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Dole plc 2025 Annual Report Available to Shareholders

DUBLIN–(BUSINESS WIRE)–
Dole plc (NYSE: DOLE) (the “Company”) announced today that its annual report on Form 10-K, including its audited financial statements for the fiscal year ended December 31, 2025 (the “Annual Report”), filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 2, 2026, can be accessed in the “Financials” section of the Company’s website at www.doleplc.com/investor-relations, as well as on the SEC’s website at www.sec.gov.

Shareholders may request a hard copy of the Company’s Annual Report, free of charge, by contacting the Company at Dole plc, 29 North Anne Street, Dublin 7, D07 PH36, Ireland, Attention: Investor Relations. If shareholders prefer, they can also request a hard copy by emailing [email protected].

This is the Company’s first annual report filed on Form 10-K, following its voluntary election to file on U.S. domestic issuer forms. The Company believes this action will provide enhanced consistency and comparability with other U.S. public companies, while improving the eligibility for inclusion in certain U.S. equity indices, among other potential benefits.

About Dole plc:

A global leader in fresh produce, Dole plc grows, markets, and distributes an extensive variety of fresh fruits and vegetables sourced locally and from around the world. Dedicated and passionate in exceeding our customers’ requirements in over 85 countries, our goal is to make the world a healthier and a more sustainable place.

Forward-looking statements

Certain statements made in this disclosure that are not historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, among other things, statements regarding the Company’s voluntary election to file reports on U.S. domestic issuer forms, the expected timing and effects of such election, and the anticipated benefits thereof, including increased consistency and comparability with other U.S. public companies and potential eligibility for inclusion in certain stock indices. Forward-looking statements are based on management’s beliefs, assumptions and expectations of the Company’s future economic performance, considering the information currently available to management. These statements are not statements of historical fact. The words “believe,” “may,” “could,” “will,” “should,” “would,” “anticipate,” “estimate,” “expect,” “intend,” “objective,” “seek,” “strive,” “target” or similar words, or the negative of these words, identify forward-looking statements. The inclusion of this forward-looking information should not be regarded as a representation by the Company or any other person that the future plans, estimates or expectations contemplated by the Company will be achieved. Such forward-looking statements are subject to various risks, uncertainties and assumptions that could cause actual results or outcomes to differ materially from those expressed or implied, including, without limitation, risks related to regulatory interpretation and implementation, market and investor response to the Company’s election to file on U.S. domestic issuer forms, and other factors affecting the Company’s operations, financial condition, liquidity and business prospects. New risk factors emerge from time to time, and it is not possible for management to predict all such risk factors or to assess the impact of each such risk factor on the Company. Any forward-looking statement speaks only as of the date on which such statement is made, and we do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made except as required by the federal securities laws. If one or more risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, our actual results may vary materially from what we may have expressed or implied by these forward-looking statements. We caution that you should not place undue reliance on any of our forward-looking statements.

Category: Financial

View source version on businesswire.com: https://www.businesswire.com/news/home/20260302304065/en/

Investor Contact:

James O’Regan, Head of Investor Relations, Dole plc

[email protected]

+353 1 887 2794

KEYWORDS: Europe Ireland United States North America

INDUSTRY KEYWORDS: Food/Beverage Agriculture Natural Resources Retail Supermarket

MEDIA:

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AST SpaceMobile Provides Business Update and Fourth Quarter and Full Year 2025 Results

Reported revenue of $70.9 million for the full year 2025, driven by mobile network operator partners and the U.S. Government

Secured over $1.2 billion in aggregate contracted revenue commitments from partners

Successfully completed unfolding of BlueBird 6, the largest commercial communications array ever deployed in low Earth orbit, expected to greatly exceed 120 Mbps peak data speeds

Continued orbital launch campaign with encapsulation of BlueBird 7 at Cape Canaveral in February and expected launch during March, with additional launches expected every one to two months on average to reach goal of 45 to 60 satellites in orbit by end of 2026

MIDLAND, Texas–(BUSINESS WIRE)–
AST SpaceMobile, Inc. (“AST SpaceMobile”) (NASDAQ: ASTS), the company building the first and only space-based cellular broadband network accessible directly by everyday smartphones, and designed for both commercial and government applications, is providing its business update and results for the fourth quarter and full year ended December 31, 2025.

“For the first time in 2025, AST SpaceMobile became a revenue generating business and it significantly advanced all key aspects of our operations including commercial, government, manufacturing, spectrum rights, IP portfolio, and capital position,” commented Abel Avellan, AST SpaceMobile’s Chairman and Chief Executive Officer. “In 2026, we expect to scale our space-based direct-to-device network from initial commercial activation toward the start of broader commercial service.”

Business Update

• Reported revenue of $70.9 million for the full year 2025, driven by mobile network operator partners and the U.S. Government
  • Product revenue underpinned by delivery of 15 gateways across five continents

  • Service revenue across multiple contracts and use cases under development with the U.S. Government

  • Revenue expected to grow during 2026 ahead of commercial service activation, supported by backlog of mobile network operator partner revenue and U.S. Government contract milestones

• Continued orbital launch campaign with encapsulation of BlueBird 7 at Cape Canaveral in February and expected launch during March, with additional launches expected every one to two months on average to reach goal of 45 to 60 satellites in orbit by end of 2026
  • Successfully completed unfolding of BlueBird 6, the largest commercial communications array antenna ever deployed in LEO, expected to greatly exceed the 120 Mbps peak data speeds

  • BlueBird 8 to BlueBird 29 are in various stages of production and expect to complete assembly of 40 satellites equivalent of microns by first half of 2026

  • Acquired fourth site in Midland, Texas for dedicated micron production, increasing total manufacturing square footage soon to be over 500,000 globally

• Continued to grow partner ecosystem through multiple agreements as SpaceMobile network commercialization efforts advance ahead of scaled commercial and government activation
  • Secured over $1.2 billion of aggregate contracted revenue commitments from commercial partners

