RF Industries(RFIL) - 2025 Q3 - Quarterly Report

Part I. FINANCIAL INFORMATION Item 1: Financial Statements This section presents the unaudited condensed consolidated financial statements for RF Industries, Ltd. and its subsidiaries, including balance sheets, statements of operations, stockholders' equity, and cash flows, along with detailed notes explaining accounting policies, significant accounts, and recent financial activities for the periods ended July 31, 2025, and October 31, 2024 Condensed Consolidated Balance Sheets The company's total assets increased to $73.2 million as of July 31, 2025, from $71.0 million at October 31, 2024, driven primarily by an increase in cash and trade accounts receivable | Metric | July 31, 2025 (Unaudited) (in thousands) | October 31, 2024 (Note 1) (in thousands) | | :--------------------------------------- | :--------------------------------------- | :--------------------------------------- | | ASSETS | | | | Cash and cash equivalents | $3,000 | $839 | | Trade accounts receivable, net | $15,348 | $12,119 | | Inventories | $14,169 | $14,725 | | Total Current Assets | $34,086 | $29,113 | | Total Property and equipment, net | $4,368 | $4,813 | | Operating lease right-of-use assets, net | $14,255 | $15,265 | | Goodwill | $8,085 | $8,085 | | Amortizable intangible assets, net | $10,675 | $11,908 | | Total Assets | $73,201 | $71,046 | | LIABILITIES AND STOCKHOLDERS' EQUITY | | | | Accounts payable | $4,806 | $3,798 | | Accrued expenses | $6,334 | $4,247 | | Line of credit | $7,828 | $8,197 | | Total Current Liabilities | $21,013 | $18,090 | | Operating lease liabilities | $17,209 | $18,680 | | Total Liabilities | $38,429 | $36,980 | | Total Stockholders' Equity | $34,772 | $34,066 | | Total Liabilities and Stockholders' Equity | $73,201 | $71,046 | Condensed Consolidated Statements of Operations For the three months ended July 31, 2025, net sales increased by 17.6% year-over-year, leading to a significant improvement from an operating loss to an operating income and a net income of $0.4 million | Metric (in thousands, except per share) | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Nine Months Ended July 31, 2025 | Nine Months Ended July 31, 2024 | | :-------------------------------------- | :------------------------------- | :------------------------------- | :------------------------------ | :------------------------------ | | Net sales | $19,790 | $16,836 | $57,900 | $46,404 | | Cost of sales | $13,071 | $11,875 | $39,514 | $33,316 | | Gross profit | $6,719 | $4,961 | $18,386 | $13,088 | | Operating income (loss) | $720 | $(419) | $882 | $(2,919) | | Income (loss) before income taxes | $480 | $(757) | $161 | $(3,595) | | Consolidated net income (loss) | $392 | $(705) | $(98) | $(6,361) | | Basic EPS | $0.04 | $(0.07) | $(0.01) | $(0.61) | | Diluted EPS | $0.04 | $(0.07) | $(0.01) | $(0.61) | Condensed Consolidated Statements of Stockholders' Equity Stockholders' equity increased from $34.066 million at November 1, 2024, to $34.772 million at July 31, 2025, primarily due to stock-based compensation expense and the exercise of stock options | Metric (in thousands, except shares) | Balance, Nov 1, 2024 | Exercise of stock options | Stock-based compensation expense | Issuance of restricted stock | Tax withholding | Consolidated net loss | Balance, July 31, 2025 | | :----------------------------------- | :------------------- | :------------------------ | :------------------------------- | :--------------------------- | :-------------- | :-------------------- | :--------------------- | | Common Stock Shares | 10,544,431 | 50,623 | - | 82,500 | (10,107) | - | 10,667,447 | | Common Stock Amount | $106 | $1 | - | - | - | - | $107 | | Additional Paid-in Capital | $26,988 | $206 | $640 | - | $(43) | - | $27,791 | | Retained Earnings | $6,972 | - | - | - | - | $(98) | $6,874 | | Total | $34,066 | $207 | $640 | - | $(43) | $(98) | $34,772 | Condensed Consolidated Statements of Cash Flows For the nine months ended July 31, 2025, net cash provided by operating activities was $2.481 million, resulting in a net increase in cash and cash equivalents of $2.161 million | Cash Flow Category (in thousands) | Nine Months Ended July 31, 2025 | Nine Months Ended July 31, 2024 | | :-------------------------------- | :------------------------------ | :------------------------------ | | Net cash provided by operating activities | $2,481 | $3,409 | | Net cash used in investing activities | $(158) | $(564) | | Net cash used in financing activities | $(162) | $(5,978) | | Net increase (decrease) in cash and cash equivalents | $2,161 | $(3,133) | | Cash and cash equivalents, beginning of period | $839 | $4,897 | | Cash and cash