What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2025-08-05 compared with 2025-05-06 · 151 added, 75 removed, 341 unchanged (40% of the section changed)

35 unchanged sentences

700,000,000 shares authorized;

132.6 million shares issued and outstanding as of March 31, 2025 (December 31, 2024 - 700,000,000 authorized;

132.7 million shares issued and outstanding as of June 30, 2025 (December 31, 2024 - 700,000,000 authorized;

120.6 million issued and outstanding)

11 unchanged sentences

Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

Revenue $ 1,068 $ 538 $ 1,803 $ 898

6 unchanged sentences

Selling and marketing expenses — 102 23 189

Impairment 2,555 — 2,555 —

Loss from operations 25,635 48,546 52,639 105,427

Other expenses (income):

Interest expense (income), net 1,530 ( 35 )

Foreign exchange loss (gain) 12 ( 5 )

Interest expense, net 1,217 387 2,747 352

Foreign exchange loss 452 692 464 687

Share of loss of equity method investees 2,258 1,453 7,247 4,465

Other expense, net 606 268

Other expense (income), net ( 590 ) 443 16 711

Loss before income taxes 28,972 51,521 63,113 111,642

20 unchanged sentences

dollars, except share amounts)

Three months ended March 31, 2025 and 2024

capital Accumulated

4 unchanged sentences

Shares Amount

Balance at January 1, 2024 120,025,264 $ 12 $ 777,816 $ ( 401,504 ) $ ( 2,073 ) $ 2,030 $ 376,281

Three months ended June 30, 2025

Balance at April 1, 2025 132,590,318 $ 13 $ 870,855 $ ( 560,642 ) $ ( 3,264 ) $ 8,375 $ 315,337

Net loss — — — ( 23,851 ) — ( 5,121 ) ( 28,972 )

Other comprehensive loss — — — — ( 250 ) ( 142 ) ( 392 )

Issuance of common stock;

Kaizen arrangement 116,413 — 952 — — — 952

Issuance of common stock;

earn-in payment 12,765 — 95 — — — 95

Settlement of restricted share units 150,000 — — — — — —

Settlement of deferred share units 1,972 — — — — — —

Other comprehensive income — — — — 325 178 503

Stock options exercised 75,450 — 188 — — — 188

Warrants exercised 25,000 — 175 — — — 175

Share-based compensation — — 3,338 — — 37 3,375

1 unchanged sentence

Other changes in non-controlling interests — — 71 — — ( 63 ) 8

Balance at March 31, 2024 120,306,414 $ 12 $ 790,824 $ ( 457,015 ) $ ( 2,323 ) $ 18,234 $ 349,732

Balance at June 30, 2025 132,690,768 $ 13 $ 880,756 $ ( 584,493 ) $ ( 2,939 ) $ 17,440 $ 310,777

Six months ended June 30, 2025

Balance at January 1, 2025 120,612,112 $ 12 $ 802,032 $ ( 530,127 ) $ ( 3,276 ) $ 11,790 280,431

6 unchanged sentences

Stock options exercised 108,784 — 271 — — — 271

Warrants exercised 25,000 — 175 — — — 175

Share-based compensation — — 6,272 — — 76 6,348

Non-controlling interests investment in subsidiary — — 6,129 — — 14,034 20,163

Other changes in non-controlling interests — — 36 — — 109 145

Balance at March 31, 2025 132,590,318 $ 13 $ 870,864 $ ( 560,642 ) $ ( 3,264 ) $ 8,375 $ 315,346

Balance at June 30, 2025 132,690,768 $ 13 $ 880,756 $ ( 584,493 ) $ ( 2,939 ) $ 17,440 $ 310,777

IVANHOE ELECTRIC INC.

