Financial Performance - Total revenue for the third quarter increased to $1.8 billion, representing a growth of 20% year-over-year[3] - Operating income rose 14% to $792.0 million, while adjusted operating income grew 22% to $863.2 million for the third quarter[5] - Diluted earnings per share increased by 9% to $1.56, and adjusted diluted earnings per share rose 15% to $1.71 for the third quarter[7] - Net income for the three months ended February 28, 2026, was $560.3 million, an 8% increase from $519.3 million in the same period last year[26] - Basic earnings per share increased by 8% to $1.56 for the three months ended February 28, 2026, compared to $1.44 in the prior year[26] - Net income for the nine months ended February 28, 2026, was $1,339.5 million, a slight decrease from $1,360.1 million in the same period of 2025[32] Revenue Breakdown - Management Solutions revenue increased 23% to $1.4 billion, with the acquisition of Paycor contributing approximately 19% to this growth[4] - Total service revenue increased by 20% to $1,752.1 million for the three months ended February 28, 2026, compared to $1,466.1 million for the same period in 2025[26] - Management Solutions revenue grew by 23% to $1,354.6 million for the three months ended February 28, 2026, compared to $1,100.7 million in the prior year[26] Expenses and Costs - Total expenses for the third quarter increased by 24% to $1.0 billion, primarily due to the Paycor acquisition-related costs[5] - Selling, general and administrative expenses rose by 36% to $585.7 million for the three months ended February 28, 2026, compared to $429.8 million in the same period last year[26] - Compensation costs related to the acquisition and integration of Paycor amounted to $9.8 million for the third quarter and $41.7 million for the nine months[18] - Interest expense increased by $45.5 million to $68.1 million, mainly due to incremental debt issued for the Paycor acquisition[6] - Stock-based compensation costs rose to $75.4 million from $50.5 million year-over-year[32] - The provision for credit losses increased to $29.1 million from $17.6 million in the previous year[32] Cash Flow and Shareholder Returns - Cash flow from operations was $2.0 billion for the nine months ended February 28, 2026[12] - The company returned over $1.5 billion to shareholders fiscal year to date[3] - Net cash provided by operating activities increased to $1,975.8 million from $1,557.1 million year-over-year[32] - Total cash, restricted cash, and equivalents at the end of the period reached $2,922.6 million, up from $2,393.3 million in the previous year[32] - Dividends paid increased to $1,165.0 million from $1,059.2 million year-over-year[32] - The company repurchased common shares totaling $361.6 million, compared to $104.5 million in the same period last year[32] Assets and Liabilities - Total assets as of February 28, 2026, were $17,511.4 million, up from $16,564.1 million as of May 31, 2025[30] - Total liabilities increased to $13,497.8 million as of February 28, 2026, compared to $12,436.1 million as of May 31, 2025[30] - The net change in client fund obligations was $736.6 million, up from $383.1 million in the previous year[32] Interest and Investments - Interest on funds held for clients is now anticipated to be in the range of $200 million to $210 million[19] - The company reported a 36% increase in interest on funds held for clients for the nine months ended February 28, 2026, totaling $158.7 million compared to $116.5 million in the prior year[26] - Purchases of available-for-sale (AFS) securities amounted to $10,699.4 million, compared to $8,473.2 million in the prior year[32] - Net cash used in investing activities was $925.0 million, significantly higher than $281.7 million in the previous year[32] Future Outlook - The company anticipates continued investment and innovation in AI to enhance its leadership position in human capital management[2]

