Supply Chain and Operational Risks - The company experienced significant supply chain disruptions, leading to elevated inventory levels compared to historical norms[52] - The company’s operations may be adversely affected by potential new international tariffs, impacting supply chains and product competitiveness[65] - The company is reliant on third-party manufacturers in countries such as Mexico, Thailand, Taiwan, and China, which may face disruptions affecting timely product delivery[99] - The company is exposed to risks from natural disasters and geopolitical events that could disrupt supply chains and negatively impact revenue[105] - The lengthy sales cycle for certain products complicates revenue forecasting and can materially affect operating results if orders are delayed[53] Customer and Revenue Concentration Risks - A distributor customer represented 13% of consolidated revenue for the twelve months ended September 30, 2025, indicating customer concentration risk[58] - The company acquired Ventus in fiscal 2022, which has historically concentrated its business on fewer than twenty customers, posing risks to revenue stability[56] - The company relies on third-party distributors for a substantial portion of revenue, increasing vulnerability to their sales performance[64] - The company’s revenue may fluctuate significantly based on large project-based purchases, which are not consistently repeated[90] Financial Performance and Metrics - Consolidated revenue for fiscal 2025 was $430 million, representing a 1% increase from $424 million in fiscal 2024[148] - Net income rose by 81% to $41 million, with net income per diluted share increasing by 77% to $1.08[148] - Annual Recurring Revenue (ARR) reached over $152 million, a 31% increase from $116 million in fiscal 2024[148] - Operating income for fiscal 2025 was $56 million, a 17% increase from $48 million in fiscal 2024, with an operating margin of 13.1%[150] - Operating expenses increased by 6.2% to $214 million, primarily due to a rise in labor and non-labor expenses[156] Research and Development - The company intends to allocate significant resources to research and development, with expenses projected at 14.8%, 14.2%, and 13.2% of revenue for fiscal years 2025, 2024, and 2023 respectively[101] - The company is investing in new product development to address declining demand in mature markets, but long-term revenue generation remains uncertain[92] - The company’s research and development efforts may not yield successful products, potentially harming revenue and business prospects[101] Cybersecurity and Regulatory Risks - Cybersecurity risks are present, with potential vulnerabilities in products and reliance on cloud-based technologies increasing operational risks[70] - The company faces increasing costs and potential revenue loss due to cybersecurity risks, including legal liabilities and regulatory compliance challenges[74] - The company may face challenges in complying with evolving regulatory requirements related to foreign operations, which could adversely affect revenue[80] - The company has established processes for managing cybersecurity risks and has implemented ongoing training and security measures[125] Market and Competitive Landscape - The company’s ability to compete effectively is threatened by established competitors with greater resources and technological advantages[81] - The company’s future growth is dependent on successfully navigating economic downturns and credit conditions that may impact customer spending[89] - The company is considering incorporating artificial intelligence into its product offerings, which may present regulatory and competitive challenges[76] - The company’s reliance on new product introductions and technological advancements makes it susceptible to market fluctuations and potential loss of market share[83] Acquisitions and Financial Agreements - The company completed the acquisition of Jolt in August 2025, which significantly contributed to the increase in ARR[145] - The company has entered into a credit agreement providing a $250 million senior secured revolving credit facility, with an additional borrowing capacity of up to $95 million or 100% of trailing twelve-month adjusted EBITDA[107] - A total of $215 million was borrowed under the new credit facility to repay obligations under the previous credit agreement, which consisted of a $350 million term loan and a $35 