Financial Performance - Total sales for Q3 2025 were $101.9 million, down 5.2% from $107.5 million in Q3 2024, with comparable sales decreasing by 7.4%[5] - Net loss for Q3 2025 was $(4.1) million, or $(0.08) per diluted share, compared to a net loss of $(1.8) million, or $(0.03) per diluted share, in Q3 2024[22] - Adjusted EBITDA for Q3 2025 was $(2.0) million, a decline from $1.0 million in Q3 2024[23] - Comparable sales for the first five weeks of Q4 2025 were down 5.7%, showing an improvement in trend over Q3 2025[12] - For the three months ended November 1, 2025, net loss was $4.1 million, compared to a net loss of $1.8 million for the same period in fiscal 2024[48] - Adjusted EBITDA for the nine months ended November 1, 2025, was $2.8 million, a decrease from $15.7 million in the same period of 2024[51] - Free Cash Flow for the nine months ended November 1, 2025, was $(20.2) million, compared to $(7.0) million in the same period of 2024, indicating a significant decrease[53] - Adjusted EBITDA margin for the nine months ended November 1, 2025, was 0.9%, down from 4.5% in the same period of 2024[51] Cash and Investments - Cash and investments totaled $27.0 million as of November 1, 2025, down from $43.0 million a year earlier, with no outstanding debt[29] - Cash and cash equivalents increased to $14.594 billion in November 2025, up from $11.901 billion in November 2024, marking a rise of 22.5%[50] Inventory and Sales - As of November 1, 2025, inventory decreased by $4.1 million to $85.0 million compared to $89.1 million as of November 2, 2024, with clearance inventory at 10.0% of total inventory[31] - For the third quarter of fiscal 2025, direct sales were $27.3 million, representing 26.8% of total sales, down from $31.3 million or 29.1% in the same quarter of fiscal 2024[33] - The inventory turnover rate has improved by over 30% since fiscal 2019, indicating better inventory management[31] Expenses and Margins - Gross margin rate for Q3 2025 was 42.7%, down from 45.1% in Q3 2024, primarily due to increased occupancy costs and markdown activity[13][14] - SG&A expenses as a percentage of sales were 44.7% in Q3 2025, compared to 44.1% in Q3 2024, with a dollar decrease of $1.9 million[16] - The company anticipates that tariffs could negatively impact gross margin by approximately $2.0 million for fiscal 2025[42] Strategic Initiatives - The company plans to increase private brand sales penetration from 57% at the start of fiscal 2025 to over 60% in 2026 and over 65% in 2027[7] - FiTMAP technology has been implemented in 88 retail locations, with plans to expand to another 100 stores in the first half of fiscal 2026[8] - The company opened eight new DXL stores during the first nine months of fiscal 2025, with total retail square footage increasing to 1,999,000 sq ft as of November 1, 2025[32] - The merger with FullBeauty Brands is expected to close in the first half of fiscal 2026, pending shareholder approval[34] Capital Expenditures and Assets - Capital expenditures for fiscal 2025 are expected to range from $17.0 million to $19.0 million, net of tenant incentives[32] - Total assets increased to $401.539 billion in November 2025, up from $380.955 billion in November 2024, representing a growth of 5.5%[50] - Operating lease right-of-use assets rose to $198.303 billion in November 2025, compared to $171.084 billion in November 2024, an increase of 15.9%[50] - Stockholders' equity decreased to $137.204 billion in November 2025 from $141.223 billion in November 2024, a decline of 2.1%[50] - Capital expenditures for store development were $(9.3) million for the nine months ended November 1, 2025, slightly down from $(9.4) million in the same period of 2024[53]

Exhibit 99.2 THIRD QUARTER 2025 FINANCIAL RESULTS AND SHAREHOLDER LETTER RH REPORTS THIRD QUARTER 2025 REVENUES INCREASED 9%, NET INCOME INCREASED 9% AND FREE CASH FLOW OF $83M THIRD QUARTER 2025 HIGHLIGHTS GAAP Net Revenues Increased 9% to $884M GAAP Net Income Increased 9% to $36M GAAP Operating Margin of 12.0%, Adjusted Operating Margin of 11.6% EBITDA Margin of 16.2%, Adjusted EBITDA Margin of 17.6% Free Cash Flow of $83M Please see the tables below for reconciliations of all GAAP to non-GAAP measures r ...