Condensed Interim Consolidated Statements of Changes in Equity (Unaudited)

(Expressed in thousands of U.S.

dollars, except share amounts)

capital Accumulated

deficit Accumulated

comprehensive

income (loss) Non-controlling

interests Total

Shares Amount

Three months ended June 30, 2024

Balance at April 1, 2024 120,306,414 $ 12 $ 790,824 $ ( 457,015 ) $ ( 2,323 ) $ 18,234 $ 349,732

Net loss — — — ( 46,783 ) — ( 4,738 ) ( 51,521 )

Other comprehensive loss — — — — ( 238 ) ( 91 ) ( 329 )

Stock options exercised 82,187 — 694 — — — 694

Stock-based compensation — — 3,969 — — 100 4,069

Non-controlling interests investment in subsidiary — — 15 — — 364 379

Other changes in non-controlling interests — — — — — 100 100

Balance at June 30, 2024 120,388,601 $ 12 $ 795,502 $ ( 503,798 ) $ ( 2,561 ) $ 13,969 $ 303,124

Six months ended June 30, 2024

Balance at January 1, 2024 120,025,264 $ 12 $ 777,816 $ ( 401,504 ) $ ( 2,073 ) $ 2,030 $ 376,281

Net loss — — — ( 102,294 ) — ( 9,322 ) ( 111,616 )

Other comprehensive loss — — — — ( 488 ) ( 233 ) ( 721 )

Issuance of common stock;

Kaizen arrangement 116,413 — 952 — — — 952

Issuance of common stock;

earn-in payment 12,765 — 95 — — — 95

Settlement of restricted share units 150,000 — — — — — —

Settlement of deferred share units 1,972 — — — — — —

Stock options exercised 82,187 — 694 — — — 694

Stock-based compensation — — 7,284 — — 130 7,414

Non-controlling interests investment in subsidiary — — 9,387 — — 20,992 30,379

Other changes in non-controlling interests — — ( 726 ) — — 372 ( 354 )

Balance at June 30, 2024 120,388,601 $ 12 $ 795,502 $ ( 503,798 ) $ ( 2,561 ) $ 13,969 $ 303,124

IVANHOE ELECTRIC INC.

Condensed Interim Consolidated Statements of Cash Flows (Unaudited)

(Expressed in thousands of U.S.

Three months ended March 31, 2025 and 2024

Six months ended June 30, 2025 and 2024

Operating activities

7 unchanged sentences

Share of loss of equity method investees 7,247 4,465

Impairment 2,555 —

Other ( 43 ) 935

16 unchanged sentences

Proceeds from related party loan 5,000 —

Repayment of related party loan ( 10,505 ) —

Non-controlling interests investment in subsidiary 20,163 26,380

7 unchanged sentences

Cash and cash equivalents, end of the period $ 88,050 $ 133,811

Supplemental cash flow information

Cash paid for income taxes $ 29 $ 1,143

Supplemental disclosure of non-cash investing and financing activities

8 unchanged sentences

Ivanhoe Electric Inc.

(“Ivanhoe Electric” or “the Company”) is a United States company that combines advanced mineral exploration technologies with electric metals exploration projects predominantly located in the United States.

The Company’s mineral exploration efforts focus on copper as well as other metals including nickel, vanadium, cobalt, platinum group elements, gold and silver.

The Company’s portfolio of electric metals exploration projects include the Santa Cruz Project in Arizona, as well as other exploration projects in the United States.

(“Ivanhoe Electric” or “the Company”) is a United States company that combines advanced mineral exploration technologies with critical metals exploration projects predominantly located in the United States.

The Company’s mineral exploration efforts focus on copper as well as other metals including nickel, cobalt, platinum group elements, gold and silver.

The Company’s portfolio of critical metals exploration projects includes the advanced Santa Cruz Copper Project in Arizona.

In addition to mineral projects in the United States, the Company also holds direct and indirect ownership interests, and in some cases controlling financial interests, in other non-U.S.

mineral projects, and in proprietary mineral exploration and minerals-based technologies.

The Company holds a 50 % interest in a joint venture with Saudi Arabian Mining Company Ma’aden (“Ma’aden”) to explore prospective land in Saudi Arabia.

The Company holds a 50 % interest in a joint venture with Saudi Arabian Mining Company (“Maaden”) to explore prospective land in Saudi Arabia.

The Company conducts the following business activities through certain subsidiaries:

• VRB Energy Inc.

(“VRB”) develops, manufactures and installs vanadium flow batteries for grid-scale energy storage primarily in the United States.

Ivanhoe Electric had an ownership interest in VRB of 90.0 % as at March 31, 2025 (December 31, 2024 — 90.0 %).

(“VRB”) is establishing a United States-based grid scale vanadium redox flow battery manufacturing business.

