Sales and Revenue - Retail customers accounted for approximately 31% of total sales for the years ended December 31, 2025, 2024, and 2023[137]. - The top ten licensors collectively represented about 63%, 63%, and 68% of total sales for the years ended December 31, 2025, 2024, and 2023, respectively[132]. - Approximately 58%, 56%, and 55% of the company's net sales for the years ended December 31, 2025, 2024, and 2023, respectively, were made in the third and fourth quarters, indicating significant seasonality in sales[167]. Financial Performance - Gross margins for the years ended December 31, 2025, 2024, and 2023 were 38.7%, 41.4%, and 30.4%, respectively[147]. - The company recorded reserves of $0.8 million and $8.5 million related to prepaid royalties expected not to be recovered through sales as of December 31, 2025 and 2024, respectively[155]. - The company has experienced fluctuations in operating results due to factors such as delivery schedules and holiday shutdowns, which may have a greater impact in future periods[169]. - The company may incur significant costs related to product liability suits or recalls, which could adversely affect its financial condition and operations[192]. - The company is currently involved in multiple securities class action lawsuits, which could result in substantial legal expenses and negatively impact its financial condition[193]. Competition and Market Risks - The company faces intense competition for shelf space and promotional resources from other toy companies and product designers[146]. - The company faces risks from evolving consumer tastes and preferences, which can lead to rapid shifts in demand for pop culture products, potentially affecting sales and profitability[153]. - The company may struggle to maintain product popularity due to the short life cycles of consumer products in the pop culture sector[153]. - The company is exposed to risks associated with counterfeit products, which can adversely affect operating results and brand reputation[163]. Operational Challenges - Retail customers have the flexibility to reduce purchase volumes, which can lead to excess inventory and adversely affect financial results[139]. - Changes in inventory management policies by retailers can negatively impact the company's ability to anticipate demand and manage inventory levels[129]. - The company must effectively manage its growth to avoid strain on its operational and financial infrastructure[130]. - The company relies on third-party manufacturers for all products, with a concentration in a small number of manufacturers, which poses risks to production capacity and supply chain stability[170]. - The company has faced compliance risks with third-party manufacturers regarding safety regulations, such as the Consumer Product Safety Improvement Act, which limits permissible levels of certain substances[171]. Intellectual Property and Licensing - The company has approximately 112 registered U.S. trademarks and 346 registered international trademarks as of December 31, 2025, highlighting the importance of intellectual property in its business[158]. - The company’s success is significantly dependent on the popularity of licensed properties, with major movie franchises being key contributors to sales[154]. - The company’s licensing agreements often require minimum royalty guarantees, which can exceed actual sales, impacting profitability[155]. Digital Assets and E-commerce - The e-commerce business has seen growth as a percentage of net sales, with expectations for continued growth, although it faces risks related to competition with retail customers and increasing regulatory compliance costs[188]. - The company faces risks associated with the development and acceptance of blockchain networks, which could adversely affect its NFT and digital collectible business[200]. - The digital assets industry is characterized by rapid changes and innovations, and any slowdown in development could negatively impact the company's financial results[202]. - The company may need to comply with new licensing or registration requirements for digital assets, which could impose substantial operational costs[187]. Regulatory and Compliance Risks - The company is subject to various government regulations, including the CPSA, FHSA, CPSIA, and FFA, which could negatively impact its business if not complied with[185]. - Compliance with evolving global data privacy laws, such as GDPR and CCPA, may result in significant fines and operational challenges[252][253]. - Changes in tax laws and regulations, including the OECD's proposed global minimum corporate tax rate of 15%, could increase tax liabilities and affect the company's financial condition[183]. Financial Structure and Shareholder Impact - The company holds 55,327,398 common units of FAH, LLC, representing approximately 99.7% of the economic interest in FAH, LLC as of December 31, 2025[217]. - The company relies on distributions from FAH, LLC to pay taxes and expenses, including payments under the Tax Receivable Agreement, with no independent means of generating revenue or cash flow[217]. - The company may incur debt to finance payments under the Tax Receivable Agreement if cash resources are insufficient[221]. - Future issuances of Class A common stock may dilute existing shareholders and could negatively affect the market price of the stock[226]. Cybersecurity and IT Risks - The company faces numerous cybersecurity risks that threaten the confidentiality and integrity of its IT systems and confidential information[241]. - The company is exposed to cybersecurity risks, with potential material impacts on operations and financial results from sophisticated cyberattacks[242]. - The company has implemented modifications and upgrades to its IT systems to support growth, which may require substantial investment and pose cybersecurity risks[208]. Internal Controls and Financial Reporting - The company has identified material weaknesses in its internal control over financial reporting as of December 31, 2025, which may lead to errors in financial statements and affect investor confidence[238]. - Impairment of goodwill or other assets could negatively affect the company's financial condition and results of operations[244].

