Financial Performance - For the fiscal year ended July 31, 2025, the company incurred a net loss of $4.6 million, with expectations of continued losses in the near future due to a declining economic environment and regulatory uncertainties in China [39]. - The Company reported net revenue of $1.2 million for the year ended July 31, 2025, compared to $0.6 million for the previous year, while net loss increased to $4.6 million from $3.2 million [56]. - The Company’s stockholders' equity as of July 31, 2025, was $9,663,475 [53]. - The company faces substantial doubt about its ability to continue as a going concern due to operating losses and the need for additional capital [57]. - The private equity fund ATIF LP lost $1.5 million in fiscal year 2022 compared to a gain of $0.2 million in fiscal year 2021 due to significant stock market volatility [146]. Capital and Funding - As of July 31, 2025, the company had cash of approximately $9.0 million and may seek additional capital through various means, which could lead to dilution of existing stockholders' ownership [40]. - The Company entered into a Securities Purchase Agreement to sell 1,092,512 ordinary shares at $1.23 per share, generating gross proceeds of $1,343,789.76 [43]. - The Company agreed to sell 5,434,782 ordinary shares at $0.368 each, resulting in gross proceeds of $2 million from the offering [50]. - The Company plans to sell up to 9,000,000 units at $3.26 per unit, aiming for gross proceeds of approximately $29.34 million for working capital [51]. - A registered direct offering on February 4, 2025, involved selling 1,580,000 ordinary shares and pre-funded warrants for approximately $2.5 million [152]. Regulatory and Compliance Risks - The company operates in an industry that may be subject to increasing regulation by governmental agencies in China, which could impact its operations [42]. - The company is closely monitoring regulatory developments in China regarding approvals required for business operations, with significant uncertainty remaining [95]. - The Data Security Law and Cybersecurity Review Measures impose obligations on companies operating in China, which could lead to compliance challenges and operational disruptions [96][97]. - The PCAOB's ability to inspect auditors in China remains uncertain, which could impact investor confidence and lead to potential trading prohibitions on U.S. exchanges [100][102]. - The Holding Foreign Companies Accountable Act (HFCAA) was signed into law on December 18, 2020, requiring foreign companies to certify they are not controlled by foreign governments if PCAOB cannot audit them [226]. Legal Matters - Boustead's complaint against the Company includes four causes of action: breach of contract, breach of the implied covenant of good faith and fair dealing, tortious interference with business relationships, and quantum meruit [69]. - The United States District Court granted ATIF's motion to dismiss Boustead's first amended complaint, allowing Boustead to amend its claims regarding breach of contract and tortious interference [71]. - A settlement agreement was reached on September 24, 2024, where the Company will pay Boustead a total of $1,000,000 in three installments [74]. - J.P Morgan Securities LLC filed a lawsuit against ATIF Holdings Limited and others for $5,064,160 in damages related to a stock transaction [75]. - The company is currently involved in arbitration proceedings with Boustead, with a hearing scheduled for February 29, 2024 [209]. Business Operations and Strategy - The company has a limited operating history since its inception in November 2015 and has faced significant risks typical of early-stage companies [35]. - The company has shifted its business focus away from mainland China, leading to the cessation of operations at the AT Consulting Center [141]. - The company aims to expand its operations to North America, including Mexico, due to perceived market potential [140]. - The company has initiated a strategic expansion into the Bitcoin sector with a five-year plan to accumulate 1,000 BTC through purchases and mining operations [103]. - The company has established multiple subsidiaries in California for business consulting, asset management, and investment services to enhance its operational capabilities [161]. Client and Revenue Concentration - The company relies heavily on a limited number of clients, which poses a risk to its revenue stability [33]. - The company expects to mitigate risks arising from customer concentration as it continues to expand its client base [187]. - The consulting fees for going public services range from $800,000 to $2,500,000 based on client needs and complexity [170]. - The company has successfully assisted nine clients to be quoted on the U.S. OTC markets and three clients listed on the U.S. Nasdaq market since its inception in 2015 [179]. Internal Controls and Management - The company plans to remedy material weaknesses in internal controls to comply with Section 404 of the Sarbanes-Oxley Act [113]. - The company may face challenges in maintaining effective internal controls, which are necessary for reliable financial reporting [113]. - The company does not intend to pay dividends for the foreseeable future, opting to retain earnings for business operations and expansion [110]. - The company has a highly qualified professional service team with an average of five years of experience in their respective fields [178]. Market Conditions - The financial consulting market is experiencing increased competition, which may negatively impact the Company's revenues and profit margins [62]. - The market price of Ordinary Shares may be volatile, influenced by factors beyond the company's control, including market fluctuations and analyst reports [117]. - Bitcoin's trading price has significantly declined in the past, with a hypothetical 50% fluctuation impacting net income by approximately $135.1 million for the nine months ended September 30, 2025 [107].