Financial Performance - Net revenue for Fiscal 2025 was $18.2 million, a decrease of 9% compared to $20.0 million in the prior year[5] - The company reported a net loss of $167.0 million for Fiscal 2025, compared to a net loss of $2.0 million in the prior year, primarily due to a $160.0 million non-cash, unrealized loss on SOL holdings[5] - Basic loss per share from continuing operations was $24.90 for Fiscal 2025, compared to $1.97 in the prior year, highlighting the impact of increased losses[11] Operating Expenses - Total operating expenses increased to $13.6 million, up from $7.3 million in the prior year, reflecting a significant rise in operational costs[5] Revenue Sources - In the fourth quarter of Fiscal 2025, Forward Industries generated approximately $4.6 million in staking revenue from its newly launched Solana treasury strategy[3] Asset Management - Total current assets increased to $41.2 million in Fiscal 2025, compared to $9.6 million in the prior year, driven by a significant increase in cash holdings[9] - Digital assets on the balance sheet amounted to $1.43 billion as of September 30, 2025, reflecting the company's investment in Solana[9] - The company’s total assets reached $1.47 billion in Fiscal 2025, a substantial increase from $14.8 million in the prior year, reflecting its growth in digital asset investments[9] Strategic Focus - Forward Industries is focused on expanding its treasury strategy to unlock additional on-chain yield opportunities, indicating a strategic shift towards digital asset management[3] - The company’s gross profit for Fiscal 2025 was $5.2 million, slightly up from $5.2 million in the previous year, indicating stable gross margins despite revenue decline[11]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarterly Period Ended November 1, 2025 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission file number 1-14170 NATIONAL BEVERAGE CORP. (Exact name of registrant as specified in its charter) Delaware 59-2605822 (State of incorporation) (I.R.S. Employer Identifi ...

Financial Performance - Net revenues for Fiscal 2025 were $18,188,000, a decrease of $1,803,000 or 9.0% compared to Fiscal 2024's $19,991,000[212] - The operating loss for Fiscal 2025 was $8,392,000, a substantial increase from the loss of $2,151,000 in Fiscal 2024[212] - The company incurred a loss from continuing operations before income taxes of $169,069,000 in Fiscal 2025, with an effective tax rate of 0%[219] - Consolidated basic and diluted loss per share from continuing operations was $24.90 for Fiscal 2025[220] Revenue Breakdown - The design segment revenue declined by $6,385,000, primarily due to the loss of a major design customer in December 2024[213] - Staking revenue from the digital assets segment contributed $4,582,000, partially offsetting the decline in design segment revenue[213] Profitability Metrics - Gross profit slightly increased to $5,191,000, with gross margin improving from 25.9% in Fiscal 2024 to 28.5% in Fiscal 2025[214] - The digital assets segment generated a gross profit of $4,412,000 with a gross margin of 96.3%[214] Expenses - General and administrative expenses rose significantly to $10,528,000, an increase of 65.4% from $6,366,000 in Fiscal 2024[212] - Sales and marketing expenses increased by $500,000 due to corporate marketing spend, partially offset by a $240,000 reduction in the design segment[215] - Corporate general and administrative expenses rose by $4,392,000, driven by higher share-based compensation and professional fees, while design segment expenses decreased by $769,000[216] - The company recorded goodwill impairment charges of $1,167,000 and intangible asset impairment charges of $271,000 related to the IPS reporting unit[217] Goodwill and Asset Impairment - Goodwill