As filed with the Securities and Exchange Commission on February 23, 2026 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSU ...

DOUGLAS DYNAMICS REPORTS STRONG FOURTH QUARTER AND FULL YEAR 2025 RESULTS February 23, 2026 — Milwaukee, Wisconsin — Douglas Dynamics, Inc. (NYSE: PLOW), North America's premier manufacturer and upfitter of work truck attachments and equipment, today announced financial results for the fourth quarter and full year ended December 31, 2025. Unless stated otherwise, all comparisons are to the corresponding prior year quarter or prior full year results. Exhibit 99.1 Record 4Q and Full Year Performance at Work T ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 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: 001-40429 Paymentus Holdings, Inc. (Exact Name of Registrant as Specified in its Charter) (State or other jurisdiction of incorporation or organiza ...

Regulatory Compliance - Medicare reimbursement for skilled nursing services is subject to fixed payments under the Medicare prospective payment systems, with annual adjustments made by CMS [69]. - Medicaid reimbursement rates for assisted living and memory care communities are based on fixed payment systems, which are adjusted annually for inflation but may not reflect actual cost increases [70]. - The enactment of Public Law No. 119-21 on July 4, 2025, included significant funding cuts and policy changes to Medicaid, potentially adversely affecting tenants' ability to pay rent and the profitability of managed senior living communities [70]. - Increased federal and state enforcement efforts targeting healthcare fraud and abuse have led to higher civil monetary penalties and criminal sanctions for noncompliance, impacting operational costs [72]. - The federal Health Insurance Portability and Accountability Act (HIPAA) and related laws impose strict compliance requirements regarding the privacy and security of individually identifiable information, with significant penalties for violations [75]. - Recent legislative developments, such as the California Consumer Privacy Act and similar laws in other states, may increase compliance costs and potential liabilities related to consumer health data [76]. - Government authorities are conducting more inspections and audits of healthcare facilities, which could lead to sanctions affecting tenants' ability to pay rent and the profitability of managed communities [64]. - Changes in the regulatory framework, including potential federal minimum staffing rules for skilled nursing facilities, could materially impact the ability of tenants to operate effectively [62]. - Compliance with federal, state, and local laws is crucial for the operation of senior living communities, and non-compliance could adversely affect profitability and tenant rent payments [77]. Financial Performance - For the year ended December 31, 2025, the majority of net operating income (NOI) from senior living communities was generated from properties relying on private resources, with a small portion from Medicare and Medicaid programs [68]. - Healthcare providers face increasing scrutiny and cost control pressures under Medicare and Medicaid, which may impact their ability to cover rising costs, including rent [79]. - The company competes with other REITs and financial institutions for tenants and investments, influenced by factors such as location, rents, and reputation [82]. Environmental Initiatives - As of December 31, 2025, 18 properties received LEED® designations, representing 10.5% of the Medical Office and Life Science Portfolio [91]. - 24 properties achieved ENERGY STAR certification, covering 3.6 million square feet, which is 12.5% of eligible properties [92]. - The company has generated $4.5 million in cumulative savings through real-time energy monitoring across 14 properties [90]. - Environmental regulations may impose additional costs, but the company does not expect these to materially impact operations as they are typically passed on to tenants [98]. Corporate Governance - The Board of Trustees consists of 43% women and approximately 29% members of marginalized minorities, reflecting a commitment to diversity and inclusion [101]. - The company has a governance hotline accessible on its website for shareholders to report concerns about accounting or auditing matters [103]. - The company provides free access to its Annual Reports, Quarterly Reports, and Current Reports through the "Investors" section of its website [103]. - The company has a policy for handling concerns or complaints about accounting and internal controls, which is accessible on its website [103]. REIT Compliance and Taxation - The company has elected to be taxed as a REIT under Sections 856 through 860 of the IRC since its 1999 taxable year, and it believes it will continue to qualify as a REIT [112]. - The company is generally not subject to federal income tax on net income distributed as dividends to shareholders, provided it meets certain qualification tests [113]. - If the company fails to qualify for taxation as a REIT, it could face significant tax liabilities, reducing cash available for distribution to shareholders [116]. - The company must distribute at least 85% of its REIT ordinary income and 95% of its REIT capital gain net income to avoid a 4% nondeductible excise tax on excess distributions [117]. - The company may be subject to federal tax on undistributed "real estate investment trust