Financial Performance - Total Revenues decreased 0.5% to $141.6 million for the fiscal year compared to the previous fiscal year[6] - Net Loss Attributable to Common Shareholders was $3 thousand for the fourth quarter, while Net Income was $1.0 million for the fiscal year[6] - Adjusted EBITDA was ($0.1) million for the fourth quarter and $4.3 million for the fiscal year[6] - For the quarter ended September 30, 2025, the company reported a net loss attributable to common shareholders of $3 million, compared to a net income of $230 million for the same period in the previous year[21] - Adjusted EBITDA for the quarter was $(74) million, a significant decrease from $1,275 million in the prior year, indicating a decline in operating performance[21] - The fiscal year ended September 30, 2025, showed an adjusted EBITDA of $4,325 million, down from $5,363 million in the previous fiscal year[21] - Total EBITDA for the quarter was $476 million, down from $768 million in the same quarter last year[21] Sales Performance - Same Store Sales for Good Times restaurants decreased 6.6% for the fourth quarter and decreased 5.0% for the fiscal year compared to the 2024 fiscal year[6] - Same Store Sales for Bad Daddy's restaurants decreased 4.6% for the fourth quarter and decreased 2.1% for the fiscal year compared to the 2024 fiscal year[6] - Total Restaurant Sales for Good Times restaurants were $39.2 million and for Bad Daddy's restaurants were $101.4 million for the fiscal year[6] - Bad Daddy's Burger Bar reported restaurant sales of $23,977,000 for the fourth fiscal quarter of 2025, a decrease of 6.5% from $25,644,000 in the same quarter of 2024[16] - Good Times Burgers & Frozen Custard achieved restaurant sales of $9,663,000 in the fourth fiscal quarter of 2025, down from $9,958,000 in the fourth fiscal quarter of 2024, representing a decline of 3.0%[16] Operating Profit - The total restaurant-level operating profit for Bad Daddy's Burger Bar was $2,383,000, which is 9.9% of restaurant sales, compared to $3,379,000 or 13.2% in the same quarter of the previous year[17] - Good Times Burgers & Frozen Custard's restaurant-level operating profit was $772,000, accounting for 8.0% of restaurant sales, down from $1,218,000 or 12.2% in the prior year[17] Locations and Sales Trends - The company operates 38 Bad Daddy's Burger Bar restaurants and 30 Good Times Burgers & Frozen Custard restaurants[10] - The company had a total of 38 Bad Daddy's Burger Bar locations open at the end of the fourth quarter of 2025, down from 39 at the end of the fourth quarter of 2024[16] - Good Times Burgers & Frozen Custard had 27 locations open at the end of the fourth quarter of 2025, an increase from 25 in the same period of 2024[16] - Average weekly sales per restaurant for Bad Daddy's Burger Bar decreased to $47,400 from $49,800 year-over-year[16] - Average weekly sales per restaurant for Good Times Burgers & Frozen Custard also declined to $27,500 from $29,700 year-over-year[16] Asset and Equity Changes - The company's total assets decreased to $83,807,000 as of September 30, 2025, from $87,118,000 as of September 24, 2024[16] - Shareholders' equity increased to $33,811,000 in 2025, compared to $33,088,000 in 2024, reflecting a growth of 2.2%[16] Management Outlook and Strategies - The company plans to adopt a Burger of the Month platform starting in March to enhance customer appeal[3] - The company has adjusted its advertising strategies, including the launch of a new branding campaign for Good Times[3] - Management is optimistic about improved performance in fiscal 2026 after a challenging 2025[4] Expenses and Impairments - Depreciation and amortization expenses increased to $977 million for the quarter, up from $966 million year-over-year[21] - The company incurred asset impairment charges of $133 million in the quarter, compared to $499 million in the same quarter last year[21] - Interest expense, net, rose to $43 million from $24 million year-over-year, reflecting increased borrowing costs[21] - The provision for income taxes was $(515) million, compared to $(426) million in the previous year, indicating a higher tax burden[21] Adjusted EBITDA Insights - The company highlighted that adjusted EBITDA is a useful measure for assessing operating performance without the effects of non-cash charges[24] - The management believes that adjusted EBITDA facilitates company-to-company comparisons within the industry by eliminating variations in capital structures and depreciation expenses[24]

