Financial Performance - Net income attributable to D.R. Horton decreased 30% to $594.8 million, with earnings per diluted share down 22% to $2.03[2] - Revenues for the three months ended December 31, 2025, were $6,886.9 million, a decrease of 9.5% compared to $7,613.0 million in the same period of 2024[27] - Net income attributable to D.R. Horton, Inc. for the three months ended December 31, 2025, was $594.8 million, down 29.5% from $844.9 million in 2024[27] - Basic net income per share for the three months ended December 31, 2025, was $2.03, a decrease of 22.8% compared to $2.63 in 2024[27] - Homebuilding pre-tax income decreased 30% to $708.1 million, with a pre-tax profit margin of 10.8%[9] - Income before income taxes for Q4 2025 was $798.1 million, down from $1,109.9 million in Q4 2024, representing a decrease of 28.0%[34] Revenue and Sales - Consolidated revenues for the first quarter were $6.9 billion, with home sales revenues of $6.5 billion from 17,818 homes closed[8] - Home sales revenue for Q4 2025 was $6,512.7 million, a decrease of 8.8% compared to $7,146.0 million in Q4 2024[34] - Total consolidated revenues for Q4 2025 reached $6,886.9 million, down from $7,613.0 million in Q4 2024, reflecting a decline of 9.6%[34] - Net sales orders increased 3% to 18,300 homes, with an order value of $6.7 billion[9] - Net sales orders for homes in Q4 2025 totaled 18,300 homes valued at $6,661.8 million, slightly up from 17,837 homes valued at $6,653.5 million in Q4 2024[39] - Homes closed in Q4 2025 were 17,818, with a total value of $6,512.7 million, compared to 19,059 homes valued at $7,146.0 million in Q4 2024, a decrease of 6.5% in volume[41] Cash Flow and Liquidity - Cash provided by operations totaled $854.0 million, and total liquidity at quarter end was $6.6 billion[3] - Net cash provided by operating activities increased to $854.0 million for the three months ended December 31, 2025, compared to $646.7 million in 2024, reflecting a 32.1% increase[29] - Cash provided by operating activities in Q4 2025 was $854.0 million, compared to $646.7 million in Q4 2024, showing an increase of 32.0%[34] - Cash, cash equivalents, and restricted cash at the end of the period were $2,553.0 million, down from $3,069.0 million at the end of the same period in 2024[29] Debt and Capital Structure - The Company's debt to total capital ratio was 18.8%, with $600 million of homebuilding senior notes maturing in the next twelve months[3] - The company incurred interest expenses of $56.5 million for the three months ended December 31, 2025, compared to $46.7 million in 2024, representing a 21.0% increase[27] Shareholder Returns - The Company repurchased 4.4 million shares for $669.7 million and paid cash dividends of $131.5 million during the quarter[13] - D.R. Horton, Inc. repurchased common stock worth $649.2 million during the three months ended December 31, 2025, compared to $1,055.7 million in the same period of 2024[29] Inventory and Assets - Total assets as of December 31, 2025, were $34,639.6 million, compared to $35,471.2 million as of September 30, 2025, indicating a decrease of 2.3%[31] - The total lots controlled by the company as of December 31, 2025, was 590,500, a decrease from 591,900 lots as of September 30, 2025[45] - Homes in inventory as of December 31, 2025, totaled 30,400, an increase from 29,600 homes as of September 30, 2025[49] Order Backlog and Cancellations - The cancellation rate for sales orders was 18%, consistent with the prior year quarter[9] - As of December 31, 2025, the sales order backlog consisted of 11,376 homes valued at $4,313.5 million, compared to 11,003 homes valued at $4,299.0 million as of December 31, 2024, indicating a slight increase in value[43]

