LFMD 10-Q report for 2025-09-30

LFMD 10-Q report for 2025-09-30 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2025 or ☐ 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: 001-39785 LIFEMD, INC. (Exact name of registrant as specified in its charter) Delaware 76-0238453 (State or other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification No.) 236 Fifth Avenue , Suite 400 New York , New York 10001 (Address of Principal Executive Offices) (Zip Code) (866) 351-5907 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading symbol(s) Name of exchange on which registered Common Stock, par value $.01 per share LFMD The Nasdaq Global Market 8.875% Series A Cumulative Perpetual Preferred Stock, par value $0.0001 per share LFMDP The Nasdaq Global Market 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, or a small reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” a “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 Exchange Act). Yes ☐ No ☒ As of November 14, 2025, there were 48,135,885 shares of the registrant’s common stock outstanding. LIFEMD, INC. FORM 10-Q FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2025 TABLE OF CONTENTS Page PART I. FINANCIAL INFORMATION 3 ITEM 1. Financial Statements (unaudited) 3 Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Operations 4 Condensed Consolidated Statements of Stockholders’ Equity (Deficit) 5 Condensed Consolidated Statements of Cash Flows 7 Notes to Condensed Consolidated Financial Statements 8 ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 30 ITEM 3. Quantitative and Qualitative Disclosures about Market Risk 39 ITEM 4. Controls and Procedures 39 PART II. OTHER INFORMATION 41 ITEM 1. Legal Proceedings 41 ITEM 1A. Risk Factors 41 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 41 ITEM 3. Defaults Upon Senior Securities 41 ITEM 4. Mine Safety Disclosures 41 ITEM 5. Other Information 41 ITEM 6. Exhibits 42 SIGNATURES 43 2 PART I – FINANCIAL INFORMATION Item 1. Financial Statements LIFEMD, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) September 30, 2025 December 31, 2024 ASSETS Current Assets Cash $ 23,785,771 $ 35,004,924 Accounts receivable 9,244,321 10,854,084 Product deposit 370,518 40,763 Inventory 3,432,382 2,797,358 Other current assets 4,252,613 3,672,231 Total Current Assets 41,085,605 52,369,360 Non-current Assets Equipment, net 2,584,829 1,479,184 Right of use assets, net 5,578,992 6,400,596 Capitalized software, net 15,175,634 13,816,501 Intangible assets, net 1,558,318 2,030,656 Total Non-current Assets 24,897,773 23,726,937 Total Assets $ 65,983,378 $ 76,096,297 LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) Current Liabilities Accounts payable $ 19,554,735 $ 16,009,484 Accrued expenses 22,079,805 22,811,763 Current operating lease liabilities 673,482 508,537 Current portion of convertible long-term debt - 8,444,444 Deferred revenue 14,355,531 19,625,940 Total Current Liabilities 56,663,553 67,400,168 Long-term Liabilities Convertible long-term debt, net - 9,885,057 Noncurrent operating lease liabilities 5,851, ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 30 ITEM 3. Quantitative and Qualitative Disclosures about Market Risk 39 ITEM 4. Controls and Procedures 39 PART II. OTHER INFORMATION 41 ITEM 1. Legal Proceedings 41 ITEM 1A. Risk Factors 41 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 