First Advantage Corp 2025年季度报告

FORM10-Q (Mark One)☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934 For the quarterly period endedSeptember 30,2025 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934 For the transition period fromtoCommission File Number:001-31666 First Advantage Corporation(Exact Name of Registrant as Specified in its Charter) (678)868-4151 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) hasbeen 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 toRule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was requiredto 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 reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and“emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer☒Non-accelerated filer☐Emerging growth company☐ Accelerated filer☐Smaller reporting company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying 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☒Asof October 31, 2025, the registrant had174,114,958shares of common stock, $0.001 par value per share, outstanding. Table of Contents PART I.FINANCIAL INFORMATION Item 1.Financial Statements (Unaudited)Condensed Consolidated Balance SheetsCondensed Consolidated Statements of Operations and Comprehensive LossCondensed Consolidated Statements of Cash FlowsCondensed Consolidated Statements of Changes in Stockholders’ EquityNotes to Unaudited Condensed 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 II.OTHER INFORMATION Item 1.Legal ProceedingsItem 1A.Risk FactorsItem 2.Unregistered Sales of Equity Securities and Use of ProceedsItem 3.Defaults Upon Senior SecuritiesItem 4.Mine Safety DisclosuresItem 5.Other InformationItem 6.ExhibitsSignatures PART I—FINANCIAL INFORMATION First Advantage CorporationCondensed Consolidated Balance Sheets(Unaudited) First Advantage CorporationCondensed Consolidated Statements of Operations and Comprehensive Loss(Unaudited) First Advantage CorporationCondensed Consolidated Statements of Cash Flows(Unaudited) First Advantage CorporationCondensed ConsolidatedStatements of Changes in Stockholders’ Equity(Unaudited) First Advantage CorporationCondensed Consolidated Statements of Changes in Stockholders’ Equity (Continued)(Unaudited) First Advantage CorporationNotes to Unaudited Condensed Consolidated Financial Statements Note 1. Organization, Nature of Business, and Basis of Presentation First Advantage Corporation, a Delaware corporation, was formed on November 15, 2019. Hereafter, First Advantage Corporationand its subsidiaries will collectively be referred to as the “Company.” The Company derives its revenues from a variety of background check and compliance services performed across all phases of theworkforce lifecycle from pre-onboarding services to post-onboarding and ongoing monitoring services, covering employees,contractors, contingent workers, tenants, and drivers. We generally classify our service offerings into three categories: pre-onboarding, post-onboarding, and adjacent products. Pre-onboarding services are comprised of an extensive array of products and solutions that customers typically utilize to enhancetheir evaluation process and support compliance from the time a job or other application is submitted to a successful candidate’sonboarding date. This includes searches such as criminal background checks, drug / health screenings, extended workforcescreening, biometrics and identity checks, education / workforce verification, driver records and compliance, healthcare credentials,and executive screening. Post-onboarding services are comprised of continuous monitoring and re-screening solutions, which are important tools to help ourcustomers keep their end customers, workforces, and o