# EDGAR Filing Document

**Accession Number:** 0001877184
**File Stem:** 0000950170-25-095869
**Filing Date:** 2025-7
**Character Count:** 23524
**Document Hash:** a44476e4c94e75047deab9719ad576a1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-095869.hdr.sgml**: 20250715

**ACCESSION NUMBER**: 0000950170-25-095869

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20250715

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250715

**DATE AS OF CHANGE**: 20250715

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** KESTRA MEDICAL TECHNOLOGIES, LTD.
- **CENTRAL INDEX KEY:** 0001877184
- **STANDARD INDUSTRIAL CLASSIFICATION:** SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** D0
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42549
- **FILM NUMBER:** 251124889

**BUSINESS ADDRESS:**
- **STREET 1:** 3933 LAKE WASHINGTON BLVD NE
- **STREET 2:** SUITE 200
- **CITY:** KIRKLAND
- **STATE:** WA
- **ZIP:** 98033
- **BUSINESS PHONE:** (425) 279-8002

**MAIL ADDRESS:**
- **STREET 1:** 3933 LAKE WASHINGTON BLVD NE
- **STREET 2:** SUITE 200
- **CITY:** KIRKLAND
- **STATE:** WA
- **ZIP:** 98033

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

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## **FORM** 8-K

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** July 15, 2025<br>

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KESTRA MEDICAL TECHNOLOGIES, LTD.

**(Exact name of Registrant as Specified in Its Charter)**

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| | | |
|:---|:---|:---|
| Bermuda | 001-42549 | Not Applicable |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| 3933 Lake Washington Blvd NE <br>Suite 200 |  |  |
| Kirkland**,** Washington |  | 98033 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

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**Registrant's Telephone Number, Including Area Code: (**425**)** 279-8002<br>

**Not applicable**<br>

**(Former Name or Former Address, if Changed Since Last Report)**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

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| | | |
|:---|:---|:---|
| **<br>Title of each class** | **Trading<br>Symbol(s)** | **<br>Name of each exchange on which registered** |
| Common Shares, par value $1.00 per share | KMTS | The Nasdaq Stock Market LLC |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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## **Item 2.02 Results of Operations and Financial Condition.** 
On July 15, 2025, Kestra Medical Technologies, Ltd. (the "Company") issued a press release announcing its financial results for the fourth quarter and fiscal year ended April 30, 2025. A copy of the press release, dated July 15, 2025, is furnished hereto as Exhibit 99.1 and is incorporated herein by reference.

The foregoing information in this Item 2.02 (including Exhibit 99.1 attached hereto) shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), nor shall it be deemed incorporated by reference into any registration statement or any other document filed pursuant to the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

## **Item 9.01 Financial Statements and Exhibits.** 

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| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description** |
| 99.1 | [<u>Press Release of Kestra Medical Technologies, Ltd., dated July 15, 2025</u>](ck0001877184-ex99_1.htm) |
| 104 | Cover Page Interactive Data File, formatted in Inline XBRL. |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | **Kestra Medical Technologies, Ltd.** | **Kestra Medical Technologies, Ltd.** |
| Date: July 15, 2025 | By: | /s/ Brian Webster |
|  | Name: | Brian Webster |
|  | Title: | President and Chief Executive Officer |

---

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## Exhibit 99.1

Exhibit 99.1

![img39479847_0.jpg](img39479847_0.jpg)

**Kestra Medical Technologies Reports Fourth Quarter and Fiscal Year 2025 Financial Results**

KIRKLAND, Wash., July 15, 2025 (GLOBE NEWSWIRE) — Kestra Medical Technologies, Ltd. (Nasdaq: KMTS), a wearable medical device and digital healthcare company, today reported financial results for the fourth quarter and fiscal year ended April 30, 2025.

**Financial Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Reported revenue of $17.2 million in Q4 FY25, an increase of 71% compared to the prior year period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Reported revenue of $59.8 million in FY25, an increase of 115% compared to FY24.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Generated gross margin of 44.3% in Q4 FY25 compared to 13.9% in the prior year period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Generated gross margin of 40.5% in FY25 compared to 1.3% in FY24.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Initiated FY26 revenue guidance of $85 million, an increase of 42% compared to FY25.

