Financial Performance - For the quarter ended March 31, 2025, the company recorded net earnings of approximately $5.3 million ($0.76 diluted earnings per share) on sales of approximately $129.2 million, compared to net earnings of approximately $5.0 million ($0.71 diluted earnings per share) on net sales of approximately $132.2 million for the same quarter in 2024[3] - For fiscal year 2025, the company recorded net earnings of approximately $6.1 million ($0.87 diluted earnings per share) on sales of approximately $444.6 million, a decrease from net earnings of approximately $17.3 million ($2.39 diluted earnings per share) on sales of approximately $516.3 million in fiscal 2024[4] Sales Volume and Segments - The company achieved a 28% increase in sales volume over the preceding third quarter and a 5% increase over the prior year fourth quarter, with sales volume reaching approximately 166,500 tons for the 2025 quarter[2][5] - The flat-roll segment sales for the 2025 quarter totaled approximately $117.7 million, with a sales volume of approximately 139,000 tons from inventory and 16,500 tons of toll processing[8] - The tubular segment sales for the 2025 quarter totaled approximately $11.5 million, with tons sold increasing from approximately 9,500 tons in the 2024 quarter to approximately 11,000 tons in the 2025 quarter[9] Hedging and Financial Position - The company recognized a total hedging gain of approximately $7.6 million for fiscal 2025, with a gain on hedging activities of approximately $1.8 million for the 2025 quarter[10] - The working capital balance at year-end was $128.1 million, reflecting a strong financial position[5] - The company maintains a strong financial position and is poised to capitalize on both short-term and long-term opportunities in the industry[12] Future Outlook - The company expects sales volume for the first quarter of fiscal 2026 to be slightly lower than the fourth quarter of fiscal 2025 due to equipment downtime, but anticipates improved margins[11] - The newest facility in Sinton, Texas, reached full capacity levels during the year and contributed the highest profit margin among all facilities[2]

Credit Losses and Loan Portfolio - The Company recorded a provision for credit losses of $100,000 for the fiscal year ended March 31, 2025, compared to no provision for the fiscal year ended March 31, 2024[59]. - As of March 31, 2025, the Allowance for Credit Losses (ACL) was $15.4 million, or 1.45% of total loans, down from 1.50% at March 31, 2024[60]. - Net charge-offs totaled $90,000 for the fiscal year ended March 31, 2025, compared to net recoveries of $13,000 for the prior fiscal year[60]. - Criticized loans increased by $11.8 million to $48.5 million at March 31, 2025, representing approximately 4.56% of the total loan portfolio[61]. - Classified loans increased by $2.2 million to $2.9 million at March 31, 2025, primarily due to the downgrade of a $2.0 million commercial real estate loan[63]. - The Company's ACL coverage ratio for nonperforming loans exceeded 9,900% at March 31, 2025, compared to 8,600% at the end of the prior fiscal year[60]. - The general valuation allowance for pooled loans was 1.45% at March 31, 2025, compared to 1.50% at March 31, 2024[60]. - The total loans outstanding increased to $1,062,460,000 at March 31, 2025, from $1,024,013,000 at March 31, 2024[68]. Investment Portfolio - The investment portfolio consisted solely of debt securities as of March 31, 2025, with no equity securities held[69]. - The Company does not have any exposure to sub-prime lending in its investment securities portfolio[71]. - Total investment securities decreased from $372.7 million in 2024 to $322.5 million in 2025, representing a decline of approximately 13.5%[72]. - The weighted average yield on total available-for-sale securities was 2.09% as of March 31, 2025[72]. Deposits and Borrowings - Core branch deposits increased by $2.2 million from March 31, 2024, to March 31, 2025, reflecting a focus on organic growth in client relationships[78]. - The average balance of interest-bearing checking accounts rose to $261.5 million in 2025, with an average interest rate of 1.00%, compared to $243.9 million and 0.32% in 2024[77]. - FHLB advances totaled $76.4 million as of March 31, 2025, down from $88.3 million in 2024, indicating a reduction in reliance on external borrowings[82]. - The weighted average rate on FHLB advances was 5.17% in 2025, slightly down from 5.40% in 2024[84]. - The Company had $288.0 million of uninsured deposits as of March 31, 2025, compared to $297.2 million in 2024, reflecting a decrease in risk exposure[81]. - The Company had $36.0 million in CDARS and ICS deposits, representing 2.92% of total deposits, which provide clients with access to FDIC insurance beyond the standard limit[78]. - The average balance of money market accounts was $224.1 million in 2025, with an average interest rate of 1.86%, up from $233.7 million and 1.22% in 2024[77]. Employee