Financial Performance - Full-year revenue for 2025 increased by 6% to $443.5 million compared to the prior year[2] - Fourth-quarter net revenue was $103.2 million, down 13% from the prior quarter and down 2% from Q4 2024[1] - GAAP net income for the fourth quarter was $13.3 million, or $0.24 per diluted share, compared to a net loss of $0.02 per diluted share in the prior quarter[1] - Non-GAAP net income for the fourth quarter was $12.7 million, or $0.23 per diluted share, compared to $0.36 per diluted share in the prior quarter[3] - GAAP net income for Q4 2025 was $13,290 million, translating to a GAAP net income per share of $0.24[17] - Non-GAAP net income for Q4 2025 was $12,732 million, with a non-GAAP net income per share of $0.23[17] - Net income for the three months ended December 31, 2025, was $13.29 million, compared to a loss of $1.36 million in the previous quarter[22] Revenue Growth - The industrial category revenue grew by 15%, driven by record sales in high-power gate-driver business and strength in metering and automotive applications[5] - Total revenue from PowiGaN™ products grew more than 40% for the year[5] Cash Flow and Assets - Cash flow from operations for the full year was $111.5 million[2] - Cash flow from operations for the twelve months ended December 31, 2025, was $111,518 million, resulting in free cash flow of $87,122 million[17] - Operating cash flow for the twelve months ended December 31, 2025, was $111.52 million, an increase from $81.1 million in the previous year[22] - Cash and cash equivalents at the end of the period were $58.76 million, up from $50.97 million a year earlier[22] - Total current assets as of December 31, 2025, were $458,329 million, while total assets were $772,207 million[20] - Total stockholders' equity as of December 31, 2025, was $672,845 million[20] Expenses and Charges - GAAP gross profit for Q4 2025 was $54,609 million, with a gross margin of 52.9%[16] - Non-GAAP gross profit for Q4 2025 was $54,988 million, with a non-GAAP gross margin of 53.3%[16] - GAAP operating expenses for Q4 2025 were $45,835 million, while non-GAAP operating expenses were $44,966 million[16] - GAAP income from operations for Q4 2025 was $8,774 million, resulting in a GAAP operating margin of 8.5%[16] - Non-GAAP income from operations for Q4 2025 was $10,022 million, with a non-GAAP operating margin of 9.7%[16] - Stock-based compensation expense for the twelve months ended December 31, 2025, was $39.69 million, compared to $35.0 million in the previous year[22] - The company reported a depreciation expense of $27.2 million for the twelve months ended December 31, 2025[22] Future Outlook - The company announced a workforce reduction of 7%, expecting a restructuring charge of $3.5 million to $4.0 million in Q1 2026[4] - For Q1 2026, revenue is expected to be in the range of $104 million to $109 million, with GAAP gross margin between 52% and 53%[9] - A dividend of $0.215 per share will be paid on March 31, 2026, to stockholders of record as of February 27, 2026[9] Financing Activities - Net cash used in financing activities for the three months ended December 31, 2025, was $11.62 million, compared to $51.69 million in the previous quarter[22] - Purchases of property and equipment for the three months ended December 31, 2025, totaled $7.05 million, an increase from $5.69 million in the previous quarter[22] - Proceeds from sales and maturities of marketable securities for the twelve months ended December 31, 2025, were $124.94 million, compared to $106.6 million in the previous year[22] - The company had a loss on disposal of property and equipment of $108,000 for the twelve months ended December 31, 2025[22]

i3 VERTICALS REPORTS FIRST QUARTER 2026 FINANCIAL RESULTS Completes Acquisition of Motor Vehicle Insurance Verification Software Company NASHVILLE, Tenn. (February 5, 2026) – i3 Verticals, Inc. (Nasdaq: IIIV) ("i3 Verticals" or the "Company") today reported its financial results for the fiscal first quarter ended December 31, 2025. 1. As a result of the sale of the Company's merchant services business (the "Merchant Services Business"), which was completed on September 20, 2024, and the sale of the Company' ...