Financial Performance - Full Year 2025 net income from continuing operations increased by 191% to $20.0 million, with adjusted net income rising by 42% to $28.9 million[2][20] - Total net sales for Fiscal Year 2025 decreased to $648.4 million, down from $661.5 million, primarily due to a 4% decline in Fresh segment sales[8][17] - Adjusted EBITDA from continuing operations for Fiscal Year 2025 increased by 12% to $40.8 million, compared to $36.5 million in the prior year[8][20] - Gross profit for Fiscal Year 2025 was $63.7 million, representing 10% of net sales, compared to $67.8 million in the prior year[8][18] - Net sales for the three months ended October 31, 2025, were $124,681,000, a decrease of 26.6% compared to $169,959,000 for the same period in 2024[43] - Gross profit for the three months ended October 31, 2025, was $11,648,000, down 28.5% from $16,290,000 in the prior year[43] - Operating income for the twelve months ended October 31, 2025, increased to $19,611,000, compared to $16,723,000 in 2024, reflecting a 17.9% growth[43] - Net income attributable to Calavo Growers, Inc. for the three months ended October 31, 2025, was $3,817,000, compared to a loss of $139,000 in the same period last year[43] - Adjusted net income from continuing operations for the twelve months ended October 31, 2025, was $28,907,000, up from $20,360,000 in 2024, representing a 42.3% increase[47] - The net income attributable to Calavo Growers, Inc. for the twelve months ended October 31, 2025, was $19.796 million, a substantial increase from $6.796 million in 2024[49] Segment Performance - The Fresh segment experienced a 31% decrease in sales for Q4 2025, totaling $106.3 million, driven by a 19% decline in average price per carton[8][13] - The Prepared segment saw a 20% increase in sales for Q4 2025, reaching $18.4 million, attributed to an 11% increase in sales volume[8][13] Expenses and Costs - SG&A expenses for Fiscal Year 2025 decreased by 16% to $42.1 million, reflecting lower professional fees and reduced headcount-related costs[8][19] - The company incurred $1.105 million in professional fees related to Mexican tax matters for the three months ended October 31, 2025, compared to $0.233 million in 2024, reflecting a significant increase[50] - A charge of $1.801 million was recorded to resolve grower advance balances associated with a tomato program from previous fiscal years, which is not indicative of current operations[55] - Other costs outside the normal course of operations amounted to $1.008 million, primarily related to finance organization recruiting and legal settlement expenses[56] Cash Flow and Assets - Total current assets decreased to $149,426,000 as of October 31, 2025, from $158,579,000 in 2024, a decline of 5.8%[45] - Total liabilities decreased to $83,691,000 as of October 31, 2025, down from $99,343,000 in 2024, a reduction of 15.8%[45] - Cash and cash equivalents increased to $61,155,000 as of October 31, 2025, compared to $57,031,000 in 2024, an increase of 3.7%[45] Strategic Developments - The company announced a strategic combination with Mission Produce, Inc., where shareholders will receive $27.00 per share, consisting of $14.85 in cash and stock[7][9] - The merger is expected to create cost synergies of $25 million and provide shareholders with opportunities for value creation[9][10] - Calavo and Mission are seeking stockholder approvals for a proposed transaction, which may face risks including regulatory approvals and potential delays[27] - The integration of Calavo and Mission's businesses may incur higher costs and challenges than anticipated, affecting expected synergies[27] - Calavo and Mission plan to file a joint proxy statement with the SEC regarding the proposed transaction, urging investors to review the documents carefully[32] Market and Economic Conditions - The company anticipates softer first quarter results for 2026 due to continued strong avocado supply and pricing dynamics[12] - The companies are exposed to various risks such as economic conditions, client spending reductions, and changes in agricultural product prices[27] - The impact of macroeconomic trends, including increased interest rates, may affect borrowing costs and consumer behavior[29] - The companies are subject to enhanced regulatory scrutiny, which could lead to shipment delays and increased costs[29] - The companies are reliant on large customers and key personnel, which poses risks to their operational stability[28] Non-GAAP Measures - Non-GAAP measures such as adjusted EBITDA and adjusted