Company Operations - As of March 31, 2025, Regis Corporation operated 4,087 locations, including 3,776 franchised salons and 311 company-owned salons[96]. - Regis Corporation had 1,860 employees as of March 31, 2025, with 1,666 acquired through the Alline Acquisition[96]. Financial Performance - System-wide revenue for the three months ended March 31, 2025, was $266.9 million, a decrease of 6.9% from $286.8 million in the same period of 2024[102]. - Total system-wide same-store sales decreased by 1.1% for the three months ended March 31, 2025, compared to an increase of 0.5% in the same period of 2024[102]. - Franchise revenue decreased by $9.9 million and $22.1 million during the three and nine months ended March 31, 2025, respectively, attributed to a decline in franchise salon count and negative same-store sales[128]. - Company-owned salon revenue increased by $17.7 million and $18.2 million during the three and nine months ended March 31, 2025, primarily driven by the Alline Acquisition[132]. - Company-owned salon adjusted EBITDA improved by $1.6 million and $2.8 million during the three and nine months ended March 31, 2025, respectively, mainly due to the Alline Acquisition[133]. Revenue Sources - Royalties decreased by $2.2 million, or 14.0%, during the three months ended March 31, 2025, primarily due to a decrease in franchise salon count and negative same-store sales[108]. - Franchise rental income decreased by $6.9 million, or 29.0%, during the three months ended March 31, 2025, primarily due to a decrease in franchise salon count[111]. - Advertising fund contributions decreased by $0.6 million, or 10.3%, during the three months ended March 31, 2025, primarily due to the decrease in franchise salon count[110]. Acquisitions and Impact - The Alline Acquisition resulted in the closure of 301 franchise salons, while 314 salons were acquired, impacting future royalty income[101]. - Company-owned salon revenue increased by $17.7 million, or 1,361.5%, during the three months ended March 31, 2025, primarily due to the Alline Acquisition[112]. Expenses and Costs - General and administrative expenses increased by $2.7 million, or 8.0%, for the nine months ended March 31, 2025, primarily due to severance costs and acquisition costs related to the Alline Acquisition[113][114]. - Rent expense rose by $3.0 million, or 69.8%, during the nine months ended March 31, 2025, mainly due to salon rent expenses from the Alline Acquisition[114]. Cash and Liquidity - Cash provided by operating activities was $7.0 million for the nine months ended March 31, 2025, compared to cash used of $7.1 million in the prior year, reflecting a lower cost structure and reduced working capital needs[143]. - As of March 31, 2025, cash and cash equivalents totaled $13.3 million, with $12.1 million in the United States and $1.2 million in Canada[138]. - The Company has a credit agreement with a minimum liquidity covenant of $10.0 million, with total available liquidity of $19.0 million as of March 31, 2025[139]. Debt and Interest - The debt to capitalization ratio was 64.8% as of March 31, 2025, down from 67.0% on June 30, 2024[147]. - Interest expense decreased by $3.7 million for the nine months ended March 31, 2025, primarily due to less debt outstanding compared to the prior year[120]. Stock Repurchase Program - The Board has authorized $650.0 million for the stock repurchase program since May 2000, with $54.6 million remaining outstanding as of March 31, 2025[148]. - Approximately 1.5 million shares have been repurchased for a total of $595.4 million by March 31, 2025[148]. - The company did not repurchase any shares during the nine months ended March 31, 2025, and does not anticipate future repurchases[148]. Risks and Market Conditions - The company faces numerous risks and uncertainties that could materially affect future results, including changes in consumer shopping trends and economic conditions[150]. - Market risks include changes in interest rates and foreign currency exchange rates, with no material changes reported since the last annual report[152].