"We capped an exciting year for Kestra with a very strong finish to our fiscal 2025. This quarter's financial results reflect accelerating demand for our best-in-class cardiac recovery system as we continue to benefit from heightened prescriber awareness and the overwhelmingly positive experience patients are having with the ASSURE<sup>®</sup> system," said Brian Webster, President and CEO. "In addition to our commercial execution, we are encouraged by the meaningful improvement in our gross margin, a result of the attractive unit economics and positive leverage inherent in our business model."

Mr. Webster continued, "In fiscal year 2025, the ASSURE<sup>®</sup> system protected thousands of patients from sudden cardiac arrest, a testament to the dedication of our mission-driven team. We also made progress on several key operational objectives, including significant growth of our commercial organization and planned enhancements to our revenue cycle capabilities. We remain confident that our commitment to innovation and intense focus on prescriber and patient support will drive market expansion and advance Kestra's pursuit of market leadership."

**Fourth Quarter Fiscal 2025 Financial Results**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Total revenue was $17.2 million in Q4, an increase of 71% compared to the prior year period.

o3,903 prescriptions were written for the ASSURE<sup>®</sup> system in Q4, an increase of 43% compared to the prior year period.

oRevenue growth was driven by a higher share of wallet with existing customers and activation of new accounts. Revenue also benefited from a higher mix of in-network patients and improvements in revenue cycle management capabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Gross profit was $7.6 million in Q4 compared to $1.4 million in the prior year period.

oGross margin expanded to 44.3% in Q4 compared to 13.9% in the prior year period, driven by volume leverage and a higher mix of in-network patients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•GAAP operating expenses were $55.8 million in Q4 and included $22.3 million of share-based compensation expense and $3.8 million of professional services expenses related to the company's IPO. GAAP operating expenses were $21.7 million in the prior year period.

oAs a result of the company's IPO in March, share-based compensation expense in Q4 included one-time impacts from the accelerated vesting of incentive units and the issuance of stock options to Kestra team members.

oExcluding share-based compensation and professional services expenses related to the IPO, operating expenses were $29.7 million in Q4 compared to $21.4 million in the prior year period. The increase was attributable to growth in expenses related to commercial and revenue cycle resources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•GAAP net loss and comprehensive loss was $51.1 million in Q4 compared to GAAP net loss and comprehensive loss of $22.3 million in the prior year period.

oAdjusted EBITDA\* loss was $20.3 million in Q4 compared to an adjusted EBITDA loss of $16.5 million in the prior year period.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Cash and cash equivalents totaled $237.6 million as of April 30, 2025.

**Fiscal Year 2025 Financial Results**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Total revenue was $59.8 million in FY25, an increase of 115% compared to FY24.

o13,193 prescriptions were written for the ASSURE<sup>®</sup> system in FY25, an increase of 72% compared to FY24.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Gross profit was $24.2 million in FY25 compared to $0.4 million in FY24.

oGross margin expanded to 40.5% in FY25 compared to 1.3% in FY24.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•GAAP operating expenses were $130.6 million in FY25 compared to $85.4 million in FY24.

oExcluding share-based compensation and professional services expenses related to the IPO, operating expenses were $100.6 million in FY25 compared to $83.9 million in FY24.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•GAAP net loss and comprehensive loss was $113.8 million in FY25 compared to GAAP net loss and comprehensive loss of $94.1 million in FY24.

oAdjusted EBITDA\* loss was $68.4 million in FY25 compared to an Adjusted EBITDA loss of $72.0 million in FY24.

\*Adjusted EBITDA is a non-GAAP financial measure. See "Use of Non-GAAP Financial Measures" below for additional information. A reconciliation of Adjusted EBITDA to the most directly comparable GAAP measure is included in this press release.

**Fiscal Year 2026 Revenue Guidance**

Kestra expects revenue of $85 million in FY26, an increase of 42% compared to FY25.

**Webcast and Conference Call**

Kestra will host a conference call today at 4:30 p.m. ET to discuss fourth quarter and fiscal year 2025 financial results. A live and archived webcast of the event will be available in the "Events" section of the investor relations website.

