Business Combination - The proposed business combination with Profusa, Inc. is based on a pre-transaction equity value of $155 million, with a minimum available cash condition of $15 million required for closing[144][145][146]. - Profusa stockholders may receive up to 3,875,000 additional shares of NorthView Common Stock based on future revenue and stock-price milestones, including achieving $5.1 million in revenue for fiscal year 2023 and $73.1 million for fiscal year 2024[147]. - Amendment No. 1 revised revenue milestones to $11.86 million for fiscal year 2024 and $99.7 million for fiscal year 2025[148]. - The company extended its combination period from December 22, 2023, to March 22, 2024, with 140,663 shares redeemed, leaving 6,027,219 shares outstanding[159]. - The company has amended the Merger Agreement multiple times to adjust revenue milestones and financing conditions, with the latest amendment extending the deadline for certain milestones to December 31, 2025[156]. - The company held a special meeting on June 9, 2025, where stockholders approved the Merger Agreement and related transactions[165]. - Following the June 9, 2025 meeting, 52,784 public shares were redeemed, leaving 5,295,527 shares outstanding[166]. Financial Performance - As of March 31, 2025, the company reported a net loss of $1,119,910, with operating costs amounting to $583,581 and interest income of $79,925 from the Trust Account[172]. - The company had a working capital deficit of $13,191,353 and restricted cash of $18,450 as of March 31, 2025[174]. - For the three months ended March 31, 2024, the company reported a net loss of $820,277, with operating costs of $470,841 and interest income of $116,664[173]. - Cash used in operating activities for the three months ended March 31, 2025, was $362,441, impacted by changes in fair value of warrant liabilities and convertible notes[175]. - The company incurred $0 in administrative service fees for the three months ended March 31, 2025, and $50,000 was recorded as due to a related party[186]. - The fair value of the company's convertible promissory note was reported at $9,133,382 as of March 31, 2025[181]. - The company did not have any off-balance sheet arrangements or long-term debt as of March 31, 2025[184][185]. Going Concern - The company is expected to incur significant costs in pursuing its initial business combination, with no assurance of success in raising capital[143]. - The company has until June 22, 2025, to consummate a Business Combination, with substantial doubt about its ability to continue as a going concern if not completed[182]. Financing Activities - The company entered into a securities purchase agreement for up to $22.22 million in senior secured convertible promissory notes[150]. - The company amended its Convertible Working Capital Promissory Note to increase the principal amount to $2.5 million, with a conversion price of $2.22 per share[168]. Regulatory Compliance - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new or revised accounting standards[196]. - The company is evaluating the benefits of reduced reporting requirements under the JOBS Act, which may exempt it from certain disclosures and audit requirements[197]. - Exemptions from the JOBS Act will apply for five years post-initial public offering or until the company is no longer classified as an "emerging growth company," whichever comes first[198]. - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[199]. Operational Status - The company has not commenced any operations and has not generated any operating revenues to date, relying on interest income and unrealized gains from the Trust Account[171].

Customer Growth and Segments - As of March 31, 2025, the Banking segment had 2,515,000 customers, a significant increase from 904,000 customers as of March 31, 2024, representing a growth of approximately 177%[37] - As of March 31, 2025, the Brokerage segment had 683,000 total customer accounts, up from 530,000 accounts as of March 31, 2024, marking a growth of approximately 29%[56] - As of March 31, 2025, Freedom Life had 572,872 customers and 1,038,516 active contracts, while Freedom Insurance had 597,375 customers and 824,838 active contracts[47] - Monthly active users (MAU) reached 1.02 million in March 2025, a 12% year-on-year increase, with daily active users (DAU) averaging 183,000[63] Financial Performance - Freedom Life experienced a 156% increase in gross insurance premiums written for the fiscal year ended