41 ITEM 3. Defaults Upon Senior Securities 41 ITEM 4. Mine Safety Disclosures 41 ITEM 5. Other Information 41 ITEM 6. Exhibits 42 SIGNATURES 43 2 PART I – FINANCIAL INFORMATION Item 1. Financial Statements LIFEMD, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) September 30, 2025 December 31, 2024 ASSETS Current Assets Cash $ 23,785,771 $ 35,004,924 Accounts receivable 9,244,321 10,854,084 Product deposit 370,518 40,763 Inventory 3,432,382 2,797,358 Other current assets 4,252,613 3,672,231 Total Current Assets 41,085,605 52,369,360 Non-current Assets Equipment, net 2,584,829 1,479,184 Right of use assets, net 5,578,992 6,400,596 Capitalized software, net 15,175,634 13,816,501 Intangible assets, net 1,558,318 2,030,656 Total Non-current Assets 24,897,773 23,726,937 Total Assets $ 65,983,378 $ 76,096,297 LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) Current Liabilities Accounts payable $ 19,554,735 $ 16,009,484 Accrued expenses 22,079,805 22,811,763 Current operating lease liabilities 673,482 508,537 Current portion of convertible long-term debt - 8,444,444 Deferred revenue 14,355,531 19,625,940 Total Current Liabilities 56,663,553 67,400,168 Long-term Liabilities Convertible long-term debt, net - 9,885,057 Noncurrent operating lease liabilities 5,851,673 6,265,192 Contingent consideration 100,000 100,000 Total Liabilities 62,615,226 83,650,417 Commitments and contingencies (Note 11) - Stockholders’ Equity (Deficit) Series A Preferred Stock, $ 0.0001 par value; 1,610,000 shares authorized, 1,400,000 shares issued and outstanding, liquidation value approximately, $ 35.8 million as of September 30, 2025 and December 31, 2024 140 140 Common Stock, $ 0.01 par value; 100,000,000 shares authorized, 46,686,350 and 42,293,907 shares issued, 46,583,310 and 42,190,867 outstanding as of September 30, 2025 and December 31, 2024, respectively 466,864 422,939 Additional paid-in capital 248,801,209 230,508,339 Accumulated deficit ( 247,790,178 ) ( 239,850,931 ) Treasury stock, 103,040 , at cost, as of September 30, 2025 and December 31, 2024 ( 163,701 ) ( 163,701 ) Total LifeMD, Inc. Stockholders’ Equity (Deficit) 1,314,334 ( 9,083,214 ) Non-controlling interest 2,053,818 1,529,094 Total Stockholders’ Equity (Deficit) 3,368,152 ( 7,554,120 ) Total Liabilities and Stockholders’ Equity (Deficit) $ 65,983,378 $ 76,096,297 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 3 LIFEMD, INC. CONDENSED Consolidated STATEMENTS OF OPERATIONS (Unaudited) 2025 2024 2025 2024 Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Revenues Telehealth revenue, net $ 47,279,933 $ 40,154,683 $ 147,186,714 $ 109,687,054 WorkSimpli revenue, net 12,892,537 13,117,611 39,788,325 39,650,009 Total revenues, net 60,172,470 53,272,294 186,975,039 149,337,063 Cost of revenues Cost of telehealth revenue 6,714,235 4,300,877 21,689,400 13,049,315 Cost of WorkSimpli revenue 693,678 712,664 1,793,133 1,589,318 Total cost of revenues 7,407,913 5,013,541 23,482,533 14,638,633 Gross profit 52,764,557 48,258,753 163,492,506 134,698,430 Expenses Selling and marketing expenses 29,474,490 26,611,672 87,793,648 77,164,480 General and administrative expenses 16,589,390 18,115,143 51,210,246 51,160,883 Customer service expenses 2,784,320 2,804,210 9,086,549 7,385,669 Other operating expenses 3,039,135 2,112,169 8,582,655 6,318,791 Development costs 2,846,436 2,611,833 