Financial Performance - Net sales increased 4% to $2.5 billion, with organic net sales up 1% driven by a 2% favorable volume/mix[4] - Adjusted EBIT rose 2% to $362 million, benefiting from the Sovos Brands acquisition[4] - Adjusted EPS decreased 3% to $0.73, reflecting higher adjusted net interest expense[14] - Fiscal 2024 net sales reached $9.6 billion, with a 4% increase in net sales for the three months ended April 27, 2025, compared to $2.369 billion in the same period last year[35][43] - Net earnings attributable to The Campbell's Company for the three months ended April 27, 2025, were $66 million, a 50% decrease from $133 million in the same period last year[40][43] - Earnings before interest and taxes (EBIT) dropped by 35% to $161 million for the three months ended April 27, 2025, compared to $248 million in the prior year[40][43] - Net earnings for the nine months ended April 27, 2025, were $457 million, reflecting a 20% decline from $570 million in the same period last year[42][44] - Total net sales for the nine months ended April 27, 2025, were $7,176 million, a decrease of 9.5% compared to $7,932 million for the same period in 2024[52] - The company reported a net cash used in investing activities of $(80) million for the nine months ended April 27, 2025, compared to $(2,987) million in the prior year[48] Cost Management - The company delivered approximately $110 million in savings under its $250 million cost savings program announced in September 2024[16] - The company plans to continue focusing on cost savings and optimization initiatives to improve operational efficiency moving forward[54] - The company recognized total aggregate impacts related to cost savings and optimization initiatives of $91 million for the nine months ended April 27, 2025, which equates to $0.23 per share[55] Segment Performance - Meals & Beverages segment net sales increased 15%, while Snacks segment net sales decreased 8%[24] - Meals & Beverages segment sales increased by 15% to $1.463 billion, while Snacks segment sales decreased by 8% to $1.012 billion for the three months ended April 27, 2025[43] - For the nine months ended April 27, 2025, total sales increased by 8% to $7.932 billion, with Meals & Beverages up 19% and Snacks down 6%[42][44] - Organic net sales for the nine months ended April 27, 2025, decreased by 1% compared to the previous year, with Meals & Beverages segment showing a 1% increase while Snacks segment decreased by 4%[52] Impairment and Charges - The company recorded impairment charges of $176 million for the nine months ended April 27, 2025, significantly impacting net earnings[48] - In Q4 fiscal 2024, the company recognized an impairment charge of $76 million on the Pop Secret trademark due to lower sales and operating performance[60] - For the year ended July 28, 2024, the total aggregate impact of impairment charges was $129 million, or $0.33 per share after tax[61] - In Q3 fiscal 2025, the company recorded an impairment charge of $150 million on the Snyder's of Hanover trademark, amounting to $0.37 per share after tax[62] Acquisition Costs - The company incurred $93 million in costs associated with the acquisition of Sovos Brands, Inc., with an aggregate after-tax impact of $81 million, or $0.27 per share[64] - For the year ended July 28, 2024, the total costs associated with the acquisition reached $126 million, resulting in an after-tax impact of $109 million, or $0.36 per share[64] - Costs associated with acquisition for the three months ended April 27, 2025, were $0 million, while costs for the same period last year were $93 million[66] Cash Flow and Shareholder Returns - Cash flow from operations for the year-to-date was $872 million, with $403 million returned to shareholders through dividends and share repurchases[4] - Cash flows from operating activities for the nine months ended April 27, 2025, were $872 million, slightly down from $897 million in the prior year[48] - Cash and cash equivalents at the end of the period were $143 million, an increase from $107 million at the end of the same period last year[48] Tax and Earnings Adjustments - The effective income tax rate reported was 18.5%, down 840 basis points from 26.9% in the same quarter last year[66] - The adjusted effective income tax rate for the three months ended April 27, 2025, was 22.7%, a decrease of 10 basis points from 22.8% in the same period last year[67] - Adjusted net earnings attributable to The Campbell's Company decreased by 3% to $218 million for the three months ended April 27, 2025, compared to $224 million in the same period last year[67]