March 31, 2025, compared to the previous fiscal year, and recognized a net profit of approximately $15.3 million[47] - Freedom Insurance had a 107% increase in written insurance premiums received for the fiscal year ended March 31, 2025, and also recognized a net profit of approximately $15.3 million[47] - The loan portfolio in the Banking segment increased by 16%, while the deposit portfolio increased by 41% compared to March 31, 2024[39] - The Other segment accounted for $144.0 million, or 7%, of total revenue for the fiscal year ended March 31, 2025, primarily from payment processing services and online ticket sales[57] Digital Ecosystem and Technology - The company operates a digital fintech ecosystem that integrates banking, payments, credit, brokerage, and insurance services through a single interface[58] - The FreedomSuperApp supports multi-currency accounts and integrates with over thirty government and commercial data sources, enhancing user experience[62] - The average time from application to disbursement for digital mortgages is now under 24 hours, significantly improved from several weeks[70] - The company’s proprietary Tradernet software platform is a key technology product, contributing to its service appeal and success[115] Employee and Workforce - As of March 31, 2025, the company employed 8,764 employees, with 8,691 full-time and 73 part-time, across 22 countries[90] - The workforce included 4,212 women and 4,479 men, highlighting a commitment to diversity in multi-ethnic cultures[90] Regulatory and Compliance - The company holds various licenses across jurisdictions, including brokerage licenses in Kazakhstan, Cyprus, the United States, Armenia, and Uzbekistan, as well as banking and insurance licenses[118] - The company’s telecommunications and media subsidiaries hold licenses for local telephone services, internet access, and broadcasting, subject to various regulatory requirements[119] - Freedom KZ and Freedom Global are currently implementing a verification platform across all brokerage companies, banks, and other entities within the group[129] - Freedom Bank KZ utilizes a database integrated with its banking system to check customers against over 715 lists from international and national security agencies[130] Environmental and Social Responsibility - In fiscal year 2025, the company completed an inventory of greenhouse gas emissions for all environmentally material subsidiaries, aligning with sustainability goals[110] - The company established the Freedom Shapagat Corporate Fund in August 2023 to pursue social, charitable, and educational goals through voluntary contributions[105] - The company provided financial support for the Oasis Project, focusing on ecological restoration in the Aral region[111] Risk Management - The company is exposed to interest rate risk, particularly in Kazakhstan, where a 200 basis point increase in interest rates could lead to a decline in the fair market value of the trading portfolio by $87.7 million[552] - A hypothetical 100 basis point decrease in interest rates could result in an increase in the fair market value of the trading portfolio by $50.7 million[553] - The company manages foreign currency exchange risk by holding financial liabilities in the same currency and may use forward, swap, and option contracts to mitigate exposures[555] - Geopolitical risks, including the Russia-Ukraine war, have contributed to increased volatility in global financial markets, impacting the company's operations and liquidity[577] Financial Position and Investments - As of March 31, 2025, the company's exposure to equity investments at fair value was $111.1 million, down from $126.1 million in 2024, indicating a decrease of approximately 11.8%[558] - The company reported a total loss of $90.0 million in 2025 compared to $76.5 million in 2024, reflecting an increase of 17.8%[560] - Trading securities losses amounted to $131.3 million in 2025, significantly lower than the $342.5 million loss in 2024, indicating a reduction of 61.7%[560] - Margin lending receivables from customers reached $3.3 billion, with $2.3 billion attributable to three non-related party customers, indicating significant concentration risk[564]

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 March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to CANTOR EQUITY PARTNERS II, INC. (Exact name of registrant as specified in its charter) Cayman Islands 001-42630 98-1576521 (State or other jurisdiction of ...

