Financial Performance - Revenues from SLG for the fiscal years 2024 and 2023 were $14,703,887 and $13,837,042, respectively, indicating a year-over-year growth of approximately 6.3%[267] - Revenue for the three months ended March 31, 2025, was $3,870,050, a decrease of $372,805 or 8.79% compared to $4,242,855 in the same period of 2024[283] - Cost of revenue decreased by $703,854 or 18.07% to $3,192,287 for the three months ended March 31, 2025, from $3,896,141 in 2024[286] - Selling, general and administrative expenses increased significantly by $10,396,291 or 2743.25% to $10,775,268 for the three months ended March 31, 2025, compared to $378,977 in 2024[288] - Net loss for the three months ended March 31, 2025, was $10,248,486, compared to a net loss of $312,475 in the same period of 2024[282] - Cash and cash equivalents at the end of the period increased to $2,269,195 as of March 31, 2025, from $206,939 at the end of March 2024[291] - The accumulated deficit increased to approximately $13,461,859 as of March 31, 2025, from $3,203,361 at December 31, 2024[297] - Net cash used in operating activities was $2,745,109 for the three months ended March 31, 2025, compared to $272,446 in the same period of 2024[292] - Net cash provided by financing activities was $3,173,991 for the three months ended March 31, 2025, compared to a net cash used of $23,483 in 2024[296] - The company expects continued significant operating losses for the next few years and plans to seek additional financing[298] - The total assets increased to approximately $31.6 million as of March 31, 2025, from approximately $25.6 million at December 31, 2024, primarily due to increases in goodwill[298] Acquisition and Strategic Plans - The acquisition of SLG is expected to enhance Cycurion's qualifications for future government contracts due to SLG's historical relationships with contracting agencies[267] - Cycurion entered into a Term Sheet with SLG on April 25, 2023, for the acquisition, which includes provisions for forming two new subsidiaries[268] - The SLG Term Sheet allows Cycurion to terminate the agreement at any time before April 11, 2025, without further obligations[269] - Cycurion plans to close the transactions contemplated by the SLG Term Sheet during the current fiscal quarter[269] - The RCR Term Sheet, related to SLG, is expected to be closed in the second half of the current fiscal year, contingent upon the SLG transaction[273] - Cycurion's growth strategy includes organic business solutions and strategic acquisitions of cyber/infrastructure service providers[257] Technology and Services - Cycurion acquired technology assets from Sabres, including Multi-Dimensional Protection and Bot Mitigation SaaS platforms, which were integrated into existing services[277] - The Cycurion Security Platform utilizes a proprietary cloud-based AI algorithm to enhance cybersecurity measures in real-time against emerging threats[278] - The MDP SaaS platform combines Web Application Firewall and Bot Mitigation to improve clients' cyber posture and reduce risks from automated attacks[278] Stock and Market Considerations - The fair value of the Common Stock was estimated due to its lack of historical public trading[316] - The expected term for options is calculated to be 10 years based on the average vesting term and contractual period[316] - Expected volatility is derived from the historical share volatility of comparable publicly traded companies[316] - The risk-free interest rate is based on U.S. Treasury securities yields appropriate for the term of the award[316] - The company has not paid dividends on its Common Stock and does not expect to in the foreseeable future[316] - The assessment includes contemporaneous third-party valuations of the Common Stock[316] - The analysis considers the likelihood of achieving a liquidity event, such as an IPO or sale of the company[316] - Market performance of comparable publicly traded companies is taken into account[316] - The company is classified as a "smaller reporting company" and is not required to provide additional market risk disclosures[317]

Revenue and Performance - Total revenue for the three months ended April 30, 2024 and 2025 was $80.1 million, remaining relatively flat year-over-year [161]. - Total revenue for the three months ended April 30, 2025, was $80,111 thousand, a slight increase of $8 thousand compared to $80,103 thousand in the same period of 2024 [189]. - Remaining performance obligations (RPO) increased from $346.3 million in 2024 to $427.5 million in 2025, with $241.0 million expected to be recognized as revenue in the next twelve months [160]. - Subscription revenue decreased by $721 thousand, or 1%, from $72,110 thousand in 2024 to $71,389 thousand in 2025, primarily due to a $4.3 million net decrease from existing customers [193]. - Professional services and other revenue increased by $729 thousand, or 9%, from $7,993 thousand in 2024 to $8,722 thousand in 2025, driven by increases in event sponsorship and consulting revenue [194]. Customer and Market Dynamics - As of April 30, 2025, 70% of annual recurring revenue (ARR) was derived from consumption-based service agreements, with expectations for this percentage to increase [158]. - The company had over 2,500 customers as of April 