Financial Performance - Revenue for Q3 fiscal 2026 was $2.84 billion, an increase of 8.9% from $2.61 billion in Q3 fiscal 2025[2] - Gross margin for Q3 fiscal 2026 was $1.45 billion, representing a 9.8% increase from $1.32 billion in the same quarter last year, with a gross margin percentage of 51.0%[3] - Operating income rose 8.2% to $659.9 million in Q3 fiscal 2026, compared to $609.9 million in Q3 fiscal 2025, with an operating income margin of 23.2%[4] - Net income for Q3 fiscal 2026 was $502.5 million, an 8.4% increase from $463.5 million in Q3 fiscal 2025, with diluted EPS of $1.24, up 9.7%[5] - Free cash flow for the nine months ended February 28, 2026, was $1,268,069,000, up from $1,231,327,000 in the prior year, indicating a 3% increase[25] - Net income for the nine months ended February 28, 2026, was $1,488,979,000, an increase from $1,364,025,000 in the same period of 2025, showing a growth of 9%[30] - The company reported a net cash provided by operating activities of $1,567,176,000 for the nine months ended February 28, 2026, compared to $1,525,587,000 in 2025[30] Shareholder Returns - Cintas returned $1.45 billion to shareholders in the first nine months of fiscal 2026 through share buybacks and dividends[6] Acquisition and Guidance - The company announced an agreement to acquire UniFirst Corporation on March 10, 2026, aiming to create substantial value for shareholders and customers[7] - Cintas raised its full fiscal year 2026 revenue guidance to a range of $11.21 billion to $11.24 billion, excluding impacts from the UniFirst acquisition[7] - Adjusted diluted EPS guidance for fiscal 2026 is raised to a range of $4.86 to $4.90, excluding non-recurring transaction expenses related to the UniFirst acquisition[7] Tax and Expenses - The effective tax rate for Q3 fiscal 2026 was 20.6%, down from 21.0% in the same quarter last year[5] - Interest expense for fiscal year 2026 is expected to be approximately $101.0 million, up from $95.5 million in fiscal year 2025[11] - Selling and administrative expenses for the nine months ended February 28, 2026, were $2,294,025,000, compared to $2,085,901,000 for the same period in 2025, reflecting an increase of 10%[26] Assets and Liabilities - Total current assets as of February 28, 2026, were $3,602,934,000, an increase from $3,436,169,000 as of May 31, 2025[28] - The company’s total liabilities increased to $5,445,338,000 as of February 28, 2026, from $5,140,760,000 as of May 31, 2025[28] - The company’s cash and cash equivalents decreased to $183,204,000 as of February 28, 2026, from $263,973,000 at the beginning of the period[30]

Financial Performance - BeyondSpring reported a net loss of $14.2 million for the year ended December 31, 2025, compared to a net loss of $16.7 million in 2024, reflecting a decrease of 15%[26] - Net loss attributable to BeyondSpring Inc. was $11.123 million, compared to a loss of $1.006 million in the previous period[27] - Basic and diluted loss per share was $0.28, up from $0.02 in the prior year[27] - Comprehensive loss attributable to BeyondSpring Inc. was $10.681 million, compared to $1.740 million in the previous period[27] - Continuing operations reported a comprehensive loss of $15.966 million, slightly higher than $15.471 million from the previous year[27] - Weighted-average shares outstanding decreased to 39,733,191 from 40,406,347[27] Research and Development - Research and development expenses increased to $4.4 million in 2025 from $2.6 million in 2024, driven by higher costs associated with drug manufacturing and clinical trials[20] - Plinabulin demonstrated a median overall survival improvement of 2.5 months compared to docetaxel in the DUBLIN-3 study, with a hazard ratio of 0.72 (p=0.0078)[13] - The DUBLIN-4 confirmatory trial for Plinabulin is planned to focus on EGFR wild-type NSCLC patients who have progressed on immune checkpoint inhibitors[10] - The overall response rate (ORR) for Plinabulin combined with pembrolizumab and docetaxel in a Phase 2 study was reported at 18.2%[14] - The company reported a favorable safety profile for Plinabulin, reducing grade 4 neutropenia from over 30% to 5% in clinical studies[13] - SEED Therapeutics initiated its first clinical