Financial Performance - Net sales increased by approximately 19% to $123.3 million for the year ended January 31, 2025, compared to $103.3 million for the year ended January 31, 2024[118]. - Gross profit margin decreased to 25% for the year ended January 31, 2025, down from 29% for the year ended January 31, 2024, due to manufacturing inefficiencies and increased commodity costs[119]. - Operating expenses increased by 20% to $25.7 million for the year ended January 31, 2025, compared to $21.4 million for the year ended January 31, 2024[120]. - Net income for the year ended January 31, 2025, was approximately $3.7 million, a decrease from $6.6 million for the year ended January 31, 2024[117]. Cash Flow and Working Capital - Working capital decreased by approximately $2.0 million to $4.9 million as of January 31, 2025, compared to $6.9 million as of January 31, 2024[123]. - Net cash provided by operating activities was approximately $5.2 million for the year ended January 31, 2025, down from $11.6 million for the year ended January 31, 2024[127]. - Net cash used in investing activities increased to approximately $5.1 million for the year ended January 31, 2025, compared to $1.4 million for the year ended January 31, 2024[128]. - The Company had $0 outstanding under its Line of Credit Agreement with a maximum capacity of $5.5 million as of January 31, 2025[124]. - The Company’s cash and cash equivalents decreased to $7.15 million as of January 31, 2025, from $11.02 million at the beginning of the period[126]. Funding and Financial Strategy - The Company may require additional funding to finance growth and achieve strategic objectives, with no assurance that financing will be available on acceptable terms[130]. Fair Value Determination - The Company utilizes the Black-Scholes option-pricing model or Monte Carlo simulation for fair value determination of equity-based grants, excluding restricted stock[141]. - Management must make assumptions regarding expected life of units, volatility of future share price, risk-free rates, future dividend yields, and estimated forfeitures at the initial grant date[141]. - Changes in assumptions for fair value estimation could lead to materially different results[141]. Regulatory Classification - The Company is classified as a smaller reporting company under Regulation S-K and is not required to provide certain market risk disclosures[142].

Company Participation and Updates - Mama's Creations, Inc. plans to participate in investor conferences and provide operational updates[6] Financial Results - The expected financial results for the fourth fiscal quarter ended January 31, 2025, are detailed in Exhibit 99.1[5] Stock Market Information - The company is registered on The Nasdaq Stock Market LLC under the trading symbol MAMA[3] Report Details - The report was signed by CEO Adam L. Michaels on March 11, 2025[12]

Revenue Performance - Third quarter consolidated revenue was $7.6 million, a decrease of less than 1% compared to $7.7 million in the same period last year[4] - For the nine months ended December 31, 2024, revenue was $24.6 million, a 7% increase compared to $22.99 million in the prior year[7] - Consolidated revenue for the year ended December 31, 2024, was $7,622 million, a decrease of $28 million or approximately 0.4% compared to $7,650 million in 2023[24] - For the nine months ended December 31, 2024, consolidated revenue was $24,554 million, an increase of $1,562 million or 7% from $22,991 million in 2023[26] - Ranor's revenue increased by $14 million to $4,310 million, representing 57% of total revenue, while Stadco's revenue decreased by $58 million to $3,312 million, accounting for 43% of total revenue[24] Profitability - Gross profit for the quarter was $1.0 million, representing a 15% decrease from the previous year[7] - Consolidated gross profit decreased by $170 million to $991 million, resulting in a gross margin of 13%, down from 15% in the previous year[24] - Ranor's gross profit increased by $563 million to $4,266 million, while Stadco reported a gross loss of $2,022 million, a decline of $1,209 million[26] - EBITDA for the three months ended December 31, 2024, was $51 million, a significant improvement from a loss of $364 million in the same period of 2023[29] Costs and Expenses - Cost of revenue increased by 2% to $6.6 million, primarily due to higher production costs at the Stadco segment[7] - Consolidated cost of revenue increased by $142 million to $6,631 million, representing 87% of total revenue, up from 85% in the previous year[24] - SG&A expenses decreased by 22% to $1.7 million due to the absence of due diligence costs for acquisitions[7] Net Loss and Financial Position - Net loss for the quarter was $0.8 million, with a full valuation maintained on deferred tax assets[7] - The net loss for the nine months ended December 31, 2024, was $2,860 million, compared to a net loss of $1,921 million in 2023[28] - Working capital was negative $1.8 million as of December 31, 2024, compared to negative $2.9 million on March 31, 2024[8] - Total debt as of December 31, 2024, was $7.4 million, down from $7.6 million on March 31, 2024[8] - Cash and cash equivalents at the end of the period were $165 million, down from $391 million at the beginning of the period[28] Backlog and Future Expectations - The backlog as of December 31, 2024, was $45.5 million, indicating strong customer confidence[4] - The company expects to deliver its backlog over the next one to three fiscal years with gross margin expansion[4] -

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ______________________________________________________________________ FORM 10-Q ______________________________________________________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended February 28, 2025 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period fr ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark one) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 19 ...

