Revenue Growth - Revenue for the three months ended November 1, 2025, was $416.0 million, a 29% increase from $322.0 million for the same period in 2024[116] - For the nine months ended November 1, 2025, revenue reached $1,174.3 million, reflecting a 30% increase from $902.9 million in the prior year[116] - Annual recurring revenue (ARR) as of November 1, 2025, was $1,745.1 million, up from $1,348.9 million a year earlier[117] - The number of customers generating over $100,000 in ARR increased to 2,990, compared to 2,292 in the previous year[117] Profitability - The company reported a net income of $7.8 million for the three months ended November 1, 2025, compared to a net loss of $37.8 million for the same period in 2024[116] - The net loss for the nine months ended November 1, 2025, was $31.2 million, significantly improved from a net loss of $143.7 million in the same period of 2024[116] - Non-GAAP gross profit for the three months ended November 1, 2025, was $323.7 million, compared to $249.8 million for the same period in 2024[154] - The company reported a non-GAAP operating margin of 19% for the three months ended November 1, 2025, compared to 11% for the same period in 2024[154] - Non-GAAP net income for the three months ended November 1, 2025, was $89.3 million, compared to $43.5 million for the same period in 2024, indicating an increase of 105.5%[161] Cash Flow - Free cash flow for the nine months ended November 1, 2025, was $145.7 million, up from $63.0 million for the same period in 2024[154] - Cash provided by operating activities for the nine months ended November 1, 2025, was $166.5 million, compared to $77.8 million for the same period in 2024, reflecting an increase of 113.0%[171] - The company generated positive operating cash flows beginning in fiscal year 2025, after experiencing negative cash flows in the preceding two fiscal years[169] Expenses - Cost of revenue increased by $20.9 million, or 28%, for the three months ended November 1, 2025, primarily due to increased cloud and cellular costs and connected device costs[140] - Research and development expense rose by $9.2 million, or 12%, for the three months ended November 1, 2025, mainly due to increased employee-related costs[144] - Sales and marketing expense increased by $18.3 million, or 12%, for the three months ended November 1, 2025, primarily due to higher employee-related costs and marketing expenditures[146] - General and administrative expense grew by $3.5 million, or 6%, for the three months ended November 1, 2025, largely due to increased stock-based compensation and consulting fees[148] Market and Economic Factors - Macroeconomic trends, including inflation and supply chain disruptions, may impact the company's growth and operational results[124] - The company does not believe inflation has materially impacted its financial statements, but significant inflation could affect cost management[186] - A hypothetical 10% change in the U.S. dollar's value relative to other currencies would not materially impact the financial statements[185] Investments and Financial Position - Total cash, cash equivalents, and short-term and long-term investments as of November 1, 2025, amounted to $1,147.2 million[166] - The company reported an accumulated deficit of $1,641.2 million as of November 1, 2025[164] - Cash used in investing activities for the nine months ended November 1, 2025, was $134.7 million, primarily due to $643.1 million in purchases of investments[173] - As of February 1, 2025, the company had $977.5 million in cash, cash equivalents, and investments[184] Operational Efficiency - Gross margin improved to 77% for the three months ended November 1, 2025, up from 76% for the same period in 2024, driven by operational efficiencies[141] - Non-GAAP gross margin for the three months ended November 1, 2025, was 78%, consistent with the previous year[158]

Financial Performance - Third quarter revenue was $448.2 million, a 1.1% decrease compared to the third quarter of fiscal 2024[8] - Third quarter comparable store sales decreased 4.0% compared to the same calendar period in fiscal 2024[8] - Net loss totaled $42.1 million, or $1.22 per diluted share, compared to a net loss of $32.7 million, or $0.84 per diluted share in the third quarter of fiscal 2024[8] - Adjusted EBITDA was $59.4 million compared to $68.3 million in the third quarter of fiscal 2024[8] - Adjusted net income for the three months ended November 4, 2025, was $(39.4) million, resulting in an adjusted net income per diluted share of $(1.14) [28] - For the nine months ended November 4, 2025, adjusted net income was $74.7 million, with an adjusted net income per diluted share of $1.84 [28] - The net income (loss) for the three months ended November 4, 2025, was $(42.1) million, or $(1.22) per diluted share [28] - The adjusted net income (loss) per diluted share for the three months ended November 5, 2024, was $(0.45) [28] - The