Financial Performance - For the three months ended September 30, 2025, net sales were $8,353,200, a decrease of 10.8% compared to $9,370,713 for the same period in 2024[13] - Gross profit for the nine months ended September 30, 2025, was $15,979,698, down 9.0% from $17,552,526 in the prior year[13] - The company reported a net loss of $1,092,450 for the three months ended September 30, 2025, compared to a net loss of $282,945 for the same period in 2024, representing a 286.5% increase in losses[13] - For the nine months ended September 30, 2025, the company reported a net loss of $1,728,636 compared to a net loss of $608,772 for the same period in 2024[18] - The company reported a loss applicable to common shareholders of $(1,655,627) for the three months ended September 30, 2025, compared to $(846,195) for the same period in 2024, representing a 95.6% increase in losses[13] - Gross profit for the three months ended September 30, 2025, was $5,003,972, down 13.9% from $5,808,114 in the prior year[36] - For the nine months ended September 30, 2025, net sales totaled $26,090,546, a decrease of 8.5% from $28,506,151 in the same period of 2024[36] - The company reported a loss per common share after preferred dividends of $(0.69) for the nine months ended September 30, 2025, compared to $(0.46) for the same period in 2024[22] Assets and Liabilities - Total current assets increased to $37,979,155 as of September 30, 2025, from $36,919,057 at December 31, 2024, reflecting a growth of 2.9%[8] - Total liabilities rose to $40,003,821 as of September 30, 2025, compared to $39,783,410 at December 31, 2024, indicating a 0.6% increase[10] - Shareholders' equity decreased to $67,594,226 as of September 30, 2025, down from $69,233,730 at December 31, 2024, a decline of 2.4%[11] - The current portion of long-term debt was $993,875 as of September 30, 2025, compared to $952,171 at December 31, 2024, reflecting a 4.4% increase[10] - The company’s long-term debt increased to $15,428,093 as of September 30, 2025, compared to $14,042,910 as of December 31, 2024[28] - The company has lease liabilities totaling $11,010,791, net of current portion, as of September 30, 2025[61] Cash Flow and Expenses - The company had a net cash from operating activities of $(1,445,702) for the nine months ended September 30, 2025, an improvement from $(2,159,828) in the same period of 2024[18] - The company paid $723,311 in interest on debt and the line of credit for the nine months ended September 30, 2025, compared to $391,962 for the same period in 2024[32] - The company paid $62,500 in income taxes for the nine months ended September 30, 2025, compared to $27,000 for the same period in 2024, indicating a significant increase[30] - The company’s depreciation expense for the nine months ended September 30, 2025, was $2,289,716, slightly down from $2,368,537 for the same period in 2024[24] - The company recognized $89,132 in stock-based compensation expense during the three months ended September 30, 2025, related to the 2025 Omnibus Equity Incentive Plan[45] Inventory and Sales - The company's total inventories increased to $34,267,179 as of September 30, 2025, up from $32,907,489 as of December 31, 2024, reflecting a rise in finished goods and work-in-process[23] - The contribution margin for the three months ended September 30, 2025, was $(105,308), compared to a positive contribution margin of $41,582 in the same period of 2024[36] - Selling expenses increased to $4,444,433 for the three months ended September 30, 2025, from $4,326,851 in the prior year, reflecting a rise of 2.7%[36] Lease Agreements - The weighted-average remaining lease term for operating leases was 14.25 years as of September 30, 2025[60] - The company has entered into long-term grape purchase agreements, but cannot calculate minimum or maximum payments due to variable factors[63] - The Company has long-term grape purchase agreements with Willamette Valley wine grape growers, but cannot determine minimum or maximum payments due to variable factors[63] - The Company extended the lease for the Peter Michael Vineyard until January 2030, with options to extend through January 2035[49] - The Company has entered into multiple leases for retail wine facilities, with terms ranging from 10 years to 34 years, and various escalation provisions tied to CPI[54][55][56][57][58][59]

UNITED STATES Oregon 93-0981021 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 8800 Enchanted Way, S.E., Turner, Oregon 97392 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (503) 588-9463 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 o TRANSITIO ...

