RF Industries, Ltd. (RFIL) shares soared 12.7% in the last trading session to close at $8.51. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 36.8% gain over the past four weeks.RF Industries is benefiting from an expanding portfolio with the addition of applications like small cells, distributed antenna systems, industrial connectivity and DAC thermal cooling, apart from interconnect product offerings.This company is expected to ...

Market Overview - Wall Street reached record-high levels despite a turbulent first half of 2025, with the second quarter being the best for U.S. stocks in the past year due to expectations of key trade deals and reduced recession fears [1] - The Federal Reserve indicated two more cuts in the benchmark lending rate for the second half of the year, contributing to a continued bull run in July, with the S&P 500 and Nasdaq Composite hitting all-time highs [2] Stock Performance - A selection of stocks has shown significant price strength, particularly those on a recent bull run, indicating potential for continued momentum [3] - Notable stocks include RF Industries Ltd. (RFIL), Legacy Education Inc. (LGCY), Primoris Services Corp. (PRIM), Allot Ltd. (ALLT), and Euroseas Ltd. (ESEA) [3] Stock Screening Criteria - Stocks must show a percentage change in price greater than zero over the last four weeks and greater than 10% over the last 12 weeks to indicate sustained momentum [5] - Stocks should have a Zacks Rank of 1 (Strong Buy) and an average broker rating of 1, indicating strong future performance expectations [6] - Stocks must be trading at a minimum price of $5 and be within 85% of their 52-week high to ensure they are strong performers [7] Individual Stock Highlights - **RF Industries Ltd. (RFIL)**: Stock surged 74% in four weeks, with expected earnings growth over 100% for the current fiscal year [8][10] - **Legacy Education Inc. (LGCY)**: Stock price increased by 29.6% in four weeks, with an expected earnings growth rate of 0.8% [12] - **Primoris Services Corp. (PRIM)**: Stock climbed 23.4% in four weeks, with an expected earnings growth rate of 15.8% [14] - **Allot Ltd. (ALLT)**: Stock surged 19.8% in four weeks, with expected earnings growth over 100% [17] - **Euroseas Ltd. (ESEA)**: Stock advanced 12.6% in four weeks, with an expected earnings growth rate of 1.2% [19]

Industry Overview - The semiconductor industry is experiencing a significant recovery, driven by optimism surrounding artificial intelligence (AI), particularly generative AI, which has increased demand for microchips [1] - The robust demand across various sectors has resulted in substantial revenue growth for chipmakers, contributing significantly to overall market performance and last year's market rally [2] Sales Performance - Worldwide semiconductor sales rose 3.5% sequentially in May, increasing from $57 billion in April to $59 billion, with a year-over-year surge of 19.8%, marking the 11th consecutive month of growth above 17% [4] - SIA President and CEO John Neuffer noted that global semiconductor demand remains high, with first-quarter sales surpassing the previous year's figures, particularly driven by a 45% year-over-year increase in the Americas [5] Future Outlook - The semiconductor market is projected to continue expanding at a double-digit pace into 2025, supported by strong demand for data center chips and memory products [7] - Global semiconductor revenues reached $627.6 billion in 2024, up 19.1% from $526.8 billion in 2023, with the first quarter of 2025 generating $167.7 billion, an 18.8% increase from the previous year [6] Investment Opportunities - Recommended semiconductor stocks include Taiwan Semiconductor Manufacturing Company Limited (TSM), Advanced Energy Industries, Inc. (AEIS), and RF Industries, Ltd. (RFIL), all of which have strong earnings growth potential and favorable Zacks rankings [3] - TSM's expected earnings growth rate for the current year is 34.1%, with a 19.8% year-over-year sales increase in May [9] - AEIS is expected to see a 39.1% earnings growth rate, while RFIL's earnings growth rate is projected to exceed 100% [11][12]

Core Viewpoint - Investors are seeking growth stocks that can deliver above-average growth and exceptional returns, but identifying such stocks is challenging due to inherent volatility and risks [1] Group 1: Company Overview - RF Industries, Ltd. (RFIL) is identified as a promising growth stock with a favorable Growth Score and a top Zacks Rank [2] - The company has a historical EPS growth rate of 33%, with projected EPS growth of 366.7% this year, significantly outperforming the industry average of -4% [4] Group 2: Financial Metrics - RF Industries has an impressive asset utilization ratio (sales-to-total-assets ratio) of 1.03, indicating efficient asset use compared to the industry average of 0.54 [5] - The company's sales are expected to grow by 17.8% this year, while the industry average is projected at -0.4% [6] Group 3: Earnings Estimates - There has been a positive trend in earnings estimate revisions for RF Industries, with the Zacks Consensus Estimate for the current year increasing by 7.7% over the past month [8] - The combination of a Growth Score of B and a Zacks Rank 1 suggests that RF Industries is a potential outperformer and a solid choice for growth investors [10]

