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 September 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) ...

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 September 30, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to ______________ Commission file number: 001–38363 HALL OF FAME RESORT & ENTERTAINMENT COMPANY (Exact name of registrant as specified in its charter) De ...

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 September 30, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to ______________ Commission file number: 001–38363 HALL OF FAME RESORT & ENTERTAINMENT COMPANY (Exact name of registrant as specified in its charter) De ...

Financial Performance - Revenue for Q3 2025 was $1.7 million, an increase of 21.4% compared to Q3 2024, driven primarily by growth in direct-to-consumer sales[8] - Gross profit rose by 28.1% year-over-year, with gross profit margin improving by 310 basis points to 57.8% due to higher revenue and better cost control[8] - Net income for Q3 2025 was $0.3 million, or $0.04 per diluted share, compared to a net loss of $0.3 million, or $(0.04) per diluted share in the prior year[8] - Net loss for the nine months ended September 30, 2025, was $93,837, compared to a net loss of $281,606 for the same period in 2024[18] - The company reported a significant other income of $491,801 from an ERTC refund, contributing to the positive net income for the quarter[15] Assets and Liabilities - Total current assets increased to $4.21 million as of September 30, 2025, up from $2.86 million at the end of 2024[13] - Total assets reached $8.23 million, compared to $7.17 million at the end of 2024, reflecting a strong financial position[13] - Total liabilities increased to $7.63 million as of September 30, 2025, compared to $7.29 million at the end of 2024[13] Cash Flow - Net cash provided by operating activities was $1,478,358, a significant increase from a cash used of $54,178 in the prior year[18] - Cash at the end of the period increased to $1,005,324, up from $250,170 at the end of the previous year[18] - Cash paid for interest amounted to $241,662, compared to $187,031 in the prior year[18] Strategic Initiatives - The company completed a direct listing on the Nasdaq Capital Market under the symbol MEHA, enhancing its capital foundation for expansion[4] - A strategic partnership with Market Performance Group was established to enhance the growth of the Kirkman brand across eCommerce and digital channels[5] - The P2i by Kirkman prenatal supplement became the first to comply with California's SB 646 QR-code disclosure law ahead of the January 2027 deadline[5] Accounts and Expenses - The company recorded an allowance for doubtful accounts receivable of $3,796, while the allowance for inventory obsolescence was $12,895[18] - Total accounts receivable increased by $218,054, contrasting with a decrease of $103,316 in the previous year[18] - The company incurred financing expenses on warrant issuance totaling $45,263[18] - Deferred offering costs were $667,810, significantly higher than $95,625 in the prior year[18] - Proceeds from loans were $195,277, down from $280,000 in the previous year[18] - The company issued common stock for convertible note payable and accrued interest amounting to $122,331[18]

Financial Performance - For the six months ended October 31, 2025, the company's net income was $12,142,000, or $1.29 per share, representing a 4.9% increase from $11,572,000, or $1.23 per share, in the same period of 2024[146]. - The company's income from operations for the six months ended October 31, 2025, was $3,008,000, which is 16.2% lower than the $3,591,000 reported for the same period in 2024[146]. - During the three months ended October 31, 2025, the company's net income was $5,682,000, or $0.60 per share, slightly below the $5,685,000, or $0.60 per share, for the same period in 2024[147]. - The company's income from operations for the three months ended October 31, 