Financial Performance - For the three months ended March 31, 2025, the company generated revenues of $7,333,710, a decrease of 13.77% from $8,504,777 in the same period in 2024, primarily due to a decline in metal revenue[230][231] - Gross profit increased to $3,486,663 for the three months ended March 31, 2025, up 6.81% from $3,264,261 in the same period in 2024, attributed to improved margins on hauling and metal revenue[230][232] - Operating expenses rose by 21.27% to $7,368,170 for the three months ended March 31, 2025, compared to $6,075,985 in 2024, driven by increases in payroll, advertising, and depreciation expenses[230][233][234] - The loss from operations increased to $3,881,507 for the three months ended March 31, 2025, compared to $2,811,724 in the same period in 2024, reflecting higher operating expenses[230][235] - Net loss available to common stockholders was $7,665,703 for the three months ended March 31, 2025, a significant reduction of 77.09% from $33,460,778 in the same period in 2024[230][238] - Net cash used in operating activities was $4,161,414 for the three months ended March 31, 2025, compared to $3,460,823 in the same period in 2024, driven by a net loss of $4,665,739[239] - The company experienced a decrease in hauling costs, contributing to a reduction in the cost of revenues to $3,847,047 for the three months ended March 31, 2025, down from $5,240,516 in 2024[231][232] Cash Flow and Financing - Net cash provided by financing activities increased to $7,145,205 for the three months ended March 31, 2025, compared to $2,627,882 for the same period in 2024[241] - As of March 31, 2025, the company had cash on hand of $5,501,755 and a working capital deficit of $(7,478,957)[243] - The company raised approximately $4.0 million from a registered direct offering of 68,585 shares at $58.32 per share on January 13, 2025[247] - The company has no external sources of liquidity that could affect its financial condition or access to capital[242] - Additional debt financing may involve covenants that restrict operations or incur additional debt, impacting the company's ability to raise capital[244] Compliance and Regulatory Matters - The company received a notice from Nasdaq on May 23, 2025, for failing to file its Q1 10-Q, with a compliance deadline of November 17, 2025[248] - On August 20, 2025, the company executed a reverse stock split of 1-for-110 to regain compliance with Nasdaq's minimum bid price requirement[250] - The company intends to submit a plan to Nasdaq to regain compliance, but there is no assurance of acceptance[249] Operational Developments - The company expanded operations by opening a metal recycling facility in Cleveland, Ohio, as of the second quarter of 2023, enhancing its supply chain capabilities[226] - The company aims to open a facility with rail or deep-water port access to increase revenue and profitability by expanding the number of potential buyers for processed scrap products[219] - The company processes nonferrous metals and sells recovered catalytic converters from end-of-life vehicles, contributing to its diverse revenue streams[222] - The accumulated deficit as of March 31, 2025, was $(503,978,049), raising substantial doubt about the company's ability to continue as a going concern[243] - The company has entered into several material agreements during the most recent fiscal quarter[246]

Financial Performance - Revenues for fiscal year 2025 increased by 10% to $1,662.4 million compared to $1,509.4 million in fiscal year 2024[150]. - The average sales price per residential lot rose to $108,400 in fiscal 2025 from $96,600 in fiscal 2024, despite a decrease in total lots sold[151]. - The company sold 14,240 residential lots in fiscal 2025, down from 15,068 in fiscal 2024, with sales to D.R. Horton decreasing from 13,267 to 11,751 lots[153]. - Selling, general and administrative (SG&A) expenses increased to $154.4 million in fiscal 2025, representing 9.3% of revenues, up from 7.9% in fiscal 2024[159]. - In fiscal 2025, net cash used in operating activities was $197.7 million, compared to $158.4 million in fiscal 2024[180]. - Net cash provided by financing activities in fiscal 2025 was $92.5 million, significantly higher than $16.3 million in fiscal 2024, primarily due to the issuance of $500 million principal amount of 2033 notes[182]. Debt and Liquidity - The company maintained a strong liquidity position with $379.2 million in cash and cash equivalents and $588.9 million in available borrowing capacity as of September 30, 2025[166]. - The ratio of debt to total capital increased to 31.2% in fiscal 2025 from 30.7% in fiscal 2024, while the ratio of net