Shares of Retractable Technologies, Inc. (RVP) have risen 1.5% since the company released its quarterly results for the period ended Sept. 30, 2025, outperforming the S&P 500 Index, which declined 1.7% over the same time frame. Over the past month, RVP has lost 22.4%, a significantly steeper drop than the S&P 500’s 1.3% decline.RVP’s Earnings SnapshotIn the third quarter of 2025, net sales were $10.1 million, down 2.5% from $10.3 million a year earlier. Gross profit improved markedly to $1.7 million from a ...

Nov 14, 2025 3:13 PM Eastern Standard Time Retractable Technologies, Inc. Results for the Periods Ended September 30, 2025 Share LITTLE ELM, Texas--(BUSINESS WIRE)--Retractable Technologies, Inc. (NYSE American: RVP) reports total net sales of $10.1 million for the third quarter of 2025 and an operating loss of $3.7 million for the period, as compared to total net sales for the same period last year of $10.3 million and an operating loss of $5.1 million. For the first nine months of the year, net sales were ...

Nov 14, 2025 2:49 PM Eastern Standard Time Retractable Technologies, Inc. Receives Innovative Technology Designation from Vizient for EasyPoint Blood Collection Tube Holder with Needle Share LITTLE ELM, Texas--(BUSINESS WIRE)--Retractable Technologies, Inc. (NYSE American: RVP) announces its EasyPoint® Blood Collection Tube Holder with Needle has received an Innovative Technology designation from Vizient, the largest healthcare performance improvement company in the country. Each year, healthcare experts se ...

Sales Performance - Syringes accounted for 65.0% of sales in the first nine months of 2025, with EasyPoint® products at 31.3% and other products at 3.7%[88] - Domestic revenues increased by 18.0% for the nine months ended September 30, 2025, while domestic unit sales increased by 11.8%[114] - International revenues for the nine months ended September 30, 2025 increased by 38.1% compared to the same period in 2024[115] - Domestic unit sales represented 78.0% of total unit sales for the nine months ended September 30, 2025, down from 87.6% in the same period last year[114] - The mix of domestic and international sales affects the average sales price, with higher domestic sales generally leading to higher prices[127] Financial Performance - The loss from operations was $13.5 million for the nine months ended September 30, 2025, compared to a loss of approximately $13.9 million for the same period last year[117] - Cash flow used by operations was $6.5 million for the nine months ended September 30, 2025, primarily due to a net loss for the period[121] - The unrealized loss on debt and equity securities was $3.2 million due to decreased market values of those securities[118] - Operating expenses increased by 4.3% primarily due to product donations and higher bad debt expense[111] Costs and Expenses - Approximately $2.3 million was spent on tariff expenses in the first nine months of 2025, impacting overall costs significantly[116] - Payroll costs are expected to increase by approximately $825 thousand annually due to workforce increases in manufacturing[126] - The company expects to incur higher manufacturing costs in the near term while working to minimize reliance on imported products[129] - Tariffs and raw material costs have significantly impacted the company's margins, which have experienced fluctuations over the past two years[129] Future Outlook - The company anticipates a material decline in liquidity over the next 1-3 years due to new tariffs and increased domestic manufacturing costs[130] - The total potential future credits to be issued for prior purchases not yet claimed is estimated at $2.2 million, recognized as a liability[132] - The company believes it has adequate means to meet short-term operational needs for at least 12 months from the date of the financial statements[130] Investments and Settlements - The company received a settlement payment of $1.9 million in May 2025[125] - The conversion of existing equipment and purchase of additional molds for 0.5 mL syringes is expected to cost approximately $1 million, with 9.1% of overall domestic unit sales and 15.2% of domestic syringe unit sales attributed to these products for Q3 2025[126] - Approximately $1 million was expended in Q2 2025 for molds and equipment conversion to increase production at the U.S. facility[131] Pricing Dynamics - The average domestic selling price increased due to a shift in product mix, particularly more VanishPoint® unit sales[114]

LITTLE ELM, Texas--(BUSINESS WIRE)--Retractable Technologies, Inc. ("Retractable†) (NYSE American: RVP) announced today that its Board of Directors has declared dividends to holders of its Series II Class B and Series III Class B Convertible Preferred Stock in the amounts of $39,050.00 and $18,561.25, respectively. Dividends have accrued at $1.00 per share per annum. The dividends cover the period beginning July 1, 2025 through September 30, 2025. The dividends will be paid on October 20, 2025. ...