Table of Contents | | 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 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: 001-38991 | | | Pioneer Bancorp, I ...

Company Overview - Weis Markets, Inc. operates 202 retail food stores across several states, with a total square footage of approximately 9,993,000 square feet as of year-end 2025[18][22]. - The Company opened five new or relocated stores in 2025, increasing the total store count from 198 to 202[22]. - The average size of the retail food stores is approximately 49,000 square feet, with 33% of stores over 55,000 square feet[21]. - The company operates 108 retail food stores and leases 94 stores, with leases expiring through 2038[67]. - The company owns a distribution center in Milton, Pennsylvania, totaling approximately 1.3 million square feet, and a warehouse complex in Sunbury, Pennsylvania, totaling approximately 535 thousand square feet[68]. - The company operates 202 retail stores with over 22,000 employees across Pennsylvania and six surrounding states[89]. Financial Performance - Net sales for 2025 reached $4,939,373, a 3.5% increase from $4,773,880 in 2024 and a 1.6% increase from $4,696,950 in 2023[1]. - Total revenue for the fiscal year ended December 27, 2025, was $4,957,709, an increase of 3.5% from $4,791,730 in 2024[152]. - Net income for the fiscal year 2025 was $93,691, a decrease of 11.6% compared to $106,024 in 2024[152]. - Gross profit for 2025 was $1,239,863, representing a gross margin of approximately 24.9%[152]. - Gross profit margin remained stable at 25.1% for both 2025 and 2024, compared to 25.0% in 2023[1]. - Operating, general, and administrative expenses as a percentage of net sales increased by 0.3% in 2025 compared to 2024, driven by higher employee-related expenses[1]. - The effective income tax rate decreased to 24.4% in 2025 from 26.9% in 2024 and 29.3% in 2023[1]. - The company divested $7.2 million in equity securities and $24.4 million in corporate and municipal bonds to increase liquidity for working capital obligations[1]. - Investment income decreased by 33.1% to $14,697 in 2025 from $21,970 in 2024[1]. - The company anticipates overall product costs to increase due to inflationary pressures in the food retail industry[6]. Capital Expenditures and Investments - Capital expenditures totaled $205.2 million in 2025, representing 4.2% of sales, up from 3.5% in 2024 and 2.2% in 2023[127]. - The Company plans to allocate one-third of its capital expenditure budget annually to new stores and fuel centers, with an additional 15-20% for store remodels[21]. - The Company anticipates funding its long-term capital expenditure program through cash and cash equivalents, marketable securities, and cash flows from operating activities[122]. Employee and Labor Costs - As of 2025, the Company employs over 22,000 full-time and part-time employees, with approximately 94% receiving hourly wages[29]. - Employee expenses are a significant portion of operating costs, with potential increases due to competitive labor market conditions and regulatory wage hikes[44]. Market and Competitive Landscape - The competitive landscape includes various food chains and online retailers, with the Company focusing on value, quality, and service to maintain market share[27][35]. - The company promotes competitive pricing through various programs, including Everyday Lower Price and Loyalty programs[89]. - Changes in vendor promotions can significantly impact margins and profitability, as the company manages promotional spending to maintain or improve margins[46]. Sustainability and Community Engagement - The company aims to reduce its overall carbon footprint through its sustainability strategy, focusing on natural resource conservation and community impact[96]. - The Company has established the Weis Markets Charitable Foundation, Inc. to support local nonprofit organizations in its operating communities[96]. Financial Controls and Compliance - The company has restated previously issued financial statements due to an overstatement of inventory amounts, leading to unanticipated costs for accounting and legal fees[53]. - The company is in the process of remediating internal controls to prevent future financial misstatements, which could adversely affect its financial condition and stock price[54]. - The company is subject to various federal, state, and local laws that may require additional capital expenditures and could adversely affect business operations[48]. Cash Flow and Liquidity - The Company reported net cash provided by operating activities of $207.2 million in 2025, an increase of $19.7 million compared to $187.5 million in 2024[125]. - Cash flows from operating activities increased in 2025 due to a decrease in current income taxes, influenced by the impacts of the OBBBA[126]. - Cash and cash equivalents decreased to $117,091 from $190,323 in the previous year, a decline of 38.4%[157]. - The remaining balance of the Board of Directors' share repurchase authorization is 752,468 shares, with no repurchases made during the year ended December 27, 2025[123]. Inventory and Assets - Total inventories as of December 27, 2025, were valued at $287.5 million, compared to $292.0 million in 2024[206]. - Total assets as of December 27, 2025, were $2,027,359, down from $2,090,582 in 2024, a decrease of 3.0%[150]. - Total liabilities increased to $675,449 from $656,946, reflecting a rise of 2.3%[150]. - Property and equipment totaled $1.1 billion as of December 27, 2025, an increase from $1.0 billion in 2024[207].