debt to total capital rose to 19.3% from 12.4%[167]. - Interest incurred increased to $45.5 million in fiscal 2025 from $32.6 million in fiscal 2024, with capitalized interest representing 2.4% of total cost of sales[158]. - As of September 30, 2025, the company had a $640 million senior unsecured revolving credit facility, which was increased to $665 million after exercising the accordion feature[169]. - The company had no outstanding borrowings under the revolving credit facility as of September 30, 2025, with $51.1 million in letters of credit issued, resulting in an available capacity of $588.9 million[169]. - The company recognized a $1.2 million loss on extinguishment of debt related to the repurchase and redemption of its 2026 notes in fiscal 2025[172]. - The company had $300 million principal amount of 5.0% senior notes maturing March 1, 2028, with an annual effective interest rate of 5.2%[174]. - The company issued a note payable of $9.9 million in December 2023 for real estate acquisition, maturing in December 2025[178]. Strategic Focus - The company plans to remain disciplined in land investments and focus on managing lot sales pace and pricing to optimize returns[148]. - The company is positioned to consolidate market share in the lot development industry due to its national footprint and strategic relationship with D.R. Horton[148]. - The strategic relationship with D.R. Horton may impact customer relationships and potential benefits[199]. Compliance and Accounting Standards - The company was in compliance with all financial covenants associated with its revolving credit facility as of September 30, 2025[170]. - The company has an effective shelf registration statement for $750 million of equity securities, with $300 million reserved for sales under its at-the-market equity offering program[179]. - The FASB issued ASU 2023-09, effective for fiscal 2026, requiring disaggregated income tax disclosures[195]. - ASU 2024-03, effective for fiscal 2028 and interim periods in fiscal 2029, mandates expense disaggregation disclosures[196]. - The company is evaluating the impact of new accounting standards on its consolidated financial statements[195][196]. Risk Factors - Interest rate risk is monitored, with fixed rate debt totaling $300 million at 5.0%, $500 million at 6.5%, and $9.9 million at 4.0%[202]. - There is no exposure to foreign currency fluctuations or significant commodity price fluctuations[203][204]. - The company faces various risks including economic conditions, inflation, and supply shortages[199]. - The company is subject to risks from public health issues, natural disasters, and cybersecurity incidents[199]. - Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ significantly[197][198].

Financial Performance - Net sales for the three months ended September 30, 2025, were $7,024,027, a decrease of 7.57% compared to $7,602,249 for the same period in 2024[13] - Gross profit for the same period was $1,731,629, down from $1,980,807, reflecting a decrease of 12.54%[13] - The operating loss narrowed to $(88,463) for the three months ended September 30, 2025, compared to $(250,996) for the same period in 2024, indicating improved operational efficiency[13] - Net loss attributable to common stockholders was $(385,407) for the three months ended September 30, 2025, compared to $(534,386) in the prior year, a reduction of 28%[13] - Net loss for the quarter ended September 30, 2025, was $202,000 compared to a net loss of $367,000 for the same quarter in 2024, a decrease of $165,000[73] - Net loss attributable to common stockholders decreased by $149,000 to $385,000 for the quarter ended September 30, 2025[74] Cash and Liquidity - Cash and cash equivalents increased to $761,748 as of September 30, 2025, from $326,344 at June 30, 2025, representing a growth of 133.33%[10] - As of September 30, 2025, the company had $762,000 in cash and cash equivalents, an increase from $326,000 as of June 30, 2025[75] - Cash and cash equivalents increased by $435,000 to $812,000 as of September 30, 2025, compared to $377,000 as of June 30, 2025, with $607,000 provided from the line of credit[86] - Net working capital decreased from $718,110 as of June 30, 2025, to $592,564 as of September 30, 2025, reflecting ongoing liquidity challenges[30] - Working capital was $593,000 as of September 30, 2025, compared to $718,000 as of June 30, 2025[76] Assets and Liabilities - Total current assets rose to $9,018,155 as of September 30, 2025, compared to $8,954,185 at June 30, 2025, an increase of 0.71%[10] - Total liabilities decreased to $11,943,554 as of September 30, 2025, down from $12,176,738 at June 30, 2025, a