Financial Performance - Total net revenues for fiscal year 2025 were $159.7 million, a 17% decrease from $191.5 million in fiscal year 2024, primarily due to decreased agribusiness revenue from lemons, avocados, and farm management [192]. - Agribusiness revenues decreased by 17% to $153.7 million in fiscal year 2025, with significant declines in avocados (53%) and farm management (84%) revenues [192]. - The company reported an operating loss of $20.4 million for fiscal year 2025, compared to an operating income of $6.2 million in fiscal year 2024 [189]. - Net loss attributable to Limoneira Company was $15.98 million in fiscal year 2025, compared to a net income of $7.72 million in fiscal year 2024 [191]. - EBITDA for fiscal year 2025 was $(9.93) million, a significant decline from $21.31 million in fiscal year 2024 [191]. - Adjusted EBITDA for fiscal year 2025 was $(6.45) million, compared to $26.72 million in fiscal year 2024 [191]. - Net loss for fiscal year 2025 was $(16.4) million, compared to a net income of $7.2 million for fiscal year 2024, primarily due to an increase in operating loss of $14.2 million and a decrease in total other income of $18.3 million [221]. Revenue Breakdown - The agribusiness division's lemon revenue included $124.96 million from lemons, down 8% from $136.18 million in fiscal year 2024 [192]. - Fresh lemons segment total net revenues for fiscal year 2025 were $75.8 million, a 13% decrease from $86.9 million in fiscal year 2024 [205]. - Lemon packing segment total net revenues for fiscal year 2025 were $49.1 million, slightly down from $49.3 million in fiscal year 2024 [206]. - Avocados segment revenue for fiscal year 2025 was $11.7 million, a 53% decrease from $25.1 million in fiscal year 2024 [209]. - Other agribusiness segment total net revenues for fiscal year 2025 were $17.0 million, a 31% decrease from $24.6 million in fiscal year 2024 [210]. - Corporate and other operations revenues for fiscal year 2025 were $6.0 million, up from $5.6 million in fiscal year 2024 [213]. Cost and Expenses - Total costs and expenses for fiscal year 2025 were $180.1 million, a 9% decrease from $197.7 million in fiscal year 2024, mainly due to reduced agribusiness costs and selling, general and administrative expenses [194]. - Agribusiness costs and expenses decreased by 6% to $154.8 million in fiscal year 2025, with notable reductions in growing costs (37%) and harvest costs (25%) [194]. - Total costs and expenses for the fresh lemons segment in fiscal year 2025 were $77.6 million, an 8% decrease from $84.2 million in fiscal year 2024 [205]. - Lemon packing costs and expenses for fiscal year 2025 were $47.4 million, an 11% increase from $42.8 million in fiscal year 2024 [207]. - Other agribusiness costs and expenses for fiscal year 2025 were $15.6 million, a 33% decrease from $23.4 million in fiscal year 2024 [212]. - Selling, general and administrative expenses for fiscal year 2025 were $24.5 million, down from $27.5 million in fiscal year 2024 [199]. Cash Flow and Capital Expenditures - Cash flows from operating activities were $(6.0) million for fiscal year 2025, a significant decrease from $17.9 million in fiscal year 2024 [219]. - Capital expenditures for fiscal year 2025 amounted to $13.5 million, primarily related to orchard development [221]. - The company expects to receive approximately $155.0 million from joint ventures over the next five years [231]. - The company declared cash dividends of $0.30 per common share, totaling $5.4 million for both fiscal years 2025 and 2024 [226]. Debt and Interest Rate Exposure - The company has an aggregate borrowing capacity of $115.0 million, with $72.5 million outstanding under the Revolving Credit Supplement as of October 31, 2025 [220]. - The total debt outstanding under the AgWest Farm Credit Facility was $72.5 million as of October 31, 2025 [240]. - As of October 31, 2025, a 100 basis points increase in interest rates would increase interest rate expense by $0.7 million for fiscal year 2026 [241]. - A 100 basis points increase in interest rates would decrease net income by $0.5 million for fiscal year 2026 [241]. - The annual average impact of a 100 basis points increase in interest rates on interest rate expense is projected to be $0.7 million for each of the three subsequent fiscal years [241]. - The annual average impact on net income from a 100 basis points increase in interest rates is projected to be $0.5 million for each of the three subsequent fiscal years [241]. - The company has strategies in place to manage exposure to interest rate risk [241]. - Potential strategies include the early pay down of outstanding debt under the AgWest Farm Credit Facility [241]. Taxation - The effective tax rate for fiscal year 2025 was 22.1%, a decrease from 37.9% in fiscal year 2024 [199]. - The company paid income taxes of $0.7 million for fiscal year 2025, a decrease from $5.2 million in fiscal year 2024 [227].

Exhibit 99.1 Limoneira Company Announces Fourth Quarter and Full Fiscal Year 2025 Financial Results Company Achieved Avocado and Lemon Volume Guidance for Fiscal Year 2025 Avocado Production Capacity Set to Nearly Double with 700 Acres of Non-Bearing Trees Maturing Over Next Three to Four Years SANTA PAULA, Calif.-- (BUSINESS WIRE) – December 23, 2025 -- Limoneira Company (the "Company" or "Limoneira") (Nasdaq: LMNR), a diversified lemon and avocado growing and lemon packing company with related agribusines ...

Financial Performance - Revenues for the six-month period ended June 30, 2025, increased to $95,036,000, representing a 42.5% growth compared to $66,876,000 in the same period of 2024[17] - Net income for the six-month period ended June 30, 2025, decreased to $41,000, down from $1,334,000 in 2024, reflecting a significant decline of 96.9%[17] - The company reported a gross profit of $2,630,000 for the six-month period ended June 30, 2025, down from $2,917,000 in 2024, a decrease of 9.8%[17] - The company’s income before tax expenses significantly decreased from $1,625,000 in June 2024 to $41,000 in June 2025[123] Assets and Liabilities - Total current assets as of June 30, 2025, rose to $33,272,000, a substantial increase of 172.5% from $12,210,000 as of December 31, 2024[15] - Total liabilities increased to $33,789,000 as of June 30, 2025, compared to $12,961,000 as of December 31, 2024, marking a 160.1% rise[15] - The company’s total assets reached $40,550,000 as of June 30, 2025, compared to $19,688,000 as of December 31, 2024, an increase of 105.5%[15] - The company had total finance lease liabilities of $95,000 as of June 30, 2025, down from $101,000 at the end of 2024[103] - Bank loans increased from $322,000 as of December 31, 2024, to $3,854,000 as of June 30, 2025, primarily due to the utilization of trade financing facilities[104] Cash and Cash Equivalents - Cash and cash equivalents at the end of the period were $1,661,000, up from $678,000 at the beginning of the period, indicating a growth of 145.5%[24] - As of June 30, 2025, the company had cash balances exceeding government insured limits in Singapore by approximately S$1,816,911 (approximately US$1,410,287)[58] Accounts Receivable and Inventory - Accounts receivable increased significantly to $27,270,000 as of June 30, 2025, from $7,692,000 as of December 31, 2024, representing a growth of 254.5%[15] - Total inventory decreased from $319,000 as of December 31, 2024, to $123,000 as of June 30, 2025, suggesting improved inventory management[93] - The allowance for credit loss rose from $150,000 at the beginning of 2025 to $390,000 by June 30, 2025, indicating increased risk in receivables[91] Operating Expenses - Operating expenses for the six-month period ended June 30, 2025, increased to $2,818,000, compared to $1,785,000 in 2024, reflecting a rise of 57.9%[17] - The company’s accrued operating expenses decreased from $1,145,000 in December 2024 to $898,000 in June 2025, a reduction of approximately 21.6%[107] Revenue Recognition and Sales - The company recognizes revenue from the sale of goods