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: 001-36529 CareCloud, Inc. (Exact name of registrant as specified in its charter) Delaware 22-3832302 (State or other jurisdiction of inc ...

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: 001-36529 CareCloud, Inc. (Exact name of registrant as specified in its charter) Delaware 22-3832302 (State or other jurisdiction of inc ...

Financial Performance - Net revenue for the year ended December 31, 2025, was $120.5 million, an increase of 8.5% from $110.8 million in 2024[267] - Adjusted EBITDA for 2025 was $27.5 million, up from $24.1 million in 2024, reflecting a growth of 10.3%[267] - GAAP net income increased to $10.8 million in 2025, compared to $7.9 million in 2024, representing a growth of 37.3%[267] - Adjusted net income for 2025 was $14.4 million, compared to $10.5 million in 2024, marking a 37.3% increase[270] - Operating income improved to $11,343,000 in 2025, compared to $9,121,000 in 2024, marking a 24.3% increase[272] - Net income for 2025 was $10.7 million, representing 8.9% of total revenue, compared to 7.1% in 2024[312] - Net income for Q4 2025 was $2,888,000, an increase from $1,948,000 in Q4 2024, representing a year-over-year growth of 48.3%[277] - Adjusted EBITDA for Q4 2025 was $7,692,000, compared to $5,595,000 in Q4 2024, reflecting a 37.6% increase[277] Margins and Expenses - Adjusted operating margin improved to 12.2% in 2025 from 10.3% in 2024[267] - The company’s GAAP operating margin increased to 9.4% in 2025 from 8.2% in 2024[267] - Direct operating costs for 2025 were $64,456,000, up from $60,842,000 in 2024, indicating a 2.7% increase[272] - Direct operating costs rose to $64.5 million in 2025, a 6% increase from $60.8 million in 2024[315] - Total operating expenses decreased to 90.6% of total revenue in 2025 from 91.8% in 2024[312] - General and administrative expenses accounted for approximately 21% of total expenses in 2025, down from 22% in 2024[288] Assets and Equity - Total assets as of December 31, 2025, were $87,598,000, an increase from $71,614,000 in 2024[273] - Shareholders' equity rose to $59,506,000 in 2025, compared to $49,774,000 in 2024, reflecting a 19.3% increase[273] - The number of end-of-period common shares increased to 42,437,949 in 2025 from 16,256,236 in 2024[270] Cash Flow and Financing - Cash flow from operations was $28.6 million for the year ended December 31, 2025, a 38% increase from $20.6 million in 2024[331] - Cash provided by operating activities increased to $28.6 million in 2025 from $20.6 million in 2024, reflecting a net income increase of $2.9 million[335] - Cash used in investing activities was $24.5 million in 2025, up from $7.4 million in 2024, primarily due to $16.5 million spent on acquisitions[337] - Cash used by financing activities decreased to $5.6 million in 2025 from $11.3 million in 2024, including $6.3 million in preferred stock dividends[338] - The company borrowed approximately $9.3 million on the line of credit in 2025 to finance the acquisition of Medsphere[338] Operational Highlights - The company served approximately 45,000 providers as of December 31, 2025, up from 40,000 providers in 2024, indicating a growth of 12.5%[279] - The customer renewal rate for 2025 was 91%, down from 95% in 2024, suggesting a decline in client retention[280] - Revenue from technology-enabled business solutions accounted for approximately 63% of total revenues in 2025, down from 67% in 2024[281] - The company earned approximately 12% of its revenue from medical practice management services in 2025, a slight decrease from 13% in 2024[284] - The company continues to invest in technology-enabled business solutions, including AI tools and telehealth solutions, to enhance service offerings[259] Research and Development - Research and development expenses increased by 69% to $6.4 million in 2025, up from $3.8 million in 2024[318] Other Financial Metrics - The company experienced a net interest expense reduction to $81,000 in 2025 from $812,000 in 2024[272] - Interest income increased by 134% to $206,000 in 2025, compared to $88,000 in 2024[323] - The company had a total federal NOL carry forward of approximately $271 million as of December 31, 2025[329] - The company recorded no impairment charges for goodwill during the years ended December 31, 2025, and 2024[308] - The company capitalized $3.2 million in software costs in 2025, down from $5.7 million in 2024[337] - The company maintained compliance with all SVB and Provident covenants in 2025[339] - As of December 31, 2025, the company had no off-balance sheet financing arrangements[340] - The interest rate on the Provident line of credit has been declining slightly since its inception[334]