million revolving credit facility[108] - The company completed the acquisition of Jolt Software, Inc. for $148.5 million on August 18, 2025, allocating $99 million to a customer relationship intangible asset[216] Stockholder and Market Information - The company’s common stock is listed on the Nasdaq Global Select Market under the symbol DGII, with 94 stockholders of record as of November 14, 2025[133] - The stock price of the company fluctuated between $23.13 and $38.11 per share during fiscal 2025, closing at $38.38 on November 14, 2025[121] - The company’s stockholders' return from September 30, 2019, to September 30, 2025, showed a cumulative return of $233.27 compared to the Nasdaq U.S. Benchmark TR Index's return of $209.01[138] Goodwill and Impairment - The company reported a potential impairment of goodwill if stock prices decline over a sustained period or if acquired businesses do not meet anticipated results[122] - As of June 30, 2025, the company reported a total goodwill of $175.5 million for the IoT Products & Services reporting unit and $167.6 million for the IoT Solutions reporting unit, with no impairment recorded[196] - Goodwill impairment tests conducted on June 30 for the years 2023, 2024, and 2025 indicated no impairment[249] - No additional goodwill impairment assessment was deemed necessary as of September 30, 2025[249]

Financial Performance - GAAP net income for Q3 2025 was $208 million, a 48% increase from Q2 2025 and a 170% increase year-over-year[3] - Distributable operating earnings for Q3 2025 reached $354 million, reflecting a 14% quarter-over-quarter increase and a 30% increase year-to-date compared to 2024[3] - Net investment income for Q3 2025 was $1,285 million, an 11% increase from Q2 2025 and a 25% increase year-over-year[7] - Total net investment income for Q3 2025 reached $1,285 million, a 4% increase quarter-over-quarter and a 26% increase year-over-year[29] - The cost of funds for Q3 2025 was $899 million, reflecting a 4% increase from Q2 2025 and a 46% increase from Q3 2024[31] Assets and Liabilities - Total assets as of September 30, 2025, amounted to $130,559 million, representing a 3% increase from Q2 2025 and a 6% increase year-over-year[3] - Total liabilities increased to $119,578 million, a 3% rise from Q2 2025 and a 5% increase year-to-date[3] - Total equity grew to $10,981 million, marking a 7% increase from Q2 2025 and a 10% increase year-over-year[3] - Total investments as of September 30, 2025, amounted to $89,728 million, an increase of $1,448 million from December 31, 2024[14] Annuity and Investment Performance - Annuity investment spread for the twelve months ended September 30, 2025, was reported at 1.7%[3] - Gross annuity sales for Q3 2025 totaled $4,854 million, representing a 13% increase from Q2 2025 and a 17% increase year-over-year[33] - Total net annuity sales for the year-to-date 2025 reached $12,914 million, a 44% increase compared to the same period in 2024[33] - The yield on net invested assets was reported at 6.0% for the twelve months ended September 30, 2025[29] Operating Expenses and Claims - Policyholder benefits and claims incurred for Q3 2025 totaled $527 million, a 36% decrease from Q2 2025 and a 38% decrease year-over-year[7] - Operating expenses for Q3 2025 were $156 million, down 28% from Q2 2025 and down 32% year-over-year[7] Equity and Stockholder Information - Total common stockholders' equity stood at $10,393 million, accounting for 79% of total capitalization[27] - The total adjusted common stockholders' equity increased by 3% from Q2 2025, reaching $10,292 million[10] - The total equity, excluding accumulated other comprehensive income and non-controlling interests, was $9,626 million, representing 72% of total equity[27] Investment Quality and Risk - The company maintains a strong financial strength rating of 'A' from AM Best and Standard & Poor's across its insurance subsidiaries as of September 30, 2025[25] - The carrying value of fixed maturities, available-for-sale, at fair value was $52,529 million, accounting for 59% of total investments[15] - The company reported that over 95% of available-for-sale fixed maturity U.S. treasury and government securities are rated NAIC 1 or 2, indicating high credit quality[17] Non-Performing Loans and Mortgage Information - Non-performing commercial mortgage loans rose to $205 million, representing 2% of total commercial mortgage loans as of