Core Insights - Retractable Technologies, Inc. (RVP) shares increased by 5.8% following the release of its Q2 2025 earnings, significantly outperforming the S&P 500 Index, which declined by 1.1% during the same period [1] - The stock surged 26.7% over the past month, while the broader market benchmark rose only 1.5% [1] Earnings Performance - RVP reported net sales of $10.4 million for Q2 2025, a 73.2% increase from $6 million in the same quarter last year [2] - The company experienced an operating loss of $5.1 million, an improvement from the $5.8 million loss reported in the prior year [2] - The net loss attributable to common shareholders narrowed to $145,082, or breakeven per share, compared to a loss of $14.2 million, or $0.48 per share, in the year-ago quarter [2] Sales and Revenue Growth - For the first half of 2025, RVP's sales totaled $18.7 million, up 37.5% from $13.6 million a year earlier [3] - EasyPoint needle sales significantly boosted unit volumes, although they pressured average selling prices [3] - Domestic revenues increased by 69.3%, with unit sales up 81.8% year over year, while international revenues nearly doubled, climbing 92.6% [4] Cost and Expense Analysis - Cost of manufactured products rose by 66.1% in Q2 and 58.8% in the first half of 2025, driven by tariff expenses and higher domestic production costs [5] - Tariffs added $561,000 to second-quarter costs and $2.1 million year to date [5] - Royalty expenses increased by 39.4% in the quarter and 23.4% in the first half of 2025, in line with higher sales [5] Management Strategy - Management acknowledged that tariffs remain a significant challenge, with current rates at 130% for imported needles and syringes from China [6] - The company is accelerating its domestic manufacturing shift, with U.S.-based production accounting for 38% of total output in the first half of 2025, up from 9% a year earlier [6] - Layoffs in general and administrative roles, along with cuts to manufacturing staff, were implemented to offset higher expenses [6] Product Mix and Performance - The product mix significantly influenced performance, with syringes representing 68.8% of sales in the first half of 2025, while EasyPoint needles comprised 27.6% [7] - The shift in product mix explains why unit sales growth outpaced revenue gains [7] Additional Financial Insights - RVP recorded a $1.9 million litigation settlement gain in May, which partially offset losses, and saw $1.6 million in unrealized second-quarter investment gains [8] - The company experienced a $5.6 million first-half unrealized loss on securities holdings [8] Future Guidance - While no formal quantitative guidance was issued, management emphasized ongoing efforts to expand U.S. manufacturing capacity and reduce reliance on Chinese suppliers [10] - Adaptations to existing equipment are expected to enable domestic production of 0.5mL syringes in the second half of 2025 [10] - Management cautioned that tariffs, workforce cost pressures, and product mix will continue to impact margins in the near term [10] Other Developments - The settlement of a long-running legal dispute contributed positively to results, with $1.9 million received in Q2 [11] - The company continues to benefit from a Technology Investment Agreement with the U.S. government, which aims to expand domestic production capacity [11] - Further cuts to manufacturing support staff were announced, expected to reduce annual labor costs by $1.6 million [11]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-16465 Retractable Technologies, Inc. (Exact name of registrant as specified in its charter) Texas 75-2599762 (State or ot ...

Core Viewpoint - Zacks Investment Research has initiated coverage of Retractable Technologies, Inc. (RVP) with an "Underperform" recommendation due to concerns over financial performance and operational challenges [1] Company Overview - Retractable Technologies, based in Little Elm, TX, manufactures safety medical products, primarily syringes and needles, aimed at reducing needlestick injuries and preventing cross-contamination [2] Financial Performance - In Q1 2025, Retractable Technologies reported an operating loss of $4.7 million, widening from a loss of $2.9 million a year earlier, primarily due to elevated tariffs and rising costs from transitioning to domestic manufacturing [3] - The company's quarterly net loss reached $10.5 million, which includes a $7.2 million unrealized decline in the value of its securities portfolio [3] - Cash position declined to $3.4 million at the end of March 2025 from $4.2 million at the end of 2024, although the company holds $32.3 million in tradable securities as a liquidity buffer [4] Growth Challenges - Key factors that may hinder future growth include rising concentration risk, declining average selling prices, and exposure to a volatile pricing and contracting environment [5] - Long-term growth uncertainty post-COVID windfall and shifts in the global manufacturing landscape are additional challenges [5] Positive Developments - The company has reduced its reliance on Chinese imports to 62.7% in Q1 2025 from 90.4% a year earlier, aided by equipment upgrades and workforce expansion at its Texas facility [6] - Retractable Technologies benefits from over $81 million in funding through a U.S. government Technology Investment Agreement, generating $1.5 million in non-operating income per quarter [6] Market Positioning - Retractable Technologies' stock has significantly underperformed compared to industry peers and the broader market over the past year, indicating high risk and low investor confidence in future earnings and growth potential [7] Additional Information - The company has a modest market capitalization of $19.8 million, and the full Zacks research report provides a detailed analysis of its financial health, strategic initiatives, and market positioning [8]

