Financial Performance - For the three months ended October 31, 2025, the Company reported a net loss of $1.3 million on sales of $47.6 million, a decrease of approximately 42.3% compared to the prior year [89]. - For the nine months ended October 31, 2025, net income was $9.6 million on sales of $173.5 million, reflecting a decrease of approximately 27.0% compared to the same period last year [94]. Cost and Expenses - Cost of goods sold for the quarter ended October 31, 2025, was 62.0% of net sales, compared to 55.6% in the same quarter last year, resulting in a gross margin decline to 38.0% from 44.4% [90]. - Selling, general and administrative expenses (SG&A) for the three months ended October 31, 2025, were 41.5% of sales, up from 30.9% in the prior year due to lower sales volume [91]. Order and Inventory Management - The Company's order backlog at October 31, 2025, was approximately $26 million, slightly down from $27 million in the prior year, with expectations for most of the backlog to be recognized as revenue in Q4 [84]. - Accounts receivable decreased by $14.4 million at October 31, 2025, primarily due to a decrease in shipments [100]. - Inventory increased by $4.1 million at October 31, 2025, driven by increased costs, despite decreased production levels [100]. Tax and Cash Flow - The effective income tax rate for the three months ended October 31, 2025, was 26.8%, compared to 25.5% in the prior year [93]. - The Company spent $5.1 million on capital expenditures for the nine months ended October 31, 2025, down from $5.4 million in the same period last year [101]. - The Company had approximately $26.5 million in cash at October 31, 2025, compared to $38.9 million in the prior year, with ongoing cash flow used for capital expenditures and stock repurchases [102]. Risks and Market Conditions - The Company has made forward-looking statements regarding its performance and market conditions, which are subject to risks and uncertainties [111]. - Key risks include availability of funding for educational institutions, material costs, labor costs, product demand, competitive conditions, and general economic conditions [111]. - The Company is classified as a smaller reporting company and is not required to provide detailed market risk disclosures [113].

Financial Performance - Fourth-quarter net loss for 2025 was $7.2 million, an improvement from a net loss of $48.3 million in the prior year[3] - Total adjusted EBITDA for the fourth quarter of 2025 was $41.6 million, up from $15.6 million in the prior year[3] - Total company reported adjusted EBITDA for fiscal 2025 was $198.8 million, down 4% year over year, but adjusted EBITDA increased by 4% when excluding the impact of contingent consideration[3] - Adjusted EBITDA for the fiscal year ended September 30, 2025, was reported at $198.8 million, down from $206.3 million in 2024, with a modified adjusted EBITDA of $190.9 million compared to $184.2 million in the previous year[36] - The company reported a net loss of $7.2 million for the three months ended September 30, 2025, compared to a net loss of $48.3 million for the same period in 2024[46] - Adjusted net loss income for the twelve months ended September 30, 2025, was $20.1 million, a significant improvement from an adjusted net income of $3.7 million in 2024[46] Sales and Revenue - Sales for the fiscal year ended September 30, 2025, reached $1,243.9 million, an increase from $1,117.4 million in 2024[43] - The Salt segment revenue for fiscal 2025 was up 13% year over year to $1,022.5 million, driven by a 20% increase in highway deicing sales volumes[8] - Sales for the Salt Segment reached $181.6 million for the three months ended September 30, 2025, up from $162.5 million in the same period of 2024[54] - Sales to external customers for the three months ended September 30, 2025, were $227.5 million, an increase from $208.8 million in the same period of 2024, representing a growth of 9.5%[72] Cost Management and Expenses - The company reduced net total debt by 14%, or $125 million, year over year, to $772.5 million at year-end[5] - Capital expenditures for the twelve months ended September 30, 2025, were $69.7 million, a decrease from $114.2 million in 2024, indicating a focus on cost management[70] - Selling, general and administrative expenses for the three months ended September 30, 2025, totaled $26.4 million, compared to $31.3 million in the same period of 2024, reflecting a decrease of 15.6%[72] - The company recognized restructuring charges of $60.1 million for the fiscal year ended September 30, 2025, which included $4.0 million in corporate and other segments[40] Impairment and Losses - The company incurred total