Company Overview - RF Industries, Ltd. (RFIL) currently holds a Momentum Style Score of B, indicating potential for strong performance based on recent trends [3] - The company has a Zacks Rank of 1 (Strong Buy), which is associated with a historical outperformance in the market [4] Price Performance - Over the past week, RFIL shares have increased by 16.26%, significantly outperforming the Zacks Semiconductors - Radio Frequency industry, which rose by 4.32% [6] - In a longer time frame, RFIL's monthly price change is 62.13%, compared to the industry's 10.02% [6] - Over the past quarter, RFIL shares have risen by 64.16%, and over the last year, they have increased by 69.69%, while the S&P 500 has only moved 24.12% and 14.76%, respectively [7] Trading Volume - RFIL's average 20-day trading volume is 115,345 shares, which serves as a price-to-volume baseline; a rising stock with above-average volume is generally considered bullish [8] Earnings Outlook - In the past two months, one earnings estimate for RFIL has moved higher, while none have moved lower, resulting in an increase in the consensus estimate from $0.23 to $0.24 [10] - For the next fiscal year, one estimate has also moved upwards with no downward revisions during the same period [10] Conclusion - Considering the positive price trends, strong earnings outlook, and favorable trading volume, RFIL is positioned as a 1 (Strong Buy) stock with a Momentum Score of B, making it a compelling option for investors seeking short-term gains [12]

Core Viewpoint - Growth stocks are appealing due to their potential for above-average financial growth, but identifying strong candidates involves navigating inherent risks and volatility [1] Group 1: Company Overview - RF Industries, Ltd. (RFIL) is currently highlighted as a promising growth stock by the Zacks Growth Style Score system, which evaluates a company's growth prospects beyond traditional metrics [2] - The company has a historical EPS growth rate of 33%, with projected EPS growth of 366.7% this year, significantly outperforming the industry average of -4% [5] Group 2: Financial Metrics - The asset utilization ratio for RF Industries is 1.03, indicating that the company generates $1.03 in sales for every dollar in assets, compared to the industry average of 0.48, showcasing superior efficiency [6] - RF Industries is also expected to achieve a sales growth of 17.8% this year, while the industry average is stagnant at 0% [7] Group 3: Earnings Estimates - There has been a positive trend in earnings estimate revisions for RF Industries, with the Zacks Consensus Estimate for the current year increasing by 7.7% over the past month [9] - The combination of strong earnings estimate revisions and favorable growth metrics has positioned RF Industries as a Zacks Rank 1 stock, indicating strong buy potential [11]

Group 1 - RF Industries, Ltd. (RFIL) reported quarterly earnings of $0.07 per share, exceeding the Zacks Consensus Estimate of $0.04 per share, and showing an increase from $0.01 per share a year ago, representing an earnings surprise of 75% [1] - The company posted revenues of $18.91 million for the quarter ended April 2025, surpassing the Zacks Consensus Estimate by 9.69%, compared to $16.11 million in the same quarter last year [2] - RF Industries has outperformed the S&P 500, with shares increasing about 5.4% since the beginning of the year, while the S&P 500 gained 1.6% [3] Group 2 - The current consensus EPS estimate for the upcoming quarter is $0.07 on revenues of $17.68 million, and for the current fiscal year, it is $0.23 on revenues of $73.86 million [7] - The Zacks Industry Rank for Semiconductors - Radio Frequency is in the top 39% of over 250 Zacks industries, indicating that the industry outlook can significantly impact stock performance [8]