  • Received $175.0 million commercial prepayment from stc Group as part of 10-year, regional definitive commercial agreement

  • Expanded commercial partnerships globally with Orange, Telefonica, CK Hutchison, Taiwan Mobile, Sunrise, and progressed initiatives with Vodafone

  • Awarded $30.0 million prime contract award by the Space Development Agency for HALO Europa Track 2 commercial solutions program as demand for differentiated on-orbit capabilities and tactical use cases grows

  • Awarded prime contract position on U.S. Missile Defense Agency SHIELD Program

• Robust balance sheet with over $3.9 billion in cash, cash equivalents, restricted cash and liquidity, pro forma for the convertible notes offering and availability under the ATM facility (as of December 31, 2025)
  • In February 2026, raised $1.075 billion of gross proceeds from a new 10-year convertible senior notes offering, with a 2.250% coupon and effective conversion price of $116.30 per share of Class A common stock

  • In February 2026, efficiently managed capital structure and financial assets, equitizing $250.0 million of the 2.375% convertible senior notes due 2032 and $46.5 million of the 4.250% convertible senior notes due 2032

Fourth Quarter and Full Year 2025 Financial Highlights

• Fourth quarter revenue of $54.3 million and full year revenue of $70.9 million, driven by gateway deliveries and U.S. Government milestones met

• Total operating expenses for the fourth quarter of 2025 were $126.6 million, including $30.9 million of depreciation and amortization and stock-based compensation expense. This represents an increase of $32.2 million as compared to $94.4 million in the third quarter of 2025 due to a $23.9 million increase in cost of revenues mainly attributable to increased volume of gateway deliveries, a $5.4 million increase in engineering services costs, a $3.5 million increase in research and development costs, and a $3.0 million increase in depreciation and amortization expense, partially offset by a $3.6 million decrease in general and administrative costs

• Adjusted operating expenses⁽¹⁾ for the fourth quarter of 2025 were $95.7 million, an increase of $28.0 million as compared to $67.7 million in the third quarter of 2025 due to a $23.4 million increase in Adjusted cost of revenues⁽¹⁾, a $3.0 million increase in Adjusted engineering services costs⁽¹⁾, a $3.5 million increase in research and development costs, partially offset by a $1.9 million decrease in Adjusted general and administrative costs⁽¹⁾. Our Adjusted operating expenses⁽¹⁾ for the fourth quarter of 2025 excluding Adjusted cost of revenues⁽¹⁾, was $66.8 million, compared to $62.2 million in the third quarter of 2025

• As of December 31, 2025, we had cash, cash equivalents, and restricted cash of $2.8 billion

• As of December 31, 2025, we had incurred approximately $1.6 billion of gross capitalized property and equipment costs and accumulated depreciation and amortization of $173.7 million. The capitalized costs include costs of satellite materials for BlueBird satellites, advance launch payments, capital advances, Block 1 and BlueWalker 3 satellites, assembly and integration facilities including assembly and test equipment, and ground antennas

(1)

See “Non-GAAP Financial Measures” below for additional information. See reconciliation of Adjusted operating expenses to Total operating expenses, Adjusted cost of revenues to Cost of revenues, Adjusted engineering services costs to Engineering services costs and Adjusted general and administrative costs to General and administrative costs in the tables accompanying this press release.

Non-GAAP Financial Measures

We refer to certain non-GAAP financial measures in this press release, including Adjusted operating expenses, Adjusted cost of revenues, Adjusted engineering services costs and Adjusted general and administrative costs. We believe these non-GAAP financial measures are useful measures across time in evaluating our operating performance as we use these measures to manage the business, including in preparing our annual operating budget and financial projections. These non-GAAP financial measures have no standardized meaning prescribed by U.S. GAAP, and therefore have limits in their usefulness to investors. Because of the non-standardized definitions, these measures may not be comparable to the calculation of similar measures of other companies and are presented solely to provide investors with useful information to more fully understand how management assesses performance. These measures are not, and should not be viewed as, a substitute for their most directly comparable GAAP measures. Reconciliation of non-GAAP financial measures and the most directly comparable GAAP financial measures are included in the tables accompanying this press release.

Conference Call Information

AST SpaceMobile will hold a quarterly business update conference call at 5:00 p.m. (Eastern Time) on Monday, March 2, 2026. The call will be accessible via a live webcast on the Events page of AST SpaceMobile’s Investor Relations website at https://ast-science.com/investors/. An archive of the webcast will be available shortly after the call.

About AST SpaceMobile

AST SpaceMobile is building the first and only global cellular broadband network in space to operate directly with standard, unmodified mobile devices based on our extensive IP and patent portfolio, and designed for both commercial and government applications. Our engineers and space scientists are on a mission to eliminate the connectivity gaps faced by today’s five billion mobile subscribers and finally bring broadband to the billions who remain unconnected. For more information, follow AST SpaceMobile on YouTube, X (Formerly Twitter), LinkedIn and Facebook. Watch this video for an overview of the SpaceMobile mission.

Forward-Looking Statements

This communication contains “forward-looking statements” that are not historical facts, and involve risks and uncertainties that could cause actual results of AST SpaceMobile to differ materially from those expected and projected. These forward-looking statements can be identified by the use of forward-looking terminology, including the words “believes,” “estimates,” “anticipates,” “expects,” “intends,” “plans,” “may,” “will,” “would,” “potential,” “projects,” “predicts,” “continue,” or “should,” or, in each case, their negative or other variations or comparable terminology. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside AST SpaceMobile’s control and are difficult to predict.