impairment losses of $53.7 million during the fiscal year ended September 30, 2025, compared to $193.4 million in 2024[45] - The company incurred total impairment losses of $53.0 million related to intangible assets and $0.7 million related to long-lived assets during the twelve months ended September 30, 2025[47] - The company recorded an impairment loss of $53.0 million for intangible assets during the twelve months ended September 30, 2025, and $191.0 million for the twelve months ended September 30, 2024[74] Liquidity and Cash Flow - The company ended fiscal 2025 with $59.7 million in cash and cash equivalents and $304.9 million available under its revolving credit facility, totaling $364.6 million in liquidity[15] - Cash and cash equivalents increased to $59.7 million at the end of Q3 2025, compared to $20.2 million at the end of Q3 2024, reflecting improved cash flow from operations[70] Segment Performance - Annual Plant Nutrition sales volumes increased by 19% in 2025 to 326 thousand tons, with profitability improvements due to cost structure reductions[5] - Plant Nutrition Segment sales for Q3 2025 were $41.8 million, a slight decrease from $42.4 million in Q3 2024, while total sales for the twelve months ended September 30, 2025, increased to $206.3 million from $181.0 million in 2024[59] - The operating income for the Plant Nutrition Segment improved to $6.2 million in Q3 2025 from a loss of $29.7 million in Q3 2024, with an operating margin of 14.8% compared to (70.0)% in the prior year[59] - Adjusted EBITDA for the Plant Nutrition Segment was $13.5 million in Q3 2025, significantly better than the adjusted loss of $3.7 million in Q3 2024, resulting in an adjusted EBITDA margin of 32.3%[62] Future Guidance - Guidance for total adjusted EBITDA for 2026 is projected to be between $200 million and $240 million[5] - Salt segment adjusted EBITDA for 2026 is expected to range from $225 million to $255 million, with improvements driven by stronger pricing and lower anticipated per-ton costs[5] - Capital expenditures for fiscal 2026 are expected to be between $90 million and $110 million, allowing for scaling back in the second half if necessary[23]

Financial Performance - Total revenue for Q3 fiscal 2026 was $67.6 million, representing a 4% year-over-year increase[6] - Non-GAAP net income was $7.7 million, or $0.27 per diluted share, compared to $4.6 million, or $0.17 per diluted share in the prior year[6] - Adjusted EBITDA reached a record $8.6 million, growing 50% year-over-year from $5.7 million[6] - Total revenue for the three months ended October 31, 2025, was $67.625 million, a 3.84% increase from $65.127 million in the same period of 2024[25] - Subscription and services revenue increased to $61.953 million, up from $60.135 million year-over-year, representing a growth of 3.02%[25] - Net income for the three months ended October 31, 2025, was $1.393 million, compared to a net loss of $2.364 million in the same quarter of 2024[27] - Non-GAAP net income for the three months ended October 31, 2025, was $7.667 million, up from $4.561 million in the prior year[28] - The company reported a basic net income per share of $0.05 for the three months ended October 31, 2025, compared to a loss of $0.09 per share in the same period of 2024[25] - Total operating income for the three months ended October 31, 2025, was $1.292 million, a significant improvement from an operating loss of $2.286 million in the prior year[28] - Adjusted EBITDA for the nine months ended October 31, 2025, was $22.417 million, compared to $16.344 million in the same period of 2024, indicating a strong operational performance[28] Revenue Projections - The company expects total revenue for Q4 fiscal 2026 to be in the range of $71.3 million to $71.9 million, including an expected contribution from FluentStream of $4.0 million to $4.1 million[7] - For the full fiscal year 2026, total revenue is projected to be between $270.3 million and $270.9 million, with FluentStream contributing $4.0 million to $4.1 million[7] Acquisitions - The company completed the acquisition of FluentStream and is on track to complete the acquisition of Phone.com in late December[4] Cash and Assets - Ooma's cash and cash equivalents increased to $21.7 million as of October 31, 2025, up from $17.9 million at the beginning of the fiscal year[22] - Total assets as of October 31, 2025, were $152.7 million, compared to $149.2 million at the beginning of the fiscal year[22] Operating Expenses - Operating expenses decreased to $39.437 million from $41.556 million year-over-year, a reduction of 5.1%[25] - Gross profit for the three months ended October 31, 2025, was $40.729 million, compared to $39.270 million in the prior year, reflecting a gross margin of 60%[28]