trial following IND clearance in both the U.S. and China, marking a critical milestone for the company[4] Financial Position - The company completed a $30 million Series A-3 financing to strengthen its financial position and support ongoing clinical programs[20] - As of December 31, 2025, cash, cash equivalents, and short-term investments totaled $12.6 million, a significant increase from $2.9 million in 2024[20] - Current assets decreased to $20.9 million in 2025 from $28.6 million in 2024, primarily due to the reclassification of SEED's operations as discontinued[23] Foreign Currency Adjustments - Foreign currency translation adjustment from continuing operations showed a gain of $710, contrasting with a loss of $1,147 in the prior year[27] - Foreign currency translation adjustment from discontinued operations reported a gain of $17, compared to a loss of $107 previously[27] Noncontrolling Interests - Net loss attributable to noncontrolling interests from discontinued operations was $5.182 million, down from $12.969 million[27] - Net loss attributable to noncontrolling interests from continuing operations was $0.388 million, compared to $0.242 million in the previous period[27] - The company experienced a significant increase in comprehensive loss attributable to noncontrolling interests from discontinued operations, which was $5.154 million compared to $13.076 million last year[27]

Financial Performance - ProMIS Neurosciences reported a net loss of $39.7 million for the year ended December 31, 2025, with cash reserves of $6.1 million[14]. - The company reported a net loss of $39,719,147 for 2025, compared to a net income of $2,778,873 in 2024, indicating a substantial decline in profitability[29]. - The total current assets decreased to $9,182,421 in 2025 from $18,911,456 in 2024, representing a decline of 51.5%[27]. - Total liabilities increased to $10,441,013 in 2025, up from $2,423,280 in 2024, marking an increase of 331.5%[27]. - The accumulated deficit grew to $130,406,220 in 2025, compared to $90,687,073 in 2024, reflecting an increase of 43.8%[27]. - The total shareholders' equity shifted from $16,488,176 in 2024 to a deficit of $1,258,592 in 2025, indicating a negative change in equity position[27]. - The change in fair value of financial instruments resulted in a gain of $5,592 in 2025, contrasting with a significant gain of $22,581,477 in 2024[29]. - The company reported no interest expense in 2025, compared to an expense of $76,775 in 2024, reflecting a reduction in financial costs[29]. Research and Development - The PRECISE-AD Phase 1b trial was fully enrolled with 144 patients, exceeding the target of 128, and is expected to complete six-month assessments in Q2 2026[3][9]. - PMN310 has demonstrated a favorable safety profile with no treatment-related serious adverse events reported to date[4]. - Research and development expenses for 2025 were $33.4 million, significantly higher than $10.6 million in 2024, reflecting costs for the PRECISE-AD trial[17]. - The company anticipates presenting unblinded top-line data from the PRECISE-AD trial in early 2027[5][10]. - PMN310 received Fast Track Designation from the FDA in July 2025, which may facilitate development efforts[7][19]. - The development of a subcutaneous formulation of PMN310 has been accelerated to improve patient experience[7][16]. - The company is exploring the potential of PMN310 in earlier patient populations with preclinical and asymptomatic Alzheimer's disease[8]. Operating Expenses - Total operating expenses for 2025 reached $40,167,308, a significant increase of 138.5% compared to $16,827,478 in 2024[29]. - Research and development expenses surged to $33,379,321 in 2025, up from $10,637,976 in 2024, reflecting a growth of 213.5%[29]. - General and administrative expenses increased to $6.8 million in 2025 from $6.2 million in 2024, primarily due to a rise in employee headcount[17]. Shareholder Information - The weighted-average outstanding common shares, basic, rose to 1,756,844 in 2025 from 1,036,799 in 2024, an increase of 69.5%[29].

