SEC Form 10-Q filed by TIC Solutions Inc.

11/12/25 7:18:32 AM ET

Real Estate

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tic-20250930

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO

Commission file number 001-42524

TIC Solutions, Inc.

(Exact name of registrant as specified in its charter)


Delaware						66-1076867
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

200 South Park Road, Suite 350 Hollywood, Florida						33021
(Address of principal executive offices)						(Zip Code)

(954) 495-2112

Registrant’s telephone number, including area code

Acuren Corporation

(Former name, former address and former fiscal year, if changed since last report)

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

Title of each class

Trading symbol

Name of each exchange on which registered

Common stock, par value $0.0001 per share

TIC

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “non-accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☐

Accelerated filer

☐

Non-accelerated filer

☑

Smaller reporting company

☐

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. ☑

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☑

The number of shares of the registrant’s common stock outstanding as of November 10, 2025, was 220,559,713.


		Page
Part I – Financial Information
Item 1.	Financial Statements	1
	Condensed Consolidated Balance Sheets (unaudited)	1
	Condensed Consolidated Statement s of Operations and Comprehensive Income (Loss) (unaudited)	2
	Condensed Consolidated Statements of Stockholders’ Equity (unaudited)	4
	Condensed Consolidated Statements of Cash Flows (unaudited)	6
	Notes to the Condensed Consolidated Financial Statements (unaudited)	7
Item 2 .	Management's Discussion and Analysis of Financial Condition and Results of Operations	30
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	42
Item 4.	Controls and Procedures	43

Part II – Other Information
Item 1.	Legal Proceedings	45
Item 1A.	Risk Factors	45
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	45
Item 3.	Defaults Upon Senior Securities	45
Item 4.	Mine Safety Disclosures	45
Item 5.	Other Information	45
Item 6.	Exhibits	46
Signatures		47


	Successor
	September 30, 2025		December 31, 2024
Assets
Current assets
Cash and cash equivalents	$	164,432	$	139,134
Accounts receivable, net	376,872		212,579
Contract assets, net	200,703		23,941
Prepaid expenses and other current assets	49,872		18,582
Total current assets	791,879		394,236
Property and equipment, net	255,038		189,233
Operating lease right-of-use assets, net	62,032		30,001
Goodwill	1,564,370		845,939
Intangible assets, net	1,533,502		740,657
Deferred tax assets	791		765
Other assets	12,813		6,908
Total assets	$	4,220,425	$	2,207,739
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable	$	64,279	$	13,877
Accrued expenses and other current liabilities	160,755		66,041
Contract liabilities	46,590		1,635
Current portion of long-term debt	24,524		7,750
Current portion of lease obligations	32,860		17,028
Total current liabilities	329,008		106,331
Long-term debt, net of current portion	1,590,943		747,048
Non-current lease obligations	66,673		40,753
Deferred tax liabilities	261,740		150,672
Other noncurrent liabilities	21,334		11,763
Total liabilities	2,269,698		1,056,567
Commitments and contingencies (Note 15)
Stockholders' Equity
Series A Preferred Stock, $0.0001 par value, 1,000,000 shares issued and outstanding	—		—
Common stock, $0.0001 par value, 202,038,128 and 121,476,215 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively	19		12
Additional paid-in capital	2,100,300		1,293,638
Accumulated deficit	(146,905)		(106,989)
Accumulated other comprehensive loss	(2,687)		(35,489)
Total stockholders' equity	1,950,727		1,151,172
Total liabilities and stockholders' equity	$	4,220,425	$	2,207,739


	Successor				Predecessor
	Three Months Ended September 30, 2025		July 30 through September 30, 2024		July 1 through July 29, 2024
Revenue	$	473,888	$	201,485	$	101,512
Cost of revenue	321,161		152,281		75,994
Gross profit	152,727		49,204		25,518
Selling, general and administrative expenses	140,485		103,835		18,645
Transaction costs	18,755		24,554		5,204
Income (loss) from operations	(6,513)		(79,185)		1,669
Interest expense, net	26,521		13,336		5,828
Loss on extinguishment of debt	—		—		9,073
Other income, net	(2,585)		(600)		(294)
Loss before income tax benefit	(30,449)		(91,921)		(12,938)
Income tax benefit	(16,559)		(2,097)		(3,956)
Net loss	(13,890)		(89,824)		(8,982)
Other comprehensive income (loss):
Foreign currency translation adjustment	(18,135)		10,898		(5,166)
Total other comprehensive income (loss)	(18,135)		10,898		(5,166)
Total comprehensive loss	$	(32,025)	$	(78,926)	$	(14,148)

