UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended October 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-40101 BRIACELL THERAPEUTICS CORP. (Exact name of registrant as specified in its charter) British Columbia, Canada 47-1099599 (State ...

Mitek Reports Record Fiscal 2025 Revenue SAN DIEGO, Calif. - December 11, 2025 - Mitek Systems, Inc. (NASDAQ: MITK, www.miteksystems.com, "Mitek" or the "Company"), a global leader in digital identity verification and fraud prevention, today reported financial results for its fourth quarter ended September 30, 2025 and provided guidance for its 2026 full year ending September 30, 2026 ("fiscal 2026"). "Mitek delivered a strong finish to fiscal 2025, returning to full-year organic growth, driven by an accele ...

Financial Performance - Total revenue for the twelve months ended September 30, 2025, was $179.7 million, an increase of 4% compared to $172.1 million for the same period in 2024[200] - Net income for the twelve months ended September 30, 2025, was $8.8 million, or $0.19 per diluted share, compared to $3.3 million, or $0.07 per diluted share, for the same period in 2024[200] - Cash provided by operating activities was $55.3 million for the twelve months ended September 30, 2025, compared to $31.7 million for the same period in 2024[200] - The company reported net income of $8.8 million for fiscal 2025, compared to $3.3 million in fiscal 2024[214] Revenue Breakdown - SaaS, maintenance, and other revenue increased by $15.4 million, or 17%, to $105.6 million in 2025, driven by strong growth in products like Mobile Verify® and HooYu[201] - Software license and hardware revenue decreased by $7.8 million, or 10%, to $74.1 million in 2025, primarily due to lower multi-year term license renewals[201] Cash and Investments - As of September 30, 2025, the company had $196.5 million in cash and cash equivalents, an increase of $54.7 million, or 39%, compared to $141.8 million on September 30, 2024[212] - Net cash provided by operating activities during fiscal 2025 was $55.3 million, up $23.7 million from $31.7 million in fiscal 2024, primarily due to an increase in net income[214] - Net cash provided by investing activities was $5.8 million in fiscal 2025, a decrease from $28.7 million in fiscal 2024, primarily due to a decrease in net maturities of investments[216][217] - The company's investment portfolio, as of September 30, 2025, had a fair market value of $42.3 million, representing 9% of total assets[253] Expenses and Cost Management - General and administrative expenses decreased by $8.7 million, or 16%, to $44.3 million in 2025, mainly due to lower audit and professional fees[205] Debt and Financing - The company issued $155.3 million in 0.75% Convertible Senior Notes due 2026, with net proceeds of approximately $149.7 million[220][221] - The Amended Credit Agreement allows the company to borrow up to $25.0 million, with an additional $15.0 million at the bank's discretion, secured by the company's assets[226][228] - As of September 30, 2025, the company's net leverage ratio was 1.06 to 1.00, in compliance with the covenant of the Amended Credit Agreement[233] - The company has outstanding loans with Spanish government agencies totaling $4.3 million as of September 30, 2025, with interest rates ranging from 0% to 3.72%[235] - The company incurred issuance costs of $0.2 million related to the Amended Credit Agreement, recorded as other income (expense), net[229] - The company authorized a share repurchase program for up to $50 million, effective from May 16, 2024, to May 16, 2026[236] - As of September 30, 2025, the company had repurchased approximately $29.0 million worth of shares, retiring a total of 2,774,676 shares[237] - During the period from October 1, 2025, to December 10, 2025, the company purchased an additional $7.8 million worth of shares, totaling 865,842 shares at an average price of $9.01 per share[238] Operational Highlights - Mitek serves over 7,000 organizations globally, including financial institutions and fintech companies, enhancing operational efficiency and user experience[186] - The company added new patents, bringing the total to 110 issued patents and 25 outstanding patent applications as of September 