What changed in this filing

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Item 1. Financial Statements

2025-11-06 compared with 2025-07-31 · 92 added, 92 removed, 382 unchanged (33% of the section changed)

3 unchanged sentences

(In thousands, except share amounts)

June 30, 2025

September 30, 2025

December 31, 2024

19 unchanged sentences

Common Stock, $ 0.00001 par value 900,000,000 shares authorized;

201,449,583 issued and 157,232,312 outstanding at June 30, 2025;

204,643,680 issued and 158,836,724 outstanding at September 30, 2025;

195,028,207 issued and 154,133,385 outstanding at December 31, 2024

1 unchanged sentence

Treasury stock, at cost:

44,217,271 and 40,894,822 shares held, respectively

45,806,956 and 40,894,822 shares held September 30, 2025 and December 31, 2024, respectively

Accumulated deficit

5 unchanged sentences

(In thousands, except share amounts and per share data)

Three Months Ended June 30,

Six Months Ended June 30,

Three Months Ended September 30,

Nine Months Ended September 30,

Operating expenses

5 unchanged sentences

Total operating expenses

Operating (loss) income

Operating income (loss)

Other (income) expense

Other (income) expense, net

Equity in (income) losses of unconsolidated affiliates

Total other (income) expense, net

(Loss) income before income tax expense

Income tax expense

Net (loss) income from continuing operations

Net (loss) income from discontinued operations

Net (loss) income

Equity in losses of unconsolidated affiliates

Other (income), net

Income (loss) before income tax expense

Income tax expense (benefit)

Net income (loss) from continuing operations

Net income (loss) from discontinued operations

Net income (loss)

Earnings (loss) per share

7 unchanged sentences

Comprehensive income (loss):

Net (loss) income

Net income (loss)

Other comprehensive income (loss):

5 unchanged sentences

(In thousands)

Three Months Ended June 30,

Six Months Ended June 30,

Three Months Ended September 30,

Nine Months Ended September 30,

Common stock:

14 unchanged sentences

Balance, beginning of period

Net (loss) income

Net income (loss)

Dividends declared and paid ($ 0.05 per share of common stock)

12 unchanged sentences

(In thousands)

Six Months Ended June 30,

Nine Months Ended September 30,

OPERATING ACTIVITIES

54 unchanged sentences

In our opinion, the accompanying interim unaudited condensed consolidated financial statements reflect all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation.

Operating results for the three and six months ended June 30, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025.

Operating results for the three and nine months ended September 30, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025.

The Company is operated and managed as three reportable segments, which are North American Realty, International Realty and Other Affiliated Services.

14 unchanged sentences

Joint ventures are typically included in the Other Affiliated Services segment unless the joint venture specifically supports one of the reportable segments.

Investments in Equity Securities

We hold investments in certain equity securities that do not have readily determinable fair values and for which we do not exercise significant influence.

These investments qualify for and are accounted for using the measurement alternative under FASB ASC Topic 321, Investments – Equity Securities .

Use of Estimates

12 unchanged sentences

Restricted cash

Balance, June 30, 2024

Balance, September 30, 2024

Balance, December 31, 2024

Balance, June 30, 2025

Balance, September 30, 2025

EXPECTED CREDIT LOSSES

6 unchanged sentences

The Company recognizes recoveries as a decrease to the allowance for expected credit losses.

As of June 30, 2025 and December 31, 2024, receivables from real estate property settlements totaled $ 138,821 and $ 82,300 , respectively, of which the Company recognized expected credit losses of $ 22 and $ 34 , respectively.

As of June 30, 2025 and December 31, 2024, agent non-commission based fees receivable and short-term advances totaled $ 9,643 and $ 6,980 , of which the Company recognized expected credit losses of $ 2,249 and $ 1,555 , respectively.

As of September 30, 2025 and December 31, 2024, receivables from real estate property settlements totaled $ 116,197 and $ 82,300 , respectively, of which the Company recognized expected credit losses of $ 32 and $ 34 , respectively.

As of September 30, 2025 and December 31, 2024, agent non-commission based fees receivable and short-term advances totaled $ 10,093 and $ 6,980 , of which the Company recognized expected credit losses of $ 2,492 and $ 1,555 , respectively.