adjusted net income (loss) for the three months ended November 5, 2024, was $(17.5) million [28] Store Operations - The Company opened one new domestic Dave & Buster's store and three new Main Event stores in the third quarter[8] - The Company expects to open at least four additional international franchise stores over the next six months[8] - The Company commenced remodels of three Dave & Buster's stores in the third quarter[8] - The Company has 241 stores in North America, including 177 Dave & Buster's stores and 64 Main Event stores[11] Cash Flow and Liquidity - Operating cash generated during the third quarter was $58.0 million, ending with $441.9 million of available liquidity[9] - Net cash provided by operating activities for the three months ended November 4, 2025, was $58.0 million, a significant recovery from a cash outflow of $7.2 million in the same period last year[20] - Cash and cash equivalents rose to $13.6 million as of November 4, 2025, up from $6.9 million on February 4, 2025, indicating improved liquidity[19] Assets and Liabilities - Total assets increased to $4,130.7 million as of November 4, 2025, up from $4,015.8 million on February 4, 2025, representing a growth of 2.9%[19] - Total current liabilities decreased to $377.6 million as of November 4, 2025, from $433.9 million on February 4, 2025, indicating improved short-term financial stability[19] - Long-term debt increased to $1,552.8 million as of November 4, 2025, compared to $1,479.1 million on February 4, 2025, reflecting ongoing financing activities[19] Financial Ratios and Metrics - Adjusted EBITDA for the three months ended November 4, 2025, was $59.4 million, accounting for 13.3% of total revenues, compared to $68.3 million or 15.1% in the prior year[23] - Store Operating Income Before Depreciation and Amortization for the three months ended November 4, 2025, was $85.0 million, representing 19.0% of total revenues, down from $93.3 million or 20.6% in the same period last year[25] - Credit Adjusted EBITDA for the trailing four quarters ended November 4, 2025, was $483.1 million, providing insight into the company's financial health and compliance with credit agreements[26] - The Net Total Leverage Ratio as of November 4, 2025, was 3.0, calculated using net debt of $1,593 million against Credit Adjusted EBITDA of $483 million[27] Special Items and Adjustments - Loss on debt refinancing for the nine months ended November 4, 2025, was $15.2 million, contributing $0.37 to the adjusted net income per diluted share [28] - System implementation costs for the three months ended November 4, 2025, amounted to $0.6 million, with a per diluted share impact of $0.02 [28] - Transaction and integration costs for the nine months ended November 4, 2025, totaled $1.4 million, impacting adjusted net income per diluted share by $0.03 [28] - The tax impact of special items for the nine months ended November 4, 2025, was $(8.9) million, or $(0.22) per diluted share [28] - Other items, net, contributed $10.4 million to adjusted net income for the nine months ended November 4, 2025, with a per diluted share impact of $0.30 [28]

Store Operations - As of November 1, 2025, the company operated 317 stores, an increase from 293 stores as of November 2, 2024, representing an 8.2% growth in store count[85]. - The company opened 11 new stores in the third quarter of 2025, contributing $48.6 million in net sales, with a total of 24 new stores opened since the end of the third quarter of 2024[107]. - 24 new stores opened since the end of Q3 2024, generating $110.3 million in net sales year-to-date 2025, with 58 new stores opened since 2022[116]. - The company expects new stores to be a key driver of growth in net sales and gross margin, with a focus on off-mall locations[97]. Sales Performance - Net sales for the 2025 third quarter were influenced by a product assortment focusing on outdoor, sports, recreation, apparel, and footwear, which accounted for 32%, 21%, 25%, and 22% of net sales respectively[82]. - The company reported an increase in comparable sales, which includes both in-store and e-commerce sales, reflecting positive consumer trends and effective inventory management[88]. - Net sales increased by $40.4 million, or 3.0%, in the third quarter of 2025 compared to the same period in 2024, driven by a 5.6% increase in the sports and recreation merchandise division[106]. - For the year-to-date 2025, net sales increased by $78.4 million, or 1.8%, compared to year-to-date 2024, with growth in all merchandise divisions[115]. E-commerce Performance - E-commerce sales are a significant component of the company's revenue, with all transactions through the website or mobile app counted towards comparable sales[89]. - E-commerce net sales represented 10.4% of merchandise sales in the third quarter of 2025, up from 8.8% in the prior year, with a 22.2% increase in e-commerce net sales year-over-year[108]. - E-commerce net sales