**Use of Non-GAAP Financial Measures**

This press release contains certain financial information that is not presented in conformity with U.S. generally accepted accounting principles ("GAAP"), including Adjusted EBITDA. The non-GAAP financial measures are provided as supplemental information to Kestra's financial measures presented in this press release that are calculated and presented in accordance with GAAP.

Adjusted EBITDA, which is calculated as net income (loss), as adjusted to exclude other income/expense (including interest), income tax expense (benefit), depreciation and amortization expense, share-based compensation expense, and expenses related to Kestra's initial public offering, is presented because management believes it allows investors to view the Company's performance in a manner similar to the method used by management to evaluate the Company's performance for both strategic and annual operating planning. Management believes that in order to properly understand short-term and long-term financial trends, it is helpful for investors to understand the impact of the items excluded from the calculation of Adjusted EBITDA, in addition to considering the Company's GAAP financial measures. The excluded items vary in frequency and/or impact on our results of operations and management believes that the excluded items are not reflective of our ongoing core business operations and financial condition. Excluding such items allows investors and analysts to compare our operating performance to other companies in our industry and to compare our period-over-period results.

The non-GAAP financial measures used by Kestra may not be the same or calculated in the same manner as those used and calculated by other companies. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for Kestra's financial results prepared and reported in accordance with GAAP. We urge investors to review the reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures included in this press release, and not to rely on any single financial measure to evaluate our business. A reconciliation of Adjusted EBITDA reported in this press release to the most comparable GAAP measure for the respective periods appears in the table captioned "Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA" later in this release. Within the accompanying financial tables presented, certain columns and rows may not add due to the use of rounded numbers.

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**Forward-Looking Statements**

Except where otherwise noted, the information contained in this press release is as of July 15, 2025. Statements in this press release and on the related teleconference that express a belief, expectation or intention, as well as those that are not historical fact, are forward-looking statements. Except as required by law, the Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about, among other topics, our anticipated operating and financial performance, including financial guidance and projections; business plans, strategy, goals and prospects; and expectations for our products. Given their forward-looking nature, these statements involve substantial risks, uncertainties and potentially inaccurate assumptions, and we cannot ensure that any outcome expressed in these forward-looking statements will be realized in whole or in part. You can identify these statements by the fact that they use future dates or use words such as "will," "may," "could," "likely," "ongoing," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "assume," "target," "forecast," "guidance," "goal," "objective," "aim," "seek," "potential," "hope" and other words and terms of similar meaning. Kestra's financial guidance is based on estimates and assumptions that are subject to significant uncertainties. Among the factors that could cause actual results to differ materially from past results and future plans and projected future results are the following: risks related to our limited operating history and history of net losses; our ability to successfully achieve substantial market adoption of our products; competitive pressures; our ability to adapt our manufacturing and production capacities to evolving patterns of demand, governmental actions and customer trends; product defects or complaints and related liability; our ability to obtain and maintain adequate coverage and reimbursement levels for our products; our ability to comply with changing laws and regulatory requirements and resulting costs; our dependence on a limited number of suppliers; and other risks and uncertainties, including those described under the heading "Risk Factors" in our Registration Statement on Form S-1 and other filings filed or to be filed with the U.S. Securities and Exchange Commission ("SEC"), including our Annual Report on Form 10-K for the fiscal year ended April 30, 2025. These filings, when made, are available on the Investor Relations section of our website at https://investors.kestramedical.com/ and on the SEC's website at https://sec.gov/.

**About Kestra**

Kestra Medical Technologies, Ltd. is a commercial-stage wearable medical device and digital healthcare company focused on transforming patient outcomes in cardiovascular disease using monitoring and therapeutic intervention technologies that are intuitive, intelligent, and connected. For more information, visit www.kestramedical.com.