Financial Data and Key Metrics Changes - Fiscal Q2 net sales increased by 17% to $18.9 million year over year, with gross profit margin at 31.5%, exceeding the target of 30% [6][21] - Operating profit was $106,000 compared to an operating loss of $415,000 in Q2 2024, and adjusted EBITDA was over $1.1 million with a 6% margin [6][22] - Consolidated net loss was $245,000 or $0.02 per diluted share, while non-GAAP net income was $701,000 or $0.07 per diluted share, a significant improvement from a net loss of $4.3 million or $0.41 per diluted share in the prior year [22] Business Line Data and Key Metrics Changes - The company is diversifying its product offerings, with growth in wireless, aerospace, public safety, and industrial sectors [7][8] - Custom cabling projects from aerospace clients have led to repeat business, enhancing credibility in precision-demanding industries [9] - Direct air cooling (DAC) systems are gaining traction, with innovations aimed at reducing energy consumption and costs compared to traditional HVAC systems [10][11] Market Data and Key Metrics Changes - The company has over 100 opportunities in its sales pipeline for wireless DAS build-outs in stadiums and venues, indicating a recovery in this market post-COVID [12][13] - The DAC systems are expanding into wireline telecom, edge data centers, and energy applications, driven by AI demand for data centers [11][12] - The backlog increased from $15 million to $18.4 million, reflecting strong demand across various product lines [6][25] Company Strategy and Development Direction - The company is transitioning from a product-focused model to an integrated solutions provider, enhancing its market diversity [7][18] - There is a focus on operational efficiency, cost management, and leveraging prior acquisitions to create new opportunities [14][19] - The company is actively working to diversify its supply chain to mitigate tariff impacts, with most production domestically sourced [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the second half of fiscal 2025, despite uncertainties related to tariffs and supply chain impacts [15][17] - The company anticipates Q3 sales to be in line with Q2, representing a significant increase over the previous year's Q3 sales of $16.8 million [20] - Management highlighted a strong team and platform for growth, with a focus on penetrating new markets and increasing customer engagement [20][18] Other Important Information - The company is managing its working capital effectively, with cash and cash equivalents at $3.6 million and a current ratio of approximately 1.6:1 [23] - Inventory levels decreased to $12.6 million from $14.7 million, reflecting improved procurement and supply chain processes [24] Q&A Session Summary Question: What is credited for the backlog growth? - The backlog growth is spread across several product areas, indicating a healthy mix of short and long-term opportunities [28][30] Question: Can you provide a revenue contribution breakdown for products like small cells and DAS systems? - The company does not disclose specific contributions but notes that small cells and DAS systems are significant growth areas, particularly in wireless applications [34][36] Question: What is the expected contribution timeline for DAS opportunities? - DAS opportunities are contributing continuously, with expectations for increased performance in the second half of the year [40][41] Question: What is the outlook for the wireless provider contributing 11% of revenue? - The company sees potential for growth with multiple customers contributing to sales, indicating a diverse customer base [44][46] Question: Can you elaborate on the credit facility and expected savings? - The company expects to finalize a new credit agreement in Q3, anticipating meaningful interest rate reductions [53][54] Question: How will the company achieve its 10% EBITDA target? - The company aims to improve product mix, reduce costs, and enhance operational efficiency to reach the EBITDA target [56][58] Question: What is the growth outlook for DAC and small cell products? - Both DAC and small cell products are expected to continue driving growth, supported by diverse customer bases and regional budgets [60][61]

Financial Data and Key Metrics Changes - Fiscal second quarter net sales grew 17% to $18.9 million year over year, with gross profit margin at 31.5%, exceeding the target goal of 30% [6][21] - Operating profit was $106,000 compared to an operating loss of $415,000 in the second quarter of 2024, and adjusted EBITDA was over $1.1 million with a 6% margin [6][22] - Consolidated net loss was $245,000 or $0.02 per diluted share, while non-GAAP net income was $701,000 or $0.07 per diluted share, a significant improvement from a net loss of $4.3 million or $0.41 per diluted share in the prior year [22] Business Line Data and Key Metrics Changes - The company is diversifying its revenue sources across various markets, including wireless, aerospace, public safety, and industrial customers [7][10] - The small cell solutions and direct air cooling (DAC) systems are gaining momentum, with DAC systems expected to reduce operating expenses by up to 70% compared to traditional HVAC systems [10][11] - The backlog increased significantly from $15 million to $18.4 million, indicating strong demand across multiple product lines [6][25] Market Data and Key