Reports

CrowdStrike delivered 23% revenue growth, reached $5.25 billion in ARR, generated record net new ARR, achieved GAAP profitability, and produced record free cash flow in Q4.

• Revenue increased 23% year over year to $1305375000.
• ARR grew 24% year over year to $5250000000 with record quarterly net new ARR.

Sea delivered 38.4% year-over-year revenue growth to $6851868000 in Q4 2025, with operating income up 84.9% and net income rising to $410877000, driven by strong performance across Shopee, Monee, and Garena.

• Revenue increased 38.4% year-over-year to $6851868000.
• Operating income rose 84.9% year-over-year to $565237000.

Ross Stores delivered a strong Q4 performance with 12% sales growth, robust comparable store sales gains, margin expansion, and double-digit EPS growth year over year.

• Total sales increased 12% year over year.
• Comparable store sales rose 9% on top of a 3% gain last year.

AutoZone delivered revenue growth of 8.1% in the second quarter driven by same-store sales growth and commercial strength, but gross margin compression and slightly higher operating expenses led to a decline in operating profit and net income year over year.

• Revenue increased 8.1% year over year to $4.27 billion.
• Gross margin declined 137 basis points due to a non-cash LIFO charge.

Target delivered Q4 net sales of $30.45 billion, down 1.5% year-over-year, with comparable sales declining 2.5%. Gross margin expanded to 26.6%, while GAAP EPS came in at $2.30 and Adjusted EPS at $2.44.

• Net sales decreased 1.5% year-over-year to $30.45 billion.
• Comparable sales declined 2.5%, driven by lower store traffic.

Viking Holdings Ltd delivered a robust Q4 2025 with total revenue increasing 27.8% year-over-year to $1.72 billion. Net income rose significantly to $300.3 million, supported by a 14.7% increase in Capacity Passenger Cruise Days and an occupancy rate of 95.0%. The company also reported strong advance bookings for the 2026 season, with 86% of core capacity already sold.

• Total revenue for Q4 2025 increased by 27.8% to $1,724.4 million compared to the prior year.
• Adjusted EBITDA grew 51.3% year-over-year to $462.8 million in the fourth quarter.

On delivered 22.6% year-over-year revenue growth in Q4 2025, driven by strength across channels and geographies, particularly Asia-Pacific. Gross margin reached a record 63.9%, but net income declined due to foreign exchange impacts.

• Revenue increased 22.6% year-over-year to CHF 743.8 million.
• Gross profit margin expanded to a record 63.9%.

Best Buy delivered Q4 revenue of 13814000000 with enterprise comparable sales down 0.8%, while operating income and GAAP EPS increased significantly year over year due to the absence of prior-year impairment charges.

• Enterprise comparable sales declined 0.8% year over year.
• GAAP diluted EPS increased to 2.56 from 0.54 last year.

Thor Industries reported a return to profitability in the second quarter of fiscal 2026, with net income of $14.6 million compared to a net loss in the prior-year period. Revenue grew 5.3% to $2.13 billion, driven by strong performance in the North American Motorized and European segments, which offset a decline in North American Towable sales. Despite macroeconomic headwinds like inflation and high interest rates, the company benefited from improved product mix and significant gains on asset sales.

• Consolidated net sales increased 5.3% to $2.13 billion, supported by a 29.3% revenue jump in North American Motorized RVs.
• The company achieved a net income of $14.6 million, rebounding from a $3.1 million net loss in the same quarter last year.

Sportradar delivered a strong fourth quarter with 20% revenue growth and significant Adjusted EBITDA margin expansion. The company completed the strategic acquisition of IMG ARENA and announced a major expansion of its share repurchase program to $1 billion, reflecting confidence in its long-term growth and cash generation capabilities.

• Q4 revenue increased 20% year-over-year to €369 million, driven by strong performance in Betting Technology & Solutions.
• Adjusted EBITDA for the quarter grew 48% to €89 million, with margins expanding 451 basis points to 24.2%.

Scholar Rock reported a net loss of $91.0 million for the fourth quarter of 2025 as it prepares for the anticipated 2026 U.S. launch of apitegromab. The company secured a significant $550 million debt facility to support commercialization and is awaiting FDA reinspection of its fill-finish site to resubmit its BLA.