Financial Performance - Virco reported a net loss of $1.3 million in Q3 2025 on sales of $47.6 million, compared to a net profit of $8.4 million on sales of $82.6 million in Q3 2024[2] - Gross profit for Q3 2025 declined to $18.1 million, reflecting a gross margin of 38.0%, down from $36.7 million or 44.4% in the same period last year[2] - Year-to-date sales through nine months decreased by 27.0% to $173.5 million, with net income of $9.6 million compared to $27.4 million in the prior year[7] - Net sales for the three months ended October 31, 2025, were $47,636,000, a decrease of 42.3% compared to $82,620,000 for the same period in 2024[25] - Gross profit for the nine months ended October 31, 2025, was $74,986,000, down 30.0% from $107,243,000 in the prior year[25] - The company reported an operating loss of $1,693,000 for the three months ended October 31, 2025, compared to an operating income of $11,113,000 for the same period in 2024[25] - Net loss for the three months ended October 31, 2025, was $1,325,000, compared to a net income of $8,401,000 in the same quarter of 2024[25] - Basic and diluted net loss per common share for the three months ended October 31, 2025, was $(0.08), compared to earnings of $0.52 per share in the same quarter of 2024[25] Operational Metrics - The company's backlog nearly stabilized year-over-year, with "Shipments Plus Backlog" declining 25% from $265 million to $199 million[8] - Operating expenses (SG&A) decreased to $19.8 million or 41.5% of sales in Q3 2025, compared to $25.6 million or 30.9% of sales in Q3 2024[2] - Selling, general and administrative expenses for the nine months ended October 31, 2025, were $61,402,000, a decrease of 13.8% from $71,265,000 in the prior year[25] - Interest expense for the nine months ended October 31, 2025, was $305,000, down from $506,000 in the same period of 2024[25] Market Conditions - Management noted a significant downturn of approximately 30% in the market for moveable school furniture over the last two years, attributed to the expiration of pandemic recovery stimulus funds[5][6] - Management anticipates a potential recovery in demand similar to post-pandemic trends, although at a lower magnitude[12] - The company is actively exploring opportunities in adjacent public and private markets amid current challenges[15] Liquidity and Dividends - The current ratio improved to 3.98, indicating better liquidity and financial flexibility[10] - The board declared a quarterly cash dividend of $0.025 per share, payable on January 9, 2026[10] - Cash dividends declared per common share increased to $0.025 for the three months ended October 31, 2025, from $0.025 in the same period of 2024[25] Investment Performance - The company experienced an unrealized loss on investment in the trust account of $49,000 for the three months ended October 31, 2025, compared to a gain of $(246,000) in the same period of 2024[25]

Revenue Growth - Total revenue for the third quarter increased by 178% year-over-year, reaching $5.2 million compared to $1.9 million in the same period last year[5] - Recurring service revenue rose by 163% year-over-year, indicating strong growth in long-term contracts with property owners[5] - Revenues for Q3 2025 reached $5,248 million, a significant increase from $1,885 million in Q3 2024, representing a growth of 178%[23] - Gross profit for the nine months ended September 2025 was $4,872 million, compared to $884 million for the same period in 2024, indicating a year-over-year increase of 451%[23] Operational Performance - Adjusted EBITDA for the third quarter was $0.1 million, a significant improvement from a loss of $0.9 million in the prior year[5] - Adjusted EBITDA for Q3 2025 was $129 million, compared to an adjusted EBITDA of $(873) million in Q3 2024, marking a significant turnaround[25] - Operating income for Q3 2025 was $118 million, a recovery from an operating loss of $881 million in Q3 2024[23] - Total operating expenses for the nine months ended September 2025 were $4,943 million, up from $3,065 million in the same period of 2024, representing a 61% increase[23] Unit Growth - Contracted units increased to 32,826 from 25,907 a year earlier, reflecting a growing demand for services[11] - Activated units rose to 16,964 from 6,765 a year earlier, showing progress in onboarding new properties[11] - Billed units increased to 10,710 from 5,171 a year earlier, indicating a rise in revenue-generating units[11] Financial Position - As of September 30, 2025, cash and cash equivalents totaled $0.8 million, up from $0.3 million at the end of 2024[21] - Total assets