30, 2025[200] - Mitek continues to invest in R&D across fraud, data, AI, and identity science to adapt to emerging threats in the digital landscape[191] - The acquisition of HooYu Ltd. in 2022 expanded Mitek's offerings in fraud, risk management, and compliance[188] Working Capital and Assets - The company reported working capital of $39.5 million as of September 30, 2025, a decrease from $142.9 million as of September 30, 2024, primarily due to the reclassification of $152.2 million in 2026 Notes to current liabilities[242] - As of September 30, 2025, the company had $42.3 million in available-for-sale debt securities, with $38.9 million classified as current and $3.5 million as long-term[241] Economic Environment - The company does not believe inflation has materially affected its financial condition or results of operations in the last three fiscal years[256] - The company has operations in the UK, France, the Netherlands, and Spain, which are exposed to foreign currency exchange rate fluctuations[255] Lease and Rent - The average annual base rent for the company's principal executive office in San Diego is approximately $0.3 million[239] - The company received tenant improvement allowances totaling approximately $0.1 million related to its San Diego lease[239]

Financial Performance - For the thirteen weeks ended November 1, 2025, net revenues decreased by $8.2 million, or 11.7%, to $62.3 million from $70.5 million in the prior year[157]. - Gross profit for the same period was $26.2 million, representing 42.1% of net revenues, compared to $38.4 million or 54.5% in the prior year[155]. - The operating loss from continuing operations for the thirteen weeks was $12.2 million, compared to a loss of $8.2 million in the prior year[155]. - For the thirty-nine weeks ended November 1, 2025, net revenues decreased by $47.6 million, or 20.5%, to $184.8 million from $232.4 million in the prior-year period[171]. - The operating loss from continuing operations for the thirty-nine weeks ended November 1, 2025, was $(12.2) million, an increase of $4.0 million, or 49.3%, from the prior-year period[164]. - For the thirty-nine weeks ended November 1, 2025, net loss from continuing operations was $(35.3) million, an increase of $21.9 million from $(13.4) million in the prior-year period[183]. Revenue Breakdown - VB Direct segment net revenues were $49.7 million, a decrease from $52.5 million, while VB Indirect segment revenues fell to $12.6 million from $18.0 million[156]. - For the thirteen weeks ended November 1, 2025, net revenues in the VB Direct segment decreased by $2.8 million, or 5.3%, to $49.7 million from $52.5 million in the prior-year period[158]. - VB Indirect segment net revenues decreased by $5.4 million, or 30.2%, to $12.6 million from $18.0 million in the prior-year period, primarily due to a decrease in specialty and key account orders[160]. - VB Direct segment net revenues for the thirty-nine weeks ended November 1, 2025, decreased by $27.9 million, or 15.4%, to $153.3 million, with comparable sales decreasing by 16.1%[172]. Expenses and Profitability - Selling, general, and administrative expenses (SG&A) were $38.7 million, accounting for 62.1% of net revenues, compared to $46.7 million or 66.3% in the prior year[155]. - Selling, General, and Administrative (SG&A) expenses decreased by $8.0 million, or 17.2%, to $38.7 million, with SG&A as a percentage of net revenues decreasing to 62.1% from 66.3%[162]. - Gross profit for the thirteen weeks ended November 1, 2025, decreased by $12.2 million, or 31.8%, to $26.2 million, with gross margin decreasing to 42.1% from 54.5% in the prior-year period[161]. - Gross profit for the thirty-nine weeks ended November 1, 2025, decreased by $34.7 million, or 29.1%, to $84.5 million, with gross margin decreasing to 45.7% from 51.3%[174]. Cash Flow and Financing - Net cash used in operating activities for the thirty-nine weeks ended November 1, 2025, was $27.3 million, a decrease from $35.8 million for the same period in 2024, primarily due to a net loss of $(50.5) million, which increased by $35.7 million year-over-year[188]. - Net cash used in investing activities was $2.0 million for the thirty-nine weeks ended November 1, 2025, down from $6.1 million