• Apitegromab BLA resubmission and U.S. launch for SMA are anticipated in 2026 following constructive FDA meetings regarding the Catalent Indiana facility.
• Secured a new debt facility of up to $550 million from Blue Owl Capital to support commercialization and pipeline advancement.

GitLab delivered 23% year-over-year revenue growth in Q4 FY2026, expanded non-GAAP operating margin to 21%, and generated $41.8 million in adjusted free cash flow, while GAAP results remained slightly negative.

• Revenue increased 23% year over year to $260402000.
• Non-GAAP operating margin expanded to 21% from 18% last year.

Kontoor Brands finished 2025 with a transformational fourth quarter, seeing revenue climb 46% to $1.02 billion. The growth was primarily driven by the acquisition of Helly Hansen and a 12% increase in Wrangler global revenue. The company demonstrated strong cash generation, allowing for a $200 million voluntary debt payment and $25 million in share repurchases, while expanding adjusted gross margins by 210 basis points.

• Revenue reached $1.02 billion, a 46% increase year-over-year, including a 36 percentage point benefit from Helly Hansen.
• Adjusted EPS grew 26% to $1.73, which included a $0.44 contribution from the newly acquired Helly Hansen brand.

Hycroft generated no revenue in Q4 2025 as mining operations remained suspended. The company reported a net loss of 7792000 for the quarter, reflecting ongoing exploration, general and administrative costs, and interest expense. The quarterly loss was lower than prior quarters in 2025.

• No revenue was generated in Q4 due to suspended mining operations.
• Net loss for Q4 2025 was 7792000.

Box delivered 9% revenue growth in Q4 FY2026, expanded GAAP and non-GAAP operating margins, increased remaining performance obligations by 17%, and generated strong operating cash flow and free cash flow.

• Revenue increased 9% year over year to 305875000.
• GAAP operating margin expanded to 10.2% from 6.4% last year.

Marex delivered a record Q4 2025 with revenue up 38% year-over-year, driven by strong performance in Agency and Execution and Market Making. Profitability improved significantly with higher margins and EPS growth.

• Revenue increased 38% year-over-year to 572100000.
• Profit before tax rose 43% with margin expansion to 19.4%.

For the fourth quarter of 2025, Immunome reported no collaboration revenue and a net loss of 41577000. Research and development expenses remained elevated as the company advanced its oncology pipeline. Adjusted EPS for the quarter was -0.75.

• No collaboration revenue was recorded in Q4 2025.
• Net loss for the quarter was 41577000.

For the fourth quarter of 2025, Enliven reported a net loss of 29667000 compared to 23180000 in the prior year period, driven by higher operating expenses of 34285000. The company ended the quarter with 462621000 in cash, cash equivalents and marketable securities.

• Total operating expenses increased to 34285000 from 26896000 year-over-year.
• Research and development expenses rose to 21245000 from 20724000.

Amylyx reported a narrower net loss for the fourth quarter of 2025 compared to the prior year, driven by reduced operating expenses as the company shifts focus toward its pivotal Phase 3 LUCIDITY trial for avexitide. The company ended the year with a strong cash position of $317 million, providing a runway into 2028.

• Recruitment for the pivotal Phase 3 LUCIDITY trial of avexitide in post-bariatric hypoglycemia (PBH) is complete.
• Topline data for the LUCIDITY trial is anticipated in the third quarter of 2026.

Fourth quarter 2025 collaboration revenue increased significantly to 108249000, primarily driven by Jemperli sales milestones and higher royalties. The company reported net income of 49614000 compared to a net loss in the prior year period.

• Collaboration revenue increased to 108249000 from 43113000 year-over-year.
• Net income was 49614000 compared to a net loss of 21784000 in Q4 2024.

Fourth quarter 2025 net sales increased 18.1% year-over-year to 57801000, driven primarily by growth in China. Gross margin expanded significantly to 75.7%, while net loss narrowed to 18309000 compared to the prior year period.

• Net sales grew 18.1% year-over-year to 57801000, primarily driven by China.
• Gross margin expanded to 75.7% from 64.7% in the prior year quarter.

Sana’s Q4 2025 net loss widened year over year due to fair value adjustments, while research and development and general and administrative expenses declined following portfolio prioritization efforts.

• Net loss was 58825000 compared to 49069000 in the prior year period.
• Research and development expenses declined to 34924000 from 45145000 year over year.