Part I - Financial Information [Item 1 - Financial Statements](index=4&type=section&id=Item%201%20-%20Financial%20Statements) This section presents the unaudited condensed financial statements for the three months ended March 31, 2025, covering balance sheets, operations, equity, and cash flows, with accompanying notes [Condensed Balance Sheets](index=4&type=section&id=Condensed%20Balance%20Sheets) Total assets slightly decreased to $108.2 million as of March 31, 2025, with stable liabilities and a decline in shareholders' equity due to the net loss Condensed Balance Sheet Summary (as of March 31, 2025 vs. December 31, 2024) | Account | March 31, 2025 (USD) | December 31, 2024 (USD) | | :--- | :--- | :--- | | **Total Current Assets** | $37,024,609 | $36,919,057 | | **Total Assets** | **$108,244,573** | **$109,017,140** | | **Total Current Liabilities** | $10,285,959 | $12,980,185 | | **Total Liabilities** | **$39,739,824** | **$39,783,410** | | **Total Shareholders' Equity** | **$68,504,749** | **$69,233,730** | [Condensed Statements of Operations](index=5&type=section&id=Condensed%20Statements%20of%20Operations) Net sales decreased by 14.3% to $7.5 million for Q1 2025, resulting in a widened net loss and increased loss per common share Q1 2025 vs. Q1 2024 Statement of Operations | Metric | Three months ended March 31, 2025 (USD) | Three months ended March 31, 2024 (USD) | | :--- | :--- | :--- | | **Sales, Net** | $7,541,583 | $8,803,080 | | **Gross Profit** | $4,759,108 | $5,272,722 | | **Loss from Operations** | ($869,978) | ($602,577) | | **Net Loss** | ($728,981) | ($521,805) | | **Loss per common share** | ($0.26) | ($0.22) | [Condensed Statements of Shareholders' Equity](index=6&type=section&id=Condensed%20Statements%20of%20Shareholders'%20Equity) Total shareholders' equity decreased by approximately $0.7 million in Q1 2025, primarily due to the net loss and accrued preferred stock dividends - The decrease in retained earnings for Q1 2025 was a result of the net loss (**$728,981**) and accrued preferred stock dividends (**$563,177**)[12](index=12&type=chunk) [Condensed Statements of Cash Flows](index=7&type=section&id=Condensed%20Statements%20of%20Cash%20Flows) Net cash used in operating activities was $1.3 million in Q1 2025, offset by $1.5 million from financing activities, resulting in a slight increase in cash and cash equivalents Q1 2025 vs. Q1 2024 Cash Flow Summary | Cash Flow Activity | Three months ended March 31, 2025 (USD) | Three months ended March 31, 2024 (USD) | | :--- | :--- | :--- | | **Net cash from operating activities** | ($1,337,263) | ($3,012,769) | | **Net cash from investing activities** | ($115,344) | ($330,298) | | **Net cash from financing activities** | $1,464,613 | $3,361,057 | | **Net change in cash** | $12,006 | $17,990 | [Notes to Unaudited Interim Financial Statements](index=8&type=section&id=Notes%20to%20Unaudited%20Interim%20Financial%20Statements) These notes provide additional details on financial statements, including inventory, debt, segment performance, preferred stock, and lease obligations, highlighting a significant decline in Distributor Sales Inventory Breakdown (as of March 31, 2025) | Inventory Type | Value (USD) | | :--- | :--- | | Winemaking and packaging materials | $1,587,348 | | Work-in-process (unbottled wine) | $14,147,911 | | Finished goods (bottled wine) | $17,863,096 | | **Total Inventories** | **$33,598,355** | - The company has four long-term debt agreements with AgWest, with an aggregate outstanding balance of **$16.8 million** as of March 31, 2025[24](index=24&type=chunk) Segment Performance (Q1 2025 vs. Q1 2024) | Segment | Sales (Q1 2025, USD) | Sales (Q1 2024, USD) | Gross Profit (Q1 2025, USD) | Gross Profit (Q1 2024, USD) | | :--- | :--- | :--- | :--- | :--- | | **Direct Sales** | $4,310,474 | $4,286,156 | $3,124,881 | $2,991,011 | | **Distributor Sales** | $3,231,109 | $4,516,924 | $1,634,227 | $2,281,711 | [Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations](index=14&type=section&id=Item%202%20-%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2025 financial performance, attributing the 14.3% revenue decrease to lower distributor sales and an increased net loss, while affirming sufficient liquidity for long-term needs [Overview](index=14&type=section&id=Overview) The company's strategy focuses on producing high-quality Oregon wines, building brand recognition, and growing direct-to-consumer sales, though near-term results may be impacted by strategic growth costs - The company's success is dependent on its ability to: (1) **grow high-quality grapes**, (2) **produce premium wine**, (3) **achieve brand recognition**, (4) **effectively distribute products**, and (5) **grow direct-to-consumer sales**[57](index=57&type=chunk) - Wine case sales decreased by **23.5%** in Q1 2025 compared to Q1 2024, falling from **43,208 cases** to **33,080 cases**, primarily due to lower wholesale case sales[62](index=62&type=chunk) [Results of Operations](index=15&type=section&id=Results%20of%20Operations) Sales revenue decreased by $1.3 million (14.3%) in Q1 2025, primarily due to lower distributor sales, while gross profit margin improved and net loss widened - The decrease in sales revenue was caused by a **$1,285,815** decline in distributor sales, partially offset by a **$24,318** increase in direct sales to consumers[67](index=67&type=chunk) - Gross profit as a percentage of net sales increased to **63.1%** in Q1 2025 from **59.9%** in Q1 2024, attributed to higher prices for products sold through retail locations[70](index=70&type=chunk) - The increase in net loss for Q1 2025 was primarily the result of lower case sales to distributors compared to the same period in 2024[74](index=74&type=chunk) [Liquidity and Capital Resources](index=16&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2025, the company maintained $26.7 million in working capital, with financing activities offsetting operational cash usage, and management believes current resources are sufficient for long-term needs Key