Company Overview - The Company changed its name to Gold.com, Inc. and transferred its listing to the New York Stock Exchange under the symbol "GOLD" as of December 2, 2025[285]. - The Company expanded its product portfolio in February 2025 through the acquisition of SGI, which is the parent company of Stack's Bowers Galleries, a leading auction house[295]. - The Company acquired Pinehurst Coin Exchange, Inc. in February 2025, enhancing its position as a leading e-commerce retailer of modern and numismatic coins[294]. - The Company operates a joint venture with Stack's Bowers Galleries and Pinehurst to acquire a 10% interest in AMS, later acquiring the remaining 90%[305]. Financial Performance - The Company reported revenues of $11.0 billion for fiscal year 2025, indicating significant growth in the bullion and coin markets[311]. - Revenues for the three months ended December 31, 2025 increased by $3.735 billion, or 136.2%, to $6.477 billion from $2.742 billion in 2024[349]. - Revenues for the six months ended December 31, 2025 increased by $4.700 billion, or 86.1%, to $10.158 billion from $5.457 billion in 2024[352]. - The company attributed revenue increases to higher average selling prices and acquisitions of SGI, Pinehurst, and AMS in 2025[349]. - Revenues for the Wholesale Sales & Ancillary Services segment for the three months ended December 31, 2025 were $4,887.97 million, a 124.9% increase from $2,173.34 million in 2024[382]. - Revenues for the six months ended December 31, 2025 increased by $3.305 billion, or 75.1%, to $7.705 billion from $4.400 billion in 2024[396]. Sales and Volume Metrics - Gold ounces sold for the three months ended December 31, 2025 increased by 79,000 ounces, or 17.0%, to 545,000 ounces from 466,000 ounces in 2024[350]. - Silver ounces sold for the three months ended December 31, 2025 decreased by 3,193,000 ounces, or 14.6%, to 18,635,000 ounces from 21,828,000 ounces in 2024[350]. - Gold ounces sold for the six months ended December 31, 2025 increased by 120,000 ounces, or 13.9%, to 984,000 ounces from 864,000 ounces in 2024[353]. - Silver ounces sold for the six months ended December 31, 2025 decreased by 13,251,000 ounces, or 31.3%, to 29,026,000 ounces from 42,277,000 ounces in 2024[353]. - The number of new customers increased by 30,700, or 46.9%, to 96,100 from 65,400 in 2024[428]. - The number of active customers increased by 89,000, or 63.5%, to 229,100 from 140,100 in 2024[428]. - Total customers increased by 1,174,000, or 36.8%, to 4,361,500 from 3,187,500 as of December 31, 2024[428]. Pricing and Margins - Average selling prices for gold increased by 50.6% and for silver increased by 67.2% during the three months ended December 31, 2025 compared to the prior year[350]. - The overall gross margin percentage for the three months ended December 31, 2025 decreased by 19.0 basis points to 1.442% from 1.632% in 2024, but excluding forward sales, it increased by 58.4 basis points to 3.072%[356]. - The profit margin percentage for the six months ended December 31, 2025 decreased by 34.4 basis points to 0.559% from 0.903% in 2024[405]. Expenses and Costs - Selling, general, and administrative expenses for the three months ended December 31, 2025 increased by $34.0 million, or 132.1%, to $59.8 million from $25.8 million in 2024[361]. - Selling, general, and administrative expenses for the six months ended December 31, 2025 increased by $67.2 million, or 128.4%, to $119.6 million from $52.4 million in 2024[362]. - Interest expense for the three months ended December 31, 2025 increased by $5.9 million, or 56.8%, to $16.3 million from $10.4 million in 2024[369]. - Interest expense for the six months ended December 31, 2025 increased by $8.5 million, or 41.8%, to $28.9 million from $20.4 million in 2024[370]. Cash Flow and Financing - Net cash provided by operating activities for the first half of 2025 was $152,795,000, a significant increase of 975.2% compared to $(17,458,000) in the first half of 2024[469]. - The company’s total lines of credit decreased to $300,000,000 as of December 31, 2025, down from $345,000,000 in June 2025[475]. - Cash generated from operations is primarily derived from sales and financing of precious metals products, with approximately 87% of assets being liquid as of December 31, 2025[471]. Market Conditions and Strategy - The Company operates in a high volume/low margin industry, with revenues influenced by product volume, market prices, and market volatility[320]. - Macroeconomic volatility has positively affected the Company's trading revenues and gross profit, with increased demand for products during high volatility periods[339]. - The Company focuses on enhancing its business through strategic investment opportunities, geographic expansion, and complementary products and services[311]. Other Financial Metrics - The Company utilizes non-GAAP measures such as adjusted net income before provision for income taxes and EBITDA to analyze financial performance[290]. - EBITDA for Q4 2025 was $33,879,000, representing a 108.8% increase from $16,224,000 in Q4 2024[468]. - Adjusted net income before provision for income taxes (non-GAAP) for Q4 2025 was $23,216,000, reflecting a 73.7% increase from $13,363,000 in Q4 2024[461].