8,265,842 7,101,655 Total expenses 54,733,771 52,255,027 164,938,940 149,131,478 Operating loss ( 1,969,214 ) ( 3,996,274 ) ( 1,446,434 ) ( 14,433,048 ) Interest expense, net ( 262,456 ) ( 558,597 ) ( 1,551,758 ) ( 1,567,743 ) Loss on debt extinguishment ( 1,155,851 ) - ( 1,155,851 ) - Net loss before income taxes ( 3,387,521 ) ( 4,554,871 ) ( 4,154,043 ) ( 16,000,791 ) Income tax expense ( 169,134 ) ( 232,523 ) ( 169,134 ) ( 232,523 ) Net income (loss) ( 3,556,655 ) ( 4,787,394 ) ( 4,323,177 ) ( 16,233,314 ) Net income (loss) attributable to non-controlling interest 249,462 ( 129,472 ) 1,286,382 237,037 Net loss attributable to LifeMD, Inc. ( 3,806,117 ) ( 4,657,922 ) ( 5,609,559 ) ( 16,470,351 ) Preferred stock dividends ( 776,563 ) ( 776,563 ) ( 2,329,688 ) ( 2,329,688 ) Net loss attributable to LifeMD, Inc. common stockholders $ ( 4,582,680 ) $ ( 5,434,485 ) $ ( 7,939,247 ) $ ( 18,800,039 ) Basic loss per share attributable to LifeMD, Inc. common stockholders $ ( 0.10 ) $ ( 0.13 ) $ ( 0.18 ) $ ( 0.46 ) Diluted loss per share attributable to LifeMD, Inc. common stockholders $ ( 0.10 ) $ ( 0.13 ) $ ( 0.18 ) $ ( 0.46 ) Weighted average number of common shares outstanding: Basic 46,162,625 42,020,965 44,575,553 40,857,344 Diluted 46,162,625 42,020,965 44,575,553 40,857,344 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 4 LIFEMD, INC. CONDENSED Consolidated STATEMENTS of CHANGES IN STOCKHOLDERS’ EQUITY (Deficit) (Unaudited) Shares Amount Shares Amount Capital Deficit Stock Total Interest Total LifeMD, Inc. Series A Preferred Stock Common Stock Additional Paid-in Accumulated Treasury Non- controlling Shares Amount Shares Amount Capital Deficit Stock Total Interest Total Balance, January 1, 2024 1,400,000 $ 140 38,358,641 $ 383,585 $ 217,550,583 $ ( 215,335,665 ) $ ( 163,701 ) $ 2,434,942 $ 1,754,107 $ 4,189,049 Stock compensation expense - - 943,375 9,434 2,534,996 - - 2,544,430 - 2,544,430 Stock issued for noncontingent consideration payment - - 95,821 958 641,042 - - 642,000 - 642,000 Exercise of stock options - - 1,250 13 7,800 - - 7,813 - 7,813 Cashless exercise of warrants - - 1,268,476 12,685 ( 12,685 ) - - - - - Cashless exercise of options - - 64,113 641 ( 641 ) - - - - - Series A Preferred Stock Dividend - - - - - ( 776,563 ) - ( 776,563 ) - ( 776,563 ) Distribution to non-controlling interest - - - - - - - - ( 302,817 ) ( 302,817 ) Net (loss) income - - - - - ( 4,135,750 ) - ( 4,135,750 ) 224,788 ( 3,910,962 ) Balance, March 31, 2024 1,400,000 $ 140 40,731,676 $ 407,316 $ 220,721,095 $ ( 220,247,978 ) $ ( 163,701 ) $ 716,872 $ 1,676,078 $ 2,392,950 Stock compensation expense - - 142,250 1,423 4,189,753 - - 4,191,176 - 4,191,176 Exercise of stock options - - 75,000 750 99,250 - - 100,000 - 100,000 Cashless exercise of stock options - - 448,664 4,487 ( 4,487 ) - - - - - Cashless exercise of warrants - - 361,982 3,620 ( 3,620 ) - - - - - Series A Preferred Stock Dividend - - - - - ( 776,562 ) - ( 776,562 ) - ( 776,562 ) Distribution to non-controlling interest - - - - - - - - ( 264,231 ) ( 264,231 ) Net (loss) income - - - - - ( 7,676,679 ) - ( 7,676,679 ) 141,721 ( 7,534,958 ) Balance, June 30, 2024 1,400,000 $ 140 41,759,572 $ 417,596 $ 225,001,991 $ ( 228,701,219 ) $ ( 163,701 ) $ ( 3,445,193 ) $ 1,553,568 $ ( 1,891,625 ) Stock compensation expense - - 150,000 1,500 2,392,735 - - 2,394,235 - 2,394,235 Series A