Revenue Performance - Revenue for the three months ended February 28, 2025, was $762.1 million, a decrease of 11.6% compared to $862.7 million for the same period in 2024[17]. - Revenue for the six months ended February 28, 2025 decreased by 2.0% to $1,638.0 million, primarily due to a $30.4 million reduction in railcar maintenance services revenue[134]. - Manufacturing segment revenue decreased by $110.7 million or 13.6%, totaling $700.3 million for the three months ended February 28, 2025, primarily due to a 5.7% decrease in railcar deliveries[107]. - Leasing & Fleet Management segment revenue increased by $10.1 million or 19.5%, reaching $61.8 million for the three months ended February 28, 2025, driven by higher rents and improved lease rates[115]. - Manufacturing revenue for the six months ended February 28, 2025, was $1,520.7 million, down 3.2% from $1,570.7 million in the same period of 2024[17]. Earnings and Profitability - Net earnings attributable to Greenbrier for the three months ended February 28, 2025, were $51.9 million, up 55.1% from $33.4 million in the prior year[17]. - Basic earnings per common share increased to $1.66 for the three months ended February 28, 2025, compared to $1.08 for the same period in 2024, representing a 53.7% increase[17]. - Net earnings for the six months ended February 28, 2025, were $105.3 million, compared to $66.8 million for the same period in 2024, representing a 57.5% increase[21]. - Earnings from operations for the six months ended February 28, 2025, were $195.4 million, up from $128.4 million for the same period in 2024, representing an increase of approximately 52.2%[73]. - The company reported a margin of $138.6 million for the three months ended February 28, 2025, compared to $122.2 million in the prior year, indicating a margin increase of 13.1%[17]. Assets and Equity - Total assets as of February 28, 2025, were $4,267.0 million, slightly up from $4,254.5 million as of August 31, 2024[16]. - Total equity increased to $1,620.5 million as of February 28, 2025, compared to $1,536.6 million as of August 31, 2024, marking a growth of 5.5%[16]. - Total equity attributable to Greenbrier increased to $1,460.2 million as of February 28, 2025, up from $1,299.9 million as of February 29, 2024, reflecting a growth of 12.4%[20]. - The company's accounts receivable increased to $535.4 million as of February 28, 2025, from $523.8 million as of August 31, 2024, showing a growth of 2.9%[16]. Cash Flow and Capital Expenditures - Cash and cash equivalents decreased to $263.5 million from $351.8 million as of August 31, 2024, reflecting a decline of 25.0%[16]. - Cash flows from operating activities provided $28.5 million, a decrease from $54.4 million in the prior year[21]. - Capital expenditures for the six months ended February 28, 2025, were $126.4 million, down from $190.5 million in the prior year[21]. - The net cash used in investing activities was $65.0 million, a decrease from $163.1 million in the prior year[21]. Segment Performance - The Company operates in two reportable segments: Manufacturing and Leasing & Fleet Management, with segment results recast to reflect the new reportable segments effective September 1, 2024[70]. - The Manufacturing segment generated revenue of $1,520.7 million for the six months ended February 28, 2025, compared to $1,570.7 million for the same period in 2024, a decrease of about 3.2%[73]. - The Leasing & Fleet Management segment reported revenue of $117.3 million for the six months ended February 28, 2025, compared to $100.8 million for the same period in 2024, an increase of approximately 16.5%[73]. Debt and Financing - As of February 28, 2025, the Company had $1.3 billion in senior secured credit facilities, with $488.0 million available to draw down[39]. - The company has effectively converted $701.9 million of variable rate debt to fixed rate debt as of February 28, 2025[180]. - As of February 28, 2025, 87% of the company's outstanding debt had fixed rates, while 13% remained at variable rates[196]. - The company expects existing funds and cash generated from operations to be sufficient to fund expected debt repayments and working capital needs over the next twelve months[181]. Other Financial Metrics - The Company declared cash dividends of $19.8 million during the six months ended February 28, 2025, compared to $19.7 million in the same period of 2024[21]. - The accumulated other comprehensive loss (AOCL) balance as of February 28, 2025, was $(40.8) million, compared to $(34.0) million as of August 31, 2024[50]. - Interest and foreign exchange expenses decreased by $2.7 million to $45.1 million for the six months ended February 28, 2025, due to higher interest income, despite a $2.6 million increase in foreign exchange losses[152]. Operational Changes and Future Outlook - The Company combined the former Maintenance Services and Manufacturing segments into a single reportable segment, Manufacturing, effective September 1, 2024[25]. - The Company is consolidating its European operations and has approved the closure of a manufacturing facility in Romania, expected to be completed in 2025[95]. - The railcar backlog was 20,400 units with an estimated value of $2.6 billion as of February 28, 2025, with deliveries extending into 2026 and beyond[93].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) April 08, 2025 ImmuCell Corporation | (Exact name of registrant as specified in its charter) | | | | --- | --- | --- | | DE | 001-12934 | 01-0382980 | | (State or other jurisdiction | (Commission File Number) | (IRS Employer Identification No.) | | of incorporation) | | | | 56 Evergreen Drive Po ...