Financial Performance - For the fiscal year ended July 31, 2025, the company incurred a net loss of $4.6 million, with expectations of continued losses in the near future due to a declining economic environment and regulatory uncertainties in China [39]. - The Company reported net revenue of $1.2 million for the year ended July 31, 2025, compared to $0.6 million for the previous year, while net loss increased to $4.6 million from $3.2 million [56]. - The Company faces substantial doubt about its ability to continue as a going concern due to ongoing losses and cash flow challenges [57]. - The private equity fund ATIF LP lost $1.5 million in fiscal year 2022 compared to a gain of $0.2 million in fiscal year 2021 due to significant stock market volatility [146]. Capital and Equity - As of July 31, 2025, the company had cash of approximately $9.0 million and may seek additional capital through various means, which could lead to dilution of existing stockholders' ownership [40]. - The company's stockholders' equity was reported at $1,539,353, which does not meet the Nasdaq minimum requirement of $2,500,000 for continued listing, with a deadline to submit a compliance plan by January 8, 2024 [41]. - As of April 30, 2024, the Company's pro forma shareholders' equity was estimated at $2,683,042, indicating compliance with Nasdaq's stockholders' equity requirement [46]. - The Company’s stockholders' equity as of July 31, 2025, was $9,663,475 [53]. - The Company entered into a Securities Purchase Agreement to sell 1,092,512 newly issued ordinary shares at a price of $1.23 per share, resulting in gross proceeds of $1,343,789.76 [43]. - The Company agreed to sell 5,434,782 ordinary shares at a price of $0.368 per share, generating gross proceeds of $2 million [50]. - The Company plans to sell up to 9,000,000 units at a price of $3.26 per unit, with an expected aggregate purchase price of approximately $29.34 million [51]. - A reverse share split at a ratio of 1-for-18 was approved, reducing the number of outstanding shares from approximately 18.2 million to about 1.01 million [49]. Regulatory and Legal Risks - The company may face increasing regulatory scrutiny in China, which could adversely affect its operations and growth prospects [42]. - The legal system in China presents uncertainties that could adversely affect the Company's operations and financial condition [89]. - The Company is subject to a lawsuit filed by J.P Morgan Securities LLC seeking $5,064,160 in damages related to a stock transaction [75]. - The Company and Boustead entered into a settlement agreement requiring a total payment of $1,000,000, with installments of $250,000, $500,000, and $250,000 due by specified dates [74]. - The Company is currently involved in arbitration proceedings with Boustead, with a hearing scheduled for February 29, 2024 [209]. - The Holding Foreign Companies Accountable Act (HFCAA) was signed into law on December 18, 2020, requiring foreign companies to certify they are not controlled by foreign governments if PCAOB cannot audit them [226]. - Future regulatory changes by PRC regulators could limit the auditor's ability to provide documentation for PCAOB inspection, potentially restricting access to U.S. capital markets [226]. Operational Risks - The company has a limited operating history since its inception in November 2015 and has faced significant risks typical of early-stage companies [35]. - The company relies heavily on a limited number of clients, which poses a risk to its business stability [34]. - The company may not be able to attract and retain qualified professionals, which could hinder its operational effectiveness [42]. - The company has experienced fluctuations in operating results, which may impact its financial performance [39]. - The company is at risk of losing its trademarks and intellectual property rights, particularly in China, which could harm its competitive advantages [80][81]. - The company is exposed to risks related to changes in China's economic, political, or social conditions, which could impact its business operations [88]. Business Strategy and Expansion - The company has initiated a strategic expansion into the Bitcoin sector with a five-year plan to accumulate 1,000 BTC through purchases and mining operations [103]. - The company aims to leverage strategic partnerships to grow its business centers in other jurisdictions [142]. - The company has established long-term relationships with third-party professional providers, enhancing the quality of its consulting services [180]. - The company is actively seeking new marketing channels to expand its international presence [184]. - The company aims to become an international financial consulting