Factors that could cause such differences include, but are not limited to: (i) expectations regarding AST SpaceMobile’s strategies and future financial performance, including AST’s future business plans or objectives, expected functionality of the SpaceMobile Service, anticipated timing of the launch of the Block 2 BlueBird satellites, anticipated demand and acceptance of mobile satellite services, prospective performance and commercial opportunities and competitors, the timing of obtaining regulatory approvals, ability to finance its research and development activities, commercial partnership acquisition and retention, products and services, pricing, marketing plans, operating expenses, market trends, revenues, liquidity, cash flows and uses of cash, capital expenditures, and AST SpaceMobile’s ability to invest in growth initiatives; (ii) the negotiation of definitive agreements with mobile network operators relating to the SpaceMobile Service that would supersede preliminary agreements and memoranda of understanding and the ability to enter into commercial agreements with other parties or government entities; (iii) the ability of AST SpaceMobile to grow and manage growth profitably and retain its key employees and AST SpaceMobile’s responses to actions of its competitors and its ability to effectively compete; (iv) changes in applicable laws or regulations; (v) the possibility that AST SpaceMobile may be adversely affected by other economic, business, and/or competitive factors; (vi) the outcome of any legal proceedings that may be instituted against AST SpaceMobile; and (vii) other risks and uncertainties indicated in the Company’s filings with the Securities and Exchange Commission (SEC), including those in the Risk Factors section of AST SpaceMobile’s Form 10-K to be filed with the SEC on March 2, 2026.

AST SpaceMobile cautions that the foregoing list of factors is not exclusive. AST SpaceMobile cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the Risk Factors in AST SpaceMobile’s Form 10-K to be filed with the SEC on March 2, 2026. AST SpaceMobile’s securities filings can be accessed on the EDGAR section of the SEC’s website at www.sec.gov. Except as expressly required by applicable securities law, AST SpaceMobile disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

Fourth Quarter and Fiscal Year 2025 Financial Results
AST SPACEMOBILE, INC. CONSOLIDATED BALANCE SHEETS (Dollars in thousands, except share data)
		As of December 31,
		2025				2024
ASSETS
Current assets:
Cash and cash equivalents		$	2,335,683			$	564,988
Restricted cash			877				2,546
Accounts receivable, net (includes related party accounts receivable of $2,091 and $0 at December 31, 2025 and 2024, respectively)			37,726				1,400
Inventory			12,007				1,062
Prepaid expenses			11,955				7,887
Other current assets			60,264				22,363
Total current assets			2,458,512				600,246
Non-current assets:
Restricted cash			443,400				–
Property and equipment, net			1,398,761				337,669
Intangible assets, net			245,093				–
Operating lease right-of-use assets, net			19,420				14,014
Other non-current assets (includes related party loan receivable of $18,187 and $0 at December 31, 2025 and 2024, respectively)			449,201				2,632
TOTAL ASSETS		$	5,014,387			$	954,561
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable		$	46,763			$	17,004
Accrued expenses and other current liabilities			69,246				12,195
Current contract liabilities			19,887				41,968
Current operating lease liabilities			2,449				1,856
Current portion of long-term debt			11,999				2,919
Total current liabilities			150,344				75,942
Non-current liabilities:
Warrant liabilities			7,471				41,248
Non-current operating lease liabilities			17,479				12,652
Non-current contract liabilities			207,093				–
Long-term debt, net			2,207,583				155,573
Other non-current liabilities			32,092				–
Total liabilities			2,622,062				285,415
Commitments and contingencies
Stockholders’ Equity:
Class A Common Stock, $.0001 par value, 800,000,000 shares authorized, 285,449,911 and 208,173,198 shares issued and outstanding as of December 31, 2025 and 2024, respectively			27				20
Class B Common Stock, $.0001 par value, 200,000,000 shares authorized, 11,227,292 shares issued and outstanding as of December 31, 2025 and 2024, respectively			4				4
Class C Common Stock, $.0001 par value, 125,000,000 shares authorized, 78,163,078 shares issued and outstanding as of December 31, 2025 and 2024, respectively			8				8
Additional paid-in capital			2,671,770				969,004
Accumulated other comprehensive income (loss)			1,351				(176	)
Accumulated deficit			(831,685	)			(489,745	)
Noncontrolling interest			550,850				190,031
Total stockholders’ equity			2,392,325				669,146
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		$	5,014,387			$	954,561

AST SPACEMOBILE, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands, except share and per share data)
		Year Ended December 31,
		2025				2024				2023
Revenues:
Products revenues (includes related party revenues of $2,091, $0 and $0 for the years ended December 31, 2025, 2024 and 2023 respectively)		$	44,389			$	500			$	–
Services revenues			26,529				3,918				–
Total revenues			70,918				4,418				–
Operating expenses:
Cost of revenues (exclusive of items shown separately below)
Cost of revenues – products (includes related party cost of revenues of $1,329, $0 and $0 for the years ended December 31, 2025, 2024 and 2023, respectively)			33,032				–				–
Cost of revenues – services			2,184				–				–
Engineering services costs			142,510				93,491				78,811
General and administrative costs			101,679				61,566				41,601
Research and development costs			28,115				28,783				47,486
Depreciation and amortization			51,111				63,340				54,469
Total operating expenses			358,631				247,180				222,367
Other (expense) income:
(Loss) gain on remeasurement of warrant liabilities			(68,154	)			(268,627	)			8,986
Interest expense			(36,071	)			(18,681	)			(4,511	)
Interest income (includes related party interest income of $564, $0 and $0 for the years ended December 31, 2025, 2024 and 2023, respectively)			49,233				14,164				7,186
Other (expense) income, net			(114,408	)			1,867				(10,290	)
Loss on extinguishment of debt			–				(10,963	)			–
Total other (expense) income, net			(169,400	)			(282,240	)			1,371
Loss before income tax expense			(457,113	)			(525,002	)			(220,996	)
Income tax expense			(3,898	)			(1,328	)			(1,681	)
Net loss before allocation to noncontrolling interest			(461,011	)			(526,330	)			(222,677	)
Net loss attributable to noncontrolling interest			(119,071	)			(226,247	)			(135,116	)
Net loss attributable to common stockholders		$	(341,940	)		$	(300,083	)		$	(87,561	)
Net loss per share attributable to holders of Class A Common Stock
Basic and diluted		$	(1.34	)		$	(1.94	)		$	(1.07	)
Weighted-average number of shares
Basic and diluted			255,982,592				154,501,344				81,824,122