Business Strategy and Market Position - Paysign reported a focus on corporate incentive and expense prepaid card products across various market verticals, including healthcare and loyalty rewards[166]. - The company plans to invest additional funds in technology improvements, sales and marketing, cybersecurity, fraud prevention, customer service, and regulatory compliance in 2026[169]. - Paysign's marketing strategy includes direct contact with target markets and attendance at industry-specific conferences to promote its payment solutions[168]. - Paysign's existing competitors are larger and may have greater financial resources, which could impact the company's market position[152]. Financial Performance - Total revenues for the year ended December 31, 2025, increased by $23,643,624, or 40.5%, compared to 2024, reaching $82,028,176[171]. - Pharma industry revenue surged by $21,236,219, or 167.8%, totaling $33,888,631, driven by the launch of 55 net pharma patient affordability programs[171]. - Gross profit rose by $16,519,619, or 51.3%, to $48,716,953, with a gross margin improvement to 59.4% from 55.1%[171]. - Net income for 2025 was $7,551,613, an increase of $3,735,706, or 97.9%, compared to the previous year[179]. - Adjusted EBITDA for 2025 was $19,943,694, compared to $9,621,083 in 2024, reflecting strong operational performance[183]. Cash Flow and Investments - Operating cash flow increased by $29,503,747 to $52,450,867, attributed to growth in operating assets and liabilities[188]. - Net cash used in investing activities for the year ended December 31, 2025, was $10,094,210, an increase from $9,488,702 in 2024, primarily for software licenses and fixed assets[189]. - Cash provided by financing activities for the year ended December 31, 2025, was $284,868, mainly from the exercise of options totaling $660,654, offset by the repurchase of 100,000 shares at an average price of $3.76 per share[190]. - Unrestricted cash as of December 31, 2025, was $21,067,651, an increase of $10,300,669 compared to the previous year, attributed to improved operating results[192]. - The company expects its available cash and forecasted revenues to sustain operations for the next 24 months[192]. Cardholder and Program Growth - The number of cardholders grew to approximately 8.4 million, with 670 card programs as of December 31, 2025[170]. - The company added 115 net plasma programs and launched 55 net new pharma programs during the year[170]. - Gross dollar volume loaded on cards reached $1,935 million in 2025, up from $1,783 million in 2024, indicating increased usage of prepaid card programs[180]. Revenue Recognition and Costs - Paysign's revenue is derived from cardholder fees, interchange, card program management fees, transaction claims processing fees, breakage, and settlement income[159]. - Revenue from plasma and pharma card programs includes management fees, transaction claim processing fees, and interchange fees, with revenue recognized when performance obligations are satisfied[202]. - The company recognizes breakage revenue from prepaid-stored value cards based on estimated breakage rates, utilizing third-party estimates[204]. - Cost of revenues includes transaction processing fees, data connectivity expenses, and customer service costs[206]. Tax and Stock Compensation - The effective tax rate increased to 24.7% in 2025 from 7.8% in 2024, primarily due to higher book earnings[178]. - Stock-based compensation expense is recognized for all restricted stock awards and stock options, with fair value determined using the Black-Scholes model[207]. Technology and Platform - The company operates a high-availability payment solutions platform that offers end-to-end technologies for transaction processing, cardholder enrollment, and account management[157]. - Paysign's architecture is known for cross-platform compatibility, flexibility, and scalability, allowing clients to leverage these advantages for cost savings[157].

Revenue Growth - Generated record revenue of $8.3 million in Q4 2025, up 97% from Q3 2025 and 877% from Q4 2024[1][3] - Surpassed 2025 revenue guidance of $18 million, achieving total revenue of $18.9 million for the year, representing 288% growth compared to 2024[1][3] - Revenue for Q4 2025 reached $8,275,000, a significant increase from $847,000 in Q4 2024, representing a growth of 876%[23] Scanner Shipments - Shipped 17 QTI Breast Acoustic CT™ scanners in Q4 2025, totaling 40 scanners for the year, compared to 12 scanners shipped in 2024[1][3] - Announced an exclusive distribution agreement in the UAE for a minimum of 43 scanners, projected to generate over $24 million in revenue[1][6] Financial Performance - Gross margin for Q4 2025 was 38%, down from 47% in Q4 2024, primarily due to higher costs associated with scanner shipments[1][3] - Total operating expenses for Q4 2025 were $3.8 million, a 57% increase from $2.5 million in Q4 2024[1][3] - Net loss for Q4 2025 improved to $1.4 million, a 60% reduction compared to a net loss of $3.5 million in Q4 2024[1][3] - Non-GAAP Adjusted EBITDA for 2025 was $(3.5) million, improving 