firm with a focus on SMEs, having established an office in California in January 2021 [161]. Consulting Services - The consulting fees for going public services range from $800,000 to $2,500,000 based on client needs and complexity [170]. - The consulting services generated revenues of $1.2 million, $0.6 million, and $2.5 million for the fiscal years ended July 31, 2025, 2024, and 2023, respectively [187]. - The number of consulting service clients was five, eight, and three for the fiscal years ended July 31, 2025, 2024, and 2023, respectively [187]. - The company has successfully assisted nine clients to be quoted on the U.S. OTC markets and three clients listed on the U.S. Nasdaq market since its inception in 2015 [179]. - The company is currently assisting multiple clients in their going public processes, including a full-service real estate agent and a multimedia investment company [192][193]. Internal Controls and Compliance - The company plans to remedy material weaknesses in internal controls to comply with Section 404 of the Sarbanes-Oxley Act [113]. - The company may face challenges in maintaining effective internal controls, which are necessary for reliable financial reporting and fraud prevention [113]. - The company is subject to reporting obligations under U.S. securities laws, which may strain management and operational resources [111]. Market Conditions - The market price of Ordinary Shares may be volatile, influenced by factors beyond the company's control, including market fluctuations and analyst reports [117]. - Bitcoin's trading price has significantly declined in the past, with a hypothetical 50% fluctuation potentially impacting net income by approximately $135.1 million for the nine months ended September 30, 2025 [107].

Financial Performance - Revenue for the fiscal third quarter 2026 was $190.8 million, a 25.5% increase year-over-year from $152.1 million[2] - Braze reported Q3 2025 revenue of $190,842,000, a 25.5% increase from $152,052,000 in Q3 2024[30] - Braze's total revenue for the nine months ended October 31, 2025, was $533,012,000, up 23.1% from $433,010,000 in the same period of 2024[30] - Guidance for fiscal Q4 2026 projects revenue between $197.5 million and $198.5 million, with full-year revenue guidance of $730.5 million to $731.5 million[8] Customer Metrics - Total customer count grew to 2,528, representing a 14% increase, with large customers (ARR of $500,000 or more) increasing by 29% to 303[2] - Trailing Twelve Month Dollar Based Net Retention stabilized at 108%, down from 113% in the previous year[2] Profitability and Margins - GAAP gross margin was 67.2%, a decrease from 69.8% in the same quarter last year[2] - Non-GAAP operating income was $5.1 million, compared to a non-GAAP operating loss of $2.2 million in the prior year[6] - The net loss attributable to Braze, Inc. for Q3 2025 was $35,998,000, compared to a net loss of $27,911,000 in Q3 2024, indicating a worsening loss margin[30] - The company reported a net loss per share of $0.33 for Q3 2025, compared to $0.27 for Q3 2024[30] - The company reported a GAAP operating margin of -19.7% for the three months ended October 31, 2025, compared to -21.4% in the same period of 2024, showing a positive trend[41] - The company’s non-GAAP operating margin improved to 2.7% for the three months ended October 31, 2025, compared to -1.4% in the same period of 2024, indicating operational efficiency gains[41] Cash Flow and Investments - Net cash provided by operating activities was $21.0 million, a significant improvement from net cash used of $11.4 million in the previous year[6] - Operating cash flow for the nine months ended October 31, 2025, was $52,063 thousand, significantly higher than $19,597 thousand in the same period of 2024, representing a growth of 165.5%[37] - Cash and cash equivalents increased to $101,811 thousand at the end of the period, compared to $61,842 thousand at the end of the previous period, marking a rise of 64.5%[37] - Cash used in investing activities was $43,444 thousand for the nine months ended October 31, 2025, compared to $35,629 thousand in the same period of 2024, indicating an increase of 22.5%[37] Innovations and Market Position - The company introduced several innovations under BrazeAI™, including BrazeAI Operator™ and BrazeAI Decisioning Studio™, enhancing customer engagement capabilities[1] - Braze was recognized as a Leader in the Gartner® Magic Quadrant for Multichannel Marketing Hubs for the third consecutive year[12] - Braze has been recognized as a leader in marketing technology and received multiple awards in 2025, enhancing its market position[26] Assets and Equity - Total assets increased to $1,041,285 thousand as of