equivalents, end of period | $3,000 | $1,764 | Notes to Unaudited Condensed Consolidated Financial Statements These notes provide essential context and detail for the unaudited condensed consolidated financial statements, covering accounting policies, significant estimates, segment information, and specific financial instruments and liabilities Note 1 – Unaudited interim condensed consolidated financial statements The interim financial statements are prepared in accordance with GAAP for interim reporting, assuming the company will continue as a going concern - The company generated operating income of $0.719 million for the three months ended July 31, 2025, and $0.882 million for the nine months ended July 31, 2025, compared to operating losses of $0.419 million and $2.919 million for the same periods last year, respectively. This improvement is attributed to increased sales and cost-cutting measures, including facility consolidation[23] - On March 15, 2024, the Company entered into a loan and security agreement with Eclipse Business Capital (EBC), using proceeds to repay and terminate the prior revolving credit facility and term loan with Bank of America, N.A[24] Note 2 – Concentrations of credit risk The company faces credit risk primarily from cash and cash equivalents held in high-credit quality financial institutions and from accounts receivable - As of July 31, 2025, cash and cash equivalent balances exceeded federally insured limits by approximately $2.7 million[31] | Customer | Three Months Ended July 31, 2025 (Net Sales) | Three Months Ended July 31, 2024 (Net Sales) | Nine Months Ended July 31, 2025 (Net Sales) | Nine Months Ended July 31, 2024 (Net Sales) | | :--------------- | :------------------------------------------- | :------------------------------------------- | :------------------------------------------ | :------------------------------------------ | | Wireless provider A | 11% | 11% | - | - | | Distributor A | 15% | - | - | - | | Distributor B | - | 13% | - | - | - For the three months ended July 31, 2025, Wireless provider A accounted for 17% of total net accounts receivable, and Distributor A accounted for 22%. For the nine months ended July 31, 2025, these same customers accounted for 17% and 22% of total net accounts receivable, respectively[32] Note 3 – Inventories and major vendors Inventories are valued at the lower of cost or net realizable value using the weighted average cost method, decreasing to $14.169 million at July 31, 2025 | Inventory Category (in thousands) | July 31, 2025 | October 31, 2024 | | :------------------------------ | :------------ | :--------------- | | Raw materials and supplies | $9,586 | $10,886 | | Work in process | $793 | $530 | | Finished goods | $3,790 | $3,309 | | Totals | $14,169 | $14,725 | - No single vendor accounted for 10% or more of inventory purchases for the three or nine months ended July 31, 2025 and 2024[33] Note 4 – Other current assets Other current assets increased to $1.569 million at July 31, 2025, primarily driven by an increase in prepaid expenses | Other Current Assets (in thousands) | July 31, 2025 | October 31, 2024 | | :-------------------------------- | :------------ | :--------------- | | Prepaid taxes | $139 | $262 | | Prepaid expense | $1,001 | $699 | | Deposits | $378 | $329 | | Other | $51 | $140 | | Totals | $1,569 | $1,430 | Note 5 – Accrued expenses and other current liabilities Accrued expenses significantly increased to $6.334 million at July 31, 2025, mainly due to higher wages payable and accrued receipts | Accrued Expenses (in thousands) | July 31, 2025 | October 31, 2024 | | :------------------------------ | :------------ | :--------------- | | Wages payable | $2,993 | $2,357 | | Accrued receipts | $1,602 | $762 | | Deferred revenue | $521 | - | | Other accrued expenses | $1,218 | $1,128 | | Totals | $6,334 | $4,247 | Note 6 – Income (Loss) per share Basic and diluted income (loss) per share are calculated based on net income (loss) and weighted average common shares outstanding | Weighted Average Shares Outstanding | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Nine Months Ended July 31, 2025 | Nine Months Ended July 31, 2024 | | :---------------------------------- | :------------------------------- | :------------------------------- | :------------------------------ | :------------------------------ | | Basic | 10,668,375 | 10,495,082 | 10,632,566 | 10,466,862 | | Diluted | 10,774,304 | 10,495,082 | 10,632,566 | 10,466,862 | - Potentially dilutive securities that were out-of-the-money totaled 50,000 shares for the three and nine months ended July 31, 2025, and 846,889 shares for the same periods in 2024, and were excluded from diluted EPS