Financial Performance - Revenue for the fiscal year ended November 30, 2025, was $118.1 million, an increase of $32.3 million, or 37.7%, compared to $85.8 million in the prior fiscal year[198]. - Direct-to-consumer revenue increased by $10.7 million, or 16.3%, from $65.9 million in fiscal year 2024 to $76.6 million in fiscal year 2025[200]. - Domestic dealer and retail sales increased by $14.0 million, or 108.4%, from $12.9 million in fiscal year 2024 to $26.9 million in fiscal year 2025[200]. - E-commerce transactions accounted for 64.8% of total net revenue for fiscal year 2025, down from 76.8% in fiscal year 2024[198]. - Gross margin declined by 1.0% compared to the prior year, primarily due to a higher proportion of lower-margin wholesale and retail revenue[199]. - Profit from operations for fiscal year 2025 was $11.8 million, compared to an operating profit of $6.7 million for fiscal year 2024[199]. - International revenue, including Canada, increased from $6.8 million to $12.1 million year-over-year[200]. - Wholesale revenue increased to $41.5 million in fiscal year 2025, reflecting expanded relationships with retailers and increased law-enforcement interest[202]. - Cost of goods sold was $46.7 million for fiscal year 2025, up from $33.0 million in fiscal year 2024, driven by higher sales volume[203]. - Gross profit was $71.5 million, or 60.5% of net revenue, for fiscal year 2025, compared to $52.8 million, or 61.5%, in the prior year, indicating a decline in gross margin[204]. - Operating expenses rose to $59.6 million in fiscal year 2025, compared to $46.1 million in the prior year, primarily due to higher marketing and personnel-related costs[205]. - Profit from operations increased by $5.1 million to $11.8 million in fiscal year 2025, compared to $6.7 million in fiscal year 2024[206]. - Interest income decreased to $0.4 million for fiscal year 2025 from $1.0 million in fiscal year 2024, due to a reduction in interest-earning funds[208]. - The effective income tax rate was 17.49% for the year ended November 30, 2025, compared to (80.31)% in the prior year, with an income tax expense of $2.1 million[209]. - Cash and cash equivalents totaled $13.7 million as of November 30, 2025, a decrease of approximately $3.1 million from $16.8 million as of November 30, 2024[215]. - Cash used in operating activities was $1.6 million for fiscal year 2025, compared to cash provided by operations of $11.7 million in fiscal year 2024[217]. - Non-GAAP adjusted EBITDA was $16.8 million for fiscal year 2025, compared to $11.5 million in fiscal year 2024[214]. Product Development and Innovation - The Byrna CL™ (Compact Launcher) was launched in April 2025, featuring a muzzle velocity of approximately 400 feet-per-second and a form factor 38% smaller than the Byrna SD[47]. - Byrna's product portfolio includes handheld launchers capable of firing projectiles from a standoff distance of up to 60 feet, enhancing user safety[21]. - Byrna's R&D efforts focus on developing new projectile technologies, including a 12-gauge less-lethal kinetic round designed for enhanced accuracy at distances exceeding 100 feet[48]. - R&D efforts are focused on new product introductions, including enhancements to the Byrna SD, Byrna LE, and Byrna CL platforms, and expanded projectile offerings across multiple calibers[52]. - The company has expanded R&D collaboration with U.S. suppliers and established a dedicated ammunition production facility in Fort Wayne, Indiana, enhancing new projectile design iterations and quality control[51]. - The company plans to expand its product portfolio to meet the growing demand for less-lethal products in the law enforcement and private security markets[195]. Market Expansion and Strategy - In fiscal 2025, international revenue represented 10.0% of total revenue, up from 8.0% in fiscal 2024, indicating growth in global market interest[33]. - The company established Byrna Technologies Canada to support regulatory compliance and sales in the Canadian market, expanding its international footprint[20]. - Byrna's marketing strategy generated over 60 million organic views through the "Banana" campaign, significantly increasing brand recognition and consumer engagement[37]. - The company has diversified its distribution channels, including a partnership with Sportsman's Warehouse and the opening of Byrna-branded retail locations[44]. - The company acquired a 51% ownership interest in Byrna LATAM S.A. for $0.5 million to expand operations in South America[196]. - Byrna's AI-assisted advertising platform has improved marketing efficiency and reduced customer-acquisition costs[34]. - The company intends to improve operational, financial, and management controls to manage growth effectively and maintain product quality[85]. Operational Challenges - The company has a history of operating losses, with an accumulated deficit of $47.1 million as of November 30, 2025, despite achieving net income in the last two fiscal years[79]. - Revenue growth may not sustain at previous rates due to various challenges, including product development delays and market adoption uncertainties[80]. - The company has consolidated all manufacturing activities