User Engagement and Metrics - As of April 30, 2025, the Zedge App had been installed nearly 707 million times and had 22.1 million monthly active users (MAU), a decrease of 20.2% compared to the same period last year[100][117]. - Zedge App's Monthly Active Users (MAU) decreased by 20.2% to 22.1 million in Q2 2025 from 27.7 million in Q2 2024[119]. - Approximately 896,000 active subscribers were reported as of April 30, 2025, following the introduction of a subscription tier in the iOS version of the app[103]. - Emojipedia received approximately 46.3 million monthly page views and had about 10.9 million MAU as of April 30, 2025, with 49.7% of users located in well-developed markets[111]. Revenue and Financial Performance - Average Revenue Per Monthly Active User (ARPMAU) for the three months ended April 30, 2025, increased by 32.7% year-over-year, driven by higher advertising prices and strong subscription revenue growth[118]. - Total revenues for Q2 2025 were $7,757, a slight increase of 1.3% compared to $7,658 in Q2 2024[130]. - Subscription revenue for the three months ended April 30, 2025, increased by 13.4%, while subscription billings rose by 22.9% compared to the same period last year[118]. - Subscription revenue increased by 13.4% to $1,272 in Q2 2025 from $1,122 in Q2 2024, driven by new subscription offerings[134]. - Other revenues surged by 109.2% to $431 in Q2 2025 from $206 in Q2 2024, primarily due to increased Zedge Premium net revenue[135]. - Zedge Premium net revenue increased by 112.9% to $430 in Q2 2025 from $202 in Q2 2024, attributed to AI generative features[132]. - For the nine months ended April 30, 2025, subscription billings increased by 33.4% compared to the same period in the prior year[138]. Operational Challenges and Restructuring - The acquisition of GuruShots has faced challenges, leading to a restructuring plan aimed at achieving breakeven and revamping the offering to attract new users[108]. - Monthly Active Payers (MAP) for GuruShots decreased by 33.8% to 3,578 in Q2 2025 from 5,408 in Q2 2024[126]. - Average Revenue Per Monthly Active Payer (ARPMAP) for GuruShots decreased by 17.1% to $44.1 in Q2 2025 from $53.2 in Q2 2024[126]. - For the nine months ended April 30, 2025, income from operations related to the Zedge Marketplace decreased by 50.6% to $2.2 million from $4.5 million in the prior year, primarily due to higher user acquisition costs and restructuring charges[170]. - For the nine months ended April 30, 2025, the loss from operations related to GuruShots decreased by 70.8% to $4.8 million from $16.3 million in the prior year, mainly due to the prior period's impairment loss of $11.9 million on intangible assets[171]. Expenses and Cost Management - Selling, general and administrative (SG&A) expenses decreased by 6.1% to $6,343,000 in Q3 2025 compared to Q3 2024, with SG&A as a percentage of revenues at 81.8% compared to 88.2%[145][146]. - SG&A expenses increased by 8.0% to $20,278,000 in the nine months ended April 30, 2025, with SG&A as a percentage of revenues rising to 92.5% from 83.4%[147]. - Stock-based compensation expenses decreased by 11.7% to $603,000 in Q3 2025 compared to Q3 2024, and by 21.8% to $1,308,000 in the nine months ended April 30, 2025 compared to the same period in the prior year[149][150]. - Depreciation and amortization expenses decreased by 61.4% to $583,000 in Q3 2025 compared to Q3 2024, and by 56.4% to $924,000 in the nine months ended April 30, 2025[153][154]. Cash Flow and Financial Position - As of April 30, 2025, the company had cash and cash equivalents of $20.4 million and working capital of $17.5 million, compared to $20.0 million and $17.7 million, respectively, at July 31, 2024[172]. - Net cash provided by operating activities for the nine months ended April 30, 2025, was $2.7 million, a decrease from $5.2 million in the prior year, primarily due to a net loss of $1.8 million adjusted for non-cash items[175][176]. - In the nine months ended April 30, 2025, the company repurchased 683,506 shares of Class B common stock for approximately $2.0 million, compared to 60,206 shares for approximately $152,000 in the prior period[179]. - The company does not anticipate paying dividends on common stock until achieving sustainable profitability and retaining minimum cash reserves[181]. - One major customer represented 35% of revenue for the nine months ended April 30, 2025, compared to two customers representing 31% and 10% in the prior year[183]. - Cash used in investing activities for the nine months ended April 30, 2025, was primarily for capitalized software and technology development costs[177]. External Factors and Risks - The majority of users and employees are located outside the U.S., exposing the company to foreign exchange fluctuations and macroeconomic uncertainties[96]. - The ongoing geopolitical conflicts, particularly in Israel, have raised concerns about potential business disruptions and implications for the company's operations[97]. - Interest and other income, net decreased by 18.1% to $154,000 in Q3 2025 compared to Q3 2024, while it increased by 16.8% to $507,000 in the nine months ended April 30, 2025[158][159]. - The net loss resulting from foreign exchange transactions was $41,000 in Q3 2025, a decrease from a loss of $80,000 in Q3 2024, and for the nine months ended April 30, 2025, the loss was $223,000 compared to $141,000 in the prior year[161][162]. - Income tax expense was $88,000 in Q3 2025 compared to an income tax benefit of $137,000 in Q3 2024, resulting from a pre-tax income of $273,000 in the current year period[166].