taxable income" if it retains earnings [117]. - The company has restrictions in place to ensure that no more than 20% of its total asset value is comprised of investments in TRSs [129]. - The company must ensure that at least 95% of its gross income for each taxable year consists of qualifying income under the 75% gross income test [134]. - The company believes that all or substantially all of its rents and related service charges have qualified as "rents from real property" for purposes of Section 856 of the IRC [137]. - The company aims to satisfy the 75% and 95% gross income tests on a continuing basis beginning with its first taxable year as a REIT [145]. - The company must satisfy the asset tests at the close of each calendar quarter of each taxable year as a REIT [147]. Debt and Financing - The company has a floating rate mortgage loan of $140,000 with an annual interest rate of 6.19%, resulting in an annual interest expense of $8,786, maturing in March 2028 [467]. - The company has purchased an interest rate cap with a SOFR strike rate of 4.50% to hedge against risks related to changes in SOFR [468]. - As of December 31, 2025, the company has no amounts outstanding under its revolving credit facility, which allows for flexible repayments without penalties [469]. - The company’s fixed rate debt totals $2,303,503, with the highest annual interest expense from senior secured notes at $27,188, maturing in October 2030 [473]. - A one percentage point increase in interest rates would raise the annual floating rate interest expense to $9,936, impacting earnings per share by $(0.04) [471]. - The company’s debt agreements allow for early repayments, which may help mitigate refinancing risks at maturity [478]. - Changes in market interest rates affect the fair value of fixed rate debt, with increases decreasing fair value and vice versa [477]. - The company’s floating rate mortgage loan is vulnerable to changes in U.S. dollar short-term interest rates, specifically SOFR [468]. - The company expects no significant changes in its exposure to interest rate fluctuations in the near future [466]. Shareholder Distributions and Tax Implications - The company expects to make distributions to shareholders, which may include cash and property distributions [175]. - Distributions not designated as capital gain dividends will generally be treated as ordinary income dividends to the extent of available earnings and profits [178]. - Noncorporate U.S. shareholders may face a maximum federal income tax rate of 15% for long-term capital gains and most corporate dividends, increasing to 20% for those exceeding income thresholds [177]. - The company may elect to retain and pay taxes on some or all of its net capital gains, affecting shareholders' tax treatment [181]. - Tax-exempt shareholders receiving distributions should not have such amounts treated as UBTI if certain conditions are met [190]. - Non-U.S. shareholders are expected to receive distributions without being subject to higher federal tax rates if the shares are listed on a U.S. national securities exchange [192]. - Non-U.S. shareholders will generally face a 30% withholding tax on distributions not designated as capital gain dividends, unless a lower treaty rate applies [193]. - Distributions to non-U.S. shareholders attributable to the sale of U.S. real property interests will not be subject to withholding if the shares are listed on a U.S. national securities exchange [194]. - Tax treaties may reduce withholding obligations, but rates below 30% may not apply to ordinary income dividends from a REIT [196]. - If shares are not listed on a U.S. national securities exchange, non-U.S. shareholders may be taxed up to 21% on distributions attributable to capital gain dividends [197]. - Non-U.S. shareholders may seek refunds from the IRS for excess withholding on distributions exceeding their allocable share of earnings and profits [196]. - The company expects its shares will not be classified as U.S. real property interests, thus non-U.S. shareholders' gains on sales will generally not be subject to U.S. federal income taxation [199]. - The company believes it qualifies as a "domestically controlled" REIT, with less than 50% of shares held by non-U.S. shareholders over the past five years [200]. - Non-U.S. financial institutions must comply with diligence and reporting requirements to avoid a 30% U.S. withholding tax on applicable payments [207]. - Distributions to non-U.S. shareholders will be reported to both the shareholders and the IRS, regardless of withholding status [206]. Investment and Acquisition Strategies - The integration and consolidation of healthcare delivery are leading to heightened antitrust scrutiny, which could affect competition and the ability to enter transactions involving property sales or acquisitions [80]. - The company has engaged in transactions to acquire C corporations, which may affect its REIT qualification tests and distribution requirements [170]. - The company has invested in real estate through subsidiaries that are expected to qualify as REITs, which are crucial for maintaining compliance with asset tests [127]. - The company has protective TRS elections in place to mitigate risks associated with subsidiary REITs failing to qualify, although effectiveness cannot be guaranteed [128]. - The company may utilize its TRSs in transactions to avoid recognizing dealer gains subject to the 100% penalty tax [142].