Basic and diluted loss per share:
Common stock	$	(0.08)	$	(0.73)	$	(1.79)
Series A Preferred Stock	$	(0.08)	$	(0.73)	$	—
Weighted-average shares outstanding:
Common stock, basic	167,229,501		121,412,515		5,024,802
Common stock, diluted	168,229,501		122,412,515		5,024,802
Series A Preferred Stock, basic and diluted	1,000,000		1,000,000		—


	Successor				Predecessor
	Nine Months Ended September 30, 2025		July 30 through September 30, 2024		January 1 through July 29, 2024
Revenue	$	1,022,028	$	201,485	$	633,866
Cost of revenue	751,531		152,281		471,881
Gross profit	270,497		49,204		161,985
Selling, general and administrative expenses	248,179		103,835		121,369
Transaction costs	19,920		24,554		5,204
Income (loss) from operations	2,398		(79,185)		35,412
Interest expense, net	57,979		13,336		39,379
Loss on extinguishment of debt	-		-		9,073
Other income, net	(4,481)		(600)		(580)
Loss before income tax provision (benefit)	(51,100)		(91,921)		(12,460)
Income tax provision (benefit)	(11,184)		(2,097)		3,243
Net loss	(39,916)		(89,824)		(15,703)
Other comprehensive income (loss):
Foreign currency translation adjustment	32,802		10,898		(18,004)
Total other comprehensive income (loss)	32,802		10,898		(18,004)
Total comprehensive loss	$	(7,114)	$	(78,926)	$	(33,707)

Basic and diluted loss per share:
Common stock	$	(0.29)	$	(0.73)	$	(3.13)
Series A Preferred Stock	$	(0.29)	$	(0.73)	$	—
Weighted-average shares outstanding:
Common stock, basic	136,894,905		121,412,515		5,024,802
Common stock, diluted	137,894,905		122,412,515		5,024,802
Series A Preferred Stock, basic and diluted	1,000,000		1,000,000		—


	Predecessor
	Common Shares			Treasury Stock		Additional Paid-In Capital		Accumulated Earnings		Accumulated Other Comprehensive Loss		Total
	Shares	Amount
Balances at December 31, 2023	5,024,802	$	50	$	(1,029)	$	366,327	$	17,447	$	(796)	$	381,999
Net loss	—	—		—		—		(1,271)		—		(1,271)
Share-based compensation expense	—	—		—		897		—		—		897
Other comprehensive loss	—	—		—		—		—		(9,578)		(9,578)
Balances at March 31, 2024	5,024,802	$	50	$	(1,029)	$	367,224	$	16,176	$	(10,374)	$	372,047
Net loss	—	—		—		—		(5,450)		—		(5,450)
Share-based compensation expense	—	—		—		16,799		—		—		16,799
Other comprehensive loss	—	—		—		—		—		(3,260)		(3,260)
Balances at June 30, 2024	5,024,802	$	50	$	(1,029)	$	384,023	$	10,726	$	(13,634)	$	380,136
Net loss	—	—		—		—		(8,982)		—		(8,982)
Share-based compensation expense	—	—		—		162		—		—		162
Other comprehensive loss	—	—		—		—		—		(5,166)		(5,166)
Balances at July 29, 2024	5,024,802	$	50	$	(1,029)	$	384,185	$	1,744	$	(18,800)	$	366,150


	Successor
	Common Shares			Treasury Stock		Additional Paid-In Capital		Accumulated Deficit		Accumulated Other Comprehensive Income		Total
	Shares	Amount
Balances at July 30, 2024	53,975,000	$	—	$	—	$	557,427	$	(1,537)	$	—	$	555,890
Net loss	—	—		—		—		(89,824)		—		(89,824)
Share-based compensation expense	—	—		—		62,802		—		—		62,802
Settlement of derivative liability	—	—		—		967		—		—		967
Equity consideration issued in conjunction with the Acuren Acquisition	400,000	—		—		4,000		—		—		4,000
Issuance of shares and exercise of warrants, net of issuance costs	67,037,515	—		—		666,630		—		—		666,630
Other comprehensive income	—	—		—		—		—		10,898		10,898
Balances at September 30, 2024	121,412,515	$	—	$	—	$	1,291,826	$	(91,361)	$	10,898	$	1,211,363