October 31, 2025, up from $870,998 thousand on January 31, 2025, representing a growth of approximately 19.6%[34] - Total stockholders' equity increased to $602,032 thousand as of October 31, 2025, compared to $474,861 thousand on January 31, 2025, a rise of 26.8%[34] Deferred Revenue and Performance Obligations - Remaining performance obligations as of October 31, 2025, totaled $891.4 million, with $572.7 million classified as current[2] - Deferred revenue rose to $271,397 thousand as of October 31, 2025, compared to $239,976 thousand on January 31, 2025, an increase of 13.1%[34] Risks and Challenges - The company continues to face risks related to market conditions and competition, which may impact future revenue growth[21]

Financial Performance - Quarterly net sales were $57.2 million, a decrease of $3.0 million, or 5.0%, compared to $60.2 million in the same quarter last year[4] - Quarterly gross margin was 45.6%, down from 48.0% in the comparable quarter last year[4] - Quarterly GAAP net income was $2.1 million, or $0.16 per diluted share, compared to $3.1 million, or $0.24 per diluted share, in the same quarter last year[4] - Quarterly non-GAAP net income was $3.7 million, or $0.29 per diluted share, down from $4.9 million, or $0.37 per diluted share, in the same quarter last year[4] - The company reported a net loss of $4,754,000 for the six months ended October 31, 2025, compared to a net income of $746,000 in 2024[18] - For the six months ended October 31, 2025, GAAP net loss was $(4,754,000), compared to a profit of $746,000 in the same period of 2024[21] Sales and Revenue Outlook - The company expects full fiscal year net sales to decline by 13% to 14% from last year's $222 million, with an underlying decline of approximately 5%[7] - Third quarter net sales are expected to decline approximately 8% year over year[7] - New products drove over 31% of net sales, highlighting the strength of the innovation pipeline[5] - Net sales for the three months ended October 31, 2025, were $57,199,000, a decrease of 4.3% compared to $60,232,000 for the same period in 2024[16] Profitability and Margins - Gross margin for both the full year and the third quarter is expected to be in the range of 42% to 43%[7] - Adjusted EBITDA for the full year is expected to be in the range of 4.0% to 4.5% of net sales[7] - Non-GAAP net income for the three months ended October 31, 2025, was $3,712,000, compared to $4,857,000 in 2024, indicating a decline of 23.5%[20] - GAAP net income for Q2 2025 was $2,075,000, a decrease from $3,111,000 in Q2 2024[21] - Non-GAAP Adjusted EBITDA for Q2 2025 was $6,480,000, down from $7,487,000 in Q2 2024[21] Expenses and Costs - Research and development expenses for the three months ended October 31, 2025, were $1,222,000, down 34.5% from $1,866,000 in 2024[16] - Stock compensation expenses for the six months ended October 31, 2025, totaled $1,499,000, compared to $1,798,000 in the same period of 2024[21] - Interest expense increased to $75,000 in Q2 2025 from $6,000 in Q2 2024[21] - Income tax expense for Q2 2025 was $0, compared to $12,000 in Q2 2024[21] - Other expenses for Q2 2025 were $34,000, consistent with $34,000 in Q2 2024[21] Cash and Assets - The company ended the quarter debt-free with $3.1 million in cash and repurchased approximately 74,000 shares for $662,000[5] - Cash and cash equivalents decreased to $3,111,000 as of October 31, 2025, from $23,423,000 at the beginning of the period[18] - Total current assets remained relatively stable at $171,307,000 as of October 31, 2025, compared to $171,590,000 on April 30, 2025[14] - Total liabilities increased to $70,524,000 as of October 31, 2025, from $68,745,000 on April 30, 2025[14] - The company’s total equity decreased to $170,397,000 as of October 31, 2025, from $177,610,000 on April 30, 2025[14] Depreciation and Amortization - Depreciation and amortization for Q2 2025 was $3,418,000, slightly up from $3,293,000 in Q2 2024[21] Non-recurring Items - Non-recurring inventory reserve adjustment was $0 for both Q2 2025 and Q2 2024[21] - Emerging growth status transition costs were $0 for the six months ended October 31, 2025, compared to $163,000 in the same period of 2024[21]

Exhibit 99.1 GameStop Discloses Third Quarter 2025 Results GRAPEVINE, Texas, December 9, 2025 (BUSINESS WIRE) — GameStop Corp. (NYSE: GME) ("GameStop" or the "Company") today released financial results for the third quarter ended November 1, 2025. The Company's condensed and consolidated financial statements, including GAAP and non-GAAP results, are below. The Company's Form 10-Q and supplemental information can be found at https://investor.gamestop.com. THIRD QUARTER OVERVIEW Additional information can be ...