increased by 16.1% year-to-date 2025, representing 10.5% of merchandise sales compared to 9.2% in year-to-date 2024[117]. Financial Metrics - Adjusted EBITDA and other non-GAAP metrics are used to evaluate business performance and inform strategic decisions[91]. - Gross margin increased by $36.7 million, or 8.0%, to $493.4 million in the third quarter of 2025, with gross margin as a percentage of net sales rising from 34.0% to 35.7%[109]. - Gross margin increased by $57.8 million, or 3.9%, to $1,529.0 million for year-to-date 2025, with a gross margin percentage increase of 70 basis points to 35.3%[118]. - Adjusted Net Income for the thirty-nine weeks ended November 1, 2025, was $260.2 million, down from $300.7 million for the same period in 2024[129]. Expenses - Selling, general and administrative (SG&A) expenses increased by $27.8 million, or 7.6%, to $393.0 million in the third quarter of 2025, primarily due to strategic investments in new stores and technology[109]. - SG&A expenses rose by $99.7 million, or 9.2%, to $1,187.0 million for year-to-date 2025, primarily due to strategic investments of $85.0 million[119]. Cash Flow and Capital Expenditures - Net cash provided by operating activities for the thirty-nine weeks ended November 1, 2025, was $285.066 million, a decrease of $102.8 million compared to the same period in 2024[143][144]. - Total capital expenditures for the thirty-nine weeks ended November 1, 2025, amounted to $170.154 million, an increase from $135.866 million in the same period of 2024[142]. - The company expects capital expenditures for fiscal 2025 to be between $180 million and $210 million, with 60% allocated to new stores[142]. Debt and Liquidity - As of November 1, 2025, the company's total long-term debt is $99.213 million for term loans and $460 million for notes, with a total of $8.386 million from the ABL Facility[133][135]. - The company has a minimum available borrowing capacity of $953.921 million as of November 1, 2025, with no outstanding borrowings on the ABL Facility[136]. - Interest expense remained relatively constant in the third quarter of 2025 compared to the same period in 2024[110]. - Interest expense decreased by $0.6 million, or 2.3%, for year-to-date 2025, attributed to lower interest rates and a reduced outstanding balance on the Term Loan[121]. Shareholder Returns - The company repurchased 2,080,772 shares at an average price of $47.59 per share, totaling $99.031 million in the first quarter of 2025[140]. - Quarterly dividends paid for the year-to-date 2025 totaled $26.028 million, with a dividend of $0.13 per share declared for the fiscal quarter ended November 1, 2025[141]. - The company had $536.5 million remaining for share repurchases under the 2024 Share Repurchase Program as of November 1, 2025[139].

Financial Performance - Net sales for Q3 2026 were $47.6 million, a 4% increase from $45.8 million in Q3 2025, driven by a 31% increase in Fire Services to $25.3 million[2][10] - Gross profit decreased by 24% to $14.1 million in Q3 2026, with gross margin dropping to 29.7% from 40.6% in Q3 2025[2][12] - The company reported a net loss of $16.0 million, or $1.64 per diluted share, compared to a net income of $0.1 million in Q3 2025[2][15] - Adjusted EBITDA excluding FX for Q3 2026 was $0.2 million, a 95% decrease from $4.7 million in Q3 2025, with a margin of 0.5%[2][17] - Organic revenue decreased by 3% to $37.5 million in Q3 2026, impacted by delays in U.S. industrials and global tender processes[2][8] - Operating expenses increased by 13% to $20.1 million in Q3 2026, primarily due to recent acquisitions and higher equity compensation[2][13] Sales and Market Performance - U.S. sales increased by 25% to $19.2 million, while LATAM sales decreased by 16% to $4.2 million due to macroeconomic conditions[2][8] - The company has approximately $178 million in global tender opportunities for FY27, with $38 million having high probabilities of success[5] Strategic Initiatives - The company completed strategic acquisitions of Arizona PPE and California PPE, contributing approximately $5 million of annual recurring revenue[3][9] - The company plans to continue focusing on its strategic growth initiatives, including the start-up costs for its new facility in Monterrey, Mexico[25] Cash Flow and Liquidity - Cash and cash equivalents totaled $17.2 million as of October 31, 2025, with working capital at approximately $105.9 million[2][18] - As of October 31, 2025, the company had borrowings of $33.2 million under the revolving credit facility and $6.8 million of available credit[19] - Net cash used in operating activities increased to $17.6 million for the nine months ended October 31, 2025, compared to $12.5 million for the same period in 2024, driven by a net loss of $19.1 million and an increase in working capital of $7.9 million[20] - Cash flows from operating activities resulted in a net cash used of $(17,590,000) for the