when control is transferred to the customer, with typical payment terms ranging from 30 to 90 days from the date of delivery[69] - The sale of sugar contributed $60,772,000 to the total revenue in 2025, compared to $44,891,000 in 2024, marking a 35.5% increase[115] - Sales with a related party surged from $2,905,000 in 2024 to $15,193,000 in 2025, marking a significant increase of 421.5%[133] - Customer A's revenue contribution rose from $8,731,000 in 2024 to $19,481,000 in 2025, an increase of 123.3%[135] Legal and Regulatory Environment - As of June 30, 2025, there were no pending or threatened claims and litigation, indicating a stable legal environment for the Company[142] - The company operates through wholly owned subsidiaries in Singapore, focusing on trading agricultural commodities such as sugar, rice, and oil and fat products[1] Accounting Policies and Standards - The unaudited interim condensed consolidated financial statements are prepared in accordance with US GAAP, reflecting the pooling of interest method for consolidation[43][46] - The company has adopted recent accounting standards with no material impact on its financial position or results of operations[85] - The company is evaluating the impact of ASU 2023-09 on its financial statements, which requires additional disclosures on income tax[88] - The company adopted ASU 2023-07 with no material impact on its financial position or cash flows, enhancing segment disclosure requirements[87] Share Structure - The company has adopted a dual-class share structure, with Class A shares carrying one vote and Class B shares carrying thirty votes each[111] - On June 22, 2023, shareholders approved a subdivision of each issued and unissued ordinary share into 2,325 ordinary shares, reducing the par value to US$0.000000430108 per share[36] Subsidiaries and Operations - The company has incorporated several new subsidiaries, including Davis Commodities Pte. Ltd. on September 15, 2023, which is also focused on trading agricultural commodities[39] - As of June 30, 2024, the effective ownership of Maxwill Pte. Ltd. and its subsidiaries is 100%[42]

Financial Performance - CarMax reported net sales and operating revenues of $5,793.9 million for the third quarter of fiscal 2026, a decrease of 6.9% compared to the same period in fiscal 2025[128]. - Gross profit for the third quarter was $590.0 million, down 12.9% year-over-year, while net earnings fell to $62.2 million, a decline of 50.4%[128]. - Used vehicle unit sales decreased by 8.0% to 169,557 units in the third quarter, with a comparable store sales decline of 9.0%[128]. - Used vehicle sales decreased by 7.0% to $4,548.2 million for the three months ended November 30, 2025, compared to $4,888.9 million in the same period of 2024[144]. - Total net sales and operating revenues fell by 6.9% to $5,793.9 million for the three months ended November 30, 2025, down from $6,223.4 million in 2024[144]. - Used vehicle unit sales declined by 8.0% to 169,557 units for the three months ended November 30, 2025, compared to 184,243 units in 2024[145]. - Gross profit for used vehicles decreased by 10.8% to $378.9 million for the three months ended November 30, 2025, compared to $424.8 million in 2024[158]. - Other sales and revenues decreased by 9.2% to $150.6 million for the three months ended November 30, 2025, down from $165.9 million in 2024[144]. - Wholesale vehicle revenues decreased by 6.3% to $114.8 million for the three months ended November 30, 2025, compared to $138.1 million in 2024[154]. Strategic Initiatives - The company aims to reduce SG&A expenses by at least $150 million by the end of fiscal 2027, with an initial step involving a 30% reduction in the Customer Experience Centers workforce, expected to save approximately $35 million annually[137]. - CarMax plans to enhance profitability through new product offerings, including the redesigned MaxCare plan and the new MaxCare Plus plan, with a nationwide rollout expected in the first quarter of fiscal 2027[136]. - The company opened five new stores and three stand-alone reconditioning/auction centers in the first nine months of fiscal 2026, expanding its footprint to 255 used