Financial Performance - Net sales increased to $4.5 billion, a 5.4% increase over the comparable prior year quarter, driven by a 5.4% increase in same store sales on a constant currency basis[76][80] - Operating profit decreased 3.8% to $866.2 million, and net income decreased 6.6% to $608.4 million for the quarter, impacted by unfavorable foreign currency exchange rates[76][86] - Domestic commercial sales increased by $123.2 million to $1.3 billion, or 10.7% over the comparable prior year[80] - Net income for the fiscal year ended August 26, 2023, was $2,528,426, an increase from $1,663,585 for the thirty-six weeks ended May 6, 2023[116] - EBITDAR for the fiscal year ended August 26, 2023, was $4,471,048, compared to $2,934,533 for the thirty-six weeks ended May 6, 2023, reflecting a significant growth[116] Profitability Metrics - Gross profit for the quarter was $2.4 billion, with a gross profit margin of 52.7%, down from 53.5% in the prior year due to higher inventory shrink and new distribution center startup costs[82] - Gross profit for the thirty-six weeks was $6.7 billion, with a gross profit margin of 53.2%, slightly down from 53.4% in the prior year[89] - Adjusted after-tax return on invested capital (ROIC) for the trailing four quarters ended May 10, 2025, was 43.5%, down from 51.4% in the prior year[104] - The effective tax rate over the trailing four quarters was 20.6%[117] - The effective income tax rate increased to 20.4% for the thirty-six weeks ended May 10, 2025, compared to 19.8% in the prior year[92] Operating Expenses and Cash Flow - Operating expenses increased to $1.5 billion, representing 33.3% of sales, up from 32.2% in the prior year, primarily due to increased self-insurance expenses[83] - Net cash flows from operating activities for the thirty-six weeks ended May 10, 2025, were $2.2 billion, an increase from $1.9 billion in the prior year[97] - Capital expenditures for the thirty-six weeks ended May 10, 2025, were $885.6 million, up from $725.9 million in the prior year, driven by growth initiatives including the opening of 163 new stores[98] - Net cash flows used in financing activities for the thirty-six weeks ended May 10, 2025, were $1.3 billion compared to $1.0 billion in the prior year, with stock repurchases totaling $1.1 billion[99] Debt and Financing - Net interest expense rose to $111.3 million, with average borrowings of $9.2 billion and a weighted average borrowing rate of 4.48%[84] - Adjusted debt to EBITDAR ratio was 2.5:1 as of May 10, 2025, consistent with the prior year[105] - The company issued $500 million in 5.125% Senior Notes due June 2030, while repaying $400 million in 3.250% Senior Notes due April 2025[121] - The fair value of the company's debt was estimated at $8.8 billion as of May 10, 2025, reflecting a decrease of $57.9 million from its carrying value[122] - A one percentage point increase in interest rates would negatively impact pre-tax earnings and cash flows by $8.1 million for fiscal 2025 due to variable rate debt[122] - The company had $805.5 million of variable rate debt outstanding as of May 10, 2025[122] - Fixed rate debt was $8.0 billion as of May 10, 2025, with a potential fair value reduction of $340.3 million from a one percentage point increase in interest rates[122] Strategic Initiatives - The company plans to increase investments in growth initiatives, including new stores and hub expansions, compared to fiscal 2024[100] - The accounts payable to inventory ratio was 115.6% at May 10, 2025, down from 119.7% at May 4, 2024[101] - The company anticipates relying on internally generated funds and available borrowing capacity for capital expenditures and stock repurchases[102] - The Revolving Credit Agreement was amended to extend the termination date to November 15, 2028[106] - As of May 10, 2025, the company was in compliance with all covenants under its borrowing arrangements[107] - Total lease cost per ASC 842 for the trailing four quarters ended May 10, 2025, was $625,740, up from $558,627 for the trailing four quarters ended May 4, 2024[117]

Financial Performance - The company reported a net loss of $18,200 for the three months ended March 31, 2025, and a cumulative net loss of $44,611 since inception on January 4, 2024 [97]. - The company does not expect to generate operating revenues until after the completion of its Business Combination [96]. Initial Public Offering - The company completed its Initial Public Offering on May 15, 2025, raising gross proceeds of $414,000,000 from the sale of 41.4 million Units, including a full exercise of the underwriters' over-allotment option of 5.4 million Units [100]. - A total of $414,000,000 was placed in the Trust Account following the Initial Public Offering, with $3,971,368 incurred in offering costs [101]. Use of Funds - The company intends to use substantially all funds in the Trust Account to complete its Business Combination, with remaining proceeds allocated for working capital and growth strategies [102]. Debt and Obligations - The company has no long-term debt or off-balance sheet arrangements as of March 31, 2025 [106]. - The company has a contractual obligation to reimburse the managing member of the Sponsor $30,000 per month for administrative support, which will cease upon completion of the Initial Business Combination [107]. - The underwriter is entitled to a deferred fee of up to $3,000,000, payable only upon the completion of the Initial Business Combination [108]. Risks and Challenges - The company has incurred significant costs related to its acquisition plans and does not assure the success of completing a Business Combination [95]. - Various economic factors, including market volatility and geopolitical instability, may adversely affect the company's ability to complete its Initial Business Combination [98].