**Investor contact**

Neil Bhalodkar

neil.bhalodkar@kestramedical.com

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**KESTRA MEDICAL TECHNOLOGIES, LTD. AND SUBSIDIARIES**

**CONSOLIDATED BALANCE SHEETS**

***(in thousands, except share and per share amounts)***

**(unaudited)**

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| | | |
|:---|:---|:---|
|  | **April 30,** | **April 30,** |
|  | **2025** | **2024** |
| **Assets** |  |  |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $237595 | $8249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 8081 | 1998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disposable medical equipment supplies | 6572 | 3290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 3080 | 1370 |
| Total current assets | 255328 | 14907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Right-of-use assets | 2078 | 2286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits | 2021 | 1710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 334 | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property and equipment, net | 34830 | 26105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other long-term assets | 1153 | 607 |
| Total assets | $295744 | $45949 |
| **Liabilities, Redeemable Preferred Stock and Shareholders' Equity (Deficit)** |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $23961 | $23892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | 13829 | 9079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities, current portion | 187 |  |
| Total current liabilities | 37977 | 32971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities, net of current portion | 3026 | 2633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warrant liabilities | 8097 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other long-term liabilities | 140 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term debt, net | 41098 | 42536 |
| Total liabilities | 90338 | 78216 |
| Commitments and contingencies |  |  |
| Redeemable preferred stock, $0.01 par value; 0 and 5,000,000 shares authorized as of April 30, 2025 and April 30, 2024, respectively; 0 and 177,110 shares issued and outstanding as of April 30, 2025 and April 30, 2024, respectively |  | 177110 |
| Shareholders' equity (deficit) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.01 par value; 5,000,000 shares authorized as of April 30, 2024; 105,808 shares issued and outstanding as of April 30, 2024 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common shares, $1.00 par value; 100,000,000 shares authorized as of April 30, 2025; 51,348,656 shares issued and outstanding as of April 30, 2025 | 51349 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 674306 | 197057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (520249) | (406435) |
| Total shareholders' equity (deficit) | 205406 | (209377) |
| Total liabilities and shareholders' equity (deficit) | $295744 | $45949 |

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**KESTRA MEDICAL TECHNOLOGIES, LTD. AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS**

***(in thousands, except share and per share amounts)***

**(unaudited)**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended April 30,** | **Three Months Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Revenue | $17233 | $10054 | $59815 | $27814 |
| Cost of revenue | 9600 | 8657 | 35605 | 27452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 7633 | 1397 | 24210 | 362 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research and development | 5386 | 3821 | 15652 | 15490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative | 50459 | 17925 | 114936 | 69935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 55845 | 21746 | 130588 | 85425 |
| Loss from operations | (48212) | (20349) | (106378) | (85063) |
| Other expense (income): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 1760 | 1935 | 7734 | 6230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | (1656) |  | (3199) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expense | 2693 | 27 | 2766 | 2803 |
| Net loss before provision for income taxes | (51009) | (22311) | (113679) | (94096) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | 102 | (27) | 135 | 24 |
| Net loss and comprehensive loss | (51111) | (22284) | (113814) | (94120) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Undeclared preferred stock dividends | 3291 | 1994 | 12321 | 6721 |
| Net loss attributable to common shareholders, basic and diluted | $(54402) | $(24278) | $(126135) | $(100841) |
| Net loss per share attributable to common shareholders, basic and diluted | $(2.21) | $(1.22) | $(5.13) | $(5.07) |
| Weighted-average shares of common shares outstanding, basic and diluted | 24583745 | 19885382 | 24583745 | 19885382 |

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**RECONCILIATION OF GAAP NET LOSS AND COMPREHENSIVE LOSS TO ADJUSTED EBITDA**

***(in thousands)***

**(unaudited)**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended April 30,** | **Three Months Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| GAAP Net loss and comprehensive loss | $(51111) | $(22284) | $(113814) | $(94120) |
| Non-GAAP Adjustments: |  |  |  |  |
| &nbsp;&nbsp;Interest expense | 1760 | 1935 | 7734 | 6230 |
| &nbsp;&nbsp;Interest income | (1656) |  | (3199) |  |
| &nbsp;&nbsp;Other expense | 2693 | 27 | 2766 | 2803 |
| &nbsp;&nbsp;Provision for income taxes | 102 | (27) | 135 | 24 |
| &nbsp;&nbsp;Depreciation expense | 1836 | 3502 | 7968 | 11560 |
| &nbsp;&nbsp;Share-based compensation expense | 22313 | 389 | 24271 | 1488 |
| &nbsp;&nbsp;IPO expense | 3809 |  | 5736 |  |
| Adjusted EBITDA | $(20254) | $(16458) | $(68403) | $(72015) |

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