30, 2025, with enterprise customers accounting for 45% of revenue [167]. - The macroeconomic environment has elongated the software sales cycle and increased deal scrutiny, potentially impacting revenue growth in the near term [162]. Financial Performance - Net losses were $26.0 million for the three months ended April 30, 2024, and $18.1 million for the same period in 2025, with an accumulated deficit of $1.5056 billion as of April 30, 2025 [163]. - Net loss for the three months ended April 30, 2025, was $18,052 thousand, compared to a net loss of $26,007 thousand in 2024, reflecting an improvement of $7,955 thousand [189]. - Cash collected from customers during the three months ended April 30, 2025 was $93.2 million, exceeding cash outflows of $89.2 million [217]. - Net cash provided by operating activities for the three months ended April 30, 2025 was $3.951 million, compared to $1.901 million for the same period in 2024 [214]. Expenses and Cost Management - Total operating expenses decreased by $7,050 thousand, or 9%, from $80,839 thousand in 2024 to $73,789 thousand in 2025, with significant reductions in sales and marketing, research and development, and general and administrative expenses [199]. - Sales and marketing expenses as a percentage of total revenue increased from 50% in 2024 to 53% in 2025 [174]. - Research and development expenses as a percentage of total revenue increased from 25% in 2025 to 28% in 2024, indicating a focus on future growth [176]. - Research and development expenses decreased by $2,758 thousand, or 12%, from $22,719 thousand in 2024 to $19,961 thousand in 2025, with a decrease in employee-related costs [200]. - General and administrative expenses decreased by $1,734 thousand, or 11%, from $15,901 thousand in 2024 to $14,167 thousand in 2025, primarily due to a reduction in professional and legal fees [201]. Liquidity and Financing - Cash and cash equivalents as of April 30, 2025, totaled $47.2 million, held primarily for working capital purposes [204]. - The company has a $125.3 million credit facility, all of which had been drawn as of April 30, 2025 [204]. - The company is required to maintain a minimum liquidity of $25.0 million in unrestricted cash as per the credit facility [213]. - As of April 30, 2025, the cash interest rate on the term loan was approximately 7.3%, with an additional fixed rate of 5.0% accruing on the outstanding principal [212]. Economic and Inflation Considerations - The company does not believe inflation has materially affected its business or financial condition to date [232]. - Subscription contracts often contain pricing terms tied to the Consumer Price Index (CPI), and renewal pricing policies are designed to approximate CPI changes [232]. - If costs become subject to significant inflationary pressure, the company may not be able to fully offset these costs with price increases, which could adversely affect its financial condition [232]. - A hypothetical change in interest rates of 100 basis points would not have a material impact on the fair value of the company's outstanding debt [229]. Strategic Initiatives - The company entered into a Controlled Equity Offering Sales Agreement to sell up to $150.0 million of Class B common stock, with a commission of 3.0% on gross proceeds [208]. - The company has no current agreements for potential investments or acquisitions but may seek additional equity financing in the future [208]. - The company has experienced fluctuations in net loss due to transaction gains or losses from remeasuring current asset and liability balances in foreign currencies [231]. - The company has not engaged in hedging foreign currency transactions to date but is considering the costs and benefits of initiating such a program as it expands international operations [231].

Revenue and Growth - Revenue for the three months ended April 30, 2025, was $162.1 million, representing a year-over-year growth of 19.6% from $135.5 million in the same period of 2024[129] - Revenue for the three months ended April 30, 2025, was $162.1 million, a 19.6% increase from $135.5 million in the same period of 2024, primarily driven by a $24.8 million increase in subscription revenue[162] - Total customers grew to 2,342 as of April 30, 2025, from 2,102 as of April 30, 2024, indicating a strong customer acquisition strategy[162] - As of April 30, 2025, the company had 2,342 customers, with a dollar-based net retention rate of 109% for the trailing 12 months[137] - Approximately 46% of revenue for the three months ended April 30, 2025, was generated outside of the United States, compared to 44% in the same period of 2024[139] Financial Performance - Net losses for the three months ended April 30, 2025, were $35.6 million, compared to $35.7 million in the same period of 2024[129] - The company incurred a net loss of $35.6 million for the three months ended April 30, 2025, compared to a net loss of $35.7 million in the same period of 2024[160] - Gross profit increased by $20.3 million, or 22.3%, to $111.2 million, with a gross margin improvement to 68.6% from 67.1%[164] - Operating cash flow for the three months ended April 30, 2025, was $24.1 million, up from $19.4 million in the prior year[172] - Other income, net, increased by $0.5 million, or 9.3%, to $5.7 