	Successor				Predecessor
	Nine Months Ended September 30, 2025		July 30 through September 30, 2024		January 1 through July 29, 2024
Cash flows from operating activities:
Net loss	$	(39,916)	$	(89,824)	$	(15,703)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation expense	52,552		11,586		22,345

Amortization expense	56,689		8,845		23,432
Non-cash lease expense	10,002		1,249		5,453
Share-based compensation expense	9,271		62,802		17,858
Amortization of deferred financing costs	3,185		486		2,406
Deferred taxes	(24,010)		(1,965)		(8,376)
Loss on extinguishment of debt	—		—		9,073
Fair value adjustments on interest rate derivatives	—		—		3,102
Other	2,678		1,005		(180)
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable	26,289		27,097		(32,576)
Contract assets	(52,520)		(30,624)		(221)
Prepaid expenses and other current assets	1,450		(6,674)		(2,829)
Accounts payable	5,563		4,696		(9,691)
Accrued expenses and other current liabilities	5,489		(7,725)		17,669
Operating lease obligations	(7,563)		(1,333)		(5,751)
Contract liabilities	(2,736)		325		179
Other assets and liabilities	(1,093)		1,990		(5,751)
Net cash provided by (used in) operating activities	45,330		(18,064)		20,439
Cash flows from investing activities:
Business acquisitions, net of cash	(838,399)		(1,827,426)		(44,680)
Purchases of property and equipment	(21,187)		(3,403)		(14,334)
Proceeds from sale of property and equipment	3,141		251		1,029

Net cash used in investing activities	(856,445)		(1,830,578)		(57,985)
Cash flows from financing activities:
Proceeds from long-term borrowings	875,000		775,000		30,000
Payments on long-term borrowings	(8,441)		—		(16,346)
Payments of debt issuance costs	(24,331)		(21,355)		—
Payments on finance lease obligations	(8,361)		(1,615)		(5,836)
Proceeds from issuance of common shares and exercise of warrants, net of issuance costs	—		666,630		—
Net cash provided by financing activities	833,867		1,418,660		7,818
Net effect of exchange rate fluctuations	2,546		5,507		(7,877)
Net change in cash and cash equivalents	25,298		(424,475)		(37,605)
Beginning of period	139,134		556,933		87,061
End of period	$	164,432	$	132,458	$	49,456


	Total
Cash consideration	$	870,911
Equity consideration	768,304
Replacement of share-based awards	29,744
Total consideration	$	1,668,959

Recognized amounts of identifiable assets acquired and liabilities assumed:
Cash and cash equivalents	$	59,022
Accounts receivables	186,228
Contract assets	123,428
Prepaid expenses and other current assets	31,508
Plant and equipment	79,806
Other assets	4,560

Operating lease right-of-use assets	34,094
Intangible assets	821,900
Accounts payable	(40,350)
Accrued expenses and other current liabilities	(78,586)
Contract liabilities	(47,694)
Other liabilities	(21,825)
Income tax payable	(2,521)
Deferred tax liabilities	(128,868)
Lease liabilities	(39,908)
Total identifiable net assets acquired	$	980,794
Goodwill	$	688,165


	Fair Value as of September 30, 2025
Customer relationships	$	671,300
Customer backlog	111,700
Trade name	36,200
Developed technology	2,700
Total intangible assets	$	821,900


	Three Months Ended September 30, 2025		Nine Months Ended September 30, 2025		Three Months Ended September 30, 2024		Nine Months Ended September 30, 2024
Revenue	$	568,648	$	1,602,817	$	553,882	$	1,530,101
Net loss	$	(6,720)	$	(58,074)	$	(100,613)	$	(139,924)


			Outstanding as of July 29, 2024
Tranche B Options			180,828
Tranche C Options			55,872


		Successor
	Useful Life (Years)	September 30, 2025		December 31, 2024
Land		$	6,110	$	5,950
Buildings and leasehold improvements	25	23,784		19,308
Computer, software and office equipment	3 – 5	18,102		2,917
Machinery and equipment	3 – 10	164,508		122,932
Vehicles, aircraft and vessels	5 - 15	86,251		53,154
Construction in progress		26,137		6,878
Total property and equipment		324,892		211,139
Accumulated depreciation		(69,854)		(21,906)
Property and equipment, net		$	255,038	$	189,233


		Successor
	Weighted Average Remaining Life (Years)	September 30, 2025						December 31, 2024
		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	14.3	$	1,356,078	$	(59,560)	$	1,296,518	$	658,783	$	(18,298)	$	640,485
Customer backlog	1.8	112,166		(9,308)		102,858		—		—		—
Tradenames	12.7	136,088		(8,339)		127,749		98,392		(2,731)		95,661
Technology	3.4	7,691		(1,314)		6,377		4,925		(414)		4,511
		$	1,612,023	$	(78,521)	$	1,533,502	$	762,100	$	(21,443)	$	740,657


Level 1	—	Unadjusted quoted prices in active markets that are accessible at the measurement dates for identical, unrestricted assets or liabilities.