PROPERTY AND EQUIPMENT, NET

Property and equipment, net consisted of the following:

June 30, 2025

September 30, 2025

December 31, 2024

6 unchanged sentences

Property and equipment, net

For the three months ended June 30, 2025 and 2024, depreciation expense was $ 1,587 and $ 1,891 , respectively.

For the six months ended June 30, 2025 and 2024, depreciation expense was $ 3,532 and $ 3,950 , respectively.

For the three months ended September 30, 2025 and 2024, depreciation expense was $ 1,711 and $ 1,937 , respectively.

For the nine months ended September 30, 2025 and 2024, depreciation expense was $ 5,243 and $ 5,887 , respectively.

GOODWILL AND INTANGIBLE ASSETS

Goodwill was $ 17,885 as of June 30, 2025 and $ 17,226 as of December 31, 2024.

As of June 30, 2025, the Company recorded cumulative translation adjustment of $ 659 related to Canadian goodwill.

Goodwill was $ 17,647 as of September 30, 2025 and $ 17,226 as of December 31, 2024.

As of September 30, 2025, the Company recorded cumulative translation adjustment of $ 421 related to Canadian goodwill.

The Company has a risk of future impairment to the extent that individual reporting unit performance does not meet projections.

1 unchanged sentence

Intangible assets, net consisted of the following:

June 30, 2025

September 30, 2025

Existing technology

12 unchanged sentences

Definite-lived intangible assets are amortized using the straight-line method over an asset’s estimated useful life.

Amortization expense for definite-lived intangible assets for the three months ended June 30, 2025 and 2024 was $ 685 and $ 1,073 , respectively.

Amortization expense for definite-lived intangible assets for the six months ended June 30, 2025 and 2024 was $ 1,301 and $ 1,413 , respectively.

Amortization expense for definite-lived intangible assets for the three months ended September 30, 2025 and 2024 was $ 713 and $ 442 , respectively.

Amortization expense for definite-lived intangible assets for the nine months ended September 30, 2025 and 2024 was $ 2,014 and $ 1,855 , respectively.

STOCKHOLDERS’ EQUITY

The following table represents a share reconciliation of the Company’s common stock issued for the periods presented:

Three Months Ended June 30,

Six Months Ended June 30,

Three Months Ended September 30,

Nine Months Ended September 30,

Common stock:

5 unchanged sentences

The Company’s equity programs described below were administered under the stockholder approved 2015 Equity Incentive Plan, as amended, for issuances prior to September 1, 2024 and under the stockholder approved 2024 Equity Incentive Plan for issuances on or after September 1, 2024.

The purpose of the equity plans is to retain the services of valued employees, directors, officers, agents, and consultants and to incentivize such persons to make contributions to the Company and motivate excellent performance.

The purpose of the equity plans is to retain the services of valued

employees, directors, officers, agents, and consultants and to incentivize such persons to make contributions to the Company and motivate excellent performance.

Agent Equity Program (“AEP”)

2 unchanged sentences

The Company recognized a 10 % discount on these issuances prior to February 29, 2024, and a 5 % discount on these issuances beginning as of March 1, 2024, as an additional cost of sales charge during the periods presented.

During the three months ended June 30, 2025 and 2024, the Company issued 3,038,414 and 2,892,648 shares of the Company’s common stock, respectively, to agents and brokers with a value of $ 26,803 and $ 30,588 , respectively, inclusive of discount.

During the six months ended June 30, 2025 and 2024, the Company issued 5,043,409 and 5,082,570 shares of common stock, respectively, to agents and brokers with a value of $ 47,559 and $ 56,456 , respectively, inclusive of discount.

During the three months ended September 30, 2025 and 2024, the Company issued 2,520,959 and 2,208,226 shares of the Company’s common stock, respectively, to agents and brokers with a value of $ 27,150 and $ 29,541 , respectively, inclusive of discount.

During the nine months ended September 30, 2025 and 2024, the Company issued 7,564,368 and 7,290,796 shares of common stock, respectively, to agents and brokers with a value of $ 74,709 and $ 85,997 , respectively, inclusive of discount.

Agent Growth Incentive Program (“AGIP”)

4 unchanged sentences

As such, the awards are classified as liabilities until the number of share awards becomes fixed once the performance metric is achieved.