2025, was $1,512,000, a decrease of 13.3% from $1,744,000 in the same period of 2024[147]. - Total expenses for the six months ended October 31, 2025, were $14,154,000, slightly above the $14,134,000 reported in the previous year[165]. Revenue Breakdown - Total publishing revenues for the six months ended October 31, 2025, were $17,162,000, a decrease of 3.2% compared to $17,725,000 in the prior fiscal year[165]. - Investment periodicals and related publications revenues were $12,194,000 for the six months ended October 31, 2025, down 2.2% from $12,469,000 in the previous year[153]. - Digital revenues for the six months ended October 31, 2025, were $7,828,000, reflecting a 2.8% decline from $8,055,000 in the prior fiscal year[154]. - Print publication revenues decreased to $4,366,000 for the six months ended October 31, 2025, a 1.1% drop from $4,414,000 in the same period last year[154]. - Non-voting revenues and non-voting profits interests from EAM Trust increased by 11.3% to $5,154,000 for the three months ended October 31, 2025, compared to $4,630,000 in 2024[145]. Investment Gains - Investment gains for the six months ended October 31, 2025, were $3,201,000, reflecting a 10.6% increase from $2,895,000 in 2024[145]. - Total investment gains for the six months ended October 31, 2025, were $3,201,000, an increase of 10.6% compared to the prior fiscal year, primarily from unrealized gains on equity securities[172]. Cash Flow and Assets - Cash inflows from operating activities during the six months ended October 31, 2025, were $8,512,000, up from $7,844,000 in the same period of 2024[179]. - Cash inflows from investing activities increased to $7,353,000 for the six months ended October 31, 2025, compared to $4,889,000 for the same period in 2024[180]. - The company had working capital of $62,530,000 as of October 31, 2025, compared to $56,230,000 as of April 30, 2025[177]. - Cash and short-term securities amounted to $81,427,000 as of October 31, 2025, an increase from $77,391,000 as of April 30, 2025[178]. - Total assets in the Value Line Funds managed by EAM were $4.76 billion as of October 31, 2025, slightly down from $4.78 billion a year earlier[158]. Shareholder Information - The company's average common shares outstanding during the six months ended October 31, 2025, were 9,408,597, compared to 9,419,006 in the same period of 2024[148]. - Quarterly dividend payments for fiscal year 2026 totaled $6,117,000, compared to $5,652,000 for fiscal year 2025[181]. - The company expects to continue financing activities with cash for dividend payments in the foreseeable future, with 9,408,597 common shares outstanding as of October 31, 2025[182]. Tax and Expenses - The effective income tax rate for the six months ended October 31, 2025, was 26.34%, up from 24.65% in 2024, primarily due to an increase in state and local income taxes[174]. - Operating expenses for the three months ended October 31, 2025, were $7,044,000, a slight decrease of 0.7% from $7,097,000 in the same period of 2024[145]. Market and Economic Conditions - The U.S. GDP contracted by an annualized rate of 0.6% in the first quarter of 2025 but rebounded with a growth of 3.8% in the second quarter[139]. - Unearned subscription revenue as of October 31, 2025, was $20,329,000, which is 8.8% lower than $22,290,000 as of April 30, 2025[152]. Investment Strategy - The company maintains a policy to invest no more than 5% of the average daily trading volume in any single equity issue to ensure liquidity[202]. - The company regularly monitors the maturity structure of its investments in debt securities to manage price risk associated with interest rate changes[199]. - The company’s equity investment strategy focuses on acquiring a diverse range of equity securities to mitigate risks associated with market fluctuations[202]. - The portfolio includes ETFs aimed at dividend yield, primarily from financial institutions, diversifying across various industry groups[202].