Financial Performance - Revenues for the first quarter of fiscal year 2026 were $1.88 billion, representing a 2% increase compared to $1.85 billion in the same period last year[5]. - Net income decreased to $68 million, down 12% from $77 million in the prior year quarter[6]. - Adjusted EBITDA was $157 million, accounting for 8.4% of revenues, a decrease from 9.0% in the prior year[8]. - Adjusted diluted earnings per share for the quarter was $1.92, unchanged from the prior year[8]. - Net income for the three months ended May 2, 2025, was $68 million, a decrease of 11.7% from $77 million in the same period of 2024[28]. - Operating income decreased to $121 million, down 7.6% from $131 million in the prior year, with an overall operating margin of 6.4% compared to 7.1%[30]. - Income before income taxes for the three months ended May 2, 2025, was $86 million, down from $95 million in the same period in 2024, a decrease of 9.5%[43]. - The company incurred restructuring and impairment costs of $3 million for the three months ended May 2, 2025, compared to $2 million in the same period in 2024[43]. Cash Flow and Dividends - Free cash flow for the quarter was $(44) million, a significant decrease from $13 million in the prior year[6]. - The company expects net cash provided by operating activities for FY26 to be between $545 million and $565 million, with free cash flow projected to be between $510 million and $530 million[46]. - The company declared a cash dividend of $0.37 per share, payable on July 25, 2025[11]. Bookings and Backlog - Net bookings for the quarter were approximately $2.4 billion, resulting in a book-to-bill ratio of 1.3[12]. - The estimated backlog at the end of the quarter was approximately $22.3 billion, with $3.3 billion funded[12]. - Funded backlog as of May 2, 2025, was $3,265 million, a decrease from $3,444 million as of January 31, 2025[34]. - Total backlog increased to $22,343 million, up from $21,857 million in the previous quarter, indicating growth in future revenue potential[34]. Segment Performance - The Defense and Intelligence segment reported revenues of $1,433 million, a slight decrease of 0.2% from $1,436 million year-over-year[30]. - Civilian segment revenues increased by $33 million, or 8%, primarily due to ramp-up in volume on existing and new contracts[31]. Corporate Activities - SAIC was awarded a $1.8 billion contract for the U.S. Army Combat Capabilities Development Command during the quarter[13]. - Principal payments on borrowings increased significantly to $689 million from $310 million, reflecting a strategic shift in financing activities[28]. - Corporate operating loss increased to $17 million, up from $10 million in the prior year, attributed to higher selling, general, and administrative expenses[32]. Expenditures and Provisions - Expenditures for property, plant, and equipment for the three months ended May 2, 2025, were $8 million, up from $6 million in the same period in 2024[46]. - The company reported a provision for income taxes of $18 million for both the three months ended May 2, 2025, and May 3, 2024[43]. - The recovery of acquisition and integration costs and restructuring and impairment costs contributed to the adjusted diluted earnings per share calculation[43]. Guidance - Management reaffirmed fiscal year 2026 guidance, projecting revenues between $7.60 billion and $7.75 billion[18].

Development Projects - Broadstone Net Lease has added a new development project with an estimated total investment of approximately $78.2 million to its build-to-suit pipeline[1]. - The new project will be completed in partnership with Prologis, Inc., a leader in high-quality industrial property development[2]. - The company has secured land and commenced construction on a state-of-the-art distribution warehouse for FCA US, expected to deliver in Q3 2026[3]. - As of April 24, 2025, Broadstone's cumulative investments in active developments total approximately $311.4 million[3]. - The weighted average estimated yield on the total project investments is approximately 7.4%[3]. - The company plans to pursue additional opportunities with Prologis in the near future, marking the beginning of a new relationship[3]. Portfolio and Investment Strategy - Broadstone's diversified portfolio consists of 765 individual net leased commercial properties across 44 U.S. states and four Canadian provinces as of December 31, 2024[6]. - The company emphasizes a commitment to long-term value creation through strong credit analysis and prudent real estate underwriting[6]. - Broadstone's investment strategy focuses on single-tenant commercial real estate properties net leased on a long-term basis[6]. Risks and Forward-Looking Statements - Forward-looking statements indicate potential risks related to economic conditions, inflation, and tenant financial health that may impact future results[7].