impairment increased to $2,026,000 in Fiscal 2025, compared to $200,000 in Fiscal 2024[212] - A $160,035,000 reduction in the fair value of digital assets was noted, primarily due to a decline in the market value of SOL[218] Cash Flow and Capital - Cash used in operating activities during Fiscal 2025 was $4,502,000, resulting from a net loss of $166,974,000[229] - Cash used for investing activities in Fiscal 2025 included $900,791,000 for purchasing digital assets[231] - As of September 30, 2025, the company's working capital was approximately $38.5 million, and cash balance was approximately $41.2 million[221] - The company raised approximately $1.65 billion through private placements and other financing transactions in September 2025[222] Digital Asset Strategy - As of November 30, 2025, digital asset holdings comprised more than 90% of the company's total assets[197] - The company launched a digital asset treasury strategy, acquiring 6,822,000 SOL at an average price of $232 per SOL, totaling approximately $1.58 billion[195]

Financial Performance - Net sales for Q1 FY 2026 increased by 8.2% to $65.98 billion, up from $60.99 billion in the same period last year[2] - Net income for the quarter was $2,001 million, or $4.50 per diluted share, compared to $1,798 million, or $4.04 per diluted share, last year[3] - Total revenue for the quarter reached $67.31 billion, up from $62.15 billion in the previous year[9] - Operating income rose to $2,463 million, compared to $2,196 million in the same quarter last year[9] Membership and Fees - Membership fees increased to $1,329 million from $1,166 million year-over-year[9] Sales Growth - Comparable sales growth for the U.S. was 5.9%, Canada 6.5%, and Other International 8.8%, with total company growth at 6.4%[2] Operational Metrics - Costco operates 923 warehouses globally, with 633 located in the U.S. and Puerto Rico[4] - Cash and cash equivalents at the end of the period were $16,217 million, up from $14,161 million at the beginning of the year[13] - Net cash provided by operating activities was $4,688 million, compared to $3,260 million in the prior year[13] Future Outlook - The company anticipates continued growth despite potential risks including economic conditions and competition[6]

Financial Performance - Rafael Holdings reported a net loss of $9.8 million, or $0.19 per share, for the first quarter of fiscal 2026, compared to a net loss of $9.0 million, or $0.37 per share, in the same period last year[5]. - Total revenues for the quarter were $240,000, up from $128,000 in the same quarter of the previous year[15]. - Operating loss for the quarter was $10.1 million, compared to an operating loss of $3.8 million in the prior year[15]. - General and administrative expenses rose to $2.8 million for the quarter, compared to $2.5 million in the same period last year[7]. Research and Development - Research and development expenses increased to $7.5 million for the three months ended October 31, 2025, from $1.3 million in the prior year, primarily due to the consolidation of Cyclo Therapeutics' expenses following its acquisition[6]. - The company is progressing in its pivotal Phase 3 TransportNPC™ study for Trappsol Cyclo™, which is aimed at treating Niemann-Pick Disease Type C1[3]. Cash and Assets - Cash and cash equivalents as of October 31, 2025, were $45.5 million, down from $52.8 million as of July 31, 2025[4]. - Total current assets decreased to $48.3 million as of October 31, 2025, from $56.7 million as of July 31, 2025[12]. - The accumulated deficit increased to $242.1 million as of October 31, 2025, from $232.3 million as of July 31, 2025[12]. - Total equity attributable to Rafael Holdings decreased to $85.2 million as of October 31, 2025, from $94.4 million as of July 31, 2025[12].