Financial Performance - Total revenue increased 13% to $120.3 million for the three months ended October 31, 2025, compared to $106.8 million for the same period in 2024[163]. - Net income was $4.3 million for the three months ended October 31, 2025, compared to a net loss of $14.4 million for the same period in 2024[163]. - Adjusted EBITDA was $29.1 million for the three months ended October 31, 2025, compared to $9.8 million for the same period in 2024[163]. - Free cash flow was $8.8 million for the three months ended October 31, 2025, compared to $1.6 million for the same period in 2024[163]. - Total revenue for the nine months ended October 31, 2025, was $353.5 million, a 14% increase from $310.1 million for the same period in 2024[195]. - Adjusted EBITDA for the three months ended October 31, 2025, was $29.1 million, up 198% from $9.8 million in the same period of 2024[231]. - Net cash provided by operating activities for the nine months ended October 31, 2025, was $45.2 million, significantly higher than $16.1 million for the same period in 2024[246]. Revenue Breakdown - Subscription and related services revenue increased by $6.1 million to $55.5 million for the three months ended October 31, 2025, representing a 12% growth year-over-year[194]. - Payment processing fees revenue rose by $2.7 million to $27.4 million for the three months ended October 31, 2025, an 11% increase compared to the prior year[196]. - Network solutions revenue increased by $4.7 million to $37.4 million for the three months ended October 31, 2025, reflecting a 14% growth year-over-year[196]. - Subscription and related services revenue for the nine months ended October 31, 2025, increased by $18.8 million to $163.5 million, a 13% growth year-over-year[197]. - Payment processing fees revenue for the nine months ended October 31, 2025, rose by $8.7 million to $85.7 million, an 11% increase compared to the prior year[197]. - Network solutions revenue for the nine months ended October 31, 2025, increased by $15.9 million to $104.2 million, reflecting an 18% growth year-over-year[197]. Expenses - Cost of revenue (excluding depreciation and amortization) for the three months ended October 31, 2025, was $18.3 million, a 3% increase from $17.9 million in the same period of 2024[198]. - Payment processing expense for the three months ended October 31, 2025, increased by $3.0 million to $19.7 million, an 18% rise compared to $16.7 million in the prior year[202]. - Sales and marketing expense decreased by $5.9 million to $24.1 million for the three months ended October 31, 2025, a 20% decline compared to $30.1 million for the same period in 2024[204]. - Research and development expense increased by $0.1 million to $29.5 million for the three months ended October 31, 2025, remaining relatively stable with a 0% change from $29.3 million in 2024[208]. - General and administrative expense decreased by $2.1 million to $17.5 million for the three months ended October 31, 2025, an 11% decline compared to $19.6 million for the same period in 2024[212]. - Sales and marketing expense decreased by $16.7 million to $75.6 million for the nine months ended October 31, 2025, an 18% decline compared to $92.3 million in 2024[206]. - Research and development expense increased by $2.8 million to $90.6 million for the nine months ended October 31, 2025, a 3% increase from $87.7 million in 2024[210]. - General and administrative expense decreased by $5.2 million to $52.9 million for the nine months ended October 31, 2025, a 9% decline compared to $58.2 million in 2024[214]. - Amortization expense increased by $2.2 million to $12.3 million for the nine months ended October 31, 2025, a 22% increase from $10.1 million in 2024[219]. Cash and Financing - Cash and cash equivalents as of October 31, 2025, were $106.4 million, an increase of $22.2 million compared to January 31, 2025[163]. - The AccessOne Acquisition was completed on November 12, 2025, for a total cash consideration of $160 million, funded by cash and a $110 million secured term loan[236]. - The Bridge Loan associated with the AccessOne Acquisition has an outstanding principal of $110 million and matures on November 11, 2026, with an interest rate that increases by 0.5% every three months[237]. - The company entered into a 364-day secured term loan of $110 million on November 12, 2025, with an interest rate of three-month SOFR plus a margin of 4.00% per annum, increasing by 0.5% every three months[266]. - The Capital One Credit Facility, entered in December 2023, provides a $50 million