million, driven by higher investment income from marketable securities[168] Cash Flow and Liquidity - Non-GAAP free cash flow was $22.9 million for the three months ended April 30, 2025, up from $11.4 million in the same period of 2024[129] - Free cash flow for the three months ended April 30, 2025, was $22.9 million, an increase from $11.4 million for the same period in 2024, driven by higher collections from new contracts and renewals[180] - As of April 30, 2025, the company had cash, cash equivalents, and marketable securities totaling $539.8 million, with $307.8 million invested in government and corporate debt securities[191] - The company assesses liquidity primarily through cash on hand and projected timing of billings under contracts, believing current resources will meet requirements for at least the next 12 months[181] Expenses and Investments - Operating expenses are expected to increase as the company expands its operations and invests in sales and marketing to drive growth[152] - Research and development expenses rose by $2.4 million, or 7.1%, to $36.8 million, reflecting continued investment in platform enhancements[166] - General and administrative expenses surged by $13.7 million, or 51.2%, to $40.5 million, largely due to increased professional services and legal costs related to acquisitions[167] - The cost of revenue increased by $6.3 million, or 14.2%, to $50.9 million, primarily due to higher hosting and messaging fees[163] Future Outlook - The company plans to continue investing in research and development to enhance its platform and expand its channel offerings, particularly in artificial intelligence capabilities[140] - The company expects free cash flow to fluctuate in future periods due to changes in operating expenses and macroeconomic factors affecting collection efforts[180] Customer Retention and Turnover - The decline in the dollar-based net retention rate from 117% to 109% was attributed to customer turnover and renewals at lower subscription levels due to macroeconomic conditions[138] - The company employs a land-and-expand business model, which allows for growth as customers increase their usage of the platform[128] Foreign Currency and Risk Management - The company does not currently face significant foreign currency risk as most sales are denominated in U.S. dollars, with only sales in Japan denominated in Yen[193] - The company uses derivative financial instruments, primarily forward exchange contracts, to hedge against foreign currency exchange rate fluctuations[194] Seasonality - The company experienced seasonality in cost of revenue, with the highest increase in messaging volume typically occurring in the fourth quarter due to holiday season activity[185]

Store Operations - As of May 3, 2025, the company operated 1,826 stores across 44 states[81]. - The company emphasizes the importance of opening new stores as a significant part of its growth strategy[92]. - The company plans to make cash capital expenditures of approximately $210 million to $230 million in fiscal 2025, primarily for new store openings[114]. Sales Performance - The company reported that net sales are typically highest in the fourth fiscal quarter due to the year-end holiday season[86]. - Net sales increased to $970.5 million for the thirteen weeks ended May 3, 2025, up 19.5% from $811.9 million in the prior year[105]. - Comparable sales rose by 7.1%, driven by a 6.2% increase in the number of transactions and a 0.9% increase in the average dollar value of transactions[106]. - E-commerce sales are included in net sales and comparable sales, reflecting the company's strategy to enhance online presence[82]. - The company acknowledges that its business is seasonal, impacting net sales fluctuations throughout the fiscal year[86]. Cost and Profitability - Gross profit is calculated as net sales minus cost of goods sold, with gross margin being gross profit as a percentage of net sales[95]. - Cost of goods sold increased to $646.6 million, a rise of 17.9% from $548.3 million, primarily due to higher merchandise costs associated with increased net sales[107]. - Gross profit increased to $323.9 million, up 22.9% from $263.5 million, with gross margin improving to 33.4% from 32.5%[108]. - Selling, general and administrative expenses rose to $273.1 million, an increase of 20.1% from $227.4 million, representing 28.1% of net sales[109]. - Operating income is defined as gross profit minus SG&A expenses, serving as an indicator of business productivity[100]. Financial Health - Net income increased to $41.1 million, a 30.8% rise from $31.5 million in the prior year[112]. - Cash provided by operating activities was $132.7 million, an increase of $106.3 million compared to the previous year[121]. - As of May 3, 2025, the company had approximately $225 million available on its Revolving Credit Facility[135]. - The Board of Directors approved a new share repurchase program for up to $100 million of common stock through November 27, 2026[117]. Risks and Challenges - The company faces risks including inflation, supply chain disruptions, and increased competition from other retailers[78]. - SG&A expenses are expected to increase in future periods due to ongoing store growth and variability in performance-based compensation[99].