at its Fort Wayne, Indiana facility, discontinuing operations at Byrna South Africa[70]. - The company faces competition from manufacturers of conductive energy devices, handheld CO2-powered launchers, and traditional firearms, necessitating continuous innovation and brand awareness[56][57]. - The company is subject to extensive regulations that could adversely affect demand for its products and increase compliance costs[58][62]. - The company has experienced rapid growth in headcount and operations, which may strain management and operational infrastructure[81]. - The company faces intense competition for talent, which may lead to increased expenses and challenges in integrating new hires into corporate culture[83]. - Future growth may be hindered by slower demand for products, increased competition, and the need for successful new product development[84]. - The company is dependent on third-party suppliers for key components, and any failure in supply could adversely affect production and financial results[100]. - The company faces challenges in profitability due to factors such as higher fuel costs, port closures, and increased government regulations affecting imports[103]. - The company must continuously innovate and develop new products to maintain sales, with significant costs associated with product design and development[105]. - Accurate forecasting of consumer demand is critical; failure to do so may lead to excess inventory or product shortages, negatively impacting financial results[106][107]. - Dependence on a limited number of third-party logistics and shipping providers poses risks to operations and financial performance[108]. - Product defects could lead to recalls, negative publicity, and harm to the company's reputation, affecting sales and operating margins[109]. - The company is exposed to cybersecurity risks that could disrupt operations and lead to significant financial and reputational damage[112]. - Expansion into global markets may be hindered by political and economic volatility, affecting market share and profitability[114]. - Legislative changes regarding the regulation of less-lethal products could impact production capabilities and market demand[125]. - The company operates in a highly competitive environment, facing challenges from larger competitors with established market presence[118]. - The company is subject to U.S. and foreign export control laws, which could significantly impact operations and revenues if compliance is not maintained[126]. - Non-compliance with Trade Control Laws could result in administrative, civil, or criminal liabilities, adversely affecting the company's business and growth efforts[127]. - Health and safety risks related to products may lead to litigation or regulatory actions, potentially harming financial condition and operating results[128]. - The company faces operating hazards that could result in significant costs, impacting financial position, despite maintaining insurance[129]. - Compliance with anti-corruption legislation is critical, as violations could lead to fines and penalties, adversely affecting business operations[130]. - The company relies on suppliers and manufacturers to comply with ethical practices; non-compliance could harm reputation and operational results[131]. - Protecting intellectual property is essential for maintaining competitive advantage; inadequate protection could lead to substantial litigation costs[132]. - The company may face intellectual property infringement claims, which could divert management attention and incur additional costs[133]. Economic and Environmental Factors - Economic conditions significantly influence customer spending on the company's discretionary products, affecting revenue and profitability[152]. - Tariffs and trade barriers, particularly with China, may disrupt the company's operations and require price adjustments, potentially harming revenue[153]. - Data privacy and security laws could increase operational costs and expose the company to sanctions and penalties[155]. - Climate change may increase operating costs and adversely affect business operations due to extreme weather events and rising temperatures[166]. - The availability and costs of materials and components may be impacted by climate change, potentially increasing operational costs[168]. - Prevailing wage rates have increased significantly, which may require the company to raise employee wages, affecting profit margins[169]. Stock and Financial Risks - The common stock is listed on the Nasdaq Capital Market, and failure to maintain listing criteria could impair liquidity and trading volume[136]. - The market price of the common stock may be volatile, influenced by various factors including operational results and analyst coverage[137]. - The company does not intend to pay dividends on its common stock for the foreseeable future, opting to retain future earnings instead[147]. - Future litigation could materially adversely impact the company's results of operations, financial condition, and liquidity[148]. - The company faces risks from commercial crime, including theft and electronic crime, which could lead to financial losses[150].