net income are used to provide a clearer view of financial performance, excluding certain unusual items[37][38] - Adjusted EBITDA is calculated by excluding costs related to acquisitions, restructuring, and other one-time items, providing insight into ongoing operations[39] Foreign Currency Impact - The company reported a foreign currency gain of $4,291,000 for the three months ended October 31, 2025, compared to a loss of $3,041,000 in the same period last year[43] - Foreign currency remeasurement gains were $4.291 million for the three months ended October 31, 2025, compared to a loss of $3.041 million in the same period of 2024, indicating a positive shift in currency impact[52] Interest and Tariff Costs - Interest income rose to $(754) thousand for the three months ended October 31, 2025, from $(680) thousand in 2024, while interest expense decreased to $211 thousand from $274 thousand[49] - Costs related to tariffs for the three months ended October 31, 2025, were less than $0.1 million, primarily due to temporary tariffs on goods sourced from Mexico[53] - The company recorded $867 thousand in FDA regulatory hold-related charges for the three months ended October 31, 2025, reflecting unusual and non-recurring costs[54]

Financial Distribution - PermRock Royalty Trust announced a cash distribution of $235,849.49, equating to $0.019386 per Trust Unit, based on production during November 2025[6] - The cash distribution is payable on February 13, 2026, to record holders as of January 30, 2026[6] - The Trust's financial condition reflects its operational performance and cash distribution strategy[6] Compliance and Reporting - The report was filed in accordance with the Securities Exchange Act of 1934, ensuring compliance with regulatory requirements[7] - The Trust's operations are subject to the general instructions of Form 8-K, indicating a structured reporting process[7] - The Trust is not classified as an emerging growth company under the relevant securities regulations[5] Trust Structure - The Trust does not have directors or executive officers, with Argent Trust Company acting as the trustee[11] - The Trust is listed on the New York Stock Exchange under the symbol PRT[5] Transparency - The announcement was made via a press release dated January 20, 2026, highlighting the Trust's commitment to transparency[8] - The Trust's financial results are based on its operations and production metrics from the previous month, indicating ongoing revenue generation[6]

Cash Distribution - The cash distribution declared for January 2026 is $0.040056 per unit, payable on February 13, 2026, to unit holders of record on January 30, 2026[2]. - General and Administrative Expenses for the month were $172,927, leading to a total distribution of $1,866,989 to 46,608,796 units outstanding[9]. - After deducting taxes and expenses of $132,454, the net profit for December was $963,069, resulting in a net contribution of $914,915 to the distribution[6]. Production and Revenue - Production for Texas Royalty Properties was 17,309 barrels of oil and 8,378 Mcf of gas, with the Trust's allocated portion being 15,285 barrels of oil and 7,401 Mcf of gas[6]. - The average price for oil was $59.18 per bbl and for gas was $8.49 per Mcf, contributing to revenues of $1,095,523 for Texas Royalty Properties[6]. - The distribution increased from the previous month due to a second settlement payment from Blackbeard Operating LLC and higher oil volumes from Texas Royalty Properties, despite lower natural gas volumes and oil pricing[3]. Cost and Financial Position - The Trust is currently in an excess cost position for the Waddell Ranch properties, as production costs exceeded gross proceeds for December 2025[2]. - The Trustee will disclose production, pricing, and cost information from Blackbeard on a quarterly basis in future reports[5]. Market Conditions and Future Outlook - The Trust's future distributions may be affected by worldwide market conditions, making predictions challenging[9]. - A petition filed by SoftVest seeks to modify the Trust's Indenture, aiming to change the approval requirements for amendments[10].