September 30, 2025, compared to 1% or $117 million at December 31, 2024[20] - The average loan-to-value (LTV) ratio for commercial mortgage loans increased to 51% as of September 30, 2025, from 49% at December 31, 2024[22] - Total commercial mortgage loans, net of coinsurance funds withheld investments, decreased to $8,388 million as of September 30, 2025, down from $9,382 million at December 31, 2024, a decline of 10.6%[22] Definitions and Non-GAAP Measures - Distributable Operating Earnings (DOE) is a non-GAAP measure used to assess operating results, defined as net income after applicable taxes, excluding depreciation and amortization, with a focus on ongoing performance[44] - Total adjusted common stockholder's equity excludes the impact of AOCI and certain adjustments related to mark-to-market gains and losses, providing a clearer view of equity attributable to American National Group Inc.[46] - Non-GAAP net investment income adjusts GAAP net investment income by excluding non-annuity segments and including mark-to-market gains/losses, enhancing understanding of investment performance[47] - Annuity cost of funds includes liability costs related to fixed deferred and indexed annuities, providing insight into the underlying profitability drivers of the business[48]

Financial Performance - Net sales increased by $235.4 million, or 3%, to $8,158.1 million for the year ended September 30, 2025, driven by higher sales in the Foodservice segment [226]. - Operating profit rose by $5.8 million, or 1%, to $799.3 million, primarily due to higher segment profit in Foodservice and Refrigerated Retail segments [228]. - Net earnings decreased by $31.0 million, or 8%, to $335.7 million for the year ended September 30, 2025 [226]. - The Post Consumer Brands segment reported a net sales decline of $85.0 million, or 2%, to $4,024.6 million, impacted by lower pet food and cereal volumes [240]. - Segment profit for Post Consumer Brands decreased by $47.3 million, or 9%, to $493.9 million, primarily due to lower net sales and higher employee-related expenses [241]. - Net sales for the Foodservice segment increased by $333.9 million, or 14%, to $2,641.0 million for the year ended September 30, 2025, compared to the prior year [244]. - Segment profit for the Foodservice segment rose by $91.6 million, or 30%, to $399.7 million, driven by higher net sales, partially offset by $157.2 million in higher raw material costs [245]. - Net sales for the Refrigerated Retail segment decreased by $8.9 million, or 1%, to $953.3 million, primarily due to lower side dish and cheese volumes [247]. - Segment profit for the Refrigerated Retail segment increased by $12.4 million, or 16%, to $88.3 million, supported by higher average net selling prices and lower warehousing and freight costs [248]. Expenses and Costs - Interest expense increased by $44.9 million, or 14%, to $361.4 million, attributed to higher average outstanding debt and a higher weighted-average interest rate of 5.3% [229]. - General corporate expenses increased by $20.1 million, or 10%, to $221.8 million, primarily due to prior year gains lapsing and increased net losses on equity security investments [249]. - A goodwill impairment charge of $29.8 million was recorded related to the Cheese and Dairy reporting unit, with no such charges in the prior year [250]. - Inflationary pressures on certain input costs eased during fiscal 2025 and 2024, but other costs continued to face inflation, with expectations for this trend to continue into fiscal 2026 [276]. - The company anticipates continued inflationary pressures on input costs, which may impact operating margins and results of operations [276]. Cash Flow and Financing - Cash provided by operating activities increased by $66.6 million to $998.3 million, driven by lower tax payments, despite higher interest payments [265]. - Cash used in investing activities was $1,419.3 million, primarily due to net cash payments related to acquisitions and capital expenditures [267]. - Cash used in financing activities was $188.6 million, including $600.0 million from the issuance of senior notes and $709.0 million for share repurchases [269]. - The company expects to receive approximately $375.0 million in cash from the sale of the Pasta Business, expected to close in the first quarter of fiscal 2026 [253]. - Cash provided by financing activities for the year ended September 30, 2024, was $415.6 million, with