Revenue Performance - Q4 2025 revenue was $68.3 million, an 11% increase from $61.3 million in Q4 2024, with a sequential organic growth of 5% from Q3 2025[5] - Fiscal year 2025 revenue was $245.4 million, slightly down from $245.9 million in fiscal year 2024[5] - Recurring revenue for Q4 2025 accounted for 80% of total revenue, driven by the growth in the resupply platform[5] Profitability Metrics - Adjusted EBITDA for Q4 2025 was $14.9 million, representing 21.8% of revenues, compared to $13.4 million (21.9%) in Q4 2024, marking an 11% increase[5] - Adjusted EBITDA for fiscal year 2025 was $55.9 million (22.8% of revenue), down 3% from $57.7 million (23.5%) in fiscal year 2024[5] - Net loss for Q4 2025 was ($3.6) million, or ($0.08) per diluted share, compared to ($2.9) million, or ($0.07) per diluted share in Q4 2024[5] Customer Growth - The customer base increased by 10% year over year to 346,000 unique patients served in fiscal year 2025[5] - Unique set-ups/deliveries increased by 7% to 917,000 in fiscal year 2025, including 486,000 respiratory resupply set-ups[5] Cash Flow and Financial Health - Cash flow from operating activities was $37.7 million for the year ended September 30, 2025, compared to $35.4 million for the previous year[5] - The Company maintains a conservative balance sheet with a Net Debt to Adjusted EBITDA Leverage Ratio of 1.8x[5]

Company Operations - Quipt Home Medical Corp. operates in 27 states in the US, focusing on durable medical equipment for chronic conditions, particularly respiratory diseases[24]. - As of September 30, 2025, the Company had approximately 1,600 employees and operates in 27 states, facing competition from both large national and regional DME providers[51][46]. Financial Performance - The company has been negatively impacted by inflation and rising interest rates, affecting its financial performance[19]. - Supply chain disruptions and labor shortages in the US have adversely affected Quipt's operations[19]. - Quipt's financial condition is influenced by private third-party payors' efforts to control costs, which may lead to lower reimbursement rates[19]. - Changes in governmental reimbursement policies could significantly affect Quipt's revenue and financial condition[22]. - The Company has no current plans to pay cash dividends on its Common Shares for the foreseeable future, which may affect returns on investment[30]. - The Company has no customers accounting for 10% or more of its consolidated revenue, primarily earning revenue through reimbursements from government and private health insurance[49]. - The Company recognized a foreign currency loss of approximately $367,000 due to unfavorable exchange rate movements during the twelve months ended September 30, 2025[333]. - The company has not employed any foreign currency hedging programs, which could lead to significant effects on net income due to fluctuations in the Canadian dollar against the US dollar[334]. - With $87,583,000 of borrowings on the credit facility, a 1% increase in interest rates would result in an additional $335,830 of annual interest expense[335]. Strategic Growth and Acquisitions - Quipt's strategic growth plan includes acquisitions, but the success of this strategy is uncertain[19]. - The Company has entered into an Arrangement Agreement to be acquired for US$3.65 per Share, with the transaction expected to close in the first half of 2026[25][27]. - The acquisition will result in the Company being de-listed from The Nasdaq Capital Market and the Toronto Stock Exchange, ceasing to be a Canadian "reporting issuer" post-transaction[28]. - The Company acquired 100% of Mediserve Medical Equipment for a total purchase price of $2,616,000, funded from cash on hand[40]. - The Company also acquired a 60% interest in Hart Medical Equipment for $17,372,000 in cash and the repayment of $3,261,000 in indebtedness, funded through borrowings under its senior credit facility[41]. - The Company aims to create shareholder value by expanding its geographical footprint through strategic acquisitions and enhancing patient compliance with technology solutions[35][36]. Regulatory and Operational Risks - The company relies on a limited number of suppliers for patient service equipment, which poses operational risks[19]. - Quipt's operations are subject to various regulatory requirements, and failure to comply could result in penalties[22]. - The company may need additional capital to fund growth, which may not be available on acceptable terms[22]. - The company has entered into interest rate swap agreements for $54,000,000 of principal to receive a fixed rate during the year ended September 30, 2025[335]. Competition - The company faces competition from numerous providers in the sleep therapy and home respiratory equipment markets, which could impact revenues[19].