in the prior year, attributed to $1.0 million proceeds from the sale of Pura Vida and a $3.0 million decrease in property, plant, and equipment spending[190]. - Net cash provided by financing activities was $9.8 million for the thirty-nine weeks ended November 1, 2025, compared to net cash used of $21.9 million in the prior year, mainly due to no common stock repurchases in the current year versus $21.2 million in the prior year[191]. - As of November 1, 2025, the Company had $10.0 million in borrowings outstanding and $65.0 million available under the Credit Agreement, compared to no borrowings and $75.0 million availability as of February 1, 2025[194]. - The Credit Agreement allows for an increase in the aggregate principal amount by up to $50.0 million, providing flexibility for financing general corporate purposes[192]. Strategic Initiatives and Market Conditions - The company is focusing on five key strategic initiatives to enhance brand focus, digital ecosystem, outlet strategy, go-to-market processes, and organizational structure[138][140][142]. - The company is actively managing the impact of elevated tariff costs and ongoing inflationary pressures affecting consumer discretionary spending[143]. - Comparable sales, including e-commerce, decreased by 5.8% for the thirteen weeks ended November 1, 2025, compared to a decrease of 27.2% in the prior year[156]. - The company completed the sale of Pura Vida on March 31, 2025, which was classified as discontinued operations[146]. - The total number of stores open at the end of the period was 117, with one store closed during the thirteen weeks[156]. - The effective tax rate for the thirteen weeks ended November 1, 2025, was (0.5)%, compared to (63.8)% for the prior-year period, primarily due to a full valuation allowance against net deferred tax assets[169]. - The Company has not experienced any material changes in market risks as of November 1, 2025[200]. - There were no material changes to cash requirements outside the ordinary course of business as of November 1, 2025[195]. - The Company reported a loss on the sale of business of $15.2 million, impacting cash flow from operating activities[188]. - The inventory reserve charge was $5.9 million, contributing to the changes in cash used in operating activities[188].

Financial Performance - Net sales increased from $293.6 million in Q3 2024 to $320.8 million in Q3 2025, a 9.3% increase[54] - Comparable store net sales for Q3 2025 increased 8.3% compared to Q3 2024, driven by a 6.4% increase in transactions and a 4.2% increase in average unit retail[54] - Gross profit for Q3 2025 was $153.9 million, representing 48.0% of net sales, up from 47.7% in Q3 2024[59] - Year-to-date net sales rose from $838.5 million in the first three quarters of 2024 to $898.7 million in 2025, a 7.2% increase[55] - Online sales for Q3 2025 increased 13.6% to $53.0 million compared to $46.6 million in Q3 2024[54] - Year-to-date net income for fiscal 2025 was $128.9 million, compared to $118.3 million for fiscal 2024[64] Operational Efficiency - Income from operations for Q3 2025 was $60.9 million, or 19.0% of net sales, compared to $54.5 million, or 18.6% of net sales, in Q3 2024[63] - The company plans to open 2 new stores and complete 6 full store remodels during the remainder of fiscal 2025, with estimated capital expenditures of $50.0 to $55.0 million[68] Financial Position - The company had working capital of $294.7 million as of November 1, 2025, including $316.2 million in cash and cash equivalents[65] - The company has an unsecured line of credit of $25.0 million with Wells Fargo Bank, with no bank borrowings as of November 1, 2025[70] - As of November 1, 2025, the liability for unredeemed gift cards and certificates was $13.0 million, down from $17.0 million as of February 1, 2025[71] - The accrued liability for sales returns was $3.9 million as of November 1, 2025, compared to $2.6 million as of February 1, 2025[72] - The adjustment to inventory for markdowns and/or obsolescence was $10.0 million as of November 1, 2025, an increase from $9.2 million as of February 1, 2025[75] - Total contractual obligations amounted to $510.9 million as of November 1, 2025, with operating lease payments constituting $460.7 million[78] - The Company has an unsecured line of credit of $25.0 million, with $10.0 million available for letters of credit[78] Seasonal Impact - The holiday and back-to-school seasons accounted for approximately 35% of the Company's fiscal year net sales for fiscal years 2024, 2023, and 2022[79] Risk Factors - A one-quarter percent decline in the interest/dividend rate on cash and investments would decrease the Company's net income by approximately $0.5 million[81] - The Company does not anticipate that the tax reform provisions in the One Big Beautiful Bill Act will have a material impact on its consolidated financial statements[74] - The Company regularly evaluates its estimates related to inventory, investments, incentive bonuses, and income taxes, which could affect reported results[70]

Financial Performance - Net sales increased by 3.3% to $616.2 million in Q3 Fiscal 2026, compared to $596.3 million in Q3 Fiscal 2025, driven by a 3% increase in comparable sales and a 5% increase in same store sales[58]. - Gross margin rose by 1.2% to $288.6 million, but as a percentage of net sales, it decreased from 47.8% in Q3 Fiscal 2025 to 46.8% in Q3 Fiscal 2026[59]. - Selling and administrative expenses increased by 0.3% to $275.7 million, while as a percentage of net sales, it decreased from 46.1% to 44.7%[60]. - Operating margin decreased to 1.4% in Q3 Fiscal 2026 from 1.7% in Q3 Fiscal 2025, primarily due to lower gross margin and higher asset impairment charges[61]. - Net earnings for Q3 Fiscal 2026 were $5.4 million, or $0.50 diluted earnings per share, compared to a net loss of $18.9 million, or $1.76 diluted loss per share, in Q3 Fiscal 2025[64]. Segment Performance - Journeys Group net sales increased by 3.9% to $376.7 million, with an operating margin improvement of 190 basis points to 5.5%[69][71]. - Schuh Group net sales rose by 1.6% to $123.8 million, but operating income fell by 78.6% to $669,000, resulting in an operating margin of 0.5%[74][75]. - Johnston & Murphy Group net sales increased by 3.4% to $81.2 million, but experienced an operating loss of $595,000, with an operating margin of (0.7)%[76][77]. - Genesco Brands Group's net sales increased 3.2% to $34.6 million for Q3 Fiscal 2026 from $33.5 million in Q3 Fiscal 2025, driven by higher footwear sales of Dockers and private label[78]. - Gross margin decreased by 34.9% to $7.7 million in Q3 Fiscal 2026, with gross margin as a percentage of net sales dropping from 35.5% to 22.4%[78]. - Operating income fell 85.5% to $541,000 in Q3 Fiscal 2026, resulting in an operating margin decline from 11.1% to 1.6%[78]. Year-to-Date Performance - For the first nine months of Fiscal 2026, net sales increased 3.6% to $1.64 billion, with a 4% increase in comparable sales[82]. - Gross margin for the first nine months of Fiscal 2026 increased 1.7% to $759.8 million, but decreased as a percentage of net sales from 47.3% to 46.4%[83]. - Selling and administrative expenses for the first nine months of Fiscal 2026 rose 1.4% to $789.0 million, but decreased as a percentage of net sales from 49.3% to 48.2%[86]. - The net loss for the first nine months of Fiscal 2026 was $34.3 million, or $3.31 diluted loss per share, compared to a net loss of $53.3 million, or $4.90 diluted loss per share, in the same period last year[90]. - Journeys Group net sales increased 5.1% to $967.5 million in the first nine months of Fiscal 2026, with an 8% increase in comparable sales[91]. - Schuh Group net sales increased 2.2% to $346.3 million, but total comparable sales decreased 2% due to a challenging retail environment in the U.K.[93]. - Johnston & Murphy Group net sales decreased 0.8% to $226.8 million, primarily due to decreased same store sales and a 3% decrease in the average number of stores[95]. Expenses and Cash Flow - Corporate and other expenses for the first nine months of Fiscal 2026 were $28.8 million, up from $27.2 million in the same period of Fiscal 2025, with asset impairment and other charges of $4.7 million included in Fiscal 2026[99]. - Net interest expense increased by 6.8% to $3.7 million in the first nine months of Fiscal 2026, compared to $3.4 million in the same period of Fiscal 2025, primarily due to increased borrowings in the U.K.