car stores across 110 U.S. television markets[141]. - The company plans to open one additional store and one additional stand-alone reconditioning/auction center for the remainder of fiscal 2026[186]. Market Position and Competition - CarMax's average selling prices have increased, prompting a strategy to lower margins and increase marketing spend to remain competitive[135]. - CarMax's market share for age 0- to 10-year-old vehicles sold nationwide was approximately 3.7% in calendar 2024, consistent with the previous year, but is expected to decrease for the full calendar year due to sales pressures[140]. Auto Financing - CarMax Auto Finance (CAF) financed 42.3% of retail used vehicle unit sales in the first nine months of fiscal 2026, with a portfolio of $16.53 billion servicing approximately 1.0 million customer accounts[123]. - CAF income for Q3 FY2026 was $174.7 million, an increase from $159.9 million in Q3 FY2025[183]. - The average auto loans outstanding for Q3 FY2026 was $16,805.2 million, compared to $17,771.7 million in Q3 FY2025[183]. - The company expects to receive approximately $40 million to $45 million in additional CAF income related to servicing fees from a recent securitization transaction[178]. - The company aims to increase CAF penetration to 50%, with each additional percentage point expected to generate $10 million to $12 million in lifetime pre-tax income per year of origination[180]. - Net auto loans originated in the three months ended November 30, 2025, were $1,761.4 million, a decrease from $1,942.8 million in the same period of 2024[184]. - The net penetration rate for auto loans was 42.6% for the three months ended November 30, 2025, compared to 43.1% for the same period in 2024[184]. Inventory and Capital Management - As of November 30, 2025, total inventory was $3.13 billion, a decrease of $806.7 million compared to the start of the fiscal year[191]. - Net cash provided by operating activities totaled $2.34 billion for the first nine months of fiscal 2026, compared to $478.1 million in the prior year period[190]. - Capital expenditures for fiscal 2026 are estimated to total approximately $575 million, up from $467.9 million in fiscal 2025[186]. - Net payments on non-recourse notes payable were $1.15 billion in the first nine months of fiscal 2026, compared to net issuances of $229.3 million in the prior year period[197]. - As of November 30, 2025, the company had $12.94 billion and $3.03 billion of non-recourse notes payable outstanding related to asset-backed term funding transactions and warehouse facilities, respectively[204]. - The company had $3.32 billion of unused capacity in its warehouse facilities as of November 30, 2025[204]. - A total of $2 billion of board authorizations for share repurchases was outstanding as of November 30, 2025, with $1.36 billion remaining available for repurchase[207]. Risk Factors - The company cautioned that various factors, including changes in economic conditions and competitive landscape, could materially affect future results and expectations[209]. - There have been no material changes to the company's market risk since February 28, 2025[211]. - The company highlighted the importance of successfully managing growth and retaining key associates as critical to its future performance[212]. - The company emphasized the potential impact of credit losses on its auto loan portfolio due to changes in economic conditions[212]. - The company noted the risks associated with its strategic investments and the performance of third-party vendors[212]. - The company acknowledged the potential volatility in the market price for its common stock as a risk factor[212].

Exhibit 99.1 SECOND AMENDMENT TO SIXTH AMENDED AND RESTATED CREDIT AGREEMENT AND GUARANTY This SECOND AMENDMENT TO SIXTH AMENDED AND RESTATED CREDIT AGREEMENT AND GUARANTY (this "Amendment") is entered into as of December 22, 2025, by and among Trinity Biotech PLC, a public limited company organized and existing under the laws of Ireland ("Parent"), Trinity Biotech, Inc., a Delaware corporation ("U.S. Holdings"), Clark Laboratories, Inc. (d/b/a Trinity Biotech (USA)), a New York corporation ("U.S. Clark"), ...

