Financial Performance - The net loss for the three months ended September 30, 2025, was $74,064 million, compared to a net income of $1,859,520 million for the same period in 2024, representing a decline in profitability[12] - For the nine months ended September 30, 2025, the company reported a net loss of $21,322 compared to a net income of $1,581,218 for the same period in 2024[16] - The Company reported a net loss of $74,064 for the three months ended September 30, 2025, primarily due to increased operating and formation costs of $174,301[175] - For the nine months ending September 30, 2025, the net loss was $21,322, with operating and formation costs amounting to $186,266[176] Assets and Liabilities - Total assets increased to $189,571 million as of September 30, 2025, compared to $182,240 million as of December 31, 2024, reflecting a growth of approximately 4.4%[8] - Current liabilities rose significantly to $224,131 million from $32,524 million, indicating a substantial increase in obligations[10] - The total liabilities increased to $248,796 million as of September 30, 2025, from $217,506 million as of December 31, 2024, indicating a rise of approximately 14.4%[10] - The total shareholders' deficit increased to $243,422 million as of September 30, 2025, from $217,506 million as of December 31, 2024[10] - As of September 30, 2025, the Company had a working capital deficit of $189,453 and only $5,374 in its operating bank account[167] Cash and Securities - Cash and marketable securities held in the trust account amounted to $184,197 million as of September 30, 2025, compared to $182,240 million as of December 31, 2024[10] - The total cash at the end of the period was $5,374, compared to $0 at the end of the same period in 2024[16] - As of September 30, 2025, cash and marketable securities held in the Trust Account totaled $184,197, with Class A ordinary shares subject to possible redemption of 741,750[173] Shareholder Activity - The company executed a bonus share issuance of 49 shares for each outstanding share on September 2, 2025, affecting all share and per-share information retroactively[10] - Shareholders redeemed 1,444,221 Class A ordinary shares for a total of $15,297,014, averaging approximately $10.59 per share, including $404,207 of earnings[37] - As of March 2024, shareholders redeemed 1,407,653 Class A ordinary shares for $16,309,778, averaging approximately $11.59 per share, leaving 4,927,561 shares outstanding[40] - In connection with the December 2024 Extension Amendment Proposal, shareholders redeemed 437,513 Class A ordinary shares for $5,238,525, averaging approximately $11.97 per share[43] Business Operations - The company has not commenced any operations as of September 30, 2025, and will not generate operating revenues until after completing its initial business combination[21] - The company intends to focus on businesses in the technology industries primarily located in the United States for its business combination[20] - The Company will cease operations and redeem Public Shares if a Business Combination is not completed by December 31, 2025[50] Compliance and Regulatory Matters - The Company received a notice from Nasdaq regarding non-compliance with the minimum public holders requirement but later demonstrated compliance[46][47] - The Company received a notice from Nasdaq regarding potential delisting due to non-compliance with the requirement to complete a business combination within 36 months of the IPO[163] - The Company is evaluating options for over-the-counter trading and potential future re-listing on exchanges after delisting from Nasdaq[48] Internal Controls and Governance - Management identified a material weakness in internal control over financial reporting due to a lack of qualified SEC reporting professionals[206] - The Company intends to improve its disclosure controls and procedures, including enhancing access to accounting literature and considering additional staff with requisite experience[206] Warrant and Share Information - The Company has accounted for 11,116,667 warrants as liabilities, subject to re-measurement at each balance sheet date[106] - The Public Warrants will become exercisable at $0.23 per share 30 days after the completion of a Business Combination[107] - The Company adjusted the terms of all outstanding warrants following a 49-for-1 bonus share issuance, allowing each warrant to purchase 50 Class A ordinary shares at an exercise price of $0.23 per share[112] - The fair value of Public Warrant liabilities decreased by $123,321 from December 31, 2024, to March 31, 2025, and further decreased by $98,657 from June 30, 2025, to September 30, 2025[136]