revolving credit line, enhancing financial flexibility through fiscal 2028[238]. - The company expects that its cash and cash equivalents, along with cash generated from operations, will be sufficient to meet its needs for at least the next 12 months[242]. - As of October 31, 2025, the company had cash and cash equivalents primarily in money market funds and cash deposits, with a portfolio relatively insensitive to interest rate changes[264]. Foreign Currency and Market Risk - For the fiscal year ended January 31, 2025, changes in foreign currency exchange rates negatively affected expenses and largely offset operating income[267]. - Approximately 86% of the company's expenses for the three months ended October 31, 2025, were denominated in US Dollars[267]. - Foreign currency gains and losses for the nine months ended October 31, 2025, were gains of $0.2 million and losses of $0.3 million for the same period in 2024[268]. - The company entered into foreign currency forward contracts to hedge a portion of Canadian Dollar payroll payments, with 90% designated as cash flow hedges[269]. - A 1% increase or decrease in foreign exchange rates between the Canadian Dollar, Indian Rupee, and US Dollar is not expected to have a material effect on the company's results of operations or financial condition[270]. - There were no significant changes in the company's market risk disclosures during the nine months ended October 31, 2025[271].

Sales Performance - For the first six months of fiscal 2026, sales decreased by 1.8% compared to the prior-year period, driven primarily by a 3.4% decline in retail units sold, partially offset by a 0.9% increase in the average retail sales price [166]. - Total revenues decreased by $3.8 million or 0.5% for the six months ended October 31, 2025, with sales revenue declining by $10.5 million or 1.8% due to a 3.4% decrease in units sold [186]. - Same store revenue growth for the three months ended October 31, 2025, was (0.2)%, compared to (8.4)% in the prior year [178]. - The average retail sales price for the six months ended October 31, 2025, was $19,820, an increase of $170 compared to the prior-year period [189]. - The average retail sales price for the three months ended October 31, 2025, was $20,075, compared to $20,031 in the prior year period [178]. - The average retail sales price, including ancillary products, was $20,075 for the second quarter of fiscal 2026, an increase of $44 compared to the prior-year quarter [181]. Financial Performance - The Company's gross profit margin as a percentage of sales for the first six months of fiscal 2026 marginally decreased to 37.1% from 37.2% in the prior year period [173]. - The Company's gross profit per retail unit sold decreased to $7,868 from $8,166 in the prior year [178]. - The cost of sales as a percentage of sales increased to 62.5% for the three months ended October 31, 2025, compared to 60.6% for the same period in the prior fiscal year, resulting in a gross margin of 37.5% [180]. - Selling, general and administrative (SG&A) expenses as a percentage of sales increased to 20.0% for the three months ended October 31, 2025, compared to 16.6% in the prior year, with an absolute increase of $9.8 million [182]. - For the six months ended October 31, 2025, the company reported a net loss of $28.2 million compared to a net income of $4.1 million for the same period in 2024 [200]. Credit Losses and Provisions - The provision for credit losses as a percentage of sales increased to 39.50% for the first six months of fiscal 2026, compared to 34.00% for the same period in fiscal 2025 [168]. - Provision for credit losses as a percentage of sales was 41.6% for the three months ended October 31, 2025, compared to 34.8% for the same period in the prior fiscal year, with an increase of $19.6 million in absolute terms [183]. - Provision for credit losses as a percentage of sales was 39.5% for the six months ended October 31, 2025, compared to 34.0% for the same period in the prior fiscal year, with an increase of $27.2 million in absolute terms [191]. - The allowance for credit losses at October 31, 2025, was $338.8 million, representing 24.19% of the principal balance in finance receivables of $1.5 billion, down from 27.42% at October 31, 2024 [218]. - The allowance for credit losses is influenced by external factors such as industry trends and economic conditions [225]. Interest and Financing - Interest income rose by 5.5% for the first six months of fiscal 2026 [166]. - The average finance receivable's weighted average interest rate increased