Company Operations and Structure - Codere Online has only operated as an independent company since June 4, 2021, following the spin-off of its online casino and sports betting businesses [138]. - Codere Online's operations are subject to a 19% VAT tax on online deposits and a 1% stamp duty on documents effective from February 22, 2025, which may adversely affect its business in Colombia [176]. - Codere Online's reporting currency is the euro, and fluctuations in exchange rates of non-euro currencies could lead to foreign exchange gains or losses, impacting its financial condition [186]. - Codere Online's management and key personnel are critical to its business strategy, and the loss of these individuals could negatively impact operations [251][253]. - Codere Online is organized under the laws of Luxembourg, with substantial assets located outside the United States, making it difficult for U.S. investors to enforce judgments against the company [311]. Regulatory Environment and Compliance - The online gaming industry is subject to extensive regulation, including a 20% tax on gross gaming revenue in Spain, which can significantly impact profitability [148]. - Codere Online relies on licenses to conduct operations, and failure to renew or obtain these licenses could adversely affect its business [143]. - Regulatory changes, such as the recent ruling by the Spanish Supreme Court, may affect advertising practices and market strategies [150]. - The DGOJ has introduced new advertising restrictions and reinforced due diligence and client verification requirements as of August 5, 2023 [152]. - Codere Online's licenses may be revoked by regulatory authorities even if the company is in compliance with obligations, particularly in Mexico [160]. Financial Performance and Risks - Codere Online's future performance may differ significantly from prospective financial information due to various uncontrollable factors [136]. - The company may require additional capital to support growth plans, which may not be available on favorable terms [132]. - The gaming industry is subject to significant taxation, and increases in gaming taxes may impact profitability and have a material adverse effect on Codere Online's business [166]. - Codere Online faces increased regulatory and tax compliance costs due to potential increases in taxation, which could materially affect its business [169]. - Codere Online's performance is subject to significant volatility due to the nature of sports betting, where actual results can differ markedly from theoretical profit expectations [222]. Cybersecurity and Operational Risks - Codere Online faces risks related to cyberattacks and system breaches, which could disrupt operations and affect financial performance [132]. - The company faces risks from cyberattacks, which could lead to system failures, business disruptions, or loss of customer data, adversely affecting its financial condition [218]. - Codere Online has implemented internal controls to monitor unusual transaction patterns to mitigate exposure to fraud, but success is not guaranteed [238]. - The company relies on third-party providers for geolocation and identity verification, and any failure in these systems could adversely affect its compliance with legal requirements [229]. - Codere Online's platforms contain third-party open source software, which may expose the company to risks if it fails to comply with open source software licenses [230]. Market and Competitive Landscape - Codere Online operates in emerging markets, including Mexico, Panama, Colombia, and Argentina, which presents additional costs and risks [132]. - The company may face increased competition from retail operators as the threat of the COVID-19 pandemic diminishes and consumer preferences shift [177]. - Codere Online operates in a highly competitive environment, facing competition from larger companies and illegal gaming activities, which could adversely affect its revenues and profitability [195][197]. - The success of Codere Online's mobile apps relies on compatibility with major operating systems and high-bandwidth data capabilities, which are outside the company's control [223]. - Codere Online's business is sensitive to reductions in discretionary consumer spending, influenced by economic and political conditions in its operating markets [179]. Internal Controls and Governance - Codere Online has identified a material weakness in its internal control over financial reporting, which could negatively impact its market price [133]. - The company reported four material weaknesses related to technical accounting personnel, cash disbursement controls, cybersecurity processes, and overall internal controls [270]. - As of December 31, 2023, three of the four material weaknesses were remediated, but the fourth remains unresolved [271]. - Codere Online's management is implementing enhancements to its internal control system to address the fourth material weakness, but cannot assure timely remediation [273]. - Codere Online's corporate governance is governed by Luxembourg law, which may not provide the same level of protection for minority shareholders as U.S. laws [317]. Shareholder and Market Dynamics - Codere Newco controls approximately 65.7% of Codere Online's outstanding Ordinary Shares, which may lead to conflicts of interest [281]. - Codere Online received a determination letter from Nasdaq regarding potential delisting due to failure to timely file its Form 20-F for the year ended December 31, 2023 [286]. - If Codere Online's securities are delisted from Nasdaq, it may face significant adverse consequences, including reduced liquidity and increased regulatory scrutiny [284]. - Codere Online's shareholders' proportionate ownership interest will decrease with the issuance of additional Ordinary Shares [293]. - The ability to amend the terms of Codere Online Warrants is unlimited, which could adversely affect holders without their approval [294]. Legal and Tax Considerations - The company may face tax liabilities due to its historical membership in a consolidated tax group, which could adversely affect its financial condition [261][262]. - Luxembourg insolvency and bankruptcy laws may offer less protection to Codere Online shareholders compared to U.S. laws, complicating recovery in liquidation scenarios [316]. - The enforceability of U.S. court judgments in Luxembourg is subject to specific conditions, including compliance with Luxembourg procedural codes [312]. - Codere Online believes it should not be treated as a U.S. corporation for U.S. federal income tax purposes, as the ownership percentage of DD3 stockholders in Codere Online was less than 60% [321]. - If treated as a U.S. corporation, Codere Online could face substantial additional U.S. income tax liabilities and a 30% withholding tax on dividends paid to non-U.S. shareholders [322].