calculations due to their anti-dilutive effect[36] Note 7 – Stock-based compensation and equity transactions The company granted restricted stock and incentive stock options to officers and managers, with $919,000 in expenses for nonvested options yet to be recognized - Grants of restricted stock and incentive stock options occurred on November 1, 2023 (15,202 restricted shares), January 11, 2024 (110,099 restricted shares and 220,001 options), April 16, 2024 (25,000 options), December 2, 2024 (47,500 options), and January 13, 2025 (82,500 restricted shares and 165,000 options)[38][40][41][42][43] | Black-Scholes Assumption | Nine Months Ended July 31, 2025 | Nine Months Ended July 31, 2024 | | :----------------------- | :------------------------------ | :------------------------------ | | Weighted average volatility | 44.37% | 51.30% | | Expected dividends | 0.00% | 0.00% | | Expected term (in years) | 6.14 | 7.00 | | Risk-free interest rate | 4.54% | 4.00% | | Weighted average fair value of options granted | $1.85 | $3.97 | | Weighted average fair value of options vested | $2.38 | $5.08 | | Stock Option Activity (Nine Months Ended July 31, 2025) | Shares or Price Per Share | Weighted Average Exercise Price | | :------------------------------------------------------ | :------------------------ | :------------------------------ | | Outstanding at beginning of November 1, 2024 | 874,816 | $5.10 | | Options granted | 212,500 | $3.97 | | Options exercised | (50,623) | $4.07 | | Options canceled or expired | (25,000) | $8.69 | | Options outstanding at July 31, 2025 | 1,011,693 | $4.82 | | Options exercisable at July 31, 2025 | 562,868 | $5.52 | | Options vested and expected to vest at July 31, 2025 | 1,011,693 | $4.82 | - Stock-based compensation expense was $0.219 million for the three months ended July 31, 2025 (vs. $0.241 million in 2024) and $0.640 million for the nine months ended July 31, 2025 (vs. $0.744 million in 2024), classified in selling and general expense[46] Note 8 – Segment information The company operates in two segments: RF Connector and Cable Assembly, and Custom Cabling Manufacturing and Assembly, with Custom Cabling showing significant growth - The company has two reportable segments: RF Connector and Cable Assembly (RF Connector) and Custom Cabling Manufacturing and Assembly (Custom Cabling). The RF Connector segment primarily sells through distribution, while Custom Cabling uses a combination of distribution and direct sales[47][49] | Geographic Area (in thousands) | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Nine Months Ended July 31, 2025 | Nine Months Ended July 31, 2024 | | :----------------------------- | :------------------------------- | :------------------------------- | :------------------------------ | :------------------------------ | | United States | $18,432 | $15,473 | $52,952 | $41,948 | | Foreign Countries: | | | | | | Canada | $1,052 | $765 | $3,678 | $2,595 | | Germany | $138 | $23 | $305 | $118 | | All Other | $168 | $575 | $965 | $1,743 | | Totals | $19,790 | $16,836 | $57,900 | $46,404 | | Segment Performance (in thousands) | RF Connector (3M 2025) | Custom Cabling (3M 2025) | Corporate (3M 2025) | Total (3M 2025) | RF Connector (3M 2024) | Custom Cabling (3M 2024) | Corporate (3M 2024) | Total (3M 2024) | | :--------------------------------- | :--------------------- | :----------------------- | :------------------ | :-------------- | :--------------------- | :----------------------- | :------------------ | :-------------- | | Net sales | $9,230 | $10,560 | - | $19,790 | $9,697 | $7,139 | - | $16,836 | | (Loss) income before income taxes | $(1,424) | $2,144 | $(240) | $480 | $(715) | $297 | $(339) | $(757) | | Total assets | $45,675 | $22,398 | $5,128 | $73,201 | $49,355 | $18,112 | $4,393 | $71,860 | | Expenditures for Segment Assets | $60 | $48 | - | $108 | $249 | $3 | - | $252 | | Segment Performance (in thousands) | RF Connector (9M 2025) | Custom Cabling (9M 2025) | Corporate (9M 2025) | Total (9M 2025) | RF Connector (9M 2024) | Custom Cabling (9M 2024) | Corporate (9M 2024) | Total (9M 2024) | | :--------------------------------- | :--------------------- | :----------------------- | :------------------ | :-------------- | :--------------------- | :----------------------- | :------------------ | :-------------- | | Net sales | $27,311 | $30,589 | - | $57,900 | $28,406 | $17,998 | - | $46,404 | | (Loss) income before income taxes | $(4,209) | $5,265 | $(894) | $161 | $(3,104) | $386 | $(877) | $(3,595) | | Total assets | $45,675 | $22,398 | $5,128 | $73,201 | $49,355 | $18,112 | $4,393 | $71,860 | | Expenditures for Segment Assets | $83 | $86 | - | $169 | $544 | $20 | - | $564 | Note 9 – Income