Financial Performance - SunPower reported record Q4'25 revenue of $88.5 million, a 26.5% increase from $70.0 million in Q3'25, driven by acquisitions of Sunder and Ambia[5] - Gross profit for Q4'25 was $48.8 million, with a gross margin of 55%, up from 46% in Q3'25[5] - Non-GAAP operating income reached $3.5 million in Q4'25, compared to $2.0 million in Q3'25, representing 4.0% of revenue[9] - Full-year 2025 revenue totaled $308.8 million, with an operating income of $10.9 million[9] - Q1'26 revenue is projected to be $84 million, with an expected operating income of $2.0 million, reflecting a typical winter quarter slump[9] - SunPower Inc. reported a GAAP operating loss from continuing operations of $29,970 thousand in Q3 2024, improving to a loss of $1,115 thousand by Q4 2025[32] - Non-GAAP net income (loss) improved from a loss of $7,077 thousand in Q3 2024 to a profit of $3,545 thousand in Q4 2025[32] - Total non-GAAP adjustments peaked at $22,893 thousand in Q3 2024, with a subsequent decrease to $4,660 thousand by Q4 2025[32] - The company anticipates a return to profitability with a projected non-GAAP net income of $2,938 thousand in Q1 2025[32] Cash and Financing - The company ended Q4'25 with a cash balance of $9.3 million, an increase from $5.1 million in Q3'25, and secured a $55 million equity line of credit[7] Market Expansion and Product Development - SunPower's salesforce grew to 1,977 representatives by the end of Q4'25, enhancing market share potential for 2026[11] - The company announced a joint development agreement with REC to produce a new high-wattage bifacial solar panel named "Monolith," targeting over 500 watts output[23] - SunPower signed a Letter of Intent to acquire Cobalt Power Systems, aiming to enhance its market position and install the new Monolith panels[25] - SunPower Inc. has indicated a focus on market expansion and new product development as part of its strategic initiatives moving forward[33] Cost Management and Financial Strategy - The company aims to improve its price-to-sales (P/S) ratio from 0.55 to 1.75, which could significantly increase its share price[18] - SunPower Inc. is actively managing acquisition costs related to headcount reductions and professional services, which may impact future financial performance[33] - SunPower Inc. continues to emphasize the importance of non-GAAP financial measures to provide a clearer picture of operational performance[33] Expenses and Charges - Depreciation and amortization expenses related to capital expenditures were $1,745 thousand in Q4 2024, increasing to $1,942 thousand in Q4 2025[32] - Stock-based compensation, a non-cash expense, was recorded at $1,516 thousand in Q3 2024 and increased to $2,718 thousand in Q4 2025[32] - Restructuring charges reached $21,072 thousand in Q3 2024, with no further charges reported in subsequent quarters[32]

Regulatory Environment - The company is permitted to present only two years of audited financial statements and related Management's Discussion and Analysis in SEC filings[7]. - The company is exempt from filing quarterly reports on Form 10-Q and providing current reports on Form 8-K, which may limit transparency for investors[64]. - The company faces risks related to potential regulatory changes in China that could impact its ability to conduct business and accept foreign investments[78]. - The PRC government has indicated an intent to increase oversight over overseas offerings and foreign investments, which may significantly hinder the ability to offer Ordinary Shares and could lead to a decline in their value[80]. - The SEC's HFCAA requires that if an auditor is not inspected by the PCAOB for two consecutive years, trading of the issuer's securities may be prohibited on U.S. exchanges[88]. - The PCAOB has determined it is unable to inspect or investigate public accounting firms in Mainland China and Macau due to positions taken by PRC authorities[99]. - The CSRC and PCAOB signed a Statement of Protocol on August 26, 2022, allowing the PCAOB independent discretion for selecting audits for inspection[100]. - The company has not been informed of any requirement to file for a cybersecurity review, but uncertainties exist regarding the interpretation and