increased to $9.1 million as of September 30, 2025, compared to $7.7 million at the end of 2024[21] - The company reported a net loss per share of $0.03 for Q3 2025, compared to a net loss per share of $0.27 for Q3 2024[23] IPO and Capital Deployment - The company completed its initial public offering on November 6, 2025, raising approximately $15.0 million in gross proceeds[11] - The company anticipates deploying capital from its recent IPO to expand its sales and marketing team and enhance its Networking-as-a-Service (NaaS) offerings[4] Loss and Expenses - Net loss for Q3 2025 was $168 million, an improvement from a net loss of $970 million in Q3 2024, reflecting a reduction of 83%[25] - Interest expense for the nine months ended September 2025 was $295 million, compared to $185 million in the same period of 2024, indicating a 60% increase[25] - The change in fair value of SAFE liability for Q3 2025 was $(176) million, with no comparable figure in Q3 2024[25] - The weighted average common shares used in computing net loss per share increased to 5,000,000 in Q3 2025 from 3,566,369 in Q3 2024[23]

Financial Performance - Revenue for the three months ended October 31, 2025, was $111,998, a decrease of 1.7% compared to $113,989 for the same period in 2024[19]. - Gross profit for the three months ended October 31, 2025, was $82,795, down from $87,742 in the prior year, reflecting a gross margin of 73.9%[19]. - Operating expenses decreased to $75,015 for the three months ended October 31, 2025, compared to $98,110 in the same period of 2024, a reduction of 23.5%[19]. - Net income for the three months ended October 31, 2025, was $6,136, compared to a net loss of $12,799 for the same period in 2024[19]. - Total revenue for the nine months ended October 31, 2025, was $334.6 million, representing an increase of 8.6% from $307.9 million in the same period of 2024[49]. - For the nine months ended October 31, 2025, Yext reported a net income of $33.7 million, compared to a net loss of $20.7 million for the same period in 2024[31]. - Revenue from North America for the nine months ended October 31, 2025, was $270.6 million, up 10.9% from $244.2 million in 2024[49]. - The company reported a net income of $6.1 million for the three months ended October 31, 2025, compared to a net loss of $12.8 million for the same period in 2024, resulting in a basic net income per share of $0.05[131]. - Non-GAAP net income for the three months ended October 31, 2025, was $17.495 million, an increase from $15.615 million in the same period of 2024[194]. - Adjusted EBITDA for the three months ended October 31, 2025, was $27.220 million, compared to $23.094 million in the same period of 2024, reflecting a growth of 18.4%[194]. Assets and Liabilities - Total assets as of October 31, 2025, were $555,773, down from $610,078 as of January 31, 2025, a decrease of 8.9%[17]. - Total liabilities decreased to $400,601 as of October 31, 2025, from $456,885 as of January 31, 2025, a reduction of 12.3%[17]. - Cash and cash equivalents increased to $139,916 as of October 31, 2025, compared to $123,133 as of January 31, 2025, an increase of 13.6%[17]. - The company’s accumulated deficit improved to $(673,463) as of October 31, 2025, from $(707,120) as of January 31, 2025[17]. - The company’s total stockholders' equity increased to $155,172 as of October 31, 2025, from $153,193 as of January 31, 2025[17]. - As of October 31, 2025, the Company's total marketable securities amounted to $88.2 million, with money market funds comprising $28.4 million[76]. - Accounts payable and accrued expenses totaled $39.030 million as of October 31, 2025, a decrease from $70.022 million as of January 31, 2025[97]. Cash Flow and Financing - Cash provided by operating activities for the nine months ended October 31, 2025, was $26.3 million, compared to $11.9 million in 2024[31]. - Free cash flow for the three months ended October 31, 2025, was $(20.335) million, compared to $(16.372) million in the same period of 2024[199]. - The company reported net cash used in investing activities of $(20,451) thousand for the nine months ended October 31, 2025, compared to $(91,176) thousand in the same period of 2024[214]. - Net cash provided by financing activities was $10.1 million for the nine months ended October 31, 2025, compared to $(13,213) thousand in the same period of 2024[214]. - The company entered into a May 2025 Credit Agreement providing for a senior secured initial term loan facility of up to $100 million, maturing on May 15, 2030[110]. - As of October 31, 2025, the Company's principal debt obligation was $100 million, with a net carrying amount of $98.167 million after accounting for