Revenue Performance - Total revenue for the three months ended April 30, 2025, was $93.96 million, a decrease of 12.2% from $107.06 million for the same period in 2024[98]. - Revenue from the U.S. Concrete Pumping segment decreased by 16.8%, or $12.5 million, from $74.6 million in Q2 2024 to $62.1 million in Q2 2025, primarily due to a slowdown in commercial construction and adverse weather[99]. - Revenue for the U.S. Concrete Waste Management Services segment increased by 6.9%, or $1.2 million, from $16.9 million in Q2 2024 to $18.1 million in Q2 2025, driven by organic growth and pricing improvements[100]. - Total revenue for the six months ended April 30, 2025, was $180.4 million, down 11.9% from $204.8 million for the same period in 2024[109]. - Revenue from the U.S. Concrete Pumping segment for the six months ended April 30, 2025, decreased by 15.8%, or $22.3 million, from $141.3 million in 2024 to $119.0 million in 2025[110]. - Revenue for the U.K. Operations segment decreased by 14.0%, or $4.3 million, from $30.9 million in the six months ended April 30, 2024, to $26.6 million in 2025[112]. Profitability Metrics - Gross profit for the three months ended April 30, 2025, was $36.18 million, down 13.4% from $41.77 million in the same period in 2024[102]. - Gross profit for the six months ended April 30, 2025 was $67.4 million, a decrease of $7.7 million (10.2%) from $75.1 million in the same period of 2024[113]. - Gross margin improved to 37.4% for the six months ended April 30, 2025, compared to 36.7% for the same period in 2024, primarily due to lower fuel and commercial insurance costs[113]. - Adjusted EBITDA for the U.S. Concrete Pumping segment was $21.8 million for the six months ended April 30, 2025, down $7.3 million (25.0%) from $29.1 million in 2024[125]. - Total adjusted EBITDA for the company was $46.8 million for the six months ended April 30, 2025, a decrease of $7.3 million (15.6%) from $39.5 million in 2024[125]. - Adjusted EBITDA for the three months ended April 30, 2025, was $22,497,000, down 18.2% from $27,548,000 in the prior year[152]. Expenses and Financial Costs - General and administrative expenses for Q2 2025 were $27.9 million, a decrease of $1.8 million from $29.7 million in Q2 2024, with G&A as a percentage of revenue increasing to 29.7%[103]. - Interest expense for Q2 2025 was $8.3 million, an increase of $1.4 million from $6.9 million in Q2 2024, primarily due to refinancing of senior notes[105]. - General and administrative (G&A) expenses decreased by $5.9 million to $55.7 million for the six months ended April 30, 2025, representing 30.9% of revenue, up from 30.1% in 2024[114]. - Interest expense for the six months ended April 30, 2025 was $14.1 million, an increase of $0.8 million from $13.3 million in the same period of 2024, mainly due to refinancing of senior notes[116]. - Total interest expense and amortization of deferred financing costs for the six months ended April 30, 2025, was $14,096,000, an increase from $13,336,000 in the prior year[152]. Net Income and Loss - Consolidated net income for the three months ended April 30, 2025, was a loss of $4,000 compared to a net income of $3,046,000 for the same period in 2024[152]. - Net loss for the U.S. Concrete Pumping segment was $4.7 million for the six months ended April 30, 2025, compared to a net loss of $2.3 million in the same period of 2024[125]. - U.S. Concrete Waste Management Services segment reported net income of $1.4 million for the six months ended April 30, 2025, compared to a net loss of $0.2 million in 2024[126]. - U.K. Operations segment net income decreased to $0.6 million for the six months ended April 30, 2025, down from $1.5 million in 2024[127]. - U.S. Concrete Pumping segment reported a net loss of $1,601,000 for the three months ended April 30, 2025, compared to a net income of $937,000 in the same period of 2024[152]. - U.S. Concrete Waste Management Services achieved a net income of $1,202,000 for the three months ended April 30, 2025, up from $1,065,000 in the prior year[152]. Cash Flow and Liquidity - As of April 30, 2025, the company had $37.8 million in cash and cash equivalents and $314.7 million in available borrowing capacity under the ABL Facility, totaling $352.5 million in liquidity[129]. - Net cash provided by operating activities for the six months ended April 30, 2025 was $30.8 million, despite a net loss of $2.6 million[143]. - Gross capital expenditures for the six months ended April 30, 2025 were approximately $19.5 million, down from $28.8 million in the same period of 2024[133]. - The company used $16.3 million for investing activities during the six months ended April 30, 2025, primarily for property, plant, and equipment[145]. - Net cash used in financing activities was $19.9 million for the six months ended April 30, 2025, which included $425.0 million from the issuance of 2032 Notes and $375.0 million for the extinguishment of 2026 Notes[147]. - The company had a working capital surplus of $45.7 million as of April 30, 2025, and is in compliance with its debt covenants[132]. Strategic Initiatives - The company views strategic acquisitions as opportunities to enhance competitiveness and plans to allocate capital for opportunistic M&A using cash and revolving credit[90]. - The ABL Facility was amended to increase maximum borrowings from $225.0 million to $350.0 million and extend its maturity to September 6, 2029[138]. - The company had no outstanding balance under the ABL Facility as of April 30, 2025, and maintained $1.1 million in credit line reserves[139]. - The company’s future capital requirements may vary significantly based on revenue growth, potential acquisitions, and overall economic conditions[130]. Other Financial Adjustments - The company incurred a loss on debt extinguishment of $1,392,000 for the six months ended April 30, 2025[152]. - Other adjustments for the six months ended April 30, 2025, included a non-recurring charge related to sales tax litigation amounting to $3.5 million[152]. - The company did not make modifications to its critical accounting policies and estimates during the six months ended April 30, 2025[154].