enforcement of PRC cybersecurity laws[83]. - The company has received all requisite permissions from Macau authorities to operate its businesses, including business registration certificates[84]. - The company does not expect the Revised Review Measures to materially impact its business or operations[83]. - The potential for changes in PRC laws and regulations could rapidly affect the company's operations and ability to offer securities[86]. - The PCAOB has secured complete access to inspect registered public accounting firms in mainland China and Macau, but future access may be obstructed, potentially leading to delisting of the company's securities[101]. - The Accelerating Holding Foreign Companies Accountable Act mandates that if an issuer's auditor is not subject to PCAOB inspections for two consecutive years, its securities may be prohibited from trading on U.S. exchanges[102]. Financial Performance and Risks - The company does not intend to pay dividends in the near future, which may affect investor returns[75]. - The company may rely on dividends from subsidiaries to fund operations, and any limitations on these payments could adversely affect business[71]. - The company’s financial condition and results of operations could be adversely affected by fluctuations in exchange rates and economic volatility in Macau and China[69]. - Economic conditions in Macau and China are sensitive to global economic conditions, and a prolonged slowdown may negatively impact client confidence and business operations[109]. - The company is exposed to risks associated with customer concentration and dependence on related parties, which could impact revenue stability[69]. - Revenues from the top 5 customers accounted for 98.4% and 95.8% of total revenues for the financial years ended 2025 and 2024, respectively, indicating significant customer concentration risk[131]. - Two clients, Jiangxi Zongjia Haotian Technology Company Ltd. and Jiangxi Muhe Business Services Co., Ltd., accounted for 70.0% of revenues as of September 30, 2025, further highlighting dependence on a limited customer base[131]. - The company is subject to various Macau laws and regulations, including those related to data security and anti-monopoly, which may impact business operations[115][119]. - The company faces significant risks due to prolonged economic downturns, which could adversely affect its business and financial condition[158]. - The performance of the company's consultation services is highly unpredictable and dependent on market conditions and client demands[162]. - The financial condition of clients may deteriorate, leading to slow fee settlements and adversely affecting the company's cash flows[169]. - The company is subject to risks associated with pressure on service fees, which may decrease due to competition or reduced demand[172]. - Economic volatility and market uncertainty may impact demand for industrial properties, potentially affecting revenue streams and profitability[178]. - The company may face scrutiny and negative publicity similar to other U.S.-listed China-based companies, which could harm business operations and reputation[111][112]. Corporate Governance and Structure - The company is classified as a foreign private issuer, allowing it to adopt certain home country governance practices that may provide less protection to shareholders[60]. - The concentration of ownership among directors, officers, and principal shareholders, holding 63.62% of shares, may not align with the interests of other shareholders[193]. - The company is classified as a foreign private issuer, which allows it to follow less detailed reporting requirements compared to U.S. domestic companies[219]. - If the company loses its foreign private issuer status, it would face significant additional legal, accounting, and compliance costs[223]. - The company qualifies as an emerging growth company, allowing it to take advantage of reduced reporting requirements, including exemptions from certain auditor attestation requirements[224]. - The company may not comply with new or revised financial accounting standards until a private company is required to do so, potentially affecting comparability with other public companies[225]. - The