AST SPACEMOBILE, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Dollars in thousands)
		Year Ended December 31,
		2025				2024				2023
Net loss before allocation to noncontrolling interest		$	(461,011	)		$	(526,330	)		$	(222,677	)
Other comprehensive income (loss)
Foreign currency translation adjustments			2,049				(586	)			(6	)
Total other comprehensive income (loss)			2,049				(586	)			(6	)
Total comprehensive loss before allocation to noncontrolling interest			(458,962	)			(526,916	)			(222,683	)
Comprehensive loss attributable to noncontrolling interest			(118,549	)			(226,430	)			(135,120	)
Comprehensive loss attributable to common stockholders		$	(340,413	)		$	(300,486	)		$	(87,563	)

AST SPACEMOBILE, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (Dollars in thousands, except share and per share data)
		For the Three Months Ended December 31,
		2025				2024				2023
Revenues:
Products revenues (includes related party revenues of $2,091, $0 and $0 for the three months ended December 31, 2025, 2024 and 2023 respectively)		$	36,218			$	500			$	–
Services revenues			18,087				1,418				–
Total revenues			54,305				1,918				–
Operating expenses:
Cost of revenues (exclusive of items shown separately below)
Cost of revenues – products (includes related party cost of revenues of $1,329, $0 and $0 for the three months ended December 31, 2025, 2024 and 2023, respectively)			27,229				–				–
Cost of revenues – services			2,184				–				–
Engineering services costs			46,164				30,945				19,992
General and administrative costs			26,231				15,889				10,528
Research and development costs			9,057				5,348				10,766
Depreciation and amortization			15,717				8,460				19,592
Total operating expenses			126,582				60,642				60,878
Other (expense) income:
(Loss) gain on remeasurement of warrant liabilities			(2,854	)			16,212				(12,468	)
Interest expense			(18,133	)			(3,949	)			(3,024	)
Interest income (includes related party interest income of $564, $0 and $0 for the three months ended December 31, 2025, 2024 and 2023, respectively)			20,781				5,277				1,389
Other (expense) income, net			(22,556	)			206				(55	)
Loss on extinguishment of debt			–				(10,963	)			–
Total other (expense) income, net			(22,762	)			6,783				(14,158	)
Loss before income tax expense			(95,039	)			(51,941	)			(75,036	)
Income tax expense			(2,614	)			(156	)			(2,088	)
Net loss before allocation to noncontrolling interest			(97,653	)			(52,097	)			(77,124	)
Net loss attributable to noncontrolling interest			(23,687	)			(16,239	)			(45,198	)
Net loss attributable to common stockholders		$	(73,966	)		$	(35,858	)		$	(31,926	)
Net loss per share attributable to holders of Class A Common Stock
Basic and diluted		$	(0.26	)		$	(0.18	)		$	(0.35	)
Weighted-average number of shares
Basic and diluted			284,150,650				199,219,379				90,008,459

AST SPACEMOBILE, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) (Dollars in thousands)
		For the Three Months Ended December 31,
		2025				2024				2023
Net loss before allocation to noncontrolling interest		$	(97,653	)		$	(51,941	)		$	(77,124	)
Other comprehensive income
Foreign currency translation adjustments			166				190				520
Total other comprehensive income			166				190				520
Total comprehensive loss before allocation to noncontrolling interest			(97,487	)			(51,751	)			(76,604	)
Comprehensive loss attributable to noncontrolling interest			(23,698	)			(16,486	)			(44,894	)
Comprehensive loss attributable to common stockholders		$	(73,789	)		$	(35,265	)		$	(31,710	)