Preferred Stock Dividend - - - - - ( 776,563 ) - ( 776,563 ) - ( 776,563 ) Distribution to non-controlling interest - - - - - - - - ( 36,000 ) ( 36,000 ) Net loss - - - - - ( 4,657,922 ) - ( 4,657,922 ) ( 129,472 ) ( 4,787,394 ) Balance, September 30,2024 1,400,000 $ 140 41,909,572 $ 419,096 $ 227,394,726 $ ( 234,135,704 ) $ ( 163,701 ) $ ( 6,485,443 ) $ 1,388,096 ( 5,097,347 ) 5 LifeMD, Inc. Series A Preferred Stock Common Stock Additional Paid-in Accumulated Treasury Non- controlling Shares Amount Shares Amount Capital Deficit Stock Total Interest Total Balance, January 1, 2025 1,400,000 $ 140 42,293,907 $ 422,939 $ 230,508,339 $ ( 239,850,931 ) $ ( 163,701 ) $ ( 9,083,214 ) $ 1,529,094 $ ( 7,554,120 ) Stock compensation expense - - 1,282,654 12,827 2,535,701 - - 2,548,528 - 2,548,528 Cashless exercise of stock options - - 56,139 561 ( 561 ) - - - - - Series A Preferred Stock Dividend - - - - - ( 776,563 ) - ( 776,563 ) - ( 776,563 ) Distribution to non-controlling interest - - - - - - - - ( 36,000 ) ( 36,000 ) Net income - - - - - ( 183,778 ) - ( 183,778 ) 531,845 348,067 Balance, March 31, 2025 1,400,000 $ 140 43,632,700 $ 436,327 $ 233,043,479 $ ( 240,811,272 ) $ ( 163,701 ) $ ( 7,495,027 ) $ 2,024,939 $ ( 5,470,088 ) Stock compensation expense - - 346,250 3,463 2,091,151 - - 2,094,614 - 2,094,614 Cashless exercise of stock options - - 50,119 501 ( 501 ) - - - - - Cashless exercise of warrants - - 390,115 3,901 ( 3,901 ) - - - - - Stock issued for debt conversion - - 672,042 6,720 993,280 - - 1,000,000 - 1,000,000 Stock issued for asset acquisition - - 50,000 500 302,500 - - 303,000 - 303,000 Series A Preferred Stock Dividend - - - - - ( 776,562 ) - ( 776,562 ) - ( 776,562 ) Distribution to non-controlling interest - - - - - - - - ( 276,119 ) ( 276,119 ) Net (loss) income - - - - - ( 1,619,664 ) - ( 1,619,664 ) 505,075 ( 1,114,589 ) Balance, June 30, 2025 1,400,000 $ 140 45,141,226 $ 451,412 $ 236,426,008 $ ( 243,207,498 ) $ ( 163,701 ) $ ( 6,493,639 ) $ 2,253,895 $ ( 4,239,744 ) Balance 1,400,000 $ 140 45,141,226 $ 451,412 $ 236,426,008 $ ( 243,207,498 ) $ ( 163,701 ) $ ( 6,493,639 ) $ 2,253,895 $ ( 4,239,744 ) Stock compensation expense - - 655,611 6,556 3,191,480 - - 3,198,036 - 3,198,036 Cashless exercise of stock options - - 25,273 253 ( 253 ) - - - - - Exercise of stock options - - 1,250 13 5,937 - - 5,950 - 5,950 Exercise of warrants - - 100,000 1,000 463,950 - - 464,950 - 464,950 Sale of common stock under ATM, net - - 762,990 7,630 8,714,087 - - 8,721,717 - 8,721,717 Series A Preferred Stock Dividend - - - - - ( 776,563 ) - ( 776,563 ) - ( 776,563 ) Distribution to non-controlling interest - - - - - - - - ( 449,539 ) ( 449,539 ) Net (loss) income - - - - - ( 3,806,117 ) - ( 3,806,117 ) 249,462 ( 3,556,655 ) Balance, September 30, 2025 1,400,000 $ 140 46,686,350 $ 466,864 $ 248,801,209 $ ( 247,790,178 ) $ ( 163,701 ) $ 1,314,334 $ 2,053,818 $ 3,368,152 Balance 1,400,000 $ 140 46,686,350 $ 466,864 $ 248,801,209 $ ( 247,790,178 ) $ ( 163,701 ) $ 1,314,334 $ 2,053,818 $ 3,368,152 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 6 LIFEMD, INC. CONDENSED Consolidated STATEMENTS OF CASH FLOWS (Unaudited) 2025 2024 Nine Months Ended September 30, 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES Net loss $ ( 4,323,177 ) $ ( 16,233,314 ) Adjustments to reconcile net loss to net cash provided by operating activities: Amortization of debt discount 234,369 301,331 Amortization of capitalized software 7,087,054 5,884,893 Amortization of intangibles 775,338 737,836 Accretion of consideration payable - 13,644 Loss on debt extinguishment 1,155,851 - Depreciation of fixed assets 609,569 321,698 Noncash operating lease expense 821,604 529,038 Stock compensation expense 7,841,178 9,129,841 Changes in Assets and Liabilities Accounts receivable 1,609,763 ( 5,222,534 ) Product deposit ( 329,755 ) 349,095 Inventory ( 635,024 ) 114,489 Other current assets ( 580,382 ) ( 2,303,495 ) Operating lease liabilities ( 248,574 ) ( 446,682 ) Deferred revenue ( 5,270,408 ) 10,874,430 Accounts payable 3,545,251 4,782,614 Accrued expenses ( 731,959 ) 7,607,005 Net cash provided by operating activities 11,560,698 16,439,889 CASH FLOWS FROM INVESTING ACTIVITIES Cash paid for capitalized software costs (a) ( 8,446,187 ) ( 7,546,346 ) Purchase of equipment ( 1,715,214 ) ( 1,265,447 ) Purchase of intangible assets - ( 3,798 ) Net cash used in investing activities ( 10,161,401 ) ( 8,815,591 ) CASH FLOWS FROM FINANCING ACTIVITIES Repayment of debt instruments ( 18,719,721 ) - Sale of common stock under ATM, net 8,721,717 - Preferred stock dividends ( 2,329,688 ) ( 2,329,688 ) Repayment of notes payable, net of prepayment penalty - ( 327,597 ) Cash proceeds from exercise of warrants 464,950 - Cash proceeds from exercise of options 5,950 107,813 Contingent consideration payments for ResumeBuild acquisition - ( 31,250 ) Distributions to non-controlling interest ( 761,658 ) ( 603,048 ) Net cash used in financing activities ( 12,618,450 ) ( 3,183,770 ) Net (decrease) increase in cash ( 11,219,153 ) 4,440,528 Cash at beginning of period 35,004,924 33,146,725 Cash at end of period $ 23,785,771 $ 37,587,253 Cash paid for interest and taxes Cash paid during the period for interest $ 1,461,032 $ 1,913,049 Cash paid during the period for taxes $ 482,471 $ 198,176 Non-cash investing and financing activities: Cashless exercise of options $ 1,315 $ 5,127 Cashless exercise of warrants $ 3,901 $ 16,305 Stock issued for debt conversion $ 1,000,000 $ - Stock issued for asset acquisiti ITEM 1A. RISK FACTORS An investment in the Company’s common stock involves a number of very significant risks. You should carefully consider the risk factors included in the “Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on March 11, 2025, in addition to other information contained in our reports and in this quarterly report in evaluating the Company and its business before purchasing shares of our common stock. There have been no material changes to our risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2024. The Company’s business, operating results and financial condition could be adversely affected due to any of those risks. ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS The following disclosures set forth certain information with respect to all securities sold by the Company during the three months ended September 30, 2025 without registration under the Securities Act: On July 23, 2025, July 24, 2025, August 14, 2025, and August 26, 2025, the Company issued 40,500, 49,000, 41,500 and 400,667 shares, respectively, of common stock for services, including vested restricted stock to employees and directors. The above transactions did not involve any underwriters, underwriting discounts