board of directors has complete discretion regarding dividend distribution, subject to Cayman Islands law[202]. - Shareholders have limited rights to inspect corporate records under Cayman Islands law, which may hinder their ability to gather necessary information[216]. - The company’s corporate governance practices may differ significantly from Nasdaq standards, potentially affording less protection to shareholders[221]. - There is uncertainty regarding the enforcement of U.S. court judgments in the Cayman Islands and Macau, which could complicate legal recourse for investors[204][205]. Business Strategy and Development - The company plans to develop proprietary fintech solutions and platforms, potentially integrated with AI, through its subsidiary LFT[134]. - By September 30, 2025, LFT had entered into business agreements with four clients to provide ongoing fintech services[151]. - The company has employed two additional technical staff since June 2024 to enhance its fintech development capabilities[151]. - The company is considering future acquisitions and joint ventures as part of its growth strategy, which may introduce new risks and liabilities[152]. - The company has not registered some of its proprietary technology as trademarks or patents, which may adversely affect its business if others claim similar rights[139]. - The company anticipates increased costs related to compliance with Sarbanes-Oxley and SEC regulations after becoming a public company[227]. Market Conditions and Economic Factors - The total investment in real estate development in mainland China was RMB 10,028 billion (US$1,383 billion) in 2024, a decrease of 10.6% compared to the previous year[159]. - Investment in residential housing in mainland China was RMB 7,604 billion (US$1,049 billion), down by 10.5% YoY[159]. - The average unit price per square meter of residential units in Macau decreased by 9% to MOP 84,838 (US$10,605) compared to 2023[159]. - The number of industrial park consultation projects completed by the company dropped to 1 for the year ended September 30, 2025, down from 8 projects in the previous year[164]. - The average prices per square meter for office spaces and industrial units in Macau decreased by 21.7% and 16.9% respectively in 2024[159]. - The company charges approximately one month's rent as a service fee for rental properties and around 2% of the property sales revenue for properties sold[178]. - Fluctuations in interest rates, inflation, or currency exchange rates may impact investment decisions, potentially reducing viable prospects for the company's services[178]. - The market price of the company's Ordinary Shares may be volatile and could decline regardless of operating performance[229]. Currency and Credit Risks - The company is exposed to currency risk due to fluctuations in exchange rates, particularly between MOP and CNY[690]. - The company has not used any instruments or derivatives to manage or hedge its currency risk exposure[692]. - A 1% appreciation of CNY against MOP would increase revenue by US$30,485, while a 1% depreciation would decrease revenue by the same amount[691]. - As of September 30, 2025, the company had receivables from major customers accounting for 96% of total revenue, with Customer A contributing 51%[697]. - The company has not experienced any losses in bank accounts and believes it is not exposed to significant credit risk on cash maintained with banks in Macau[694]. - The allowance for credit losses as of September 30, 2025, was US$7,059, down from US$21,449 in 2024[695].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): January 20, 2026 INTERPACE BIOSCIENCES, INC. (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorporation) (Commission File Number) Delaware 000-24249 22-2919486 (IRS Employer Identification No.) Waterview Plaza, Suite 310, 2001 Route 46 Parsippany, NJ 07 ...