Financial Performance - Las Vegas Sands Corp. generated 44% of its total adjusted property EBITDA from Macao and 56% from Singapore in 2025[31]. - Macao's annual gross gaming revenues reached 247.40 billion patacas (approximately $30.87 billion) in 2025, marking a 9.1% increase compared to 2024[48]. - Visitation to Macao was approximately 40 million in 2025, an increase of 14.7% compared to 2024[49]. - Singapore welcomed approximately 16.9 million international visitors in 2025, a 2.3% increase compared to 2024[55]. - Tourism receipts in Singapore were estimated at 29.78 billion SGD (approximately $23.18 billion) in 2024[55]. Gaming Operations - The company focuses on the higher-margin mass gaming segment, with mass market table revenues generating a gross margin substantially higher than VIP table revenues[32]. - The gaming market in Macao is administered through concessions awarded to six different concessionaires, with the company being one of them[53]. - Approximately 9.4% of table games play at the company's Macao properties and 12.3% at Marina Bay Sands was from credit-based wagering during the year ended December 31, 2025[167]. - The casino tax rates for premium and mass players have increased, with rates of 8% and 18% applicable up to SGD 2.4 billion and SGD 3.1 billion in gross gaming revenue, respectively[120]. - The minimum amount set by the Macao government for gross gaming revenues is 7 million patacas per gaming table and 300,000 patacas per gaming machine (approximately $1 million and $37,433) with a special annual gaming premium applicable if revenues fall below these thresholds[107]. Integrated Resort Developments - The company aims to enhance its Integrated Resort offerings by diversifying products and services to cater to different market segments[37]. - The MBS Expansion Project in Singapore will include a hotel tower, premium gaming areas, and a live entertainment arena with approximately 15,000 seats, with a total estimated project cost of approximately $8.0 billion[78][80]. - The anticipated completion date for the development project in Singapore is June 2030, with an expected opening in January 2031, subject to government approval[179]. - The completion of renovations at Marina Bay Sands resulted in a total of 1,844 rooms, including 775 suites, with costs incurred amounting to $427 million as of December 31, 2025[82]. - The company has committed to invest at least 35.84 billion patacas (approximately $4.47 billion) in Macao, with 33.39 billion patacas (approximately $4.17 billion) allocated for non-gaming projects by December 2032[73][89]. Sustainability Initiatives - Las Vegas Sands Corp. is committed to sustainability through its Sands ECO360 program, focusing on energy efficiency and waste reduction[24]. - The Drop by Drop Project aims to encourage sustainability in local regions with grants for innovative water projects in Macao and Singapore[71]. Workforce and Employment - The company employs approximately 41,500 employees worldwide, with about 49% being female[66]. - The company aims to enhance its workforce culture through competitive pay, healthcare benefits, and retirement planning schemes[67]. - The company competes for skilled labor in Macao and Singapore, facing challenges in hiring due to local government policies[207]. Regulatory and Compliance Risks - The company is subject to extensive regulations and licensing requirements in jurisdictions where it operates, which could materially affect its business if licenses are not obtained or renewed[150]. - The company may face risks related to the potential termination of its casino licenses in both Macao and Singapore due to non-compliance with regulations[181][182]. - The company is subject to anti-money laundering laws and regulations, and any violations could have a material adverse effect on its financial condition and operations[153]. - The company has entered into a concession agreement with the Macao government for a duration of ten years, beginning January 1, 2023, with an annual fee structure based on the gaming area[86][87]. Financial Position and Debt - The company had $15.78 billion of debt outstanding as of December 31, 2025, which could significantly impact its financial condition and operations[160]. - The company is primarily dependent on cash flow from its properties in Macao and Singapore, with distributions from subsidiaries as the main source of cash[133]. - The company faces risks related to fluctuations in foreign currency exchange rates and potential restrictions on cash transfers from subsidiaries[135]. - Future debt instruments for financing developments may contain restrictions on dividend payments and other distributions[157]. Competition and Market Dynamics - The company faces significant competition in the hotel, resort, and casino businesses in Macao and Singapore, which may increase due to new facilities and increased hotel room capacity[174]. - The company faces increased competition from new gaming developments in Asia, including Malaysia, South Korea, and Vietnam, which could adversely affect its financial condition and cash flows[176]. - The company is primarily dependent on its Asia properties for cash flow, with significant operations in Macao and Singapore, which exposes it to greater risks due to lack of diversification[155]. Cybersecurity and Data Protection - The company relies on third-party systems for data security and transaction processing, which may expose it to cybersecurity risks[215]. - Cybersecurity threats are increasing, with potential impacts on the integrity of the company's information systems and operations[214]. - The Personal Information Protection Law (PIPL) became effective on November 1, 2021, potentially affecting data processing activities related to mainland China[199]. - The Cybersecurity Review Measures require online platform operators with over one million users' personal information to apply for a cybersecurity review before listing abroad[201]. Shareholder and Corporate Governance - Principal stockholders own approximately 57% of the company's outstanding common stock, exerting significant influence over business decisions[204]. - The company has requested an extension of its shareholder dividend tax agreement with the Macao government through December 31, 2027, but there is no certainty of approval[190].