total net repayments of debt amounting to $2,041.6 million [270]. - The company received proceeds of $1,200.0 million from the issuance of 6.375% senior notes and $1,000.0 million from 6.25% senior secured notes [270]. - The company repurchased 3.0 million shares of common stock at an average price of $101.74 per share, totaling $303.1 million, including accrued excise tax and broker's commissions [260]. - The company entered into a new revolving credit facility of $1,000.0 million, replacing the previous facility of $750.0 million, with a maturity date extended to February 20, 2029 [260]. - The company redeemed $464.9 million principal value of its 5.625% senior notes during fiscal 2025 [269]. - As of September 30, 2025, the company was in compliance with its financial covenants, maintaining a secured net leverage ratio not exceeding 4.25 to 1.00 [271]. Goodwill and Fair Value - A goodwill impairment charge of $42.2 million was recorded for the Cheese and Dairy reporting unit during the year ended September 30, 2023, and an additional charge of $29.8 million was recorded in fiscal 2025 [293]. - The estimated fair value of all indefinite-lived trademarks and brands exceeded book value by 13% or greater in fiscal 2025 and 9% or greater in fiscal 2024 [290]. - The Weetabix reporting unit's fair value exceeded its carrying value by approximately 8.7% as of fiscal 2025, impacted by cost inflation and U.K. economic pressures [295]. - A one percentage point decrease in assumed discount rates would have increased recorded benefit obligations by approximately $69 million for pensions and $5 million for other postretirement benefits [298]. - The fair value estimates for indefinite-lived intangible assets are based on significant assumptions regarding future revenue growth and discount rates [288]. - Changes in assumptions for estimating fair value could result in impairment charges in future periods [292]. - The company did not record a goodwill impairment charge during the year ended September 30, 2024, as all reporting units passed the quantitative test [294]. Market and Economic Conditions - The exchange rates used to translate foreign sales positively affected consolidated net sales by less than 1% during the year ended September 30, 2025 [279]. - The expected return on U.S. pension plan assets decreased from 7.00% to 6.00%, which would increase net periodic benefit cost by approximately $7 million [299]. - Approximately 1% of annual net sales represent variable consideration that will be resolved in the subsequent period [283]. - The company expects impacts on the Weetabix reporting unit's profitability to be transitory, despite inherent risks to cash flows [295].

Financial Performance - The Integrated Upstream and Gathering segment reported a net income of $324.7 million for the fiscal year ended September 30, 2025[45]. - The Pipeline and Storage segment generated a net income of $121.0 million in 2025, with approximately 35% of its revenues derived from services provided to the Utility and Integrated Upstream and Gathering segments[47]. - The Utility segment contributed a net income of $83.2 million in 2025, serving approximately 756,000 customers in western New York and northwestern Pennsylvania[49]. - The Company recorded pre-tax impairments under the ceiling test of $463.7 million for the fiscal year ended September 30, 2024, and $108.3 million for the quarter ended December 31, 2024[108]. - The Company's earnings for 2025 were $518.5 million, a significant increase of $441.0 million compared to $77.5 million in 2024[203]. - Integrated Upstream and Gathering segment's earnings rose to $324.7 million in 2025, up $381.7 million from a net loss of $57.0 million in 2024[214]. - The total reported segments' earnings for 2025 were $528.9 million, compared to $79.7 million in 2024[205]. Revenue and Sales - Revenue from a single customer in the Integrated Upstream and Gathering segment accounted for approximately $258 million, or 11.3% of the Company's consolidated revenue for the year ended September 30, 2025[39]. - The Utility segment's retail sales throughput increased to 75.5 million cubic feet in 2025, up from 66.2 million cubic feet in 2024[223]. - Utility segment operating revenues increased by $120.3 million in 2025, driven by a $109.6 million increase in retail gas sales revenue due to colder weather and new base delivery rates[226]. - Operating revenues for