IPO and Stock Offering - Circle Internet Group, Inc. is offering 32,000,000 shares of Class A common stock, with 12,800,000 shares offered by the company and 19,200,000 shares by selling stockholders[5]. - The expected initial public offering price is between $27.00 and $28.00 per share[5]. - The underwriters have an option to purchase up to 4,800,000 additional shares of Class A common stock to cover over-allotments[10]. - Following the offering, Class B common stock will represent 30% of the total voting power of the outstanding common stock[8]. - The estimated net proceeds from the offering are approximately $319.6 million, or $444.4 million if the underwriters exercise their option in full, based on an initial public offering price of $27.50 per share[162]. - Approximately $111.1 million of the net proceeds will be used to satisfy tax withholding obligations related to the vesting of outstanding RSUs[162]. - The company will have 200,550,578 shares of Class A common stock outstanding immediately after the offering, which could increase to 205,350,578 shares if the underwriters exercise their option[161]. - The company plans to reserve 28,265,461 shares of Class A common stock for future issuance under its Omnibus Incentive Plan[164]. - The company has indicated an interest from ARK Investment Management to purchase up to $150.0 million of shares in the offering[162]. - The company will not receive any proceeds from the sale of shares by selling stockholders[162]. Financial Performance - Revenue grew from $15.4 million in 2020 to $1.7 billion in 2024, with a net income of $155.7 million and Adjusted EBITDA of $284.9 million reported in 2024[57]. - Total revenue and reserve income from continuing operations for Q1 2025 was $578,573,000, a 58.6% increase from $365,094,000 in Q1 2024[166]. - Net income from continuing operations for Q1 2025 was $64,791,000, compared to $48,639,000 in Q1 2024, reflecting a 33.2% increase[166]. - Adjusted EBITDA for Q1 2025 was $122,439,000, up 60.7% from $76,258,000 in Q1 2024[168]. - Operating income from continuing operations for Q1 2025 was $92,940,000, compared to $52,319,000 in Q1 2024, marking a 77.6% increase[166]. - The company incurred $75,620,000 in compensation expenses in Q1 2025, compared to $61,149,000 in Q1 2024, representing a 23.5% increase[166]. - Total current assets as of March 31, 2025, were $61,501,891,000, with total assets at $62,262,397,000[172]. - Total stockholders' equity as of March 31, 2025, was $744,976,000, reflecting a pro forma adjustment of $1,885,478,000[172]. USDC and Stablecoin Operations - Circle has $60 billion USDC in circulation, fully backed by reserves consisting of highly liquid, price-stable cash and cash equivalents[20]. - USDC transactions can settle in seconds worldwide, with over $1 trillion USDC minted and redeemed since founding and $25 trillion in lifetime on-chain transaction volume[23]. - Circle supports wire transfers for minting and redeeming USDC in over 185 countries, with access to USDC through 600 million end-user wallet products[29]. - Circle has minted over $558 billion of USDC and redeemed more than $502 billion from January 1, 2021, to March 31, 2025, maintaining a one-for-one redemption with the U.S. dollar[56]. - As of March 31, 2025, USDC has been used for over $25 trillion in on-chain transactions, with nearly $6 trillion occurring in Q1 2025 alone[55]. - The Circle stablecoin network includes two payment stablecoins: USDC, a U.S. dollar-denominated stablecoin, and EURC, a euro-denominated stablecoin, with USDC issued by Circle Internet Financial, LLC and Circle Internet Financial Europe SAS[77]. - Circle Internet Financial Europe SAS is obligated under the Markets in Crypto-Assets Regulation to redeem all USDC and EURC on a one-for-one basis for U.S. dollars and euros, respectively[79]. - The Circle stablecoin network has $60.1 billion in circulation across 4.9 million meaningful wallets as of March 31, 2025[93]. - USDC holds a 29% share of the stablecoin market, making it the second largest stablecoin by circulation as of March 31, 2025[103]. - The Circle stablecoin network has facilitated over $25 trillion in on-chain transactions, with $5.9 trillion occurring in the first quarter of 2025, representing a 500% increase from Q1 2024[106]. - Circle stablecoins USDC and EURC are backed by highly liquid reserves and are redeemable on a one-for-one basis for U.S. dollars and euros[108]. Market Dynamics and Competition - The stablecoin market is experiencing intense competition, particularly from yield-bearing digital assets like TMMFs, which could reduce the demand for Circle's stablecoins[184]. - The amount of USDC in circulation declined while USDT's circulation increased from late 2022 to late 2023, indicating competitive dynamics between the two stablecoins[184]. - Circle issued a new TMMF, USYC, following the acquisition of Hashnote, but its success is uncertain and may impact the competitiveness of USDC and EURC[185]. - Concerns about the sufficiency and liquidity of reserves for stablecoins like USDC have been heightened, especially following the transfer issues with Silicon Valley Bank, which affected USDC's price stability[188]. - The digital asset market's systemic risks can lead to higher-than-normal redemption requests for Circle stablecoins, as seen in past market