Financial Performance - Net premiums for Q4 2025 were $4,156 million, a decrease of $624 million compared to Q4 2024[7] - Net income available to RGA's shareholders for Q4 2025 was $463 million, up from $253 million in Q4 2024, representing a 83% increase[7] - Adjusted operating income for Q4 2025 was $515 million, compared to $310 million in Q4 2024, reflecting a 66% increase[7] - Return on equity for Q4 2025 was 9.7%, up from 7.4% in Q4 2024[7] - Basic earnings per share for Q4 2025 were $7.07, compared to $3.85 in Q4 2024, marking an 83% increase[7] - Total revenues for the three months ended December 31, 2025, increased to $6,635 million, up 22.4% from $5,241 million in the prior year quarter[9] - Net investment income reached $1,691 million, reflecting a significant increase of 42.8% from $1,185 million year-over-year[9] - Adjusted operating income before income taxes was $676 million, up 29.0% from $431 million in the prior year quarter[11] - The year-to-date net income attributable to RGA was $1,182 million, an increase of 64.8% from $717 million in the previous year[11] - The company reported a year-to-date adjusted operating income of $2.116 billion, an increase of $170 million from $1.946 billion in the prior year[55] Shareholder Returns - Total returned to shareholders in Q4 2025 was $111 million, down from $136 million in Q4 2024[7] - Shareholders' dividends paid in Q4 2025 were $61 million, consistent with Q4 2024[7] - RGA, Inc. shareholders' equity as of December 31, 2025, was $13,461 million, an increase from $10,816 million as of December 31, 2024, reflecting a 24.4% growth[94] - Book value per share increased to $205.63 in Q4 2025 from $164.19 in Q4 2024, representing a 25.2% increase[95] Business Production - Assumed new business production for Q4 2025 was $149.9 billion, compared to $110.9 billion in Q4 2024, indicating a 35% increase[7] - Assumed life reinsurance in force reached $3,878.7 billion, an increase from $4,334.6 billion in the previous year[7] - Assumed life reinsurance in force reached $1,893.4 billion, an increase from $1,860.7 billion in the previous quarter[18] - Assumed New Business Production increased to $38.6 billion, up 52.3% from $26.5 billion in the prior year[39] Claims and Expenses - Total benefits and expenses increased to $6,125 million, up 21.8% from $5,016 million in the prior year quarter[9] - Adjusted claims and other policy benefits were $4,772 million, a 21.1% increase from $3,943 million year-over-year[9] - Adjusted claims and other policy benefits for the quarter were $1.95 billion, an increase from $1.77 billion in the previous quarter, reflecting higher claims activity[18] - Total benefits and expenses for the quarter were $602 million, an increase of 16.9% from $515 million in the prior year[35] Investment Performance - Net investment income rose to $561 million, up from $476 million in the prior quarter, contributing to a year-to-date total of $1,745 million, an increase of $465 million year-over-year[22] - The annualized investment yield for the three months ended December 31, 2025, was 5.23%, up 40 basis points from 4.83% in the prior year[61] - Realized gains on investment activity for the year-to-date ending December 31, 2025, were $210 million, an increase of $16 million compared to the previous year[79] Segment Performance - The U.S. and Latin America segment reported total adjusted operating income of $325 million, a 30% increase from $227 million in the prior year quarter[55] - The Asia Pacific segment saw a significant increase in adjusted operating income, reaching $204 million, up from $128 million year-over-year, a growth of 59%[55] - Income before income taxes for U.S. and Latin America Traditional increased to $201 million, up 48% from the prior quarter[82] - Asia Pacific Traditional income before income taxes for Q4 2025 was $118 million, up from $59 million in Q4 2024, representing a 100% increase year-over-year[90] Financial Position - Total assets increased to $156.59 billion as of December 31, 2025, up from $118.68 billion a year earlier, representing a growth of 32%[15] - The company reported a total of $4,815 million in securities rated BB, which accounted for 4.8% of the total in 2025, consistent with previous periods[69] - The total value of industrials fixed maturity securities rose to $39,381 million in 2025, representing 54.3% of the total, compared to 51.9% in 2024[66] Loss Ratios - The loss ratio improved to 89.2% for the quarter, compared to 91.5% in the previous quarter, indicating better claims management[18] - The loss ratio improved to 87.6% from 91.7% in the prior quarter, indicating a decrease of 4.1 percentage points[27] - The loss ratio improved to 91.3% from 93.6% in the prior year, reflecting better claims management[35] - The loss ratio improved to 84.0% from 89.0% in the prior year, indicating a 5.0% decrease[43]

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 December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-33887 Orion Energy Systems, Inc. (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Wisconsin 39-184726 ...