Ivanhoe Electric had an ownership interest in VRB of 90.0 % as at June 30, 2025 (December 31, 2024 — 90.0 %).

VRB also holds a 49 % interest in VRB Energy System (Beijing) Co., Ltd.

2 unchanged sentences

(“CGI”), provides data analytics, geophysical modeling, software licensing and artificial intelligence services for the mineral, oil & gas and water exploration industries.

Ivanhoe Electric had an ownership interest in CGI of 94.3 % as at March 31, 2025 (December 31, 2024 — 94.3 %).

Ivanhoe Electric had an ownership interest in CGI of 94.3 % as at June 30, 2025 (December 31, 2024 — 94.3 %).

• Cordoba Minerals Corp.

(“Cordoba”) holds the San Matias copper-gold-silver project in northern Colombia.

Ivanhoe Electric had an ownership interest in Cordoba of 62.3 % as at March 31, 2025 (December 31, 2024 — 62.5 %).

(“Cordoba”) holds 50 % of the Alacrán copper-gold-silver deposit located in Colombia ("Alacrán Copper Project") .

Ivanhoe Electric had an ownership interest in Cordoba of 61.8 % as at June 30, 2025 (December 31, 2024 — 62.5 %).

The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all information and disclosures required by generally accepted accounting principles in the United States.

1 unchanged sentence

The information furnished herein reflects all normal recurring entries, that are in the opinion of management, necessary for a fair statement of the results for the interim periods reported.

Operating results for the three month period ended March 31, 2025, are not necessarily indicative of the results that may be expected for the year ending December 31, 2025.

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

The condensed interim consolidated financial statements have been prepared on a going concern basis, which presumes the realization of assets and satisfaction of liabilities in the normal course of business.

8 unchanged sentences

The Company adopted ASU 2023-09 on January 1, 2025 and will be required to disclose specific categories in the rate reconciliation if quantitative thresholds are met.

The amount of income taxes paid, if any, will be required to be disaggregated by federal, state and foreign taxes.

The amount of income taxes paid, if any, is required to be disaggregated by federal, state and foreign taxes.

IVANHOE ELECTRIC INC.

12 unchanged sentences

Cash and cash equivalents:

Of the total cash and cash equivalents at March 31, 2025 and December 31, 2024, $ 19.3 million and $ 11.2 million, respectively, was not available for the general corporate purposes of the Company as it was held by non-wholly-owned subsidiaries.

Of the total cash and cash equivalents at June 30, 2025 and December 31, 2024, $ 22.7 million and $ 11.2 million, respectively, was not available for the general corporate purposes of the Company as it was held by non-wholly-owned subsidiaries.

Accounts receivable:

6 unchanged sentences

On October 28, 2024, $ 10.0 million was deposited to an account in China jointly controlled by Red Sun and VRB.

Following receipt of several regulatory approvals required to transfer the funds outside of China, on February 11, 2025, VRB received the first tranche payment with the balance being due in June 2025.

Investments subject to significant influence:

The Company’s principal investments subject to significant influence are its investment in Ma'aden Ivanhoe Electric Exploration and Development Limited Company ("Ma'aden Joint Venture") and VRB China.

Others include its investments in Sama Resources Inc.

Following receipt of several regulatory approvals required to transfer the funds outside of China, on February 11, 2025, VRB received the first tranche payment.

Red Sun did not make the second payment of $ 10.0 million by its due date of June 30, 2025.

Red Sun has stated they will pay $ 5.0 million by August 31, 2025 and the remaining $ 5.0 million no later than October 31, 2025.

IVANHOE ELECTRIC INC.

2 unchanged sentences

dollars, unless otherwise indicated)

Investments subject to significant influence:

The Company’s principal investments subject to significant influence are its investment in Maaden Ivanhoe Electric Exploration and Development Limited Company ("Maaden Joint Venture") and VRB China.

The Company also has a significant influence investment in Sama Resources Inc.