Financial Performance - NioCorp reported net proceeds of approximately $139.1 million from the October 2025 Offering, which included the sale of 10,152,175 Common Shares at $9.34 each and 5,925,000 pre-funded Warrants[83]. - Total operating expenses for the three months ended December 31, 2025, were $9.5 million, compared to $2.9 million for the same period in 2024[98]. - Exploration expenditures increased to $4.6 million for the three months ended December 31, 2025, compared to $261,000 for the same period in 2024[98]. - Adjusted net loss for the six months ended December 31, 2025, was $13.8 million, compared to $3.3 million for the same period in 2024[110]. - Operating activities consumed $7.6 million of cash during the six months ended December 31, 2025, reflecting losses of $44.7 million primarily due to increased fair value related to Earnout Shares and Warrant liabilities[124]. - Investing activities consumed $23.0 million of cash during the same period, reflecting the acquisition of additional land and mineral rights for the Elk Creek Project[125]. - Financing inflows were $311.3 million during the six months ended December 31, 2025, primarily from equity offerings totaling $305.2 million[126]. - The Company had cash of $306.4 million and working capital of $297.9 million as of December 31, 2025, compared to $25.6 million and $24.8 million on June 30, 2025[113]. - Planned cash outflows for the next twelve months are expected to be approximately $70.0 million to $85.0 million[114]. - The Company has no current funding commitments beyond potential advances under the Yorkville Equity Facility Financing Agreement and the exercise of Options and Warrants[121]. - The Company has incurred losses since inception and requires additional capital to meet long-term operating requirements[122]. - The Company is actively pursuing additional sources of debt and equity financing to meet its long-term funding requirements[121]. - The Company has limited financial resources compared to its proposed expenditures and no source of operating income[128]. - The ability to arrange additional financing will depend on prevailing capital market conditions and the success in developing the Elk Creek Project[129]. Project Development - The Elk Creek Project is expected to produce niobium, scandium, and titanium, with potential for rare earth elements, contributing to the electrification and decarbonization initiatives[82]. - NioCorp's primary strategy is to advance the Elk Creek Project to commercial production, focusing on securing project financing for mine development[82]. - The Company plans to use proceeds from the October 2025 Offering for working capital and to advance construction efforts for the Elk Creek Project[83]. - The Elk Creek Project's development includes ongoing technical and economic studies to assess the viability of extracting rare earth elements[82]. - NioCorp is evaluating the impact of inflation, supply chain issues, and geopolitical unrest on the economic model of the Elk Creek Project[75]. - The Company aims to secure a final commitment of financing from the Export-Import Bank of the United States to support the Elk Creek Project[75]. - The estimated capital cost for the Portal Project is approximately $44.6 million, with work expected to begin in Q1 2026[94]. - Estimated total upfront capital expenditure for the Elk Creek Project is approximately $1,141.0 million, with two-thirds expected to be funded through debt financing[119]. Land Acquisitions - Elk Creek Resources Corp. acquired approximately 80 acres of land and two additional parcels totaling 1.66 acres for approximately $2.7 million[88]. - The Company closed on two additional parcels of land totaling approximately 325.77 acres for approximately $11.3 million[90]. - ECRC completed the acquisition of a 40-acre parcel of land for a cash consideration of $500 and a 2% net smelter return royalty[91]. - The 2025 Drilling Program included 11 HQ diamond drill holes totaling approximately 7,339 meters and four additional drill holes totaling approximately 2,235 meters[89]. Shareholder Rights and Corporate Structure - A limited-duration shareholder rights plan was adopted to protect shareholders in the event of a takeover bid, expiring on May 21, 2026[84][86]. - The company has 125,321,172 outstanding Common Shares on a fully diluted basis, along with 3,516,140 vested shares of ECRC Class B common stock, 4,852,500 options, and 19,108,037 warrants[136]. Risk Factors - The company's exposure to interest rate risk primarily relates to earned interest income on cash deposits and short-term investments, balancing liquidity and interest rate returns[137]. - NioCorp incurs expenditures in both U.S. dollars and Canadian dollars, with currency exchange fluctuations potentially impacting operating costs[138]. - The company is exposed to commodity price risk related to the Elk Creek Project, which is not currently in production, and a significant decrease in global demand for related elements may adversely affect the business[139]. - NioCorp believes it was classified as a PFIC for the taxable years ended June 30, 2025 and 2024, and may continue to be classified as such in future years[134].