Financial Performance - For the first quarter of fiscal 2026, the company reported a net loss of $13.2 million, or $0.58 per diluted share, compared to a net income of $9.4 million, or $0.41 per diluted share in the same period of fiscal 2025[65]. - Total revenue for the first quarter of fiscal 2026 decreased by 5.5% or $34.4 million, primarily due to challenging industry conditions and a projected 23.6% decline in net farm income compared to 2022[76]. - Gross profit for the first quarter of fiscal 2026 decreased by 25.3% or $30.8 million, with a gross profit margin declining to 15.3% from 19.4% in the prior year quarter[78]. - The company reported a loss before income taxes of $17.3 million for the first quarter of fiscal 2026, compared to an income of $12.8 million in the same period of fiscal 2025[86]. - Net cash provided by operating activities was $6.2 million for the first three months of fiscal 2026, a significant improvement from a net cash used of $32.4 million in the prior year[101]. Revenue Breakdown - Total revenue for the first quarter of fiscal 2026 was $594.3 million, a decrease of 5.5% compared to $628.7 million in the same period of fiscal 2025[86]. - Agriculture segment revenue decreased by 14.1% to $384.4 million, primarily due to lower equipment sales driven by challenging industry conditions[87]. - Equipment revenue for the first quarter of fiscal 2026 was $436.8 million, a decrease of 6.7% compared to $468.1 million in the same period of fiscal 2025[76]. - Parts revenue decreased by 2.4% to $105.6 million, while service revenue also saw a decline of 2.4% to $44.0 million in the first quarter of fiscal 2026[76]. - The construction segment reported a revenue increase of 0.9% to $72.1 million, but incurred a loss before income taxes of $4.2 million[89][90]. Operating Metrics - The absorption rate for the company decreased to 75.5% in the first quarter of fiscal 2026, down from 77.1% in the same period last year, primarily due to lower gross profit[79]. - Operating expenses decreased by 2.8% to $96.4 million, but as a percentage of revenue, operating expenses increased to 16.2% from 15.8% year-over-year[80]. - The gross profit margin for equipment sales dropped significantly to 6.8% from 11.9% in the prior year, reflecting lower equipment margins driven by softer retail demand[78]. - Equipment inventory turnover decreased from 2.0 times to 1.7 times over the rolling 12 months ended April 30, 2025, indicating a decline in demand[97]. Segment Performance - The company operates through four reportable segments: Agriculture, Construction, Europe, and Australia, with principal revenue sources including new and used equipment sales, parts sales, service, and equipment rental[61]. - Europe segment revenue increased by 44.2% to $93.9 million, attributed to higher equipment demand from EU stimulus programs[91]. - Shared Resources loss before income taxes was $4.5 million for the first quarter of fiscal 2026, compared to a loss of $1.4 million in the same period last year[94]. Tax and Debt - The effective tax rate improved to 23.6% in the first quarter of fiscal 2026 from 26.2% in the same period of fiscal 2025[83]. - Total long-term debt, including finance lease obligations, was $211.2 million, primarily fixed rate debt[109]. Foreign Currency Risk - The company manages foreign currency exchange rate risk through derivative financial instruments, primarily foreign exchange forward contracts[110]. - A hypothetical 10% increase or decrease in foreign exchange rates would not have a material impact on results of operations or cash flows[110]. - The Ukrainian subsidiary had $1.0 million of net monetary assets denominated in Ukrainian hryvnia (UAH) as of April 30, 2025[110]. - The continuation of the Russia/Ukraine conflict could lead to significant UAH devaluations or more stringent payment controls in the future[110]. - Fluctuating foreign currency exchange rates may adversely impact results of operations, cash flows, and net investment in foreign operations[111].