AST SPACEMOBILE, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollars in thousands)
	Years Ended December 31,
	2025				2024				2023
Cash flows from operating activities:
Net loss before allocation to noncontrolling interest	$	(461,011	)		$	(526,330	)		$	(222,677	)
Adjustments to reconcile net loss before noncontrolling interest to cash used in operating activities:
Depreciation and amortization		51,111				63,340				54,469
Amortization of debt issuance costs		2,728				3,734				1,155
Amortization of debt commitment fee		4,033				–				–
Write off of unamortized debt issuance costs		–				5,483				–
Loss on disposal/sale of property and equipment		4,605				2,221				110
Induced conversion expense on convertible notes		99,681				–				–
Loss (gain) on remeasurement of warrant liabilities		68,154				268,627				(8,986	)
Stock-based compensation		47,490				32,039				13,289
Non-cash interest expense		1,361				2,959				–
Non-cash interest income		(564	)			–				–
Loss from equity method investment		1,205				–				–
Changes in operating assets and liabilities:
Accounts receivable		(36,326	)			380				(1,780	)
Prepaid expenses and other current assets		(27,622	)			(13,334	)			13,862
Inventory		(10,945	)			(1,062	)			–
Accounts payable and accrued expenses		32,251				(6,257	)			(149	)
Contract liabilities		161,516				41,968				–
Other assets and liabilities		(9,184	)			89				1,765
Net cash used in operating activities		(71,517	)			(126,143	)			(148,942	)
Cash flows from investing activities:
Purchase of property and equipment		(1,064,741	)			(174,127	)			(118,807	)
Capital advances to Ligado		(420,000	)			–				–
Purchase of spectrum intangibles		(56,397	)			–				–
Net cash used in investing activities		(1,541,138	)			(174,127	)			(118,807	)
Cash flows from financing activities:
Proceeds from debt		2,611,523				145,000				63,500
Repayments of debt		(5,120	)			(48,752	)			(242	)
Payment for debt issuance costs		(11,588	)			(9,435	)			(9,653	)
Proceeds from issuance of common stock		1,295,894				551,947				64,639
Payments for third party equity issuance costs		(24,320	)			(12,151	)			(872	)
Proceeds from warrant exercises		–				153,618				–
Issuance of equity under employee stock plan		11,808				4,941				225
Employee taxes paid for stock-based compensation awards		(23,018	)			(5,201	)			(865	)
Purchase of capped call transactions		(98,578	)			–				–
Proceeds from capped call sales		74,522				–				–
Payments for debt commitment fee		(11,000	)			–				–
Proceeds from share issuances to repurchase 2032 4.25% Convertible Notes		1,010,887				–				–
Payments for repurchase of 2032 4.25% Convertible Notes		(1,003,522	)			–				–
Net cash provided by financing activities		3,827,488				779,967				116,732
Effect of exchange rate changes on cash, cash equivalents and restricted cash		(2,407	)			(260	)			(142	)
Net increase (decrease) in cash, cash equivalents and restricted cash		2,212,426				479,437				(151,159	)
Cash, cash equivalents and restricted cash beginning of period		567,534				88,097				239,256
Cash, cash equivalents and restricted cash end of period	$	2,779,960			$	567,534			$	88,097
Supplemental disclosure of cash flow information:
Non-cash activities:
Right-of-use assets obtained in exchange for operating lease liabilities	$	7,231			$	2,238			$	6,739
Non-cash investing and financing activities:
Purchases of property and equipment in accounts payable and accrued expenses	$	56,708			$	9,309			$	18,409
PIK interest paid through issuance of PIK notes		497				2,959				–
Deferred asset acquisition costs paid by issuance of penny warrants		121,156				–				–
Spectrum intangibles acquisition costs accrued or paid by issuance of shares		67,540				–				–
2034 Convertible Notes settled by issuance of Class A Common Stock		139,620				–				–
Settlement of warrant liabilities by issuing shares		101,930				257,337				–
Acquisition of equity investment in and loan receivable from SatCo by contributing exclusive distribution rights		23,497				–				–
Cash paid during the fiscal year for:
Interest	$	7,855			$	11,988			$	3,243
Income taxes, net		6,798				1,669				492

AST SPACEMOBILE, INC. RECONCILIATION OF GAAP REPORTED TO NON-GAAP ADJUSTED MEASURES (UNAUDITED) (Dollars in thousands)
		For the Three Months Ended December 31, 2025
		GAAP Reported				Stock-Based Compensation Expense				Adjusted
Cost of revenues (exclusive of items shown below)		$	29,413			$	(459	)			28,954
Engineering services costs			46,164				(10,428	)			35,736
General and administrative costs			26,231				(4,265	)			21,966
Research and development costs			9,057				–				9,057
Depreciation and amortization			15,717				–				15,717
Total operating expenses		$	126,582			$	(15,152	)		$	111,430
Less: Depreciation and amortization											(15,717	)
Adjusted operating expenses										$	95,713

		For the Three Months Ended September 30, 2025
		GAAP Reported				Stock-Based Compensation Expense				Adjusted
Cost of revenues (exclusive of items shown below)		$	5,511			$	–			$	5,511
Engineering services costs			40,836				(8,047	)			32,789
General and administrative costs			29,822				(5,940	)			23,882
Research and development costs			5,530				–				5,530
Depreciation and amortization			12,716				–				12,716
Total operating expenses		$	94,415			$	(13,987	)		$	80,428
Less: Depreciation and amortization											(12,716	)
Adjusted operating expenses										$	67,712

Adjusted operating expenses, Adjusted cost of revenues, Adjusted engineering services costs, and Adjusted general and administrative costs are alternative financial measures used by management to evaluate our operating performance as a supplement to our most directly comparable U.S. GAAP financial measure. We define Adjusted operating expense as Total operating expenses adjusted to exclude amounts of stock-based compensation expense and depreciation and amortization expense. We define Adjusted cost of revenues, Adjusted engineering services costs, and Adjusted general and administrative costs, as cost of revenues, engineering services costs, and general and administrative costs, respectively, adjusted to exclude stock-based compensation expenses.

We believe Adjusted operating expenses, Adjusted cost of revenues, Adjusted engineering services costs, and Adjusted general and administrative costs are useful measures across time in evaluating our operating performance as we use these measures to manage the business, including in preparing our annual operating budget and financial projections. Adjusted operating expenses, Adjusted cost of revenues, Adjusted engineering services costs, and Adjusted general and administrative costs are non-GAAP financial measures that have no standardized meaning prescribed by U.S. GAAP, and therefore have limits in their usefulness to investors. Because of the non-standardized definitions, these measures may not be comparable to the calculation of similar measures of other companies and are presented solely to provide investors with useful information to more fully understand how management assesses performance. These measures are not, and should not be viewed as, a substitute for their most directly comparable GAAP measure of Total operating expenses, Cost of revenues, Engineering services costs, and General and administrative costs.

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Investor Contact:

Scott Wisniewski

[email protected]

Media Contact:

Allison

Eva Murphy Ryan

917-547-7289

[email protected]

KEYWORDS: Texas United States North America

INDUSTRY KEYWORDS: Telecommunications Satellite Public Relations/Investor Relations Communications Technology Aerospace Manufacturing Mobile/Wireless

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Power Solutions International, Inc. (PSI) acquires welding and steel component manufacturer MTL Manufacturing & Equipment Inc.

Semrush Announces Fourth Quarter and Full Year 2025 Financial Results

• Q4 net new ARR was $16.1 million, up 48% year-over-year, driven by continued adoption of AI products and the Enterprise platform.

• AI products surpassed $38 million in ARR as of December 31, 2025, up from $4 million as of the prior year period.