Financial Performance - The net loss for the three months ended September 30, 2025, was $46,196,000 compared to a net income of $4,112,487,000 for the same period in 2024, indicating a substantial decline in profitability[12]. - Basic and diluted net loss per Class A redeemable ordinary share for the three months ended September 30, 2025, was $(0.00), compared to $0.40 for the same period in 2024[12]. - For the nine months ended September 30, 2025, the company reported a net income of $108,068 compared to a net loss of $477,816 for the same period in 2024[16]. - For the three months ending September 30, 2025, the Company reported a net loss of $46,196, primarily due to operating and formation costs of $142,843, offset by $16,603 in earnings on cash held in the trust account and a gain of $80,000 from changes in fair value of warrant liabilities[178]. - For the nine months ended September 30, 2025, the Company had a net income of $108,068, mainly from a gain of $213,333 from changes in fair value of warrant liabilities and $49,500 in earnings on cash held in the trust account, offset by $154,808 in operating and formation costs[179]. Assets and Liabilities - Total assets decreased from $1,967,696,000 as of December 31, 2024, to $1,900,003,000 as of September 30, 2025, representing a decline of approximately 3.4%[10]. - Current liabilities increased significantly from $30,171,000 to $196,864,000, marking a rise of about 552%[10]. - Cash and marketable securities held in the Trust Account decreased from $1,967,696,000 to $1,888,076,000, a decline of about 4%[10]. - The accumulated deficit as of September 30, 2025, was $6,001,110,000, a slight improvement from $6,059,678,000 as of December 31, 2024[10]. - As of September 30, 2025, the Company had $11,927 in operating bank accounts and $1,888,076 in the Trust Account, with a working capital deficit of $184,936[170]. Shareholder Activity - The company raised gross proceeds of $400,000,000 from its Initial Public Offering, with 40,000,000 units sold at $10.00 per unit[23]. - Shareholders redeemed 38,808,563 Class A ordinary shares for a total of $393,676,799, averaging approximately $10.14 per share during the December 2022 Extraordinary General Meeting[31]. - As of February 29, 2024, shareholders redeemed 83,349 Class A ordinary shares for a total of $911,508, equating to approximately $10.94 per share, leaving 10,161,589 Class A shares outstanding[38]. - On October 31, 2024, shareholders redeemed 124,289 Class A ordinary shares for total payments of approximately $1.40 million[120]. - The Company has 10,173,653 Class A ordinary shares issued and outstanding as of September 30, 2025, with 173,653 shares subject to possible redemption[87]. Business Combination and Operations - The company had not commenced any operations as of September 30, 2025, and will not generate operating revenues until after completing its initial Business Combination[20]. - The Company plans to focus on technology businesses primarily located in the United States for its Business Combination[19]. - As of June 21, 2023, the company extended the deadline to consummate a Business Combination to March 20, 2024[32]. - The Company extended the deadline for completing a business combination from March 20, 2024, to June 30, 2024, as approved by shareholders[37]. - The Company has extended the deadline to consummate a business combination to December 31, 2025, following shareholder approval[166]. Nasdaq Compliance and Delisting - The Company received a notice from Nasdaq regarding potential delisting due to non-compliance with business combination timelines, leading to a hearing request[47]. - On June 21, 2024, Nasdaq determined to delist the Company's securities due to non-compliance with listing requirements, effective June 25, 2024[51]. - The Company received a final delisting notice from Nasdaq on August 13, 2024, due to violations of listing rules[52]. - The Company is evaluating alternative options for trading and potential future re-listings to maximize shareholder value following the delisting[56]. - The Company is assessing alternative trading options after being delisted from Nasdaq due to non-compliance with listing rules[159]. Financial Instruments and Liabilities - The fair value of the Company's financial instruments approximates their carrying amounts due to their short-term nature[76]. - The Company had no outstanding liabilities to the former Sponsor as of September 30, 2025, following the transfer of liabilities amounting to $5,457,840 to the Original Sponsor[175]. - The Company incurred $0 fees under the administrative support agreement during the three months ended September 30, 2025[192]. - The Company has not recognized any unrecognized tax benefits as of September 30, 2025, and does not expect significant changes in unrecognized tax benefits over the next twelve months[78]. - The Company had a warrant liability of $266,667, reflecting a change in fair value of $(559,999) during the year ended December 31, 2024[137]. Share Structure and Compensation - The Company converted 9,825,000 Class B ordinary shares into Class A ordinary shares, resulting in a total of 10,244,938 Class A shares outstanding, with 419,938 subject to possible redemption[36]. - The Company has two classes of shares, and diluted net income (loss) per share is the same as basic net income (loss) per share for the periods ended September 30, 2025 and 2024[201]. - The Company has 175,000 Class B ordinary shares issued and outstanding as of September 30, 2025[122]. - The Company transferred 150,000 Founder Shares to three independent directors as compensation for their future services[90]. - As of September 30, 2025, no stock-based compensation expense was recognized due to the improbability of achieving the performance-based vesting condition[91].