Acquisition and Licensing - TransAct Technologies acquired a perpetual and royalty-free license for the BOHA! software source code for $2.55 million, with an additional $1.0 million for transition services[25]. - The company has made significant investments in product development, including acquiring a perpetual license for the BOHA! source code, which is expected to reduce long-term dependence on third-party developers[49][66]. - The Company acquired a perpetual license for the BOHA! software source code for $2.55 million, with an additional $1.0 million for transition services, of which $1.5 million has been paid to date[171]. Product Development and Launches - The BOHA! product suite includes the newly launched Terminal 2 and Terminal 2 LTE, designed for enterprise customers, enhancing speed and print resolution[28]. - The Epic TR80 casino and gaming printer was launched in Q4 2023, expected to contribute significantly to revenues in 2026[30]. - The company launched several new products, including the BOHA! Terminal 2 and Epic TR80 in 2023, and plans to introduce the BOHA! Terminal 2 LTE in 2025[49]. Financial Performance - In 2025, the company incurred a net loss of $1.2 million, following a net loss of $9.9 million in 2024, while generating a net income of $4.7 million in 2023[66]. - Net sales for 2025 increased by $8.1 million, or 19%, from 2024, driven by a 32% increase in unit volume from the casino and gaming market[196]. - The company reported a net loss of $1.2 million, or ($0.12) per diluted share, in 2025, a significant improvement from a net loss of $9.9 million, or ($0.99) per diluted share, in 2024[217]. Revenue Streams - Recurring revenue from BOHA! is generated through software subscriptions, label sales, and service contracts, indicating a stable revenue stream[28]. - Subscription services revenue is a growing portion of the company's FST revenue, with revenue recognized ratably over a 12-month subscription period[90]. - Software, labels, and other recurring revenue increased by $1.5 million, or 14%, compared to the prior year, attributed to higher label sales to new and existing customers[201]. Market Competition - The market for transaction-based printers and related software is highly competitive, with TransAct facing competition from larger companies[44]. - The company faces competition in the FST market from several established players, including Crunchtime Information Systems and Digi International, which may impact pricing strategies[45][46]. - Increased competition in the POS automation market may impact market acceptance of the company's products[69]. Supply Chain and Manufacturing - The majority of production is outsourced to a third-party manufacturer in Thailand, with a focus on maintaining multiple sources for critical components[35]. - The company is dependent on a manufacturer in Thailand for the production of printers and terminals, exposing it to risks from political and economic instability[81]. - Supply chain disruptions, particularly due to global microchip shortages experienced in 2022 and 2023, have led to increased shipping costs and delays in product delivery, impacting customer demand[120]. Economic and Regulatory Risks - The casino and gaming market is subject to extensive regulations, and failure to comply could adversely affect the company's operations and financial condition[50][51]. - Current economic conditions, including inflationary pressures and increased costs for products assembled in Thailand, may impact the company's financial performance[66]. - Economic uncertainties and adverse conditions, including inflation and recession, could reduce demand for the company's products and adversely affect business results[125]. Employee and Workforce Management - The company employs 103 full-time employees as of December 31, 2025, and maintains good relationships with its workforce[54]. - The ability to recruit and retain qualified personnel is critical for the company's growth, with significant competition for skilled sales personnel[99]. Cybersecurity and Compliance - Cybersecurity risks remain a concern, with potential breaches that could disrupt operations and harm the company's reputation[106]. - The company has established comprehensive incident response and recovery plans for cybersecurity threats, which are regularly tested and evaluated[155]. - The company has implemented technical safeguards, including