PART I – FINANCIAL INFORMATION [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The unaudited condensed financial statements for Q1 2025 report a net loss of $10.5 million, driven by gross loss and unrealized investment losses [Condensed Balance Sheets](index=3&type=section&id=CONDENSED%20BALANCE%20SHEETS) Total assets decreased to $149.3 million as of March 31, 2025, from $160.7 million, driven by reduced cash and investments Condensed Balance Sheet Summary (unaudited) | Balance Sheet Item | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | $63,662,376 | $73,272,059 | | **Total Assets** | $149,307,449 | $160,724,202 | | **Total Current Liabilities** | $9,497,961 | $8,780,916 | | **Total Liabilities** | $72,695,085 | $73,553,511 | | **Total Stockholders' Equity** | $76,612,364 | $87,170,691 | [Condensed Statements of Operations](index=4&type=section&id=CONDENSED%20STATEMENTS%20OF%20OPERATIONS) Q1 2025 net loss was $10.5 million, or ($0.35) per share, driven by a gross loss and a $7.2 million unrealized investment loss Q1 2025 vs. Q1 2024 Operating Results (unaudited) | Metric | Q1 2025 (Three Months Ended Mar 31) | Q1 2024 (Three Months Ended Mar 31) | | :--- | :--- | :--- | | **Sales, net** | $8,295,173 | $7,599,363 | | **Gross Profit (Loss)** | ($1,911) | $1,900,929 | | **Loss from Operations** | ($4,676,752) | ($2,986,137) | | **Unrealized Gain (Loss) on Securities** | ($7,156,513) | $1,732,649 | | **Net Income (Loss)** | ($10,500,716) | $429,384 | | **Diluted Earnings (Loss) per Share** | ($0.35) | $0.01 | [Condensed Statements of Cash Flows](index=5&type=section&id=CONDENSED%20STATEMENTS%20OF%20CASH%20FLOWS) Net cash used in operating activities was $1.5 million in Q1 2025, resulting in a net decrease of $0.85 million in cash and equivalents Q1 2025 Cash Flow Summary (unaudited) | Cash Flow Activity | Three Months Ended March 31, 2025 | | :--- | :--- | | Net cash used in operating activities | ($1,475,185) | | Net cash from (used in) investing activities | $762,239 | | Net cash used in financing activities | ($139,527) | | **Net decrease in cash and cash equivalents** | **($852,473)** | | **Cash and cash equivalents at end of period** | **$3,382,915** | [Notes to Condensed Financial Statements](index=7&type=section&id=NOTES%20TO%20CONDENSED%20FINANCIAL%20STATEMENTS) Notes detail significant policies, including concentration risks, tariff impacts, investment losses, and a subsequent workforce reduction - The company obtained **62.7%** of its products from Chinese manufacturers in Q1 2025, creating a significant concentration risk[37](index=37&type=chunk) - Tariffs on goods imported from China have been adjusted to **130%** for needles and syringes and **30%** for other products, which is expected to have a material impact on financial results[40](index=40&type=chunk) - In April 2025, after the reporting period, the company reduced its workforce by approximately **7%**[81](index=81&type=chunk) Revenue by Geography (Q1 2025 vs Q1 2024) | Geographic Segment | Q1 2025 Sales | Q1 2024 Sales | | :--- | :--- | :--- | | U.S. sales | $7,432,309 | $6,641,168 | | North and South America (ex-U.S.) | $553,500 | $154,633 | | Other international sales | $309,364 | $803,562 | | **Total** | **$8,295,173** | **$7,599,363** | - The company recorded a valuation allowance of **$11.3 million** against its net deferred tax asset as of March 31, 2025, an increase from **$9.1 million** at year-end 2024[49](index=49&type=chunk)[66](index=66&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the Q1 2025 net loss to tariffs and unrealized investment losses, outlining mitigation strategies and affirming liquidity - Tariffs on Chinese imports are expected to have a material impact. The company spent approximately **$1.5 million** on tariff expenses in Q1 2025[88](index=88&type=chunk)[106](index=106&type=chunk) - The company is shifting more manufacturing to its domestic facility to mitigate tariff impacts, leading to an estimated **$3.8 million** increase in annualized compensation and benefits expense[88](index=88&type=chunk)[115](index=115&type=chunk) - In April 2025, the company reduced its workforce by approximately **7%**, which is expected to save an estimated **$1.6 million** in annual wages and benefits, offset by **$300 thousand** in one-time separation payments[89](index=89&type=chunk) - A material portion of the net loss for Q1 2025 is comprised of a **$7.2 million** unrealized loss in debt and equity securities[98](index=98&type=chunk)[107](index=107&type=chunk) - Management believes the company has adequate liquidity to meet short-term needs for at least 12 months, with access to cash reserves and investments[118](index=118&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=36&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company has indicated that this item is not applicable for this reporting period - The company stated that this section is 'Not applicable'[122](index=122&type=chunk) [Controls and Procedures](index=36&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were not effective as of March 31, 2025, due to unremediated material weaknesses - Management concluded that as of March 31, 2025, the company's disclosure controls and procedures were not effective[123](index=123&type=chunk) - The ineffectiveness is due to ongoing material weaknesses related to the COSO framework (risk assessment and control activities) and specific controls over revenue contract evaluation[124](index=124&type=chunk) - Remediation efforts are underway, including enhanced review of contractual modifications, but management cannot yet estimate a completion date[125](index=125&type=chunk)[126](index=126&type=chunk) PART II—OTHER INFORMATION [Legal Proceedings](index=38&type=section&id=Item%201.%20Legal%20Proceedings) This section details an ongoing lawsuit filed by the company against its former legal counsel for alleged malpractice and negligence - The company is engaged in a lawsuit against its former legal representation, Locke Lord, LLP, for alleged malpractice and negligence[73](index=73&type=chunk)[129](index=129&type=chunk) [Risk Factors](index=38&type=section&id=Item%201A.%20Risk%20Factors) The company states that there have been no material changes to the risk factors previously disclosed in its most recent annual report - There were no material changes in Risk Factors from those set forth in the most recent annual report[130](index=130&type=chunk) [Other Information](index=38&type=section&id=Item%205.%20Other%20Information) No new Rule 10b5-1 trading arrangements were adopted or terminated in Q1 2025, though CEO Thomas J. Shaw's existing plan remains active - CEO Thomas J. Shaw has an active Rule 10b5-1 plan to purchase up to **$800,000** in company common stock, which may continue through November 19, 2025[131](index=131&type=chunk) [Exhibits](index=39&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including officer certifications and financial data in Inline XBRL format - The filed exhibits include officer certifications (31.1, 31.2, 32) and financial statements formatted in Inline XBRL (101, 104)[135](index=135&type=chunk)