Financial Performance - Fourth quarter 2025 net income was $1,442,000, a 62.2% increase from $889,000 in Q4 2024, resulting in diluted earnings per share of $0.09 compared to $0.05[1] - For the full year 2025, net income reached $5,612,000, representing a 61.9% increase from $3,601,000 in 2024, with diluted earnings per share rising from $0.21 to $0.34[1] - Net income for 2025 totaled $5.612 million, with a return on average assets of 0.39% and a return on average equity of 5.03%[23] - Net income for Q4 2025 was $2,544 thousand, compared to a net loss of $282 thousand in Q3 2025, marking a substantial recovery[31] - Net income for Q1 2025 was $1,908,000, with a total net income for the year reaching $5,612,000[41] - Net income for the year 2024 reached $3.601 billion, with a quarterly breakdown of $1.904 billion in Q1, $(375) million in Q2, $1.183 billion in Q3, and $889 million in Q4[42] Interest Income and Margin - Net interest income for Q4 2025 increased by $1.4 million, or 14.6%, and for the full year, it rose by $6.2 million, or 17.2%, compared to 2024[2] - The net interest margin improved by 35 basis points to 3.23% in Q4 2025 and by 34 basis points to 3.15% for the full year[2] - Net interest income for the full year 2025 was $42,263 thousand, compared to $36,048 thousand in 2024, reflecting an increase of 17.3%[31] Asset Quality - The provision for credit losses for Q4 2025 was $724,000, a decrease of 31.6% from $1.1 million in Q4 2024, while the full year provision increased to $4.1 million from $884,000 in 2024[9] - Non-performing assets decreased by $6.4 million, or 43.0%, to $8.5 million since September 30, 2025, with non-performing loans at 0.80% of total loans[10] - Non-performing assets decreased to $8.518 million by the end of Q4 2025, reflecting improved asset quality[27] Expenses - Total non-interest expense in Q4 2025 increased by $1.0 million, or 8.8%, compared to Q4 2024, but decreased by $404,000, or 0.8%, for the full year 2025 compared to 2024[14] - Professional fees rose by $670,000, or 74.8%, in Q4 2025, while for the full year, they were down by $1.0 million, or 21.5%[14] - Salaries and employee benefits increased by $283,000, or 4.0%, in Q4 2025, and by $552,000, or 1.9%, for the full year compared to 2024[14] - Total interest expense decreased by $295,000, or 3.9%, in Q4 2025 and by $1.4 million, or 4.5%, for the full year compared to 2024[7] Equity and Dividends - Total assets reached $1.45 billion, with shareholders' equity at $119.3 million and a book value of $7.22 per common share as of December 31, 2025[16] - The Company declared a quarterly cash dividend of $0.03 per share, representing a 3.7% annualized yield and a 35.3% payout ratio based on 2025 earnings[17] - Total shareholders' equity increased to $119,312,000 by December 31, 2025, up from $110,759,000 at the beginning of the year[41] - Shareholders' equity increased to $107,248 thousand in Q4 2025, compared to $108,182 thousand in Q3 2025, reflecting a slight decrease[28] Deposits and Loans - Total average loans for 2025 grew by $23.7 million, or 2.3%, but decreased by $35.4 million, or 3.3%, since December 31, 2024, due to higher payoff activity[3] - Total average deposits for 2025 increased by $67.3 million, or 5.8%, compared to 2024, reflecting successful business development efforts[6] - Total deposits reached $1,200,995 thousand in Q4 2025, up from $1,189,330 thousand in Q3 2025, an increase of 1.3%[28] Market Performance - The market value per common share was $2.68 in Q4 2025, up from $2.61 in Q3 2025, indicating a growth of 2.7%[28] - Book value per common share increased by $0.73, or 11.2%, since December 31, 2024, due to favorable adjustments in unrealized losses and improved earnings[16] - Tangible common equity ratio improved to 7.34% by the end of 2025[41] Operational Efficiency - The efficiency ratio for 2025 was 81.47%, indicating operational efficiency improvements compared to previous years[23] - Average tangible common equity for 2025 was $97,930,000, resulting in a return on average tangible common equity of 5.73%[41] - Tangible common equity ratio was 6.64% in Q4 2025, slightly down from 6.79% in Q3 2025[28]

Date of Report (Date of earliest event reported): January 19, 2026 Enovix Corporation UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 (Exact Name of Registrant as Specified in Its Charter) | Delaware | 001-39753 | 85-3174357 | | --- | --- | --- | | (State or Other Jurisdiction | (Commission | (IRS Employer | | of Incorporation) | File Number) | Identification No.) | | 3501 W Warren Avenue | ...