Loan Losses and Credit Provisions - The allowance for loan losses decreased by $4,033,000, or 1.98%, from $203,753,000 as of September 30, 2024, to $199,720,000 at September 30, 2025[270]. - The Company recorded a provision for credit losses of $7,750,000 in 2025, compared to a provision of $17,500,000 for 2024[270]. - Net charge-offs for the year ended September 30, 2025, were $11,783,000, compared to charge-offs of $1,356,000 in the prior year[270]. - The ratio of the total allowance for credit losses (ACL) to total gross loans increased to 1.04% as of September 30, 2025, compared to 1.01% as of September 30, 2024[270]. - The reserve for unfunded loan commitments remained unchanged at $21,500,000 as of September 30, 2025[270]. - The allowance for credit losses for commercial loans totaled $152,134,000, a decrease of $1,239,000 or 1% from the previous year[269]. - The allowance for credit losses for consumer loans totaled $47,586,000, a decrease of $2,794,000 or 6% from the previous year[269]. - The Company’s allowance for credit losses is comprised of $131,652,000 related to the quantitative component and $68,068,000 related to management's qualitative overlays[270]. - Management believes the total ACL is sufficient to absorb estimated losses inherent in the portfolio of loans and unfunded commitments[270]. Non-Performing Assets - Non-performing assets increased by 84.7% to $143,022,000, representing 0.54% of total assets as of September 30, 2025, compared to $77,418,000, or 0.28% of total assets, as of September 30, 2024[283]. - Total non-accrual loans reached $128,628,000 as of September 30, 2025, up from $69,541,000 in the previous year, primarily due to one commercial real estate loan over 90 days past due[282]. - The allowance for loan losses was $199,720,000, with a coverage ratio of 155% for non-accrual loans as of September 30, 2025, down from 293% the previous year[284]. - The ratio of total non-performing assets to total assets increased to 0.54% as of September 30, 2025, from 0.28% the previous year[283]. - The majority of real estate owned (REO) properties, totaling $11,084,000, are expected to be sold, with an increase of 142.7% from the previous year[284]. Investment Securities - Available-for-sale (AFS) investment securities increased by $960,492,000, or 37.3%, to $3,533,201,000 as of September 30, 2025, due to securities purchases and unrealized losses[286]. - The net unrealized loss for AFS securities decreased to $9,237,000 as of September 30, 2025, compared to $44,168,000 as of September 30, 2024[287]. - Held-to-maturity (HTM) investment securities increased by $208,830,000 to $645,802,000, or 47.8%, during the year ended September 30, 2025[288]. - The net unrealized loss on held-to-maturity securities was $33,063,000, compared to $35,926,000 the year prior[288]. - The composition of the investment portfolio was 44.6% variable rate and 55.5% fixed rate as of September 30, 2025, aimed at mitigating interest rate risk[341]. Financial Performance - Net income increased by $26,027,000, or 13.0%, to $226,068,000 for the year ended September 30, 2025, compared to $200,041,000 for the prior year[318]. - Net interest income for the year ended September 30, 2025, was $654,235,000, a decrease of $6,597,000 or 1.0% from the previous year, with a net interest margin of 2.58%[319]. - Non-interest income increased by $10,555,000, or 17.4%, to $71,247,000 for the year ended September 30, 2025, driven by higher prepayment fees and commission income from WaFd Insurance[323]. - Total non-interest expense decreased by $20,809,000, or 4.6%, to $427,463,000 in 2025, influenced by a reduction in compensation costs and FDIC premiums[324]. - The Company's efficiency ratio improved to 58.9% in 2025 from 62.1% in 2024, with total operating expenses as a percentage of average assets decreasing to 1.58% from 1.71%[325]. Deposits and Borrowings - Customer deposits totaled $21,437,636,000 as of September 30, 2025, reflecting a $63,666,000, or 0.3%, increase from $21,373,970,000 in the prior year[308]. - Transaction