Financial Performance - Net sales for the thirteen weeks ended November 1, 2025, were $790,051,000, an increase from $740,941,000 for the same period in 2024, representing a growth of 6.4%[5] - Gross profit for the thirty-nine weeks ended November 1, 2025, was $894,438,000, down from $946,934,000 in 2024, indicating a decrease of 5.5%[5] - Operating earnings for the thirteen weeks ended November 1, 2025, were $11,968,000, significantly lower than $56,698,000 in the same period last year, reflecting a decline of 78.9%[5] - Net earnings attributable to Caleres, Inc. for the thirty-nine weeks ended November 1, 2025, were $16,042,000, compared to $102,325,000 in 2024, a decrease of 84.3%[5] - Basic earnings per share attributable to Caleres, Inc. shareholders for the thirteen weeks ended November 1, 2025, were $0.07, down from $1.20 in the same period last year, a decline of 94.2%[5] - Total comprehensive income attributable to Caleres, Inc. for the thirty-nine weeks ended November 1, 2025, was $23,412,000, down from $108,050,000 in 2024, a decrease of 78.3%[7] - The company reported net earnings attributable to Caleres, Inc. of $11.3 million for the thirteen weeks ended November 1, 2025, down from $37.1 million in the prior year[31] - Basic earnings per share attributable to Caleres, Inc. shareholders for the thirty-nine weeks ended November 1, 2025, was $0.47, down from $2.93 in the prior year, representing a decline of approximately 83.9%[46] Cash Flow and Liquidity - Net cash provided by operating activities for the thirty-nine weeks ended November 1, 2025, was $40,454,000, a decrease from $75,855,000 in 2024, reflecting a decline of 46.4%[9] - The company reported a net cash increase of $4,327,000 for the thirty-nine weeks ended November 1, 2025, compared to an increase of $12,327,000 in the same period last year[9] - Cash and cash equivalents at the end of the period on November 1, 2025, were $33,963,000, slightly up from $33,685,000 at the end of the same period in 2024[9] - The company had $355.0 million of borrowings outstanding and $8.6 million in letters of credit under the Credit Agreement as of November 1, 2025[78] - The revolving credit facility was increased by $200.0 million to a total of $700.0 million, maturing on June 27, 2030[73] - The company has total additional borrowing availability of $278.1 million as of November 1, 2025[78] Acquisitions and Investments - The acquisition of Stuart Weitzman resulted in a cash outflow of $108,858,000, impacting the investing activities significantly[9] - The company completed the acquisition of Stuart Weitzman for an aggregate purchase price of $108.9 million on August 4, 2025[24] - Stuart Weitzman contributed net sales of $45.8 million and reported an operating loss of $18.9 million for the thirteen weeks ended November 1, 2025[29] - The company expects to finalize the purchase price allocation for the Stuart Weitzman acquisition within one year from the acquisition date[27] - The company’s total current assets from the acquisition of Stuart Weitzman were valued at $122.5 million, including inventories of $86.8 million[26] - The company’s total liabilities from the acquisition included current liabilities of $36.2 million[26] Sales and Revenue Breakdown - Total net sales for the thirty-nine weeks ended November 1, 2025, were $2,062,791 thousand, a decrease from $2,083,456 thousand for the same period in 2024, representing a decline of approximately 1%[34] - Direct-to-consumer sales reached $1,485,526 thousand for the thirty-nine weeks ended November 1, 2025, compared to $1,502,046 thousand in the prior year, indicating a decrease of about 1.1%[34] - Retail store sales for Famous Footwear were $975,223 thousand for the thirty-nine weeks ended November 1, 2025, down from $1,040,313 thousand in 2024, reflecting a decline of approximately 6.3%[34] - E-commerce sales from company websites totaled $356,538 thousand for the thirty-nine weeks ended November 1, 2025, compared to $324,561 thousand in 2024, marking an increase of about 9.8%[34] Restructuring and Special Charges - The company incurred restructuring and other special charges of $6,705,000 for the thirteen weeks ended November 1, 2025, compared to $1,593,000 in the same period last year[5] - The Company incurred approximately $2.9 million in costs for expense reduction initiatives during the thirteen weeks ended November 1, 2025, and $7.4 million for the thirty-nine weeks ended November 1, 2025, impacting earnings by $0.06 and $0.16 per diluted share respectively[50] Shareholder Equity and Dividends - The balance of shareholders' equity as of November 1, 2025, was $625,330 thousand, reflecting an increase from previous periods[10] - The company declared dividends of $2,375 thousand, equating to $0.07 per share, for the