Index to Form 10-K Index to FS UNITED STATES SECURITIES AND EXCHANGE DecemCOMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended May 3, 2025 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 1-37499 BARNES & NOBLE EDUCATION, INC. | (Exact Name of Registrant as Specified in Its Charter) | | --- | | Delaware 46-0599018 | | (State o ...

Financial Performance - Net sales for fiscal year 2025 increased by $37.1 million, or 78.6%, to $84.3 million from $47.2 million in fiscal year 2024, driven by a $29.8 million, or 122.7%, increase in product sales from the September 2024 Honeywell Agreement[236] - Gross profit margin for fiscal year 2025 was 48.1%, down from 55.0% in fiscal year 2024, primarily due to unfavorable changes in product mix and increased costs associated with the September 2024 Honeywell Agreement[237] - Net income for fiscal year 2025 was $15.6 million, compared to $7.0 million in fiscal year 2024, with fully diluted net income per share increasing to $0.88 from $0.40[242][243] - Net sales for fiscal year 2024 increased by $12.4 million, or 36.0%, to $47.2 million from $34.8 million in fiscal year 2023, driven by a 7% increase in product sales and an 87.6% increase in service sales[244][265] - Net income for fiscal year 2024 was $7.0 million, up from $6.0 million in fiscal year 2023, with fully diluted net income per share increasing to $0.40 from $0.35[250] Expenses - Research and development expenses decreased to $4.0 million, or 4.7% of net sales, for fiscal year 2025, down from 8.8% in fiscal year 2024[238] - Selling, general, and administrative expenses increased by $4.3 million, or 35.8%, to $16.4 million for fiscal year 2025, representing 19.4% of net sales compared to 25.6% in fiscal year 2024[239] - Cost of sales for fiscal year 2025 was $43.8 million, or 51.9% of net sales, compared to $21.2 million, or 45.0% of net sales, for fiscal year 2024[237] - Cost of sales rose to $21.3 million, or 45.0% of net sales, in fiscal year 2024, compared to $13.5 million, or 38.7% of net sales, in fiscal year 2023, resulting in a gross margin decrease to 55.0% from 61.3%[245] - Research and development expenses increased to $4.1 million in fiscal year 2024, representing 8.8% of net sales, slightly down from 9.0% in fiscal year 2023[246] - Selling, general, and administrative expenses rose by $1.3 million, or 11.9%, to $12.1 million in fiscal year 2024, with a decrease in SG&A as a percentage of net sales to 25.6% from 31.1%[247] Cash Flow and Financing - Cash generated from operating activities in fiscal year 2024 was $5.8 million, compared to $2.1 million in fiscal year 2023, primarily driven by net income and changes in working capital[265] - Cash used in investing activities for fiscal year 2024 was $16.8 million, mainly due to a $14.2 million acquisition of military display generators and flight control computers[267] - The company entered into a Credit Agreement on July 18, 2025, providing credit facilities of up to $100.0 million, including a $25 million initial term loan and a $30 million revolving credit facility[253][254] - Net cash used in financing activities was $4.6 million for the fiscal year ended September 30, 2025, primarily due to $27.0 million in borrowings against the 2025 Initial term loan[268] - Net cash provided by financing activities was $8.5 million for the fiscal year ended September 30, 2024, consisting of $43.8 million in payments against the Company's line of credit offset by $52.3 million in additional borrowings for acquisitions[269] Future Outlook - The Company anticipates fluctuations in revenues related to the September 2024 Honeywell Agreement over the next few quarters due to the transition of production from Honeywell facilities to its own[228] - The Company believes its cash and cash equivalents will provide sufficient capital to fund operations for at least the next twelve months, but may need to develop new products or respond to competitive pressures[270] - The Company expects existing cash balances and anticipated cash flows to satisfy liquidity needs for at least the next 12 months[261] Tax and Other Income - Other income for fiscal year 2025 was $1.5 million, primarily from Employee Retention Tax Credits, offset by a one-time settlement fee[240] - The effective tax rate for fiscal year 2025 was 21.7%, up from 