accounts increased by $489,347,000, or 4.1%, while time deposits decreased by $425,681,000, or 4.5%[308]. - Total borrowings decreased to $1,765,604,000 as of September 30, 2025, from $3,267,589,000 at the same date in 2024, with a weighted average rate of 2.50%[317]. - The Company has a credit line with the FHLB - DM providing $6,647,214,000 of additional borrowing capacity as of September 30, 2025[332]. Interest Rate and Asset Management - The interest rate spread improved to 2.32% as of September 30, 2025, up from 1.91% a year earlier, with the weighted-average rate on interest-earning assets decreasing by 12 basis points to 5.23%[350]. - Average interest-earning assets increased by 3.2% to $25,337,814,000 for the year ended September 30, 2025, compared to $24,559,665,000 for the previous year[354]. - Average interest-bearing customer deposit accounts rose by $2,408,182,000, or 14.7%, while average borrowings decreased by $1,819,187,000, or 42.9%[355]. - The net interest margin decreased to 2.58% for the year ended September 30, 2025, down from 2.69% for the previous year, with the yield on interest-earning assets decreasing by 30 basis points[353]. - The company was in compliance with all of its interest rate risk policy limits as of September 30, 2025[349]. Tax and Equity - The effective tax rate for 2025 was 21.95%, slightly up from 21.88% in 2024, with income tax expense increasing by $7,559,000, or 13.5%[327]. - Shareholders' equity increased to $3,039,575,000, or 11.38% of total assets, compared to $3,000,300,000, or 10.69% of total assets, in 2024, with 82.5% of net income returned to shareholders[331].

Revenue and Profitability - Q1'26 revenue increased by 6.2% to $5.6M compared to $5.3M in Q1'25, primarily driven by the delivery of a custom cinema project[4] - Q1'26 gross profit rose by 22.0% to $1.7M from $1.4M in Q1'25, reflecting a focus on higher margin opportunities[4] - Q1'26 gross margin percentage improved to 30.0% from 26.1% in Q1'25, driven by model mix and the timing of a custom cinema project[4] - Operating income for Q1'26 was $350k, a significant improvement from a loss of $68k in the same quarter last year, due to gross profit improvement and an 8% decrease in operating expenses[4] - Net income for Q1'26 was $509k, or $0.05 per share, compared to a net loss of $25k, or $0.00 per share, in Q1'25[4] Working Capital and Acquisitions - Working capital increased by 12.4% to $4.8M at the end of Q1'26, including cash of $5.5M, approximately $0.54 per common share[4] - The company acquired the DCS cinema loudspeaker line for $1.5M in cash, enhancing its product offerings and competitive position[4] - The DCS loudspeaker line is expected to strengthen the company's market presence, particularly in Europe and the Middle East[5] Future Projections and Strategic Focus - Q2'26 revenue is projected to be approximately $3.4M, reflecting seasonality and the pull-through of some revenue into Q1'26[8] - The company remains focused on margin and cost mitigation initiatives to improve performance in varying market conditions[8]

Financial Results Announcement - Stryve Foods, Inc. announced its unaudited financial results for Q3 and nine months ending September 30, 2025[5] - The press release detailing the financial results was issued on November 18, 2025[5] - No specific financial metrics or performance indicators were provided in the extracted content[5]

Financial Performance - Net sales increased by $320.4 million, or 16%, to $2,316.6 million for the year ended September 30, 2025, compared to $1,996.2 million in 2024[232] - Operating profit decreased by $30.3 million, or 8%, to $357.4 million in 2025, primarily due to a $69.0 million provision for legal matters and higher product costs[234] - Sales of Premier Protein products rose by $286.3 million, or 17%, driven by a 15% increase in volumes due to distribution gains[233] - Cash provided by operating activities increased by $61.0 million to $260.6 million in 2025, driven by improved timing of collections and reduced tax payments[249] Debt