Level 2	—	Quoted prices for markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability.

Level 3	—	Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported with little or no market activity).


	Total
Cash consideration	$	1,871,642
Equity consideration	4,000
Total consideration	$	1,875,642
Recognized amounts of identifiable assets acquired and liabilities assumed:
Cash and cash equivalents	49,456
Accounts receivables, net	270,849
Prepaid and other current assets	9,302
Property and equipment	199,760
Lease assets	27,530
Intangible assets	775,000
Other assets	13,674
Deferred tax assets	813
Accounts payable	(17,035)
Accrued expenses and other current liabilities	(76,446)
Deferred tax liabilities	(167,944)
Lease obligations	(54,900)
Other liabilities	(20,016)
Total identifiable net assets acquired	1,010,043
Goodwill	$	865,599


	Successor
Potentially dilutive securities	Three Months Ended September 30, 2025	Nine Months Ended September 30, 2025
Stock options(1)	—	1,943
Warrants(1)	—	70,967
Restricted stock awards	2,665,421	888,474
Restricted stock units	2,069,320	2,028,342
Shares issuable pursuant to the Series A Preferred Stock dividend(2)	6,240,993	3,671,862

(1) For the three months ended September 30, 2025, the stock options and warrants were out of the money.
(2) See discussion of the Annual Dividend Amount in “Note 3. Stockholders’ Equity.”


	Successor				Predecessor
	Three Months Ended September 30, 2025		July 30 through September 30, 2024		July 1 through July 29, 2024
Cost of revenue	$	18,203	$	11,481	$	3,581
Selling, general and administrative expenses	2,436		105		52
Total depreciation expense	$	20,639	$	11,586	$	3,633


	Successor				Predecessor
	Nine Months Ended September 30, 2025		July 30 through September 30, 2024		January 1 through July 29, 2024
Cost of revenue	$	49,785	$	11,481	$	22,123
Selling, general and administrative expenses	2,768		105		222
Total depreciation expense	$	52,552	$	11,586	$	22,345


	Inspection and Mitigation		Consulting Engineering		Geospatial		Total
Balance at December 31, 2024	$	845,939	$	—	$	—	$	845,939
Acquisitions	7,279		330,869		363,361		701,509
Currency adjustments	16,922		—		—		16,922
Balance at September 30, 2025	$	870,140	$	330,869	$	363,361	$	1,564,370


		Successor
	Maturity Date	September 30, 2025		December 31, 2024
Term Loans	July 30, 2031	$	1,640,066	$	773,063
Revolving credit facility	July 30, 2029	—		—
Promissory notes		13,876		—
Less: Unamortized deferred financing costs		(38,475)		(18,265)
Total debt, net		1,615,467		754,798
Less:
Current portion of Term Loans		(16,525)		(7,750)
Current portion of promissory notes		(7,999)		—
Long-term debt, net of current portion		$	1,590,943	$	747,048


	Successor
	Time Vesting Units			Market Vesting Units			Performance Vesting
	Number of Units	Weighted Average Grant Date Fair Value		Number of Units	Weighted Average Grant Date Fair Value		Number of Units	Weighted Average Grant Date Fair Value
Unvested as of December 31, 2024	827	$	10.00	777	$	5.35	—	$	—
Granted	694	10.06		—	—		1,243	9.34
Forfeited	(250)	9.74		(180)	7.30		(201)	9.19
Units Vested	(97)	10.00		—	—		—	—
Unvested as of September 30, 2025	1,174	$	9.77	597	$	5.35	1,042	$	9.37


	Number of Unvested Restricted Stock Awards	Weighted Average Grant Date Fair Value
Unvested as of December 31, 2024	—	$	—
Restricted stock awards issued for converted NV5 awards in conjunction with the NV5 Acquisition	7,280,777	10.50
Forfeited	—	—
Vested	(79,258)	10.50
Unvested as of September 30, 2025	7,201,519	$	10.50