Financial Performance - Net sales for Q1 2025 were $0.6 million, a decrease of $0.2 million or 26% compared to Q1 2024 net sales of $0.8 million, driven by a reduction in military demand and high inflation impacting commercial sales [125]. - Gross profit margin improved to $0.2 million or 32% of net sales in Q1 2025, compared to 14% in Q1 2024, primarily due to a 24% decrease in fixed costs [126]. - The net loss for Q1 2025 was $0.3 million, a 36% decrease from the net loss of $0.4 million in Q1 2024, mainly due to lower fixed costs [133]. - Net loss for the three months ended March 31, 2025, was $0.3 million, while the net loss for the same period in 2024 was $0.4 million [139][140]. Cash and Debt Position - As of March 31, 2025, the company had $0.5 million in cash and no outstanding debt, but an accumulated deficit of $155.2 million [134]. - Cash balance as of March 31, 2025, was $0.5 million, a decrease from $0.6 million at December 31, 2024 [138]. - Net cash used in operating activities for the three months ended March 31, 2025, was $0.3 million, compared to $0.1 million for the same period in 2024 [139][140]. - Net cash provided by financing activities was $0.2 million for the three months ended March 31, 2025, compared to a net cash used of $1.0 million in the same period of 2024 [142]. - Net cash used in investing activities was $5 thousand for the three months ended March 31, 2025, with no investing activities reported for the same period in 2024 [141]. Cost Management and Operational Efficiency - Operating expenses decreased significantly, with product development expenses down 61% to $0.1 million in Q1 2025, attributed to reduced payroll-related expenses from workforce reductions [128]. - Significant cost-cutting measures have been implemented, including workforce reductions, to manage fixed costs and streamline operations [137]. Strategic Initiatives - The company is focusing on developing new product lines, including Energy Storage Systems and GaN Power Supplies, to enhance its market position and competitiveness [113]. - The company is pursuing a multi-channel sales strategy targeting key verticals such as government, healthcare, and education to drive growth [136]. - The company continues to seek additional external funding to support its growth strategies and initiatives [114]. - The company has eliminated all external high-interest debt, improving its financial position and supporting business expansion plans [112].

Financial Performance - Net sales for Q1 2025 were $0.6 million, a decrease of 26.1% compared to $0.8 million in Q1 2024, driven by a 22.7% decline in military sales and a 32.1% decline in commercial sales year-over-year[4][6] - Net loss for Q1 2025 was $0.3 million, or $(0.05) per share, compared to a net loss of $0.4 million, or $(0.09) per share, in Q1 2024[4][10] - Operating loss for Q1 2025 was $0.3 million, an improvement from a loss of $0.6 million in Q1 2024[4][10] - The company reported a net loss of $268,000 for the three months ended March 31, 2025, compared to a net loss of $294,000 in the previous quarter and $418,000 in the same period last year[28] - Adjusted EBITDA for the three months ended March 31, 2025, was $(263,000), an improvement from $(278,000) in the previous quarter and $(581,000) in the same period last year[28] Profitability Metrics - Gross profit margin improved to 31.5% in Q1 2025, up from 14.4% in Q1 2024, primarily due to reduced fixed costs[4][7] - Adjusted gross margin for Q1 2025 was 33.8%, compared to 22.4% in Q1 2024, reflecting lower fixed production costs despite lower sales volume[4][9] - Actual gross profit for the three months ended March 31, 2025, was $194,000, representing a gross margin of 31.5%, compared to $265,000 (20.7%) in the previous quarter and $120,000 (14.4%) in the same period last year[28] - The adjusted gross margin for the three months ended March 31, 2025, was $208,000, representing 33.8%, compared to $282,000 (22.1%) in the previous quarter and $187,000 (22.4%) in the same period last year[28] Cash Flow and Liquidity - Cash balance as of March 31, 2025, was $0.5 million, down from $0.6 million as of December 31, 2024[4][12] - Cash used in operating activities for the three months ended March 31, 2025, was $(272,000), compared to $(254,000) in the previous quarter and $(58,000) in the same period last year[21] - The total cash at the end of the period was $488,000, down from $565,000 at the end of the previous quarter and $972,000 at the end of the same period last year[23] - The company generated $0.2 million through timely collection of accounts receivable during Q1 2025[4][12] Inventory and Accounts Receivable - The company recorded a provision for slow-moving and obsolete inventories of $14,000 for the three months ended March 31, 2025, compared to $17,000 in the previous quarter and $67,000 