For the three months ended June 30, 2025 and 2024 the Company’s stock-based compensation expense attributable to the AGIP was $ 9,615 and $ 9,329 , respectively, of which the total amount of stock-based compensation attributable to liability classified awards was $ 526 and $ 638 , respectively.

For the six months ended June 30, 2025 and 2024 the Company’s stock-based compensation expense attributable to the Agent Growth Incentive Program was $ 17,734 and $ 18,157 , respectively, of which the total amount of stock-based compensation attributable to liability classified awards was $ 1,149 and $ 1,288 , respectively.

For the three months ended September 30, 2025 and 2024 the Company’s stock-based compensation expense attributable to the AGIP was $ 9,655 and $ 9,910 , respectively, of which the total amount of stock-based compensation attributable to liability classified awards was $ 583 and $ 891 , respectively.

For the nine months ended September 30, 2025 and 2024 the Company’s stock-based compensation expense attributable to the AGIP was $ 27,389 and $ 28,067 , respectively, of which the total amount of stock-based compensation attributable to liability classified awards was $ 1,732 and $ 2,179 , respectively.

The following table illustrates changes in the Company’s stock-based compensation liability for the periods presented:

5 unchanged sentences

Stock grants reclassified from liability to equity year to date

Balance, June 30, 2025

Balance, September 30, 2025

Stock Option Awards

Stock options are granted to directors, officers, certain employees and consultants with an exercise price equal to the fair market value of common stock on the grant date and the stock options expire 10 years from the date of grant (or 5 years from the date of grant for options granted to significant stockholders).

Stock options are granted to directors, officers, certain employees and consultants with an exercise price equal to the fair market value of common stock on the grant date and expire 10 years from the date of grant (or 5 years from the date of grant for options granted to significant stockholders).

These options typically have time-based restrictions with equal and periodically graded vesting over a three-year period.

During the three months ended June 30, 2025 and 2024, the Company granted 83,573 and 322,082 stock options, respectively, to employees with an estimated grant date fair value of $ 4.67 and $ 6.35 per share, respectively.

During the six months ended June 30, 2025 and 2024, the Company granted 156,418 and 675,738 stock options, respectively, to employees with an estimated grant date fair value of $ 5.28 and $ 6.63 per share, respectively.

During the three months ended September 30, 2025 and 2024, the Company granted 366,424 and 62,735 stock options, respectively, to employees with an estimated grant date fair value of $ 5.52 and $ 6.21 per share, respectively.

During the nine months ended September 30, 2025 and 2024, the Company granted 522,842 and 738,473 stock options, respectively, to employees with an estimated grant date fair value of $ 5.50 and $ 6.57 per share, respectively.

The fair values were calculated using a Black Scholes-Merton option pricing model.

7 unchanged sentences

RSUs do not have an exercise price, and no payment is required by the grantee to receive the shares upon vesting.

The fair value of the RSUs granted is determined based on the closing market price of the Company's common stock on the grant date.

The total fair value of RSUs is recognized as stock-based compensation expense over the vesting period, with adjustments for estimated forfeitures.

For the three months ended June 30, 2025 and 2024, the Company granted 80,566 and 27,152 RSUs, respectively, with weighted average grant date fair values of $ 8.79 and $ 11.97 , respectively.

For the six months ended June 30, 2025 and 2024, the Company granted 128,218 and 27,152 RSUs, respectively, with weighted average grant date fair values of $ 9.79 and $ 11.97 , respectively.

As of June 30, 2025 and 2024, the total unrecognized stock-based compensation associated with these RSUs was $ 1,984 and $ 276 , respectively, which are expected to be recognized over a weighted average period of approximately 2.11 and 0.85 years, respectively.

The Company measures stock-based compensation awards at their grant-date fair value.

The resulting compensation cost is recognized on a straight-line basis over the requisite service period, which is typically the vesting period.

The Company accounts for forfeitures when they occur as a reduction of recorded stock-based compensation.

For the three months ended September 30, 2025 and 2024, the Company granted 131,243 and 13,995 RSUs, respectively, with weighted average grant date fair values of $ 10.41 and $ 14.23 , respectively.