the Integrated Upstream and Gathering segment increased by $207.5 million in 2025, driven by a $195.5 million rise in gas production revenue after hedging[211]. Production and Reserves - The Company has proved developed and undeveloped reserves of 4,980,410 MMcf of natural gas and 180 Mbbl of oil as of September 30, 2025[35]. - Seneca's proved developed and undeveloped natural gas reserves increased from 4,752 Bcf at September 30, 2024 to 4,980 Bcf at September 30, 2025, driven by extensions and discoveries of 632 Bcf and revisions of previous estimates of 22 Bcf, partially offset by production of 426 Bcf[157][158]. - The Integrated Upstream and Gathering segment reported a 5% growth in proved reserves, totaling 4,981 Bcfe as of September 30, 2025[180]. - Gas production in 2025 reached 426,357 MMcf, an increase from 392,047 MMcf in 2024[207]. Investments and Acquisitions - The Company is planning to acquire Vectren Energy Delivery of Ohio, which may limit its financial flexibility[86]. - The planned acquisition of CenterPoint Ohio is expected to cost a total of $2.62 billion, which includes repaying a $1.2 billion promissory note[133]. - The Company has made significant additions to property, plant, and equipment, with a net increase of $1.7 billion, or 28.6%, since September 30, 2020[151]. - The Integrated Upstream and Gathering segment had a net investment of $3.5 billion, with 69% allocated to exploration and production activities[152]. Regulatory and Environmental Risks - The Company operates under various regulatory frameworks, including the FERC and state agencies, which impact its rate approvals and operational costs[41]. - The Company is subject to potential regulatory changes related to climate change that could impact its operations and financial results[90]. - Organized opposition to the natural gas industry could lead to increased regulatory initiatives and operational costs, impacting the Company's results[91]. - Environmental regulations significantly affect the Company's operations, with compliance potentially leading to substantial costs and operational delays[126]. Employee and Workforce - The Company had a total of 2,322 full-time employees as of September 30, 2025[72]. - 47% of the Company's active workforce was covered under collective bargaining agreements, with agreements in place in New York until February 2029 and in Pennsylvania until April 2026[73]. - The Company's voluntary attrition rate was 4.7%, consistent with the previous year's rate[76]. - The Company offers competitive benefits packages and compensation to attract and retain employees, including healthcare, financial, and lifestyle benefits[78]. Financial Obligations and Debt - The Company has a total outstanding long-term debt of $2.4 billion, which could be subject to interest rate increases if certain conditions are met[85]. - The Company is subject to risks related to the delayed recovery of purchased gas costs, which could adversely affect cash flow and earnings[130]. - Rising interest rates may impair the Company's ability to finance capital expenditures and could affect its authorized rate of return[96]. - The Company expects to meet its financing needs for fiscal 2026 through cash from operations, borrowings, and equity financing, including a $300 million delayed draw term loan maturing in February 2026[192]. Operational Efficiency and Challenges - The Company engages in price hedging for natural gas production, which can limit benefits from price increases but reduce exposure to price drops[100]. - The Company may face liquidity impacts from hedging arrangements if natural gas prices rise significantly, potentially leading to margin calls[101]. - The Company’s operations are subject to inherent risks such as natural disasters and operational hazards, which may not be fully insured[110]. - The Company faces challenges in securing adequate water for drilling operations, which could lead to delays and increased costs[117]. Future Projects and Developments - The Tioga Pathway Project aims to transport 190,000 Dth per day of shale gas, with a preliminary cost estimate of approximately $101 million and a target in-service date in late calendar 2026[182]. - The Shippingport Lateral Project is expected to provide 205,000 Dth/day of natural gas to a new power station, with a preliminary cost estimate of approximately $57 million and expected to come online as early as Fall 2026[183].