in the same period last year[21] - The company experienced a significant decrease in accounts receivable, with a net increase of $223,000 for the three months ended March 31, 2025, compared to a decrease of $(60,000) in the previous quarter and an increase of $1,440,000 in the same period last year[21] Strategic Initiatives - The company plans to focus on expanding in the Gulf Cooperation Council (GCC) region and Central Asia, emphasizing partnerships and local policymaking[3][5] - The company is investing in Energy Storage Systems (ESS), AI data center UPS solutions, and microgrid developments to capitalize on growing market demands[4][5] - The company entered into a private placement agreement to sell 103,627 shares at $1.93 per share, totaling approximately $200 thousand[4][12] - The company issued common stock worth $200,000 during the three months ended March 31, 2025, compared to no issuance in the previous quarter and no issuance in the same period last year[23]

Financial Performance - Net revenues increased approximately 50% sequentially to $6.0 million, compared to $4.0 million in the previous quarter[6] - Gross profit improved to $(0.6) million, a 46.1% increase from $(1.3) million[6] - Operating loss decreased to $2.6 million, down 42.0% from a net loss of $4.1 million[6] - Net loss decreased to $3.3 million, a 39.9% improvement from $4.2 million[6] - Adjusted EBITDA loss improved to $2.3 million, up 33.8% from a loss of $3.9 million[6] Revenue Breakdown - Cigarette net revenues were $5.0 million, increased from $3.3 million in the fourth quarter of 2024, with carton volumes rising to 319 thousand[11] - Filtered cigar net revenues increased to $1.1 million, compared to $0.8 million in the previous quarter[11] Debt and Liabilities - The company ended the first quarter 2025 with net debt of $3.4 million, reduced from approximately $4.6 million[11] - Total liabilities increased slightly to $17,833 million as of March 31, 2025, from $17,661 million at December 31, 2024[26] - Net total debt (Non-GAAP) rose to $3,425 million as of March 31, 2025, compared to $3,268 million at December 31, 2024[30] Asset Management - Total current assets decreased to $11,095 million as of March 31, 2025, from $11,522 million at December 31, 2024, a decline of 3.7%[26] Product Development and Regulatory Compliance - The launch of VLN Red expands the reduced nicotine content category for adult smokers, joining VLN Gold and Green[6] - Regulatory filings for VLN and partner brands were submitted in all 50 states, preparing for new product launches in 2025[6] Year-over-Year Comparison - Revenues for the three months ended March 31, 2025, were $5,956 million, down 7.9% from $6,469 million in the same period of 2024[27] - Gross loss improved to $(609) million in Q1 2025 from $(1,129) million in Q1 2024, reflecting a reduction in cost of goods sold[27] - Operating loss from continuing operations decreased to $(2,570) million in Q1 2025, compared to $(4,434) million in Q1 2024, showing a favorable variance of $1,864 million[27] - Net loss from continuing operations was $(3,274) million for Q1 2025, an improvement of $2,175 million compared to $(5,450) million in Q1 2024[29] - Adjusted EBITDA loss improved to $(2,319) million in Q1 2025 from $(3,500) million in Q1 2024, indicating a favorable variance of $1,181 million[29] - Basic and diluted loss per common share from continuing operations was $(1.89) for Q1 2025, compared to $(230.82) for Q1 2024[27] - The company reported a comprehensive loss of $(4,328) million for Q1 2025, down from $(5,739) million in Q1 2024[27]

Financial Performance - Consolidated revenue for Q3 2025 was $57.0 million, a 15.9% increase from $49.2 million in Q3 2024[10] - Operating income improved to $5.0 million, a 22.9% increase compared to $4.1 million in Q3 2024[14] - Adjusted EBITDA for Q3 2025 was $7.1 million, up 31.5% from $5.4 million in the same quarter last year[20] - Net income for Q3 2025 was $0.3 million, a significant improvement from a net loss of $2.3 million in Q3 2024[18] - Adjusted net income for Q3 2025 was $1.3 million, compared to an adjusted net loss of $1.4 million in the same period last year[6] - Total revenue for Q3 2025 was $56.96 million, compared to $49.18 million in Q3 2024, reflecting a year-over-year increase of approximately 15.5%[37] - The company reported a net income of $250,000 for Q3 2025, compared to a net loss of $2.33 million in Q3 2024[37] - Net income for the nine months ended March 31, 2025, was $7,042,000, a significant improvement from a net loss of $141,000 in the same period of 2024[40] Cash Flow and Liquidity - Cash from operations reached $6.2 million, an increase of $6.5 million from $(0.3) million in Q3 2024, marking the second consecutive quarter of positive cash flow[6] - The company ended Q3 2025 with $13.3 million in cash