Revenue Performance - Revenue for Q1 2025 was $18.5 million, up from $16.6 million in Q1 2024, primarily due to increased collaboration revenue with Sanofi[12] - Total revenue for the three months ended February 28, 2025, was $18,453,000, an increase of 11.2% compared to $16,585,000 for the same period in 2024[20] - Collaboration revenue for the period was $18,453,000, consistent with total revenue, indicating no additional revenue streams reported[20] Research and Development - Nurix achieved $7 million in research milestones from Sanofi during Q1 2025 and received a $15 million license extension payment post-quarter[12] - Research and development expenses for Q1 2025 were $69.7 million, compared to $50 million in Q1 2024, driven by clinical and manufacturing costs[13] - Research and development expenses rose significantly to $69,663,000, up from $50,005,000, reflecting a 39.4% increase year-over-year[20] - The company is advancing multiple clinical trials for its drug candidates, including NX-2127 and NX-1607, with updates expected in 2025[6][8] - Nurix plans to initiate pivotal trials for bexobrutideg in chronic lymphocytic leukemia (CLL) in 2025[3] Financial Performance - Net loss for Q1 2025 was $56.4 million, or $0.67 per share, compared to a net loss of $41.5 million, or $0.76 per share, in Q1 2024[14] - Net loss for the period was $56,351,000, compared to a net loss of $41,518,000 in the prior year, indicating a deterioration in financial performance[20] - Net loss per share, basic and diluted, improved slightly to $(0.67) from $(0.76) year-over-year[20] - Accumulated deficit increased to $(795,120,000) from $(738,769,000), indicating a worsening financial position[22] Cash and Assets - Cash, cash equivalents, and marketable securities totaled $549.7 million as of February 28, 2025, down from $609.6 million as of November 30, 2024[15] - Total current assets decreased to $563,703,000 from $619,387,000, a decline of 9.0%[22] - Cash and cash equivalents decreased to $75,916,000 from $109,997,000, representing a decline of 30.9%[22] - Total stockholders' equity decreased to $480,917,000 from $526,993,000, a decline of 8.7%[22] Collaborations and Leadership - Nurix continues to collaborate with Gilead, Sanofi, and Pfizer, expecting to achieve substantial research collaboration milestones[11] - Nurix appointed Roy D. Baynes to its board and John Northcott as chief commercial officer to enhance leadership[5] Regulatory Developments - Bexobrutideg received U.S. FDA Orphan Drug Designation for the treatment of Waldenström macroglobulinemia, providing benefits such as tax credits and market exclusivity[4]

Revenue Performance - Consolidated revenue for the quarter ended February 28, 2025, was $59.6 million, a decrease from $61.3 million in the same quarter of fiscal 2024, with a constant currency revenue of $60.1 million[66]. - Enterprise Division revenues for the second quarter of fiscal 2025 totaled $43.6 million, down from $45.6 million in the prior year, primarily due to a $1.1 million decrease in International Direct Office revenues and a $1.0 million decrease in North America segment revenues[67]. - Education Division revenues increased by 3% to $15.1 million compared to $14.7 million in the prior year, driven by increased training and coaching revenue, membership subscription revenues, and classroom materials sales[68]. - Consolidated subscription and subscription services revenues for the second quarter of fiscal 2025 were $49.5 million, down from $50.3 million in the same quarter of fiscal 2024[68]. - Consolidated deferred subscription revenue increased by 10% to $94.4 million compared to $86.1 million at February 29, 2024[68]. - International Direct Office revenues decreased by $1.1 million, impacted by economic disruptions and geopolitical tensions, with significant declines in China (35%), Japan (19%), and the UK (17%) compared to the same period in fiscal 2024[74]. - North America segment revenue for the first two quarters of fiscal 2025 totaled $74.657 million, a decrease of $1.190 million compared to fiscal 2024[86]. - International Direct Office revenues decreased by 9.7%, or $1.553 million, for the first two quarters of fiscal 2025, impacted by economic disruptions in Asia