Financial Performance - Total backlog reached $268 billion as of December 31, 2025, with approximately 25% expected to be recognized as revenue within the next 12 months[33]. - U.S. government sales amounted to $33.3 billion in 2025, representing 38% of total net sales, down from 46% in 2023[30]. - International sales increased to $41.3 billion in 2025, accounting for 47% of total net sales, up from 43% in 2024[31]. Contracts and Agreements - Collins Aerospace secured over $4 billion in long-term agreements for maintenance, repair, and overhaul services, as well as spare parts for several airlines in 2025[16]. - Pratt & Whitney's F135 engine surpassed one million flight hours in 2025, with a $2.8 billion contract awarded for production of Lot 18 and Lot 19 engines[22]. - Raytheon received major contracts for advanced technologies, including AMRAAM missiles and the Next Generation Jammer, in 2025[29]. Research and Development - The company invests significantly in research and development to enhance existing products and develop future technologies[43]. - Pratt & Whitney Canada was selected to lead the PHARES project, targeting up to 20% improved fuel efficiency for regional aircraft[24]. - Collins Aerospace continues to invest in sustainable technologies, including advanced composite materials and digital trajectory optimizers, to reduce carbon footprint[17]. Supply Chain and Operational Challenges - Supply chain disruptions have led to increased costs and delays, particularly for rare earth elements and microelectronics, driven by inflation and geopolitical conditions[47]. - The company has implemented actions to mitigate supply chain impacts, including increasing inventory and establishing second and third supply sources[48]. - The company relies on foreign sources for certain raw materials, which poses risks related to supply chain stability and compliance with procurement requirements[46]. Employee and Workforce - The global employee population as of December 31, 2025, is approximately 180,000, including about 54,000 engineering professionals and 32,000 union-represented employees[39]. - Approximately 69% of employees are located in the U.S., with the company continuously monitoring labor market conditions to address hiring challenges[39][40]. Regulatory and Compliance Issues - The company has faced regulatory scrutiny, including a deferred prosecution agreement with the DOJ and an administrative order from the SEC related to past compliance issues[56][58]. - The company is subject to extensive environmental regulations, which may incur costs but are not expected to materially affect its competitive position or financial condition[60]. - The company is subject to future foreign or domestic laws regarding climate change, which may increase operational and compliance costs[62]. Financial Instruments and Risks - The present value of aggregate notional principal of outstanding foreign currency hedges was $26 billion and $17 billion at December 31, 2025 and 2024, respectively[394]. - A 10% unfavorable exchange rate movement in the foreign currency contracts would have resulted in an increase in unrealized losses of $0.9 billion and $1.0 billion at December 31, 2025 and 2024, respectively[394]. - A 100 basis point unfavorable interest rate movement would have had an approximate $3 billion impact on the fair value of fixed-rate debt at both December 31, 2025 and 2024[397]. - The company uses foreign currency forward contracts to hedge price risks associated with foreign currency payments and receipts[394]. - The company actively manages foreign currency exposures associated with committed foreign currency purchases and sales[394]. - The company is exposed to fluctuations in foreign currency exchange rates and interest rates related to cash, debt, and derivative instruments[393]. - The company has $0.9 billion of term loans outstanding that are affected by changes in market interest rates[397]. - The company has no current derivative contracts to hedge interest rate exposures but may consider such strategies in the future[397].

OR ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to _________ Commission file number: 001-41680 Ispire Technology Inc. (Exact name of registrant as specified in its charter) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2025 Delaware 93-1869878 (I.R.S. Employer ( ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT UNDER SECTION 13 OF 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED DECEMBER 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OF 15(d) OF THE SECURITIES EXCHANGE ACT Commission File Number: 0-25165 GREENE COUNTY BANCORP, INC. (Exact Name of Registrant as Specified in its Charter) United States 14-1809721 (State or other jurisdiction of incorporation or organization) (I.R ...

Corporate Structure and Transactions - In December 2024, Old Aptiv completed a reorganization transaction, resulting in the establishment of a new publicly-listed parent company, Aptiv Holdings Limited, with shares trading on NYSE under the symbol "APTV"[18]. - The company incurred approximately $178 million in costs related to the Separation of its Electrical Distribution Systems business, which is expected to be completed by April 1, 2026[24]. - Aptiv's Electrical Distribution Systems segment is expected to be spun off into a new independent publicly traded company, treated as a tax-free transaction for shareholders[55]. - The company is pursuing a plan to separate its Electrical Distribution Systems business into an independent publicly traded company, Versigent, with the separation expected to be treated as a tax-free spin-off[184]. - The anticipated costs associated with the separation are approximately $178 million for the year ended December 31, 2025[186]. - The effective corporate income tax rate for the new entity in Switzerland may reach a maximum of approximately 15% in 2025, depending on taxable net profit and respective cantonal/communal multipliers[181]. - The company intends to enter into a tax matters agreement with Versigent to protect the tax-free treatment of the Separation and related transactions[194]. - If the Separation does not qualify for non-recognition under Section 355, it could result in material tax liabilities adversely affecting the company's financial condition[193]. Market and Sales Performance - In 2025, 29% of Aptiv's net sales came from the Asia Pacific region, identified as a key market for long-term growth[34]. - The company's ten largest customers accounted for approximately 56% of total net sales for the year ended December 31, 2025, with an individual Global OEM contributing about 