Cricut reported a slight decline in Q4 revenue and net income despite a 6% growth in Platform revenue and improved gross margins. While the company achieved its 9th consecutive year of profitability and grew its paid subscriber base to over 3 million, management expressed disappointment in the lack of total sales growth and is focusing on accelerating product development and simplifying user experience to drive future mass-market adoption.

• Net income for Q4 decreased to $7.8 million compared to $11.9 million in the prior year period.
• Platform revenue grew 6% to $83.9 million, while Products revenue declined 8% to $119.7 million.

Accel Entertainment achieved record Q4 revenue of $341.4 million and record full-year revenue of $1.3 billion. The company saw strong performance across its distributed gaming model, particularly in Illinois and Louisiana, while expanding its footprint to 4,501 locations and nearly 28,000 terminals. Net income for the quarter nearly doubled compared to the prior year, supported by organic growth and strategic acquisitions.

• Q4 revenue reached a record $341.4 million, representing a 7.5% year-over-year increase.
• Net income for the quarter rose 91.7% to $16.1 million, driven by operational growth and fair value adjustments.

Latham Group delivered a strong fourth quarter with 14.5% revenue growth and significant margin expansion, outperforming the U.S. in-ground pool market. Despite a net loss for the quarter, the company achieved positive net income for the full year and expanded its Adjusted EBITDA margin by 630 basis points in Q4.

• Net sales increased 14.5% year-over-year to $100.0 million in Q4, driven by strong fiberglass pool and autocover demand.
• Adjusted EBITDA grew 189.6% to $10.5 million, with margins expanding to 10.5% from 4.2% in the prior year.

Fourth quarter 2025 revenue declined year-over-year due to weaker shipments and tariff headwinds, resulting in an operating loss and net loss. However, bookings improved significantly sequentially and year-over-year, and operating cash flow strengthened.

• Revenue declined 14% year-over-year to 923200000 due to lower shipment volumes.
• Operating loss of 37200000 driven by reduced volumes and approximately 40000000 in gross tariff costs.

Fourth quarter 2025 total revenues were 69802000, driven by 65418000 in net product sales, up 41% year-over-year. Operating income was 23170000, and GAAP net income reached 268065000 primarily due to a 245351000 non-cash deferred income tax benefit.

• Total revenues increased to 69802000, up from 57596000 year-over-year.
• Net product sales grew 41% year-over-year to 65418000.

Fourth quarter 2025 revenue increased year-over-year, driven by strong growth in the Concrete segment, but net income declined significantly compared to the prior year due to debt extinguishment costs and weaker margins.

• Revenue rose to 233223000 from 216880000 year-over-year.
• Net loss was 240000 compared to net income of 6754000 in the prior year quarter.

Rayonier Advanced Materials reported a challenging fourth quarter with a net loss of $21 million and a slight decline in net sales to $417 million. The company is undergoing a strategic shift to focus on cash generation and disciplined execution following a year of volume and earnings pressure, aiming for positive free cash flow in 2026.

• Net sales for Q4 2025 were $417 million, a slight decrease from $422 million in the prior year quarter.
• Reported a net loss of $21 million ($0.32 per diluted share) compared to a $16 million loss in Q4 2024.

NeuroPace delivered a strong fourth quarter with 24% revenue growth and significant gross margin expansion, reaching $26.6 million in total revenue. The company achieved its second consecutive quarter of positive Adjusted EBITDA and made strategic progress with FDA submissions for IGE indication and AI-driven tools.

• Quarterly revenue grew 24% year-over-year to $26.6 million, driven by a 26% increase in RNS System sales.
• GAAP gross margin improved to 77.4%, a 200-basis point increase from the prior year's quarter.

York Water saw a modest increase in fourth-quarter revenue and net income, driven by customer base growth and infrastructure improvement charges, though full-year earnings declined slightly due to higher operational costs and interest expenses.

• Q4 operating revenues rose to $19.5 million, up from $18.9 million in the prior year period.
• Q4 earnings per share remained flat at $0.36, as revenue gains were offset by higher O&M and depreciation expenses.

Mayville Engineering Company (MEC) reported a 10.7% increase in net sales for Q4 2025, driven by the Accu-Fab acquisition and growth in Data Center & Critical Power. However, the company faced a net loss of $4.4 million due to project launch costs, early-stage inefficiencies in commercial vehicle projects, and higher interest expenses.