events[189]. - Negative developments regarding USDT, the largest stablecoin, could adversely affect the trust in Circle stablecoins and lead to market volatility[198]. - The acceptance of Circle stablecoins may be negatively impacted by disruptions in secondary marketplaces, affecting liquidity and market access[197]. - The emergence of new competitors and the potential for existing banks to enter the stablecoin industry could intensify competition and cannibalize growth opportunities for Circle[180]. - The launch of central bank digital currencies (CBDCs) may adversely impact the business by reducing the demand for private-sector issued stablecoins[199]. Regulatory and Compliance - Circle's approach includes engaging with regulators and policymakers globally to build a compliant internet financial system[52]. - The company emphasizes the importance of compliance and screening processes for potential Circle Mint customers, including KYC checks and sanctions screening[75]. - Circle is focused on regulatory compliance and transparency, operating under FinCEN regulations and providing daily transparency into the Circle Reserve Fund[94]. - Circle stablecoins are concluded not to be classified as "securities" under U.S. federal securities laws, which helps avoid additional regulation[200]. - Any potential classification of Circle stablecoins as "securities" could materially impact the operation of the business[200]. - The company faces increased compliance costs due to regulation by multiple authorities, which may also lower barriers for new competitors entering the stablecoin market[180]. Strategic Vision and Future Outlook - Circle's mission is to raise global economic prosperity through the frictionless exchange of value, aiming to transform how money is used globally[18]. - Circle's vision is to raise global economic prosperity through the frictionless exchange of value, differentiating itself from speculative cryptocurrency investments[51]. - The company anticipates continued growth in the Circle stablecoin network and plans to innovate and create successful new products and services[176]. - The market opportunity for the Circle stablecoin network encompasses the entire global monetary supply, with significant growth expected as developing nations engage in the financial marketplace[104]. - Circle's strategy includes simplifying blockchain technology for developers and end-users to drive global adoption of stablecoins[98]. - The integration of TMMFs with Circle's infrastructure is expected to enhance capital efficiency and reduce counterparty execution risk in digital asset trading[111]. - Circle's liquidity services support institutional minting and redemption, enhancing the overall efficiency of stablecoin transactions[114]. - Circle's mission is to enhance global economic prosperity through frictionless value exchange, leveraging blockchain technology to address inefficiencies in the legacy financial system[82].

Uranium Production and Acquisition - As of April 30, 2025, the company had 1,356,000 pounds of uranium and agreements to purchase an additional 300,000 pounds at an average price of approximately $37.05 per pound[93]. - The company completed the acquisition of Kennecott Uranium Company and Wyoming Coal Resources Company for $175.4 million in cash plus $4.2 million in acquisition-related costs[84]. - The company acquired 107,142,857 common shares of Anfield Energy Inc. for a total consideration of $10.46 million, representing approximately 17.8% of the outstanding shares on a non-diluted basis[85]. - The Irigaray central processing plant's licensed production capacity was increased to 4.0 million pounds of U3O8 annually as of October 16, 2024[80]. - The company restarted uranium extraction at the Christensen Ranch Mine in August 2024, with ramp-up expected to continue into 2025[79]. - The company has commenced uranium extraction at the Christensen Ranch Mine in August 2024, with ongoing ramp-up activities expected throughout 2025[109]. - The company aims to become a leading low-cost North American uranium supplier by expanding extraction activities and acquiring additional projects[87]. Financial Performance - For the nine months ended April 30, 2025, the company recorded revenue of $66.84 million and a gross profit of $24.48 million, primarily from sales of purchased uranium inventory[107]. - The company reported a net loss of $60.60 million ($0.14 per share) for the nine months ended April 30, 2025, compared to a net loss of $14.11 million ($0.04 per share) for the same period in 2024[108]. - For the three months ended April 30, 2025, the company reported sales and service revenue of $49,750, compared to $116 for the same period in 2024, indicating a significant increase[123]. - The net loss for the three months ended April 30, 2025, was $30,212, compared to a net loss of $19,677 for the same period in 2024, reflecting a worsening financial position[123]. - The company recorded a fair value loss of $22.58 million on equity securities for the nine months ended April 30, 2025, compared to a gain of $23.59 million for the same period in 2024[120]. - The company’s general and administrative expenses for the nine months ended April 30, 2025, were $18.29 million, an increase from $14.31 million in the same period in 2024[115]. - During the nine months ended April 30, 2025, the company