[100]. - Net cash used in operating activities decreased by $1.5 million to $(27,597) thousand in the first nine months of Fiscal 2026 compared to $(29,108) thousand in Fiscal 2025[103]. - Net cash used in investing activities increased by $24.8 million to $(52,185) thousand in the first nine months of Fiscal 2026, reflecting higher capital expenditures related to retail store investments[103]. - Cash provided by financing activities increased by $17.9 million to $72,435 thousand in the first nine months of Fiscal 2026, primarily due to increased net borrowings[104]. Capital Expenditures and Obligations - Total capital expenditures for Fiscal 2026 are expected to be approximately $55 to $65 million, with about 80% allocated for new stores and renovations[111]. - The company repurchased 604,531 shares of common stock for $12.6 million at an average cost of $20.79 per share during the first nine months of Fiscal 2026[112]. - Contractual obligations increased by 26% compared to February 1, 2025, primarily due to increased long-term debt and lease obligations[110]. - As of November 1, 2025, the company had $65.0 million in U.S. revolver borrowings and was in compliance with all relevant terms of the Credit Facility[106]. - The company expects to meet its liquidity needs in Fiscal 2026 through cash on hand, cash from operations, and borrowings under its Credit Facility[107].

Financial Performance - Consolidated net sales for the first nine months of Fiscal 2025 were $1,103,348, a decrease of 2.0% from $1,126,095 in Fiscal 2024[83]. - Operating loss for the first nine months of Fiscal 2025 was $23,481 compared to an operating income of $98,721 in Fiscal 2024[83]. - Net loss for the first nine months of Fiscal 2025 was $20,810, down from net earnings of $75,078 in Fiscal 2024, resulting in a net loss per diluted share of $1.39 compared to earnings of $4.74[83]. - Comparable sales for the third quarter of Fiscal 2025 decreased slightly by 0.2% to $307,344 from $308,025 in the third quarter of Fiscal 2024[95]. - Consolidated net sales for Q3 Fiscal 2025 were $307 million, a decrease of $681,000 or 0.2% compared to $308 million in Q3 Fiscal 2024[96]. - Consolidated net sales for the first nine months of Fiscal 2025 were $1,103 million, a decrease of $22.7 million or 2.0% compared to $1,126 million in Fiscal 2024[134]. - Tommy Bahama net sales decreased by $33 million or 5%, while Lilly Pulitzer net sales increased by $14 million or 6% in the same period[135]. - The overall net sales for the company in Q3 Fiscal 2025 were $307.3 million, slightly down from $308.0 million in Q3 Fiscal 2024[130]. Cost and Expenses - Cost of goods sold increased by 7.5% to $122,073 in the third quarter of Fiscal 2025, impacting gross profit which fell by 4.8% to $185,271[95]. - SG&A expenses rose by 3.8% to $212,554 in the third quarter of Fiscal 2025, contributing to an operating loss of $85,098 compared to a loss of $6,240 in the same period last year[95]. - Gross profit for the first nine months of Fiscal 2025 was $685 million, down $32.7 million or 4.6% from $718 million in Fiscal 2024, with a gross margin of 62.1% compared to 63.8%[143]. - SG&A expenses increased to $661 million, up $26.2 million or 4.1% from $635 million in Fiscal 2024, representing 59.9% of net sales[149]. - Interest expense increased significantly to $4.9 million, up $3.3 million or 212.4% compared to $1.6 million in Fiscal 2024[134]. Impairment and Losses - The company recognized noncash impairment charges of $61 million primarily related to Johnny Was in the third quarter of Fiscal 2025[83]. - Noncash impairment charges totaled $61 million in Q3 Fiscal 2025, including $57 million related to Johnny Was intangible assets[115]. - Johnny Was experienced a substantial operating loss of $61.7 million in Q3 Fiscal 2025, compared to a loss of $4.1 million in Q3 Fiscal 2024, marking a 1412.7% decline[122]. - Net earnings loss was $20.8 million, down $95.9 million or 127.7% from net earnings of $75.1 million in Fiscal 2024[134]. Sales Channels and Growth - Direct to consumer channels accounted for 81% of consolidated net sales in Fiscal 2024, with the remaining 19% from wholesale distribution[76]. - The total number of direct to consumer locations