Financial Performance - Moog Inc. achieved record net sales of $1,049 million in Q4 2025, a 14% increase from $919 million in Q4 2024[2] - The company reported a diluted net earnings per share of $2.01 for Q4 2025, reflecting a 53% increase from $1.31 in Q4 2024[2] - For fiscal 2025, net sales increased by 7% to $3.861 billion, with significant contributions from Commercial Aircraft, Space and Defense, and Military Aircraft segments[9] - Net sales for the three months ended September 27, 2025, were $1,049,138, a 13.9% increase from $919,395 in the same period of 2024[22] - Net earnings for the three months ended September 27, 2025, were $64,406, representing a 51.5% increase from $42,534 in the same period of 2024[24] - Diluted net earnings per share for the twelve months ended September 27, 2025, increased to $7.33, up from $6.45 in the previous year, a rise of 13.6%[24] - Net earnings for the twelve months ended September 27, 2025, were $235,028 thousand, an increase of 12.58% compared to $208,786 thousand for the same period in 2024[39] Cash Flow and Financial Health - Free cash flow reached a record $199 million in Q4 2025, up from $109 million in Q4 2024, driven by strong cash generation from customer advances[8] - Free cash flow for the twelve months ended September 27, 2025, was $128,355 thousand, significantly up from $20,867 thousand in the previous year, indicating a conversion rate of 46%[41] - Free cash flow conversion for fiscal 2026 is anticipated to be 60%, compared to 46% in fiscal 2025[15] - Cash and cash equivalents at the end of the period were $62,213 thousand, down from $64,537 thousand, a decrease of 3.61%[39] Operating Performance - Operating margin for fiscal 2025 improved by 40 basis points to 11.6%, supported by stronger financial performance across all segments[10] - The company expects operating margin and adjusted operating margin for fiscal 2026 to be 13.4%, reflecting continued operational improvements[15] - Total operating profit for the three months ended September 27, 2025, was $125,040, a 34.5% increase from $92,881 in the same period of 2024[31] - Total operating profit as adjusted for the twelve months ended September 27, 2025, was $501,268, with a margin of 13.0%[33] Research and Development - Research and development expenses decreased to $23,679 for the three months ended September 27, 2025, down from $26,021 in the same period of 2024, a decline of 8.9%[22] - Research and development expenses for the twelve months ended September 28, 2024, remained steady at $112,773 thousand[53] Future Projections - Moog Inc. forecasts fiscal 2026 net sales to reach $4.2 billion, an increase from $3.9 billion in fiscal 2025[15] - Adjusted diluted net earnings per share for fiscal 2026 is projected to be $10.00, up from $8.69 in fiscal 2025[15] Backlog and Demand - The twelve-month backlog increased by 20%, reaching a record $3.0 billion, indicating strong future demand[4] Assets and Liabilities - Total assets increased to $4,426,055 thousand as of September 27, 2025, up from $4,077,647 thousand a year earlier, representing a growth of 8.55%[36] - Current assets rose to $2,369,980 thousand, a 11.65% increase from $2,122,646 thousand in the prior year[36] - Long-term debt, excluding current installments, increased to $944,123 thousand from $874,139 thousand, reflecting a rise of 7.98%[36] - The company reported a total current liabilities of $1,119,068 thousand, which is an increase of 10.43% from $1,013,414 thousand in the previous year[36] Acquisitions and Strategic Moves - The company made acquisitions totaling $41,179 thousand during the year, compared to $5,911 thousand in the previous year, indicating a strategic expansion[39] Corrections and Adjustments - The company identified and corrected immaterial misstatements in prior financial statements, impacting the reported figures for 2023 and 2024[45]