and Workforce Information - As of March 31, 2025, the Company had 238 full-time equivalent employees, with an average tenure of 6.8 years[88]. - The workforce composition is approximately 65% women and 35% men, with 54% of management roles held by women[89]. - The Company believes its relationship with employees is good, with no employees represented by a collective bargaining unit[88]. - The Company promotes training and continuing education as an ongoing function for its employees[90]. Financial Performance and Capitalization - The Bank met the requirements to be "well capitalized" as of March 31, 2025, with a CET1 risk-based ratio of 6.5% and a Tier 1 risk-based ratio of 8%[113]. - The Company maintains a capital conservation buffer greater than 2.5% of risk-weighted assets to avoid limitations on paying dividends and engaging in share repurchases[112]. - Riverview Services reported a net income of $10,000 and total assets of $1.4 million for the fiscal year ended March 31, 2025[93]. - The Trust Company had a net income of $2.2 million and total assets of $12.9 million at March 31, 2025, with total assets under management of $877.9 million[94]. Regulatory and Compliance Issues - The Company has not elected to use the Community Bank Leverage Ratio (CBLR) framework as of March 31, 2025[110]. - The Bank is not required to maintain any reserve balances as of March 31, 2025[131]. - Riverview is subject to comprehensive regulation by the Federal Reserve under the Bank Holding Company Act, requiring semi-annual reports and compliance with extensive regulations[143]. - Non-compliance with the USA PATRIOT Act and Bank Secrecy Act could result in fines or sanctions, impacting the company's ability to obtain regulatory approval for acquisitions[193]. - The Federal Reserve's policy on cash dividends requires that net income for the past year must be sufficient to fully fund dividends, and companies experiencing financial problems should not borrow to pay dividends[149]. Risk Management and Strategic Considerations - The company has established an enterprise risk management framework to balance risk and return, critical for optimizing shareholder value[194]. - Climate change and related regulatory initiatives may materially affect the company's business and results of operations, with potential adverse impacts from severe weather events[195][196]. - Cybersecurity risks remain a significant concern, with potential breaches leading to financial losses, reputational damage, and increased costs[197][198][199]. - The company faces risks related to fraud and financial crimes, which have been increasing nationally, potentially resulting in financial losses and reputational harm[204]. - The adoption of Artificial Intelligence (AI) introduces model risk and regulatory compliance challenges, necessitating robust governance and oversight[205][207]. - Acquisitions are part of the company's growth strategy but involve risks such as asset quality issues, client loss, and integration challenges[211][212]. - The company relies on external vendors for key operational components, exposing it to risks if vendors fail to meet contractual obligations[214]. - Goodwill impairment could reduce earnings, as the company must evaluate goodwill annually and make subjective judgments regarding fair value[210]. - The company’s financial results depend on management's accounting methods and assumptions, which could lead to unexpected losses if incorrect[208][209]. - The board of directors oversees the risk management process, including cybersecurity risks, engaging with management on these issues[203]. - Ineffective liquidity management could adversely affect the company's financial results and condition, with potential negative impacts from decreased business activity or adverse regulatory actions[215]. - Future growth or losses may require the company to raise additional capital, which may not be available or could be costly, impacting expansion and financial condition[218]. - Regulatory changes regarding Diversity, Equity and Inclusion (DEI) and Environmental, Social and Governance (ESG) practices may adversely impact the company's reputation and compliance costs[219]. - The company faces intense competition in loan making and deposit attraction, which could reduce net interest income and profitability[224]. - Retaining and recruiting key management personnel is critical for the company's success, with intense competition for qualified employees in the banking industry[225]. - The company relies on dividends from the Bank for substantially all of its revenue at the holding company level, and any inability to receive dividends could adversely affect its financial condition[226].

Table of Contents 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 May 3, 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: 001-35720 (Exact name of registrant as specified in its charter) Delaware 45-3052669 (State or other jurisdiction of ...