52% from $(7.4) million in 2024[1][10] - Gross profit for the year ended December 31, 2025 was $8,584,000, compared to $2,640,000 in 2024, marking an increase of 225%[23] - Total operating expenses for 2025 were $13,021,000, down from $14,817,000 in 2024, reflecting a decrease of 12.1%[23] - Net loss for Q4 2025 was $1,387,000, an improvement from a net loss of $3,489,000 in Q4 2024, showing a reduction of 60%[23] - The company reported a net loss of $21,083,000 for the year ended December 31, 2025, compared to a net loss of $8,985,000 in 2024[29] Cash and Assets - Cash and cash equivalents increased to $10,412,000 as of December 31, 2025, up from $1,172,000 in 2024, indicating a growth of 786%[27] - Total assets grew to $23,021,000 in 2025, compared to $6,087,000 in 2024, representing an increase of 278%[27] - Cash, restricted cash, and cash equivalents at the end of the period reached $10,462,000, up from $1,192,000 at the beginning of the period[29] Inventory and Deficit - Inventory increased to $5,027,000 in 2025, up from $3,141,000 in 2024, reflecting a rise of 60%[27] - The company’s accumulated deficit as of December 31, 2025 was $(53,024,000), compared to $(31,941,000) in 2024, indicating an increase in the deficit of 66%[27] Financing Activities - The company generated $17,569,000 from the sale of common stock and warrants, net of issuance costs, in 2025[29] - Proceeds from long-term debt, net of issuance costs, amounted to $14,856,000 in 2025, compared to $10,525,000 in 2024[29] - The net cash provided by financing activities was $18,353,000 in 2025, an increase from $11,128,000 in 2024[29] Strategic Collaborations - Entered into a strategic collaboration with Intelerad Medical Systems to integrate QT Imaging's scanners with their cloud-based platform[1][3] Stock and Compensation - Stock-based compensation increased to $801,000 in 2025 from $290,000 in 2024[29] - The change in fair value of warrant liability resulted in a gain of $3,578,000 in 2025[29]

Financial Performance and Profitability - The company has incurred significant operating losses in the past and may never achieve or maintain profitability[26] - The company has a limited operating history with its current offerings, making it difficult to evaluate future business prospects[26] - The company has incurred significant operating losses in the past and may never achieve or maintain profitability[26] - The company has a limited operating history with its current offerings, increasing the risk of investment[26] - If the company fails to attract new customers on a cost-effective basis, its business will be harmed[26] Product Development and Market Acceptance - The company is dependent on the successful commercial launch of the QT Scanner 2000 Model A, which must achieve widespread market acceptance to generate necessary revenue[26] - The company may not successfully develop or introduce new products that achieve market acceptance, which could harm revenue[26] - The ability to introduce new products and features is dependent on adequate development resources, which if not funded, may harm business and operating results[26] - The company may not successfully develop or introduce new products that achieve market acceptance, which could harm revenue[26] Capital and Financing Needs - The company may need to incur additional indebtedness or seek capital through new equity or debt financings to support business growth, which may not be available on acceptable terms[26] - The company may need to incur additional indebtedness or seek capital through new equity or debt financings to support growth[26] Market Risks and Competition - The company is exposed to various risks, including increased competition and difficulties in managing growth and expanding operations[20] - Recent changes in U.S. payment policies for imaging procedures could negatively impact the utilization of the company's imaging services[26] - Recent changes in the United States related to payment policies for imaging procedures could negatively impact the utilization of the company's imaging services[26] Management and Operational Challenges - The management team has limited experience managing a publicly traded company, which could affect the company's transition and operations[30] - The management team has limited experience managing a publicly traded company, which could affect business operations[30] Shareholder Returns - The company does not anticipate paying dividends on common stock, meaning returns will depend on market price appreciation[30] - The company does not anticipate paying dividends on common stock, affecting the return on investment for shareholders[30] Intellectual Property and Competitive Position - The company relies on a combination of patents and trade secrets to protect its proprietary technologies, and failure to maintain these protections could adversely affect market competitiveness[30] - The company relies on third-party services and any failure or interruption could negatively impact customer relationships and brand[26]