and Financing - Interest expense increased by $10.1 million, or 17%, to $68.4 million in 2025, attributed to higher borrowings under the Revolving Credit Facility[235] - The company had $247.6 million of available borrowing capacity under the Revolving Credit Facility as of September 30, 2025[242] - Cash used in financing activities increased by $63.2 million to $238.3 million in 2025, driven by higher stock repurchase payments and repayments under the Revolving Credit Facility[251] - The company had outstanding principal value indebtedness of $840.0 million related to its 7.00% Senior Notes as of September 30, 2025[270] - The company incurred an aggregate principal amount of $250.0 million under its Revolving Credit Facility as of September 30, 2025, with a variable interest rate of 6.14%[270] Tax and Compliance - The effective income tax rate remained stable at 25.2% for both fiscal 2025 and 2024[237] - The company maintained compliance with a financial covenant requiring a total net leverage ratio not to exceed 6.00:1.00 as of September 30, 2025[253] Market and Commodity Risks - A hypothetical 10% adverse change in the market price of non-fat dry milk would have changed the fair value of the company's commodity-related derivatives portfolio by approximately $1 million as of September 30, 2025[268] - The company is exposed to commodity price risks and may use futures contracts and options to manage these exposures[267] - The company manages cost increases by locking in prices through purchase commitments and may attempt to raise prices to customers[257] - The company is exposed to foreign currency transaction risk due to sales in Canadian Dollars, but this is not expected to significantly impact future earnings[269] Share Repurchase and Commitments - The company repurchased 9.0 million shares at an average price of $52.62 per share, totaling $476.6 million in 2025[243] - Total purchase commitments amounted to $1,362.9 million as of September 30, 2025, with $602.7 million due in fiscal 2026[252] Fair Value and Interest Rate Sensitivity - The fair value of the company's debt, excluding borrowings under its Revolving Credit Facility, was $869.0 million as of September 30, 2025[271] - A hypothetical 10% change in interest rates would have changed the fair value of the fixed rate debt by approximately $5 million as of September 30, 2025[271] Exchange Rate Impact - The exchange rates positively affected net sales by less than 1% during the year ended September 30, 2025[259]

Financial Guidance - PVH Corp. confirmed its revenue and earnings guidance for Q3 and full year 2025 on a non-GAAP basis[7]. Executive Changes - Zachary Coughlin, the Chief Financial Officer, will leave the company on December 31, 2025, prompting a search for a successor[9]. - Melissa Stone will serve as Interim Chief Financial Officer while the company searches for Mr. Coughlin's replacement[10]. Compensation and Benefits - Ms. Stone's base salary will increase by $20,833 monthly starting January 1, 2026, for a minimum of six months[12]. - A one-time grant of restricted stock units valued at $200,000 will vest in two equal installments on the first and second anniversaries of the grant date[12]. - A one-time cash bonus of $300,000 will be payable 90 days after Mr. Coughlin's replacement starts, contingent on Ms. Stone's continued employment[12]. - The company will cover up to $5,000 in legal fees related to Ms. Stone's interim role[12]. Press Release - The press release detailing these changes was issued on November 18, 2025[13].

Exhibit 99.1 iQIYI Announces Third Quarter 2025 Financial Results BEIJING, CHINA, November 18, 2025 – iQIYI, Inc. (Nasdaq: IQ) ("iQIYI" or the "Company"), a leading provider of online entertainment video services in China, today announced its unaudited financial results for the third quarter ended September 30, 2025. Third Quarter 2025 Highlights "The success of our recent drama hits underscores our consistent ability to amplify IP value through high-quality storytelling and advanced production, to connect ...