Sales and Product Segmentation - Flat-roll products accounted for 91% of total sales in fiscal 2025, while tubular products contributed 9%[17] - Sales to O'Neal Steel represented approximately 16% of total sales for both fiscal years 2025 and 2024[17] - The company operates five flat-roll processing facilities and two tubular pipe mills, with a combined capacity to produce various steel products[12][15] - The company’s flat-roll segment primarily generates revenue from sales of company-owned inventory, with additional income from processing or storage services[12] - The company’s tubular segment generates all revenue from sales of company-owned inventory[15] - The company’s sales force for flat-roll products consisted of 29 personnel as of March 31, 2025[18] - The company’s flat-roll products are sold on a wholesale, rapid-delivery basis, competing with other processors of hot-rolled steel coils[13] Employee and Operational Information - The company had 271 full-time employees as of March 31, 2025[21] - The company’s Texas Tubular Products division operates two electric resistance welded pipe mills with an outside diameter size range of 2 3/8" to 8 5/8"[15] Governance and Compliance - The company’s cybersecurity program is aligned with the NIST Cybersecurity Framework 2.0 to ensure comprehensive controls and oversight[28] - The Company has adopted a Code of Conduct and Ethics applicable to all employees, directors, and officers[54] - The Company has a Clawback Policy in place as part of its governance practices[65] Financial Reporting and Statements - The Company's Annual Report to Shareholders for the fiscal year ended March 31, 2025, includes consolidated financial statements and notes[63] - The financial statements include Consolidated Balance Sheets, Statements of Operations, and Statements of Cash Flows for the years ended March 31, 2025, and 2024[63] - The Company is required to disclose security ownership information of certain beneficial owners and management in its proxy statement[58] - Definitive copies of the proxy statement for the 2025 Annual Meeting of Shareholders are expected to be filed with the SEC within 120 days after the end of the fiscal year[55] - The Company is expected to file definitive copies of its equity compensation plan information with the SEC within 120 days after the end of the fiscal year[57] Accounting and Financial Amendments - The independent public accounting firm for the Company is Moss Adams LLP, Houston, Texas[61] - The Company has undergone amendments to its Amended and Restated Credit Agreement, with the latest amendment referenced in a Form 8-K filed on May 9, 2025[64] - The Company has a 2016 Restricted Stock Plan in place for employee compensation[64]

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 Commission File Number: 001-41294 Onconetix, Inc. (Exact name of registrant as specified in its charter) Delaware 83-2262816 (State or other jurisdiction o ...

Financial Performance - Total revenue for Q1 2025 was $101,630, a decrease of 85.5% compared to $700,433 in Q1 2024[17] - Gross profit for Q1 2025 was $45,832, down 75.7% from $189,000 in Q1 2024[17] - Net loss for Q1 2025 was $8,545,885, compared to a net loss of $11,118,572 in Q1 2024, representing a 23.1% improvement[17] - Operating expenses for Q1 2025 totaled $12,616,661, an increase from $11,270,990 in Q1 2024[17] - The company reported a basic and diluted net loss per share of $0.53 for Q1 2025, compared to $20.08 for Q1 2024[17] - Revenue for the three months ended March 31, 2025, was approximately $0.1 million, a decrease from $0.7 million for the same period in 2024[54] - Product sales accounted for 93% of total revenue in the three months ended March 31, 2025, while development services accounted for 100% of revenue[54] Assets and Liabilities - Total current assets increased to $2,420,589 as of March 31, 2025, from $950,267 as of December 31, 2024, a growth of 154.5%[15] - Total liabilities decreased to $14,258,469 as of March 31, 2025, down 23.5% from $18,571,008 as of December 31, 2024[15] - Goodwill decreased significantly to $16,209,509 as of March 31, 2025, from $27,048,973 as of December 31, 2024, a reduction of 40.2%[15] - Cash and cash equivalents increased to $1,577,193 as of March 31, 2025, from $646,500 as of December 31, 2024, a rise of 144.5%[15] - Total stockholders' equity decreased to $3,992,793 as of March 31, 2025, from $8,542,627 as of December 31, 2024, a decline of 53.3%[15] - As of March 31, 2025, Onconetix had cash of approximately $1.6 million and a working capital deficit of approximately $11.6 million, with an accumulated deficit of approximately $125.4 million[35] Impairment