taxes The company recorded an income tax provision of $88,000 for the three months ended July 31, 2025, and is evaluating the impact of the 'One Big Beautiful Bill Act' | Income Tax Metric | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Nine Months Ended July 31, 2025 | Nine Months Ended July 31, 2024 | | :---------------- | :------------------------------- | :------------------------------- | :------------------------------ | :------------------------------ | | Provision (benefit) | $88,000 | $(52,000) | $259,000 | $2,766,000 | | Effective tax rate | 18.3% | 6.9% | 160.9% | (76.9%) | - Unrecognized tax benefits were $0.241 million as of July 31, 2025, which, if recognized, would result in a net tax benefit of $0.195 million[54] - The company has a partial valuation allowance against its deferred tax assets, totaling $4.146 million as of July 31, 2025, due to the assessment that it is not more likely than not that all deferred tax assets will be realized[55] - The 'One Big Beautiful Bill Act' (OBBBA), signed into law on July 4, 2025, includes corporate tax provisions like restored 100% bonus depreciation and immediate expensing of R&E expenditures. The company is evaluating its impact for fiscal 2026[56][57] Note 10 – Intangible assets Amortizable intangible assets, net, decreased to $10.675 million at July 31, 2025, primarily due to ongoing amortization | Intangible Asset Category (in thousands) | July 31, 2025 (Net) | October 31, 2024 (Net) | | :--------------------------------------- | :------------------ | :--------------------- | | Non-compete agreement | $0 | $0 | | Customer relationships | $1,920 | $2,210 | | Backlog | $0 | $0 | | Patents | $135 | $160 | | Tradename | $1,313 | $1,398 | | Proprietary technology | $7,307 | $8,140 | | Totals (Amortizable) | $10,675 | $11,908 | | Trademarks (Non-amortizable) | $1,174 | $1,174 | - Amortization expense for the nine months ended July 31, 2025, was $1.233 million. The weighted-average amortization period for amortizable intangible assets is 6.91 years as of July 31, 2025[59] Note 11 – Commitments The company has operating leases for corporate offices, manufacturing facilities, and storage units, with future minimum lease payments amounting to $25.2 million | Operating Lease Cost (in thousands) | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Nine Months Ended July 31, 2025 | Nine Months Ended July 31, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | :------------------------------ | :------------------------------ | | Operating lease cost | $733 | $749 | $2,212 | $2,217 | - As of July 31, 2025, operating lease right-of-use assets were $14.3 million and operating lease liabilities totaled $19.3 million, with $2.0 million classified as current. Future minimum lease payments under non-cancellable leases are $25.2 million[61] Note 12 – Term Loan and Line of credit The company entered into a new loan and security agreement with Eclipse Business Capital (EBC), providing a senior secured revolving loan facility of up to $15.0 million - The EBC Credit Agreement provides for a senior secured revolving loan facility of up to $15.0 million and an additional senior secured revolving credit facility of up to $1.0 million (modified to decrease over time)[63] - Interest rates for the EBC Revolving Loan Facility are Adjusted Term SOFR plus 5.00%, and for the EBC Additional Line, Adjusted Term SOFR plus 6.50%, both with a 2.00% SOFR floor. A commitment fee of 0.50% per annum applies to the unused portion of the revolving loan facility[64] - Financial covenants include maintaining Excess Availability (greater of $1.0 million or 10% of Adjusted Borrowing Base) and a capital expenditure limitation of $2.5 million per fiscal year[65] - As of July 31, 2025, outstanding borrowings under the EBC Credit Agreement were $7.828 million, classified as current liabilities[67] Note 13 – Cash dividend and declared dividends The company did not pay any dividends during the three or nine months ended July 31, 2025, nor during the comparable periods in 2024 - No dividends were paid during the three or nine months ended July 31, 2025, or July 31, 2024[68] Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations This section provides management's perspective on the company's financial condition and operational results, highlighting key performance drivers, liquidity, and capital resources Cautionary Note Regarding Forward-Looking Statements This section advises readers that the report contains forward-looking statements about future events and financial performance, which are predictions and may differ materially from actual results - The report contains forward-looking statements that are predictions about future