and Europe[89]. - International Licensees revenue decreased by 3%, or $0.2 million, primarily due to decreased services revenue and a decrease in share of AAP revenue[92]. - Education Division revenue for the first two quarters of fiscal 2025 increased by 7%, or $1.949 million, reaching $31.529 million[95]. Profitability and Expenses - Gross profit for the second quarter of fiscal 2025 was $45.7 million, down from $46.9 million in the prior year, with a gross margin of 76.7% compared to 76.4% in the same quarter of the prior year[68]. - Operating expenses increased by $1.8 million, primarily due to a $4.3 million increase in selling, general, and administrative (SG&A) expenses[68]. - The net loss for the quarter ended February 28, 2025, was $(1.1) million, or $(0.08) per share, compared to net income of $0.9 million, or $0.06 per diluted share, in the same quarter of fiscal 2024[68]. - Adjusted EBITDA for the quarter was $2.1 million, down from $7.4 million in the second quarter of fiscal 2024, with a constant currency Adjusted EBITDA of $2.6 million[68]. - Education Division gross profit increased to $9.331 million, with a gross margin of 61.9%, up from 59.1% in the prior year[81]. - SG&A expenses for the Education Division increased to $19.788 million, up from $18.514 million in the prior year[95]. - North America SG&A expenses increased by $5.132 million, primarily due to new sales personnel and increased advertising costs[88]. - International Licensee gross margin increased to 88.9% in the first half of fiscal 2025, driven by increased royalties in the revenue mix[93]. Cash Flow and Financing - Cash provided by operating activities decreased to $12.8 million in the first half of fiscal 2025 from $30.2 million in the same period of fiscal 2024, primarily due to lower operating income and cash payments for income taxes[108]. - Total cash used for investing activities in the first half of fiscal 2025 was $5.0 million, with $2.4 million allocated to the development of offerings and $2.3 million for property and equipment purchases[109]. - The company expects capital spending for curriculum development to total approximately $8.3 million in fiscal 2025, with additional investments planned for future offerings[110]. - A new credit agreement provides up to $70.0 million in total credit, with $62.5 million available as a revolving line of credit, maturing on March 27, 2028[105]. - Net cash used for financing activities totaled $15.9 million, primarily for purchasing common stock and principal payments on financing obligations[113]. - The company had over $100 million in available liquidity as of February 28, 2025, consisting of $40.4 million in cash and a $62.5 million undrawn revolving credit facility[104]. - The effective interest rate on the 2023 Credit Agreement was 6.0% as of February 28, 2025, while the financing obligation had a fixed interest rate of 7.7%[129]. - The company anticipates that total cash paid for income taxes will approximate its total income tax provision on an annual basis going forward[103]. Tax and Regulatory Matters - The effective tax rate for the first two quarters of fiscal 2025 was 56.1%, significantly higher than the 14.4% rate in the same period of the previous year, due to near-break-even pre-tax income[102]. Market and Strategic Updates - The company reacquired license rights to sell content in France for $0.3 million in cash and $0.2 million of forgiven receivables, indicating plans for market expansion in France[112]. - No material changes reported from the previous information in the Annual Report[130]. - No utilization of foreign currency or interest rate derivative instruments during the quarter[130]. - No significant updates on user data or performance metrics provided in the call[130]. - No new product or technology developments mentioned in the conference[130]. - No market expansion or acquisition strategies discussed[130]. - No future outlook or performance guidance provided[130]. - No new strategies or initiatives highlighted during the call[130]. - No financial performance figures or percentages disclosed[130]. - No commentary on competitive positioning or market trends included[130]. - No updates on regulatory or compliance matters shared[130].