Metrics Changes - The company is seeing growth opportunities in wireless DAS build-outs in stadiums and venues, with over 100 opportunities in the sales pipeline [10][13] - The demand for DAC systems is driven by the need for efficient cooling solutions in data centers and edge applications, particularly influenced by AI [11][12] - The company has successfully penetrated new markets, including energy, transportation, and wireline telecom, contributing to a more diverse customer base [7][14] Company Strategy and Development Direction - The company is transitioning from a products company to an integrated solutions provider, focusing on diversified end markets [7][18] - There is an emphasis on operational efficiency, cost management, and innovation in product development to drive profitability [19][20] - The management is actively working to diversify the supply chain to mitigate risks associated with tariffs and supply chain disruptions [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the current economic environment, highlighting the company's ability to adapt to tariff impacts and supply chain challenges [15][17] - The company anticipates third-quarter sales to be in line with the second quarter, representing a significant increase over the previous year [20] - Management believes the company is well-positioned for growth, with a strong team and a robust platform to capitalize on market opportunities [20][19] Other Important Information - The company has a strong balance sheet with $3.6 million in cash and cash equivalents, and a current ratio of approximately 1.6:1 [23] - Inventory levels decreased to $12.6 million, reflecting improvements in procurement and supply chain processes [24] Q&A Session Summary Question: What would you credit for the backlog growth? - The backlog growth is spread across several product areas, indicating a healthy mix of short and long-term opportunities [28][30] Question: Can you provide a refresher on revenue contributions from different product lines? - The company does not disclose specific contributions but notes that small cell and DAS systems are significant growth areas, with increasing contributions from aerospace and industrial markets [34][36] Question: What is the expected contribution from the distributed antenna systems (DAS)? - DAS opportunities are diverse, including various venues, and the company expects continued contributions from this market [40][41] Question: Can you elaborate on the wireless provider making up 11% of revenue? - The top customer varies each quarter, reflecting a project-based nature of sales, with expectations for repeat purchases and a growing list of customers contributing to sales [44][46] Question: Can you provide more details on the credit facility and expected savings? - The company expects to finalize a new credit agreement in Q3, which should result in meaningful interest rate savings [52][53] Question: How will the company achieve its 10% EBITDA target? - The company aims to improve product mix, reduce costs, and enhance operational efficiency to reach the EBITDA target [54][56] Question: What is the growth outlook for DAC and small cell products? - Both product lines are expected to continue contributing significantly to sales, with a diverse customer base supporting growth [58][60]

Part I. FINANCIAL INFORMATION This section provides the company's unaudited condensed consolidated financial statements and management's discussion and analysis for the recent fiscal periods [Financial Statements](index=3&type=section&id=Item%201%3A%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements, showing improved net loss, increased assets, and positive operating cash flow for the period ended April 30, 2025 [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet shows an increase in cash and total current assets, leading to a slight rise in total assets and liabilities, while stockholders' equity remained stable Consolidated Balance Sheet Highlights (in thousands) | Account | April 30, 2025 | October 31, 2024 | Change | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Cash and cash equivalents | $3,586 | $839 | +$2,747 | | Trade accounts receivable, net | $15,000 | $12,119 | +$2,881 | | Inventories | $12,574 | $14,725 | -$2,151 | | **Total Current Assets** | **$32,721** | **$29,113** | **+$3,608** | | **Total Assets** | **$72,679** | **$71,046** | **+$1,633** | | **Liabilities & Equity** | | | | | Accounts payable | $4,784 | $3,798 | +$986 | | Line of credit | $7,994 | $8,197 | -$203 | | **Total Current Liabilities** | **$20,595** | **$18,090** | **+$2,505** | | **Total Liabilities** | **$38,509** | **$36,980** | **+$1,529** | | **Total Stockholders' Equity** | **$34,170** | **$34,066** | **+$104** | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The statement of operations reflects increased