period ending November 1, 2025[10] - The company reported a net loss of $1,602 thousand attributable to noncontrolling interests for the thirteen weeks ended November 1, 2025[16] Inventory and Assets - The net inventory balance as of November 1, 2025, was $678.2 million, an increase from $585.9 million as of November 2, 2024[58] - The Company reported total intangible assets of $357.6 million as of November 1, 2025, with accumulated amortization of $166.0 million[59] - As of November 1, 2025, the company's total intangible assets amounted to $463.8 million, with a net carrying value of $191.6 million after accumulated amortization and impairment[63] Tax and Compliance - The consolidated effective tax rate for the thirteen weeks ended November 1, 2025, was 76.7%, significantly higher than 23.6% for the same period in 2024[104] - The company is currently evaluating the impact of new accounting standards on its financial statement disclosures, with ASU 2023-09 effective for fiscal year 2025[21] Employee Compensation and Benefits - Share-based compensation expense for the period was $3,117 thousand, contributing to the overall equity[10] - The total net periodic benefit expense for pension benefits was $671,000 for the thirteen weeks ended November 1, 2025, compared to $432,000 for the same period in 2024[88] - The company granted long-term incentive awards with a target value of $6.7 million for the 2025-2027 performance period, with a maximum value of $13.4 million[85]

Financial Performance - Q4 revenue reached $18.0 billion, a 28% increase year-over-year, primarily driven by a 74% increase in AI semiconductor revenue[3] - Fiscal year 2025 adjusted EBITDA rose 35% year-over-year to a record $43.0 billion, with free cash flow at $26.9 billion[3] - Q4 GAAP net income was $8.5 billion, up 97% from the prior year, while non-GAAP net income increased by 39% to $9.7 billion[4] - The company expects Q1 fiscal year 2026 revenue of approximately $19.1 billion, reflecting a 28% year-over-year increase[4] - Net revenue for the fiscal quarter ended November 2, 2025, was $18,015 million, a 13.3% increase from $15,952 million in the previous quarter[25] - Operating income for the quarter was $7,508 million, up 27.5% from $5,887 million in the previous quarter[25] - Income from continuing operations was $8,518 million, compared to $4,140 million in the previous quarter, marking a 105.7% increase[25] - Basic income per share from continuing operations was $1.80, significantly higher than $0.88 in the previous quarter[25] - Non-GAAP net income for the same quarter was $9.714 billion, up from $8.404 billion, reflecting a 15.5% year-over-year growth[29] - Adjusted EBITDA for the fiscal quarter was $12.218 billion, an increase from $10.702 billion, marking a 14.1% rise year-over-year[29] Cash Flow and Assets - Cash flow from operations for Q4 was $7.7 billion, resulting in free cash flow of $7.5 billion, or 41% of revenue[4] - The company’s cash and cash equivalents at the end of the fiscal quarter were $16.2 billion, compared to $10.7 billion at the end of the prior fiscal quarter[5] - Cash and cash equivalents increased to $16.178 billion as of November 2, 2025, compared to $9.348 billion a year earlier, showing a 73.2% increase[33] - Total current assets rose to $31.573 billion, up from $19.595 billion, indicating a 60.9% increase year-over-year[33] - Free cash flow for the fiscal quarter was $7.466 billion, compared to $7.024 billion in the previous year, reflecting a 6.3% increase[29] - Net cash provided by operating activities for the fiscal quarter was $7,703 million, compared to $7,166 million in the previous quarter, reflecting a 7.5% increase[35] - Cash and cash equivalents at the end of the period reached $16,178 million, up from $10,718 million at the beginning of the period[35] Expenses and Liabilities - Research and development expenses for the quarter were $2,981 million, slightly down from $3,050 million in the previous quarter[27] - Total operating expenses on a GAAP basis were $4,741 million, a decrease from $4,816 million in the previous quarter[27] - Stock-based compensation expense totaled $2,195 million for the quarter, down from $2,322 million in the previous quarter[27] - Long-term debt decreased to $61.984 billion from $66.295 billion, a reduction of 6.5%[33] - Payments on debt obligations were $3,638 million, down from $6,750 million in the previous quarter[35] - Cash paid for interest in the fiscal quarter was $699 million, an increase from $602 million in the previous quarter[35] - Cash paid for income taxes was $755 million, slightly down from $822 million in the previous quarter[35] Dividends and Shareholder Returns - The quarterly common stock dividend was increased by 10% to $0.65 per share, marking the fifteenth consecutive annual dividend increase since 2011[3] Other Notable Items - The company reported a one-time discrete non-cash tax benefit of $2.1 billion for the fiscal quarter ended November 2, 2025[30] - The company did not acquire any businesses during the fiscal quarter, maintaining a focus on organic growth[35] - The weighted-average shares used in diluted per share calculations on a non-GAAP basis was 4,969 million[30]