or commissions, or any public offering. The Company relied upon the exemption from the registration requirements of the Securities Act by virtue of Section 4(a)(2) thereof and/or Regulation D promulgated by the SEC under the Securities Act. ITEM 3. DEFAULTS UPON SENIOR SECURITIES None. ITEM 4. MINE SAFETY DISCLOSURES Not Applicable. ITEM 5. OTHER INFORMATION On August 22, 2025 , Eric Yecies , Chief Legal Officer and General Counsel , adopted a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense of Rule 10b5-1(c) for the sale of up to 200,000 shares of the Company’s common stock, at various limit prices above the current market price of the Company’s common stock as of the plan adoption date, with such transactions to occur during sale periods beginning on or after November 21, 2025 and ending on the earlier of December 31, 2026 or the date on which all shares authorized for sale have been sold in conformance with the terms of the arrangement. As described in Part 1, Item 4. Controls and Procedures, we have identified an additional material weakness in our internal control over financial reporting as of September 30, 2025. We have concluded that this material weakness also existed as of December 31, 2024, March 31, 2025 and June 30, 2025. Accordingly, the previous conclusion included in Item 9A of our Form 10-K filed with the Securities and Exchange Commission on March 11, 2025 that our disclosure controls and procedures and internal control over financial reporting were ineffective is hereby updated to include this additional material weakness. Also, the previous conclusions included in Item 4 of our Forms 10-Q filed with the Securities and Exchange Commission on May 6, 2025 and August 5, 2025 that our disclosure controls and procedures was ineffective is hereby updated to also include this additional material weakness. 41 ITEM 6. EXHIBITS Incorporated by Reference Exhibit Number Exhibit Description Form Exhibit Filing Date/Period End Date 31.1* Rule 13a-14(a) / 15d-14(a) Certification of Chief Executive Officer. 31.2* Rule 13a-14(a) / 15d-14(a) Certification of Chief Financial Officer. 32.1** Section 1350 Certification of Chief Executive Officer. 32.2** Section 1350 Certification of Chief Financial Officer. 101.INS* Inline XBRL Instance Document 101.SCH* Inline XBRL Taxonomy Extension Schema Document 101.CAL* Inline XBRL Taxonomy Extension Calculation Linkbase Document 101.DEF* Inline XBRL Taxonomy Extension Definition 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.INS) # Indicat Results of Operations 30 ITEM 3. Quantitative and Qualitative Disclosures about Market Risk 39 ITEM 4. Controls and Procedures 39 PART II. OTHER INFORMATION 41 ITEM 1. Legal Proceedings 41 ITEM 1A. Risk Factors 41 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 41 ITEM 3. Defaults Upon Senior Securities 41 ITEM 4. Mine Safety Disclosures 41 ITEM 5. Other Information 41 ITEM 6. Exhibits 42 SIGNATURES 43 2 PART I – FINANCIAL INFORMATION Item 1. Financial Statements LIFEMD, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) September 30, 2025 December 31, 2024 ASSETS Current Assets Cash $ 23,785,771 $ 35,004,924 Accounts receivable 9,244,321 10,854,084 Product deposit 370,518 40,763 Inventory 3,432,382 2,797,358 Other current assets 4,252,613 3,672,231 Total Current Assets 41,085,605 52,369,360 Non-current Assets Equipment, net 