Sales and Market Performance - In fiscal 2025, the United States accounted for 44% of Brown-Forman's net sales, with the remaining 56% from international markets[19]. - The company reported that approximately 27%, 28%, and 29% of its net sales for fiscal 2023, 2024, and 2025, respectively, occurred in the fourth calendar quarter, indicating seasonality in sales[26]. - Brown-Forman's two largest customers represented approximately 13% and 11% of consolidated net sales in fiscal 2025, with no other customer exceeding 10%[25]. - The Jack Daniel's brand remains the 1 selling American whiskey globally, with super-premium offerings receiving prestigious awards in 2025[13]. - The company operates in over 170 countries, with Mexico, Germany, Australia, and the United Kingdom being significant markets alongside the U.S.[19]. - The tequila portfolio, led by Herradura and el Jimador, is committed to growth in the U.S. and globally[44]. - The U.S. market experienced a 7% decline in net sales, primarily due to the divestiture of Sonoma-Cutrer and lower volumes in a challenging consumer environment[183]. - Emerging markets showed resilience, with Türkiye's net sales increasing by 30% driven by higher prices, while Brazil's net sales grew by 12% due to expanded distribution and consumer demand[188]. Distribution and Strategy - Brown-Forman's distribution strategy includes owned distribution in several countries and reliance on third-party distributors in others, adapting to market conditions[24]. - The company has launched its own distribution company in Italy effective May 1, 2025, expanding its direct market presence[24]. - As of May 1, 2025, the company owned and operated 17 distribution companies in 18 countries, indicating a shift towards owned distribution models[74]. - The company established its owned-distribution organization in Italy in May 2025 to enhance competitiveness[48]. Financial Performance - In fiscal 2025, the company reported net sales of $4.0 billion, a decrease of 5% compared to fiscal 2024, with organic net sales increasing by 1%[179]. - Gross profit for fiscal 2025 was $2.3 billion, down 7% from fiscal 2024, resulting in a gross margin of 58.9%, a decline of 1.5 percentage points[179]. - Operating income decreased by 22% to $1.1 billion in fiscal 2025, primarily due to the absence of gains from the sale of Sonoma-Cutrer and Finlandia, as well as a $47 million impairment charge for the Gin Mare brand[179][173]. - Diluted earnings per share fell to $1.84, a decrease of 14% compared to fiscal 2024, influenced by lower operating income and a gain on the sale of the investment in Duckhorn[179]. - The cumulative total shareholder return for Class B common stock decreased from $100 in 2020 to $61 in 2025, underperforming compared to the S&P 500 Index which increased from $100 to $207 in the same period[146]. Investment and Capital Expenditures - Capital expenditures totaled $395 million in fiscal 2024 and 2025, focusing on expanding whiskey, tequila, and rum production capabilities[177]. - The company anticipates a low-single digit decline in organic net sales and organic operating income for fiscal 2026[205]. - Capital expenditures for fiscal 2026 are planned to be between $125 million and $135 million[205]. Risks and Challenges - The company faces risks from changes in trade policies and tariffs, which could increase product costs and affect financial performance[77]. - The potential escalation of trade disputes poses significant risks to the company's business operations and profitability[78]. - The company is subject to competitive pressures from consolidation among spirits producers and distributors, which could impact market share and margins[76]. - The company faces risks from changing consumer preferences, which may lead to a decline in demand for premium and super-premium products[79]. - Increased competition from new entrants and diversification by existing suppliers could negatively impact market share and pricing strategies[80]. - Disruptions at production facilities could significantly affect supply and ability to meet consumer demand for major brands like Jack Daniel's[84]. - Economic downturns could lead to decreased consumer spending and increased taxes on beverage alcohol, negatively impacting sales[92]. - Health epidemics or pandemics could disrupt operations, supply chains, and consumer demand, leading to significant financial impacts[98]. Sustainability and Corporate Responsibility - Brown-Forman's commitment to sustainability and responsible marketing is integral to its long-term growth strategy[39]. - The 2030 Sustainability Strategy was revised to align