Financial Performance - Total revenues for Q3 2025 were RMB 108,276.5 million (US$ 15,209.5 million), an increase of 9% from RMB 99,354.4 million in Q3 2024[5] - Operating profit for the quarter was RMB 25,025.9 million (US$ 3,515.4 million), compared to RMB 24,292.5 million in the same quarter of 2024[9] - Net income attributable to ordinary shareholders was RMB 29,328.2 million (US$ 4,119.7 million), a 17% increase from RMB 24,980.7 million in Q3 2024[10] - Revenues for Q3 2025 reached RMB 108.28 billion, a 9.2% increase from RMB 99.35 billion in Q3 2024[26] - Net income for Q3 2025 was RMB 29.33 billion, up 17.5% from RMB 24.98 billion in Q3 2024[28] - Operating profit for the nine months ended September 30, 2025, was RMB 66.90 billion, a decrease of 19.3% compared to RMB 82.83 billion for the same period in 2024[26] Revenue Breakdown - Revenues from online marketing services were RMB 53,347.6 million (US$ 7,493.7 million), an increase of 8% from RMB 49,351.0 million in Q3 2024[8] - Revenues from transaction services were RMB 54,928.9 million (US$ 7,715.8 million), a 10% increase compared to RMB 50,003.4 million in Q3 2024[8] Expenses and Costs - Total costs of revenues were RMB 46,840.2 million (US$ 6,579.6 million), an increase of 18% from RMB 39,709.2 million in Q3 2024[7] - Research and development expenses increased by 41% to RMB 4,332.2 million (US$ 608.5 million) from RMB 3,063.4 million in Q3 2024[7] - Research and development expenses for Q3 2025 were RMB 4.33 billion, a 41.5% increase from RMB 3.06 billion in Q3 2024[26] Cash Flow and Liquidity - Net cash generated from operating activities was RMB 45,660.5 million (US$ 6,413.9 million), compared to RMB 27,522.3 million in Q3 2024[12] - Cash, cash equivalents, and short-term investments totaled RMB 423.8 billion (US$ 59.5 billion) as of September 30, 2025, up from RMB 331.6 billion as of December 31, 2024[12] - Cash, cash equivalents, and restricted cash at the end of Q3 2025 were RMB 163.39 billion, compared to RMB 125.69 billion at the end of Q3 2024, reflecting a significant increase[34] Earnings Per Share - Basic earnings per ADS were RMB 20.96 (US$ 2.94), compared to RMB 18.02 in Q3 2024[11] - Earnings per ordinary share (diluted) for Q3 2025 were RMB 4.93, compared to RMB 4.23 in Q3 2024, representing a 16.5% increase[28] Liabilities - Total current liabilities increased to RMB 219.22 billion as of September 30, 2025, from RMB 188.42 billion as of December 31, 2024[24] - Total liabilities as of September 30, 2025, were RMB 222.32 billion, up from RMB 191.72 billion as of December 31, 2024[24] Non-GAAP Measures - For the three months ended September 30, 2025, the non-GAAP operating profit was RMB 27,079,444, representing an increase from RMB 26,770,463 in the same period of 2024[35] - Non-GAAP diluted earnings per ordinary share for the three months ended September 30, 2025, was RMB 5.27, compared to RMB 4.65 in the same period of 2024, reflecting an increase of about 13%[35] - The non-GAAP net income attributable to ordinary shareholders for the three months ended September 30, 2025, was RMB 31,381,704, up from RMB 27,458,701 in 2024, marking an increase of approximately 14%[35] - The diluted earnings per ordinary share for the nine months ended September 30, 2025, was RMB 12.60, down from RMB 14.37 in 2024, indicating a decrease of about 12%[35] - Non-GAAP diluted earnings per ADS for the nine months ended September 30, 2025, was US$ 7.68, compared to US$ 62.56 in the same period of 2024, reflecting a decrease of about 12%[35] Other Financial Metrics - The company reported a foreign exchange loss of RMB 265.20 million in Q3 2025, a decrease from a loss of RMB 547.34 million in Q3 2024[26] - Share-based compensation expenses for the three months ended September 30, 2025, were RMB 2,053,520, down from RMB 2,478,005 in 2024, indicating a decrease of approximately 17%[35] - The loss from fair value change of certain investments for the nine months ended September 30, 2025, was zero, compared to RMB 25,456 in 2024, indicating a significant improvement[35]