20.9% in fiscal year 2024, due to increased earnings[241] Business Operations - The Company operates in one business segment as a systems integrator for flight guidance and cockpit display systems, with net sales outside the United States amounting to $16.4 million, $22.8 million, and $15.5 million for the fiscal years ended September 30, 2025, 2024, and 2023, respectively[283] - The Company recognizes revenue in accordance with ASC 606, with revenue recognized when a customer obtains control of promised goods or services[277] - The Company allocates the purchase price of acquired entities to the underlying tangible and identifiable intangible assets based on their estimated fair values, impacting future operating results[280] - Inventories are stated at the lower of cost or net realizable value, with write-downs for slow-moving and obsolete inventories based on future product demand assessments[282] Risk Factors - The Company's exposure to interest rate risk is related to its variable rate debt of $24.3 million as of September 30, 2025, where a +/-1% change in interest rates would affect interest expense by approximately $0.3 million[284] - The Company does not believe inflation had a material effect on its financial position or results of operations during the past three years[271] Sustainability Efforts - The Company is committed to advancing sustainability efforts, including improving energy efficiency and minimizing waste across operations[274]

Revenue and Profitability - Revenue for the nine months ended September 30, 2025, was $5,808,541, representing a 179% increase compared to $2,083,123 in the same period of 2024[127] - Gross profit for the nine months ended September 30, 2025, was $2,344,876, with a gross margin of 40%, down from a gross margin of 62.92% in the same period of 2024[127] - For the three months ended September 30, 2025, revenue was $919,284, an increase of 28% from $716,697 in the same period of 2024[128] Losses and Expenses - The net loss for the three months ended September 30, 2025, was $4,655,608, compared to a net loss of $1,625,268 in the same period of 2024[132] - Selling, general, and administrative (SG&A) expenses for the nine months ended September 30, 2025, were $4,274,873, up from $2,802,725 in the same period of 2024[131] - The company expects SG&A expenses to increase in the near term as it expands sales and marketing efforts to support growth[129] - The company's EBITDA for the three months ended September 30, 2025, was $(2,918,263), while for the same period in 2024, it was $(1,235,616), indicating a decline[148] - Adjusted EBITDA for the nine months ended September 30, 2025, was $(4,885,948), compared to $(2,271,742) for the same period in 2024, reflecting a worsening performance[148] - Interest expense for the three months ended September 30, 2025, was $2,357,790, up from $1,445,390 in 2024[148] Cash and Liabilities - As of September 30, 2025, the company had cash of $3,624,529, with current liabilities of $9,113,872, resulting in a working capital deficit of $2,346,825[135] Strategic Initiatives - The acquisition of Beamer Laser Marking Systems is expected to enhance revenue mix starting in Q4 2025 and into 2026[114] - The company plans to continue investing in research and development to improve existing technologies and develop new products[126] Supply Chain and Operational Challenges - The company is experiencing increased lead times for certain parts and components, particularly electronic components, due to supply chain constraints[119] Financial Reporting and Metrics - The company believes that EBITDA and Adjusted EBITDA provide useful insights into underlying business operations and trends[147] - The company emphasizes that non-GAAP measures like EBITDA and Adjusted EBITDA should be used as supplements to GAAP results, not substitutes[146] - The company’s financial metrics are aimed at enhancing understanding of past performance and future prospects for investors[145] - The company did not have any off-balance sheet arrangements as of September 30, 2025[149] - There were no derivative financial instruments utilized, and the company reported no borrowings, indicating no exposure to interest rate risk[150] - The company has not reported any sales or owned assets outside the United States, minimizing exposure to foreign currency fluctuations[150]