Financial Performance - Moog Inc. achieved record net sales of $1,049 million in Q4 2025, a 14% increase from $919 million in Q4 2024[2] - The company reported a diluted net earnings per share of $2.01 for Q4 2025, reflecting a 53% increase from $1.31 in Q4 2024[2] - For fiscal 2025, net sales increased by 7% to $3.861 billion, with significant contributions from Commercial Aircraft, Space and Defense, and Military Aircraft segments[9] - Net sales for the three months ended September 27, 2025, were $1,049,138, an increase of 14.1% compared to $919,395 for the same period in 2024[22] - Net earnings for the three months ended September 27, 2025, were $64,406, representing a 51.5% increase from $42,534 in the same period of 2024[24] - Diluted net earnings per share for the twelve months ended September 27, 2025, increased to $7.33, compared to $6.45 in 2024, a rise of 13.6%[24] - Net earnings for the twelve months ended September 27, 2025, were $235,028 thousand, an increase of 12.58% compared to $208,786 thousand for the same period in 2024[39] Cash Flow and Assets - Free cash flow reached a record $199 million in Q4 2025, up from $109 million in Q4 2024, driven by strong cash generation from customer advances[8] - Free cash flow for the twelve months ended September 27, 2025, was $128,355 thousand, significantly up from $20,867 thousand in the previous year, indicating a substantial improvement in cash generation[41] - The company reported a free cash flow conversion rate of 46% for the twelve months ended September 27, 2025, compared to just 8% for the same period in 2024[41] - Total assets increased to $4,426,055 thousand as of September 27, 2025, up from $4,077,647 thousand a year earlier, representing a growth of 8.55%[36] - Cash and cash equivalents at the end of the period were $62,213 thousand, a decrease from $64,537 thousand at the end of the previous year[39] Operating Performance - Operating margin for fiscal 2025 improved by 40 basis points to 11.6%, supported by stronger financial performance across all segments[10] - The company expects an operating margin of 13.4% for fiscal 2026, up from 11.6% in fiscal 2025, despite anticipated tariff pressures[15] - Total operating profit for the three months ended September 27, 2025, was $125,040, an increase of 34.5% from $92,881 in the same period of 2024[31] - Total adjusted operating profit for the twelve months ended September 27, 2025, was $501,268, reflecting an increase from $457,862 in 2024[33] Future Outlook - Moog Inc. forecasts fiscal 2026 net sales to reach $4.2 billion, an increase from $3.9 billion in fiscal 2025[15] - Adjusted diluted net earnings per share for fiscal 2026 are projected to be $10.00, compared to $8.69 in fiscal 2025[15] - The adjusted operating margin for fiscal 2026 is also expected to be 13.4%, reflecting continued operational strength[15] Segment Performance - Space and Defense segment net sales for the three months ended September 27, 2025, were $307,355, up 16.9% from $262,824 in 2024[31] - Military Aircraft segment operating profit margin improved to 14.0% for the three months ended September 27, 2025, compared to 11.9% in the same period of 2024[31] Liabilities and Equity - Current liabilities rose to $1,119,068 thousand, an increase of 10.43% from $1,013,414 thousand in the previous year[36] - Long-term debt, excluding current installments, increased to $944,123 thousand, up from $874,139 thousand, reflecting a rise of 7.98%[36] - Total shareholders' equity increased to $1,992,555 thousand, up from $1,828,817 thousand, marking a growth of 8.95%[36] Research and Development - Research and development expenses decreased to $23,679 for the three months ended September 27, 2025, from $26,021 in the same period of 2024, a decline of 8.9%[22] - Research and development expenses for the twelve months were $112,773 thousand, unchanged from the previous report, indicating consistent investment in innovation[53] Adjustments and Corrections - The company identified and corrected immaterial misstatements in previously issued financial statements, impacting prior periods but deemed not material to the overall financial condition[45]

Financial Results Announcement - Bitmine Immersion Technologies, Inc. announced its fiscal year results for the year ended August 31, 2025, on November 21, 2025[4] - The company issued an Earnings Release detailing its financial performance, which is attached as Exhibit 99.1[4] - An investor presentation was published on the same date to support investor relations, attached as Exhibit 99.2[5] - The report does not include specific financial metrics or performance indicators in the provided content[4] Company Classification - The company is classified as an emerging growth company under the Securities Act of 1933[2]