Financial Performance and Profitability - The company has incurred significant operating losses in the past and may never achieve or maintain profitability[26] - The company does not anticipate paying dividends on common stock, affecting the return on investment for shareholders[26] - The company has a limited operating history with its current offerings, increasing the risk of investment[26] Product Development and Market Acceptance - The company is dependent on the successful commercial launch of the QT Scanner 2000 Model A, which must achieve widespread market acceptance to generate necessary revenue[26] - The company may not successfully develop or introduce new products that achieve market acceptance, which could harm revenue[26] - The company’s ability to successfully develop and market new products, such as the QT Breast Scanner, is crucial for revenue generation[26] Competition and Growth Challenges - The company faces risks related to increased competition and difficulties in managing growth and expanding operations[20] - The company may need to incur additional indebtedness or seek capital through new equity or debt financings to support business growth[26] - The company may need to incur additional indebtedness or seek capital through new equity or debt financings to support growth[26] - The company may be unable to attract new customers on a cost-effective basis, which would harm its business[26] Management and Operational Risks - The management team has limited experience managing a publicly traded company, which could affect the company's operations and financial condition[26] - The company’s management team has limited experience managing a publicly traded company, which could impact operational efficiency[30] - The company is dependent on key members of its executive management team, and their loss could delay business plan implementation[30] Regulatory and Compliance Risks - The company is subject to extensive government regulations, and failure to comply could have a material adverse effect on its business[26] - The company faces risks related to compliance with extensive government regulations, which could adversely affect its operations[30] Market Conditions and Financial Impact - Recent changes in U.S. payment policies for imaging procedures could negatively impact the utilization of the company's imaging services[26] - Future sales of common stock may depress the stock price, affecting shareholder value[30] - The company relies on adequate development resources to introduce new products and features; insufficient funding could hinder competitiveness[26] - The company relies on a combination of patents and trade secrets for its proprietary technologies, and failure to maintain these protections could adversely impact competitiveness[26]

Financial Performance - Net revenues for Q2 Fiscal 2026 were $657.4 million, a 6.0% increase from $620.2 million in Q2 Fiscal 2025[6] - Gross profit was $85.6 million, with a gross margin of 13.0%, compared to $83.1 million and a margin of 13.4% in Q2 Fiscal 2025[8] - Net income was $4.8 million, or $0.17 per diluted share, compared to a net loss of $0.4 million, or $0.02 per diluted share in Q2 Fiscal 2025[9] - Adjusted earnings per diluted share increased by 42.1% to $0.27 from $0.19 in Q2 Fiscal 2025[9] - Operating income improved by 50.7% to $11.8 million from $7.8 million in Q2 Fiscal 2025[9] - Net revenues for the three months ended February 28, 2026, increased to $657.4 million, up from $620.2 million for the same period in 2025, representing a growth of 6.5%[28] - Gross profit for the six months ended February 28, 2026, was $174.6 million, maintaining a gross margin of 12.8%, consistent with the prior year[28] - Operating income for the three months ended February 28, 2026, rose to $11.8 million, compared to $7.8 million in the same period last year, reflecting a significant improvement in operational efficiency[28] - Net income for the six months ended February 28, 2026, was $10.3 million, a turnaround from a net loss of $5.6 million in the same period of 2025[32] - EBITDA for the three months ended February 28, 2026, was $26.2 million, an increase from $21.4 million in the prior year[44] - Adjusted EBITDA for the six months ended February 28, 2026, was $54.6 million, compared to $37.2 million for the same period last year[44] Balance Sheet and Cash Flow - The company redeemed $100 million of Senior Secured Notes, strengthening its balance sheet[4] - Cash and cash equivalents decreased to $47.4 million from $181.7 million at the end of Q1 Fiscal 2026, primarily due to the debt redemption[16] - Total assets decreased to $2,051.5 million as of February 28, 2026, down from $2,154.4 million as of August 30, 2025[30] - Long-term debt decreased to $442.3 million from $540.5 million, indicating improved financial leverage[30] - The company reported a cash and cash equivalents balance of $47.4 million at the end of the period, a decrease from $174.0 million at the beginning of the period[31] Operational Metrics - For calendar year 2026, the company expects North American RV wholesale shipments to be between 315,000 and 345,000 