Revenue and Customer Concentration - Revenue from projects performed under Master Service Agreements (MSAs) was 32.0%, 36.8%, and 36.7% of total revenue for the years ended December 31, 2025, 2024, and 2023, respectively[24] - 53.1%, 41.3%, and 41.1% of total revenue was generated from the top ten customers for the years ended December 31, 2025, 2024, and 2023, respectively[26] - The average project size is less than $3.0 million, with project values ranging from several hundred dollars to several hundred million dollars[30] - The company selectively bids on projects that meet profitability objectives and aims to minimize concentration of work with any one customer or industry[22] Workforce and Employee Management - The company maintains a stable workforce of skilled professionals, emphasizing self-performance of a significant portion of its work[22] - As of December 31, 2025, the company employed 3,055 salaried employees and 15,471 hourly employees, with the total number of hourly personnel subject to the volume of infrastructure services and construction work in progress[56] - Approximately 30% of hourly employees were covered by collective bargaining agreements as of December 31, 2025, primarily consisting of field laborers[55] - The company has partnerships with technical schools to recruit and hire skilled craft employees, contributing to a stable workforce[54] - The company emphasizes employee development through various training programs, including project management and leadership development[59] - The company maintains a compensation philosophy that aligns employee compensation with market practices and performance, including stock-based compensation for management[61] Financial Management and Growth Strategy - The company focuses on growth through controlled expansion, leveraging existing customer relationships to enter new geographic markets and adding new customers[22] - The company has a capital structure that provides access to debt financing while relying on strong operating cash flows to support operations[22] - The company evaluates acquisitions that offer growth opportunities, particularly in attractive markets like renewable energy and power generation[22] Safety and Risk Management - The company has maintained a comprehensive safety and risk management program, contributing to a favorable loss experience factor[44] - The company achieved a Lost Time Injury Rate (LTIR) of 0.11 for the year ended December 31, 2025, significantly lower than the industry average of 0.90[60] - The Total Recordable Incident Rate (TRIR) was reported at 0.53 for the year ended December 31, 2025, compared to the industry average of 2.20[60] Market and Financial Risk Management - A 1.0% increase or decrease in interest rates would change annual interest expense by approximately $4.4 million based on variable rate debt outstanding as of December 31, 2025[309] - The company utilizes financial derivative instruments to manage risks related to market conditions, including fluctuations in foreign currency exchange rates, interest rates, and commodity prices[307] - The carrying amounts for cash and cash equivalents, accounts receivable, short-term investments, short-term debt, accounts payable, and accrued liabilities approximate fair value at December 31, 2025[308] Seasonal Revenue Trends - The company experiences higher revenue and earnings in the second, third, and fourth quarters compared to the first quarter due to seasonal demand fluctuations[29]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 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: 001-33155 IPG PHOTONICS CORPORATION (Exact name of registrant as specified in its charter) Delaware 04-3444218 (Stat ...

Table of Contents 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, 2025 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 001-39083 ___________ ...

Table of Contents 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 _________________________________________________________________________________ Delaware 61-1430858 (State or other jurisdiction of incorporation or ...