Financial Performance - The company incurred a net loss of approximately $18.2 million and used cash in operations of approximately $13.1 million during the six months ended October 31, 2025 [141]. - Revenues for the three months ended October 31, 2025, were approximately $0.4 million, a decline of 83.5% compared to $2.4 million in the same period of 2024, primarily due to disruptions from the U.S. federal government shutdown [165]. - The net loss for the six months ended October 31, 2025, was $18.2 million, compared to a net loss of $8.4 million for the same period in 2024, indicating a year-over-year increase of 116.7% [176]. - Operating expenses rose to $8.7 million for the three months ended October 31, 2025, compared to $4.7 million in 2024, driven by a $2.5 million increase in share-based compensation [167]. - Net cash used in operating activities for the six months ended October 31, 2025, was $13.1 million, an increase of $2.2 million from $10.9 million in the same period of 2024 [177]. - Interest expense for the three months ended October 31, 2025, was $(564,000), a significant decrease from $3,000 in 2024, primarily due to expenses related to convertible notes [168]. Financial Position - As of October 31, 2025, the company had cash and cash equivalents of $11.8 million, which is expected to fund operations through December 2026 [182]. - The company believes cash on hand and forecasted operating results will provide sufficient liquidity for at least the next 12 months [142]. - Net cash provided by financing activities increased to $19.8 million for the six months ended October 31, 2025, compared to $10.0 million in 2024, primarily due to proceeds from convertible notes [179]. - The company issued an additional $6.5 million of convertible notes to institutional investors during the quarter, increasing its financial flexibility [140]. Market and Operational Insights - As of October 31, 2025, the backlog was $15.0 million, compared to $3.8 million at October 31, 2024, indicating significant growth in unfulfilled purchase orders [147]. - The company expects to convert all current backlog into revenue within the next 12 to 36 months, although timing may vary [147]. - Revenue distribution for the three months ended October 31, 2025, showed 32% from North and South America, 26% from EMEA, and 42% from Asia and Australia, highlighting a shift in market focus [154]. Costs and Expenses - Cost of revenues increased to $1.8 million for the three months ended October 31, 2025, from $1.6 million in 2024, reflecting full recognition of losses associated with contracts in strategically important markets [166]. - The company has a history of operating losses, which are expected to continue in the short term [141]. Development and Strategic Plans - Engineering and product development costs are focused on enhancing the PowerBuoy® system's power output and reliability, as well as developing new products [156]. - The company plans to use net proceeds from its At-the-Market Offering Program, which has a gross sales price of up to $40.0 million, for general corporate purposes including product development and potential acquisitions [144]. Accounting and Reporting - The company is currently evaluating the impact of recently issued Accounting Standards Updates on its financial reporting [149]. - The company experienced a foreign exchange loss of $10, compared to a loss of $1 in the same period of 2024 [164]. - The company has not engaged in any off-balance sheet financing activities since inception [183].

Sales Performance - For the nine-month period of fiscal 2026, the combined net sales of Pulaski Furniture and Samuel Lawrence Furniture accounted for approximately 15% of consolidated net sales[98]. - Consolidated net sales for Q3 FY2026 decreased by $11.9 million, or 14.4%, to $70.7 million compared to $82.7 million in the prior-year period, primarily due to timing of shipments in the hospitality business[106]. - For the first nine months of FY2026, consolidated net sales decreased by $22.0 million, or 9.4%, to $211.1 million compared to $233.1 million in the prior-year period, largely due to lower hospitality net sales[109]. - The Hooker Branded segment's net sales increased by 1.1% for both Q3 and the nine-month period, supported by higher average selling prices[120]. - Domestic Upholstery segment's net sales increased by $870,000, or 3.0%, in Q3, with Shenandoah Furniture reporting a 7.2% increase for the quarter[120]. - All Other segment's net sales decreased significantly, primarily due to a decline in hospitality net sales from timing of shipments[120]. - Hooker Branded segment's net sales decreased by $990,000, or 8.0%, in the third quarter, and by $1.7 million, or 5.0%, for the nine-month period[123]. - Consolidated net sales for the third quarter were $18.2 million, a decrease of 24.5% compared to the prior year[123]. - Net sales decreased by $11.3 million, or 52.3%, in Q3 and $22.5 million, or 37.6%, for the nine-month period due to significantly lower unit volume[132]. Order Backlog - Consolidated order backlog decreased 10.3% compared to the fiscal year-end on February 2, 2025, and 23.8% compared to the prior year third quarter end[104]. - Hooker Branded's backlog increased 17.2% compared to fiscal year-end and 7.9% compared to the prior-year third quarter, supported by a 4.1% increase in incoming orders during the quarter[105]. - Domestic Upholstery's backlog decreased 10.9% from year-end but