Financial Performance - Net income for the three months ended April 30, 2025, was $54.5 million, compared to $52.0 million for the same period in 2024, representing a 4.8% increase[9]. - Comprehensive income attributable to Greif, Inc. for the three months ended April 30, 2025, was $123.2 million, up from $44.1 million in 2024, indicating a significant increase of 179.5%[9]. - Net cash provided by operating activities for the six months ended April 30, 2025, was $105.6 million, compared to $92.0 million for the same period in 2024, an increase of 14.9%[13]. - The net income for the three months ended April 30, 2025, was $47.3 million, compared to $55.9 million for the six months ended April 30, 2025, indicating a decrease of about 15.4%[14]. - Comprehensive income for the three months ended April 30, 2025, was $123.2 million, while for the six months ended April 30, 2025, it was $102.3 million, showing a significant increase in comprehensive income[14]. - The total operating profit for the six months ended April 30, 2025, was $178.5 million, compared to $167.0 million for the same period in 2024, representing a growth of 6.5%[100][102]. Assets and Equity - Total assets as of April 30, 2025, were $6,754.4 million, compared to $6,647.6 million as of October 31, 2024, reflecting a growth of 1.6%[11]. - The total shareholders' equity increased to $2,175.0 million as of April 30, 2025, from $2,117.5 million as of October 31, 2024, representing a growth of 2.7%[12]. - As of April 30, 2025, Greif, Inc. reported a total equity of $2,175.0 million, an increase from $2,117.5 million as of October 31, 2024, reflecting a growth of approximately 2.7%[14]. - The company reported a total of $2,476.4 million in retained earnings as of April 30, 2025, reflecting a stable earnings retention strategy[14]. Debt and Financing - Long-term debt decreased to $2,290.9 million as of April 30, 2025, down from $2,626.2 million as of October 31, 2024, a reduction of 12.7%[12]. - As of April 30, 2025, the outstanding balance under the 2022 and 2023 Credit Agreements was $2,392.3 million, with a current portion of $95.8 million and a long-term portion of $2,296.5 million[55]. - The weighted average interest rate for borrowings under the 2022 and 2023 Credit Agreements was 5.88% for the six months ended April 30, 2025, while the actual interest rate was 6.06%[55]. - The Company entered into a $300.0 million Incremental Term Loan A-4 Agreement on March 25, 2024, with quarterly principal installments starting April 30, 2024, and maturing on March 1, 2027[51]. Foreign Currency and Comprehensive Income - The company reported a foreign currency translation gain of $118.0 million for the three months ended April 30, 2025, compared to a loss of $29.2 million in 2024[9]. - The foreign currency translation contributed $117.3 million to other comprehensive income for the three months ended April 30, 2025[14]. - The accumulated other comprehensive income (loss) showed a loss of $308.7 million as of April 30, 2025, compared to a loss of $355.1 million as of October 31, 2024, indicating an improvement[14]. Dividends and Stock - Dividends paid to Greif, Inc. shareholders amounted to $31.4 million, with a dividend per Class A share of $0.54 and Class B share of $0.81[14]. - The total common stock increased from 47,437 thousand shares to 47,461 thousand shares, reflecting a slight increase in shares outstanding[14]. - The treasury stock decreased from $279.0 million to $276.8 million, indicating a reduction in the company's repurchased shares[14]. Acquisitions and Restructuring - The Company acquired Ipackchem Group SAS for a total purchase price of $582.1 million, incurring transaction costs of $8.9 million[29]. - As of April 30, 2025, the fair value of identifiable net assets acquired from Ipackchem was $301.1 million, with goodwill recognized at $281.0 million[32]. - The Company recorded restructuring charges of $11.2 million for the three months ended April 30, 2025, compared to $(6.8) million for the same period in 2024[43]. - The restructuring activities in 2025 focus on optimizing operations to align with long-term profitable earnings growth[42]. Operational Efficiency and Future Growth - The company plans to continue its market expansion and product development strategies to enhance future growth prospects[9]. - Greif, Inc. is transitioning to a material solution-based structure to enhance operational efficiency and capitalize on growth opportunities, which may impact future financial reporting[21]. - The company is in the process of determining the potential impact of recently issued accounting standards on its financial position and results of operations[24][27].

Financial Performance - Net income for the three months ended April 30, 2025, was $54.5 million, compared to $52.0 million for the same period in 2024, representing a 4.8% increase[9] - Comprehensive income attributable to Greif, Inc. for the three months ended April 30, 2025, was $123.2 million, up from $44.1 million in 2024, indicating a significant increase of 179.5%[9] - Net cash provided by operating activities for the six months ended April 30, 2025, was $105.6 million, compared to $92.0 million for the same period in 2024, an increase of 14.8%[13] - The net income for the three months ended April 30, 2025, was $47.3 million, compared to $55.9 million for the six months ended April 30, 2025[14] - Comprehensive income for the three months ended April 30, 2025, was $123.2 million, while the comprehensive income for the six months ended April 30, 2025, was $102.3 million[14] - The net income attributable to Greif, Inc. for the six months ended April 30, 2025, was $55.9 million, compared to $111.6 million for the same period in 2024[92] Assets and Equity - Total assets as of April 30, 2025, were $6,754.4 million, compared to $6,647.6 million as of October 31, 2024, reflecting a growth of 1.6%[11] - Cash and cash equivalents increased to $252.7 million as of April 30, 