Equity Method Carried at fair value

Ma'aden Joint Venture VRB China Other Sama Total

Maaden Joint Venture VRB China Other Sama Total

Balance at December 31, 2024 $ 20,389 $ 40,600 $ 769 $ 3,129 $ 64,887

Change in fair value — — — ( 930 ) ( 930 )

Share of loss ( 3,664 ) ( 1,325 ) — — ( 4,989 )

Balance at March 31, 2025 $ 16,725 $ 39,275 $ 769 $ 2,436 $ 59,205

Share of (loss) income ( 6,600 ) ( 679 ) 32 — ( 7,247 )

Foreign currency translation — — 43 — 43

Balance at June 30, 2025 $ 13,789 $ 39,921 $ 844 $ 2,199 $ 56,753

Exploration properties:

Cruz Tintic San Matias Other Total

Cruz Tintic Alacrán Other Total

Balance at December 31, 2024 $ 176,792 $ 30,703 $ 15,315 $ 3,066 $ 225,876

Balance at March 31, 2025 $ 176,792 $ 30,703 $ 15,315 $ 3,066 $ 225,876

Acquisition costs 731 — — — 731

Impairment — — — ( 2,537 ) ( 2,537 )

Balance at June 30, 2025 $ 177,523 $ 30,703 $ 15,315 $ 529 $ 224,070

During the period ended June 30, 2025, the Company impaired a non-core exploration property in the amount of $ 2.5 million.

Note payable:

1 unchanged sentence

Interest expense 1,527

Balance at March 31, 2025 $ 37,332

Balance at June 30, 2025 $ 38,099

Current portion 13,936

Non-current portion 24,163

Balance at March 31, 2025 $ 37,332

In May 2023, the Company issued a secured promissory note in the amount of $ 82.6 million as part of a land acquisition at its Santa Cruz project.

Balance at June 30, 2025 $ 38,099

In May 2023, the Company issued a secured promissory note in the amount of $ 82.6 million as part of a land acquisition at its Santa Cruz Copper Project.

The promissory note includes an annual interest rate of prime plus 1 % and is to be paid in installments, as follows:

• $ 34.3 million, plus accrued interest, paid in November 2023;

• four equal principal payments of $ 12.1 million on the first, second, third and fourth anniversaries of the November 2023 payment, plus applicable accrued interest.

A payment of $ 12.1 million plus accrued interest was paid in November 2024.

IVANHOE ELECTRIC INC.

2 unchanged sentences

dollars, unless otherwise indicated)

• four equal principal payments of $ 12.1 million on the first, second, third and fourth anniversaries of the November 2023 payment, plus applicable accrued interest.

A payment of $ 12.1 million plus accrued interest was paid in November 2024.

Convertible debt:

1 unchanged sentence

Interest expense 1,328

Balance at March 31, 2025 $ 31,602

Balance at June 30, 2025 $ 32,270

On July 8, 2021, VRB issued a convertible bond for gross proceeds of $ 24.0 million.

12 unchanged sentences

Stock-based payment compensation was allocated to operations as follows:

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

2025 2024 2025 2024

General and administrative expenses $ 2,636 $ 2,987 $ 5,196 $ 5,677

6 unchanged sentences

The total grant date fair value of these RSU's was $ 4.5 million based on a grant date share price of $ 5.84 per share.

(ii) Performance share units ("PSU's"):

IVANHOE ELECTRIC INC.

2 unchanged sentences

dollars, unless otherwise indicated)

(ii) Performance share units ("PSU's"):

On March 6, 2025, the Company granted PSU's to certain officers and employees of the Company.

14 unchanged sentences

The Company recognized revenue from the following sources:

Three months ended

Three Months Ended June 30, Six Months Ended June 30,

Revenue type 2025 2024 2025 2024

2 unchanged sentences

Exploration expense:

Three months ended

Three months ended June 30, Six months ended June 30,

Project 2025 2024 2025 2024

Santa Cruz, USA $ 5,425 $ 20,478 $ 11,929 $ 48,315

San Matias, Colombia (Cordoba) 3,336 3,518

Alacrán, Colombia (Cordoba) 4,355 3,236 7,691 6,754

Hog Heaven, USA 394 2,530 1,267 5,837

11 unchanged sentences

Balance outstanding as at Transactions for the

three months ended

three months ended June 30, Transactions for the

six months ended June 30,

2025 December 31,

7 unchanged sentences

Revenue and accounts receivable

Ma'aden Joint Venture (Note d) 200 300 600 300

Maaden Joint Venture (Note d) 330 300 560 363 1,160 663

Global Mining (Note a) 429 831 — — — —

Ma'aden Joint Venture (Note d) 418 176 — —

Maaden Joint Venture (Note d) 124 176 — — — —

I-Pulse (Note c) 1,573 2,593 — — — —

1 unchanged sentence

Transactions for the

three months ended

three months ended June 30, Transactions for the

six months ended June 30,

2025 2024 2025 2024

Expense classification

2 unchanged sentences

Research and development expenses — 307 — 590

$ 697 $ 1,698 $ 1,718 $ 3,707

(a) Global Mining Management Corp.

