P10 Inc-A 2025年季度报告

FORM10-Q 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 thepreceding 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 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, smaller reporting company, or an emerginggrowth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2of the Exchange Act. 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 revisedfinancial 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 May 5, 2025, there were77,530,125shares of the registrant's Class A common stock and34,594,351shares of the Registrant's Class B common stock, issuedand outstanding. Table of Contents PART IFINANCIAL INFORMATION Item 1.Financial Statements (Unaudited)Consolidated Balance Sheets Consolidated Statements of Operations Consolidated Statements of Changes in Equity Consolidated Statements of Cash FlowsNotes to Unaudited Consolidated Financial StatementsItem 2.Management's Discussion and Analysis of Financial Condition and Results of OperationsItem 3.Quantitative and Qualitative Disclosures About Market RiskItem 4.Controls and Procedures PART IIOTHER INFORMATION Item 1.Legal Proceedings Item 1A.Risk FactorsItem 2.Unregistered Sales of Equity Securities and Use of ProceedsItem 5.Other InformationItem 6.ExhibitsSignatures P10, Inc.Consolidated Balance Sheets(in thousands, except share amounts) P10, Inc.Consolidated Statements of Operations(Unaudited, in thousands except per share amounts) P10, Inc.Consolidated Statements of Changes in Equity(Unaudited, in thousands) P10, Inc.Consolidated Statements of Cash Flows(Unaudited, in thousands) For the Three MonthsEnded March 31, CASH FLOWS FROM OPERATING ACTIVITIES P10, Inc.Consolidated Statements of Cash Flows(Unaudited, in thousands) Notes to Consolidated Financial Statements(Unaudited, dollar amounts in tables stated in thousands except per share amounts) Note 1.Description of Business Description of Business On October 20, 2021, P10 Holdings, Inc. ("P10 Holdings"), in connection with its Initial Public Offering ("IPO"), completeda reorganization and restructure. In connection with the reorganization, P10, Inc. ("P10") became the parent company and all of theexisting equity of P10 Holdings, and its consolidated subsidiaries. The offering and reorganization included a reverse stock split of Following the reorganization and IPO, P10 has two classes of common stock, Class A common stock and Class B commonstock. Each share of Class B common stock is entitled to ten votes while each share of Class A common stock is entitled to one P10, Inc. and its consolidated subsidiaries (the “Company”) operate as a multi-asset class private market solutions provider inthe alternative asset management industry. Our mission is to provide our investors differentiated access to a broad set of solutionsand investment vehicles across a multitude of asset classes and geographies. Our existing portfolio of solutions across privateequity, venture capital, private credit and impact investing support our mission by offering a comprehensive set of investment The direct and indirect subsidiaries of the Company include P10 Holdings, P10 Intermediate Holdings, LLC (“P10Intermediate”), which owns the subsidiaries P10 RCP Holdco, LLC (“Holdco”), Five Points Capital, Inc. (“Five Points”),TrueBridge Capital Partners, LLC (“TrueBridge”), Enhanced Capital Group, LLC (“ECG”), Bonaccord Capital Advisors, LLC("Bonaccord"), Hark Capital Advisors, LLC ("Hark"), P10 Advisors, LLC ("P10 Advisors"), and Western Technology Investment Prior to November 19, 2016, P10, formerly Active Power, Inc. designed, manufactured, sold, and serviced flywheel-baseduninterruptible power supply products and serviced modular infrastructure solutions. On November 19, 2016, we completed thesale of substantially all our assets and liabilities and operations to Langley Holdings plc, a United Kingdom public limitedcompany. Following the sale, we changed our name from Active Power, Inc. to P10 Industries, Inc. and became a non-operatingcompany focused on monetizing our retained intellectual property and acquiring profitable businesses. For the period fromDecember 2016 through September 2017, our business primarily cons