units[18] - The company maintains its revenue guidance in the range of $2.8 billion to $3.0 billion and adjusted EPS guidance of $2.10 to $2.80[20] - Unit deliveries for Towable RVs decreased to 6,615 units in the three months ended February 28, 2026, down 8.4% from 7,225 units in the same period last year[34] - Total unit deliveries for Motorhome RVs reached 1,518 units, a 32.7% increase from 1,144 units delivered in the same quarter last year[36] - Total unit deliveries for boats in the Marine segment were 992 units, a decline of 5.2% from 1,046 units delivered in the same quarter last year[39] Segment Performance - Net revenues for the Motorhome RV segment increased to $304.7 million for the three months ended February 28, 2026, a 29.3% increase from $235.6 million for the same period in 2025[36] - Operating income for the Motorhome RV segment improved to $7.5 million, representing 2.4% of revenues, compared to a loss of $0.6 million in the prior year[36] - For the six months ended February 28, 2026, net revenues for the Motorhome RV segment were $613.2 million, up 20.9% from $507.3 million in the prior year[36] - The Marine segment reported net revenues of $79.2 million for the three months ended February 28, 2026, a decrease of 3.0% from $81.7 million in the same period last year[39] - Operating income for the Marine segment decreased to $2.9 million, or 3.7% of revenues, down from $5.4 million, or 6.6% of revenues, in the prior year[39] Expenses - Selling, general, and administrative expenses for the three months ended February 28, 2026, were $68.4 million, a slight decrease from $69.7 million in the prior year[28] - The company incurred interest expense of $5.8 million for the three months ended February 28, 2026, down from $6.8 million in the same period last year[28]

Financial Performance - Sales increased 24% to $12.5 million in Q4 2025, compared to $10.1 million in the prior year period, driven by increased production and growth from facilities in Georgia, Texas, and Washington [4]. - Gross profit rose 182% to $1.5 million in Q4 2025, with adjusted gross margin increasing approximately 400 basis points to 29% from 25% in 2024 [4]. - Net loss decreased to $8.7 million in Q4 2025, down from a net loss of $36.3 million in the prior year, primarily due to a $14.3 million reduction in net interest expense [10]. - Full year 2025 sales increased 27% to $48.4 million, compared to $38.1 million in 2024, attributed to production growth from multiple facilities [10]. - Adjusted EBITDA loss improved 12% to $28.3 million in 2025, compared to a loss of $32.1 million in the prior year [10]. - Total sales for Q4 2025 reached $12,457,000, a 23.7% increase from $10,070,000 in Q4 2024 [31]. - Adjusted gross profit for Q4 2025 was $3,661,000, compared to $2,478,000 in Q4 2024, reflecting a 47.8% increase [32]. - Adjusted EBITDA for Q4 2025 was $(5,806,000), an improvement from $(9,320,000) in Q4 2024 [34]. Investment and Growth - The company secured a $15 million investment from an existing strategic investor in March 2026, reflecting confidence in its business and growth trajectory [15]. - Local Bounti's family-sized 10-ounce Romano Caesar Salad Kit saw a 75% increase in baseline velocity during Q4 2025 [7]. - The company expanded its retail presence to approximately 13,000 retail doors and secured new accounts expected to launch in 2026, including a major retailer covering over 250 stores [9]. - Local Bounti expects continued sequential improvements in revenue and adjusted EBITDA loss rate in 2026, driven by ongoing sales growth and cost reduction initiatives [19]. Financial Position - Total current assets increased to $22,027,000 in 2025 from $18,823,000 in 2024, indicating improved liquidity [29]. - Total liabilities rose to $576,729,000 in 2025 from $528,535,000 in 2024, highlighting increased financial obligations [29]. - The company reported a total stockholders' deficit of $166,236,000 in 2025, compared to $100,500,000 in 2024, reflecting ongoing financial challenges [29]. - The weighted average common shares outstanding increased to 22,808,125 in Q4 2025 from 8,609,861 in Q4 2024, indicating potential dilution [31]. Operational Efficiency - The company achieved a 10% increase in run-rate yield capacity due to tower upgrades completed at its facilities in Q4 2025 [11]. - General and administrative expenses for Q4 2025 were $7,111,000, down from $8,108,000 in Q4 2024, a reduction of 12.3% [33]. - Stock-based compensation expense for Q4 2025 was $1,090,000, compared to $1,247,000 in Q4 2024, indicating a decrease of 12.6% [34]. - Adjusted general and administrative expenses for the twelve months ended December 31, 2025, were $18,513,000, down from $20,279,000 in 2024, a decrease of 8.7% [33]. - Interest expense for the twelve months ended December 31, 2025, was $32,167,000, down from $58,923,000 in 2024, a reduction of 45.5% [34]. Risks and Challenges - Local Bounti's ability to generate significant revenue remains uncertain, with risks related to capital and operational scalability highlighted in the forward-looking statements [23].