Financial Performance - Net sales for Q4 2025 were $489.8 million, a decrease of 0.5% compared to $492.2 million in Q4 2024, while full-year net sales increased by 43.8% to $1.84 billion from $1.28 billion in 2024[4] - The company reported a net loss of $250.8 million for the full year 2025, primarily due to a non-cash goodwill impairment[5] - Net income for the three months ended October 31, 2025, was $19,571,000, resulting in a diluted EPS of $0.43, compared to a net loss of $13,917,000 and an EPS of $(0.30) for the same period in 2024[32] - The company reported a net loss of $250.806 million for the twelve months ended October 31, 2025, compared to a net income of $33.059 million in 2024[17] - The company reported an operating loss of $193.952 million for the twelve months ended October 31, 2025, primarily due to goodwill impairment charges of $302.284 million[38] Revenue and Sales Breakdown - The Hardware Solutions segment saw a 1.4% increase in Q4 2025 net sales, while the Extruded Solutions segment experienced a 6.4% decrease[4] - Net sales for the three months ended October 31, 2025, were $489.846 million, a slight decrease from $492.161 million in the same period of 2024[32] - For the twelve months ended October 31, 2025, net sales reached $1.838 billion, compared to $1.278 billion in 2024, reflecting a significant increase of 43.8%[44] - Hardware Solutions generated $226.883 million in sales for the three months ended October 31, 2025, up from $223.712 million in 2024[44] - Extruded Solutions reported $168.603 million in sales for the three months ended October 31, 2025, compared to $180.135 million in the same period of 2024[44] - Custom Solutions achieved $103.401 million in sales for the three months ended October 31, 2025, slightly up from $101.240 million in 2024[44] Profitability Metrics - Gross margin for Q4 2025 was $137.6 million, representing a gross margin percentage of 28.1%, up from 23.8% in Q4 2024[2] - Adjusted EBITDA for the full year 2025 was $242.9 million, with an adjusted EBITDA margin of 13.2%, compared to $182.4 million and 14.3% in 2024[2] - EBITDA for the three months ended October 31, 2025, was $70,918,000, compared to $81,050,000 for the same period in 2024, while the twelve-month EBITDA was $242,890,000, up from $182,383,000[32] - The adjusted EBITDA for the twelve months ended October 31, 2025, was $242.890 million, compared to $182,383,000 in the previous year, indicating growth in operational performance[32] - The company reported a gross margin of $206.193 million for the twelve months ended October 31, 2025, with a gross margin percentage of 24.5%[38] Cash Flow and Debt Management - Cash provided by operating activities increased by approximately 86% year-over-year to $164.9 million in 2025[2] - The company repaid $75 million in bank debt during fiscal 2025, improving its liquidity to $372.4 million as of October 31, 2025[3][6] - As of October 31, 2025, total debt stood at $703.9 million, with a leverage ratio of 2.6x[5] - The company’s net debt as of October 31, 2025, was $627.851 million, down from $679.182 million in 2024[25] - Cash provided by operating activities for the twelve months ended October 31, 2025, was $164.897 million, compared to $88.812 million in 2024[22] Future Outlook - The company anticipates a cautious outlook for fiscal 2026, projecting flat revenue and EBITDA compared to fiscal 2025, with potential challenges in the first half[8] - The integration of the Tyman acquisition is substantially complete, with an expected realization of approximately $45 million in cost synergies over time[3] Cost Management - Selling, general and administrative expenses for the three months ended October 31, 2025, were $69.008 million, compared to $86.891 million in the same period of 2024[37] - The company incurred restructuring charges of $10.191 million for the twelve months ended October 31, 2025[38] - Interest expense for the twelve months ended October 31, 2025, was $55,812,000, compared to $20,593,000 in the previous year, reflecting increased borrowing costs[33] Impairment and Charges - The company’s goodwill impairment charges for the twelve months ended October 31, 2025, amounted to $302.284 million[22] - The company reported a goodwill impairment charge of $302,284,000 for the twelve months ended October 31, 2025, which impacted overall profitability[32]