For the nine months ended September 30, 2025 and 2024, the Company granted 259,461 and 41,147 RSUs, respectively, with weighted average grant date fair values of $ 10.10 and $ 12.74 , respectively.

As of September 30, 2025 and 2024, the total unrecognized stock-based compensation associated with these RSUs was $ 2,980 and $ 393 , respectively, which are expected to be recognized over a weighted average period of approximately 2.36 and 1.41 years, respectively.

Stock Repurchase Plan

In December 2018, the Company’s board of directors (the “Board”) approved a stock repurchase program (as amended, the “Stock Repurchase Program”) authorizing the Company to purchase up to $ 25.0 million of its common stock, which was amended in November 2019 to increase the authorized repurchase amount to $ 75.0 million.

In December 2020, the Board approved another amendment to the Stock Repurchase Program, increasing the total amount authorized to be purchased from $ 75.0 million to $ 400.0 million.

In May 2022, the Board approved an increase to the total amount of its Stock Repurchase Program from $ 400.0 million to $ 500.0 million.

In June 2023, the Board approved an increase to the total amount of its Stock Repurchase Program from $ 500.0 million to $ 1.0 billion.

Purchases under the Stock Repurchase Program may be made in the open market or through a 10b5-1 plan and are expected to comply with Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

The timing and number of shares repurchased under the Stock Repurchase Program depends upon market conditions.

The Stock Repurchase Program does not require the Company to acquire a specific number of shares.

The cost of the shares that are repurchased under the Stock Repurchase Program is funded from cash and cash equivalents on hand.

In December 2018, the Company’s board of directors (the “Board”) approved a stock repurchase program (the “Stock Repurchase Program”), which has been amended from time to time, most recently in August 2025 as described in more detail below.

Under the current authorization, the Company may repurchase up to $ 1.0 billion of its common stock, inclusive of amounts previously expended.

The Stock Repurchase Program is intended primarily to offset dilution from equity compensation programs.

Pursuant to the updated framework approved by the Board in October 2025, any share repurchases are subject to maintaining a minimum consolidated cash and cash equivalents balance of at least $ 100 million immediately after giving effect to any repurchase.

Subject to that framework, the timing, amount, and pricing of repurchases are at the discretion of the CEO and CFO and depend upon, among other factors, internal financial models and the Company’s liquidity and strategic priorities.

Repurchases may be made in the open market during an open trading window or pursuant to Rule 10b5-1 trading plans, in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

10b5-1 Repurchase Plan

1 unchanged sentence

On January 10, 2022, the Company and Stephens Inc.

(“Stephens”), a financial services firm that acts as an agent authorized to purchase shares on behalf of the Company, entered into that certain Issuer Repurchase Plan (as amended, the “Issuer Repurchase Plan”) which authorized Stephens to repurchase shares of common stock of the Company, which is amended from time to time to adjust the monthly repurchase amount.

Most recently, on March 12, 2025, the Board approved, and the Company entered into a Tenth Amendment to the Issuer Repurchase Plan which provides for the repurchase of up to (i) $ 2.0 million during the calendar month of March 2025, (ii) $ 7.5 million during each of the calendar months commencing April 1, 2025 through and including May 31, 2025, (iii) $ 10.0 million during the calendar month of June 2025, (iv) $ 15.0 million during each of the calendar months commencing July 1, 2025 through and including October 31, 2025, and (v) $ 10.0 million during each of the calendar months commencing November 1, 2025 through and including December 31, 2025.

Shares of Company common stock repurchased under the Stock Repurchase Program are recorded based upon the applicable trade date.

(“Stephens”), a financial services firm that acts as an agent authorized to purchase shares on behalf of the Company, entered into that certain Issuer Repurchase Plan (as amended, the “Issuer Repurchase Plan”) which authorizes Stephens to repurchase shares of common stock of the Company, and is amended from time to time to adjust the monthly authorized repurchase amount.

Most recently, on August 6, 2025, the Board approved, and the Company entered into the Eleventh Amendment to Issuer Repurchase Plan which provides for the repurchase of up to $ 10.0 million during the calendar month of November 2025 and no repurchases from August 6, 2025 through October 31, 2025 .