Revenue and Profitability - Revenues increased by $1,168, or 2%, to $51,324 for the three months ended September 30, 2025, compared to $50,156 for the same period in 2024[191] - Revenues increased by $16,230, or 32%, to $66,461 for the nine months ended September 30, 2025, compared to $50,231 for the same period in 2024[201] - Gross profit improved by $34,594 to a gross profit of $10,688 for the three months ended September 30, 2025, compared to a gross loss of $23,906 for the same period in 2024[193] - Gross loss decreased by $19,976 to $60,114 for the nine months ended September 30, 2025, from a gross loss of $80,090 for the same period in 2024[203] Cost Management - Cost of revenue decreased by $33,426, or 45%, to $40,636 for the three months ended September 30, 2025, from $74,062 for the same period in 2024[192] - Cost of revenue decreased by $3,746, or 3%, to $126,575 for the nine months ended September 30, 2025, from $130,321 for the same period in 2024[202] - Operating expenses decreased by $897,067, or 69%, to $410,034 for the three months ended September 30, 2025, from $1,307,101 for the same period in 2024[194] - Total operating expenses decreased by $4,484,238 or 79% to $1,222,316 for the nine months ended September 30, 2025, from $5,706,554 for the same period in 2024[204] Expense Breakdown - General and administrative expenses decreased by $371,476, or 50%, to $368,534 during the three months ended September 30, 2025, from $740,010 during the same period in 2024[195] - Salaries and wages decreased by $346,731, or 99%, to $3,000 for the three months ended September 30, 2025, from $349,731 for the same period in 2024[196] - Research and development expenses decreased by $217,360, or 100%, to $0 for the three months ended September 30, 2025, from $217,360 for the same period in 2024[197] - Related party consulting expenses increased by $38,500, or 100%, to $38,500 for the three months ended September 30, 2025, from $0 for the same period in 2024[198] Financial Position - Current assets decreased by $99,750, or 78%, to $28,607 as of September 30, 2025, from $128,357 as of December 31, 2024[210] - Current liabilities increased by $4,476,106 or 201%, to $7,124,541 as of September 30, 2025, from $2,363,345 as of December 31, 2024[211] - The company had a working capital deficiency of $7,095,844 as of September 30, 2025, indicating substantial doubt about its ability to continue as a going concern[212] Cash Flow and Liquidity - Cash used in operating activities was $653,478 for the nine months ended September 30, 2025, compared to $5,289,085 for the same period in 2024, reflecting an improvement of $4,635,607[214] - Cash flows from financing activities provided $656,337 during the nine months ended September 30, 2025, compared to $5,292,432 in the same period in 2024[219] - The company intends to rely on cash from operations and equity and debt offerings to meet its liquidity needs, with potential strategic actions if additional capital is not available[213] Accounting Policies and Instruments - The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks[228] - The fair value of the May 2025 Convertible Note is estimated using a Monte Carlo simulation model, considering factors such as common stock fair value and risk-free interest rate[233] - Research and development costs are expensed as incurred, including both internal and third-party costs[236] - Stock-based compensation is measured at grant date based on the fair value of the award and recognized over the service period[237] - The Company accounts for warrants as either equity-classified or liability-classified instruments based on specific terms and guidance[230] - Changes in the estimated fair value of warrants are recognized as a non-cash gain or loss on the statements of operations[231] - The Company evaluates all financial instruments to determine if they are derivatives or contain embedded derivatives[228] - The classification of derivative instruments is evaluated at the end of each reporting period[228] - The Company has elected to account for the May 2025 Convertible Note at fair value at inception and each subsequent reporting date[232] - The Company is classified as an "emerging growth company" under the JOBS Act, allowing it to delay adopting new accounting standards[244]