firewalls and intrusion detection systems, to protect its information systems from cybersecurity threats[155]. Tax and Financial Obligations - The company recorded a full valuation allowance of $7.3 million on its net deferred tax assets in the United States during Q4 2024, expecting to maintain this allowance until a consistent pattern of profitability is demonstrated[128]. - Changes in tax rates or liabilities could adversely affect the company's effective tax rate and results of operations due to various factors, including changes in applicable tax laws[129]. - The company must comply with a minimum excess availability covenant of at least $750,000 under its credit facility, with outstanding borrowings required to be at least $3 million[131]. Stock and Market Performance - The average daily trading volume for the company's common stock was approximately 31,000 shares during the year ended December 31, 2025, indicating a thinly traded stock which may lead to significant price fluctuations[140]. - The company may issue additional shares in the future to raise capital, which could dilute existing stockholder ownership and negatively impact stock prices[144]. - The company is classified as a "smaller reporting company," which allows it to take advantage of scaled disclosure requirements, potentially affecting the attractiveness of its shares to investors[148].

Financial Performance - For the three months ended January 31, 2026, the Company reported a net income of $3,147,000, or $0.58 per diluted share, compared to $717,000, or $0.13 per diluted share for the same period in 2025, representing a significant increase in profitability [62]. - Total revenues for the three months ended January 31, 2026, were $14,573,000, a 94% increase from $7,520,000 in the same period of 2025 [64]. - Home sale revenues for the nine months ended January 31, 2026, increased by 23% to $22,720,000 from $18,420,000 in 2025 [64]. Revenue Breakdown - Land sale revenues for the three months ended January 31, 2026, increased by 184% to $8,266,000 from $2,908,000 in 2025, while home sale revenues rose by 33% to $5,425,000 from $4,094,000 [64]. - The Company sold 467 acres of undeveloped land in Sandoval County, New Mexico, generating $2,174,000 in revenue during the nine months ended January 31, 2026, compared to 549 acres sold for $2,502,000 in the same period of 2025 [65]. Cost and Expenses - The cost of revenues for the three months ended January 31, 2026, was $8,636,000, an increase of 66% from $5,213,000 in 2025 [68]. - Total general and administrative expenses increased by 56% to $2,930,000 for the three months ended January 31, 2026, compared to $1,875,000 for the same period in 2025 [70]. Margins - Land sale gross margins improved to 50% for the three months ended January 31, 2026, compared to 36% in the same period of 2025 [69]. - Home sale gross margins improved to 23% and 24% for the three and nine months ended January 31, 2026, compared to 23% and 20% for the same periods in 2025 [73]. Cash Flow and Liquidity - Cash and cash equivalents increased by 53% to $16,299,000 as of January 31, 2026, compared to $10,651,000 as of April 30, 2025 [77]. - Net cash provided by operating activities was $10,677,000 for the nine months ended January 31, 2026, up from $7,273,000 for the same period in 2025 [77]. Inventory and Assets - Real estate inventory increased slightly by 0% to $66,798,000 as of January 31, 2026, compared to $66,750,000 as of April 30, 2025 [78]. - Investment assets, net increased by 11% to $16,591,000 as of January 31, 2026, compared to $14,880,000 as of April 30, 2025 [78]. Tax and Liabilities - Provision for income taxes increased to $253,000 and $2,541,000 for the three and nine months ended January 31, 2026, compared to $125,000 and $1,012,000 for the same periods in 2025 [75]. - Accounts payable and accrued expenses increased by 20% to $4,531,000 as of January 31, 2026, compared to $3,789,000 as of April 30, 2025 [78]. Operational Challenges - The Company experienced material delays in municipal entitlements and construction, impacting revenue realization and increasing costs, which may affect future performance [63]. - The Company anticipates a reduction in revenues from the sale of developed residential land during 2026 and fiscal year 2027 compared to 2025 due to market headwinds and uncertainty [63]. - The company anticipates challenges related to homebuyer affordability and expects to manage its liquidity sources effectively [83]. - The company did not record any non-cash impairment charges on real estate inventory or investment assets for the three and nine months ended January 31, 2026 [71]. Production Status - The Company had 67 homes in production as of January 31, 2026, with homes under contract representing $7,797,000 in expected revenues, compared to 101 homes in production and $7,204,000 in expected revenues in 2025 [66].