with industry best practices and current climate science, focusing on supply chain impacts[54]. - A 10-year, $50 million commitment was made to five organizations in west Louisville to support community initiatives[57]. - The company continues to invest in renewable energy projects, including a solar system at the Newbridge bottling plant and an anaerobic digester project at the Jack Daniel Distillery[59]. - The 2030 Alcohol Responsibility strategy was launched to promote mindful choices around beverage alcohol[46]. Cybersecurity and Compliance - Cybersecurity threats pose a risk to the company's IT systems, potentially leading to material disruptions and adverse effects on business operations[117]. - The company has made significant investments in cybersecurity, utilizing the National Institute of Standards and Technology Cybersecurity Framework and advancing towards a "Zero-Trust" architecture[129]. - The Board of Directors oversees the company's cybersecurity risk management processes, with the Audit Committee regularly reporting on cybersecurity threats[134]. - Compliance with anti-corruption laws and trade sanctions is critical, as violations could lead to investigations, fines, and increased operating costs[102]. Corporate Structure and Governance - The company has a dual-class share structure, with the Brown family controlling a majority of the voting stock, which may affect the attractiveness of the company as a takeover target[123]. - The company does not have a sunset provision for its dual-class share structure, which may lead to misalignment of interests between the Brown family and other stockholders[124]. - The company has established a tiered risk management strategy to evaluate its ability to protect assets, reporting results to the Audit Committee of the Board of Directors[131].

Sales and Market Performance - In fiscal 2025, the United States accounted for 44% of Brown-Forman's net sales, with the remaining 56% from international markets[19]. - Approximately 27%, 28%, and 29% of reported net sales for fiscal 2023, 2024, and 2025, respectively, occurred in the fourth calendar quarter, indicating seasonality in sales[26]. - The company operates in over 170 countries, with Mexico, Germany, Australia, and the United Kingdom being significant markets, each contributing 7%, 6%, 5%, and 4% to net sales in fiscal 2025[19]. - In fiscal 2025, two largest customers accounted for approximately 13% and 11% of consolidated net sales, indicating a diversified customer base[25]. - Jack Daniel's Tennessee Whiskey remains the 1 selling American whiskey globally, with super-premium offerings receiving World's Best Awards in 2025[13]. - Woodford Reserve sold over 1.8 million nine-liter cases for the fiscal year ended April 30, 2025, with strong double-digit compound annual growth rate since its introduction[44]. - The Jack Daniel's family of brands is the primary revenue driver, with significant investment in brand reputation and consumer trust[73]. - Net sales in the United States declined by 7%, driven by the divestiture of Sonoma-Cutrer and lower volumes in a challenging consumer environment[183]. - Net sales decreased by 5% to $4.0 billion in fiscal 2025, driven by a 7% decline in volume, partially offset by a 2% increase in price/mix[195]. Financial Performance - In fiscal 2025, the company reported net sales of $4.0 billion, a decrease of 5% compared to fiscal 2024, with organic net sales increasing by 1%[179]. - Gross profit for fiscal 2025 was $2.3 billion, down 7% from fiscal 2024, resulting in a gross margin of 58.9%, a decline of 1.5 percentage points[179]. - Operating income decreased by 22% to $1.1 billion in fiscal 2025, primarily due to the absence of gains from the sale of Sonoma-Cutrer and Finlandia, as well as a $47 million impairment charge for the Gin Mare brand[179][173]. - Diluted earnings per share fell to $1.84, a decrease of 14% compared to fiscal 2024, influenced by lower operating income and a gain on the sale of the investment in Duckhorn[179]. - The cumulative total shareholder return for Class B common stock decreased from $100 in 2020 to $61 in 2025, underperforming compared to the S&P 500 Index which increased from $100 to $207 in the same period[146]. - The effective tax rate for fiscal 2025 was 19.6%, down from 21.2% in fiscal 2024[202]. - The company experienced a 33% decline in net sales for the Rest of Portfolio, impacted by divestitures and lower volumes[192]. Strategic Initiatives and Brand Development - Brown-Forman's portfolio includes over 40 brands, with significant recognition and awards for premium products like Woodford Reserve and