unamortized costs[117]. - The company incurred original issue discount costs of $1.0 million and debt issuance costs of $0.7 million in connection with the May 2025 Credit Agreement[211]. - The May 2025 Credit Agreement requires the company to maintain minimum qualified cash of at least $35.0 million at all times[210]. - As of October 31, 2025, the company was in compliance with all debt covenants[212]. Acquisitions - The company completed the acquisition of Hearsay on August 1, 2024, to enhance its digital presence platform capabilities[57]. - The total consideration transferred for the acquisition of Hearsay amounted to $180.7 million, which includes cash consideration of $132.5 million and contingent consideration of $39.8 million[58][60][61]. - The contingent consideration is tied to an earnout arrangement that could require payments of up to $75.0 million based on achieving specific Annual Recurring Revenue (ARR) milestones by September 2026[61]. - The Company recognized acquisition-related costs totaling $11.2 million, which were expensed as incurred and included $8.8 million related to the incentive pool for Hearsay founders and early employees[65]. - The purchase price allocation for the acquisition of Hearsay included identifiable intangible assets valued at $101.9 million, with customer relationships valued at $76.2 million and technology at $24.8 million[66][70]. - The acquisition of Places Scout was completed for a purchase price of $20.3 million, with $5.6 million allocated to technology and $0.9 million to customer relationships[73][74]. - The Company issued approximately 2.1 million replacement equity awards with a fair value of $11.8 million as part of the Hearsay acquisition, with $7.8 million allocated to pre-acquisition services[62]. - The company completed the acquisition of KabanaSoft for $20.3 million, enhancing its competitive intelligence and AI capabilities[142]. Revenue Recognition and Backlog - As of October 31, 2025, unearned revenue was $154.6 million, indicating a strong backlog of future revenue[54]. - The company had $415.6 million in remaining performance obligations as of October 31, 2025, with $377.1 million expected to be recognized as revenue over the next 24 months[56]. - Revenue from direct customers was $93.3 million for the three months ended October 31, 2025, down $2.2 million or 2% from $95.5 million in 2024, primarily due to customer attrition[166]. - Revenue from direct customers for the nine months ended October 31, 2025, was $279.2 million, an increase of $27.1 million or 11% from $252.2 million in 2024[176]. - Total Annual Recurring Revenue (ARR) decreased by 1% to $444.36 million in 2025 from $448.65 million in 2024[151]. Stock-Based Compensation - Stock-based compensation expense for the nine months ended October 31, 2025, was $38.0 million, slightly up from $37.1 million in 2024[31]. - Total stock-based compensation expense for the three months ended October 31, 2025, was $12.338 million, a decrease of 2.8% from $12.693 million in the same period of 2024[99]. - For the nine months ended October 31, 2025, total stock-based compensation expense increased to $37.959 million, up 2.3% from $37.091 million in 2024[99]. - The balance of restricted stock and restricted stock units (RSUs) as of October 31, 2025, was 8,857,312, with a weighted-average grant date fair value of $7.30[102]. - The Company granted 1,025,000 performance-based restricted stock units (PSUs) during the nine months ended October 31, 2025, which vest based on achieving specific metrics[103]. Tax and Compliance - The Company recorded a provision for income taxes of $0.5 million for the three months ended October 31, 2025, compared to $3.0 million for the same period in 2024[120]. - The effective tax rate differs from the U.S. federal statutory tax rate primarily due to full valuation allowances related to net deferred tax assets[121]. - The projected tax rate for non-GAAP income was updated to 25.5% for fiscal year 2026, compared to 25% in fiscal year 2025[187]. Market Conditions and Strategic Initiatives - Macroeconomic conditions, including inflation and foreign currency fluctuations, may adversely impact the company's financial condition and operating results in future periods[139]. - Michael Walrath, CEO of Yext, proposed to acquire all outstanding shares at $9.00 per share, with no decision made yet by the Board[141]. - The company operates as a single segment, with consolidated net income (loss) used to measure segment profit or loss[132]. - The company’s digital presence platform, known as the Answers Platform, is utilized by over 200 service and application providers, enhancing its market reach[135].