2025, from $197.7 million at the end of October 2024, marking a rise of 27.8%[11] - The total shareholders' equity increased to $2,175.0 million as of April 30, 2025, from $2,117.5 million as of October 31, 2024, representing a growth of 2.7%[12] - As of April 30, 2025, Greif, Inc. reported a total equity of $2,175.0 million, an increase from $2,117.5 million as of October 31, 2024[14] - The company's total equity as of April 30, 2024, was $2,047.4 million, reflecting an increase from $1,986.3 million as of October 31, 2023[15] Debt and Financing - Long-term debt decreased to $2,290.9 million as of April 30, 2025, down from $2,626.2 million as of October 31, 2024, a reduction of 12.7%[12] - The Company has a secured revolving credit facility of $800.0 million, maturing on March 1, 2027[49] - As of April 30, 2025, the outstanding balance under the 2022 and 2023 Credit Agreements was $2,392.3 million, with a current portion of $95.8 million and a long-term portion of $2,296.5 million[55] - The weighted average interest rate for borrowings under the 2022 and 2023 Credit Agreements was 5.88% for the six months ended April 30, 2025, with an actual interest rate of 6.06% as of the same date[55] Foreign Currency and Translation - The company reported a foreign currency translation gain of $118.0 million for the three months ended April 30, 2025, compared to a loss of $29.2 million in 2024[9] - The company experienced a foreign currency translation gain of $117.3 million for the three months ended April 30, 2025[14] - The company reported a foreign currency translation loss of $28.3 million for the current period[15] - The net investment hedges resulted in a final gain of $11.3 million, included in the foreign currency translation component of other comprehensive income (OCI) [74] Dividends - Dividends paid to Greif, Inc. shareholders amounted to $31.4 million for the three months ended April 30, 2025, with a per share distribution of $0.54 for Class A and $0.81 for Class B shares[14] - Dividends paid to Greif, Inc. shareholders amounted to $30.0 million, with Class A and Class B shares receiving $0.52 and $0.78 per share, respectively[15] Acquisitions and Restructuring - The Company acquired Ipackchem Group SAS for a total purchase price of $582.1 million, incurring transaction costs of $8.9 million[29] - As of April 30, 2025, the fair value of identifiable net assets acquired from Ipackchem was $301.1 million, with goodwill recognized at $281.0 million[32] - The Company recorded restructuring charges of $11.2 million for the three months ended April 30, 2025, compared to $(6.8) million for the same period in 2024[43] - The Company expects to incur remaining restructuring costs of $25.9 million as of April 30, 2025[46] Operational Segments - The Customized Polymer Solutions segment generated $624.4 million in net sales for the six months ended April 30, 2025, up from $513.6 million in the same period of 2024, reflecting a 21.6% increase[100][102] - The Sustainable Fiber Solutions segment reported net sales of $1,160.5 million for the six months ended April 30, 2025, compared to $1,108.9 million in the prior year, marking a 4.7% increase[100][102] - The Durable Metal Solutions segment achieved net sales of $721.1 million for the six months ended April 30, 2025, compared to $784.2 million in the same period of 2024, reflecting a decrease of 8.0%[100][102] - The Integrated Solutions segment reported an operating profit of $17.7 million for the six months ended April 30, 2025, down from $28.5 million in the same period of 2024, a decline of 37.5%[100][102] Compliance and Standards - The interim condensed consolidated financial statements have been prepared in accordance with GAAP, ensuring compliance with SEC regulations[17] - The company is in the process of determining the potential impact of recently issued accounting standards on its financial position and operations[24] Environmental and Tax - The company expects to make employer contributions of $5.9 million to its pension plans during 2025 [86] - As of April 30, 2025, the company's environmental reserves were $19.8 million, up from $19.1 million as of October 31, 2024 [90] - Income tax expense for the six months ended April 30, 2025, was $37.6 million, compared to a benefit of $(21.2) million for the same period in 2024, reflecting a $58.8 million increase [84] - A deferred tax liability of $63.6 million was recorded as part of the Ipackchem Acquisition, arising from temporary differences between the fair value of acquired assets and their tax basis [85]

Revenue Growth - Byrna Technologies reported preliminary fiscal second quarter revenues of $28.5 million, a 41% increase from $20.3 million in the same quarter last year[3]. - E-commerce sales grew by 15% year-over-year, reflecting increased brand recognition and a balanced channel mix[4]. - Dealer sales surged 106% year-over-year to $7.5 million, driven by a partnership with Sportsman's Warehouse[5]. - International sales increased by 86%, including approximately $800,000 in royalty revenue from Byrna LATAM[6]. - Byrna's total sales breakdown for Q2 2025 included $16.6 million from web sales, $7.5 million from dedicated dealers, and $3.6 million from international sales[9]. Production and Manufacturing - Byrna produced 38,237 Compact Launchers in the quarter, contributing to a total of 63,835 launchers manufactured[6]. - The company plans to transition to a steady-state production cadence of 15,000 launchers per month[8]. Future Outlook - The company anticipates maintaining momentum through the second half of 2025, supported by the CL launch and expanded marketing efforts[8]. - Byrna plans to report full financial results for the fiscal second quarter in July, accompanied by a conference call for investors and analysts[10]. Risk Management - The company emphasizes the importance of addressing potential risks that could affect future performance, including supply chain disruptions and market responses[13].

