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Friday, November 14, 2025 THIRD QUARTER 2025 EARNINGS PRESENTATION OTC: CDIX
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FORWARD LOOKING STATEMENTS This presentation does not constitute or form part of and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or subscribe for securities of Cardiff Lexington (the “Company”) in any jurisdiction or an inducement to enter into investment activity. No part of this presentation, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. No securities commission or similar authority of the United States or any other jurisdiction has reviewed or in any way passed upon this presentation or the merits of the securities described herein, and any representation to the contrary is an offence. This presentation does not contain all of the information that would normally appear in a prospectus or registration statement under applicable United States securities laws. Readers should not construe the contents of this presentation as investment, legal, tax, regulatory, financial or accounting advice and are urged to consult with their own advisers in relation to such matters. The Company does not make any representation or warranty (express or implied) as to the accuracy or completeness of the information in this presentation. Except as may be required by applicable law, the Company expressly disclaims any obligation to update any of the information contained herein or to inform readers of any matters of which it becomes aware that may affect any matter referred to in this presentation. Certain information in this presentation is based on management estimates. Such estimates have been made in good faith and represent the current beliefs of management. Management believes that such estimates are founded on reasonable grounds. However, by their nature, estimates may not be correct or complete. Accordingly, no representation or warranty (express or implied) is given that such estimates are correct or complete. Market data and certain industry data and forecasts included in this presentation were obtained from internal company surveys, market research, publicly available information, reports of governmental agencies and industry publications and surveys. Where this presentation quotes any information or data from any third-party source, it should not be interpreted that the Company has adopted or endorsed such information or data as being accurate. The Company has not independently verified any of such information from third-party sources or any underlying assumptions. Accordingly, the Company makes no representation or warranty (express or implied) on the fairness, accuracy, completeness or correctness of any such third-party information. This presentation contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward- looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities. You can identify forward-looking statements as those statements that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including those described under the heading “Risk Factors” in the registration statements and reports that we file with the U.S. Securities and Exchange Commission. These and other factors may cause our actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this document and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this document and other statements made from time to time by us or our representatives might not occur. Past performance is not indicative of future results. There is no guarantee that any specific outcome will be achieved. 2 This presentation contains specifically identified non-GAAP financial measures, which supplement the results that are reported according to GAAP. These non-GAAP financial measures may be useful to investors but should not be viewed in isolation from, or as a substitute for, GAAP results. Differences between non-GAAP financial measures and comparable GAAP financial measures are reconciled in the presentation.
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THIRD QUARTER 2025 HIGHLIGHTS 3 • Revenue growth of 125.6% to $3.1M compared with 3Q24* • Gross margin increased to 62.4% compared with 26.1% in 3Q24* • Profitability in 3Q25 and YTD; 3Q25 adjusted EBITDA** of $663K and YTD Adjusted EBITDA** of $1.9M • Pursuing strategic M&A opportunities to complement organic growth *3Q24 revenue included a $1.7 million one-time charge to revenue for a change in accounting estimate of the billing settlement realization rate **Adjusted EBITDA is a non-GAAP metric that is reconciled to GAAP net income in the appendix of this presentation $1.4M $3.1M 3Q24 3Q25 Revenue 26.1% 62.4% 3Q24 3Q25 Gross Margin
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NOVA ORTHO & SPINE AT A GLANCE CAPACITY FOR SUBSTANTIAL ORGANIC GROWTH • All locations collectively operating at only 35% capacity HIGH DEMAND • Nova Ortho and Spine currently sees approximately 165-185 patients per month across 12 locations • Robust referral network 4 FULFILLING THE NEEDS OF AN UNDERSERVED MARKET • No dependence on CMS (Medicare/Medicaid) or health insurance companies (HMOs or Blue Cross) for reimbursement • Payor mix is almost exclusively comprised of automotive insurance companies, general liability carriers, and private pay ATTRACTIVE ECONOMIC MODEL • Longer A/R gestation period (typically 18 -24 months) is accounted for in pricing of patient care • 95%+ collection rate over past three years • Management team with 25+ years' experience operating primary, specialty and ancillary care facilities PROVEN EXPERTISE