nine months ended October 31, 2025, compared to $(12,494,000) for the same period in 2024[47] Dividend and Shareholder Returns - The company suspended its quarterly cash dividend on common stock, which was previously $0.03 per share[21] Asset and Liability Management - Total current assets increased to $143,320,000 as of October 31, 2025, from $136,531,000 as of January 31, 2025[45] - Total liabilities rose to $86,233,000 as of October 31, 2025, compared to $65,905,000 as of January 31, 2025[45] - The company sold its Decatur, Alabama property for $6.1 million and applied the net proceeds to repay its revolving credit facility[19] Historical Comparisons - The company reported a net loss of $15.96 million for the three months ended October 31, 2025, compared to a net income of $86,000 for the same period in 2024[25] - Adjusted EBITDA for the three months ended October 31, 2025, was $(668,000), with an adjusted EBITDA margin of -1.4%[25] - Organic revenue for the nine months ended October 31, 2025, was $116.1 million, representing an increase from $111.9 million in the previous year[26] - Gross profit for the nine months ended October 31, 2025, was $48.6 million, down from $49.98 million in the same period in 2024[26] - Operating expenses for the three months ended October 31, 2025, were $20.1 million, compared to $17.8 million for the same period in 2024[26] - Net loss for the nine months ended October 31, 2025, was $(19,102,000), compared to net income of $363,000 for the same period in 2024[47] - The weighted average common shares outstanding increased to 9,752,582 for the three months ended October 31, 2025, compared to 7,428,451 for the same period in 2024[43] - Cash and cash equivalents at the end of the period were $17,194,000, a slight decrease from $17,476,000 at the beginning of the period[47] - The company incurred a gain on sale-leaseback transaction of $(4,333,000) for the nine months ended October 31, 2025[43]

Revenue Growth - Fiscal Q4 2025 revenue was $17.0 million, a 152.6% increase from $6.7 million in Q4 2024[4] - Fiscal year 2025 revenue increased by 69.8% to $40.8 million, compared to $24.0 million in fiscal year 2024[11] - Revenues for the three months ended September 30, 2025, reached $17,027 million, a significant increase from $6,741 million in the same period of 2024, representing a growth of 152.5%[26] Profitability Metrics - Gross margin for Q4 2025 was 50.3%, up from 40.8% in Q4 2024[4] - Adjusted EBITDA for Q4 2025 was $2.4 million, a significant improvement from a loss of $6.0 million in Q4 2024[7] - Adjusted EBITDA for the three months ended September 30, 2025, was $2,375 million, compared to a loss of $6,013 million in the same period of 2024[26] Operating Income and Expenses - GAAP operating income for Q4 2025 was $1.3 million, compared to a loss of $7.1 million in Q4 2024[4] - Total operating expenses decreased to $7,260 million for the three months ended September 30, 2025, down from $9,881 million in the same period of 2024, a reduction of 26.5%[26] - The company incurred other expenses of $2,680 million for the three months ended September 30, 2025, compared to $4,183 million in the same period of 2024, a decrease of 36.0%[26] Net Loss - GAAP net loss for fiscal year 2025 was $18.1 million, or $0.40 per share, compared to a loss of $31.7 million, or $0.72 per share, in fiscal year 2024[14] - The net loss for the three months ended September 30, 2025, was $1,408 million, significantly lower than the net loss of $11,386 million in the same period of 2024[26] - The company reported a loss before income taxes of $1,369 million for the three months ended September 30, 2025, compared to a loss of $11,315 million in the same period of 2024[26] Cash Position - Cash and cash equivalents totaled $7.97 million as of September 30, 2025, down from $13.1 million a year earlier[15] Future Outlook - Genasys expects sustained year-over-year revenue growth with gross margins near 50% entering fiscal 2026[4] - The company secured an additional $1.1 million in LRAD orders from the U.S. Military, indicating continued demand[7] Research and Development - Research and development expenses for the three months ended September 30, 2025, were $1,504 million, down from $2,427 million in the same period of 2024, a decrease of 38.0%[26] Share Information - The weighted average common shares outstanding for the three months ended September 30, 2025, were 45,154 million, slightly up from 44,598 million in the same period of 2024[26] Income Tax - The income tax benefit for the three months ended September 30, 2025, was $39 million, compared to an expense of $71 million in the same period of 2024[26]

Revenue Growth and Performance - Dell Technologies expects net revenue growth in both the Infrastructure Solutions Group (ISG) and Client Solutions Group (CSG), with ISG growth driven by increased demand for AI-optimized server offerings [208]. - The company anticipates a continued reduction in Corporate and other net revenue due to divested businesses and offerings that are no longer actively sold [208]. - Net revenue increased by 11% to $27.0 billion in Q3 2026 and by 12% to $80.2 billion for the first nine months, driven by growth in ISG and CSG net revenue [240]. - Product net revenue rose 16% to $21.3 billion in Q3 2026 and 18% to $62.8 billion for the first nine months, primarily due to growth in servers and networking offerings [245]. - Services net revenue decreased by 5% to $5.8 billion in Q3 2026 and by 5% to $17.4 billion for the first nine months, impacted by the decline in VMware Resale revenue [246]. - Infrastructure Solutions Group (ISG) net revenue increased by 24% in Q3 and 28% in the first nine months of Fiscal 2026, reaching $14.1 billion and $41.2 billion, respectively [268]. - Client Solutions Group (CSG) net revenue increased by 3% in both Q3 and the first nine months of Fiscal 2026, totaling $12.5 billion and $37.5 billion, respectively [274]. Profitability and Margins - Net income for the three months ended October 31, 2025, was $1,548 million, a 32% increase from $1,170 million in the same period last year [230]. - Operating income increased by 23% to $2.1 billion in Q3 2026 and by 24% to $5.1 billion for the first nine months, driven by ISG operating income growth [241]. - Non-GAAP operating income for the nine months ended October 31, 2025, reached $6,453 million, reflecting a 10% increase compared to $5,855 million in the prior year [230]. - Gross margin increased by 4% to $5.6 billion in Q3 2026 and by 3% to $16.0 billion for the first nine months, primarily due to growth in AI-optimized server offerings [248]. - Non-GAAP net income increased by 11% to $1.8 billion in Q3 2026 and by 12% to $4.4 billion for the first nine months [238]. - The shift towards AI-optimized server offerings has impacted gross margin rates negatively [249]. Cost Management and Investments - Dell Technologies is committed to disciplined cost management and expects further reductions in overall headcount as part of its modernization initiatives [211]. - The company is managing increased inflation for component costs and anticipates a modest increase in input costs for the remainder of Fiscal 2026 [210]. - The company expects to continue making strategic investments to drive growth and innovation while managing costs [256]. - Dell Technologies is focused on strategic investments and acquisitions to enhance its innovation agenda and expand its technology portfolio [219]. Cash Flow and Capital Expenditures - Free cash flow for the three months ended October 31, 2025, was $506 million, a 45% decrease from $914 million in the same period last year [234]. - Cash provided by operating activities was $6.5 billion for the first nine months of Fiscal 2026, up from $3.9 billion in the same period last year [243]. - The company spent $1.9 billion on capital expenditures during the first nine months of both Fiscal 2026 and Fiscal 2025 [305]. - Cash and cash equivalents increased by $5.9 billion during the first nine months of Fiscal 2026, primarily due to increased cash flows from operations and net debt from Senior Notes issuance [290]. Debt and Liabilities - As of October 31, 2025, the total outstanding principal amount of debt increased by $6.7 billion to $31.5 billion, primarily due to the issuance of Senior Notes [294]. - Core debt was reported at $17.9 billion as of October 31, 2025, up from $13.0 billion as of January 31, 2025 [295]. - Total liabilities increased from $67,776 million to $73,571 million, reflecting a growth of approximately 8.5% [321]. - Long-term debt rose from $15,824 million to $20,028 million, an increase of about 26.9% [321]. Market and Operational Insights - The company continues to see opportunities for growth driven by long-term demand for IT solutions in a data- and AI-enabled world [244]. - Approximately 40% of net revenue was generated from international sales during the third quarter of Fiscal 2026, highlighting the company's global presence [220]. - The company maintains a Supply Chain Finance Program that does not impact liquidity, as payments to suppliers are remitted on the original invoice due date [304]. - The company’s exposure to market risks has not changed materially from the previous fiscal year [322].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED NOVEMBER 1, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 COMMISSION FILE NO. 1-32637 GameStop Corp. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) 625 Westport Parkway Grapevine, Texas ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (I.R.S. Employer Identification No.) 5201 North Orange Blossom Trail Orlando, Florida 32810 (Address of principal executive offices, including zip code) FORM 10 – K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended September 30, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From to ...

Revenue and Growth - Revenue for Q2 fiscal 2026 was $472.5 million, a 151% increase from $188.5 million in Q2 fiscal 2025, driven by higher product sales of $173.8 million and service revenue of $110.2 million[2] - The acquisition of BlueHalo contributed $134.4 million in product revenue and $110.7 million in service revenue for the current quarter[2] - Product sales revenue for the three months ended November 1, 2025, was $325,037,000, a significant increase from $151,231,000 for the same period in 2024, representing a growth of 114.5%[24] - Total revenue for the six months ended November 1, 2025, reached $927,184,000, compared to $377,941,000 for the same period in 2024, marking a 145.9% increase[24] - Bookings for the quarter were $1.4 billion, with a book-to-bill ratio of 2.9[6] Profitability and Loss - Gross margin for Q2 fiscal 2026 was $104.1 million, up 41% from $73.6 million in Q2 fiscal 2025, but as a percentage of revenue, it fell to 22% from 39% due to increased service revenue and amortization expenses[3] - Loss from operations for Q2 fiscal 2026 was $(30.2) million, compared to income from operations of $7.0 million in the prior year, primarily due to increased SG&A expenses of $60.4 million[4] - Net loss for Q2 fiscal 2026 was $(17.1) million, or $(0.34) per diluted share, compared to net income of $7.5 million, or $0.27 per diluted share, in the prior-year period[8] - The company reported a net loss of $17,103,000 for the three months ended November 1, 2025, compared to a net income of $7,543,000 for the same period in 2024[24] - Basic net loss per share for the three months ended November 1, 2025, was $(0.34), compared to earnings of $0.27 per share in the same period last year[24] Cash Flow and Liquidity - Cash and cash equivalents increased to $359,434,000 as of November 1, 2025, from $40,862,000 at the beginning of the period, reflecting a significant improvement in liquidity[28] - The company incurred a net cash used in operating activities of $(168,810,000) for the six months ended November 1, 2025, compared to cash provided of $24,709,000 in the same period last year[28] Assets and Liabilities - Total assets as of November 1, 2025, were $5,638,466,000, a substantial increase from $1,120,567,000 as of April 30, 2025[26] - Long-term debt increased to $726,793,000 as of November 1, 2025, compared to $30,000,000 as of April 30, 2025, reflecting significant financing activities[26] Future Projections - For fiscal year 2026, the company expects revenue between $1.95 billion and $2.0 billion, with a net loss between $(38) million and $(30) million[11] - The forecast for the fiscal year ending April 30, 2026, indicates a net loss per diluted share ranging from $0.76 to $0.61, while the adjusted earnings per diluted share is projected to be between $3.40 and $3.55[36] - The company expects adjusted EBITDA for the fiscal year ending April 30, 2026, to be between $300 million and $320 million, significantly higher than the $146 million reported for the fiscal year ended April 30, 2025[37] Adjusted EBITDA and Non-GAAP Measures - Non-GAAP adjusted EBITDA for Q2 fiscal 2026 was $45.0 million, compared to $25.9 million in Q2 fiscal 2025[9] - The company reported a segment adjusted EBITDA of $44,958,000 for the three months ended November 1, 2025, compared to $25,862,000 for the same period in 2024, indicating a growth of 73.7%[30] - Adjusted EBITDA for the six months ended November 1, 2025, was $101.5 million, up from $63.1 million for the same period in 2024, reflecting a year-over-year increase of 60.5%[34] - The company emphasizes the importance of non-GAAP measures, such as adjusted EBITDA, to provide a clearer view of long-term profitability trends and operational performance[38] - The company excludes certain expenses from its non-GAAP earnings per diluted share calculation to facilitate consistent comparisons of operating results over time[39] - Adjusted EBITDA is defined as net income before interest, taxes, and depreciation, adjusted for specific non-cash items, and is frequently used by analysts and investors in the industry[40] Expenses and Compensation - Stock-based compensation for the fiscal year ending April 30, 2026, is projected to be $38 million, compared to $22 million for the previous fiscal year[37] - Acquisition-related expenses are forecasted to be between $37 million and $39 million for the fiscal year ending April 30, 2026, up from $19 million in the prior year[37] - The company reported a depreciation and amortization expense of $279 million for the fiscal year ending April 30, 2026, compared to $41 million for the fiscal year ended April 30, 2025[37] Strategic Focus - The company is focused on integrating acquisitions and expanding manufacturing capacity to meet evolving defense needs[1]

Table of Contents 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 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 0-18183 G-III APPAREL GROUP, LTD. (Exact name of registrant as specified in its charter) Delaware 41-1590959 (S ...