Financial Performance - Gross profit increased by 15% year-over-year to $112 million, achieving a record gross profit margin of 37.1%[1] - Income from operations rose by 133% to $27 million, while adjusted EBITDA increased by 57% to $32 million[1] - GAAP EPS increased to $0.86 from $0.22, and non-GAAP EPS increased to $0.90 from $0.38[1] - Total revenue for 3Q25 was $210.2 million, a decrease of 5.2% compared to $221.7 million in 3Q24[24] - Gross profit for 3Q25 was $43.4 million, reflecting a year-over-year increase of 5.3% and a gross profit margin of 20.7%, up 210 basis points from 18.6% in 3Q24[24] - Income from operations rose significantly by 39.2% to $17.3 million in 3Q25 compared to $12.5 million in 3Q24[24] - Adjusted EBITDA for 3Q25 was $19.3 million, a 30.1% increase from $14.9 million in 3Q24[24] - Net income for the nine months ended April 30, 2025, was $63,657,000, compared to $30,572,000 for the same period in 2024, representing a growth of 108%[42] - Net income attributable to IDT Corporation for 3Q25 was $21.7 million, a significant increase from $5.6 million in 3Q24, representing a growth of 287.5%[59] - Non-GAAP net income for 3Q25 was $22.7 million, up from $9.7 million in 3Q24, marking an increase of 134.0%[59] Revenue Segments - Recurring revenue for the National Retail Solutions (NRS) segment grew by 23% to $29.4 million, driven by a 37% increase in Merchant Services revenue[2] - BOSS Money transactions increased by 27% to 6.0 million, with revenue rising by 25% to $34.4 million[2] - Traditional Communications segment's income from operations increased by 39% to $17.3 million, and adjusted EBITDA rose by 30% to $19.3 million[2] - IDT Digital Payments revenue increased by 1.0% year-over-year to $102.6 million, while BOSS Revolution revenue decreased by 18.1% to $51.7 million[24] - NRS' recurring revenue for 3Q25 was $29.4 million, reflecting a growth rate of 23% compared to the previous year[60] - Total revenue for NRS in 3Q25 was $31.1 million, up from $25.7 million in 3Q24, representing a year-over-year increase of 21.1%[60] Cash Flow and Assets - Net cash provided by operating activities was $75.7 million in 3Q25, a substantial increase from $9.5 million in 3Q24[26] - As of April 30, 2025, IDT held $223.8 million in cash and cash equivalents, with total current assets of $498.3 million and current liabilities of $287.2 million[25] - Cash, cash equivalents, and restricted cash at the end of the period totaled $323,077,000, up from $232,845,000, marking a 39% increase[42] - Net cash provided by operating activities increased to $96,059,000 from $52,778,000 year-over-year, reflecting an increase of 82%[42] Capital Expenditures and Dividends - Capital expenditures increased to $5.4 million in 3Q25 from $4.7 million in 3Q24[27] - Capital expenditures for the nine months were $15,507,000, up from $13,621,000, indicating a 14% increase[42] - The company approved a quarterly dividend of $0.06 per share, to be paid on June 18, 2025[29] - Dividends paid increased to $4,036,000 from $1,269,000, showing a significant rise of 218%[42] Operational Metrics - Active POS terminals increased by 17.6% year-over-year to 35,600, and payment processing accounts rose by 31.1% to 25,500[12] - Digital channel send volume for BOSS Money grew by 40% year-over-year, indicating a shift towards larger send amounts per transaction[19] - The Adjusted EBITDA margin for net2phone was 26% in 3Q25, indicating strong profitability relative to sales[60] - The company's income from operations for 3Q25 was $26.6 million, compared to $28.3 million in 2Q25, reflecting a decrease of 6.0%[59] Performance Evaluation - The company's Adjusted EBITDA and Non-GAAP EPS metrics are used to provide insights into core operational strengths and performance relative to competitors[46] - The 'Rule of 40' score for the NRS segment is utilized to assess the balance between revenue growth and profitability, indicating a healthy combination for long-term success[53] - The Rule of 40 score for NRS in 3Q25 was 49%, indicating a healthy balance of growth and profitability[60] - BOSS Money's digital send volume is a key metric for evaluating operational performance in the remittance business[66] - The digital send volume reflects the aggregate amount of principal remitted by customers using BOSS Money and BOSS Revolutions apps[66] - This metric allows for performance comparison against competitors in the remittance business[66] - BOSS Money's digital channel performance can be assessed over different temporal periods using this metric[66] Stock-Based Compensation - Stock-based compensation recognized was $2,720,000 for the nine months, down from $5,375,000, reflecting a decrease of 49%[42]