(“Global Mining”) is a private company based in Vancouver, Canada, that provides administration, accounting, and other office services to the Company on a cost-recovery basis.

The Company held 7.1 % of Global Mining’s outstanding common shares at March 31, 2025 (December 31, 2024 — 7.1 %).

The Company held 7.1 % of Global Mining’s outstanding common shares at June 30, 2025 (December 31, 2024 — 7.1 %).

(b) Ivanhoe Capital Aviation (“ICA”) is an entity beneficially owned by the Company’s Executive Chairman.

ICA provides use of its aircraft to the Company.

On October 24, 2022, the Company entered into an agreement with I-Pulse, to purchase six Typhoon™ transmitters to be delivered in stages over approximately three years .

The total purchase price for the six Typhoon™ transmitters is $ 12.4 million, which includes research and development costs of $ 2.8 million.

The agreement also includes annual maintenance costs of $ 1.7 million.

In October 2022, the Company made deposit payments totaling $ 7.1 million, representing 50 % of each

On October 24, 2022, the Company entered into an agreement with I-Pulse, to purchase six Typhoon™ transmitters.

The total purchase price for the six Typhoon™ transmitters is $ 12.4 million.

In October 2022, the Company made deposit payments totaling $ 7.1 million.

The remaining payments will be made as each

IVANHOE ELECTRIC INC.

2 unchanged sentences

dollars, unless otherwise indicated)

component of the agreement.

The remaining payments will be made as each Typhoon™ transmitter system is delivered.

As at March 31, 2025, the Company has received four of the Typhoon™ transmitters that are deliverable under the agreement.

(d) The Company's majority owned subsidiary, CGI, provides geophysical data processing services to the Ma'aden joint venture and recognized revenue totaling $ 0.6 million.

At March 31, 2025 the Ma’aden Joint Venture owes the Company $ 0.4 million for costs that the Company incurred on behalf of the Ma’aden Joint Venture related to exploration work in Saudi Arabia.

(e) JCHX Mining Management Co., Ltd (“JCHX") held 19.7 % of Cordoba’s issued and outstanding common stock as at March 31, 2025 (December 31, 2024 - 19.7 %).

Typhoon™ transmitter system is delivered.

As at June 30, 2025, the Company has received four of the Typhoon™ transmitters that are deliverable under the agreement.

(d) CGI provides geophysical data processing services to the Maaden Joint Venture.

As at June 30, 2025, the Maaden Joint Venture owes the Company $ 0.1 million for costs that the Company incurred on behalf of the Maaden Joint Venture related to exploration work in Saudi Arabia.

(e) JCHX Mining Management Co., Ltd (“JCHX") held 19.5 % of Cordoba’s issued and outstanding common stock as at June 30, 2025 (December 31, 2024 - 19.7 %).

On May 8, 2025, Cordoba entered into an agreement with JCHX to sell Cordoba's remaining 50 % interest in the Alacrán Copper Project, related exploration properties, and certain intercompany receivables, for consideration of up to $ 128 million, consisting of:

• $ 88 million in cash on closing;

• $ 12 million in a deferred payment, to be paid within fifteen business days after the earlier of the commencement of commercial production as defined in the Agreement, or the third anniversary of the closing date;

• a contingent payment if the average daily London Metal Exchange spot copper price during the first twelve months of commercial production is greater than $ 12,000 per tonne, consisting of $ 8 million if the price is between $ 12,000 and $ 13,000 per tonne, and $ 28 million if the price is over $ 13,000 per tonne.

JCHX acquired its first 50 % of the Alacrán Copper Project in May 2023.