	Successor
	July 30, 2024 to September 30, 2024
	Inspection and Mitigation		Consulting Engineering		Geospatial		Corporate and Eliminations		Total
Revenue	$	201,779	$	—	$	—	$	(294)	$	201,485
Cost of revenue	$	152,575	$	—	$	—	$	(294)	$	152,281
Gross profit	$	49,204	$	—	$	—	$	—	$	49,204
Depreciation and amortization	$	20,431	$	—	$	—	$	—	$	20,431
Total assets	$	2,328,115	$	—	$	—	$	—	$	2,328,115
Long-lived assets (1)	$	191,172	$	—	$	—	$	—	$	191,172


	Predecessor
	July 1, 2024 to July 29, 2024
	Inspection and Mitigation		Consulting Engineering		Geospatial		Corporate and Eliminations		Total
Revenue	$	102,215	$	—	$	—	$	(703)	$	101,512
Cost of revenue	$	76,697	$	—	$	—	$	(703)	$	75,994
Gross profit	$	25,518	$	—	$	—	$	—	$	25,518
Depreciation and amortization	$	7,014	$	—	$	—	$	—	$	7,014
Total assets	$	1,277,249	$	—	$	—	$	—	$	1,277,249
Long-lived assets (1)	$	113,084	$	—	$	—	$	—	$	113,084

SEC Form 10-Q filed by TIC Solutions Inc.

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	Predecessor
	January 1, 2024 to July 29, 2024
	Inspection and Mitigation		Consulting Engineering		Geospatial		Corporate and Eliminations		Total
Revenue	$	635,333	$	—	$	—	$	(1,467)	$	633,866
Cost of revenue	$	473,348	$	—	$	—	$	(1,467)	$	471,881
Gross profit	$	161,985	$	—	$	—	$	—	$	161,985
Depreciation and amortization	$	45,777	$	—	$	—	$	—	$	45,777
Total assets	$	1,277,249	$	—	$	—	$	—	$	1,277,249
Long-lived assets (1)	$	113,084	$	—	$	—	$	—	$	113,084


	Successor						Predecessor
	Three Months Ended September 30, 2025			July 30 through September 30, 2024			July 1 through July 29, 2024
SG&A expenses	$	140,485		$	103,835		$	18,645
SG&A expenses as a percentage of revenue (%)	30		%	52		%	18		%


	Successor				Predecessor
Cash flows provided by (used in):	Nine Months Ended September 30, 2025		July 30 through September 30, 2024		January 1 through July 29, 2024
Operating activities	$	45,330	$	(18,064)	$	20,439
Investing activities	(856,445)		(1,830,578)		(57,985)
Financing activities	833,867		1,418,660		7,818
Effect of exchange rate on cash	2,546		5,507		(7,877)
Net change in cash and cash equivalents	$	25,298	$	(424,475)	$	(37,605)


Exhibit No.						Description
2.1						Agreement and Plan of Merger, dated May 14, 2025 (incorporated by reference to the Company’s Current Report on Form 8-K filed on May 15, 2025).
10.1						Second Amendment to Credit Agreement, dated August 4, 2025 (incorporated by reference to the Company’s Current Report on Form 8-K filed on August 4, 2025).
10.2						TIC Solutions, Inc. (f/k/a Acuren Corporation) 2025 Employee Stock Purchase Plan (incorporated by reference to Exhibit 99.1 to the registrant’s Registration Statement on Form S-8 effective March 27, 2025 (File No. 333-286171)).
10.3						Separation Agreement Between Rockwood Canada Shared Services Inc. and Fiona Sutherland (incorporated by reference to the Company’s Registration Statement on Form S-1 filed on October 10, 2025).
31.1*						Certification by Talman Pizzey, Chief Executive Officer, pursuant to Exchange Act Rules 13a-14 and 15d-14 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*						Certification by Kristin Schultes, Chief Financial Officer, pursuant to Exchange Act Rules 13a-14 and 15d-14 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1**						Certification by Talman Pizzey, Chief Executive Officer, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2**						Certification by Kristin Schultes, Chief Financial Officer, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*						Inline XBRL Instance Document.
101.SCH*						Inline XBRL Taxonomy Extension Schema Document.
101.DEF*						Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.CAL*						Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.LAB*						Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE*						Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104*						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

Date	Price Target	Rating	Analyst
10/10/2025	$15.00	Neutral	Robert W. Baird
8/28/2025	$16.00	Buy	Jefferies
3/21/2025	$13.00	Neutral	UBS