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GAAP net revenue decreased 16% to USD 1.5 billion. Cost of revenue decreased 20% to USD 637 million, and operating expenses decreased 9% to USD 978 million.
On a pro forma basis, consolidated revenue and adjusted EBITDA were down 10% and 22% year over year, which the company tied to continued declines in legacy copper and TDM services across segments and higher-than-expected churn in its consumer DSL subscriber base. Kinetic fiber-based …
Revenue represents sales to third parties and included the company's first revenue from NdFeB magnet sales.
Annual run rate revenue, defined as quarterly revenue multiplied by four, was USD 574 million, up 31%. The United States grew 42% year over year and represented 77% of revenue.
TotalAssetsunder management were USD 141.4 billion at September 30, down 7% from USD 152 billion, reflecting USD 6.1 billion of net outflows and USD 4.3 billion of negative market performance. Average assets were USD 149.5 billion, down 3% sequentially.
Adjusted gross margin expanded from 69% in the first quarter to 70% in the second and 72% in the third. Adjusted net income improved from a loss of USD 8.2 million in the first quarter to near break even in the second and USD …
The second quarter's GAAP net investment income and core NII were USD 4.7 million, or USD 0.217 per share. The difference between GAAP NII and core NII in the third quarter reflects approximately USD 450,000 of nonrecurring expenses, or USD 0.017 per share net …
Year-to-date adjusted EBITDA was USD 264 million, which the company said already exceeds its 2025 full-year record before any pro forma contribution from the Pilot Water acquisition. Founder and chief executive John Schmitz said the company expects another record year in 2027 with a …
Research and development expense was USD 95.6 million, compared with USD 77.1 million. For the nine months, the net loss was USD 323.5 million, compared with USD 240.6 million, andResearch and Developmentexpense was USD 283.4 million, compared with USD 213.2 million. Cash, cash equivalents …
Co-Founder, Chairman and Chief Executive Officer David Steinberg described the quarter as the company's 21st consecutive beat and raise quarter.
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