and Expenses - The company incurred a loss on impairment of goodwill amounting to $10,918,000 for the three months ended March 31, 2025, compared to $5,192,000 in the prior year, indicating a 110% increase in impairment losses[23] - The company recognized goodwill impairment losses of approximately $10.9 million for the three months ended March 31, 2025, compared to $5.2 million for the same period in 2024[65] - The company recorded full impairments of intangible assets acquired from the acquisitions of Proteomedix and ENTADFI, resulting in a zero balance as of March 31, 2025[60] - The company incurred net periodic benefit costs of $16,134 for the three months ended March 31, 2025, compared to a net periodic benefit cost of $(6,733) for the same period in 2024[169] Capital Structure and Financing - The company redeemed Series C preferred stock amounting to approximately $1.71 million in 2025, indicating ongoing efforts to manage its capital structure[35] - The company has two non-interest-bearing notes payable of $5.0 million each, with maturity dates of April 19, 2024, and September 30, 2024[75] - A non-convertible debenture of $5.0 million was issued to a related party with an interest rate of 4.0% per annum, originally payable by June 30, 2024[91] - The maturity date of the related party debenture was extended to October 31, 2024, with no other terms modified[92] - The Company issued a promissory note to Keystone Capital Partners, LLC with an aggregate principal amount of $117,647.06, due by November 12, 2025[100] - The Company raised $2,000,000 from the sale of 3,499 Series C Preferred Stock and warrants to purchase 591,856 shares of common stock on October 2, 2024[121] - The Company received approximately $4.8 million under the Equity Line of Credit (ELOC) during the three months ended March 31, 2025[125] Business Operations and Strategy - Onconetix acquired Proteomedix AG on December 15, 2023, enhancing its capabilities in prostate cancer diagnosis with the Proclarix diagnostic product[26] - The company has abandoned the commercialization of ENTADFI due to insufficient resources and is exploring options for the sale of ENTADFI assets[28] - Management plans to generate product revenue from Proclarix and seeks additional funding through equity or debt financing to support ongoing operations[36] - The company is focusing on the commercialization of Proclarix, an in vitro diagnostic test for prostate cancer, which is expected to generate revenue by 2027[185][192] - The company has no products approved for sale aside from Proclarix and has not generated any revenue from product sales to date[193] Corporate Governance and Management - The company is currently searching for a permanent Chief Executive Officer and Chief Financial Officer[187] - The Company has entered into a potential business combination with Ocuvex Therapeutics, Inc., which would result in Ocuvex equity holders owning approximately 90% of the Company post-transaction[177] Tax and Regulatory Matters - The Company recorded an income tax benefit of approximately $127,000 for the three months ended March 31, 2024, yielding an effective tax rate of 21.3% for Proteomedix[161] - The Company has recorded a full valuation allowance against its U.S. deferred tax assets due to uncertainty around utilizing these tax attributes[162]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 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 April 30, 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: 001-42434 ServiceTitan, Inc. (Exact name of registrant as specified in its charter) Delaware 26-03318 ...

Financial Performance - Total revenues for the three months ended April 30, 2025, were $4,734,542, a decrease of 24.3% from $6,250,572 in the same period of 2024[15]. - Royalty income decreased to $4,349,472 in Q1 2025 from $6,010,608 in Q1 2024, representing a decline of 27.7%[26]. - Net income for the three months ended April 30, 2025, was $3,631,208, an increase of 4.3% compared to $3,483,785 in the same period of 2024[15]. - Net income per unit increased to $0.2768 in Q1 2025 from $0.2655 in Q1 2024, reflecting a growth of 4.9%[15]. - Net cash from operating activities for Q1 2025 was $2,080,661, a decrease of 16.9% from $2,503,929 in Q1 2024[19]. - The Trust's net income for the quarter ended April 30, 2025, was $3,631,208, compared to $3,483,785 for the same quarter in 2024[47]. - Net income for the three months ended April 30, 2025 was $3,631,208, an increase of $147,423 from $3,483,785 in the same period in 2024, primarily due to a decrease in expenses[70]. Cash and Liabilities - Cash and cash equivalents decreased significantly to $24,221,132 as of April 