10%[59]. - The five largest customers accounted for approximately 42% of total net sales for the year ended December 31, 2025, indicating significant reliance on a few key clients[118]. - Approximately 64% of net revenue for the year ended December 31, 2025, came from sales outside the U.S., exposing the company to foreign currency fluctuations that could negatively affect financial results[139]. - The European market accounted for approximately 32% of the company's net sales for the year ended December 31, 2025, indicating significant exposure to geopolitical risks[150]. Production and Manufacturing - Global automotive vehicle production increased by 4% from 2024 to 2025, with a 10% increase in China, while North America and Europe saw declines of 2% and 1%, respectively[38]. - The company operates 139 major manufacturing facilities and 11 major technical centers across 50 countries, employing approximately 20,700 scientists, engineers, and technicians[29]. - The company has a presence in Europe, North America, Asia Pacific, and South America, with a total of 139 manufacturing sites distributed as follows: 48 in North America, 43 in Europe, Middle East & Africa, 43 in Asia Pacific, and 5 in South America[214]. - Of the 139 major manufacturing sites, 66 are primarily owned and 84 are primarily leased[215]. - The company has seen an increase in its balance of productive, raw, and component material inventories due to recent production volatility and cancellations, driven by global supply chain disruptions[63]. - The company’s ability to maintain market share in China is critical, as increased competition and economic conditions could materially affect business results[108]. - Manufacturing challenges arise from variations in customer demand and inventory management, complicating production scheduling and capacity utilization[129]. Financial Performance and Risks - The cyclical nature of automotive sales and production directly impacts Aptiv's earnings and cash flows, with economic conditions playing a significant role[100][101]. - The company recorded a non-cash, pre-tax goodwill impairment charge of approximately $648 million related to the Wind River reporting unit due to unfavorable changes in economic conditions[135]. - The company recorded non-cash impairment charges of $11 million during the year ended December 31, 2023, due to the cessation of certain long-lived assets in Ukraine[150]. - Significant fluctuations in global prices of materials, including copper and semiconductors, have negatively impacted profitability, with ongoing efforts to pass costs onto customers being limited by competitive pressures[127]. - Labor strikes involving major customers like GM, Ford, and Stellantis have adversely impacted financial condition and operating results for the year ended December 31, 2023[137]. - The company faces risks related to the timely launch of new products, as delays in customer product programs could adversely affect operational efficiency and financial results[116]. - The company may incur future asset impairment and restructuring charges as it realigns production capacity and cost structure to meet market requirements[134]. Sustainability and Environmental Initiatives - Aptiv's commitment to sustainability includes reducing its carbon footprint, waste generation, and water consumption across global operations[77]. - Aptiv aims to reduce Scope 1 and 2 absolute CO2e emissions by 100% and Scope 3 emissions by 47% by 2030, using 2021 as the baseline year[81]. - The company targets a waste recycling rate of 80%, focusing on reducing and managing waste across manufacturing operations and offices[80]. - Approximately 92% of Aptiv's manufacturing sites were certified under ISO 45001 for occupational health and safety as of December 31, 2025, with a goal to certify all sites by 2026[76]. - The company maintains annual certification of all major manufacturing sites to the ISO 14001 standard, ensuring compliance with environmental management practices[81]. - The company has environmental reserves of approximately $4 million as of December 31, 2025, for the cleanup of known environmental contamination conditions[169]. - Environmental laws and regulations may impose significant operational restrictions and costs, affecting the company's financial condition[170]. Cybersecurity and Regulatory Compliance - The company has a risk-based cybersecurity program to protect its data and systems, which is crucial for effective operations[199]. - The Board of Directors actively oversees cybersecurity risks through the Audit Committee and Innovation and Technology Committee[210]. - The company has not identified any cybersecurity threats that materially affect its business strategy or financial condition in 2025[213]. - The company is subject to various laws and regulations, including environmental and safety regulations, which could increase operational costs and affect financial performance[166]. Strategic Partnerships and Acquisitions - Aptiv acquired Wind River Systems, Inc. in December 2022 to enhance its capabilities in software-defined mobility and intelligent edge solutions[47]. - The company has completed several acquisitions, including Wind River and Intercable Automotive Solutions S.r.l. in 2022, and plans to continue pursuing strategic alliances to enhance its customer base and geographic penetration[153]. - The company is focused on developing automated driving solutions and has partnered with industry leaders to advance technology commercialization[48]. Supply Chain and Operational Challenges - Aptiv's operations are affected by supply chain disruptions, which could lead to increased operating costs and decreased profit margins due to reliance on just-in-time delivery methods[94][95]. - The company is actively monitoring its global supply chain to mitigate the impact of disruptions on its business[99]. - Supplier disruptions, particularly with sole-source suppliers, pose risks for delivery delays and production issues, potentially harming profitability[125]. - The automotive industry is experiencing a semiconductor shortage, which has adversely impacted vehicle production schedules and sales, affecting financial results for the year ended December 31, 2023[118]. - The conflict in Ukraine and Russia has increased the possibility of supply chain disruptions and volatility in the prices of raw materials, which could adversely impact the company's operations[149]. - The company is increasing its manufacturing footprint in Asian markets, including China, as part of its long-term strategy, which may expose it to greater risks from geopolitical tensions[152].