reduction of 1.92%[10] - Trade accounts receivable decreased by approximately $80,000 or 2.9%, to $2,721,000 as of September 30, 2025, driven by reduced overall revenue and timing of collections[87] - Inventories decreased by $250,000 or 4.9%, to $4,824,000 as of September 30, 2025, due to adjustments in inventory management in response to the uncertain operating environment[88] - Accounts payable decreased by approximately $236,000 or 6.9%, to $3,168,000 as of September 30, 2025, primarily due to timing of payments[89] - The outstanding balance of the line of credit was $2,604,000 as of September 30, 2025, compared to $1,997,000 as of June 30, 2025[90] - Finance lease liability totaled approximately $1,350,000 as of September 30, 2025, with lease payments currently around $33,000 per month[91] - Operating lease liability decreased to approximately $2,948,000 as of September 30, 2025, from $3,205,000 as of June 30, 2025[92] Operational Changes and Strategies - The Company is transitioning production from a contract manufacturer to internal operations to reduce costs and improve quality control[31] - The Company is actively working to mitigate potential tariff-related costs by stocking adequate inventory of key products[33] - The Company is evaluating strategic actions to improve performance, including cost reduction initiatives and pursuing new revenue streams through product diversification[31] - The company is implementing a comprehensive plan to address challenges, including cost reduction initiatives and transitioning production in-house[77] - The company believes that successful implementation of strategic actions may mitigate substantial doubt regarding its ability to continue as a going concern[77] Dividends and Stock - Preferred stock dividends issued or to be issued amounted to $183,550 for the three months ended September 30, 2025, compared to $167,738 in the prior year, reflecting an increase of 9.99%[18] - The Company paid $183,550 in preferred stock dividends by issuing 2,557,952 shares of common stock during the three months ended September 30, 2025[45] - The Company has a stock repurchase plan with approximately $449,000 remaining as of September 30, 2025, with no purchases made since September 2011[95] Tax and Valuation - The Company recorded a full valuation allowance against its net deferred income tax assets as of September 30, 2025, indicating uncertainty in realizability[94]

Financial Performance - Q3 FY26 net sales reached $15.1 billion, a 7% increase compared to Q3 FY25[1] - Consolidated comparable sales for Q3 FY26 increased by 5%, exceeding the company's plan[4] - Q3 FY26 diluted earnings per share were $1.28, up 12% from $1.14 in Q3 FY25[1] - For the first nine months of FY26, net sales totaled $42.6 billion, a 7% increase year-over-year[2] - Net sales for the thirteen weeks ended November 1, 2025, were $15,117 million, an increase of 7.5% compared to $14,063 million for the same period in 2024[32] - Net income for the thirty-nine weeks ended November 1, 2025, was $3,721 million, up from $3,466 million for the same period in 2024, representing an increase of 7.3%[32] - Diluted earnings per share for the thirteen weeks ended November 1, 2025, were $1.28, compared to $1.14 for the same period in 2024, reflecting a growth of 12.3%[32] Shareholder Returns - The company returned $1.1 billion to shareholders in Q3 FY26 through share repurchases and dividends[11] - The company returned $1.1 billion to shareholders during the third quarter, including $594 million for repurchasing 4.2 million shares and $472 million in dividends[40] - The company plans to repurchase approximately $2.5 billion of its stock during the fiscal year ending January 31, 2026[13] - The company has approximately $1.9 billion available for stock repurchase as of November 1, 2025, under its new stock repurchase program[40] Inventory and Assets - Total inventories as of November 1, 2025, were $9.4 billion, an increase of 12% from the previous year[10] - Merchandise inventories increased to $9,353 million as of November 1, 2025, from $8,371 million as of November 2, 2024, marking a rise of 11.7%[34] - Total assets as of November 1, 2025, were $35,188 million, an increase from $32,436 million as of November 2, 2024, indicating a growth of 8.6%[34] Profitability - The pretax profit margin for Q3 FY26 was 12.7%, 0.4 percentage points higher than the previous year[7] - Segment profit for Marmaxx in the United States was $1,350 million for the thirteen weeks ended November 1, 2025, compared to $1,207 million for the same period in 2024, a growth of 11.8%[39] Future Outlook - For Q4 FY26, the company expects consolidated comparable sales to increase by 2% to 3%[15] - The full year FY26 guidance includes a projected 4% increase in consolidated comparable sales and diluted EPS in the range of $4.63 to $4.66[16] - The company anticipates continued growth in operating and financial performance, despite potential risks including competition and economic conditions[28] Cash Position - Cash and cash equivalents at the end of the period were $4,640 million, down from $4,718 million at the end of the same period last year, a decrease of 1.7%[36]

Financial Performance - Q3 comparable brand revenue increased by 4.0%, with an operating margin of 17.0% and diluted EPS of $1.96, reflecting a 4.8% year-over-year growth [2] - The company raised its full-year operating margin guidance to a range of 17.8% to 18.1% [12] - Gross margin improved to 46.1%, up 70 basis points year-over-year, driven by higher merchandise margins and supply chain efficiencies [6] - Q3 2025 net revenues reached $1,882,814, a 4.0% increase from Q3 2024's $1,800,668 [20] - Net earnings for the thirty-nine weeks ended November 2, 2025, were $720,417, slightly up from $714,533 in the same period last year [27] Expenses and Liabilities - Selling, general and administrative (SG&A) expenses increased by 7.0% year-over-year to $549 million, with an SG&A rate of 29.1% [6] - Total liabilities increased to $3,243,423 from $3,159,188 in the previous quarter [23] - Operating lease liabilities decreased to $220,239 from $234,180 in the previous quarter [23] Inventory and Cash Flow - Merchandise inventories rose by 9.6% year-over-year to $1.5 billion, influenced by incremental tariff costs and strategic pull forward of receipts [6] - Merchandise inventories rose to $1,530,896 from $1,332,429 in the previous quarter [23] - Cash and cash equivalents at the end of the period were $884,663, down from $1,212,977 at the beginning of the period [27] - The company maintained a strong liquidity position with $885 million in cash and $316 million in operating cash flow, returning $347 million to stockholders through stock repurchases and dividends [6] Stock Repurchase and Authorizations - A new stock repurchase authorization of $1 billion was approved, effective once the current authorization is fully utilized [5] - The company repurchased common stock worth $555,703 during the financing activities [27] Future Outlook - The company expects annual net revenues for fiscal 2025 to grow between 0.5% and 3.5%, with comparable sales in the range of 2.0% to 5.0% [12] - Long-term expectations include mid-to-high single-digit annual net revenue growth and operating margins in the mid-to-high teens [12] Market Performance - Pottery Barn's comparable brand revenue grew by 1.3% in Q3 2025, while West Elm saw a 3.3% increase [20] - The number of retail stores increased to 513, with 5 openings and 1 closure during the quarter [25] Strategic Focus - The company continues to prioritize innovation, product design, and exceptional customer service to capture additional market share [3]

Financial Performance - For the three months ended September 30, 2025, net revenue was $0.9 million, a decrease from $1.4 million for the same period in 2024[14] - The company reported a net loss from continuing operations of $6.8 million, or $(0.16) per share, compared to a net loss of $5.0 million, or $(0.26) per share, for the same period in 2024[19] - Revenues for the three months ended September 30, 2025, were $883,000, a decrease of 37.6% compared to $1,416,000 for the same period in 2024[30] - Gross profit for the same period was a loss of $123,000, compared to a gross profit of $215,000 in the prior year[30] - The net loss for the three months ended September 30, 2025, was $6,839,000, compared to a net loss of $6,587,000 for the same period in 2024[30] - Adjusted EBITDA from continuing operations for the three months ended September 30, 2025, was a loss of $2,507,000, slightly improved from a loss of $2,558,000 in 2024[38] Cash and Expenses - Cash and cash equivalents as of September 30, 2025, were $405,000, down from $678,000 at December 31, 2024[20] - Cash and cash equivalents at the end of the period were $405,000, down from $501,000 at the end of the same period last year[33] - The company reported a net cash used in operating activities of $7,114,000 for the nine months ended September 30, 2025, compared to $14,020,000 for the same period in 2024[32] - General and administration expenses decreased to $4.6 million for the three months ended September 30, 2025, from $6.6 million in the same period in 2024[17] - Research and development costs significantly decreased to $6,000 for the three months ended September 30, 2025, compared to $122,000 for the same period in 2024[18] - Total operating expenses decreased to $4,641,000 from $6,695,000, representing a reduction of 30.6% year-over-year[30] - The company incurred interest expense of $1,549,000 for the three months ended September 30, 2025, compared to $993,000 in the prior year[30] - Total stockholders' equity decreased to $6,861,000 from $7,353,000 year-over-year[28] - The company recognized a debt extinguishment gain of $220,000 during the three months ended September 30, 2025[30] Strategic Initiatives and Developments - The company is in discussions for strategic initiatives, including a $50 million Crown Medical collections initiative and the commercialization of the BE-Smart™ Esophageal Cancer Test[1] - The BE-Smart™ test has received validation from a Mayo Clinic study, confirming its accuracy in Barrett's esophagus risk detection[6] - ProPhase Labs has outlined a 12-month commercialization roadmap for BE-Smart™, with multiple partnership inquiries received following its validation[10] - The company anticipates meaningful settlements from Crown Medical Collections within the next few months, which could provide substantial non-dilutive capital[5] - Nebula Genomics has become profitable on a pro-forma basis, contributing to the company's overall value[7]

Financial Performance - For Q3 2025, sales increased to $416,956, a 28.1% rise from $325,299 in Q3 2024[12] - Gross profit for Q3 2025 was $198,499, representing a 37.4% increase compared to $144,467 in Q3 2024[12] - The net income attributable to common stockholders for Q3 2025 was $16,778,276, compared to $122,397 in Q3 2024, marking a substantial increase[12] - The company reported a loss from operations of $1,098,475 for Q3 2025, compared to a loss of $839,632 in Q3 2024[12] - Loss from continuing operations decreased to $(1,313,172) in 2025 from $(2,016,109) in 2024, showing an improvement[14] - Net income from discontinued operations increased significantly to $17,385,939 in 2025 compared to $2,238,934 in 2024[14] Assets and Liabilities - The total assets as of September 30, 2025, were $47,677,690, up from $25,280,215 as of December 31, 2024[10] - Current liabilities increased to $8,414,058 as of September 30, 2025, compared to $3,546,149 at the end of 2024[10] Cash Flow and Investments - Net cash provided by (used in) operating activities was $(555,823) in 2025, a decline from $552,590 in 2024[14] - Cash and cash equivalents at the end of the period decreased to $284,714 in 2025 from $513,718 in 2024[14] - Capital expenditures were minimal at $(128) in 2025, compared to $(2,149) in 2024[14] - Cash used in investing activities of discontinued operations was $(787,129) in 2025, down from $(1,113,859) in 2024[14] Strategic Initiatives - The company plans to strategically invest in high-growth areas such as GPU Infrastructure-as-a-Service (IaaS), AI-driven software applications, and cybersecurity[6] - The Nexxis subsidiary continues to perform well, providing a stable, recurring revenue base that supports broader strategic objectives[3] - The company aims to leverage its expertise and financial strength to identify opportunities that align with its core competencies for sustainable results[3] Discontinued Operations - Net proceeds from the sale of discontinued operations amounted to $35,634,291 in 2025, with no comparable figure in 2024[14] - The company reported a significant gain on the sale of discontinued operations of $(17,471,290) in 2025, with no prior year figure[14] Other Financial Metrics - Stock-based compensation increased to $1,005,830 in 2025 from $564,800 in 2024, indicating higher employee incentives[14] - The effect of exchange rate changes on cash resulted in an increase of $9,950 in 2025, with no prior year figure reported[14]

Financial Performance - Sales from continuing operations for the three months ended September 30, 2025, were $416,956, an increase of $91,657, or 28.2%, from $325,299 in the same period last year [107]. - Gross profit for the third quarter of 2025 was $198,499, an increase of $54,032, or 37.4%, compared to $144,467 in the third quarter of 2024, with a gross profit margin improvement to 47.6% from 44.4% [108]. - Income from continuing operations for the three months ended September 30, 2025, was $129,555, compared to a loss of $678,862 in the prior year period [112]. - Sales from continuing operations for the nine months ended September 30, 2025, were $1,057,651, an increase of $158,516, or 17.6%, from $899,135 in the same period last year [114]. - Gross profit for the nine months ended September 30, 2025, was $477,458, an increase of $83,007, or 21.0%, compared to $394,451 in the prior-year period, with a gross profit margin improvement to 45.1% from 43.9% [115]. - Loss from continuing operations, net of tax, was $1,313,172 for the nine months ended September 30, 2025, compared to a loss of $2,016,109 in the prior year period [117]. Expenses - Selling, general and administrative expenses increased by $312,875, or 31.8%, to $1,296,974 for the three months ended September 30, 2025, primarily due to a $429,483, or 396.4%, increase in non-cash stock-based compensation [111]. - Selling, general and administrative expenses for the nine months ended September 30, 2025, increased by $375,693, or 13.1%, to $3,242,833 from $2,867,140 for the same period last year [116]. Cash Flow - Cash used in operating activities of continuing operations was $1,145,839 for the nine months ended September 30, 2025, compared to $1,637,378 in the prior-year period [128]. - Cash provided by investing activities of continuing operations was $1,423,190 for the nine months ended September 30, 2025, compared to cash used of $58,722 in the same period of the prior year, driven by $35,634,291 in net cash received from the sale of the CloudFirst business [129]. - Cash used in financing activities of continuing operations was $824,051 for the nine months ended September 30, 2025, compared to cash provided of $88,732 in the prior-year period, primarily due to a $1,236,825 cash settlement of warrants [130]. - Cash used in discontinued operations was $248,633 for the nine months ended September 30, 2025, compared to cash provided of $692,356 in the prior-year period [131]. Strategic Actions - The company recognized a gain on the sale of discontinued operations of $17,846,470 for the nine months ended September 30, 2025, net of transaction costs [119]. - The company received net cash proceeds of approximately $38.1 million, net of $1.5 million placed in escrow and a working capital adjustment [121]. - Working capital increased to $46,749,512 as of September 30, 2025, up by $34,829,443 from $11,920,069 at December 31, 2024, primarily due to the divestiture of the CloudFirst business [127]. - The company plans to use the remaining proceeds from the tender offer for strategic investments and acquisitions in high-growth technology sectors, including GPU IaaS, AI-driven software, and cybersecurity [122]. Tax and Liquidity - The company has accrued $4.4 million in estimated income taxes payable related to the divestiture [121]. - The company’s liquidity assessment is based on current information, and any inaccuracies may require a reduction in selling, general, and administrative expenses [125]. - The company has not made any sales under the Equity Distribution Agreement with Maxim as of the report date [126]. Interest Income - Interest income for the three months ended September 30, 2025, was $193,347, a 20.3% increase from $160,770 in the same period last year [113].

Financial Performance - Net earnings for Q3 2025 were $1.6 billion, with diluted EPS of $2.88, down from $2.99 in Q3 2024[1] - Total sales for the quarter reached $20.8 billion, an increase from $20.2 billion in the prior-year quarter, with comparable sales up 0.4%[1] - Adjusted diluted EPS for the quarter increased by 5.9% to $3.06, excluding acquisition-related expenses[1] - Net earnings for the nine months ended October 31, 2025, were $5,654 million, slightly down from $5,833 million for the same period in 2024, a decrease of about 3.1%[19] Sales and Growth - Online sales grew by 11.4%, contributing to double-digit growth in home services and continued growth in Pro sales[1] - Lowe's updated its full-year 2025 outlook, projecting total sales of approximately $86.0 billion, with adjusted diluted EPS expected to be around $12.25[11] Expenses and Investments - The company recognized $129 million in pre-tax expenses related to the acquisitions of Foundation Building Materials and Artisan Design Group[1] - Capital expenditures for the year are projected to be up to $2.5 billion[11] - The company recognized pre-tax expenses of $129 million related to the acquisition of Artisan Design Group and Foundation Building Materials during fiscal 2025[21] - The company reported a net cash used in investing activities of $11,687 million for the nine months ended October 31, 2025, compared to $1,320 million in the prior year, indicating a significant increase in investment outflows[19] Assets and Liabilities - Total assets increased to $53,453 million as of October 31, 2025, up from $44,743 million on November 1, 2024, representing a growth of approximately 19.1%[18] - Total liabilities rose to $63,835 million as of October 31, 2025, compared to $58,162 million on November 1, 2024, an increase of about 9.5%[18] - Current liabilities remained stable at $19,451 million as of October 31, 2025, compared to $19,447 million on November 1, 2024, showing minimal change[18] Cash Flow and Dividends - The company reported net cash provided by operating activities of $8,297 million for the nine months ended October 31, 2025, compared to $8,714 million in the prior year, a decline of approximately 4.8%[19] - Cash and cash equivalents decreased to $621 million at the end of the period from $3,271 million at the beginning, a decrease of approximately 81%[19] - The company paid $673 million in dividends during the quarter[3] Store Operations - The company operated 1,756 stores as of October 31, 2025, covering 195.8 million square feet of retail space[2] - Merchandise inventory decreased to $17,183 million as of October 31, 2025, from $17,566 million on November 1, 2024, a decline of about 2.2%[18] Tax Rate - The effective income tax rate is expected to be approximately 24.0%, down from a previous estimate of 24.5%[11]

Financial Performance - Revenue for Q3 2025 was $50.8 million, representing a 78% increase year-over-year and a 7% increase quarter-over-quarter[5]. - Net income for Q3 2025 was $20.3 million, with a net income margin of 40%[5][10]. - Adjusted EBITDA for Q3 2025 was $44.9 million, up 79% year-over-year and 6% quarter-over-quarter, with an adjusted EBITDA margin of 88%[5][10]. - Total revenues for Q3 2025 reached $50,831,000, a 78.5% increase from $28,487,000 in Q3 2024[29]. - Net income for Q3 2025 was $20,291,000, compared to a net loss of $2,756,000 in Q3 2024, marking a significant turnaround[29]. - Adjusted EBITDA for Q3 2025 was $44,850,000, with an Adjusted EBITDA Margin of 88%[36]. - Cash flows from operating activities for the nine months ended September 30, 2025, were $88,157,000, up from $40,708,000 in the same period of 2024[31]. - Year-over-year comparison shows significant improvement in free cash flow from $7,147,000 in Q3 2024 to $33,725,000 in Q3 2025[42]. Cash Flow and Liquidity - Cash flow from operating activities was $34.9 million, with free cash flow of $33.7 million for Q3 2025[13]. - Total liquidity was $108.3 million as of September 30, 2025, with $80.0 million available under the revolving credit facility[15]. - Cash and cash equivalents at the end of Q3 2025 were $28,316,000, down from $37,032,000 at the beginning of the period[31]. - Net cash provided by operating activities for Q3 2025 was $34,912,000, a decrease from $37,332,000 in Q2 2025[42]. - Free Cash Flow for Q3 2025 was $33,725,000, compared to $36,092,000 in Q2 2025[42]. - Operating cash flow margin for Q3 2025 was 69%, down from 79% in Q2 2025[42]. - Free Cash Flow Margin for Q3 2025 was 66%, a decrease from 76% in Q2 2025[42]. Acquisitions and Investments - The company acquired approximately 37,500 acres, increasing total holdings to over 300,000 surface acres, aimed at diversifying revenue streams[8]. - Acquisitions in Q3 2025 amounted to $5,000, while proceeds from the disposal of assets were $(85,000)[42]. - Net cash used in investing activities for Q3 2025 was $(1,107,000), compared to $(2,079,000) in Q2 2025[42]. Dividends and Outlook - The company declared a quarterly cash dividend of $0.10 per share, payable on December 18, 2025[17]. - The company reaffirms its fiscal year 2025 outlook, expecting adjusted EBITDA between $165 million and $175 million[18]. Asset and Debt Management - Total current assets increased to $57,370,000 as of September 30, 2025, compared to $53,315,000 at the end of 2024[30]. - Long-term debt decreased to $366,081,000 as of September 30, 2025, from $380,815,000 at the end of 2024[30]. - The company’s total assets increased to $1,077,920,000 as of September 30, 2025, compared to $1,032,479,000 at the end of 2024[30]. Revenue Streams - Surface use royalties and revenue generated $35.0 million in Q3 2025, a 2% increase sequentially[10]. - Oil and gas royalties generated $3.3 million in Q3 2025, a 22% sequential increase due to higher net royalty production[12]. - The company reported a significant increase in surface use royalties, totaling $8,235,000 in Q3 2025, compared to $4,227,000 in Q3 2024[29]. - Resource sales for the nine months ended September 30, 2025, amounted to $17,122,000, up from $11,908,000 in the same period of 2024[29]. Overall Financial Health - The company continues to focus on maintaining a strong cash flow despite fluctuations in operating activities[42]. - The overall financial health indicates a robust operational strategy, with a focus on cash generation and prudent investment[42].