net sales and gross profit for both the quarter and six-month period, significantly reducing the consolidated net loss Statement of Operations Summary (in thousands, except per share data) | Metric | Three Months Ended April 30, 2025 | Three Months Ended April 30, 2024 | Six Months Ended April 30, 2025 | Six Months Ended April 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Net sales | $18,910 | $16,110 | $38,110 | $29,568 | | Gross profit | $5,950 | $4,824 | $11,667 | $8,127 | | Operating income (loss) | $106 | $(415) | $162 | $(2,499) | | Consolidated net loss | $(245) | $(4,294) | $(490) | $(5,656) | | Diluted loss per share | $(0.02) | $(0.41) | $(0.05) | $(0.54) | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) The cash flow statement indicates a substantial increase in net cash from operating activities, leading to a positive net increase in cash and cash equivalents Cash Flow Summary for Six Months Ended April 30 (in thousands) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $2,792 | $1,037 | | Net cash used in investing activities | $(49) | $(312) | | Net cash provided by (used in) financing activities | $4 | $(4,222) | | **Net increase (decrease) in cash** | **$2,747** | **$(3,497)** | | **Cash and cash equivalents, end of period** | **$3,586** | **$1,400** | [Notes to Unaudited Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) These notes provide additional details on the company's financial performance, including cost-cutting measures, debt agreements, customer concentration, segment sales, and dividend policy - The company has implemented cost-cutting measures, including facility consolidation, to reduce operating expenses, drive **positive operating cash flow**, and increase liquidity. These efforts contributed to generating **operating income** in the first six months of 2025, compared to a loss in the same period last year[21](index=21&type=chunk) - In March 2024, the company entered into a new loan and security agreement with Eclipse Business Capital (EBC), replacing its prior facility with Bank of America. As of April 30, 2025, outstanding borrowings under the EBC credit agreement were **$7.994 million**[22](index=22&type=chunk)[61](index=61&type=chunk)[66](index=66&type=chunk) - For the six months ended April 30, 2025, one wireless provider accounted for **11%** of net sales. For the three months ended April 30, 2025, a different wireless provider accounted for **11%** of net sales[30](index=30&type=chunk) Segment Net Sales for Six Months Ended April 30 (in thousands) | Segment | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | RF Connector and Cable Assembly | $18,081 | $18,709 | -3.4% | | Custom Cabling Manufacturing and Assembly | $20,029 | $10,859 | +84.5% | | **Total Net Sales** | **$38,110** | **$29,568** | **+28.9%** | - The company **did not pay any dividends** during the three or six-month periods ended April 30, 2025, or in the comparable periods of 2024[67](index=67&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=23&type=section&id=Item%202%3A%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses significant increases in net sales, particularly in the Custom Cabling segment, alongside improved operating income and positive cash flow from operations [Overview](index=23&type=section&id=Overview) This overview details the company's two primary operating segments: RF Connector and Cable Assembly, and Custom Cabling Manufacturing and Assembly - The company operates through **two segments**: RF Connector and Cable Assembly (RF Connector) and Custom Cabling Manufacturing and Assembly (Custom Cabling)[73](index=73&type=chunk) - For the six months ended April 30, 2025, the Custom Cabling segment accounted for **53%** of total sales, while the RF Connector segment accounted for **47%**[74](index=74&type=chunk) [Liquidity and Capital Resources](index=24&type=section&id=Liquidity%20and%20Capital%20Resources) This section analyzes the company's cash position, operating cash flow generation, and changes in order backlog, reflecting improved liquidity - Cash and cash equivalents increased to **$3.6 million** as of April 30, 2025, from **$0.8 million** as of October 31, 2024[77](index=77&type=chunk) - The company generated **$2.8 million** in cash from operating activities during the first six months of fiscal 2025, primarily due to a **$2.2 million** decrease in inventories and non-cash charges like depreciation and amortization[79](index=79&type=chunk) - Order backlog was **$15.0 million** as of April 30, 2025, a decrease from **$19.5 million** as of October 31, 2024, attributed to shipments and timing of new orders[78](index=78&type=chunk) [Results of Operations](index=25&type=section&id=Results%20of%20Operations) This section details the financial performance for the quarter and six-month periods, highlighting significant