Financial Instruments and Capital Structure - As of December 31, 2025, the company had a $505.0 million promissory note convertible into common stock at a price of $5.4270 per share, with an interest rate of Term SOFR plus 8.0% per annum [598]. - The company has approximately $300.6 million in contingent value rights (CVRs) outstanding, which may be converted into cash or shares if worldwide net sales of ANKTIVA exceed $1.0 billion [599]. - There are 65,053,571 shares subject to warrants with exercise prices between $3.1010 and $3.2946, expiring between July 24, 2026, and July 28, 2030 [600]. - The company has outstanding stock options and RSU awards totaling 5,783,187 shares, with a portion vested and exercisable [600]. - The company issued contingent value rights (CVRs) for approximately $304.0 million contingent upon achieving specific regulatory and sales milestones for ANKTIVA [623]. - As of December 31, 2025, the company has a $505.0 million variable-rate loan outstanding, maturing on December 31, 2027, with an interest rate of 11.66% [785][786]. - The company has 65,053,571 warrants outstanding at a fair value of $84.4 million as of December 31, 2025 [791]. - A hypothetical 10% increase in the market price of the company's common stock would increase the fair value of warrant liabilities by $10.3 million [791]. Shareholder and Ownership Structure - Dr. Soon-Shiong and affiliates hold approximately 64.2% of the company's common stock as of December 31, 2025, which could impact stock price if sold [610]. - The company is classified as a controlled company under Nasdaq listing standards, with Dr. Soon-Shiong and affiliates controlling approximately 64.2% of the common stock [621]. Financial Performance and Risks - The company expects to need additional capital for commercialization, clinical trials, and R&D, which may lead to dilution of existing shareholders [613]. - The company has incurred significant costs related to operating as a public company, including legal and compliance expenses, which may affect financial performance [614]. - The market price of the company's common stock has been volatile, influenced by various factors including clinical trial results and regulatory decisions [603]. - Future sales of common stock or rights to purchase common stock could result in additional dilution and negatively affect stock price [610]. - The company is subject to ongoing litigation, which may divert management's attention and resources, potentially harming business operations [605]. Compliance and Regulatory Issues - The company is subject to increased compliance costs due to the requirements of Section 404 of the Sarbanes-Oxley Act, which may necessitate hiring additional finance staff [617]. - The company may face sanctions or investigations by regulatory authorities if it fails to demonstrate compliance with Section 404 in a timely manner [617]. - The FDA approved the company's Biologics License Application (BLA) in April 2024, which was after the milestone date set forth in the CVR agreement, resulting in the termination of the regulatory milestone CVR [624]. Cash and Investment Position - The company has $88.3 million in cash and cash equivalents and $154.5 million in its investment portfolio as of December 31, 2025 [782]. - The company’s investment policy focuses on low-risk, investment-grade debt instruments, but it can no longer invest excess funds in corporate or European bonds due to the RIPA [782]. Interest Rate and Currency Risks - The company is exposed to interest rate risk from its revenue interest purchase agreement, which may vary based on forecasted net sales [787]. - A hypothetical 100 basis point change in interest rates would not have had a material impact on the company's consolidated financial statements due to the short-term maturities of cash equivalents [783]. - A hypothetical 100-basis point increase in the Term SOFR rate would increase future interest payments by $10.1 million [786]. - The company has not incurred any material effects from foreign currency changes on contracts, and a 10% adverse change in exchange rates would not have been material [788]. - The company does not currently enter into currency forward exchange or option contracts to hedge foreign currency exposures, but may do so in the future [790]. - The company has not entered into any material foreign currency hedging contracts but may consider them in the future [788]. Inflation and Market Conditions - Inflation has not had a material effect on the company's business, financial condition, or results of operations [792]. - The fair value of warrant liabilities is sensitive to changes in the market price and volatility of the company's common stock [791]. - The company’s charter documents may have anti-takeover effects that could discourage acquisitions, even if beneficial to stockholders [626].