• Enterprise platform ARR grew to $37 million as of December 31, 2025, across 579 customers, up from $9 million a year ago.

• Together, AI products and the Enterprise platform represented $63 million of ending ARR as of December 31, 2025, contributing to total ARR of $471.4 million.

BOSTON–(BUSINESS WIRE)–
Semrush Holdings, Inc. (NYSE: SEMR), a leading online visibility management SaaS platform, today reported financial results for the fourth quarter and full year ended December 31, 2025.

Fourth Quarter and Full Year 2025 Financial Highlights

• Fourth quarter revenue of $117.7 million, up 15% year-over-year. Full year revenue of $443.6 million, up 18% year-over-year.

• Loss from operations of $(13.9) million for the fourth quarter and loss from operations of $(22.8) million for the full year.

• Non-GAAP income from operations of $15.0 million for the fourth quarter for a non-GAAP operating margin of 12.8%, compared to non-GAAP income from operations of $11.8 million in the prior year period.

• Non-GAAP income from operations of $53.3 million for the full year 2025 for a non-GAAP operating margin of 12%, compared to non-GAAP income from operations of $45.8 million in the prior year period.

• Cash flow from operations was $14.9 million in the fourth quarter, representing a cash flow from operations margin of 12.7%.

• Cash flow from operations was $59.6 million for the full year 2025, representing a cash flow from operations margin of 13.4%.

• ARR of $471.4 million as of December 31, 2025, up 15% year-over-year.

• Dollar-based net revenue retention of 104%, as of December 31, 2025.

See “Non-GAAP Financial Measures & Definitions of Key Metrics” below for how Semrush defines ARR, dollar-based net revenue retention, non-GAAP income from operations, non-GAAP operating margin, free cash flow, and free cash flow margin, and the financial tables that accompany this release for reconciliations of each non-GAAP financial measure to its closest comparable GAAP financial measure.

Recent Business Highlights

We are committed to empowering our customers with a best-in-class platform designed to boost their online presence and gain an edge in the market.

• Semrush customers who pay more than $10,000 annually grew by 31% year-over-year.

• Semrush customers paying over $50,000 annually grew by over 74% year-over-year.

• Launched official Semrush app in ChatGPT, enabling marketers, SEO teams, and marketing analysts using Semrush to access live Semrush data and intelligence directly within ChatGPT.

Semrush’s acquisition by Adobe, announced in November 2025, is expected to close in the first half of 2026, subject to receipt of required regulatory approvals and satisfaction of other customary closing conditions. The waiting period applicable under the United States Hart-Scott-Rodino Act expired in January, and Semrush obtained stockholder approval for the transaction in February.

Semrush will not hold an earnings call or provide guidance for the first quarter of 2026 or the full-year 2026 due to the anticipated closing of the Adobe transaction.

About Semrush

Semrush is a leading online visibility management SaaS platform that enables businesses globally to run search engine optimization, advertising, content, social media and competitive research campaigns and get measurable results from online marketing. Semrush offers insights and solutions for companies to build, manage, and measure campaigns across various marketing channels. Semrush is headquartered in Boston and has offices in Austin, Dallas, Amsterdam, Barcelona, Belgrade, Berlin, Munich, Limassol, Prague, Warsaw, and Yerevan.

Forward-looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws, which are statements that involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “shall,” “should,” “expects,” “plans,” “positioning,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. Forward-looking statements include, but are not limited to, statements regarding the expectations of demand for our products and cash flow generation; statements about improvements to and expansion of our products and platform, and launching new products; and statements about future operating results, including revenue, growth opportunities, variability of expenses, ability to realize efficiencies, future spending and incremental investments, business trends, our ability to deliver profits, and growth and value for shareholders; assumptions regarding foreign exchange rates.

The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in our filings with the Securities and Exchange Commission (“SEC”), including in the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our filings with the SEC, including our most recent annual report on Form 10-K, and our subsequently filed quarterly reports and other SEC filings. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. The forward-looking statements in this release are based on information available to us as of the date hereof, and we disclaim any obligation to update any forward-looking statements, except as required by law. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.

Additional information regarding these and other factors that could affect our results is included in our SEC filings, which may be obtained by visiting our Investor Relations page on its website at investors.semrush.com or the SEC’s website at www.sec.gov.

Non-GAAP Financial Measures & Definitions of Key Metrics

We believe that providing non-GAAP information to investors, in addition to the GAAP presentation, allows investors to view the financial results in the way management views the operating results. We further believe that providing this information allows investors to not only better understand our financial performance, but also to evaluate the efficacy of the methodology and information used by management to evaluate and measure such performance. We also believe that the use of non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial results with other companies in our industry, many of which present similar non-GAAP financial measures to investors. We also believe free cash flow margin is useful to investors as we monitor it as a measure of our overall business performance, which enables us to analyze our future performance without the effects of non-cash items and allows us to better understand the cash needs of our business. The non-GAAP information included in this press release should not be considered superior to, or a substitute for, financial statements prepared in accordance with GAAP and may be different from non-GAAP financial measures presented by other companies. Investors are encouraged to review the reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures provided in the financial statement tables included below in this press release.

Annual Recurring Revenue (ARR) is defined as the total subscription revenue as of a given date that we expect to contractually receive over the subsequent 12 months from customers on an annualized basis, assuming no increases, reductions, or cancellations.

Dollar-based net revenue retention is defined as (a) the revenue from our customers during the twelve-month period ending one year prior to such period as the denominator and (b) the revenue from those same customers during the twelve months ending as of the end of such period as the numerator. This calculation excludes revenue from new customers and any non-recurring revenue.

Free cash flow and free cash flow margin. We define free cash flow, a non-GAAP financial measure, as net cash provided by (used in) operating activities less purchases of property and equipment and capitalized software development costs. We define free cash flow margin as free cash flow divided by GAAP revenue.

