Financial Statements — BAER
Balance Sheet
(in millions USD)| Metric | Q1
2026 | Q3
2025 | Q2
2025 | Q1
2025 | Q3
2024 | Q2
2024 | Q1
2024 | Q3
2023 | Q2
2023 | Q1
2023 |
|---|
| Cash & Equivalents | 9.00 | 55.12 | 17.04 | 22.35 | 33.33 | 8.53 | 6.78 | 19.38 | 0.84 | 2.29 |
| Accounts Receivable | -- | -- | -- | -- | -- | -- | -- | -- | 11.82 | 0.37 |
| Total Current Assets | 19.22 | 88.19 | 53.58 | 46.39 | 74.31 | 38.91 | 25.21 | 63.78 | 41.19 | 48.89 |
| Property, Plant & Equipment | 222.00 | 179.70 | 181.78 | 184.55 | 185.39 | 195.39 | 195.87 | 198.47 | 202.05 | 203.42 |
| Goodwill | 20.89 | 20.89 | 20.89 | 20.89 | 24.81 | 24.74 | 13.16 | 13.13 | 2.46 | 2.46 |
| Intangible Assets | 5.91 | 6.00 | 6.06 | 6.05 | 6.22 | 6.37 | 2.02 | 1.43 | 0.16 | 0.18 |
| Total Non-current Assets* | 295.15 | 222.79 | 225.46 | 229.22 | 233.00 | 242.79 | 227.22 | 226.93 | 212.25 | 212.80 |
| Total Assets | 314.37 | 310.99 | 279.04 | 275.60 | 307.31 | 281.71 | 252.43 | 290.71 | 253.44 | 261.69 |
| Accounts Payable | 9.65 | 11.05 | 13.17 | 9.77 | 13.57 | 16.18 | 11.96 | 10.54 | 7.82 | 13.06 |
| Total Current Liabilities | 21.34 | 22.35 | 24.65 | 21.20 | 21.75 | 24.93 | 20.07 | 15.36 | 16.87 | 19.04 |
| Long-term Debt | 215.90 | 200.40 | 201.02 | 201.86 | 203.05 | 203.59 | 204.12 | 205.22 | 205.06 | 205.24 |
| Total Non-current Liabilities* | 258.86 | 210.72 | 212.00 | 215.03 | 216.22 | 217.55 | 220.00 | 224.81 | 213.38 | 211.79 |
| Total Liabilities | 280.20 | 233.06 | 236.65 | 236.23 | 237.96 | 242.48 | 240.07 | 240.17 | 230.25 | 230.83 |
| Retained Earnings | (456.40) | (409.95) | (444.47) | (444.78) | (416.39) | (443.74) | (433.76) | (382.57) | (400.05) | (381.03) |
| Total Stockholder Equity | (380.12) | (322.39) | (350.99) | (347.37) | (304.35) | (328.00) | (348.67) | (298.24) | (319.55) | (306.07) |
* Derived from reported values
Income Statement
(in millions USD) (except per-share rows)| Metric | Q1
2026 | Q4
2025 | Q3
2025 | Q2
2025 | Q1
2025 | Q4
2024 | Q3
2024 | Q2
2024 | Q1
2024 | Q4
2023 | Q3
2023 | Q2
2023 | Q1
2023 |
|---|
| Total Revenue | 8.51 | 8.55 | 67.89 | 30.75 | 15.65 | 15.59 | 64.51 | 13.01 | 5.51 | 1.11 | 53.62 | 11.62 | 0.37 |
| Cost of Revenue | 17.05 | 14.11 | 21.13 | 18.70 | 17.21 | 15.40 | 23.00 | 9.87 | 9.21 | 8.37 | 15.21 | 10.51 | 7.25 |
| Gross Profit | (8.54) | (5.56) | 46.75 | 12.05 | (1.56) | 0.18 | 41.51 | 3.15 | (3.70) | (7.26) | 38.41 | 1.11 | (6.88) |
| Selling, General & Admin | 16.73 | 13.45 | 7.72 | 6.52 | 8.59 | 7.67 | 8.64 | 7.90 | 11.61 | 18.62 | 15.83 | 15.19 | 33.23 |
| Total Operating Expenses | -- | -- | 7.72 | 6.52 | 8.59 | 7.67 | 15.83 | 7.90 | 11.61 | 18.62 | 18.06 | 5.74 | 33.23 |
| Operating Income | -- | -- | 39.03 | 5.53 | (10.15) | (7.48) | 32.87 | (4.75) | (15.31) | (25.88) | 22.58 | (14.08) | (40.11) |
| Interest Expense | -- | -- | -- | -- | -- | -- | -- | -- | 5.92 | 6.04 | 5.97 | 5.54 | 5.66 |
| Pretax Income | (31.28) | (14.96) | 33.68 | 0.49 | (15.29) | (13.14) | 27.35 | (10.46) | (20.07) | (31.13) | -- | -- | -- |
| Tax Provision | 0.03 | 0.19 | (0.84) | 0.18 | 0.25 | (0.29) | 0.00 | (0.48) | 0.01 | 0.01 | (0.31) | -- | -- |
| Net Income | (31.30) | (15.15) | 34.52 | 0.31 | (15.54) | (12.84) | 27.35 | (9.98) | (20.09) | (31.14) | 17.49 | (19.02) | (44.68) |
| Basic EPS | (0.69) | (0.39) | 0.50 | (0.12) | (0.41) | (0.32) | 0.39 | (0.33) | (0.55) | (0.87) | 0.25 | (0.55) | 1.36 |
| Diluted EPS | (0.69) | (0.26) | 0.37 | (0.12) | (0.41) | (0.24) | 0.31 | (0.33) | (0.55) | (0.28) | 0.15 | (0.55) | 0.79 |
Cash Flow Statement
(in millions USD)| Metric | Q1
2026 | Q4
2025 | Q3
2025 | Q2
2025 | Q1
2025 | Q4
2024 | Q3
2024 | Q2
2024 | Q1
2024 | Q4
2023 | Q3
2023 | Q2
2023 | Q1
2023 |
|---|
| Operating Cash Flow | (21.12) | (8.03) | 40.98 | 1.44 | (17.66) | 51.52 | 0.20 | (22.60) | (19.76) | 14.68 | 11.95 | (16.79) | (36.65) |
| Capital Expenditures | 5.70 | 70.37 | 6.33 | 0.93 | 3.31 | 0.99 | 1.15 | 0.99 | 0.96 | 2.68 | 5.53 | 1.36 | 11.17 |
| Free Cash Flow* | (26.81) | (78.40) | 34.64 | 0.52 | (20.97) | 50.53 | (0.95) | (23.59) | (20.72) | 12.00 | 6.43 | (18.15) | (47.82) |
| Investing Cash Flow | (5.98) | (23.93) | (6.63) | (1.25) | (2.64) | 1.98 | (1.37) | 1.66 | (0.21) | (8.69) | 7.29 | 15.61 | 12.96 |
| Financing Cash Flow | 4.76 | (1.46) | (0.85) | (0.85) | (1.16) | (0.73) | (1.31) | 7.61 | (0.90) | (0.73) | (0.61) | (0.42) | (4.08) |
* Derived from reported values