generated interest income of $2.90 million, up from $1.56 million in the same period in 2024[122]. - The company reported net cash used in operating activities of $41.00 million for the nine months ended April 30, 2025, a decrease from $93.87 million in the same period in 2024[138]. - Net cash provided by financing activities totaled $165.39 million during the nine months ended April 30, 2025, compared to $159.29 million in the same period in 2024[139]. - The company had an accumulated deficit balance of $379.51 million as of April 30, 2025, indicating ongoing financial challenges[126]. - The company issued 11,516,375 shares under the 2022 ATM Offering for gross cash proceeds of $94.40 million during the nine months ended April 30, 2025[136]. - Total comprehensive loss for the three months ended April 30, 2025, was $19,796, compared to a total comprehensive loss of $25,527 for the same period in 2024[123]. Market Conditions and Demand - Uranium prices averaged $65.53 and $74.38 per pound U3O8 for the three and nine months ended April 30, 2025, respectively[100]. - The global uranium market has shown improvement, with spot prices rebounding from a low of $63.45 per pound U3O8 in March 2025 to above $70.00 per pound in May 2025[100]. - Cumulative uncommitted demand for uranium through 2035 is projected to exceed 950 million pounds U3O8, indicating strong future demand[105]. - The global nuclear energy industry is experiencing growth, with 68 new reactors connected to the grid from 2015 to March 2025 and 61 reactors currently under construction[104]. - The geopolitical landscape, including sanctions on Russian nuclear fuel and instability in Niger, is impacting uranium supply dynamics and market conditions[102]. Assets and Liabilities - Total assets as of April 30, 2025, were $1,007,810, an increase from $878,268 as of April 30, 2024[124]. - The company has significant payment obligations totaling $102,412 over the next five years, including asset retirement obligations of $88,856[143]. - Subsequent to April 30, 2025, the company received additional net cash proceeds of $54.82 million under its 2024 ATM Offering[147]. Accounting and Reporting - For a complete summary of significant accounting policies, refer to Note 2 in the Annual Report on Form 10-K for Fiscal 2024[145]. - The company discusses recently issued accounting pronouncements in note 2 of the interim condensed consolidated financial statements contained in the Quarterly Report[145]. - Refer to Item 7A for quantitative and qualitative disclosures about market risk in the Annual Report on Form 10-K for Fiscal 2024[148]. - Management's Discussion and Analysis of Financial Condition and Results of Operations is detailed in Item 7 of the Annual Report on Form 10-K for Fiscal 2024[146].

Revenue Performance - Net revenue for the three and six months ended April 30, 2025, was $1,668 million and $3,349 million, representing increases of 6% and 4% year-over-year, respectively[150]. - Revenue from the Life Sciences and Diagnostics Markets segment increased by 8% and 6% for the three and six months ended April 30, 2025, respectively[150]. - The Agilent CrossLab segment saw revenue growth of 7% and 4% for the same periods, while the Applied Markets segment experienced declines of 1% and 3%[150]. - Total net revenue for the three months ended April 30, 2025, was $1,668 million, representing a 6% increase year-over-year, while for the six months, it was $3,349 million, a 4% increase[167]. - Product revenue for the three and six months ended April 30, 2025, increased by 5% and 2%, respectively, driven by growth in consumables and liquid chromatography[168][169]. - Services and other revenue for the three and six months ended April 30, 2025, increased by 8% and 7%, respectively, with strong growth in contract repair and preventative maintenance services[170]. - Revenue in the Life Sciences and Diagnostics Markets segment increased by 8% and 6% for the three and six months ended April 30, 2025, respectively, with a significant contribution from the BIOVECTRA business[171]. - Revenue for the six months ended April 30, 2025 increased 6% to $1,301 million compared to $1,224 million in the same period last year[191]. - Revenue in the Americas for the three months ended April 30, 2025 increased 12%, driven by the BIOVECTRA acquisition and strong growth in pathology and companion diagnostics businesses[192]. - Revenue growth in Asia Pacific for the three months ended April 30, 2025 increased 12%, driven by higher demand in China within the consumables business[205]. - Revenue for the three months ended April 30, 2025, increased significantly across all end markets, with strong growth in the pharmaceutical, chemicals and advanced materials, food, and environmental and forensics markets compared to the same period last year[208]. - For the six months ended April 30, 2025, revenue increased significantly in the chemicals and advanced materials, food, environmental and forensics, and diagnostics and clinical markets, while it was flat in the academia and government market[209]. Financial Performance - Net income for the same periods was $215 million and $533 million, down from $308 million and $656 million in the prior year[151]. - Cash provided by operations for the six months ended April 30, 2025, was $652 million, compared to $818 million in the