• Net sales grew 10.7% year-over-year to $134.3 million, primarily due to the Accu-Fab acquisition.
• Data Center & Critical Power end market saw significant growth, with organic sales up 12.7% and $15 million in new project awards.

Cryoport generated 10% year-over-year revenue growth in Q4 2025, driven by strength in Life Sciences Services, while gross margin expanded and net loss significantly narrowed compared to the prior year period.

• Total revenue increased 10% year-over-year to 45450000 in Q4 2025.
• Life Sciences Services revenue grew 16% year-over-year, led by BioStorage/BioServices growth of 18%.

B&G Foods reported a fourth quarter that was largely in line with expectations despite a net loss driven by non-cash impairment charges. The company is actively executing its portfolio reshaping strategy, having completed several divestitures to reduce debt and focus on core brands.

• Net sales decreased 2.2% to $539.6 million, primarily due to the divestitures of Le Sueur U.S. and Don Pepino.
• The company recorded a net loss of $15.2 million, which included $34.8 million in non-cash impairment charges related to the Green Giant brand.

Paysafe reported a 4% increase in revenue for Q4 2025, driven by strong performance in Digital Wallets and North America iGaming, though the company swung to a net loss due to higher restructuring costs and foreign exchange impacts.

• Revenue grew 4% year-over-year to $438.4 million, with organic revenue growth also at 4%.
• Digital Wallets segment showed strong momentum with 13% reported revenue growth and 6% organic growth.

EVgo delivered 75% year-over-year revenue growth in Q4 2025, driven by strong charging network and ancillary revenue, while gross margin expanded significantly and adjusted EBITDA turned positive.

• Total revenue increased 75% year over year to 118470000.
• Gross profit rose to 44986000 with gross margin expanding to 38.0%.

Strata Critical Medical delivered a strong fourth quarter with revenue increasing 83.5% year-over-year to $66.8 million, driven by the integration of the Keystone acquisition and 35.3% organic growth in its Logistics segment. While the company reported a net loss from continuing operations of $5.4 million, Adjusted EBITDA grew significantly to $7.0 million. Management raised its full-year 2026 guidance, citing a robust M&A pipeline and favorable regulatory shifts in the transplant industry.

• Total revenue grew 83.5% year-over-year to $66.8 million, significantly boosted by the Keystone acquisition and organic logistics growth.
• Logistics segment revenue increased 35.3% to $49.2 million, reflecting strong organic demand from new and existing transplant customers.

Foster delivered 25.1% revenue growth in Q4 2025, driven by strength in both Rail and Infrastructure segments. Operating income more than doubled year-over-year, supported by expense leverage and strong Infrastructure performance.

• Net sales increased 25.1% year-over-year to 160373000.
• Operating income rose 156.7% to 7835000.

Weyco Group faced a challenging fourth quarter with net sales declining 5% and net earnings dropping 13% due to soft consumer demand and significant gross margin compression from incremental tariffs. Despite these headwinds, the Florsheim brand remained a bright spot, and the company maintained profitability through price increases and cost-management actions.

• Net sales decreased 5% to $76.8 million in Q4 2025, driven by lower shipping volumes in the North American Wholesale and Retail segments.
• Gross margin contracted from 47.9% to 44.1% primarily due to incremental tariffs on Chinese imports, which increased product costs by 19% to 50%.

Horizon Technology Finance (HRZN) showed a return to portfolio growth in Q4 2025 despite a year-over-year decline in net investment income. The company is currently focused on its anticipated merger with Monroe Capital Corporation (MRCC), which is expected to provide significant capital for larger venture lending transactions. While NAV per share decreased due to distributions exceeding NII, the company maintained a strong committed backlog for 2026.

• Net Investment Income (NII) was $0.18 per share, impacted by lower prepayment activity compared to the prior year.
• Net Asset Value (NAV) per share declined to $6.98 from $8.43 in the prior year period.

Evolus delivered a strong Q4 with $90.3 million in revenue, up 14% year-over-year, and achieved GAAP operating income of $4.2 million. The company successfully expanded its injectable portfolio with Evolysse and demonstrated significant operating leverage following expense reduction measures taken earlier in the year.

• Achieved GAAP operating income of $4.2 million in Q4 2025 compared to a loss in the prior year.
• Total net revenue grew 14% to $90.3 million, driven by higher volumes across toxin and HA gel products.