Shares of Company common stock repurchased under the Stock Repurchase Program are funded from cash and cash equivalents on hand and recorded based upon the applicable trade date.

Such repurchased shares are held in treasury and are presented using the cost method.

1 unchanged sentence

The following table shows the share changes in treasury stock for the periods presented (not in thousands):

Three Months Ended June 30,

Six Months Ended June 30,

Three Months Ended September 30,

Nine Months Ended September 30,

Treasury stock:

5 unchanged sentences

In identifying its reportable segments, the Company also considers the nature of services provided by its segments.

Management evaluates the operating results of each of its reportable segments based upon Revenues and Adjusted Segment EBITDA.

Adjusted Segment EBITDA is defined by us as a segment’s operating income (loss) before income taxes plus depreciation and amortization, impairment charges, litigation contingency, stock-based compensation expenses, stock option expense and other (income) expense, net.

See “Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Quarterly Report for a discussion of why management believes Adjusted Segment EBITDA, a non-U.S.

GAAP measure, is useful.

Management evaluates the operating results of each of its reportable segments based upon Revenues and Adjusted Segment EBITDA, which is a non-U.S.

GAAP measure.

Adjusted Segment EBITDA is defined by the Company as a segment’s operating income (loss) before income taxes plus depreciation and amortization, impairment charges, litigation contingency, stock-based compensation expenses, stock option expense and other (income) expense, net.

The Company’s presentation of Adjusted Segment EBITDA may not be comparable to similar measures used by other companies.

10 unchanged sentences

The following table provides information about the Company’s reportable segments and a reconciliation of the total segment Revenues to consolidated Revenues and Adjusted Segment EBITDA to the consolidated income (loss) before income tax expense (benefit) and Goodwill (in thousands).

Three Months Ended June 30,

Six Months Ended June 30,

Three Months Ended September 30,

Nine Months Ended September 30,

North American Realty

5 unchanged sentences

Commissions and other agent-related costs

Three Months Ended June 30,

Six Months Ended June 30,

Three Months Ended September 30,

Nine Months Ended September 30,

North American Realty

5 unchanged sentences

Adjusted EBITDA

Three Months Ended June 30,

Six Months Ended June 30,

Three Months Ended September 30,

Nine Months Ended September 30,

North American Realty

3 unchanged sentences

Consolidated Adjusted EBITDA

(Loss) income before income tax expense reconciliation:

Income (loss) before income tax expense reconciliation:

Depreciation and amortization expense

3 unchanged sentences

Other (income) expense, net

Consolidated (loss) income before income tax expense

June 30, 2025

Consolidated income (loss) before income tax expense

September 30, 2025

December 31, 2024

9 unchanged sentences

The following table sets forth the calculation of basic and diluted earnings per share attributable to common stock during the periods presented:

Three Months Ended June 30,

Six Months Ended June 30,

Net (loss) income from continuing operations

Net (loss) income from discontinued operations

Three Months Ended September 30,

Nine Months Ended September 30,

Net income (loss) from continuing operations

Net income (loss) from discontinued operations

Weighted average shares - basic

6 unchanged sentences

Net (loss) income from discontinued operations per share - diluted

For three months ended June 30, 2025 and 2024 total outstanding shares of common stock excluded 2,965,463 and 447,005 shares, respectively, from the computation of diluted earnings per share because their effect would have been anti-dilutive.

For six months ended June 30, 2025 and 2024 total outstanding shares of common stock excluded 3,099,063 and 3,037,309 shares, respectively, from the computation of diluted earnings per share because their effect would have been anti-dilutive.

For three months ended September 30, 2025 and 2024 total outstanding shares of common stock excluded 235,336 and 4,153,812 shares, respectively, from the computation of diluted earnings per share because their effect would have been anti-dilutive.

For nine months ended September 30, 2025 and 2024 total outstanding shares of common stock excluded 3,223,228 and 3,309,505 shares, respectively, from the computation of diluted earnings per share because their effect would have been anti-dilutive.

Our quarterly tax provision is computed by applying the estimated annual effective tax rate to the year-to-date pre-tax income or loss plus discrete tax items arising in the period.

Our provision for income tax expense (benefit) amounted to $ 2.1 million and $ 4.8 million for the six months ended June 30, 2025 and 2024, which represent effective tax rates of ( 19.1 %) and 174.3 %, respectively.