Non-GAAP income (loss) from operations, and non-GAAP operating margin. We define non-GAAP income (loss) from operations as GAAP income (loss) from operations, excluding Stock Based Compensation, Amortization of Acquired Intangible Assets, Acquisition Related Costs, Restructuring Costs and other one-time expenses outside the ordinary course of business. We define non-GAAP operating margin as non-GAAP income (loss) from operations divided by GAAP revenue. We believe investors may want to consider our results with and without the effects of these items in order to compare our financial performance with that of other companies that exclude such items and to compare our results to prior periods.

Stock-based compensation.

Stock-based compensation is a non-cash expense accounted for in accordance with FASB ASC Topic 718. We believe that the exclusion of stock-based compensation expense allows for financial results that are more indicative of our operational performance and provide for a useful comparison of our operating results to prior periods and to our peer companies because stock-based compensation expense varies from period to period and company to company due to such things as differing valuation methodologies, timing of awards and changes in stock price.

Amortization of acquired intangible assets.

Excluding amortization of acquired intangible assets from non-GAAP expense and income measures allows management and investors to evaluate results “as-if” the acquired intangible assets had been developed internally rather than acquired and, therefore, provides a supplemental measure of performance in which our acquired intellectual property is treated in a comparable manner to our internally developed intellectual property. These amounts are inconsistent in amount and frequency and are significantly impacted by the timing and size of acquisitions. Although we exclude amortization of acquired intangible assets from our non-GAAP expenses, we believe that it is important for investors to understand that such intangible assets contribute to revenue generation.

Restructuring and other costs.

Restructuring and other costs include restructuring expenses as well as other charges that are unusual in nature, are the result of unplanned events, and arise outside the ordinary course of our business. Restructuring expenses consist of employee severance costs, charges for the closure of excess facilities and other contract termination costs. Other costs include litigation contingency reserves, asset impairment charges, and gains or losses on the sale or disposition of certain non-strategic assets or product lines.

Acquisition-related costs.

In recent years, we have completed a number of acquisitions, which result in transition, integration and other acquisition-related expense which would not otherwise have been incurred, are unpredictable and dependent on a significant number of factors that are deal-specific or outside of our control, are not indicative of our operational performance (or that of the acquired businesses or assets) and are likely to fluctuate as our acquisition activity increases or decreases in future periods. By excluding acquisition-related costs and adjustments from our non-GAAP measures, management is better able to evaluate our ability to utilize our existing assets and estimate the long-term value that acquired assets will generate for us.

Semrush Holdings, Inc.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
	Three months ended December 31,								Fiscal Year ended December 31,
		2025				2024				2025				2024
Revenue	$	117,659			$	102,642			$	443,644			$	376,815
Cost of revenue ¹		23,107				18,812				86,308				65,477
Gross profit		94,552				83,830				357,336				311,338
Operating expenses
Sales and marketing ¹		45,934				39,730				176,593				144,340
Research and development ¹		25,749				21,305				97,170				80,080
General and administrative ¹		36,772				21,054				106,385				78,610
Total operating expenses		108,455				82,089				380,148				303,030
(Loss) income from operations		(13,903	)			1,741				(22,812	)			8,308
Other income, net		4,091				2,927				12,710				12,094
(Loss) income before income taxes		(9,812	)			4,668				(10,102	)			20,402
Provision for income taxes		1,168				1,375				9,395				13,027
Net (loss) income		(10,980	)			3,293				(19,497	)			7,375
Net income (loss) attributable to noncontrolling interest in consolidated subsidiaries		118				(52	)			(540	)			(861	)
Net (loss) income attributable to Semrush Holdings, Inc.	$	(11,098	)		$	3,345			$	(18,957	)		$	8,236
Net (loss) income attributable to Semrush Holdings, Inc. per share attributable to common stockholders—basic:	$	(0.07	)		$	0.02			$	(0.13	)		$	0.06
Net (loss) income attributable to Semrush Holdings, Inc. per share attributable to common stockholders—diluted:	$	(0.07	)		$	0.02			$	(0.13	)		$	0.06
Weighted-average number of shares of common stock used in computing net (loss) income per share attributable to common stockholders—basic:		149,758				146,763				148,540				145,865
Weighted-average number of shares of common stock used in computing net (loss) income per share attributable to common stockholders—diluted:		149,758				149,483				148,540				148,862

¹ includes stock-based compensation expense as follows:
	Three months ended December 31,								Fiscal Year ended December 31,
		2025				2024				2025				2024
Cost of revenue	$	120			$	70			$	406			$	239
Sales and marketing		2,035				1,535				7,425				4,742
Research and development		4,483				2,192				14,764				5,906
General and administrative		10,465				4,346				30,030				17,112
Total stock-based compensation	$	17,103			$	8,143			$	52,625			$	27,999

The following table sets forth a reconciliation of our (loss) income from operations and operating margin to non-GAAP income from operations and non-GAAP operating margin (percentage amounts may not sum due to rounding):

	Three months ended December 31,														Fiscal Year ended December 31,
	2025							2024							2025							2024
Reconciliation of Non-GAAP income from operations	($)			(%)				($)			(%)				($)			(%)				($)			(%)
(Loss) income from operations	$	(13,903	)		(12	)%		$	1,741			2	%		$	(22,812	)		(5	)%		$	8,308			2	%
Stock-based compensation		17,103			15	%			8,143			8	%			52,625			12	%			27,999			7	%
Amortization of acquired intangibles		1,691			1	%			1,384			1	%			5,966			1	%			4,346			1	%
Restructuring and other costs		412			—	%			(101	)		—	%			6,621			1	%			2,230			1	%
Acquisition-related costs		9,725			8	%			652			1	%			10,938			2	%			2,917			1	%
Non-GAAP income from operations	$	15,028			13	%		$	11,819			12	%		$	53,338			12	%		$	45,800			12	%

