 17.7% YoY)
  • ·Adjusted Free Cash Flow FY26: $262.8M (down from $342.0M FY25)
  • ·Dividends paid quarterly at $0.13 per share, total $34.7M
  • ·Capital expenditures FY26: $212.7M, including $119.9M for new stores

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