30, 2025, down from $100,204,531 at the beginning of the period[17]. - Total liabilities decreased to $7,816,850 as of April 30, 2025, compared to $78,400,735 as of January 31, 2025, indicating a reduction of 90%[17]. - The unallocated cash and cash equivalents decreased from $22,140,471 as of January 31, 2025, to $16,873,926 as of April 30, 2025[44]. - Unallocated Reserve decreased from $20,654,125 as of April 30, 2024 to $19,611,719 as of April 30, 2025, primarily due to a decrease in unallocated cash and cash equivalents[75]. Distributions - Distributions declared per unit increased to $0.5600 in Q1 2025 from $0.2900 in Q1 2024, marking a rise of 93.1%[15]. - The Trust declared a distribution of $0.56 per Unit of Beneficial Interest on April 15, 2025, totaling $7,347,206, compared to $0.29 per Unit for the same quarter in 2024[45]. - The Trust declared a distribution of $0.56 per unit payable on May 20, 2025, compared to a distribution of $0.29 per unit during the quarter ended April 30, 2024[73]. - Mesabi Trust declared a distribution of $0.56 per Unit for May 20, 2025, compared to $0.29 per Unit for the same period last year, reflecting an increase of 93.1%[85]. Royalty Income and Production - The Trust's royalty income is primarily derived from base overriding royalties, which are contingent on the volume and selling price of iron ore products shipped[54]. - For the three months ended April 30, 2025, total royalty income decreased by $1,661,136 to $4,349,472 compared to the same period in 2024, primarily due to a decrease in production and shipments of iron ore[67]. - Iron ore pellet production and shipments for the three months ended April 30, 2025 totaled 637,186 tons, down from 978,498 tons in the comparable period in 2024, attributed to an extended maintenance shutdown[65]. - Base overriding royalties decreased by $992,551 to $2,425,094, and bonus royalties decreased by $666,298 to $1,783,835 for the three months ended April 30, 2025 compared to the same period in 2024[69]. - The minimum advance royalty for calendar year 2025 is set at $1,157,261, an increase from $1,129,615 in 2024[55]. - The Adjusted Threshold Price for royalty bonuses in 2025 is $69.41 per ton, up from $67.75 per ton in 2024[55]. - The royalty bonus percentage ranges from 0.5% to 3% based on the selling price of iron ore products above the Adjusted Threshold Price[55]. Expenses - The Trust's expenses for the three months ended April 30, 2025 were $1,103,334, a decrease of $1,663,453 compared to the same period in 2024, mainly due to reduced legal fees[70]. Future Outlook - Future royalty income may be impacted by negative price adjustments, which could reduce cash available for distribution to Unitholders in future quarters[78]. - Future distributions to Unitholders may be negatively impacted by price adjustments that could offset royalties payable to the Trust[102]. Legal and Governance - The Trust is a publicly traded pass-through royalty trust, exempt from many corporate governance requirements applicable to other publicly traded corporations[107]. - There have been no material changes in the Trust's critical accounting policies or significant accounting estimates during the three months ended April 30, 2025[108]. - The Trust is not taxable as a corporation, with all net taxable income attributable directly to Unitholders for tax purposes[109]. - There have been no material changes in the Trust's risk factors as described in the Annual Report for the fiscal year ended January 31, 2025[119]. - No legal proceedings are currently pending against the Trust[118]. Internal Controls - The Trustees evaluated the Trust's disclosure controls and procedures and concluded that they are effective[114]. - There were no changes in the Trust's internal control over financial reporting that materially affected its internal control during the last fiscal quarter[115]. - The Trust relies on quarterly shipment and royalty calculations provided by Northshore and Cliffs for its evaluations[112]. - The Trust employs certified public accountants and geological consultants to ensure the accuracy and completeness of disclosed information[111]. Tax Considerations - Unitholders are encouraged to consult with tax advisors regarding the financial impact of retained funds on their personal tax situations[109].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________________________________________________________ FORM 10-Q ________________________________________________________________ For the transition period from to Commission File Number 001-42522 ________________________________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended April 30, 2025 or ...