2,584,829 1,479,184 Right of use assets, net 5,578,992 6,400,596 Capitalized software, net 15,175,634 13,816,501 Intangible assets, net 1,558,318 2,030,656 Total Non-current Assets 24,897,773 23,726,937 Total Assets $ 65,983,378 $ 76,096,297 LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) Current Liabilities Accounts payable $ 19,554,735 $ 16,009,484 Accrued expenses 22,079,805 22,811,763 Current operating lease liabilities 673,482 508,537 Current portion of convertible long-term debt - 8,444,444 Deferred revenue 14,355,531 19,625,940 Total Current Liabilities 56,663,553 67,400,168 Long-term Liabilities Convertible long-term debt, net - 9,885,057 Noncurrent operating lease liabilities 5,851,673 6,265,192 Contingent consideration 100,000 100,000 Total Liabilities 62,615,226 83,650,417 Commitments and contingencies (Note 11) - Stockholders’ Equity (Deficit) Series A Preferred Stock, $ 0.0001 par value; 1,610,000 shares authorized, 1,400,000 shares issued and outstanding, liquidation value approximately, $ 35.8 million as of September 30, 2025 and December 31, 2024 140 140 Common Stock, $ 0.01 par value; 100,000,000 shares authorized, 46,686,350 and 42,293,907 shares issued, 46,583,310 and 42,190,867 outstanding as of September 30, 2025 and December 31, 2024, respectively 466,864 422,939 Additional paid-in capital 248,801,209 230,508,339 Accumulated deficit ( 247,790,178 ) ( 239,850,931 ) Treasury stock, 103,040 , at cost, as of September 30, 2025 and December 31, 2024 ( 163,701 ) ( 163,701 ) Total LifeMD, Inc. Stockholders’ Equity (Deficit) 1,314,334 ( 9,083,214 ) Non-controlling interest 2,053,818 1,529,094 Total Stockholders’ Equity (Deficit) 3,368,152 ( 7,554,120 ) Total Liabilities and Stockholders’ Equity (Deficit) $ 65,983,378 $ 76,096,297 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 3 LIFEMD, INC. CONDENSED Consolidated STATEMENTS OF OPERATIONS (Unaudited) 2025 2024 2025 2024 Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Revenues Telehealth revenue, net $ 47,279,933 $ 40,154,683 $ 147,186,714 $ 109,687,054 WorkSimpli revenue, net 12,892,537 13,117,611 39,788,325 39,650,009 Total revenues, net 60,172,470 53,272,294 186,975,039 149,337,063 Cost of revenues Cost of telehealth revenue 6,714,235 4,300,877 21,689,400 13,049,315 Cost of WorkSimpli revenue 693,678 712,664 1,793,133 1,589,318 Total cost of revenues 7,407,913 5,013,541 23,482,533 14,638,633 Gross profit 52,764,557 48,258,753 163,492,506 134,698,430 Expenses Selling and marketing expenses 29,474,490 26,611,672 87,793,648 77,164,480 General and administrative expenses 16,589,390 18,115,143 51,210,246 51,160,883 Customer service expenses 2,784,320 2,804,210 9,086,549 7,385,669 Other operating expenses 3,039,135 2,112,169 8,582,655 6,318,791 Development costs 2,846,436 2,611,833 8,265,842 7,101,655 Total expenses 54,733,771 52,255,027 164,938,940 149,131,478 Operating loss ( 1,969,214 ) ( 3,996,274 ) ( 1,446,434 ) ( 14,433,048 ) Interest expense, net ( 262,456 ) ( 558,597 ) ( 1,551,758 ) ( 1,567,743 ) Loss on debt extinguishment ( 1,155,851 ) - ( 1,155,851 ) - Net loss before income taxes ( 3,387,521 ) ( 4,554,871 ) ( 4,154,043 ) ( 16,000,791 ) Income tax expense ( 169,134 ) ( 232,523 ) ( 169,134 ) ( 232,523 ) Net income (loss) ( 3,556,655 ) ( 4,787,394 ) ( 4,323,177 ) ( 16,233,314 ) Net income (loss) attributable to non-controlling interest 