Financial Performance - Consolidated net sales for Q1 FY 2026 were $120.5 million, a 6% decrease from $127.9 million in Q1 FY 2025[4] - Net income for Q1 FY 2026 was $15.5 million, down 6% from $16.4 million in the same period last year[13] - EBITDA for Q1 FY 2026 totaled $23.6 million, reflecting a 10% decrease compared to $26.2 million in Q1 FY 2025[11] - The B2B Products Group reported revenues of $44.3 million, a 9% decline from the prior year's record levels[15] - The R&W Products Group's revenues were $76.2 million, down 4% from the previous year's record, driven by a decline in volume[17] - Gross profit for Q1 FY 2026 was $35.5 million, representing a 13% decline from the prior year, with gross margins at 29.5%[8] - Net sales for the three months ended October 31, 2025, were $120,486, a decrease of 5.7% compared to $127,945 in the same period of 2024[31] - Gross profit margin decreased to 29.5% in Q1 2025 from 31.9% in Q1 2024, with gross profit amounting to $35,495 compared to $40,780[31] - Net income for Q1 2025 was $15,456, a decline of 5.6% from $16,376 in Q1 2024, maintaining a net income margin of 12.8%[31] - EBITDA for Q1 2025 was $23,641, down from $26,167 in Q1 2024, indicating a decline of 9.7%[37] Expenses and Liabilities - Selling, general and administrative expenses decreased by 5% to $18.5 million compared to $19.6 million in the same period last year[9] - Operating income for the B2B Products Group was $13.6 million, down 20% from $17.1 million in Q1 FY 2025[16] - Total current assets decreased to $170,076 as of October 31, 2025, from $177,383 as of July 31, 2025[33] - Total liabilities decreased to $114,196 as of October 31, 2025, from $132,617 as of July 31, 2025[33] Cash Flow and Dividends - Cash and cash equivalents at the end of Q1 FY 2026 totaled $42.4 million, down from $50.5 million at the end of FY 2025[14] - Cash and cash equivalents decreased to $42,384 from $50,458, reflecting a net decrease of $8,074 in cash during the quarter[35] - The company paid dividends of $2,444 in Q1 2025, compared to $2,096 in Q1 2024, representing an increase of 16.6%[35] - The company reported a decrease in accounts receivable by $3,077, improving cash flow from operations[35] Sales Performance - Domestic cat litter sales, excluding co-packaging, were $56.2 million, a 6% decline year-over-year[18] - Cash and cash equivalents decreased to $42,384 from $50,458, reflecting a net decrease of $8,074 in cash during the quarter[35] - The book value per share outstanding increased to $19.14 from $18.76, reflecting a growth of 2.0%[33]

Clinical Trials and Research - MiNK Therapeutics reported a median overall survival of approximately 23 months for patients receiving agenT-797 in combination with PD-1 therapies, significantly exceeding the expected survival of under six months in a refractory setting [7]. - The company observed a complete remission in a patient with metastatic testicular cancer lasting over two years following a single infusion of agenT-797 combined with PD-1 blockade [26]. - The company is preparing for a global Phase II trial in acute pulmonary dysfunction, with the study expected to launch within weeks [19]. - The Phase I study of agenT-797 demonstrated durable activity across various tumor types, with nearly half of patients having failed PD-1 ligand inhibitors [25]. - The primary endpoint for the pulmonary disease trial will be 28-day mortality, with additional secondary and exploratory endpoints being established [71]. - The company anticipates launching the severe pulmonary disease trial with the first patient targeted for enrollment by early Q1 of next year [54]. - The GvHD trial is funded through a partnership with government collaborators and aims to improve engraftment success without the need for cytotoxic lymphodepletion [60]. - The GvHD program aims for a significant reduction in GvHD incidence, targeting a 50% improvement or more, which would be substantially beneficial [63]. - MiNK Therapeutics aims to redefine immune recovery in cancer and critical illness, focusing on reeducating the immune system rather than suppressing it [35]. - The company is actively engaging with the FDA to ensure rapid development pathways for its clinical programs [64]. Financial Performance - The cash balance at the end of Q3 2025 was $14.3 million, with an additional $1.2 million raised since the quarter end, providing a runway through 2026 [36]. - The net loss for Q3 2025 was $2.9 million, or $0.65 per share, compared to a net loss of $1.8 million, or $0.46 per share, for Q3 2024 [36]. - For the nine months ended September 30, 2025, the net loss was $9.9 million or $2.39 per share, compared to a net loss of $8.3 million or $2.24 per share for the same period in 2024 [38]. - The company executed an at-the-market sales agreement, leveraging a more than 700% increase in equity price, which extended the cash runway through 2026 [42]. - The company is exploring nondilutive financing options to expand its manufacturing infrastructure beyond current capabilities [76]. Partnerships and Collaborations - The company has established a strategic partnership with the University of Wisconsin to advance its iNKT program in immune reconstitution following stem cell transplantation [15]. - The company is leveraging public-private partnerships, including support from the Department of Defense and NIH, to advance its clinical programs with minimal capital impact [17]. - Discussions are ongoing with collaborators in both the private and public sectors to leverage substantial scale and interest [79]. Manufacturing and Production - The company is currently able to produce 1 billion cells per donor, which provides substantial cost advantages and the ability to stockpile materials for trials [76]. - The cells have demonstrated stability for almost 3 years, indicating potential for continued production at scale [77]. - The company is preparing for future opportunities based on the current stability of their products [77].