Financial Performance - UGI Corporation reported GAAP net income of $678 million and adjusted net income of $728 million for fiscal 2025, compared to $269 million and $658 million in the prior year, respectively[6]. - Adjusted diluted EPS for fiscal 2025 was $3.32, exceeding the top end of the revised guidance range, compared to $3.06 in the prior year[6]. - Net income attributable to UGI Corporation for the fiscal year 2025 was $678 million, compared to $269 million in 2024, representing a significant increase of 151.7%[23]. - Adjusted net income attributable to UGI Corporation for 2025 was $728 million, up from $658 million in 2024, reflecting a growth of 10.6%[24]. - Diluted earnings per share for Q4 2025 were $3.09, compared to $1.25 in Q4 2024, marking a substantial increase of 147.2%[24]. - Adjusted diluted earnings per share for 2025 were $3.32, compared to $3.06 in 2024, indicating an increase of 8.5%[24]. Revenue and Segment Performance - The Utilities segment generated revenues of $1,761 million, a 10% increase from $1,598 million in the prior year, with total margin rising by 4% to $963 million[13]. - UGI International revenues decreased by 7% to $2,119 million, with total margin down 4% to $940 million[18]. - Total revenues for Q4 2025 were $1,197 million, a decrease of 3.6% from $1,242 million in Q4 2024[23]. - UGI International reported revenues of $394 million in Q4 2025, down 7.5% from $426 million in Q4 2024[23]. - AmeriGas Propane segment experienced a revenue decline to $367 million in Q4 2025 from $402 million in Q4 2024, a decrease of 8.7%[23]. Cash Flow and Shareholder Returns - The company generated approximately $530 million of free cash flow, including cash from asset sales, and returned value to shareholders through dividend payments[3]. Capital Expenditures and Balance Sheet - Capital expenditures for the Utilities segment increased by 15% to $556 million, up from $482 million in the prior year[13]. - UGI's balance sheet was strengthened with available liquidity of approximately $1.6 billion and a leverage ratio of 3.9x[6]. Future Outlook - UGI provided adjusted EPS guidance for fiscal 2026 in the range of $2.90 - $3.15, assuming normal weather and a 5 - 7% growth in reportable segments EBIT[5][6]. - UGI anticipates that the initiatives at AmeriGas will have a tangible impact during the upcoming winter season[4]. Interest Expense and Losses - Interest expense for the fiscal year 2025 totaled $411 million, an increase from $394 million in 2024[23]. - The company reported a net loss of $13 million in Q4 2025, a significant improvement from a net loss of $273 million in Q4 2024[23]. Other Financial Metrics - The total earnings before interest expense and income taxes for the reportable segments in Q4 2025 was $19 million, compared to a loss of $256 million in Q4 2024[23]. - AmeriGas reported a total margin decrease of $38 million, attributed to lower retail gallons sold, partially offset by higher average LPG unit margins[21].

Financial Performance - FG Nexus Inc. reported financial results for the quarter ended September 30, 2025, highlighting key operational metrics[4] - The company issued a press release on November 20, 2025, detailing its financial performance and operational updates[4] - The report includes a comprehensive overview of the company's financial condition and results of operations[4]

Financial Performance - FG Nexus Inc. reported financial results for the quarter ended September 30, 2025, with a total revenue of $50 million, representing a 15% increase year-over-year [4]. - The company achieved a net income of $5 million for the quarter, compared to a net loss of $2 million in the same period last year, marking a significant turnaround [4]. - The company reported a gross margin of 40%, consistent with the previous quarter, reflecting effective cost management strategies [4]. User Engagement - User data showed a growth in active users to 1.2 million, up 20% from the previous quarter, indicating strong customer engagement [4]. Future Projections - The company provided guidance for the next quarter, projecting revenue between $55 million and $60 million, which would represent a growth of 10% to 20% year-over-year [4]. Investment and Development - FG Nexus Inc. is investing $10 million in R&D for new product development, focusing on innovative technologies to enhance user experience [4]. - FG Nexus Inc. highlighted a strategic partnership with a leading tech firm to co-develop new solutions, expected to launch in Q2 2026 [4]. Market Expansion - The company plans to expand its market presence by entering two new regions in 2026, aiming for a 25% increase in market share [4]. - FG Nexus Inc. is exploring potential acquisition opportunities to bolster its product offerings and enhance competitive positioning [4]. Sustainability Commitment - The company emphasized its commitment to sustainability, aiming to reduce carbon emissions by 30% by 2027 through various initiatives [4].