Financial Performance - For the fiscal year ended June 30, 2025, the company's revenue increased by approximately $124.5 million, or 18.5%, reaching approximately $797.1 million compared to $672.7 million for the fiscal year ended June 30, 2024[461]. - The company's net loss for the fiscal year ended June 30, 2025 was approximately $1.5 million, a decrease of approximately $4.0 million, or 157.9%, from a net income of approximately $2.5 million for the fiscal year ended June 30, 2024[447]. - The company's gross profit for the fiscal year ended June 30, 2025 was approximately $4.7 million, a decrease of 2.4% from $4.8 million for the fiscal year ended June 30, 2024[460]. - Revenue from sales of plastic particles surged by 88.5%, increasing from $144.5 million in the fiscal year ended June 30, 2024 to $272.4 million in the fiscal year ended June 30, 2025[462]. - Revenue from sales of basic chemicals increased by approximately $7.6 million, or 1.5%, from approximately $517.0 million for the fiscal year ended June 30, 2024 to approximately $524.6 million for the fiscal year ended June 30, 2025[465]. - Revenue from sales of other products decreased by approximately $11.0 million, or 98.9%, from approximately $11.1 million for the fiscal year ended June 30, 2024 to approximately $0.1 million for the fiscal year ended June 30, 2025[469]. - Total revenue for the fiscal year ended June 30, 2025, was $797,148,640, representing a 18.6% increase from $672,662,697 in 2024[597]. - Revenue from basic chemicals was $524,640,932, accounting for 65.8% of total revenue, while plastic particles generated $272,389,920, or 34.2%[597]. Customer and Supplier Metrics - As of June 30, 2025, the company had 2,742 suppliers and 5,027 customers, an increase from 2,213 suppliers and 3,528 customers as of June 30, 2024[445]. - The company reported that one major customer accounted for approximately 59.2% of total revenue for the fiscal year ended June 30, 2025, compared to 13.8% for the same customer in the previous fiscal year[446]. Operating Expenses - The company's total operating expenses for the fiscal year ended June 30, 2025 were approximately $5.3 million, an increase of 27.5% from $4.2 million for the fiscal year ended June 30, 2024[460]. - Selling and marketing expenses increased by approximately $0.4 million, or 21.2%, from approximately $2.0 million for the fiscal year ended June 30, 2024 to approximately $2.4 million for the fiscal year ended June 30, 2025[484]. - General and administrative expenses increased by approximately $0.7 million, or 33.3%, from approximately $2.2 million for the fiscal year ended June 30, 2024 to approximately $2.9 million for the fiscal year ended June 30, 2025[486]. Cash Flow and Financing - For the fiscal year ended June 30, 2025, net cash provided by operating activities was approximately $2.3 million, an increase of about $33.1 million compared to the prior year[540][541]. - Net cash used in investing activities for the fiscal year ended June 30, 2025 amounted to approximately $42.2 million, primarily due to $45.1 million in investments for factory construction in Henan Province, China[544]. - Net cash provided by financing activities for the fiscal year ended June 30, 2025 was approximately $41.4 million, an increase of about $12.0 million compared to the previous year[546][547]. - The company had cash, cash equivalents, and restricted cash of $2,518,139 and $1,058,000 as of June 30, 2025, and 2024, respectively[531]. - The company reported a net cash decrease of approximately $11.1 million for the fiscal year ended June 30, 2024, compared to a decrease of approximately $26.6 million in the prior year[549]. Capital Expenditures and Commitments - Capital expenditures for the fiscal year ended June 30, 2025, were approximately $45.1 million, an increase from $33.3 million in 2024 and $29.3 million in 2023, primarily due to land use rights purchase and factory construction[569][570]. - Capital commitments related to construction in progress were approximately $21.5 million and $55.3 million as of June 30, 2025, and 2024, respectively[534]. Risk Management - The company is exposed to interest rate risk primarily through a $209,392 short-term loan and a $27,931,343 long-term syndicated loan, both of which have floating rates[582]. - The company performs ongoing credit evaluations to manage credit risk associated with accounts receivable, which is linked to revenue concentration[581]. - The company operates primarily in RMB, which is not freely convertible into foreign currencies, posing currency convertibility risks[579]. Revenue Recognition - The company recognizes revenue upon customer acceptance of goods, with all contracts being fixed price and historically low return rates[595]. - The company evaluates revenue recognition based on ASC 606, ensuring control of goods is transferred to customers before revenue is recognized[585]. - The company does not routinely allow product returns, with historical return allowance being immaterial[595].