Financial Performance - For the period from September 30, 2025, to December 28, 2025, net revenue was $168.5 million, a decrease of $12 million or 6.6% compared to the three months ended December 29, 2024, which had revenue of $180.5 million[203]. - The cost of revenue for the Successor period was $246.8 million, resulting in a gross loss of $78.3 million, compared to a gross loss of $37.2 million in the prior period[203]. - Net loss for the Successor period was $150.6 million, compared to a net income of $1,063.8 million in the prior period, reflecting a significant change due to the restructuring[203]. - The operating loss for the Successor period was $158.4 million, an improvement of $164.6 million or 51.0% compared to an operating loss of $323.0 million in the previous period[203]. Revenue Breakdown - Power products generated $118.3 million in revenue, accounting for 70.2% of total revenue, while materials products contributed $50.2 million, representing 29.8%[203]. - Net sales of Power Product offerings increased to $118.3 million, representing 70.2% of total revenue, driven by automotive and industrial applications[212]. - Net sales of Materials Product offerings decreased due to lower volumes, with a significant drop in revenue from long-term supply agreements compared to fiscal 2025[206]. Expenses - Research and development expenses were $24.9 million, a decrease of $19 million or 43.9% compared to $44.4 million in the previous period[203]. - Sales, general and administrative expenses were $29.4 million, down by $22 million or 42.5% from $51.1 million in the prior period[203]. - Restructuring and other operating expenses decreased by 83% to $28.2 million, primarily due to reduced restructuring charges[208]. - Research and development costs decreased to $24.9 million, reflecting planned reductions in wafer spend and lower personnel costs[212]. Cash Flow and Liquidity - Cash and cash equivalents increased to $1,028.8 million as of December 28, 2025, up $561.6 million from $467.2 million on June 29, 2025[217]. - Net cash used in operating activities for the period from September 30, 2025, to December 28, 2025, was ($42.6) million, a decrease of approximately $262 million compared to the same period in the previous year[217]. - Cash provided by investing activities increased by $1.3 billion compared to the six months ended December 29, 2024, primarily due to a planned decrease in capital expenditures and receipt of $700 million in refundable tax credits[221]. - Net cash used in financing activities increased by $617 million, primarily due to $565 million used to repay senior secured notes related to Chapter 11[221]. - The company reduced its overall debt by approximately 70%, or $4.6 billion, following the emergence from Chapter 11[218]. - The company has take-or-pay inventory supplier agreements requiring a minimum of $174 million in purchases over the next four years[219]. - As of December 28, 2025, the company did not have any off-balance sheet arrangements, ensuring liquidity and capital resources are not subject to off-balance sheet risks[222]. Strategic Focus - The company is focused on accelerating its path to profitability, advancing technology leadership, and driving operational excellence as part of its long-term growth strategy[198]. - The company continues to explore opportunities for product adoption in new industries such as AI, datacenters, grid modernization, and renewable energy[199]. - The company continues to evaluate strategic opportunities, including potential acquisitions and joint ventures, and may access capital markets for funding[220]. Accounting and Restructuring - The company emerged from Chapter 11 bankruptcy on September 29, 2025, adopting fresh start accounting, which resulted in a new basis of accounting[195][196]. - A $23 million increase in work-in-progress and finished goods inventory was recognized in cost of revenue due to fresh start accounting[206]. - Interest expense decreased significantly due to lower outstanding debt obligations following the emergence from Chapter 11[210]. - Non-operating expense increased to $67 million, primarily due to changes in the fair value of liability-classified derivative contracts[211]. - The company expects to incur significant underutilization costs until market demand meets production capacity[206]. - The company emerged from Chapter 11 on September 29, 2025, issuing new secured financing totaling $2.1 billion, including $1.3 billion in new Senior Secured Notes due 2030[215].

Financial Performance - Net earnings increased 1.5% to $3.6 billion for the year ended December 31, 2025, compared to $3.5 billion in 2024[156]. - Net interest income rose by $455 million to $18.5 billion, primarily due to lower interest expense and a 0.5% increase in interest and fees on loans[159]. - Loan receivables decreased by 0.9% to $103.8 billion at December 31, 2025, reflecting higher payment rates and flat purchase volume[159]. - Over-30 day loan delinquencies decreased by 21 basis points to 4.49% at December 31, 2025, from 4.70% at December 31, 2024[159]. - Total deposits decreased by 1.1% to $81.1 billion at December 31, 2025, representing 84% of total funding sources[159]. - The net charge-off rate decreased by 66 basis points to 5.65% for the year ended December 31, 2025[162]. - The return on assets improved to 3.0% for the year ended December 31, 2025, compared to 2.9% in 2024[162]. - Total interest-earning assets increased to $121,158 million in 2025, with a net interest income of $18,466 million, reflecting a net interest margin of 15.24%[170]. - Credit card loan receivables reached $92,566 million in 2025, generating interest income of $20,683 million at an average yield of 22.34%[170]. - Total liabilities decreased to $102,380 million in 2025, while total equity increased to $16,858 million[170]. Customer Engagement and Digital Strategy - Approximately 60% of consumer revolving credit applications in 2025 were processed through a digital channel, highlighting the company's digital capabilities[28]. - The company continues to invest in digital assets to adapt to the evolving market environment and meet partner and customer needs[28]. - Loyalty programs were expanded in 2025 to include travel-related discounts, enhancing customer engagement and retention[86]. - Approximately 81% of customers primarily use direct channels (internet, mail, phone, and mobile) to manage their bank accounts, indicating a strong consumer preference for direct banking[112]. - The