Financial Position - Total assets increased to $38,790.6 million in Q4 2025, up from $37,429.2 million in Q1 2025, reflecting a growth of 3.6%[5] - Total liabilities rose to $36,152.4 million in Q4 2025, compared to $34,874.1 million in Q1 2025, marking an increase of 3.7%[5] - Total shareholders' equity was $2,638.2 million in Q4 2025, slightly up from $2,555.1 million in Q1 2025, indicating an increase of 3.2%[5] - Cash and cash equivalents decreased to $956.1 million in Q4 2025 from $1,656.7 million in Q1 2025, a decline of 42.2%[5] Policyholder Accounts - Policyholder account balances reached $18,912.6 million in Q4 2025, up from $17,314.3 million in Q1 2025, representing a growth of 9.2%[5] - Future policy benefits were $11,898.0 million in Q4 2025, slightly down from $11,773.0 million in Q1 2025, a decrease of 1.1%[5] Revenue and Income - Total revenues for 2024 YTD reached $4,449.5 million, with Q4 2024 revenues at $1,097.2 million, a decrease of 4.5% compared to Q4 2023[8] - Net income for 2024 YTD was $420.8 million, with Q4 2024 net income at $182.9 million, reflecting a significant increase from $9.3 million in Q3 2024[9] - Insurance policy income for Q4 2024 was $643.6 million, showing a slight increase from $645.0 million in Q3 2024[8] - The total insurance product margin for 2024 YTD was $1,040.0 million, with Q4 2024 margin at $253.1 million, down from $282.2 million in Q3 2024[9] - Operating earnings before taxes for 2024 YTD were $550.8 million, with Q4 2024 earnings at $173.9 million, an increase from $153.5 million in Q3 2024[9] Expenses and Losses - Total benefits and expenses for 2024 YTD were $3,909.6 million, with Q4 2024 expenses at $976.3 million, reflecting an increase from $1,118.6 million in Q3 2024[8] - The company reported realized investment losses of $26.2 million for 2024 YTD, with Q4 losses at $21.6 million, compared to $12.9 million in Q3 2024[8] Market Expansion and Strategy - The company is focusing on expanding its market presence and enhancing product offerings, with new strategies expected to be discussed in future reports[3] - The company plans to continue focusing on market expansion and new product development to enhance future growth prospects[10] Investment Income - Investment income allocated to product lines showed a positive trend, contributing to overall financial stability and growth[3] - Net investment income for annuity products increased to $621.3 million YTD 2024, with Q4 2024 projected at $160.3 million[11] - Total investment income not allocated to product lines reached $167.9 million in Q4 2023, with a year-to-date total of $169.4 million[30] Insurance Product Performance - Insurance policy income for annuity products reached $35.5 million YTD 2024, with a quarterly increase to $11.2 million in Q3 2024[11] - Health insurance policy income totaled $1,661.4 million YTD 2024, with Q4 2024 expected to be $420.9 million[11] - Total insurance product margin for the year ended December 31, 2025, was $1,067.6 million, a decrease of 4.5% from $1,119.0 million in the previous year[39] Shareholder Information - Basic shares outstanding at the end of Q4 2024 were 101,619.0 thousand, down from 103,923.0 thousand in Q3 2024[23] - The company repurchased 1,233.7 thousand shares in Q4 2024, totaling 3,958.1 thousand shares repurchased YTD[23] Capital and Reserves - Total statutory capital, surplus, AVR & IMR was $2,199.4 million as of Q4 2024[27] - Risk-based capital ratio was 383% in Q4 2024, consistent with the previous quarter[27] - Capital and surplus totaled $1,865.2 million in Q4 2024, reflecting a slight increase from $1,839.8 million in Q3 2024[27] Yield and Investment Performance - Average yield on investments allocated to annuities rose from 4.61% in Q1 2024 to 4.89% in Q4 2024, indicating an increase of 0.28 percentage points[34] - Total average yield across all investments was 4.91% in Q4 2024, an increase from 4.70% in Q1 2024, representing a growth of 0.21 percentage points[34] Future Projections - The company plans to enhance its operational results by identifying the impact of significant items on net operating income for 2025[38] - The annuity margin for the year ended December 31, 2025, was $238.6 million, a decrease of 6.5% from $254.0 million in 2024[39]

Exhibit 99.1 NEWS CORPORATION REPORTS SECOND QUARTER RESULTS FOR FISCAL 2026 FISCAL 2026 SECOND QUARTER KEY FINANCIAL HIGHLIGHTS NEW YORK, NY – February 5, 2026 – News Corporation ("News Corp" or the "Company") (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV) today reported financial results for the three months ended December 31, 2025. Commenting on the results, Chief Executive Robert Thomson said: "We are delighted to report excellent second quarter results with both revenue and profitability growth accelerating from ...