Old Forester[13]. - The company emphasizes brand-building through creative marketing strategies, aiming to enhance brand recognition and consumer demand[17]. - The Jack Daniel's family of brands will continue to pursue growth opportunities across markets and consumer segments[44]. - The company launched several new products, including Jack Daniel's 14 Year Old and Woodford Reserve Double Double Oaked, contributing to brand growth[175]. - The company launched the Jack & Coke ready-to-drink cocktail in over 25 markets, including the United States, Japan, and the United Kingdom[45]. Sustainability and Community Engagement - The company is committed to environmental sustainability and responsible marketing, which are integral to its long-term growth strategy[40]. - The 2030 Sustainability Strategy was revised to align with industry best practices and current climate science, focusing on supply chain impacts[54]. - A 10-year, $50 million commitment was made to five organizations in west Louisville to support community initiatives[57]. - The anaerobic digester project at the Jack Daniel Distillery is expected to convert byproducts to renewable energy and fertilizer, operational by fiscal 2026[59]. Risks and Challenges - The company faces risks from changes in trade policies and tariffs, including a 25% tariff on goods imported from Canada, which has led to retaliatory measures affecting sales[78]. - Consolidation among beverage alcohol producers and distributors may hinder product distribution and increase competition for shelf space[76]. - The company has experienced a significant decline in sales due to negative publicity, which could adversely affect financial results[73]. - The company is adapting to a more challenging competitive landscape, requiring agility in adopting digital technologies and building analytical capabilities[76]. - Changes in route-to-consumer models could result in temporary or long-term sales disruptions and higher costs[75]. - The company faces risks from changing consumer preferences, which may lead to a decline in demand for premium and super-premium products[79]. - Increased competition from new entrants and diversification by existing suppliers could negatively impact market share and pricing strategies[80]. - Economic downturns could lead to decreased consumer spending and demand for beverage alcohol products, impacting sales[92]. - Cybersecurity threats pose risks to IT systems and data privacy, with past incidents highlighting vulnerabilities that could disrupt operations[117]. Operational and Structural Aspects - The company employs approximately 5,000 people across 45 countries, with a low voluntary turnover rate[62]. - As of May 1, 2025, the company owned and operated 17 distribution companies across 18 countries, transitioning from third-party to owned distribution models[74]. - The company operates production facilities including distilleries and bottling plants in multiple countries, with significant operations in the United States, Mexico, and Ireland[138]. - The company has agreements for contract production in various countries, including Australia, Belgium, and China, to support its global operations[138]. - The company maintains a dual-class share structure, with the Brown family controlling a majority of the voting stock, which may affect the attractiveness of the company as a takeover target[123]. Financial Management and Liquidity - Cash and cash equivalents were $446 million at April 30, 2024, and $444 million at April 30, 2025, with approximately 54% held by foreign subsidiaries[207]. - The company has a $900 million commercial paper program, with average balances of $475 million in 2024 and $373 million in 2025[208][209]. - The average interest rate for the commercial paper was 5.46% in 2024 and decreased to 5.13% in 2025[209]. - The company expects to meet short-term liquidity needs through cash generated from operations and borrowings under the commercial paper program[211]. - Long-term cash requirements primarily involve payments related to long-term debt, employee benefit obligations, and deferred tax liabilities[210].

For the quarterly period ended May 4, 2025 Commission file number 000-25349 HOOKER FURNISHINGS CORPORATION UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 (Registrant's telephone number, including area code) (Exact name of registrant as specified in its charter) Virginia 54-0251350 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ 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: 001-38037 SAFE & GREEN HOLDINGS CORP. (Exact name of registrant as specified in its charter) | Delaware | 95-4463937 ...