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12 Nova Ortho & Spine locations strategically positioned in population centers throughout Florida and Georgia with plans to expand to broader southeast US STRONG AND GROWING MARKET PRESENCE 51Law.com; New Study Finds Florida Has the Most Personal Injury Cases Per Capita. Is New Bad Faith Law to Blame? • Okeechobee (FL) • Fort Pierce (FL) • Vero Beach (FL) • Palm Bay (FL) • Tallahassee (FL) • Madison (FL) • Sebastian (FL) • Panama City Beach (FL) • Port St. Lucie (FL) • Orlando (FL) • Chipley (FL) • Valdosta (GA) Florida has the most personal injury claims per capita1; Valdosta, Georgia location represents broader expansion into broader southeast U.S. 5
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WELL POSITIONED FOR LONG-TERM GROWTH • Profitable & Scalable Healthcare Platform • Fastest Growing Sector in US Healthcare • Recession Resistant • Underserved Patient Population • Proven Growth & Capital Efficiency • High Barrier to Entry & Fragmented Market 6 “Cardiff Lexington has built a profitable, credible, and scalable growth platform supported by seasoned management and a proven, capital efficient business model” - Alex Cunningham , CEO
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THREE SYNERGISTIC PILLARS FOR M&A GROWTH 7 Acquire Accretive Assets to Current Model Drive Long-Term & Sustainable Profitability Target Strong Core Cash Flows Acquire, optimize, and manage physician practices with strong cash flow prospects to drive recurring revenue and operational efficiencies Expand geographical footprint through ownership of real estate assets including Ambulatory Surgery Centers and orthopedic clinics Acquire and manage personal injury practice accounts receivables to capture long-term income and drive sustained profitability Cardiff Lexington is at a strategic inflection point and is well-positioned to accelerate growth through consistently enhanced organic results and aggressive M&A activity
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THIRD QUARTER & NINE MONTHS FINANCIAL HIGLIGHTS 8 9/30/25 9/30/24 9/30/25 9/30/24 Revenue* $3,058,740 $1,355,641 $8,763,314 $5,149,416 Cost of sales $1,149,161 $1,000,601 $3,317,943 $2,741,765 Gross profit $1,909,579 $355,040 $5,445,371 $2,407,651 Gross margin 62.4% 26.1% 62.1% 46.8% Selling, general & administrative expense $1,224,350 $936,835 $3,492,310 $2,622,981 Total operating expenses $1,266,300 $940,200 $3,648,481 $2,933,302 Income (loss) from continuing operations $643,279 $(585,160) $1,796,890 $525,651 Net (loss) $(1,144,299) $(1,977,968) $(2,821,471) $(2,392,657) Adjusted EBITDA** $663,179 $1,061,912 $1,916,821 $1,507,928 Three Months Ended Nine Months Ended *3Q24 revenue included a $1.7 million one-time charge to revenue for a change in accounting estimate of the billing settlement realization rate **Adjusted EBITDA is a non-GAAP metric that is reconciled to GAAP net income in the appendix of this presentation
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ENHANCED BALANCE SHEET 9 $15.9M $20.7M 12.31.24 9.30.25 $23.9M 12.31.24 9.30.25 Accounts Receivable Total Assets 30.0% Increase 15.4% Increase $27.6M
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LONG-TERM GROWTH STRATEGY Grow into Contiguous Businesses via Accretive M&A - Complementary verticals to existing business include MRI clinics, ambulatory surgery centers, etc. - Strategically deploying capital to expand addressable market through accretive M&A Expand Geographically into Southeast US - 12 Nova Ortho and Spine locations throughout Florida and Georgia - Expanding into broader Southeast US through organic growth and strategic acquisitions Enhance Working Capital and Operational Capacity - All Nova Ortho and Spine locations currently operating at 35% capacity and turning away business - Increased working capital is expected to significantly enhance operational capacity 10
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Q&A
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APPENDIX
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RECONCILIATION OF NON-GAAP METRICS 13 0,096 Three months ended Nine months ended 9/30/25 9/30/24 9/30/25 9/30/24 Net Income (loss) before discontinued operations $(1,144,299) $(1,977,968) $(2,821,471) $(2,281,345) Adjustments to reconcile net income/(loss) to EBITDA Interest 1,765,528 1,386,041 4,594,714 1,803,657 Taxes 0 0 0 0 Depreciation 762 3,365 4,890 10,096 Amortization 0 0 0 24,821 EBITDA $621,991 $(588,562) $1,778,133 $(442,771) Change in estimate for settlement realization rate 0 1,650,474 0 1,650,474 Stock compensation expense for shares issued 41,188 0 138,688 300,225 Adjusted EBITDA $663,179 $1,061,912 $1,916,821 $1,507,928 Scaling and restructuring costs for business growth 0 76,110 11,676 180,302 Acquisition related costs 113,436 0 171,515 0 Adjusted EBITDA excluding other non -recurring costs $776,615 $1,138,022 $2,100,012 $1,688,230 Three months ended Nine months ended 9/30/25 9/30/24 9/30/25 9/30/24 GAAP Revenue $3,058,740 $1,355,641 $8,763,314 $5,149,416 Adjustments to claim settlement realization rate - 1,650,474 - 2,849,629 Non-GAAP Adjusted Revenue $3,058,740 $3,006,115 $8,763,314 $7,999,045