to 17.6%, up from 17.4% during the same prior year period [179]. - Interest expense as a percentage of sales decreased to 5.5% for the three months ended October 31, 2025, from 6.3% for the prior year period, reflecting a decrease of $2.4 million [184]. - The Company had an outstanding balance of $300 million on its senior secured note as of October 31, 2025 [230]. - A 1% increase in interest rates would lead to an additional annual interest expense of approximately $3 million, reducing net income before income tax [230]. - The Company's finance receivables carry annual interest rates ranging from 12.99% to 23.00% [231]. - The interest rate on the Company's senior secured note payable is generally SOFR plus 7.5% [231]. Operational Insights - The Company operated 154 dealerships as of October 31, 2025, with five locations closed subsequently as part of footprint optimization initiatives [165]. - Finance receivables, net, decreased by 0.7% compared to April 30, 2025, reflecting lower originations and normal portfolio amortization [193]. - Inventory decreased by $7.5 million, or 6.7%, compared to April 30, 2025, with annualized inventory turns increasing to 6.5 from 6.0 in the prior year [194]. - The company leased approximately 87% of its dealership properties, with operating lease commitments totaling $82.4 million [207]. - The Company expects the historical seasonality pattern of higher vehicle sales in the first and fourth fiscal quarters to continue [227]. - The third fiscal quarter (November through January) has historically been the slowest period for vehicle sales [227]. Liquidity and Cash Management - The company had approximately $122.4 million in cash on hand as of October 31, 2025, indicating a strong liquidity position [208]. - The company issued $387.96 million in non-recourse notes payable during the financing activities, with a total increase in cash of $126.43 million for the period [200]. - The weighted average fixed coupon rate for the asset-backed non-recourse notes was 7.86%, with scheduled maturities extending through 2032 [209]. - The company believes it will have adequate liquidity to continue growing revenues and satisfy capital needs through expected financing sources [212]. - The company expects to use cash from operations to grow its finance receivables portfolio and fund dealership acquisitions as opportunities arise [211]. Strategic Initiatives - The company has made substantial efforts to enhance its purchasing processes, including strategic partnerships and expanding purchasing territories [205]. - The company anticipates that macro-economic pressures will continue to affect customer demand and credit losses, necessitating ongoing process improvements in collections [206]. - The Company is currently evaluating the impact of ASU 2024-03 on its financial statement disclosures [226]. - The Company does not use financial instruments for trading purposes but has utilized an interest rate swap agreement to manage interest rate risk [229]. - The Company is exposed to market risk from changes in interest rates, particularly related to its debt obligations [229].

Financial Performance - Q2 FY'26 fee revenue was $721.7 million, a year-over-year increase of 7%[109] - Net income attributable to Korn Ferry was $72.4 million, a 19% year-over-year increase, with a margin of 10.0%, up 100bps year-over-year[109] - Diluted earnings per share increased to $1.36 in Q2 FY'26, up 19% compared to the year-ago quarter[109] - Total revenue for the three months ended October 31, 2025, was $729.8 million, reflecting a 7.0% increase from $682.0 million in the same quarter of 2024[112] - Net income attributable to Korn Ferry increased by $11.6 million, or 19%, to $72.4 million in the three months ended October 31, 2025, compared to $60.8 million in the year-ago quarter[145] - Net income attributable to Korn Ferry increased by $15.6 million, or 13%, to $139.0 million in the six months ended October 31, 2025 compared to $123.4 million in the year-ago period[192] Revenue Breakdown - Executive Search fee revenue grew 10% year-over-year, while Professional Search & Interim grew 17% year-over-year[109] - Consulting fee revenue for the three months ended October 31, 2025, was $172.8 million, accounting for 23.9% of total fee revenue, compared to $166.8 million and 24.7% in the prior year[113] - Digital fee revenue for the six months ended October 31, 2025, was $180.2 million, representing 12.6% of total fee revenue, slightly down from $181.1 million and 13.4% in the same period of 2024[110] - Executive