and cash equivalents, and $127.4 million in outstanding borrowings[29] - Net cash provided by operating activities for the nine months ended March 31, 2025, totaled $7.0 million, an improvement of $14.1 million from the prior year[29] - Cash provided by operating activities for the nine months ended March 31, 2025, was $6,986,000, compared to cash used of $7,130,000 in the same period of 2024[40] - The company reported a total cash balance of $32,508,000 at the end of the period, up from $14,816,000 at the end of the same period in 2024[40] - Net cash provided by operating activities for Q3 2025 was $6,198,000, a significant improvement from a cash outflow of $280,000 in Q3 2024[70] - The net cash provided by operating activities excluding Ad Fund for Q3 2025 was $3,829,000, compared to $411,000 in Q3 2024[70] Revenue Breakdown - Franchise revenue for Q3 2025 was $38.0 million, a decrease of 20.7% compared to the prior-year quarter[22] - The company-owned salon revenue for Q3 2025 was $19.0 million, a substantial increase from $1.3 million in Q3 2024[26] - Company-owned salon revenue for Q3 2025 was $19.0 million, an increase of $17.7 million year-over-year[27] - Year-to-date revenue for the company-owned salon segment reached $23.2 million, up $18.2 million compared to the previous year[27] - Adjusted franchise revenue for Q3 2025 was $15,935,000, with franchise adjusted EBITDA as a percent of adjusted franchise revenue at 39.4%, up from 33.5% in Q3 2024[66] Operational Metrics - Same-store sales for Supercuts increased by 4.5% in April 2025, following a 1.1% increase in Q3 2025 compared to the previous year[3] - Year-to-date consolidated revenue declined by 2.5% to $149.7 million, primarily due to lower non-margin franchise rental income[11] - System-wide same-store sales for the total portfolio decreased by 1.3% for the nine months ended March 31, 2025, compared to an increase of 1.4% in the same period of 2024[43] - Total North American salons decreased from 4,295 as of June 30, 2024, to 3,681 as of March 31, 2025, reflecting a decline of approximately 14.3%[45] - The total number of franchise salons decreased from 4,391 as of June 30, 2024, to 3,776 as of March 31, 2025, a decline of approximately 14%[45] - The company-owned salons increased from 17 as of June 30, 2024, to 311 as of March 31, 2025, indicating a significant expansion in company-owned locations[45] Adjusted Metrics - Adjusted EBITDA for company-owned salons improved by $1.6 million year-over-year to $843,000 in Q3 2025[28] - Year-to-date adjusted EBITDA for company-owned salons increased by $2.8 million year-over-year to $1.2 million[28] - Adjusted EBITDA for the nine months ended March 31, 2025, was $21,902,000, compared to $19,740,000 for the same period in 2024, representing an increase of 10.9%[54] - Adjusted operating income for the nine months ended March 31, 2025, was $19,621,000, an increase from $18,364,000 in the same period of 2024[68] - Franchise adjusted EBITDA for Q3 2025 was $6,282,000, representing 16.5% of GAAP franchise revenue, compared to 12.8% in Q3 2024[66] - Franchise adjusted EBITDA for the nine months ended March 31, 2025, was $20,683,000, down from $21,346,000 in the same period of 2024[66] Capital Expenditures and Liabilities - The company incurred capital expenditures of $769,000 for the nine months ended March 31, 2025, compared to $372,000 in the same period of 2024[40] - Total assets as of March 31, 2025, were $511.25 million, down from $530.50 million as of June 30, 2024[36] - The company’s total liabilities decreased to $442.60 million as of March 31, 2025, from $473.71 million as of June 30, 2024[36] Stock-Based Compensation - Stock-based compensation for the nine months ended March 31, 2025, was $2,043,000, compared to $1,201,000 in the same period of 2024[68] Other Financial Adjustments - The change in Ad Fund Cash for Q3 2025 was a negative $2,369,000, contrasting with a positive $691,000 in Q3 2024[70] - Franchise rental income adjustments for the nine months ended March 31, 2025, totaled $(58,524,000), down from $(72,534,000) in the same period of 2024[66]

Financial Performance - The Company reported a pretax loss of $9.9 million and a net loss of $7.1 million, resulting in a loss per share of $0.20 for Q1 2025 [2]. - Net loss attributable to Landsea Homes Corporation was $7,254,000 in Q1 2025, compared to a net income of $190,000 in Q1 2024 [33]. - Adjusted net loss attributable to Landsea Homes Corporation was $1,733,000 for Q1 2025, a decrease from an adjusted net income of $3,505,000 in Q1 2024 [45]. - Basic earnings per share for Q1 2025 was $(0.20), a decline from $0.01 in Q1 2024 [45]. - Diluted earnings per share for Q1 2025 was also $(0.20), compared to $0.01 in Q1 2024 [45]. Revenue and Sales - Total revenue for the first quarter was $310.8 million, reflecting a 