Public Policy Holding Company, Inc.

Listed Company

PPHCCIK 0001903508NasdaqNon-AcceleratedEmerging GrowthServices-Management Consulting ServicesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$186.54M

Net Income

$-39.00M

Total Assets

$202.55M

Equity

$74.90M

Shares Out

28.93M

Op. Cash Flow

$24.77M

Business

Public Policy Holding Company, Inc. is a publicly listed company in Management Consulting Services, incorporated in Delaware. Common stock trades on Nasdaq under the ticker PPHC.

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Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31
Revenue	187	150
Salaries and other personnel costs	161	127
Office and other direct costs	7	6
Cost of services	168	132
Salaries, general and administrative	32	27
Mergers and acquisitions expense	837,000	2
Depreciation and amortization expense	6	4
Loss on impairment of intangible assets	3	0
Loss on impairment of goodwill	6	0
Change in fair value of contingent consideration	5	2
Total operating expenses	220	168
Loss from operations	−34	−18
Gain on bargain purchase	2	2
Interest income	81,000	177,000
Interest expense	−3	−2
Other income, net	589,000	0
Net loss before income taxes	−35	−17
Income tax expense	−4	−7
Net loss	−39	−24
Net loss per share attributable to common stockholders, Basic (usd per share)	−2.37	−2.34
Net loss per share attributable to common stockholders, Diluted (in usd per share)	−2.37	−2.34
Basic (in shares)	17	13
Diluted (in shares)	17	13
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent	2	−536,000
Total comprehensive loss	−37	−24

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31
Cash and cash equivalents	20	15	—
Contract receivables, net	22	18	—
Notes receivable - related parties, current portion	750,000	863,000	—
Income taxes receivable	2	3	—
Prepaid post-combination compensation, current portion	4	6	—
Prepaid expenses and other current assets	10	3	—
Amounts due from related parties	266,000	0	—
Total current assets	59	46	—
Property and equipment at cost, less accumulated depreciation	598,000	751,000	—
Notes receivable - related parties, long term	900,000	1	—
Operating lease right of use asset	19	18	—
Goodwill	57	64	48
Other intangible assets, net of accumulated amortization	37	32	—
Deferred income tax asset	25	11	—
Prepaid post-combination compensation, long term	5	888,000	—
Other long-term assets	276,000	189,000	—
TOTAL ASSETS	203	174	—
Accounts payable and accrued expenses	31	20	—
Deferred revenue	3	3	—
Operating lease liability, current portion	5	5	—
Contingent consideration, current portion	3	2	—
Notes payable, current portion, net	9	6	—
Total current liabilities	53	38	—
Notes payable, long term, net	38	26	—
Contingent consideration, long term	10	9	—
Other liability, long term	11	4	—
Operating lease liability, long term	17	17	—
Total liabilities	128	93	—
Common stock, $0.001 par value, 1,000,000,000 shares authorized, 25,174,492 and 24,017,599 shares issued and outstanding as of December 31, 2025, and 2024, respectively	24,000	23,000	—
Additional paid-in capital	237	197	—
Accumulated deficit	−163	−116	—
Accumulated other comprehensive income (loss)	1	−536,000	—
Total stockholders equity	75	81	82
TOTAL LIABILITIES AND EQUITY	203	174	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31
Depreciation	192,000	136,000
Amortization expense - intangibles	6	5
Amortization of right of use assets	5	4
Amortization of prepaid post-combination compensation	9	5
Accretion of other liability	8	4
Amortization of debt discount	236,000	182,000
Provision for deferred income taxes	−3	−1
Share-based accounting charge	30	32
Credit losses on accounts receivable	2	0
Impairment of goodwill and other intangible assets	9	0
Employee loan forgiveness	250,000	0
Accounts receivable	−5	−3
Prepaid post-combination expense	−10	−5
Prepaid expenses and other assets	−1	573,000
Accounts payable and accrued expenses	6	−2
Income taxes payable and receivable	1	−2
Deferred revenue	149,000	959,000
Contingent consideration	−4,000	−269,000
Operating lease liability	−6	−4
Other liabilities	−2	−982,000
Transactions with members and related parties	−822,000	2
Net Cash Provided by Operating Activities	25	16
Purchases of property and equipment	−11,000	−56,000
Proceeds issued for notes receivable - related parties	−500,000	0
Proceeds received for notes receivable - related parties	0	350,000
Cash paid for acquisitions, net of cash acquired	−21	−20
Net Cash Used in Investing Activities	−22	−19
Proceeds from notes payable	24	25
Payment of debt issuance costs	−128,000	−215,000
Payment of deferred equity offering costs	−3	0
Principal payment of note payable	−9	−4
Payment of contingent considerations	−582,000	−750,000
Dividends paid	−9	−17
Net Cash Provided by Financing Activities	3	3
Effect of foreign exchange rate changes on cash and cash equivalents	156,000	−54,000
Net Change in Cash and Cash Equivalents	6	195,000
Cash paid for interest	3	2
Cash paid for income taxes	6	10
Common stock received for repayment of note receivable with Alpine Group	532,000	0
Right of use assets obtained with lease liabilities	4	797,000
Right of use assets obtained with business combinations	2	268,000
Contingent consideration issued for acquisitions	0	4
Common stock issued for acquisitions	1	1
Accrued deferred equity offering costs	3	0
Stock issued for settlement of contingent consideration	0	691,000

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