increased 7.5% compared to the prior-year quarter-end, driven by a 3.5% increase in incoming orders[105]. - The absence of large projects in the hospitality business during the current period contributed to the decrease in consolidated order backlog[104]. Strategic Changes - The divestiture of Pulaski Furniture and Samuel Lawrence Furniture brands represents a strategic shift and will result in a significant change to the Company's operations and financial reporting[98]. - Management initiated a formal process to sell the Pulaski Furniture and Samuel Lawrence Furniture brands due to substantial sales declines and misalignment with long-term strategic direction[96][97]. - The Home Meridian segment will be eliminated following the sale of Pulaski Furniture and Samuel Lawrence Furniture, with its remaining brand reclassified into the "All Other" category[98]. - The Company is focused on realigning its portfolio around its strongest brands to achieve sustainable, long-term profitability[97]. Financial Performance - Gross profit from continuing operations decreased by $2.4 million, but gross margin improved slightly to 25.6% from 24.8% in the prior-year period, driven by margin improvement at Hooker Branded[107]. - Consolidated operating loss for Q3 FY2026 was $16.3 million, including $15.6 million in non-cash impairment charges, with a net loss of $12.5 million, or ($1.18) per diluted share[108]. - Consolidated gross margin improved to 25.0% from 23.9% in the prior-year period, despite a $2.9 million decrease in gross profit, primarily due to increased profitability at Domestic Upholstery[110]. - The company recorded $15.6 million in non-cash impairment charges during the third quarter, including $14.5 million for goodwill impairment in the Sunset West division[125]. - The operating loss for the third quarter was $16.3 million, driven by the $15.6 million impairment charge and $597,000 in restructuring costs[126]. - Net loss from continuing operations for the third quarter was $3.6 million, a decrease of 17.7% compared to the prior year[129]. - The company reported a diluted loss per share from continuing operations of $0.34 for the third quarter[129]. Cost Management - The company exceeded its initial goal to reduce fixed costs by approximately $25 million by the end of Q3 FY2026, with a new cost structure in place[113]. - Restructuring costs of approximately $600,000 were recorded in Q3 FY2026, primarily related to severance associated with cost-reduction initiatives[108]. - Consolidated selling and administrative (S&A) expenses decreased by $5.9 million in the third quarter and by $9.7 million for the nine-month period, primarily due to the exit of the PRI business and lower restructuring costs[123]. - The Domestic Upholstery segment's S&A expenses decreased by $263,000, or 1.4%, in the third quarter, with restructuring costs totaling $127,000[124]. - All Other S&A expenses decreased significantly due to the absence of bad debt from a major customer bankruptcy in the prior year[124]. Cash Flow and Financing - Cash provided by operating activities totaled $22.9 million compared to $(11.9) million used in operations for the same period last year[140]. - Cash used in financing activities was $25.5 million, compared to $8.3 million in the prior-year period, mainly due to $17.9 million of repayments on the revolving credit facility[138]. - Cash generated from collections of trade accounts receivable was $13.6 million, compared to $1.4 million outflows in the prior-year period[140]. - The company recorded a net loss from discontinued operations of $(8,640) million, a decrease of 83.6% compared to the previous year[136]. - The Amended and Restated Loan Agreement provides for a revolving credit facility of up to $70 million, with an option to increase by up to $30 million[145]. - As of November 2, 2025, the company had $4.1 million in outstanding loans and $2.1 million in letters of credit, with an availability of $63.8 million based on the current borrowing base[153]. - The company expects to incur approximately $1 million in capital expenditures for the remainder of fiscal 2026 to maintain and enhance operating systems and facilities[154]. - A quarterly cash dividend of $0.115 per share was declared on December 11, 2025, to be paid on December 31, 2025[155]. - The outstanding loans under the Amended and Restated Loan Agreement bear interest at a rate of Term SOFR plus 1.85%, with a potential annual increase in interest expenses of approximately $41,000 for a 1% increase in the SOFR rate[158]. - The company incurred $480,000 in debt issuance costs in fiscal 2025 and an additional $33,000 in the first half of fiscal 2026[153]. - The financial covenant requires a maintenance ratio of at least 1.0 to 1.0 for EBITDA net of capital expenditures to debt service and dividends if availability falls below 10%[151]. Market Risks - The company is exposed to market risks including interest rate changes, raw materials price risk, and foreign currency exchange rate fluctuations[157]. - The company does not use derivative financial instruments to manage currency risk but may consider doing so in the future[160]. - The Amended and Restated Loan Agreement allows for prepayment of outstanding principal amounts without penalty, subject to certain conditions[148]. - The obligations under the loan agreement are secured by a first priority security interest in substantially all assets of the borrowers, excluding real estate[150].