increased to 358 as of November 1, 2025, up from 345 in the previous quarter[90]. - Emerging Brands net sales increased by $5 million, or 17%, driven by a 29% increase in e-commerce sales[104]. - E-commerce sales increased by $5 million, or 5%, with Lilly Pulitzer and Emerging Brands showing significant growth[101]. - Lilly Pulitzer saw a 7% increase in e-commerce sales, contributing to its overall sales growth[139]. - Emerging Brands saw a 12.5% increase in net sales to $108.9 million, but operating income fell to $2, a decrease of 100%[160]. Tax and Interest - The income tax benefit for Q3 Fiscal 2025 was $(23.1) million, a significant increase from $(2.9) million in Q3 Fiscal 2024, reflecting a 691.5% change[127]. - The effective tax rate for Q3 Fiscal 2025 was 26.6%, a decrease from 42.5% in Q3 Fiscal 2024, influenced by various factors including geographic mix of earnings[128]. - The effective tax rate for the first nine months of Fiscal 2025 was 26.7%, up from 22.7% in Fiscal 2024, influenced by various tax factors[164]. Capital and Investments - The company plans to continue investing in direct-to-consumer initiatives and information technology projects, supported by anticipated future cash flows[191]. - Capital expenditures for the First Nine Months of Fiscal 2025 were $93 million, slightly up from $92 million in the same period of Fiscal 2024[206]. - The company is building a new distribution center in Lyons, Georgia, as part of its capital expenditures[207]. - A cash dividend of $0.69 per share was approved, payable on January 30, 2026, to shareholders of record as of January 16, 2026[201]. Debt and Liquidity - Long-term debt increased to $140,436 as of November 1, 2025, compared to $29,304 as of November 2, 2024, indicating a significant rise in leverage[182]. - As of November 1, 2025, outstanding borrowings under the U.S. Revolving Credit Agreement totaled $140 million, with unused availability of $179 million[194]. - The company has maintained compliance with all applicable covenants related to the U.S. Revolving Credit Agreement as of November 1, 2025[199]. - The company is exposed to increased interest rate risks due to higher borrowings compared to February 1, 2025[215].

Store Operations - As of November 1, 2025, Build-A-Bear operated 375 corporately-managed stores globally, 168 partner-operated locations, and 108 international franchised stores, with a total of 651 locations[74]. - During the first thirty-nine weeks of fiscal 2025, Build-A-Bear opened a net of 52 new retail experience locations, with expectations of at least 60 new locations for the full fiscal year[80]. - 53% of corporately-managed stores were in an updated Discovery format as of November 1, 2025, indicating a shift towards modernized retail experiences[81]. - The number of partner-operated locations increased to 168 by the end of the third quarter of 2025, with relationships including Carnival Cruise Line and Great Wolf Lodge Resorts[82]. - The company opened 21 new franchised stores during the thirty-nine weeks ended November 1, 2025, bringing the total to 108 franchised stores[84]. Financial Performance - The company reported growth in total revenues and pretax profit in fiscal years 2022, 2023, and 2024, driven by strategic initiatives implemented prior to and during the pandemic[80]. - Total revenues increased by $29.4 million or 8.5% for the thirty-nine weeks ended November 1, 2025, driven by an 8.0% increase in Net Retail sales and a 15% increase in Commercial revenue compared to the same period in 2024[97]. - Net retail sales for the thirty-nine weeks ended November 1, 2025, were $346.5 million, up from $320.8 million for the same period in 2024, with existing stores contributing $17.2 million and new stores contributing $11.4 million[98]. - Commercial revenue reached $25.2 million for the thirty-nine weeks ended November 1, 2025, compared to $21.9 million in the prior year, reflecting a $3.3 million increase primarily from wholesale accounts[99]. - Retail gross margin dollars increased by $20.9 million to $194.6 million for the thirty-nine weeks ended November 1, 2025, with the retail gross margin rate improving by 210 basis points compared to the previous year[101]. - EBITDA for the thirty-nine