Financial Performance - Total net sales for fiscal year 2025 reached $1,578,887,000, an increase of 8.2% from $1,458,603,000 in fiscal year 2024[22] - The Company’s U.S. net sales were $1,492,266,000, representing 94.5% of total net sales, while international sales were $86,621,000, or 5.5%[26] - The Company’s net earnings for the third quarter of fiscal year 2025 were $14,659,000, compared to $17,675,000 in the same quarter of fiscal year 2024[33] - The gross margin for the third quarter of fiscal year 2025 was $49,110,000, compared to $54,033,000 in the same quarter of fiscal year 2024[33] - The top ten customers accounted for approximately 53% and 52% of net sales for fiscal years 2025 and 2024, respectively[57] - A majority of sales occur during the second and third quarters, significantly impacting results of operations due to seasonal consumption patterns[50] Sales and Product Information - Canned vegetables accounted for 83% of total food packaging net sales in fiscal year 2025, with sales of $1,314,315,000, up from $1,204,823,000 in fiscal year 2024[22] - The Company’s principal product offerings include canned, frozen, and jarred produce, with significant sales to both retail and foodservice sectors[21] Cost and Inventory Management - The Company experienced material cost increases due to supply chain disruptions and other factors, leading to elevated costs compared to historical levels[24] - The Company’s inventory at the end of the second quarter of fiscal year 2025 was $944,887,000, reflecting the seasonal nature of its production cycle[33] - The materials used, including raw fruits and vegetables, are subject to price volatility, which could adversely affect profitability[52] Employee and Workforce Information - The Company employed approximately 2,885 employees and an additional 4,010 seasonal employees during peak harvest season as of March 31, 2025[40] - The company had approximately 2,885 employees as of March 31, 2025, with about 2,800 being full-time and 85 seasonal employees, and an additional 4,010 seasonal employees during peak summer harvest[69] - The company recognizes plants achieving at least one million work hours without a lost time injury with the President's "Bronze Eagle" award[43] - The company has developed three key employee training programs: SAVES, GROWS, and LEADS, focusing on empowerment, leadership, and continuous improvement[44] Market and Competitive Environment - The company operates in a highly competitive marketplace, with significant pricing pressure from key customers and large-format retailers[57] - Economic conditions affecting consumer spending, such as inflation and employment levels, could materially impact growth and profitability[53] - The company is dependent on successful marketplace initiatives and consumer acceptance of its products, which may be influenced by dietary trends and regulatory changes[74] Risks and Regulatory Compliance - The company faces risks associated with defined benefit pension plans, which could require additional contributions due to market performance fluctuations[64] - The company is exposed to significant environmental regulations and potential remediation costs, which could materially affect its financial condition and results of operations[66] - The company faces risks from increasing labor costs and potential work stoppages, which could adversely affect its financial condition and operations[70] - The company has fully transitioned to BPA Non-Intent (BPANI) for its canned product volume, which is FDA approved, but future regulatory actions could impose additional costs[72] Financial Reporting and Governance - The Company’s internal control over financial reporting was assessed as effective as of March 31, 2025, based on COSO criteria[110] - There were no changes in internal control over financial reporting during the quarter ended March 31, 2025, that materially affected the Company's controls[111] - The consolidated financial statements for the years ended March 31, 2025, 2024, and 2023 are included in the 2025 Annual Report to Shareholders[125] - The company has signed certifications pursuant to the Sarbanes-Oxley Act, ensuring compliance and transparency in financial reporting[128] Cybersecurity and Risk Management - The cybersecurity risk management program is integrated with the overall enterprise risk management program, utilizing the NIST Cybersecurity Framework for risk identification and management[87] - The Company conducts periodic testing of its cybersecurity systems, including software and hardware assessments, to evaluate readiness and maturity[89] - The Board of Directors receives annual briefings on the cybersecurity risk management program, including updates on risks and the status of information security projects[94] - As of the report date, the Company is not aware of any cybersecurity incidents that have materially affected its business or financial condition[91] Strategic Initiatives and Future Outlook - The Company’s business strategies focus on expanding market share, enhancing sales and margins, and pursuing strategic acquisitions[17] - The company is expected to provide future performance guidance in its upcoming financial disclosures[125] - The company may face challenges in integrating future acquisitions or product innovations, which could affect its financial results[68] Financing and Capital Structure - As of March 31, 2025, the company had a $1.0 million outstanding balance on its revolving credit facility, indicating reliance on external financing during operational cash flow shortages[76] - The company has a LIFO reserve of $359.3 million as of March 31, 2025, which represents approximately $89.5 million of income taxes that could impact future cash flows if LIFO is repealed[83] - The company has undergone amendments to its loan agreements, indicating potential restructuring or refinancing efforts[125] - The company has a second amended and restated loan and guaranty agreement effective January 20, 2023, which may impact its financial leverage[125] Shareholder Information - The Company has a stock repurchase program, recently amended to allow the repurchase of up to 2,500,000 shares of Common Stock without an expiration date[101] - During fiscal year 2025, 3,870 shares were awarded under the 2007 Equity Incentive Plan, with 36,224 shares available for future awards as of March 31, 2025[117] - As of March 31, 2025, holders of Class B common stock and voting preferred stock controlled 90.6% of the combined voting power, potentially impacting corporate governance decisions[79] Manufacturing and Operational Capacity - The Company’s manufacturing facilities cover a total of 10,442 thousand square feet and 10,171 acres, with the ability to expand as sales require[95] - The company has only one plant for cherry products and one for pumpkin products, creating a risk of production disruption in case of a disaster[67]