Financial Performance - Barnes & Noble Education, Inc. reported total BNC First Day sales of $114.4 million for the 13 weeks ended August 2, 2025, representing a 40.5% increase compared to $81.4 million for the same period in the previous year[162]. - Total sales for the 13 weeks ended August 2, 2025, increased by 9.4% to $288.2 million, driven by growth in BNC First Day programs[185]. - Gross Comparable Store Sales rose by $34.6 million, or 13.0%, during the quarter, primarily due to a $33.0 million increase in revenues from BNC First Day programs, which grew by 40.5%[185]. - Product sales and other for the quarter were $274.2 million, up 9.3% from $250.9 million in the same period last year[186]. - Course material product sales increased by $26.2 million, or 19.9%, to $157.6 million during the 13 weeks ended August 2, 2025, driven by higher comparable store sales and new store sales[190]. - The cost of sales for the quarter was $232.8 million, resulting in a gross profit of $55.4 million, compared to $45.0 million in the prior year[184]. - Gross margin increased by $10.4 million, or 23.1%, to $55.4 million, representing 19.2% of sales during the 13 weeks ended August 2, 2025, compared to 17.1% in the prior year[195]. - The net loss for the quarter improved by $85.6 million, or 82.4%, to $(18.3) million compared to $(103.9) million in the prior year[185]. - Adjusted EBITDA improved by $11.4 million, or 49.8%, to $(11.5) million from $(22.9) million last year, mainly due to increased sales from BNC First Day programs[185]. - Total operating loss decreased to $23.2 million during the 13 weeks ended August 2, 2025, from an operating loss of $38.7 million in the prior year[203]. - Adjusted Net Income (Loss) was $(15.8) million during the 13 weeks ended August 2, 2025, compared to $(101.2) million in the prior year[208]. - Adjusted Free Cash Flow for the 13 weeks ended August 2, 2025, was $(74,451) thousand, compared to $(152,398) thousand for the same period in 2024, indicating better cash management[216]. - Net cash flows used in operating activities decreased to $(67,603) thousand for the 13 weeks ended August 2, 2025, from $(143,502) thousand in the prior year, a reduction of $75,899 thousand[222]. Financing and Liquidity - The company completed various financing transactions on June 10, 2024, raising gross proceeds of $95.0 million, which included a $50.0 million private investment and a $45.0 million rights offering[165]. - The refinancing of the credit facility provided access to a $325.0 million facility maturing in 2028, enhancing financial flexibility and reducing annual interest expenses[166]. - The company raised $95.0 million in gross equity proceeds through a private investment and a fully backstopped rights offering, enhancing liquidity[229]. - The company's revolving credit facility had a maximum borrowing capacity of $325 million, with $170 million outstanding as of August 2, 2025[228]. - Interest expense decreased by $3.9 million to $3.7 million during the 13 weeks ended August 2, 2025, primarily due to lower borrowing and interest rates[205]. - Cash flows provided by financing activities were $65.0 million for the 13 weeks ended August 2, 2025, down from $139.9 million in the prior year, primarily due to higher equity financing in 2025[226]. Operational Strategy - The company is focusing on expanding its BNC First Day affordable access course material programs, which have reversed historical revenue declines in course materials at participating institutions[161]. - The company streamlined its operations into a single operating segment following a realignment to better reflect organizational management, combining previous Retail and Wholesale segments[170]. - The business is highly seasonal, with the majority of textbook sales occurring in the second and third fiscal quarters, impacting overall revenue and operating profit[171]. - The company aims to improve cash flow timing by aligning cash outflows to vendors with cash inflows from schools adopting BNC First Day programs[173]. - The company has implemented cost-saving initiatives, including workforce reductions and closing under-performing stores, to maximize productivity and profitability[169]. - The company continues to focus on expanding its BNC First Day programs to enhance market share and improve profitability[177]. - The company is focused on aligning cash outflows to course material vendors with cash inflows from collections from schools as sales shift to BNC First Day affordable access course material offerings[217]. Store Operations - The number of physical stores at the end of the period was 657, with 39 stores opened and 42 closed during the 13 weeks ended August 2, 2025[189]. - No common stock was repurchased under the stock repurchase program during the 13 weeks ended August 2, 2025[236]. - Approximately $26.7 million remains available under the stock repurchase program as of August 2, 2025[236]. - A total of 429 shares were repurchased outside of the stock repurchase program for employee tax withholding obligations[236]. - Selling and administrative expenses were $67.9 million, slightly up from $67.0 million in the previous year[184]. - Selling and administrative expenses increased by $0.9 million, or 1.3%, to $67.9 million during the 13 weeks ended August 2, 2025[198]. Stock and Shareholder Information - A reverse stock split was completed on June 11, 2024, reducing the number of outstanding shares from approximately 2.62 billion to about 26.2 million[232][233].