908 Devices achieved a strong fourth quarter with 21% revenue growth and reached a key milestone of positive Adjusted EBITDA. The company successfully divested its bioprocessing portfolio during the year, focusing resources on health, safety, and defense-tech markets while maintaining a robust cash position of $113 million.

• Q4 revenue grew 21% year-over-year to $17.4 million, primarily driven by FTIR product sales.
• Achieved positive Adjusted EBITDA of $0.7 million in Q4 2025, compared to a $4.0 million loss in the prior year.

Fourth quarter 2025 total revenue increased 25.3% year-over-year to 53639000, driven by same store sales growth of 9.3% and 12 new store openings. The company generated operating income of 1790000 and net income of 1581000, compared to a net loss in the prior year period.

• Total revenue grew 25.3% year-over-year to 53639000.
• Same store sales increased 9.3% year-over-year.

Arcturus reported a decrease in quarterly revenue to $7.2 million, primarily due to lower collaboration revenue from CSL. However, the company successfully reduced operating expenses and extended its cash runway into Q2 2028 while advancing its clinical pipeline for cystic fibrosis and OTC deficiency.

• Cash runway extended into Q2 2028 with $232.8 million in cash, cash equivalents, and restricted cash.
• ARCT-032 for cystic fibrosis cleared to proceed into a 12-week Phase 2 study starting H1 2026.

Advantage Solutions saw Q4 revenue grow to $932.1 million, driven by strong performance in Experiential Services. Despite the revenue growth, Adjusted EBITDA declined 7.3% due to labor costs and procurement pressures. The company significantly improved its cash position to $241 million following non-core divestitures and focused on debt refinancing to extend maturities to 2030.

• Q4 revenue increased 4.5% year-over-year to $932.1 million.
• Experiential Services segment led growth with a 21.6% revenue increase.

Quantum-Si reported Q4 2025 revenue of $451,000 and a net loss of $17.6 million. The company is currently in a transition phase, prioritizing the development and upcoming 2026 launch of its Proteus platform, which has been assigned a list price of $425,000. While near-term revenue is being impacted by strategic upgrade credits and customer deferrals, the company maintains a strong cash position of $215.8 million to fund operations into 2028.

• Announced a list price of $425,000 for the upcoming Proteus platform, intended to capture premium value while remaining accessible.
• Q4 revenue of $451,000 showed a decline from $1.19 million in the prior year due to strategic placement programs and upgrade credits.

Valens Semiconductor achieved its seventh consecutive quarter of revenue growth, reaching $19.4 million in Q4 2025. While the company exceeded its own guidance for revenue and gross margin, it reported a GAAP net loss of $8.8 million. Management is focusing on core Audio-Video and Automotive markets while implementing an efficiency plan to reduce operating expenses in 2026.

• Q4 2025 revenues of $19.4 million exceeded the top end of the company's guidance range.
• GAAP gross margin reached 60.5%, also surpassing guidance, driven by cost optimization in the Automotive segment.

For the quarter ended December 31, 2025, Oxford Square generated total investment income of 10400000 and net investment income of 5400000. However, net unrealized depreciation of 16000000 and net realized losses of 2300000 resulted in a net decrease in net assets from operations of 12900000. NAV per share declined to 1.69.

• Total investment income was 10400000 for Q4 2025.
• Net investment income totaled 5400000, or 0.07 per share.

QuickLogic reported a challenging fourth quarter with a 34.2% year-over-year revenue decline and a significant drop in gross margins, though it saw strong sequential growth of 84% compared to Q3 2025. The company is pivoting towards growth in 2026 backed by a major $89 million U.S. government contract ceiling and new eFPGA design wins.

• Total revenue decreased 34.2% year-over-year to $3.7 million, primarily due to lower new product revenue.
• GAAP gross margin fell sharply to 18.1% from 62.7% in the prior year's quarter.

SoundThinking (formerly ShotSpotter) reported a 6% revenue increase in Q4 2025 despite the loss of the Chicago contract. While the company remains in a GAAP net loss position, it achieved record full-year revenues and is focusing on a realigned sales organization and AI-driven capabilities for 2026 growth.

• Q4 revenues grew 6% year-over-year to $24.8 million, overcoming a $1.6 million headwind from the expired Chicago contract.
• GAAP net loss improved to $2.8 million in Q4 2025 compared to a $4.1 million loss in the prior year period.