weeks ended November 1, 2025, increased by $6.2 million or 12.4% to $56.1 million from $49.9 million for the same period in 2024[106]. Strategic Initiatives - Build-A-Bear's digital transformation includes enhancements in marketing, loyalty programs, and digital content to increase consumer engagement and expand its total addressable market[80]. - The company aims to drive profitable growth while returning capital to shareholders through dividends and share repurchases, supported by improved cash flows from robust operating margins[80]. - Build-A-Bear's retail strategy includes expanding into non-traditional locations, such as tourist destinations, and evolving its store formats to adapt to market trends[73]. - The company leverages its brand strength through outbound licensing agreements and engaging content creation to enhance its product offerings and consumer experiences[79]. - Build-A-Bear's omnichannel capabilities include both physical and digital engagement, with retail stores acting as mini distribution centers for efficient fulfillment of digital demand[77]. Cash Flow and Investments - As of November 1, 2025, the consolidated cash balance was $27.7 million, with 79% domiciled in the U.S.[112]. - Net cash provided by operating activities increased by $12.7 million to $40.3 million for the thirty-nine weeks ended November 1, 2025, compared to $27.6 million for the same period in 2024[113]. - Cash used in investing activities increased by $3.3 million to $12.9 million for the thirty-nine weeks ended November 1, 2025, primarily due to increased capital expenditures[114]. - Cash used in financing activities decreased by $5.9 million to $27.5 million for the thirty-nine weeks ended November 1, 2025, driven by reduced share repurchases[115]. - Capital spending totaled $12.9 million for information technology projects and new store openings, with an expected expenditure of $20 to $25 million in fiscal 2025[119]. - Purchase obligations totaled approximately $119.7 million as of November 1, 2025, with $27.4 million due in the next 12 months[121]. Market Conditions - Inflation has impacted operations, particularly through higher store labor costs and increased input prices, with expectations of continued inflationary pressures throughout fiscal 2025[124].

Financial Performance - For the three months ended October 31, 2025, the company reported a net loss of $(334,027), or $(0.17) per share, compared to a net income of $26,657, or $0.01 per share in the same period of 2024[70]. - Revenues decreased to $5,251,414 from $5,539,129 in the comparable period, primarily due to tenant losses and decreased rents[71]. - Real estate operating expenses increased to $4,077,513 from $3,750,139, driven by higher real estate taxes, insurance, and maintenance expenses[72]. - Administrative and general expenses decreased to $1,189,818 from $1,292,753, mainly due to lower legal and professional fees[73]. Cash Flow and Liquidity - Net cash provided by operating activities was $1,922,263, an increase from $1,802,641 in the prior year[78]. - As of October 31, 2025, total liquidity was $2,188,982, including cash and cash equivalents[80]. Capital Expenditures and Debt - The company anticipates incurring an additional $1.9 million in capital expenditures over the next twelve months[80]. - The company has outstanding mortgage debt of approximately $3.2 million, with a maturity date of April 1, 2040[81]. Lease Agreements - The company exercised a lease extension for its Jamaica Avenue property, extending the lease through May 31, 2040[75]. - The company leased 20,000 square feet of retail space at its Massapequa building for a monthly rent starting at $4,500, increasing to $5,500 after the first year[76].

FOR IMMEDIATE RELEASE Ciena Reports Fiscal Fourth Quarter 2025 and Year-End Financial Results HANOVER, Md. - December 11, 2025 - Ciena Corporation (NYSE: CIEN) today announced financial results for its fiscal fourth quarter and year ended November 1, 2025. ® "Our record fiscal fourth quarter and full-year performance reinforces our position as the global leader in high-speed connectivity with an expanding role in the AI ecosystem," said Gary Smith, president and CEO, Ciena. "Looking ahead, we are confident ...