249,462 ( 129,472 ) 1,286,382 237,037 Net loss attributable to LifeMD, Inc. ( 3,806,117 ) ( 4,657,922 ) ( 5,609,559 ) ( 16,470,351 ) Preferred stock dividends ( 776,563 ) ( 776,563 ) ( 2,329,688 ) ( 2,329,688 ) Net loss attributable to LifeMD, Inc. common stockholders $ ( 4,582,680 ) $ ( 5,434,485 ) $ ( 7,939,247 ) $ ( 18,800,039 ) Basic loss per share attributable to LifeMD, Inc. common stockholders $ ( 0.10 ) $ ( 0.13 ) $ ( 0.18 ) $ ( 0.46 ) Diluted loss per share attributable to LifeMD, Inc. common stockholders $ ( 0.10 ) $ ( 0.13 ) $ ( 0.18 ) $ ( 0.46 ) Weighted average number of common shares outstanding: Basic 46,162,625 42,020,965 44,575,553 40,857,344 Diluted 46,162,625 42,020,965 44,575,553 40,857,344 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 4 LIFEMD, INC. CONDENSED Consolidated STATEMENTS of CHANGES IN STOCKHOLDERS’ EQUITY (Deficit) (Unaudited) Shares Amount Shares Amount Capital Deficit Stock Total Interest Total LifeMD, Inc. Series A Preferred Stock Common Stock Additional Paid-in Accumulated Treasury Non- controlling Shares Amount Shares Amount Capital Deficit Stock Total Interest Total Balance, January 1, 2024 1,400,000 $ 140 38,358,641 $ 383,585 $ 217,550,583 $ ( 215,335,665 ) $ ( 163,701 ) $ 2,434,942 $ 1,754,107 $ 4,189,049 Stock compensation expense - - 943,375 9,434 2,534,996 - - 2,544,430 - 2,544,430 Stock issued for noncontingent consideration payment - - 95,821 958 641,042 - - 642,000 - 642,000 Exercise of stock options - - 1,250 13 7,800 - - 7,813 - 7,813 Cashless exercise of warrants - - 1,268,476 12,685 ( 12,685 ) - - - - - Cashless exercise of options - - 64,113 641 ( 641 ) - - - - - Series A Preferred Stock Dividend - - - - - ( 776,563 ) - ( 776,563 ) - ( 776,563 ) Distribution to non-controlling interest - - - - - - - - ( 302,817 ) ( 302,817 ) Net (loss) income - - - - - ( 4,135,750 ) - ( 4,135,750 ) 224,788 ( 3,910,962 ) Balance, March 31, 2024 1,400,000 $ 140 40,731,676 $ 407,316 $ 220,721,095 $ ( 220,247,978 ) $ ( 163,701 ) $ 716,872 $ 1,676,078 $ 2,392,950 Stock compensation expense - - 142,250 1,423 4,189,753 - - 4,191,176 - 4,191,176 Exercise of stock options - - 75,000 750 99,250 - - 100,000 - 100,000 Cashless exercise of stock options - - 448,664 4,487 ( 4,487 ) - - - - - Cashless exercise of warrants - - 361,982 3,620 ( 3,620 ) - - - - - Series A Preferred Stock Dividend - - - - - ( 776,562 ) - ( 776,562 ) - ( 776,562 ) Distribution to non-controlling interest - - - - - - - - ( 264,231 ) ( 264,231 ) Net (loss) income - - - - - ( 7,676,679 ) - ( 7,676,679 ) 141,721 ( 7,534,958 ) Balance, June 30, 2024 1,400,000 $ 140 41,759,572 $ 417,596 $ 225,001,991 $ ( 228,701,219 ) $ ( 163,701 ) $ ( 3,445,193 ) $ 1,553,568 $ ( 1,891,625 ) Stock compensation expense - - 150,000 1,500 2,392,735 - - 2,394,235 - 2,394,235 Series A Preferred Stock Dividend - - - - - ( 776,563 ) - ( 776,563 ) - ( 776,563 ) Distribution to non-controlling interest - - - - - - - - ( 36,000 ) ( 36,000 ) Net loss - - - -

The provided excerpt is only the Form 10‑Q cover page for GE Vernova Inc. (GEV) for quarter ended 2026‑06‑30, with no financial statements, MD&A, segment results, guidance, backlog, risks, or other performance details included. As-is, it contains almost no trade-relevant incremental information beyond confirming the filing/period and listing details.

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