Revenue Performance - Revenue for Q3 FY 2026 was $112.0 million, a 2% decrease compared to $114.0 million in Q3 FY 2025[4] - Total revenue for the three months ended October 31, 2025, was $111,998, a decrease of 1.7% compared to $113,989 for the same period in 2024[43] - Revenue for the nine months ended October 31, 2025, was $334.575 million, representing a 9% increase from $307.866 million in 2024[63] - Total Annual Recurring Revenue (ARR) as of October 31, 2025, was $444.360 million, down 1% from $448.649 million in 2024[65] Profitability Metrics - Gross profit was $82.8 million, a decrease of 6% from $87.7 million in Q3 FY 2025, resulting in a gross margin of 73.9%[8] - The company reported a net income of $6,136 for the three months ended October 31, 2025, compared to a net loss of $12,799 in the same period of 2024[43] - GAAP net income for Q3 2025 was $6,136, compared to a loss of $12,799 in Q3 2024, representing a significant turnaround[47] - Non-GAAP net income for Q3 2025 was $17,495, compared to $15,615 in Q3 2024, reflecting a year-over-year increase of 11.3%[56] - GAAP net income for the nine months ended October 31, 2025, was $33.657 million, compared to a loss of $20.673 million in 2024[60] - Non-GAAP net income for the same period was $50.329 million, up from $28.717 million year-over-year[60] Cash Flow and Liquidity - Cash, cash equivalents, and restricted cash totaled $158.9 million as of October 31, 2025, up from $138.7 million as of January 31, 2025[11] - Cash and cash equivalents at the end of the period were $139,916, an increase from $123,133 at the beginning of the period[41] - The company reported a net cash provided by operating activities of $26,312 for the nine months ended October 31, 2025, compared to $11,865 in 2024[45] - Free cash flow for the nine months ended October 31, 2025, was $24.662 million, compared to $10.096 million in 2024[63] Customer Metrics - Dollar-Based Net Retention Rate (NRR) for total and direct customers was 96%, while NRR for third-party reseller customers was 99%[10] - Direct customers represented 83% of total ARR, totaling $368.6 million, a 2% year-over-year decrease[15] - The dollar-based net retention rate for total customers was 96% as of October 31, 2025, compared to 92% a year earlier[65] - The dollar-based gross retention rate for total customers improved to 88% as of October 31, 2025, from 84% in the same period last year[65] Operating Expenses - Operating expenses for the three months ended October 31, 2025, were $75,015, down from $98,110 in the same period of 2024, reflecting a reduction in sales and marketing expenses[43] - GAAP operating expenses for Q3 2025 were $75,015, down from $98,110 in Q3 2024, leading to a GAAP operating margin of 7%[53] - Non-GAAP operating expenses for Q3 2025 were $62,285, compared to $70,288 in Q3 2024, with a non-GAAP operating margin of 22%[53] Stock and Shareholder Returns - Share repurchase program year-to-date totaled $59.6 million, with approximately $22.3 million remaining for future purchases[11] - GAAP net income per share attributable to common stockholders (diluted) was $0.06 for the nine months ended October 31, 2025, compared to a loss of $0.16 in 2024[60] - Non-GAAP net income per share attributable to common stockholders (diluted) increased to $0.38 from $0.22 year-over-year[60] Performance Obligations - Remaining Performance Obligations (RPO) were $415.6 million, with $377.1 million expected to be recognized as revenue over the next 24 months[10]