Liquidity Metrics (as of March 31, 2025) | Metric | Value | | :--- | :--- | | Working Capital | $26.7 million | | Current Ratio | 3.60:1 | | Cash Balance | $332,889 | - Cash generated from financing activities in Q1 2025 was **$1,464,613**, mainly from long-term debt proceeds, which offset repayments on the line of credit[79](index=79&type=chunk) - The company believes that cash flow from operations, existing credit facilities, and preferred stock sales will be **sufficient** to meet its long-term needs[84](index=84&type=chunk) [Item 3 - Quantitative and Qualitative Disclosures about Market Risk](index=17&type=section&id=Item%203%20-%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) As a smaller reporting company, the company is not required to provide quantitative and qualitative disclosures about market risk - The Company is not required to provide information for this item as it qualifies as a smaller reporting company[85](index=85&type=chunk) [Item 4 - Controls and Procedures](index=17&type=section&id=Item%204%20-%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that disclosure controls and procedures were effective as of March 31, 2025, with no material changes in internal control over financial reporting during the quarter - Based on an evaluation as of the end of the reporting period, the CEO and CFO concluded that the Company's disclosure controls and procedures are **effective**[86](index=86&type=chunk) - **No changes** in internal control over financial reporting occurred during the quarter ended March 31, 2025, that have materially affected, or are reasonably likely to materially affect, internal controls[87](index=87&type=chunk) Part II - Other Information [Item 1 - Legal Proceedings](index=17&type=section&id=Item%201%20-%20Legal%20Proceedings) The company is occasionally involved in ordinary course legal proceedings, which management believes will not materially adversely affect its financial position or results of operations - Management believes that any potential liability from legal proceedings is **not likely to have a material effect** on the Company's liquidity, financial condition, or results from operations[88](index=88&type=chunk) [Item 1A - Risk Factors](index=17&type=section&id=Item%201A%20-%20Risk%20Factors) This section refers investors to the detailed discussion of risk factors in the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024 - The report refers readers to the risk factors discussed in Part I, "Item 1A. Risk Factors" in the Annual Report on Form 10-K for the fiscal year ended December 31, 2024[89](index=89&type=chunk) [Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds](index=17&type=section&id=Item%202%20-%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) There were no unregistered sales of equity securities during the reporting period - None[91](index=91&type=chunk) [Item 3 - Defaults Upon Senior Securities](index=18&type=section&id=Item%203%20-%20Defaults%20Upon%20Senior%20Securities) There were no defaults upon senior securities during the reporting period - None[92](index=92&type=chunk) [Item 5 - Other Information](index=18&type=section&id=Item%205%20-%20Other%20Information) No director or officer adopted or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the first quarter of 2025 - **No director or officer adopted or terminated** a "Rule 10b5-1 trading arrangement" or "Non-Rule 10b5-1 trading arrangement" during the three months ended March 31, 2025[94](index=94&type=chunk) [Item 6 - Exhibits](index=19&type=section&id=Item%206%20-%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including corporate governance documents, CEO and CFO certifications, and iXBRL formatted financial statements - The exhibits filed with this report include: * **Articles of Incorporation and Bylaws** * **Certifications of the CEO and CFO** pursuant to Rule 13a-14(a) * **Certifications of the CEO and CFO** pursuant to Section 906 of the Sarbanes-Oxley Act * **Financial statements formatted in Inline Extensible Business Reporting Language (iXBRL)**[96](index=96&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 o TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT Commission File Number 001-37610 WILLAMETTE VALLEY VINEYARDS, INC. (Exact name of registrant as specified in charter) Oregon 93-0981021 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identificatio ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 o TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT Commission File Number 001-37610 WILLAMETTE VALLEY VINEYARDS, INC. (Exact name of registrant as specified in charter) Oregon 93-0981021 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identificati ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________________ to _______________________ Commission file number: 000-21522 WILLAMETTE VALLEY VINEYARDS, INC. (Exact name of registrant as specified in its char ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 o TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT Commission File Number 001-37610 WILLAMETTE VALLEY VINEYARDS, INC. (Exact name of registrant as specified in charter) Oregon 93-0981021 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identifi ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 o TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT Commission File Number 001-37610 WILLAMETTE VALLEY VINEYARDS, INC. (Exact name of registrant as specified in charter) Oregon 93-0981021 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identificatio ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 o TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT Commission File Number 001-37610 WILLAMETTE VALLEY VINEYARDS, INC. (Exact name of registrant as specified in charter) Oregon 93-0981021 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identificati ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________________ to _______________________ Commission file number: 000-21522 WILLAMETTE VALLEY VINEYARDS, INC. (Exact name of registrant as specified in its char ...