6% increase compared to Q1 2024, driven by a 27% increase in homes closed [3]. - Home sales revenue increased to $299,373,000 in Q1 2025, up 2.5% from $292,592,000 in Q1 2024 [34]. - The gross margin for home sales decreased to 13.0% in Q1 2025 from 14.9% in Q1 2024, reflecting a gross margin of $38,858,000 compared to $43,695,000 [40]. Home Deliveries and Orders - New homes delivered increased by 27.3% to 643 homes, with an average sales price of $466,000, down from $579,000 in the prior year [4]. - Net new home orders rose 11.1% to 679 homes, valued at $317.8 million, with an average sales price of $468,000 [5]. - Home deliveries in Q1 2025 totaled 643 homes, a 27% increase from 505 homes delivered in Q1 2024 [34]. - Monthly absorption rate for new home orders was 3.0 in Q1 2025, down from 3.3 in Q1 2024, reflecting a decrease of 9% [35]. Backlog and Inventory - Total homes in backlog were 426 homes, valued at $230.8 million, with an average sales price of $542,000 as of March 31, 2025 [6]. - The backlog of homes as of March 31, 2025, was valued at $230,835,000, a 32% decrease from $379,974,000 in the previous year [37]. Liquidity and Debt - The Company had total liquidity of $256.3 million, including cash and cash equivalents of $36.7 million and $204.0 million available under its credit facility [12]. - The ratio of debt to capital was 52.1% as of March 31, 2025, with net debt to total capital at 48.3% [13]. - The ratio of debt to capital increased to 52.1% as of March 31, 2025, up from 51.8% at the end of 2024 [49]. - The ratio of net debt to total capital was 48.3% as of March 31, 2025, compared to 47.7% at the end of 2024 [49]. - Total notes and other debts payable, net, stood at $727,507,000 as of March 31, 2025, slightly up from $725,354,000 at the end of 2024 [49]. - Cash and cash equivalents decreased to $36,740,000 as of March 31, 2025, down from $53,322,000 at the end of 2024 [49]. - Cash held in escrow increased to $15,563,000 as of March 31, 2025, compared to $3,921,000 at the end of 2024 [49]. Operational Metrics - Adjusted EBITDA for the quarter was $13.5 million, compared to $17.0 million in the prior year period [11]. - Adjusted EBITDA for Q1 2025 was $13,521,000, down from $17,034,000 in Q1 2024, indicating a decrease of 20.8% [42]. - The average selling price (ASP) of homes sold in Q1 2025 was $466,000, a decrease of 20% from $579,000 in Q1 2024 [34]. - The number of lots owned or controlled increased by 2% to 10,516 as of March 31, 2025, compared to 10,349 in the previous year [38]. - The Company continues to pursue an asset-light strategy, controlling 55% of its lots as of the end of Q1 2025 [6].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended March 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-41825 SPARK I ACQUISITION CORPORATION (Exact Name of Registrant as Specified in Its Charter) Cayman Islands 87-1738866 (S ...

| | Trading | Name of each exchange on | | --- | --- | --- | | Title of each class | Symbol(s) | which registered | | Units, each consisting of one Class A ordinary share, | SPKLU | The Nasdaq Stock Market LLC | | $0.0001 par value, and one-half of one redeemable warrant | | | | Class A ordinary shares, par value $0.0001 par value | SPKL | The Nasdaq Stock Market LLC | | Warrants, each whole warrant exercisable for one Class A | SPKLW | The Nasdaq Stock Market LLC | | ordinary share at an exercise price of ...

Financial Performance - CPS reported earnings of $4.7 million, or $0.19 per diluted share, for Q1 2025, compared to $4.6 million, or $0.19 per diluted share, in Q1 2024[3][4] - Revenues for Q1 2025 were $106.9 million, an increase of $15.2 million, or 16.6%, from $91.7 million in Q1 2024[4][9] - Interest income for Q1 2025 was $101.9 million, an increase of 11.4% from $84.3 million in Q1 2024[17] - The company’s net interest margin for Q1 2025 was 51.96%, compared to 49.78% in Q1 2024[17] Portfolio and Contracts - Total portfolio balance reached $3.615 billion as of March 31, 2025, the highest in company history, up from $3.021 billion a year earlier[5][17] - New contract purchases amounted to $451.2 million in Q1 2025, compared to $346.3 million in Q1 2024[5][17] - CPS achieved the highest amount in new loan originations for any first quarter in company history[7] Credit Quality - Annualized net charge-offs for Q1 2025 were 7.54% of the average portfolio, down from 7.84% in Q1 2024[6][17] - Delinquencies greater than 30 days were 12.35% of the total portfolio as of March 31, 2025, slightly down from 12.39% a year earlier[6][17] Future Plans - The company plans to hold a conference call on May 13, 2025, to discuss its Q1 2025 operating results[7][8]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission File Number: 001-41845 DOMINARI HOLDINGS INC. (Exact name of registrant as specified in its charter) (State or other j ...