same period last year[151]. - Total gross margin for the three and six months ended April 30, 2025, decreased by 2 percentage points to 51.9% and 52.7%, respectively, impacted by product mix and higher costs[174]. - Income from operations decreased by $63 million (17%) and $71 million (10%) for the three and six months ended April 30, 2025, respectively, despite revenue increases[178]. - Interest income for the three months ended April 30, 2025, was $14 million, down from $19 million in the same period last year, primarily due to lower cash balances[179]. - The effective tax rate for the three and six months ended April 30, 2025, was 17.3% and 15.0%, respectively, with total income tax expense of $45 million and $94 million[185]. - Gross margin for the three months ended April 30, 2025 decreased by 2 percentage points to 52.8% compared to 55.1% in the same period last year[198]. - Operating margin for the three months ended April 30, 2025 increased by 1 percentage point to 19.7% compared to 19.0% in the same period last year[202]. - Gross margin for the three and six months ended April 30, 2025, decreased by 1 percentage point to 55.5% and 55.8%, respectively, impacted by unfavorable currency movements and higher costs[211]. - Income from operations for the three months ended April 30, 2025, increased by $15 million or 7%, and for the six months, it increased by $14 million or 3%, corresponding to revenue increases of $49 million and $59 million, respectively[216]. Expenses and Cost Management - Selling, general and administrative expenses increased by 19% and 11% for the three and six months ended April 30, 2025, respectively, due to higher restructuring expenses and corporate infrastructure costs[176]. - Research and development expenses for the three months ended April 30, 2025 decreased 7% to $59 million compared to $64 million in the same period last year[199]. - Selling, general and administrative expenses for the three months ended April 30, 2025 increased 2% to $157 million compared to $154 million in the same period last year[201]. - Research and development expenses for the three months ended April 30, 2025, increased by 2%, while for the six months, they decreased by 3% compared to the same periods last year[212]. - Selling, general and administrative expenses for the three and six months ended April 30, 2025, increased by 3% in both periods compared to the same periods last year[214]. - A restructuring plan was announced in fiscal year 2025, with an estimated reduction of $75 million to $80 million in annual costs across all business segments[161]. - The total restructuring expense since the inception of all plans amounted to $179 million as of April 30, 2025[160]. Shareholder Returns and Capital Management - The company paid cash dividends of $0.248 per share, totaling $70 million, for the three months ended April 30, 2025[152]. - The company repurchased 1.347 million shares for $165 million during the three months ended April 30, 2025, with remaining authorization to repurchase approximately $119 million[154]. - The company repurchased and retired 1.997 million shares for $255 million during the six months ended April 30, 2025, under its 2023 repurchase program[239]. - The board of directors declared a quarterly dividend of $0.248 per share, amounting to approximately $70 million, to be paid on July 23, 2025[242]. Cash Flow and Liquidity - As of April 30, 2025, the company had cash and cash equivalents of $1,486 million, an increase from $1,329 million as of October 31, 2024[231]. - Net cash provided by operating activities was $652 million for the six months ended April 30, 2025, down from $818 million for the same period in 2024[233]. - Accounts receivable used cash of $27 million in the six months ended April 30, 2025, compared to cash provided of $44 million in the same period in 2024[234]. - Net cash used in investing activities was $208 million for the six months ended April 30, 2025, slightly up from $204 million in the same period of 2024[236]. - Investments in property, plant, and equipment were $211 million for the six months ended April 30, 2025, compared to $193 million in the same period of 2024[237]. - Net cash used in financing activities was $296 million for the six months ended April 30, 2025, a decrease from $531 million in the same period of 2024[238]. Market and Economic Factors - Future revenue may be impacted by recent tariff changes, although the company expects to mitigate these effects by the end of fiscal year 2025[155]. - The company anticipates that recent tariff changes will adversely impact costs of revenue in the second half of fiscal year 2025 but expects to mitigate the impact by the end of the fiscal year[197]. - Approximately 48% of the company's revenue was generated in U.S. dollars during the six months ended April 30, 2025[253]. - The overall effect of changes in foreign currency exchange rates had an unfavorable impact on revenue growth of 1 percentage point in the six months ended April 30, 2025[253]. Workforce and Organizational Changes - Headcount increased to approximately 18,000 as of April 30, 2025, compared to approximately 17,600 a year earlier[180]. - The company is optimistic about long-term growth opportunities in applied markets and plans to continue investing in expanding and improving application-focused solutions[224].