Financial Performance - Net sales for the three months ended October 31, 2025, were $120.486 million, a decrease of 5.7% compared to $127.945 million for the same period in 2024[15] - Gross profit for the same period was $35.495 million, down 13.5% from $40.780 million year-over-year[15] - Net income for the three months ended October 31, 2025, was $15.456 million, a decline of 5.6% compared to $16.376 million in the prior year[15] - Earnings per share for common stock were $1.14 for the three months ended October 31, 2025, compared to $1.21 for the same period in 2024, reflecting a decrease of 5.8%[15] - Operating income for the three months ended October 31, 2025, was $26.033 million, down from $30.487 million in the prior year[80] - The Business to Business Products Group reported net sales of $44,286,000 for the three months ended October 31, 2025, down from $48,415,000 in 2024, a decrease of 4.7%[80] - The Retail and Wholesale Products Group achieved net sales of $76,200,000 for the three months ended October 31, 2025, compared to $79,530,000 in 2024, a decline of 4.4%[80] Assets and Liabilities - Total assets as of October 31, 2025, were $380.723 million, down from $391.677 million as of July 31, 2025, representing a decrease of 2.4%[11] - Total liabilities decreased to $114.196 million as of October 31, 2025, from $132.617 million as of July 31, 2025, a reduction of 13.9%[14] - Stockholders' equity increased to $266.527 million as of October 31, 2025, compared to $259.060 million as of July 31, 2025, an increase of 2.9%[14] - Cash and cash equivalents at the end of the period totaled $42,384,000, an increase from $13,506,000 year-over-year[25] - Cash equivalents decreased to $28.6 million as of October 31, 2025, down from $35.3 million as of July 31, 2025[59] - The estimated fair value of debt was $40.8 million as of October 31, 2025, slightly up from $40.3 million as of July 31, 2025[61] Dividends and Shareholder Returns - Dividends declared per share for common stock increased to $0.180 from $0.155 year-over-year, reflecting a growth of 16.1%[15] - Dividends paid during the period amounted to $2,444,000, an increase of 16.6% from $2,096,000 in the previous year[22] - The company declared dividends of $0.180 per share for Common Stock and $0.135 per share for Class B Stock for the three months ended October 31, 2025[15] Cash Flow and Expenditures - Net cash provided by operating activities was $10,349,000, down from $10,919,000, reflecting a decrease of 5.2%[22] - Capital expenditures for the period were $9,066,000, a reduction of 29.5% compared to $12,817,000 in the previous year[22] - The company experienced a net decrease in cash and cash equivalents of $8,074 thousand for the three months ended October 31, 2025, compared to a decrease of $10,975 thousand in the same period of 2024[22] Stock and Compensation - Average shares outstanding for diluted common stock increased to 13.927 million for the three months ended October 31, 2025, compared to 13.811 million in the prior year[15] - Stock-based compensation expense increased to $1.1 million for the three months ended October 31, 2025, from $0.9 million in the same period of 2024[84] - The total number of non-vested restricted stock outstanding as of October 31, 2025, was 611,000 shares, with a weighted average grant date fair value of $33.31 per share[85] Inventory and Receivables - Accounts receivable as of October 31, 2025, was $66,500,000, compared to $62,200,000 as of July 31, 2024, indicating a year-over-year increase of 7.4%[35] - Total inventories increased to $56.645 million as of October 31, 2025, compared to $51.594 million as of July 31, 2025, with finished goods valued at $32.214 million[58] Operating Segments and Expenses - Selling, general and administrative expenses (SG&A) include various costs such as salaries, marketing, and research and development, impacting overall profitability[48] - The company has two reportable operating segments: Retail and Wholesale Products Group, and Business to Business Products Group, with distinct customer bases and product offerings[77] Accounting and Compliance - The company is currently evaluating the impact of recently issued accounting standards on its financial disclosures, including ASU No. 2023-09 and ASU No. 2024-03[51][52] - The company has adopted new accounting standards requiring enhanced disclosures about significant segment expenses and income tax information[50][51]