Exhibit 99.1 NEWS CORPORATION REPORTS SECOND QUARTER RESULTS FOR FISCAL 2026 FISCAL 2026 SECOND QUARTER KEY FINANCIAL HIGHLIGHTS NEW YORK, NY – February 5, 2026 – News Corporation ("News Corp" or the "Company") (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV) today reported financial results for the three months ended December 31, 2025. Commenting on the results, Chief Executive Robert Thomson said: "We are delighted to report excellent second quarter results with both revenue and profitability growth accelerating from ...

Financial Performance - Net sales increased by $134.2 million, or 38%, to $489.5 million for the three months ended December 31, 2025, compared to $355.3 million for the same period in 2024, driven by the rhode acquisition and growth in both e-commerce and retailer channels [115]. - Gross profit rose by $94.2 million, or 37%, to $347.5 million for the three months ended December 31, 2025, with a gross margin of 71%, slightly down from 71.3% in the previous year due to tariffs [116]. - Net income for the three months ended December 31, 2025, was $39.4 million, representing an increase from $17.3 million in the same period of 2024, with an effective tax rate of 26.9% [120]. - For the nine months ended December 31, 2025, net sales increased by $206.3 million, or 21%, to $1,187.2 million, with the rhode acquisition contributing $180.6 million to this growth [121]. Expenses - Selling, general and administrative (SG&A) expenses increased by $61.7 million, or 28%, to $280.0 million for the three months ended December 31, 2025, primarily due to higher marketing and compensation costs [117]. - SG&A expenses for the nine months ended December 31, 2025, were $706.9 million, an increase of $122.0 million, or 21%, from the previous year, driven by marketing and distribution costs [125]. Acquisition - The rhode acquisition on August 5, 2025, was completed for a purchase price of $897.5 million, funded through a combination of cash, equity, and potential earnout [110]. - Net cash used in investing activities for the nine months ended December 31, 2025, was $603.0 million, primarily related to the rhode Acquisition and capital expenditures [137]. Cash and Liquidity - As of December 31, 2025, the company had $196.8 million in cash and cash equivalents, along with a borrowing capacity of $243.3 million under its Amended Revolving Credit Facility [129]. - The unused balance of the Amended Revolving Credit Facility as of December 31, 2025, was $243.3 million [132][149]. - The company anticipates funding ongoing cash needs from existing cash, cash generated from operations, and if necessary, draws on the Amended Revolving Credit Facility [130]. - The company expects to meet its planned operating, investing, and financing needs for the next twelve months through operating cash flow and available financing [132]. Interest and Debt - Interest expense, net increased to $12.4 million for the three months ended December 31, 2025, compared to $3.5 million in the same period of 2024, largely due to increased debt from the Fifth Amendment to the Amended Credit Agreement [119]. - The interest rate for the Term Facility as of December 31, 2025, was approximately 5.9%, while the interest rate for the Revolving Credit Facility was approximately 5.8% [149]. Operational Strategy - The company raised prices globally for all products sold as of August 1, 2025, to mitigate risks associated with ongoing tariff exposure [108]. - The company has made significant investments in infrastructure, digital capabilities, and expansion to new retailer locations [130]. - The Fourth Amendment to the Amended Credit Agreement established a revolving credit facility of $500.0 million, available for working capital and acquisitions [144]. Working Capital - As of December 31, 2025, working capital, excluding cash and cash equivalents, was $250.5 million, an increase from $214.8 million as of March 31, 2025 [131]. - For the nine months ended December 31, 2025, net cash provided by operating activities was $110.1 million, compared to a net cash used of $2.3 million for the same period in 2024 [134][136]. - Net cash provided by financing activities for the nine months ended December 31, 2025, was $540.9 million, mainly driven by proceeds from the Fifth Amendment establishing the Term Facility [138].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 1-38143 Baker Hughes Company (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No. ...