Our provision for income tax expense (benefit) amounted to $ 3.1 million and $ 3.5 million for the nine months ended September 30, 2025 and 2024, respectively which represent effective tax rates of ( 45.5 %) and ( 69.6 %), respectively.

The effective tax rate differs from our statutory rates in both periods primarily due to foreign and domestic mix of earnings, and stock-based compensation.

3 unchanged sentences

The Company does not expect the adoption of Pillar Two rules to have a significant impact on its consolidated financial statements in fiscal year 2025.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted into U.S.

In accordance with ASC 740, the Company evaluated the impact of the legislation on its financial statements, including potential changes to deferred tax assets and liabilities, and the effective tax rate.

The Company determined that OBBBA did not have a material impact on its consolidated financial statements.

FAIR VALUE MEASUREMENT

10 unchanged sentences

The Company values its money market funds at fair value on a recurring basis.

As of June 30, 2025 and December 31, 2024, the fair value of the Company’s money market funds was $ 10,147 and $ 38,344 , respectively.

As of September 30, 2025 and December 31, 2024, the fair value of the Company’s money market funds was $ 12,286 and $ 38,344 , respectively.

There have been no transfers between Level 1, Level 2 and Level 3 in the period presented.

The Company did not have any Level 2 financial assets or liabilities in the period presented.

In the first quarter of 2025, the Company acquired $ 11,000 of Level 3 assets, at fair value, and such assets were valued at $ 11,000 at June 30, 2025.

In the first quarter of 2025, the Company acquired $ 11,000 of Level 3 assets, at fair value, and such assets increased in value to $ 11,735 at September 30, 2025 due to an additional capital contribution.

COMMITMENTS AND CONTINGENCIES

18 unchanged sentences

The Company intends to use available cash to pay the remaining Settlement Amount.

Management has determined that a remaining $ 17.0 million (not in thousands) loss is probable and has included a $ 17.0 million (not in thousands) litigation contingency accrual recorded for the quarter ended June 30, 2025.

While management has determined that loss in excess of the accrual is reasonably possible, it is currently unable to reasonably estimate the possible additional loss or range of possible additional loss because, among other reasons, (i) the settlement is subject to court approval and appeals processes, (ii) further developments in the legal proceedings, including but not limited to motions or rulings, could impact the Company’s exposure;

7 unchanged sentences

T-119-24-ID 1 (Federal Court of Canada), filed on January 18,

Management is currently unable to reasonably estimate the possible loss or range of possible loss for the Canadian antitrust litigation because, among other reasons, (i) the proceeding is in preliminary stages, (ii) specific damage amounts have not been sought, (iii) damages sought are, in our opinion, unsupported and/or exaggerated, (iv) there are significant

factual issues to be resolved;

and/or (v) there are novel legal issues or unsettled legal theories presented.

For the Canadian antitrust litigation, we have not recorded any accruals as of June 30, 2025.

For the Canadian antitrust litigation, we have not recorded any accruals as of September 30, 2025.

While the Company does not expect such litigation to have a material adverse effect on our business, results of operations, cash flows or financial condition, due to the complexities inherent in such litigation, including the uncertainty of legal processes and potential developments in the cases, the ultimate liability may differ from current expectations.

10 unchanged sentences

Quarterly Cash Dividend

On July 24, 2025 , the Company’s Board declared a dividend of $ 0.05 per share which is expected to be payable on August 29, 2025 , to stockholders of record as of the close of business on August 15, 2025 .

The ex-dividend date is expected to be on or around August 14, 2025.

On October 25, 2025 , the Company’s Board declared a dividend of $ 0.05 per share which is expected to be payable on December 1, 2025 , to stockholders of record as of the close of business on November 17, 2025 .

The ex-dividend date is expected to be on or around November 14, 2025.

The dividend will be paid in cash.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted into U.S.

The Company is evaluating its impact, including potential changes to deferred tax assets and liabilities and the effective tax rate.

The financial effect of OBBBA cannot be made at this time.

In accordance with ASC 740, any potential impact resulting from the evaluation, will be reflected in the third quarter of 2025.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements