Financial Performance - REX reported full fiscal year 2025 net sales and revenue of $650.5 million, a 1.6% increase from $642.5 million in fiscal year 2024[3] - Gross profit for fiscal year 2025 was $93.7 million, with a gross profit margin of 14%, consistent with fiscal year 2024[3] - Net income attributable to REX shareholders for fiscal year 2025 was $83.0 million, up 42.5% from $58.2 million in fiscal year 2024[4] - Diluted net income per share for fiscal year 2025 was $2.50, compared to $1.65 per share in fiscal year 2024[4] - In Q4 2025, net sales and revenue were $158.0 million, slightly down from $158.2 million in Q4 2024[5] - Q4 2025 gross profit increased to $28.9 million from $17.6 million in Q4 2024, driven by improved ethanol pricing and lower corn costs[5] Tax and Credits - REX recognized approximately $28.1 million in 45Z tax credits during Q4 2025, reducing income tax expense[6] Capital Expenditures and Investments - Total capital expenditures for the One Earth Energy carbon capture and sequestration project and related expansion reached $166 million, with a budget of $220-$230 million[11] - Capital expenditures for the year were $68,439, a decrease from $71,318 in the prior year[24] - Net cash used in investing activities was $87,691, compared to $72,860 in the previous year, indicating increased investment activity[24] - Treasury stock acquired amounted to $33,383, significantly higher than $14,741 in the previous year, reflecting a strategic buyback initiative[24] Cash and Liquidity - As of January 31, 2026, REX had $375.8 million in cash, cash equivalents, and short-term investments, with no bank debt[13] - Cash and cash equivalents at the end of the period were $188,734, down from $196,255 at the beginning of the period[24] Operational Metrics - Net income for the year ended January 31, 2026, was $95,074, an increase of 33.1% compared to $71,486 for the year ended January 31, 2025[24] - Net cash provided by operating activities increased to $117,829, up 83.5% from $64,192 in the previous year[24] - Accounts receivable increased by $6,829, compared to an increase of $1,674 in the previous year, indicating higher sales or credit terms[24] - Inventory changes showed an increase of $3,254, contrasting with a decrease of $4,692 in the previous year, suggesting inventory buildup[24] - The company received dividends from equity method investments totaling $10,526, up from $8,521 in the previous year, indicating improved performance from these investments[24] - The company reported a loss on disposal of real estate and property and equipment of $192, compared to $50 in the previous year, reflecting potential asset management challenges[24] Future Outlook - The company is nearing completion of the expansion of ethanol production at the One Earth facility, expected to be fully operational in fiscal 2026[9]

Financial Performance - The company incurred a total comprehensive loss of $11.5 million for the year ended December 31, 2025, and a total comprehensive loss of $16.6 million for the year ended December 31, 2024, with an accumulated deficit of $124.8 million as of December 31, 2025[55]. - The company anticipates continuing to incur significant expenses and operating losses in the foreseeable future, with expenses expected to increase substantially due to ongoing research and development activities[57]. - Management has expressed substantial doubt about the company's ability to continue as a going concern, which may hinder its ability to obtain new financing on reasonable terms[65]. - The company has relied on revenues from product sales, licensing, and milestone payments for financing, but future revenues will depend on market acceptance and regulatory approvals[56]. Cash and Funding - As of December 31, 2025, the company's cash and cash equivalents were $5.6 million, and it has received payments under the AbbVie Development Agreement totaling $26 million in the past[60]. - The company plans to continue advancing its product candidates through preclinical and clinical development, which will require additional funding that may not be available on acceptable terms[59]. - The company has implemented a cost-cutting and workforce reduction plan to manage its financial position[60]. Product Development and Commercialization Risks - The company faces risks related to the commercialization of its products, including limited clinical data and competition from more advanced therapies[46]. - The commercial success of products will depend on market acceptance by physicians, patients, and third-party payors, which is uncertain[71]. - Limited clinical data for products may hinder acceptance by the medical community, affecting sales potential[75]. - Manufacturing capabilities for rhCollagen need improvement to meet market demand, requiring significant investment[76]. - The company has limited experience in selling and marketing its products, which may impact revenue generation[83]. - The availability of reimbursement from payors is essential for product commercialization, and lack of it could limit market success[89]. - The company operates in a competitive environment with rapid technological changes, posing risks to product commercialization[85]. Regulatory Compliance and Challenges - Regulatory compliance is critical, as failure could lead to sanctions or revocation of product approvals[80]. - The regulatory approval process for the company's novel products may be more expensive and time-consuming compared to traditional products, potentially impacting timelines[95]. - The company must navigate a complex regulatory environment, increasing the risk of potential violations[112]. - The company is subject to stringent regulations by the FDA and European regulatory authorities, which could impose penalties or restrictions if compliance is not met[118]. - The FDA has increased scrutiny of the medical device industry, which may lead to enforcement actions that could restrict manufacturing and marketing capabilities[123]. Intellectual Property and Legal Risks - The company has an extensive patent portfolio, but maintaining it is costly and non-compliance could lead to loss of patent rights, affecting competitive position[184]. - The strength of the company's intellectual property rights is uncertain, and failure to protect these rights could impair its ability to commercialize products[186]. - The company may face litigation related to intellectual property, which could be expensive and time-consuming, potentially affecting its financial resources[196]. - Third-party claims of intellectual property infringement could delay product development and commercialization efforts, leading to significant financial implications[191]. Market and Economic Conditions - Economic conditions, including inflation and geopolitical events, may negatively impact the company's operating results and growth rates, leading to delayed sales cycles and increased price competition[177]. - The company faces potential product liability claims that could result in substantial costs and negatively impact its business reputation and ability to commercialize products[166]. - Future healthcare reforms may impact reimbursement rates, affecting demand for the company's products and overall financial performance[130]. Corporate Governance and Compliance - The company is a foreign private issuer and is subject to reduced reporting requirements, which may affect the attractiveness of its ordinary shares to investors[226]. - The company may need to improve its accounting systems and controls to comply with SEC reporting requirements, which could incur significant costs[220]. - The company’s reliance on home country corporate governance practices may provide less protection to shareholders compared to U.S. domestic issuers[235]. - A loss of foreign private issuer status would result in significantly higher regulatory and compliance costs under U.S. securities laws[237].

Financial Condition - As of December 31, 2025, the company reported a net loss of $13.0 million and an accumulated deficit of $148.8 million, raising substantial doubt about its ability to continue as a going concern [225]. - The company has not generated any revenue to date and does not anticipate doing so until it obtains marketing approval for its product candidates [227]. - The company expects to incur increasing losses from operating activities, particularly due to rising R&D expenses associated with planned clinical trials [226]. - The company believes its existing cash, along with proceeds from a public offering in January 2026, will fund operations into Q4 2026 [229]. - The company may need to raise additional capital through equity or debt financing, which could dilute existing shareholders and restrict operations [229]. - The company has outstanding warrants to purchase 722,644 shares of common stock, which could lead to dilution for existing shareholders [232]. - The company filed multiple registration statements for the resale of shares, which could impact the market price of its common stock [231]. - Adverse global economic conditions, including inflation and rising interest rates, could negatively affect the company's ability to raise capital [236]. Product Development and Regulatory Risks - The company is focused on developing vanoglipel (DA-1241) for MASH, facing competition from other companies in clinical trials for similar therapies [240]. - The regulatory approval process for novel product candidates may be more expensive and time-consuming, impacting anticipated development costs [240]. - Successful completion of several clinical trials demonstrating efficacy and safety is required before submitting a New Drug Application (NDA) to the FDA for vanoglipel (DA-1241) and DA-1726 [245]. - The company must meet critical developmental milestones, including developing well-tolerated dosages and establishing commercial manufacturing capabilities [245]. - Regulatory approval for vanoglipel (DA-1241) and DA-1726 may be delayed or denied due to various factors, including disagreement with clinical trial designs or insufficient safety and efficacy data [246]. - Preliminary and interim data from clinical trials may change as more patient data become available, impacting the final results [249]. - The company may face significant setbacks in advanced clinical trials, even after promising results in earlier studies [251]. - Undesirable side effects from product candidates could lead to delays in marketing approval or result in more restrictive labels [254]. - Delays in clinical trials could jeopardize the submission of marketing approval applications and the ability to generate revenues [259]. - Regulatory authorities may impose additional requirements or withdraw approvals, impacting the commercial prospects of the product candidates [260]. - Delays in clinical trials may increase costs and jeopardize product sales and revenue generation [261]. - The company plans to develop vanoglipel (DA-1241) and DA-1726 in combination with other therapies, which introduces additional risks [262]. - Enrollment and retention of patients in clinical trials is critical, with potential delays due to difficulties in identifying suitable patients [267]. - The company faces significant competition from larger pharmaceutical companies with greater resources and experience in clinical testing and regulatory approvals [270]. Market and Competitive Landscape - Market acceptance of product candidates depends on factors such as clinical indications, safety, efficacy, and reimbursement availability [276]. - The company may encounter challenges in obtaining adequate reimbursement from third-party payors, which is critical for commercial success [278]. - There is only one approved treatment for MASH, indicating a competitive landscape with multiple companies developing alternative therapies [272]. - The obesity treatment market is crowded, with significant competition from existing and developing products [273]. - The success of product candidates will depend on their ability to demonstrate advantages over existing treatments in terms of efficacy and safety [269]. - The company may face significant delays in obtaining reimbursement for newly approved drugs, with coverage potentially being more limited than the approved purposes by regulatory authorities [279]. - The inability to obtain profitable payment rates from payors could adversely affect the company's operating results and overall financial condition [280]. - The company may face challenges in establishing successful collaboration arrangements for drug development and commercialization [264]. Intellectual Property and Legal Risks - The company relies on its ability to protect proprietary technology through patents, trade secrets, and other agreements, which may not provide sufficient protection [324]. - The patent positions of pharmaceutical and biotechnology companies are highly uncertain, and litigation may affect the validity and enforceability of patents [325]. - Collaborations may be terminated, necessitating additional capital for further development or commercialization of product candidates [326]. - The company may face challenges in protecting intellectual property rights in jurisdictions with less robust legal protections, potentially diminishing the value of these rights [330]. - Intellectual property litigation could divert significant resources from core business activities and increase operating losses [338]. - The company may not have sufficient financial resources to conduct litigation effectively, which could hinder its ability to protect intellectual property rights [340]. - Competitors may infringe on the company's intellectual property, leading to costly litigation and potential disruptions in business operations [332]. - The company may be compelled to seek licenses from third parties to avoid infringement claims, which could limit its ability to commercialize products [337]. Operational and Management Risks - The company had eight full-time employees as of December 31, 2025, indicating a need for additional managerial and operational resources as development and commercialization plans evolve [349]. - The company is highly dependent on retaining qualified personnel, particularly in scientific and managerial roles, which is critical for future success [347]. - The company faces significant risks related to the protection of trade secrets and intellectual property, which could adversely affect its competitive position if compromised [342]. - The company may experience difficulties in managing growth due to its current limited management systems, which may not support future expansion effectively [348]. - The company incurs increased costs due to compliance with public company regulations, which may impact operational efficiency [374]. - The company must comply with Section 404 of the Sarbanes-Oxley Act, which requires documentation and evaluation of internal controls, potentially leading to increased costs and challenges [376]. Market and Economic Conditions - The company faces risks from changes in economic conditions, including military conflicts, inflation, and interest rate increases [361]. - Significant inflationary pressures could adversely affect the company's business, financial condition, and operating results [463]. - Currency transaction risks affect the company's operating results as some financial transactions are denominated in currencies other than U.S. dollars, with no hedging agreements in place [461]. - Interest rate risk may impact the fair value or future cash flows of financial instruments due to changes in market interest rates [462]. Stockholder and Governance Risks - The company’s two largest stockholders, Dong-A ST and Dong-A Holdings, own 18% and 17% of voting rights respectively, allowing them significant influence over corporate actions [358]. - The company’s ability to maintain patent protection is contingent on compliance with various procedural requirements, with non-compliance potentially leading to loss of patent rights [344]. - The trading price of the company’s common stock has been highly volatile, influenced by various factors including clinical trial results and regulatory decisions [356]. - The company is at risk of losing visibility in the market if analysts downgrade evaluations or cease coverage, which could negatively affect stock price [373]. - The company designates the Court of Chancery of the State of Delaware as the exclusive forum for certain stockholder actions, which may limit stockholders' ability to obtain a favorable judicial forum [380]. - Nasdaq has proposed a new continued listing requirement that would necessitate maintaining a minimum market value of listed securities of $5 million, which could lead to delisting if not met [364]. - As a smaller reporting company, the company benefits from reduced reporting requirements, but this may make its stock less attractive to some investors [365]. - The company may face difficulties maintaining an active trading market for its common stock, impacting liquidity for shareholders [372].

Revenue Performance - Revenue decreased by $2.7 million, or 6%, to $45.4 million for the year ended December 31, 2025, compared to $48.1 million for 2024, primarily due to lower call volumes and customer contract consolidations [139]. - The majority of the company's revenues are generated from conversational intelligence product offerings, with revenue derived from variable contracts based on the number of transactions [156]. - Revenue is recognized over time as services are performed, with most customers invoiced monthly following service delivery [157]. Expenses - Cost of revenue decreased by $0.5 million, or 3%, to $16.7 million for the year ended December 31, 2025, representing 37% of revenue, compared to 36% in 2024 [140]. - Sales and marketing expenses increased by $0.4 million, or 3%, to $12.5 million for the year ended December 31, 2025, accounting for 28% of revenue, up from 25% in 2024 [141]. - Product development expenses decreased by $2.7 million, or 22%, to $9.7 million for the year ended December 31, 2025, representing 21% of revenue, down from 26% in 2024 [142]. - General and administrative expenses increased by $0.6 million, or 6%, to $10.8 million for the year ended December 31, 2025, which was 24% of revenue, compared to 21% in 2024 [143]. - Acquisition settlement expense was $1.4 million for the year ended December 31, 2025, related to a historical acquisition matter [144]. - Income tax expense was $0.1 million for the year ended December 31, 2025, down from $0.4 million in 2024, primarily due to deferred tax expenses [146]. Cash Flow - Cash and cash equivalents decreased to $9.9 million as of December 31, 2025, from $12.8 million in 2024 [148]. - Cash used in operating activities was $1.4 million for the year ended December 31, 2025, compared to $1.1 million in 2024, driven by a net loss of $5.2 million [149]. - Cash used in investing activities increased to $1.3 million for the year ended December 31, 2025, primarily for capitalized software development projects [150]. Goodwill and Impairment - Goodwill is tested annually for impairment, with assessments based on qualitative factors and market conditions [164]. - Impairment losses may be recognized if the carrying amount of goodwill exceeds its fair value, which could materially affect financial results [164]. Stock-Based Compensation - Stock-based compensation is measured at grant date based on fair value and recognized as expense over the vesting period using the straight-line method [160].

Financial Performance - MetaVia reported a net loss of $13.0 million, or $7.35 per share, for the year ended December 31, 2025, compared to a net loss of $27.6 million, or $39.13 per share, for the year ended December 31, 2024[9]. - Net loss improved from $27,592,000 in 2024 to $12,973,000 in 2025, a decrease of approximately 53.0%[16]. - Loss per share improved from $(39.13) in 2024 to $(7.35) in 2025, indicating a significant reduction in losses per share[16]. Operating Expenses - Total operating expenses were approximately $13.7 million for the year ended December 31, 2025, down from approximately $28.8 million in 2024, a decrease of about $15.1 million[9]. - Total operating expenses decreased significantly from $28,809,000 in 2024 to $13,708,000 in 2025, a reduction of about 52.4%[16]. - Research and Development (R&D) expenses decreased to approximately $6.8 million for the year ended December 31, 2025, down from approximately $21.6 million in 2024, a reduction of about $14.8 million[9]. - Research and development expenses decreased from $21,553,000 in 2024 to $6,802,000 in 2025, a decline of approximately 68.4%[16]. - General and Administrative (G&A) expenses were approximately $6.9 million for the year ended December 31, 2025, compared to approximately $7.3 million in 2024, reflecting a decrease of about $0.4 million[9]. - General and administrative expenses slightly decreased from $7,256,000 in 2024 to $6,906,000 in 2025, a reduction of about 4.8%[16]. Assets and Liabilities - Cash and cash equivalents were $10.3 million as of December 31, 2025, compared to $16.0 million as of December 31, 2024, with expectations to fund operations into the fourth quarter of 2026[9]. - Total assets decreased from $16,260,000 in 2024 to $11,123,000 in 2025, a decline of approximately 31.5%[15]. - Total liabilities decreased from $8,329,000 in 2024 to $5,790,000 in 2025, a reduction of about 30.7%[15]. - Total stockholders' equity fell from $7,931,000 in 2024 to $5,333,000 in 2025, representing a decrease of approximately 32.8%[15]. Research and Development - MetaVia's lead asset DA-1726 demonstrated a weight loss of 9.1%, improved glucose control, and direct liver benefits in Phase 1 trials[2]. - The company plans to initiate a Phase 1 Part 3 16-week titration study for DA-1726 in April 2026, with data anticipated in the fourth quarter of 2026[3]. - Vanoglipel (DA-1241) showed clinically meaningful improvements in glucose control and liver health in a Phase 2a trial, with ongoing development supported by AI modeling results[3]. - MetaVia has a growing intellectual property estate with 39 granted and pending patents for DA-1726, providing protection through at least 2041[7]. Funding - The company raised approximately $9.3 million in gross proceeds from a public offering in January 2026 to support the DA-1726 program[7]. Other Income - Other income decreased from $1,217,000 in 2024 to $735,000 in 2025, a decline of approximately 39.6%[16]. Shares Outstanding - Weighted average shares of common stock increased from 705,193 in 2024 to 1,766,026 in 2025, indicating a significant increase in shares outstanding[16].

Financial Performance - Net revenue for Q1 2026 was $771 million, a decrease of 2.3% compared to Q1 2025, with a 6.6% organic revenue decline year-on-year[5] - Adjusted EBITDA for Q1 2026 was $119 million, up 4% year-on-year, with an adjusted EBITDA margin of 15.4%, an increase of 90 basis points year-on-year[6] - Reported EPS (diluted) was $0.38, while adjusted EPS (diluted) was $0.57, reflecting a 6% increase year-on-year[9] - Gross margin for Q1 2026 was 30.6%, with an adjusted gross margin of 31.3%, up 170 basis points year-on-year due to restructuring savings and pricing actions[7] - Net income attributable to H.B. Fuller for Q1 2026 was $21 million, with adjusted net income of $32 million[9] - Revenue for the three months ended February 28, 2026, was $770,844,000, down from $788,663,000 in the same period of 2025, indicating a decline of 2.3%[31] - Adjusted EBITDA for the three months ended February 28, 2026, was $118,704,000, compared to $114,356,000 for the same period in 2025, marking an increase of 3.0%[31] - The adjusted EBITDA margin improved to 15.4% for the three months ended February 28, 2026, up from 14.5% in the prior year[31] - H.B. Fuller reported a net income attributable to the company of $21,045 thousand for the three months ended February 28, 2026, a decrease from $32,160 thousand in the same period of 2025[42] - The total revenue for H.B. Fuller was $770,844 thousand for the three months ended February 28, 2026, compared to $788,663 thousand for the same period in 2025, reflecting a decline of 2.3%[44] - Net income for the three months ended February 28, 2026, is $21,045, an increase from $13,264 in the same period last year[57] Guidance and Projections - Full-year revenue guidance is now expected to increase by mid-single digits, with organic revenue expected to rise by low-single digits[15] - Adjusted EBITDA for fiscal 2026 is projected to be in the range of $645 million to $675 million[15] Debt and Cash Flow - Net debt at the end of Q1 2026 was $1,968 million, down $106 million year-on-year, with a net debt-to-adjusted EBITDA ratio of 3.1X[11] - Cash flow from operations improved by $49 million year-on-year, primarily driven by higher income[12] - The company’s trailing twelve months adjusted EBITDA reached $625,009 thousand, demonstrating strong cumulative performance over the year[47] - Total debt as of February 28, 2026, is $2,076,062, an increase from $2,016,937 as of November 29, 2025[51] - Net debt stands at $1,968,185, compared to $1,909,724 in the previous quarter, with a net debt-to-adjusted EBITDA ratio of 3.1[51] - Cash flows from operating activities show a net cash used of $3,974, a significant improvement from $52,907 in the previous quarter[57] - Cash and cash equivalents at the end of the period are $107,877, slightly up from $107,213 at the beginning of the period[57] Segment Performance - Segment revenue for Hygiene, Health and Consumable Adhesives decreased to $346,527,000 from $368,225,000, a decline of 5.9% year-over-year[31] - Segment operating income for Engineering Adhesives increased to $31,143,000, up from $28,051,000, reflecting a growth of 11.1%[31] - Organic revenue growth for H.B. Fuller was reported at -6.6% for the three months ended February 28, 2026, indicating challenges in market demand[44] - The Hygiene, Health and Consumable Adhesives segment experienced a revenue decline of 10.1% on an organic basis for the three months ended February 28, 2026[44] - Engineering Adhesives segment revenue grew by 2.4% for the same period, indicating resilience in this segment despite overall declines[44] Costs and Investments - The company incurred acquisition project costs of $931 thousand and organizational realignment costs of $10,022 thousand during the three months ended February 28, 2026[42] - The company invested $57,701 in property, plant, and equipment during the quarter, compared to $32,984 in the previous quarter[57] - Proceeds from the issuance of long-term debt amounted to $288,100, while repayment of long-term debt was $231,441[57] Tax and Effective Rates - The adjusted effective income tax rate for the three months ended February 28, 2026, was 26.2%, slightly down from 26.9% in the prior year[35]

Regulatory Approvals - FDA granted Breakthrough Therapy Designation for AAV2-hAQP1 for the treatment of Grade 2 and Grade 3 late xerostomia caused by radiotherapy for cancers of the upper aerodigestive tract [4]. Financial Performance - Service revenue decreased to $6.4 million for the year ended December 31, 2025, down from $33.3 million in 2024, a decrease of $26.9 million [19]. - License revenue for the year ended December 31, 2025, was $75.0 million due to the upfront license fee payment under the Lilly collaboration agreement, with no license revenue in 2024 [20]. - Total revenue for 2025 was $81.4 million, significantly up from $33.3 million in 2024, marking a 144.4% increase [33]. - Net loss attributable to ordinary shareholders for the year ended December 31, 2025, was $114.2 million, a decrease from a net loss of $147.8 million in 2024, representing a 22.7% improvement [28]. - The company reported a basic and diluted net loss per ordinary share of $1.42 for 2025, an improvement from $2.12 in 2024 [33]. Expenses - General and administrative expenses were $52.9 million for the year ended December 31, 2025, compared to $54.2 million in 2024, a decrease of $1.3 million [22]. - Research and development expenses increased to $129.6 million for the year ended December 31, 2025, up from $119.5 million in 2024, an increase of $10.1 million [23]. - Research and development expenses increased to $129.6 million in 2025 from $119.5 million in 2024, reflecting a 8.9% rise [33]. Cash and Assets - Cash and cash equivalents were approximately $68.2 million as of December 31, 2025, down from $105.7 million as of December 31, 2024 [18]. - Cash and cash equivalents decreased to $65.9 million as of December 31, 2025, down from $103.7 million in 2024, a decline of 36.5% [35]. - Total assets decreased to $244.4 million in 2025 from $269.8 million in 2024, a decline of 9.4% [35]. - Shareholders' equity turned to a deficit of $5.8 million in 2025 from a positive equity of $67.8 million in 2024 [35]. Liabilities - Total current liabilities increased to $122.6 million in 2025 from $60.8 million in 2024, indicating a 101.5% rise [35]. Collaborations and Innovations - The strategic collaboration with Lilly includes potential milestone payments exceeding $400 million and tiered royalties on licensed products [13]. - The company has built five global manufacturing facilities, including two licensed for GMP viral vector production, enhancing its manufacturing capabilities [29]. - MeiraGTx has developed a novel riboswitch gene regulation technology for in vivo delivery of biologic therapeutics, focusing on metabolic peptides and CAR-T therapies [29]. Other Financial Metrics - Foreign currency gain was $2.1 million for the year ended December 31, 2025, compared to a loss of $2.9 million in 2024, a change of $5.0 million [25]. - Interest income decreased to $1.8 million for the year ended December 31, 2025, down from $4.1 million in 2024, a decrease of $2.3 million [26]. - The company expects to initiate the Phase 3 study of AAV-GAD in the coming months, following positive data from previous studies [9].

Financial Performance - Second quarter net earnings were $93.0 million, or $0.83 per diluted share, compared to $25.5 million, or $0.22 per diluted share in the prior year period, on net sales of $2.1 billion[5]. - Consolidated core EBITDA for the second quarter was $297.5 million, reflecting a 114% year-over-year increase, driven by strong execution and contributions from the newly acquired precast business[4]. - Core EBITDA margin improved by 610 basis points to 14.0% compared to the prior year period[4]. - Adjusted EBITDA for the total company was $251,256,000 for the three months ended February 28, 2026, compared to $288,568,000 in the prior quarter, indicating a decline of 12.9%[26]. - Adjusted earnings for the three months ended February 28, 2026, were $130,147,000, compared to $206,176,000 in the previous quarter, indicating a decline of approximately 37%[35]. - Core EBITDA for the six months ended February 28, 2026, was $614,391,000, compared to $347,796,000 for the same period last year, showing an increase of approximately 76.7%[35]. Sales and Revenue - The Construction Solutions Group's net sales increased by 97.9% year-over-year to $314.4 million, with adjusted EBITDA up 127.1% to $53.4 million, largely due to the precast platform acquisition[12]. - North America Steel Group reported net sales of $1,608,321,000 for the three months ended February 28, 2026, compared to $1,661,058,000 for the previous quarter, reflecting a decrease of 3.2%[25]. - The Construction Solutions Group achieved net sales of $314,425,000 for the three months ended February 28, 2026, a significant increase of 58.6% compared to $198,277,000 in the previous quarter[26]. - The Europe Steel Group reported net sales of $200,014,000 for the three months ended February 28, 2026, a decrease of 19.3% from $247,650,000 in the prior quarter[26]. - Total net sales to external customers reached $2,132,018,000 for the three months ended February 28, 2026, a slight increase from $2,120,307,000 in the previous quarter[26]. - Net sales for the three months ended February 28, 2026, increased to $2,132,018, a 21.5% rise from $1,754,376 in the same period of 2025[28]. EBITDA and Margins - The precast platform generated $33.6 million of adjusted EBITDA during the quarter, or $40.3 million excluding a purchase accounting charge of $6.7 million[4]. - North America Steel Group adjusted EBITDA increased 96.9% to $269.7 million, with an adjusted EBITDA margin of 16.8%, up from 9.9% in the prior year[11]. - Adjusted EBITDA for the North America Steel Group was $269,674,000, with an adjusted EBITDA margin of 16.8% for the same period, down from 17.7% in the prior quarter[25]. - The Europe Steel Group experienced an adjusted EBITDA loss of $1,428,000 for the three months ended February 28, 2026, compared to a profit of $10,929,000 in the prior quarter[26]. - Corporate and Other segment reported an adjusted EBITDA loss of $70,410,000 for the three months ended February 28, 2026, compared to a loss of $55,848,000 in the previous quarter[26]. Cash and Liquidity - Cash, cash equivalents, and restricted cash totaled $503.6 million, with available liquidity exceeding $1.7 billion as of February 28, 2026[7]. - Cash flows from operating activities for the six months ended February 28, 2026, were $370,456, up from $245,465 in the same period of 2025[31]. - Cash and cash equivalents decreased to $495,036 as of February 28, 2026, from $1,043,252 as of August 31, 2025, indicating cash outflows[30]. Debt and Capital Expenditures - Long-term debt rose to $3,309,895 as of February 28, 2026, compared to $1,310,006 as of August 31, 2025, indicating increased leverage[30]. - The company incurred capital expenditures of $248,132 during the six months ended February 28, 2026, compared to $204,454 in the prior year[31]. - The company issued $1,985,000 in long-term debt during the six months ended February 28, 2026, to support its financing needs[31]. Dividends and Shareholder Returns - The board approved a quarterly dividend of $0.20 per share, representing an 11% increase from the previous level, marking the 246th consecutive quarterly payment[8]. - The company maintained cash dividends per share at $0.36 for the six months ended February 28, 2026, consistent with the prior year[28].

Financial Performance - Sales increased by $114,510, or 12.3%, to $1,046,664 for the year ended December 31, 2025, compared to $932,154 for the year ended December 31, 2024, attributed to a shift towards newly developed products in the defense sector [378]. - Net loss decreased by $5,642,067, or 51%, to $5,412,163 for the year ended December 31, 2025, compared to a net loss of $11,054,230 for 2024 [384]. - Cash and cash equivalents as of December 31, 2025, were approximately $4.2 million, with expectations to fund operations for the next twelve months through existing purchase orders and projected revenue from new customers [386]. Expenses - Cost of sales increased by $122,840, or 14.1%, to $996,701 for the year ended December 31, 2025, primarily due to an inventory write-off of $194,344 [379]. - Research and development expenses rose by $194,868, or 9.1%, to $2,338,221 for the year ended December 31, 2025, mainly due to increased labor costs and consultant expenses [379]. - Sales and marketing expenses surged by $537,184, or 49.7%, to $1,618,187 for the year ended December 31, 2025, driven by increased labor costs and marketing services [380]. - General and administrative expenses increased by $1,240,967, or 51.7%, to $3,640,967 for the year ended December 31, 2025, largely due to non-cash expenses related to equity incentive grants [381]. Cash Flow - Net cash used in operating activities increased to $5,804,052 for the year ended December 31, 2025, compared to $4,889,222 for 2024 [392]. - Net cash used in investing activities rose by $1,891,785 to $2,040,524 for the year ended December 31, 2025, primarily due to a $2,000,000 investment in short-term bank deposits [392]. - Net cash provided by financing activities was $5,812,785 for the year ended December 31, 2025, compared to $1,820,001 for 2024, driven by funds from share issuances and warrant exercises [393]. Future Outlook - The company anticipates an increase in research and development expenses in the future to support ongoing development programs and potential product commercialization [371]. - The company expects to require additional capital to develop its next-generation flight computer and commercialize new products [388]. - Future capital requirements will depend on the ability to market products, progress in R&D, and manufacturing costs [390]. Grants and Liabilities - The company received approximately $738,000 in grants from the IIA for research and development, with contingent liabilities of approximately $572,000 related to these grants [368]. - The company has net operating loss carryforwards of approximately $27.6 million as of December 31, 2025, and does not expect to pay taxes in Israel until it generates taxable income [375]. Currency Impact - The NIS appreciated by 12.5% against the USD in 2025, impacting the U.S. dollar cost of NIS-denominated expenses [605]. Company Classification - The company is classified as an "emerging growth company," allowing for reduced reporting requirements [607]. Financial Challenges - The company has suffered recurring losses and negative cash flows since inception, relying on equity securities issuances and government grants for funding [385].

Financial Results - The Company issued a preliminary earnings release for Q4 and the year ended December 31, 2025, on February 20, 2026[5]. - The preliminary financial results for Q4 and the year ended December 31, 2025, were also issued on February 20, 2026[13]. Stockholder Meeting Proposals - A Special Meeting of Stockholders was held on February 20, 2026, where several proposals were approved, including a reverse stock split of common stock at a ratio between 1-for-2 and 1-for-200[7]. - Proposal One received 2,289,125 votes in favor, with 685,715 against, and 6,968 abstentions[8]. - Proposal Two, concerning the Series A Convertible Preferred Stock, was approved with 1,181,533 votes for and 363,604 against[9]. - Proposal Three, to amend 10,028,302 outstanding warrants to add anti-dilution provisions, was approved with 1,323,470 votes for[10]. - Proposal Four, regarding a potential future offering, received 1,200,623 votes in favor[11]. - Proposal Five, to approve an adjournment of the Special Meeting if necessary, was approved with 2,354,898 votes for[12].