company has invested in servicing and digital platforms to enhance self-service features and improve user experience, including a PayPal-branded affinity deposit product[113]. Sales Platforms and Partnerships - The company operates through five sales platforms: Home & Auto, Digital, Diversified & Value, Health & Wellness, and Lifestyle[32]. - The Home & Auto sales platform accounted for $5.7 billion, or 26%, of total interest and fees on loans for the year ended December 31, 2025[34]. - Digital sales platform accounted for $6.4 billion, or 30%, of total interest and fees on loans for the year ended December 31, 2025[37]. - Diversified & Value sales platform contributed $4.7 billion, or 22%, of total interest and fees on loans for the year ended December 31, 2025[41]. - Health & Wellness sales platform represented $3.8 billion, or 17%, of total interest and fees on loans for the year ended December 31, 2025[44]. - Lifestyle sales platform accounted for $1.1 billion, or 5%, of total interest and fees on loans for the year ended December 31, 2025[49]. - A new partnership with OnePay was launched in September 2025, becoming the exclusive issuer of a credit card program at Walmart[42]. - The company maintains longstanding relationships with partners, including major retailers and digital platforms like Amazon and PayPal, enhancing customer loyalty and sales[28]. Operational Efficiency and Employee Engagement - The company’s operations are primarily within the United States, focusing on managing profitability and expenses across its single business segment[29]. - As of December 31, 2025, the company had over 20,000 full-time employees, with a workforce composition of 61% female and 38% male[133]. - In 2025, 91% of employees participated in the engagement survey, with 95% stating it is a great place to work[132]. - The company plans to increase the minimum wage to $22.50 per hour for all hourly employees in the United States effective March 1, 2026[134]. Financial Management and Risk - The credit risk management strategy is diversified across approximately 115 million open accounts as of December 31, 2025, with no significant individual exposures[117]. - The company utilizes proprietary credit tools, Synchrony PRISM, to gain insights into customer applications and creditworthiness[118]. - The company expects growth in loan receivables and interest and fees on loans in 2026, driven by new programs and improved customer spending behavior[172]. - Provision for credit losses decreased by $1.5 billion to $5.2 billion for the year ended December 31, 2025, primarily due to lower net charge-offs[193]. Capital and Investment - The company repurchased $2.9 billion of its outstanding common stock and declared cash dividends of $1.15 per common share, totaling $427 million[159]. - Capital levels included a Basel III common equity Tier 1 ratio of 12.6% at December 31, 2025, with $427 million in dividends declared and $2.9 billion in stock repurchases[178]. - The company plans to introduce new deposit products and enhancements, including transactional capabilities and additional digital servicing options, to attract new deposits and retain existing ones[114].

Market Expansion and Product Development - The company has expanded its served available market (SAM) to approximately $5 billion since 2010 by introducing products for higher-power AC-DC applications, LED drivers, and entry into the gate-driver market [20]. - The company’s proprietary PowiGaN™ technology, introduced in 2019, allows for higher energy efficiency and supports voltages up to 1700 volts, enabling the development of new products for higher-power applications [21][22]. - The company’s EcoSmart™ technology significantly reduces energy consumption during standby and no-load conditions, helping customers meet stringent energy efficiency regulations [30]. - The company’s InnoSwitch™ product family, which integrates primary, secondary, and feedback circuits, has been enhanced with GaN transistors rated at 900 volts and 1250 volts, with new versions featuring 1700 volts expected in 2024 [34]. - The BridgeSwitch™ family of motor-driver ICs, introduced in 2018, has been extended to address applications up to approximately 746 watts, targeting various consumer and industrial applications [37]. - The company aims to leverage its proprietary GaN technology to address higher-power applications, including power supplies for data centers and onboard charging circuitry for electric vehicles [22]. - The company continues to develop technologies that increase the value and average selling prices of its products, contributing to market expansion [21]. - The company’s growth strategy focuses on increasing market penetration and expanding its addressable market through advanced product offerings and enhanced customer support tools [18]. Financial Performance - Net revenue for 2025 was $443.5 million, an increase of 5.4% from $419.0 million in 2024, driven by higher sales in the industrial end-market and electric vehicles [192]. - Gross profit for 2025 was $241.6 million, representing a gross margin of 55%, up from 54% in 2024, attributed to manufacturing efficiencies and a favorable end-market mix [197]. - Total operating expenses in 2025 were $231.5 million, an increase of $24.6 million compared to 2024, primarily due to higher stock-based compensation and legal expenses [198]. - The company's top ten customers accounted for approximately 81% of net revenue in 2025, with international sales representing about 98% of total revenue [193]. - The cost of revenue as a percentage of net revenue decreased to 45.5% in 2025 from 46.4% in 2024, indicating improved cost management [207]. - Net income for 2025 was 5.0% of net revenue, down from 7.7% in 2024, reflecting increased operating expenses [207]. - The reserve for ship-and-debit claims increased by $7.2 million between December 31, 2025, and December 31, 2024, due to higher inventory levels held by distributors [204]. - The company has exhausted its stock repurchase authorization as of December 31, 2025, with no amounts available for future repurchases [179]. - The board of directors authorized an additional $50.0 million for stock repurchases in April 2025, contingent on financial conditions [178]. Customer and Market Dynamics - In 2025, the company's net revenue was categorized as follows: Communications 12%, Computer 13%, Consumer 37%, and Industrial 38% [44]. - The top ten customers accounted for approximately 81% of net revenue in 2025, with two