events or financial performance, identifiable by terms like 'may,' 'will,' 'should,' 'expect,' 'plan,' 'anticipate,' 'believe,' 'estimate,' 'predict,' 'potential,' or 'continue'[69] - Actual events or results may differ materially from these forward-looking statements, and the company is under no obligation to update them[69][70] Critical Accounting Estimates Management confirms that there have been no material changes to the critical accounting estimates disclosed in the Annual Report on Form 10-K for the fiscal year ended October 31, 2024 - No material changes occurred during the three months ended July 31, 2025, to the critical accounting estimates previously disclosed in the Annual Report on Form 10-K for the fiscal year ended October 31, 2024[73] Overview RF Industries, Ltd. is a national manufacturer and marketer of interconnect products and systems, operating through two segments: RF Connector and Cable Assembly, and Custom Cabling Manufacturing and Assembly - RF Industries, Ltd. manufactures and markets interconnect products and systems, including RF connectors, adapters, coaxial cables, data cables, fiber optic cables, custom cabling, energy-efficient cooling systems, and integrated small cell enclosures[74] - The company operates through two segments: RF Connector and Cable Assembly (RF Connector) and Custom Cabling Manufacturing and Assembly (Custom Cabling)[75] - For the nine months ended July 31, 2025, Custom Cabling accounted for 53% of total sales, and RF Connector accounted for 47%. Custom Cabling's revenue is more volatile due to larger, customized orders, while RF Connector's revenue is more stable from standardized products[76] Liquidity and Capital Resources The company's liquidity improved, with cash and cash equivalents increasing to $3.0 million at July 31, 2025, and working capital at $13.1 million - Cash and cash equivalents increased to $3.0 million as of July 31, 2025, from $0.8 million as of October 31, 2024[79] - As of July 31, 2025, working capital was $13.1 million, and the current ratio was approximately 1.6:1[79] - Net cash provided by operating activities was $2.5 million for the nine months ended July 31, 2025, primarily due to decreased inventories, depreciation and amortization, and changes in accounts payable and accrued expenses[81] - The company had a backlog of $19.7 million as of July 31, 2025, compared to $19.5 million as of October 31, 2024[80] - Capital expenditures for the nine months ended July 31, 2025, totaled $0.170 million. The company may undertake acquisitions to diversify offerings and customer base, which could impact capital resources[82][84] Results of Operations The company experienced significant improvements in its financial performance for both the three and nine months ended July 31, 2025, driven by strong growth in the Custom Cabling segment and improved gross margins Three Months Ended July 31, 2025 vs. Three Months Ended July 31, 2024 Net sales increased by 17.9% to $19.8 million, primarily due to a 49.3% increase in the Custom Cabling segment, leading to a net income of $0.4 million - Net sales increased by 17.9% ($3.0 million) to $19.8 million[85] - Custom Cabling segment net sales increased by 49.3% ($3.5 million) to $10.6 million, driven by aerospace and new market penetration[85] - RF Connector segment net sales decreased by 5.2% ($0.5 million) to $9.2 million, primarily due to timing of small cell applications[85] - Gross profit increased by $1.7 million, and gross margins improved to 34% from 29.5%, attributed to product mix and new market penetration[86] - Net income was $0.4 million ($0.04 diluted EPS) compared to a net loss of $0.7 million ($0.07 diluted loss per share) in the prior year[91] Nine Months Ended July 31, 2025 vs. Nine Months Ended July 31, 2024 Net sales for the nine-month period increased by 24.8% to $57.9 million, largely driven by a 70.0% increase in the Custom Cabling segment, substantially reducing the net loss - Net sales increased by 24.8% ($11.5 million) to $57.9 million[92] - Custom Cabling segment net sales increased by 70.0% ($12.6 million) to $30.6 million, driven by tier one carrier applications for direct air cooling and small cell enclosures, and new market penetration[92] - RF Connector segment net sales decreased by 3.9% ($1.1 million) to $27.3 million due to fluctuations in the distribution business[93] - Gross profit increased by $5.3 million, and gross margins improved to 31.8% from 28.2%, driven by direct air cooling, small cell enclosure offerings, and diverse custom cabling products[94] - Net loss was $0.1 million ($0.01 diluted loss per share) compared to a net loss of $6.4 million ($0.61 diluted loss per share) in the prior year[99] Item 