The closing of the sale is subject to the Environmental Impact Assessment for the Alacrán Copper Project being approved by the Autoridad Nacional de Licencias Ambientales (the environmental regulator in Colombia), as well as customary conditions, including, without limitation, the entering into of certain ancillary agreements, conditional approval of the TSX Venture Exchange (“TSXV”), which has been received, and Cordoba shareholder approval by two thirds of those shareholders that vote at a special meeting of shareholders.

In December 2024, Cordoba obtained a $ 10.0 million bridge loan from JCHX, of which $ 5.0 million was received in December 2024 and $ 5.0 million in January 2025.

The loan bears simple interest at 10 % per annum for the first six months of the agreement, and 12 % per annum thereafter.

The loan is payable on the maturity date, which is the earlier of 36 months after the date of the loan agreements or the date the third installment of $ 20.0 million becomes payable by JCHX under the strategic arrangement with Cordoba.

On June 25, 2025, JCHX completed the third and final installment of $ 20.0 million in relation to its acquisition of the initial 50 % interest in the Alacran Copper Project.

On June 26, 2025 the bridge loan was repaid in full using the proceeds from the third installment.

JCHX also provides engineering services to Cordoba at the Alacrán Copper Project.

IVANHOE ELECTRIC INC.

Notes to the Condensed Interim Consolidated Financial Statements

(Unaudited - Tabular amounts expressed in thousands of U.S.

dollars, unless otherwise indicated)

Fair value measurement:

The following table provides the valuation hierarchy classification of assets and liabilities that are recorded at fair value and measured on a recurring basis in the combined balance sheets:

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

Level 1 Level 2 Level 3 Level 1 Level 2 Level 3

5 unchanged sentences

Total financial liabilities $ — $ — $ — $ — $ — $ —

There were no movements in level three instruments for the three months ended March 31, 2025.

Segment reporting:

2 unchanged sentences

Based upon such evaluation, the Company has determined that it has four reportable segments.

The Company’s reportable segments are the Santa Cruz Project, critical metals, data processing and energy storage.

The Santa Cruz Project and critical metals segments are focused on mineral project exploration and development with a focus on identifying and developing mineral projects, and ultimately mines, associated with the metals necessary for electrification.

The Santa Cruz project is at a more advanced stage relative to most of the Company’s other mineral exploration projects and its discrete financial information and operating results are regularly reviewed by the CODM in order to make decisions about resource allocation and assess performance.

The Company’s reportable segments are the Santa Cruz Copper Project, critical metals, data processing and energy storage.

The Santa Cruz Copper Project and critical metals segments are focused on mineral exploration and developing mines from mineral deposits principally located in the United States.

The Santa Cruz Copper Project is at a more advanced stage relative to most of the Company’s other mineral exploration projects and its discrete financial information and operating results are regularly reviewed by the CODM in order to make decisions about resource allocation and assess performance.

The data processing segment provides data analytics, geophysical modeling and artificial intelligence services for the mineral, oil & gas and water exploration industries.

5 unchanged sentences

Segment information for the periods presented is as follows:

As at and for the three months ended March 31, 2025

Santa Cruz Project Critical

As at and for the three months ended June 30, 2025

Santa Cruz Copper Project Critical

Processing Energy

4 unchanged sentences

Segment assets 179,264 161,856 2,351 57,000 400,471

As at and for the three months ended March 31, 2024

Santa Cruz Project Critical

As at and for the six months ended June 30, 2025

Santa Cruz Copper Project Critical

Processing Energy

4 unchanged sentences

Segment assets 179,264 161,856 2,351 57,000 400,471

As at and for the three months ended June 30, 2024

Santa Cruz Copper Project Critical

Processing Energy

Storage Total

Revenue $ — $ — $ 538 $ — $ 538

Intersegment revenues — — 29 — 29

Loss (income) from operations 20,497 26,245 ( 67 ) 1,871 48,546

Segment assets 172,443 226,331 4,777 12,722 416,273

As at and for the six months ended June 30, 2024

Santa Cruz Copper Project Critical

Processing Energy

Storage Total

Revenue $ — $ — $ 898 $ — $ 898

Intersegment revenues — — 148 — 148

Loss (income) from operations 48,378 53,429 ( 124 ) 3,744 105,427

Segment assets 172,443 226,331 4,777 12,722 416,273

Commitments and contingencies:

3 unchanged sentences

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