Search North America reported fee revenue of $142.1 million, an increase of $12.2 million, or 9%, attributed to a 5% increase in the weighted-average fee billed per engagement[118] - Professional Search & Interim fee revenue increased by $20.0 million, or 17%, to $141.1 million, largely due to interim fee revenue associated with the acquisition of Trilogy International[122] - Fee revenue for the three months ended October 31, 2025, was $721.7 million, an increase of $47.3 million, or 7%, compared to $674.4 million in the year-ago quarter[115] Expenses and Costs - Compensation and benefits expense increased by $24.6 million, or 6%, to $462.0 million, primarily due to higher performance-related bonuses[124] - General and administrative expenses for the three months ended October 31, 2025, decreased to 7.0% of total revenue from 9.6% in the same period of 2024[110] - Cost of services expense increased by $14.4 million, or 22%, to $79.1 million, with Professional Search & Interim accounting for $14.0 million of the increase[142] - Depreciation and amortization expenses increased by $11.9 million, or 60%, to $31.6 million, primarily due to accelerated depreciation related to the sunset of the Digital platform[143] - General and administrative expenses decreased by $10.4 million, or 8%, to $114.1 million in the six months ended October 31, 2025 from $124.5 million in the year-ago period, primarily due to a $13.9 million gain from the modification of an office lease[179] Adjusted EBITDA - Adjusted EBITDA for Q2 FY'26 was $124.8 million, a 7% year-over-year increase, with a margin of 17.3%, essentially flat year-over-year[109] - Adjusted EBITDA for the six months ended October 31, 2025, was $245.2 million, with an EBITDA margin of 17.1%, up from $228.2 million and 16.9% in the same period of 2024[114] - Adjusted EBITDA increased by $7.8 million, or 7%, to $124.8 million in the three months ended October 31, 2025, compared to $117.0 million in the year-ago quarter[146] - Executive Search North America Adjusted EBITDA increased by $11.2 million, or 16%, to $83.2 million in the six months ended October 31, 2025 compared to $72.0 million in the year-ago period[196] - Professional Search & Interim Adjusted EBITDA was $58.2 million in the six months ended October 31, 2025, an increase of $5.3 million, or 10%, compared to $52.9 million in the year-ago period[200] Cash and Working Capital - The company had $1,038.3 million in cash and cash equivalents as of October 31, 2025, down from $1,277.0 million as of April 30, 2025[213] - Working capital increased to $857.0 million as of October 31, 2025, up from $794.5 million as of April 30, 2025, primarily due to a decrease in compensation and benefits payable[216] - Cash used in investing activities was $41.9 million for the six months ended October 31, 2025, compared to $36.3 million in the prior year[217] - Cash used in financing activities decreased to $87.8 million for the six months ended October 31, 2025, from $111.1 million in the same period last year[218] Other Financial Metrics - Interest expense for the three months ended October 31, 2025, was $5.8 million, representing 0.8% of total revenue, compared to $5.6 million and 0.9% in the same period of 2024[112] - The provision for income tax was $51.9 million with an effective tax rate of 26.9%, compared to $47.3 million and 27.2% in the previous year[204] - Other income, net was $7.1 million in the three months ended October 31, 2025, compared to $5.4 million in the year-ago quarter[155] - Other income, net was $19.8 million for the six months ended October 31, 2025, slightly down from $19.9 million in the same period last year[202] - Net interest expense decreased to $9.3 million for the six months ended October 31, 2025, compared to $9.6 million in the prior year[203]

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 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 Commission File Number: 0-23333 TIMBERLAND BANCORP, INC. | (Exact name of registrant as specified in its charter) | | | | --- | --- | --- | | Washington | | 91 ...

E x h i b i t 9 9.1 F R E I G H T T E C H N O L O G I E S , I N C. Quarterly Report P e r i o d E n d e d S e p t e m b e r 3 0 , 2 0 2 5 TABLE OF CONTENTS | Item 1. | Financial Statements | 2 | | --- | --- | --- | | Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations | 23 | | | 1 | | ITEM 1. FINANCIAL STATEMENTS FREIGHT TECHNOLOGIES, INC. UNAUDITED FINANCIAL STATEMENTS | Condensed Consolidated Balance Sheets as of September 30, 2025 (unaudited) and December 31, 2 ...