Sales Performance - In 2024, syringes accounted for 68.5% of total sales, EasyPoint® products for 27.1%, and other products for 4.5%[105] - Domestic sales represented 88.9% of revenues in 2024, with a 15.1% decrease in domestic revenues primarily due to lower average selling prices and a 4.3% decrease in domestic unit sales[124] - International revenues decreased by 59.1% in 2024, largely due to fewer international vaccination-related sales, contributing to an overall revenue decline of 24.2%[124] Financial Performance - Gross profit margins fell from 20.9% in 2023 to (3.1)% in 2024, driven by decreased revenues and increased costs associated with tariffs and domestic production[127] - The loss from operations was $21.1 million in 2024, compared to a loss of $11.5 million in 2023, primarily due to lower gross profit[128] - The company held $40.3 million in debt and equity securities as of December 31, 2024, representing 25.1% of total assets[115] Operational Changes - The company plans to convert existing equipment to produce 0.5 mL syringes domestically, with commercial quantities expected in the second half of 2025[107] - The company expects to spend approximately $1 million to convert domestic equipment to increase production capacity, with completion targeted for the second quarter of 2025[139] - An estimated $3.8 million increase in annual compensation and benefits expense is anticipated due to hiring additional manufacturing personnel to mitigate tariff impacts[106] Customer Rebates and Estimates - As of December 31, 2024, the estimated total potential future credits to be issued for unclaimed prior purchases is $2.1 million[140] - The company relies on historical trends and assumptions for estimating customer rebates, including redemption rates and inventory turnover[140] - There is an inherent risk that the estimates and underlying assumptions may not reflect actual future results, potentially impacting future financial outcomes[140] - The company does not expect significant changes to the current inputs and assumptions used in rebate estimate calculations[140] - The establishment of a liability for future claims of rebates requires understanding of sales distribution channels and product categories[140] - The company examines historical results of estimates against actual results to refine future assumptions[140] - The estimates for customer rebates are based on past experience and expectations of economic factors[140] - The company has sufficient historical data to establish reserves for contractual obligations related to rebates[140] - Adjustments to reserves may have a material impact on future results if estimates or assumptions are incorrect[140] Market Risk - The disclosures about market risk are not applicable to smaller reporting companies[141] Tariff Expenses - Tariff expenses amounted to approximately $1.6 million from September to December 2024, with an additional $951,000 incurred from January 1 to March 21, 2025[106][126]