The following table sets forth a reconciliation of our net cash provided by operating activities to free cash flow (percentage amounts may not sum due to rounding):

	Three months ended December 31,														Fiscal Year ended December 31,
	2025							2024							2025							2024
Reconciliation of Free cash flow	($)			(%)				($)			(%)				($)			(%)				($)			(%)
Net cash provided by operating activities	$	14,896			12.7	%		$	11,933			11.6	%		$	59,583			13.4	%		$	46,996			12.5	%
Purchases of property and equipment		(67	)		(0.1	)%			(391	)		(0.4	)%			(1,793	)		(0.4	)%			(3,802	)		(1.0	)%
Capitalization of internal-use software costs		(3,878	)		(3.3	)%			(2,020	)		(2.0	)%			(14,865	)		(3.4	)%			(7,862	)		(2.1	)%
Free cash flow	$	10,951			9.3	%		$	9,522			9.3	%		$	42,925			9.7	%		$	35,332			9.4	%

Semrush Holdings, Inc.
UNAUDITED CONSOLIDATED BALANCE SHEETS
(in thousands)
	As of
	December 31, 2025				December 31, 2024
Assets
Current assets
Cash and cash equivalents	$	264,280			$	48,875
Short-term investments		4,996				186,693
Accounts receivable, net		26,489				8,955
Deferred contract costs, current portion		13,281				10,044
Prepaid expenses and other current assets		15,800				21,617
Total current assets		324,846				276,184
Property and equipment, net		5,349				6,534
Operating lease right-of-use assets		11,248				11,126
Intangible assets, net		40,735				32,055
Goodwill		60,123				56,139
Deferred contract costs, net of current portion		5,596				3,080
Other long-term assets		6,239				5,825
Total assets	$	454,136			$	390,943
Liabilities and stockholders’ equity
Current liabilities
Accounts payable	$	23,797			$	10,463
Accrued expenses		27,369				20,216
Deferred revenue		93,187				71,827
Current portion of operating lease liabilities		5,407				4,669
Other current liabilities		4,290				6,913
Total current liabilities		154,050				114,088
Deferred revenue, net of current portion		469				235
Deferred tax liability		1,475				1,621
Operating lease liabilities, net of current portion		7,134				7,602
Other long-term liabilities		13				1,045
Total liabilities		163,141				124,591
Stockholders’ equity
Class A common stock		1				1
Class B common stock		—				—
Additional paid-in capital		368,781				322,586
Accumulated other comprehensive income (loss)		2,487				(2,221	)
Accumulated deficit		(82,719	)			(63,762	)
Total stockholders’ equity attributable to Semrush Holdings, Inc		288,550				256,604
Noncontrolling interest in consolidated subsidiaries	$	2,445			$	9,748
Total stockholders’ equity		290,995				266,352
Total liabilities and stockholders’ equity	$	454,136			$	390,943

Semrush Holdings Inc.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
	Fiscal Year Ended December 31,
		2025				2024
Operating Activities
Net (loss) income	$	(19,497	)		$	7,375
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities
Depreciation and amortization expense		13,865				10,068
Amortization of deferred contract costs		14,650				12,451
Amortization (accretion) of premiums and discounts on investments		(2,101	)			(3,270	)
Non-cash lease expense		5,011				4,570
Stock-based compensation expense		52,625				27,999
Change in fair value included in other income, net		(948	)			(1,114	)
Deferred taxes		(370	)			(1,094	)
Intangible asset impairment expense		188				511
Other non-cash items		1,502				978
Changes in operating assets and liabilities
Accounts receivable		(18,156	)			708
Deferred contract costs		(20,402	)			(12,915	)
Prepaid expenses and other current assets		(1,710	)			(4,786	)
Accounts payable		13,158				450
Accrued expenses		5,489				1,384
Other current liabilities		3				(507	)
Deferred revenue		21,893				8,479
Other long-term liabilities		(357	)			91
Change in operating lease liability		(5,260	)			(4,382	)
Net cash provided by operating activities		59,583				46,996
Investing Activities
Purchases of property and equipment		(1,793	)			(3,802	)
Capitalization of internal-use software costs		(14,865	)			(7,862	)
Purchases of short-term investments		(140,797	)			(151,170	)
Proceeds from sales and maturities of short-term investments		324,592				147,500
Purchases of convertible debt securities		—				(3,650	)
Funding of investment loan receivables		—				(7,757	)
Proceeds from repayment of investment loan receivables		7,757				—
Cash paid for acquisition of assets and businesses, net of cash acquired		(5,574	)			(25,902	)
Purchase of noncontrolling interest		(6,378	)			(5,383	)
Purchases of other investments		—				(196	)
Net cash provided by (used in) investing activities		162,942				(58,222	)
Financing Activities
Proceeds from exercise of stock options		3,879				4,118
Taxes paid related to net share settlement of equity awards		(10,135	)			—
Repayment of acquired debt		(1,090	)			(1,618	)
Payment of finance leases		(189	)			(630	)
Net cash (used in) provided by financing activities		(7,535	)			1,870
Effect of exchange rate changes on cash and cash equivalents		415				(432	)
Increase (decrease) in cash, cash equivalents and restricted cash		215,405				(9,788	)
Cash, cash equivalents and restricted cash, beginning of period		49,060				58,848
Cash, cash equivalents and restricted cash, end of period	$	264,465			$	49,060

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260302904076/en/

Investor

Brinlea C. Johnson

The Blueshirt Group

Semrush Holdings, Inc.

[email protected]

Media

Rachel Pearce

Director of Communications

Semrush Holdings, Inc.

[email protected]

KEYWORDS: Massachusetts United States North America

INDUSTRY KEYWORDS: Technology Professional Services Marketing Communications Social Media Search Engine Optimization Search Engine Marketing Software Artificial Intelligence Legal Finance

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