Acquisition and Growth Strategy - Quanex completed the acquisition of Tyman plc on August 1, 2024, enhancing its global reach and cross-selling opportunities[16] - The company continues to evaluate business acquisitions to expand its market presence and enhance product offerings[99] - The company aims to invest in organic growth opportunities, develop infrastructure, and explore strategic acquisitions as part of its cash deployment strategy[162] Financial Performance - Net sales for the fiscal year ended October 31, 2025, increased by $559.8 million, or 44%, reaching $1,837.6 million compared to $1,277.9 million in 2024[117] - Operating income for the fiscal year ended October 31, 2025, was a loss of $194.0 million, a decline of 454% compared to an operating income of $54.8 million in 2024[117] - Net loss for the fiscal year ended October 31, 2025, was $250.8 million, a significant decrease of 859% from a net income of $33.1 million in 2024[117] Market Conditions and Risks - Housing starts in the U.S. are projected to decrease from 1,509 thousand units in 2023 to 1,463 thousand units in 2025, reflecting a 3% decline[20] - The company faces risks related to the cyclical nature of the residential remodeling and housing starts, which could adversely affect its financial condition[42] - The company is exposed to potential disruptions in the global economy due to geopolitical tensions, which could impact its operating results and profitability[52] Operational Efficiency and Sustainability - The company aims to improve profitability through operational efficiencies, preventive maintenance, and better utilization of manufacturing capacity[22] - The company emphasizes sustainability and aims to reduce its environmental impact while enhancing employee safety[29] - The company is subject to extensive laws and regulations concerning worker safety and environmental matters, which have not materially affected its operations[34] Employee and Workforce Management - As of October 31, 2025, the company had 7,071 full-time employees, with stable employee headcount throughout the year[38] - The company operates in rural areas where competition for skilled labor is fierce, potentially leading to higher labor costs and impacting profitability[64] Financial Position and Cash Flow - Cash and cash equivalents as of October 31, 2025, were $76.0 million, with $641.3 million outstanding under credit facilities[152] - The company had $296.3 million available for use under a revolving credit facility as of October 31, 2025[152] - Cash flows provided by operating activities increased by $76.1 million to $164.9 million for the year ended October 31, 2025, compared to $88.8 million in 2024[159] Goodwill and Impairment - The company experienced a goodwill impairment of $302.3 million in the third quarter of 2025, with total goodwill amounting to $271.3 million at the same date[55] - A goodwill impairment of $302.3 million was recorded in the third quarter of 2025, primarily due to a decline in stock price and market conditions[103] - The company performed its annual goodwill impairment test in the third quarter of 2025, identifying the estimation of fair value of reporting units as a critical audit matter[210] Legal and Compliance Issues - A shareholder class action lawsuit was filed against the Company on September 19, 2025, alleging violations of federal securities laws related to public disclosures, particularly concerning operations in Mexico[87] - Compliance with U.S. and international anti-corruption regulations is critical, as violations could lead to severe sanctions and adversely affect financial results[63] Supply Chain and Production Risks - Supply chain inefficiencies due to pandemics may force the company to pay higher prices for supplies, negatively impacting revenues and financial condition[62] - Equipment failures or catastrophic losses at manufacturing facilities could severely disrupt production capabilities, affecting sales and earnings[65] - Climate change and extreme weather events pose risks to the supply chain and manufacturing facilities, which could decrease customer demand and revenues[68] Intellectual Property and Data Security - The company relies on a combination of copyright, patent, and trade secrets to protect its intellectual property, which may not provide sufficient protection[45] - The company faces data security and privacy risks that could adversely affect its operations and financial results, including potential breaches leading to loss of confidential data and reputational damage[59] Taxation and Financial Regulations - Changes in taxation and tax audits could materially affect the company’s financial condition and cash flows[69] - The company is subject to various operational restrictions and financial covenants under its revolving credit facility, which may limit access to capital[56]