distributors each exceeding 10% of revenue [49]. - Approximately 98% of the company's net revenue for the years ended December 31, 2025, 2024, and 2023 was generated by sales to customers outside of the U.S. [94]. - International sales accounted for 98% of net revenue in both 2025 and 2024, with sales to the Asia region representing approximately 84% of net revenue [208][209]. - The consumer end-market represented 37% of net revenue in 2025, a decrease from 39% in 2024, while the industrial end-market increased to 38% from 35% [208]. Employee and Operational Insights - The company employs 877 full-time personnel across 15 countries, with 39% in North America and 61% in the Asia-Pacific region and Europe [63]. - Power Integrations covers 85% of employee health insurance costs in 2025, with 96% of eligible U.S. employees participating in the 401(k) plan [64]. - The company achieved a 78% employee satisfaction rate in the 2025 Great Place to Work survey, significantly higher than the 57% average for U.S. companies [64]. - The average employee tenure at Power Integrations is nearly 7.5 years, contributing to below-average turnover rates in the industry [64]. - The headcount at the end of 2025 was 301, a decrease from 311 in 2024 [212]. Risks and Challenges - The company faces risks related to volatile operating results, with significant fluctuations in net revenue and operating results historically [78]. - Power Integrations is dependent on a limited number of applications, such as consumer appliances and cellphone chargers, for a significant percentage of its net revenue [81]. - The company is exposed to risks from global trade policies, including tariffs that could adversely affect revenue and operating results [86]. - Economic downturns and disruptions in end markets could lead to decreased demand for Power Integrations' products, impacting net revenue [84]. - Changes in international trade relations, particularly between the U.S. and China, could further decrease demand for products incorporating Power Integrations' technologies [88]. - The company faces significant risks related to international sales, including tariffs, trade barriers, and geopolitical tensions, which could adversely affect revenue and operating results [98]. - The company does not have long-term contracts with customers, leading to unpredictable ordering patterns and potential cancellations that could harm business performance [96]. - The company relies on third-party suppliers for wafers, with contracts expiring in December 2028 and December 2035, and any disruption in supply could significantly impact operations [114]. - The high-voltage power supply industry is intensely competitive, with pricing pressures that could lead to decreased average selling prices and reduced sales volume [110]. - The company has experienced delays in new product development, which could hinder its ability to generate demand and compete effectively in the market [97]. - Compliance with complex import and export regulations may increase operational costs and affect sales opportunities [91]. - The company’s products must meet demanding quality specifications, and any defects could lead to significant costs and damage to reputation [103]. - The company’s international sales are denominated in U.S. dollars, making products more expensive in foreign markets when the dollar strengthens [95]. - Rising commodity prices could increase raw material costs for suppliers, potentially impacting gross margins if these costs cannot be passed on to customers [118]. - Limited availability of certain materials, particularly rare earth elements, may restrict manufacturing capabilities and competitiveness against other semiconductor manufacturers [119]. - The company faces intense competition for qualified personnel, and the loss of key employees could adversely affect business operations [120]. - Changes in management can disrupt operations, especially given the lengthy sales cycle and capital investments required [121]. - The cyclical nature of the power supply industry can lead to significant fluctuations in revenue and gross margin, particularly during downturns [125]. - Demand for products is difficult to predict across different end markets, which may lead to revenue reductions and lower gross margins [126]. - The company is currently involved in patent litigation, which could result in significant legal costs and potential loss of rights to use certain technologies [138]. - Changes in tax regulations, such as the "One Big Beautiful Bill Act," could adversely affect effective tax rates and result in additional costs [139]. - The EU member states adopted the EU's Pillar Two Directive, establishing a 15% minimum effective tax rate for multinational corporations, impacting future financial conditions [140]. - Changes in environmental laws and regulations may negatively affect customer demand and increase inventory costs related to obsolescence [142]. - The semiconductor industry faces heightened environmental regulations, which could increase costs and adversely affect operating results [143]. - Customer preferences are shifting due to climate change awareness, potentially increasing operational costs and impacting profitability [144]. - The company is exposed to risks associated with acquisitions and strategic investments, which may not meet desired objectives [148]. - Integration difficulties from acquisitions could prevent the realization of expected benefits and cost savings [149]. - Compliance with securities laws and regulations imposes significant legal and financial costs, affecting overall management burden [150]. Technological and Operational Infrastructure - The company utilizes a fabless manufacturing model, contracting with three foundries for silicon wafer production, which allows for minimized capital expenditures [55]. - Independent foundries and subcontractors are critical for wafer production and assembly; any failure in their yield could lead to a decline in net revenue and gross margin [117]. - Research and development (R&D) expenses increased to $101.1 million in 2025, a slight increase of 0.3% from $100.8 million in 2024, driven by higher salaries and outside engineering services [212]. - The company owns various facilities, including an R&D facility in New Jersey and a design center in Germany, to support its operations [173]. - The company has established a Cybersecurity Committee to oversee information technology use and data security, reporting quarterly to the board [170].