increases in net sales and gross profit, and a substantial reduction in net loss Q2 2025 vs Q2 2024 Performance Comparison | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Net Sales | $18.9M | $16.1M | +17.4% | | Gross Profit | $6.0M | $4.8M | +25.0% | | Gross Margin | 31.5% | 29.9% | +1.6pp | | Net Loss | ($0.2M) | ($4.3M) | +95.3% | - The Q2 2025 sales increase was driven by a **54.8%** rise in the Custom Cabling segment, fueled by demand for direct air cooling offerings and new market penetration[83](index=83&type=chunk) Six Months 2025 vs Six Months 2024 Performance Comparison | Metric | 6M 2025 | 6M 2024 | Change | | :--- | :--- | :--- | :--- | | Net Sales | $38.1M | $29.6M | +28.7% | | Gross Profit | $11.7M | $8.1M | +44.4% | | Gross Margin | 30.6% | 27.5% | +3.1pp | | Net Loss | ($0.5M) | ($5.7M) | +91.2% | - The sales increase for the six-month period was mainly due to an **83.5%** increase in the Custom Cabling segment, while the RF Connector segment saw a slight decrease of **3.2%**[90](index=90&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=27&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) As a "smaller reporting company," RF Industries is not required to provide the information for this item - The company is **exempt** from providing quantitative and qualitative disclosures about market risk because it qualifies as a "**smaller reporting company**"[97](index=97&type=chunk) [Controls and Procedures](index=27&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, conducted an evaluation of the company's disclosure controls and procedures and concluded that they were effective at a reasonable assurance level as of April 30, 2025 - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were **effective** as of April 30, 2025[101](index=101&type=chunk) - **No changes** in internal control over financial reporting occurred during the second quarter of fiscal 2025 that materially affected, or are reasonably likely to materially affect, the company's internal controls[102](index=102&type=chunk) Part II. OTHER INFORMATION This section covers legal proceedings, updated risk factors, equity security sales, other disclosures, and a list of exhibits filed with the report [Legal Proceedings](index=29&type=section&id=Item%201.%20Legal%20Proceedings) The company reports that it is not currently subject to any material legal proceedings outside of the ordinary course of business - As of the report date, the company is **not subject to any proceeding** that is not in the ordinary course of business or that is material to its financial condition[103](index=103&type=chunk) [Risk Factors](index=29&type=section&id=Item%201A.%20Risk%20Factors) This section updates the risk factors from the company's Annual Report, highlighting a new significant risk related to changes in trade policies - A **new risk factor** has been added regarding changes to trade policies, tariffs, and import/export regulations of the U.S. and foreign governments[106](index=106&type=chunk) - The company notes that recent and potential future tariffs could pose a significant risk by **increasing product costs**, which may lead to **lower gross profit and margins** if costs are not passed on to customers[107](index=107&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=31&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of its equity securities and no issuer purchases of its equity securities during the period - There were **no unregistered sales** of equity securities or **no issuer purchases** of equity securities during the reporting period[109](index=109&type=chunk)[110](index=110&type=chunk) [Other Information](index=31&type=section&id=Item%205.%20Other%20Information) The company disclosed that no director or officer adopted or terminated a Rule 10b5-1 trading arrangement during the quarter, and announced a salary increase for Ray Bibisi following his promotion - **No director or officer adopted or terminated** any Rule 10b5-1 trading arrangement during the quarterly period ended April 30, 2025[113](index=113&type=chunk) - Effective May 1, 2025, Ray Bibisi's **salary was increased from $275,000 to $300,000** in connection with his promotion to the Company's President and Chief Operating Officer[114](index=114&type=chunk) [Exhibits](index=31&type=section&id=Item%206.%20Exhibits) This section provides a list of exhibits filed with the quarterly report, including certifications by the CEO and CFO and Inline XBRL financial data files - The report includes **certifications** from the Chief Executive Officer and Chief Financial Officer pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002[116](index=116&type=chunk) - **Inline XBRL documents** (Instance, Schema, Calculation, Definition, Label, Presentation) are included as exhibits[116](index=116&type=chunk)[117](index=117&type=chunk)