Financial Performance - Operating Profit for 2024 increased by 62.5% to $1.34 billion, with Net Income attributable to owners reaching $253 million ($1.47 per share), a significant recovery from a net loss of $82 million in 2023[38]. - Net Cash Provided by Operating Activities totaled $1.60 billion, leading to a record Equity Free Cash Flow of $777 million, enabling debt reduction and bringing leverage within target range[38]. - The company experienced net foreign exchange losses of $43 million in fiscal year 2024, compared to net foreign exchange gains of $31 million in fiscal year 2023[164]. - As of December 31, 2024, the company's consolidated indebtedness excluding lease liabilities was $5,815 million, with total indebtedness including lease liabilities amounting to $6,769 million[193]. - The company funded acquisitions in Panama and Nicaragua primarily through additional indebtedness, including a $750 million bond issued in March 2019 and a $600 million bond issued in November 2019[195]. Cost Management - Employee-related cost reductions achieved approximately 15% savings through a 27% average headcount reduction over the past two years[40]. - Operational expenses were reduced by approximately 21% on programming, 18% on information technology, and 18% on external services through renegotiated supplier contracts[40]. - Capital investment decreased by 30% over the past two years while improving customer broadband speeds and reducing churn[40]. - The company is committed to achieving operational goals and strategic plans, including cost-reduction projects and cash flow growth[61]. Strategic Acquisitions and Partnerships - Millicom signed a definitive agreement to acquire Telefónica's controlling 67.5% equity interest in Coltel, aiming to enhance its telecom capabilities in Colombia[40]. - A binding agreement was signed with Liberty Latin America to merge operations in Costa Rica, facilitating accelerated deployment of FTTH and 5G networks[43]. - The company entered into a definitive agreement to acquire 67.5% of Telefónica Colombia for approximately $1 billion, with plans to acquire the remaining 32.5%[198][199]. - A cashless merger with Liberty Latin America in Costa Rica is expected to close in the second half of 2025, with the company retaining a minority interest of approximately 14%[200]. Market Challenges - The company anticipates significant challenges due to global economic conditions, including high inflation and foreign exchange rate fluctuations[61]. - Rising content and programming costs, particularly for exclusive rights, are expected to impact profitability, with potential increases in costs due to foreign exchange fluctuations[76][77]. - The company faces intense competition in the broadband market, with local providers offering competitive pricing and services[71]. - Increased competition from larger operators due to industry consolidation may intensify pressure on the company's market position[109]. - The telecommunications industry is experiencing revenue declines from legacy services due to the rise of Over-the-Top (OTT) services, which has increased competitive risks[115]. Regulatory and Compliance Issues - The telecommunications market is heavily regulated, impacting licensing, construction, and operation of networks, which can lead to disputes with regulators[92]. - The company may face significant capital expenditures to acquire or renew licenses and access infrastructure necessary for service provision[84]. - Regulatory changes in markets like El Salvador and Honduras have required operators to shut down services or reduce signal capacity, affecting revenue[94]. - The company is subject to evolving fintech legislation, particularly regarding anti-money laundering, which may require additional investments to comply with new regulations[99]. - The company is subject to anti-corruption laws, including the Foreign Corrupt Practices Act and the Bribery Act, which could result in penalties affecting its business and financial condition[175]. Operational Risks - The company is navigating risks related to cybersecurity threats and potential disruptions in IT systems[63]. - Cyber-attacks have posed risks to the company's operations, with incidents occurring in several Latin American countries, potentially leading to significant business disruptions[102]. - The company has faced significant disruptions in the supply of microchips in recent years, although it did not experience such issues in 2023 or 2024[120]. - The company operates in markets with elevated risks of corruption violations, which could expose it to governmental investigations and legal penalties[175]. Customer and Market Dynamics - The company aims to expand its mobile financial services business in Latin America, focusing on customer growth and retention[61]. - Prepaid customers generated approximately 60% of the company's mobile service revenue during 2024[149]. - As of December 31, 2024, the Tigo Money business had a total of 3.7 million active users[146]. - The markets in which the company operates have mobile phone service penetration levels that typically exceed 100% of the population, which may constrain future growth[145]. Human Resources and Labor Relations - Approximately 13% of the company's employees participated in collective employment agreements as of December 31, 2024, which could lead to additional labor costs or work stoppages[191]. - The company’s ability to attract and retain talent is challenged by intense competition for qualified individuals in key areas such as digital and technology[212]. Legal and Litigation Risks - The company faced significant litigation risks, including complex and costly legal proceedings that could disrupt business operations[172]. - The company had a $16.2 million ruling against its business related to taxes on incoming international calls and interest expense deductibility in 2010[169]. - The company is subject to various national and local laws, and any significant changes could adversely impact its business and financial condition[156]. Future Outlook and Strategy - The company has established a clear strategy and set ambitious targets for 2025, focusing on execution and long-term value creation[50]. - The company is exploring acquisition opportunities to enhance its market position and operational efficiency[61]. - The company’s cash flow generation is highly dependent on the performance of its subsidiaries and joint ventures, particularly in emerging markets[213][215]. - The company may need to resort to additional external financing if it cannot generate sufficient cash flow[215].