3. Quantitative and Qualitative Disclosures about Market Risk As a 'smaller reporting company,' RF Industries, Ltd. is exempt from providing the detailed quantitative and qualitative disclosures about market risk typically required under this Item - The company is a 'smaller reporting company' and is not required to provide quantitative and qualitative disclosures about market risk[100] Item 4. Controls and Procedures Management, with the participation of the CEO and CFO, evaluated the effectiveness of the company's disclosure controls and procedures, concluding they were effective at a reasonable assurance level as of July 31, 2025 Evaluation of Disclosure Controls and Procedures The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective at a reasonable assurance level as of July 31, 2025 - The Chief Executive Officer and Chief Financial Officer evaluated the effectiveness of disclosure controls and procedures and concluded they were effective at a reasonable assurance level as of July 31, 2025[103] Changes in Internal Control Over Financial Reporting There were no changes in the company's internal control over financial reporting during the third quarter of fiscal 2025 that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting - No changes in internal control over financial reporting materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting during the third quarter of fiscal 2025[104] Part II. OTHER INFORMATION Item 1. Legal Proceedings The company is involved in an employee class action lawsuit filed on July 24, 2024, alleging California state law violations related to wages, meal/rest periods, expense reimbursement, and wage statements - On July 24, 2024, a former employee filed a class action lawsuit against the company and its subsidiary C Enterprises, Inc., alleging California state law violations regarding wages, meal/rest periods, business expense reimbursement, timely wage payments, and accurate wage statements[106] - The lawsuit also includes a cause of action under the Private Attorneys General Act of 2004 (PAGA)[107] - The parties reached a settlement in principle on August 7, 2025, which is currently being negotiated into a long-form agreement and is subject to Court approval[108] Item 1A. Risk Factors This section updates the risk factors from the Annual Report, emphasizing the risks associated with changes in trade policies, tariffs, and import/export regulations by the U.S. and foreign governments - The company is subject to risks from changes in trade policies, tariffs, and import/export regulations by the U.S. and foreign governments[111] - These changes, such as tariffs on imports from China, Mexico, and Canada, could increase product costs, lead to lower gross profit and margins, and negatively affect business performance, financial condition, and relationships with stakeholders[112][113] Item 2. Unregistered Sales of Equity Securities and Use of Proceeds The company reports no unregistered sales of equity securities and no issuer purchases of equity securities during the period - There were no unregistered sales of equity securities during the period[114] - There were no issuer purchases of equity securities during the period[115] Item 3. Defaults upon Senior Securities The company reports no defaults upon senior securities during the period - There were no defaults upon senior securities during the period[116] Item 4. Mine Safety Disclosures This item is not applicable to the company - Mine Safety Disclosures are not applicable to the company[117] Item 5. Other Information No director or officer adopted or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement during the quarterly period ended July 31, 2025 - No director or officer adopted or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement during the quarterly period ended July 31, 2025[118] Item 6. Exhibits This section lists the exhibits filed with the Form 10-Q, including certifications from the CEO and CFO under the Sarbanes-Oxley Act and various Inline XBRL documents - Exhibits include certifications from the Chief Executive Officer and Chief Financial Officer pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002[119] - The filing also includes various Inline XBRL documents (Instance Document, Taxonomy Schema, Calculation Linkbase, Definition Linkbase, Label Linkbase, Presentation Linkbase, and Cover Page Interactive Data File)[119] SIGNATURES The report is duly signed on behalf of RF Industries, Ltd. by Robert Dawson, Chief Executive Officer, and Peter Yin, Chief Financial Officer, on September 11, 2025 - The report was signed by Robert Dawson, Chief Executive Officer, and Peter Yin, Chief Financial Officer, on September 11, 2025[123]