Telehealth Services and Expansion - Hims & Hers has facilitated over 50 million telehealth consultations, enhancing access to personalized care across the U.S., Canada, the U.K., and the EU[17]. - The company is pursuing international expansion, with operations established in the U.K., parts of the EU, and Canada, and plans to acquire Eucalyptus, a digital health company operating in multiple countries[33][34]. - Hims & Hers aims to expand its product offerings into new specialties, including testosterone, menopause, sleep disorders, and diabetes, which represent significant market opportunities[28][29]. - The company has partnerships with leading health systems in the U.S., enhancing customer access to in-person care while maintaining a telehealth focus[39]. Regulatory Compliance and Challenges - The company operates under a complex regulatory environment, ensuring compliance with healthcare laws and regulations at both state and federal levels[42]. - The healthcare industry is subject to significant government regulation, impacting operations and compliance costs[43]. - Compliance with government regulations may require operational modifications and incur additional costs, increasing complexity if third-party payor programs are accepted in the future[45]. - Telehealth services are regulated differently across jurisdictions, with evolving laws affecting the practice and delivery of remote healthcare[47]. - The company is subject to various privacy laws, including HIPAA and GDPR, which may impose significant compliance costs and operational challenges[90]. - The company has executed business associate agreements to comply with HIPAA-related requirements, indicating a proactive approach to data privacy and security[85]. Financial Performance and Growth - Revenue increased from $872.0 million in 2023 to $2,347.6 million in 2025, representing a growth of approximately 169% over two years[114]. - Employee count rose significantly from 1,046 in 2023 to 2,442 in 2025, indicating a growth of about 133%[114]. - The company’s revenue is significantly dependent on subscription-based purchases, and its marketing function must effectively promote its platform to meet forecasts[133]. Marketing Strategies and Brand Awareness - Hims & Hers focuses on building brand awareness through various marketing channels, which has contributed to an increase in market share in the digital health and wellness space[25][26]. - The marketing strategy leverages analytics to measure consumer behavior and marketing effectiveness, focusing on maximizing return on marketing budgets[95]. - The company relies heavily on social media, emails, and influencers for marketing, but evolving regulations could impact its ability to attract and retain customers[123]. - The company’s marketing strategy includes maintaining a presence on various social media platforms, which is critical for customer acquisition and retention[127]. Product Offerings and Innovations - The company has expanded its offerings to include compounded injectable semaglutide as part of its weight loss specialty, responding to elevated consumer demand[119]. - The company began offering access to GLP-1s as part of its weight loss offering, starting with compounded injectable semaglutide, and acquired a licensed 503B outsourcing facility in September 2024[208]. - The company may offer prescription drugs regulated as controlled substances in the future, requiring compliance with DEA regulations[59]. Acquisitions and Market Position - The company completed the acquisition of Zava in July 2025 and Medici in November 2025, expanding its operations into the UK, Germany, Ireland, France, Spain, and Canada[163]. - A definitive agreement to acquire Eucalyptus, an Australia-based digital health company, was announced in February 2026, further enhancing international market presence[163]. - The planned acquisition of Eucalyptus is subject to regulatory approvals and other conditions, which may delay or prevent completion[198]. Operational Risks and Challenges - The company faces significant risks related to competition from established healthcare providers and evolving regulatory environments, which could affect its market position[113]. - Future growth may be constrained by the inability to attract and retain high-quality Providers, which is critical for maintaining service quality[113]. - The company faces challenges in integrating acquired technologies and operations, which could result in substantial costs and delays[162]. - The company is dependent on relationships with Affiliated Medical Groups for healthcare consultation services, and disruptions in these relationships could adversely affect its business[150]. Supply Chain and Economic Factors - The company faces potential disruptions in its global supply chain, which could adversely impact its business operations and financial condition[179]. - Supply chain constraints are expected to continue affecting the availability of branded GLP-1 offerings and compounded GLP-1 products[179]. - Economic uncertainty, including inflation and geopolitical tensions, has led to increased market volatility, affecting customer spending and operational planning[167].