Revenue Performance - Fourth quarter 2025 net revenue was $6.2 million, a decrease from $6.7 million in Q4 2024, attributed to the exit of lower-margin business[4] - Fiscal year 2025 revenue totaled $21.5 million, down from $26.6 million in fiscal year 2024, with GAAP gross margin at 6.1% compared to 1.3% in the previous year[9] - Identiv expects first quarter fiscal 2026 net revenue to be in the range of $6.7 million to $7.2 million[13] Profitability and Loss - Fourth quarter 2025 GAAP net loss from continuing operations was ($3.7) million, or ($0.16) per share, an improvement from a loss of ($4.3) million, or ($0.19) per share in Q4 2024[7] - For fiscal year 2025, GAAP net loss from continuing operations was ($18.0) million, or ($0.79) per share, compared to a loss of ($25.9) million, or ($1.14) per share in fiscal year 2024[11] - Non-GAAP adjusted EBITDA loss for Q4 2025 was ($2.5) million, a reduction from ($4.5) million in Q4 2024[8] - Non-GAAP adjusted EBITDA for the year ended December 31, 2025, is -$14,530,000, slightly better than -$15,791,000 in 2024[25] Cost Management - Fourth quarter 2025 GAAP gross margin improved to 18.1%, compared to a negative 14.9% in Q4 2024, reflecting reduced labor and manufacturing overhead costs[5] - Total operating expenses for fiscal year 2025 were $23.5 million, down from $28.3 million in fiscal year 2024, reflecting disciplined spending[10] - The transition of production to Thailand has structurally reduced costs and increased efficiency, contributing to improved financial performance[2] - Non-GAAP operating expenses for the year ended December 31, 2025, are $17,593,000, a slight decrease from $17,924,000 in 2024[25] Asset and Liability Management - Total current assets as of December 31, 2025, are $142,665,000, a slight increase from $142,134,000 on September 30, 2025, but a decrease from $152,845,000 on December 31, 2024[23] - Total current liabilities increased to $9,393,000 as of December 31, 2025, from $6,743,000 on September 30, 2025, and $7,960,000 on December 31, 2024[23] - Total stockholders' equity decreased to $140,701,000 as of December 31, 2025, from $143,665,000 on September 30, 2025, and $154,069,000 on December 31, 2024[23] Gross Profit Analysis - GAAP gross profit for the three months ended December 31, 2025, is $1,115,000, compared to a loss of $995,000 for the same period in 2024[25] - Non-GAAP gross profit for the year ended December 31, 2025, is $3,063,000, up from $2,133,000 in 2024, indicating a significant improvement in profitability[25] - Non-GAAP gross margin for the three months ended December 31, 2025, is 26%, compared to -5% in the same period last year[25] Strategic Initiatives - The company signed an exclusive multi-year supply agreement for next-generation BLE smart labels, indicating a strategic focus on expanding its IoT product offerings[3]

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: 001-33810 American Public Education, Inc. (Exact name of registrant as specified in its charter) | | | (State or other jur ...