Financial Results - The Company reported financial results for the third quarter ended March 31, 2025, with significant updates to be announced in the press release dated May 30, 2025[6]. Nasdaq Compliance - The Company received a notice from Nasdaq indicating non-compliance with the $1.00 minimum bid price requirement, with a 180-day period to regain compliance[8]. - The Company was also notified of a delinquency in filing its Quarterly Report on Form 10-Q for the period ended March 31, 2025, but has since filed the report, regaining compliance[11][12]. - The Company intends to actively monitor its performance regarding Nasdaq listing standards and will consider options to resolve any deficiencies[10]. - The Company has received a Bid Price Notice from Nasdaq, indicating it is not in compliance with listing rules[7]. - The Company has until November 24, 2025, to regain compliance with the minimum bid price requirement[9]. Company Information - JSKS Enterprises Pty Ltd. converted approximately A$5 million of outstanding loans into 4,452,479 shares at a conversion rate of USD $0.7241 per share, satisfying all obligations related to the loans[14]. - The Company is classified as an emerging growth company under the Securities Act of 1933[4]. - The Company’s ordinary shares are traded under the symbol "COOT" on The Nasdaq Stock Market LLC[4]. - The Company has a principal executive office located in Cootamundra, Australia[2].

Sales and Revenue - In fiscal years 2025, 2024, and 2023, 39.8%, 37.7%, and 41.2% of the Company's total worldwide net sales were to GE Aerospace suppliers[32]. - The Company's total net sales worldwide in 2025 were $62.0 million, an increase of 11% compared to $56.0 million in 2024[126]. - Net sales for 2024 were $56,004,000, a 4% increase from $54,055,000 in 2023, primarily driven by military market sales[138][139]. - Net sales for the fiscal year ended March 2, 2025, increased to $62,026,000, representing a 10.4% growth from $56,004,000 in the previous year[185]. Financial Performance - Earnings from operations were $9.4 million in 2025, a 12% increase from $8.4 million in 2024[132]. - Net earnings from operations for 2025 were $5.9 million, down 21% from $7.5 million in 2024, impacted by a $1.1 million storm damage charge and a $2.1 million tax provision[136]. - The gross profit margin decreased to 28.4% in 2025 from 29.5% in 2024, primarily due to a less favorable sales mix and higher labor and overhead costs[118]. - Basic and diluted earnings per share for 2025 were $0.29, down from $0.37 in 2024, reflecting storm damage and tax charges[137]. - Net earnings decreased to $5,882,000, down 21.3% from $7,473,000 in the prior year[185]. Costs and Expenses - Selling, general and administrative expenses increased by 1% to $8.2 million in 2025, representing 13.3% of sales compared to 14.6% in 2024[129]. - The effective income tax rate rose to 38.1% in 2025 from 20.8% in 2024, primarily due to a deferred tax provision of $2.1 million[135]. - The Company continues to face inflation in costs of raw materials and supplies, which has been partially mitigated by the ability to adjust pricing[121]. - The Company has experienced inflation in raw material and other costs, which has been partially mitigated by its ability to adjust pricing for a large portion of its sales[61]. Assets and Liabilities - Cash and marketable securities decreased by $8,377,000 from $77,211,000 in 2024 to $68,834,000 in 2025[150]. - Working capital decreased by $8.2 million from March 3, 2024, primarily due to decreases in cash and cash equivalents[154]. - Total current assets decreased to $90,294,000 from $98,845,000, a reduction of 8.3%[184]. - Total liabilities decreased to $14,954,000 from $19,395,000, a decline of 22.5%[184]. Stock and Dividends - The Company declared dividends of $0.125 per share for each quarter in the fiscal year ended March 2, 2025[104]. - The company paid $10.1 million in cash dividends in 2025, down from $30.6 million in 2024, which included a special dividend of $20.5 million[155]. - The Company had purchased 551,279 shares of its Common Stock under a buyback authorization of up to 1,500,000 shares[107]. - The company repurchased treasury stock amounting to $4,252,000 in 2025, compared to $2,880,000 in 2024, indicating an increase of 48%[190]. Manufacturing and Operations - The Company has completed an expansion of its manufacturing facilities in Newton, Kansas, which doubled the size and added manufacturing capacity[33]. - The manufacturing process for composite materials is capital intensive, requiring sophisticated equipment and tight process controls[34]. - The Company believes its manufacturing facilities are in good condition and have the capacity to substantially increase production levels[89]. - The Company collaborates with aerospace OEMs to qualify its composite materials for current and upcoming programs[23]. Environmental and Compliance - The Company believes it is in substantial compliance with applicable environmental laws and does not anticipate making material capital expenditures for environmental control facilities in the near future[49]. - The Company’s composite material products enable aircraft to operate on substantially less fuel, leading to economic savings and reduced carbon emissions[48]. - The Company’s management believes that the ultimate disposition of known environmental matters will not materially affect its financial position[51]. Cybersecurity - The Company has experienced cyber-attacks but none have materially affected its business or financial results[74]. - The Company has a cybersecurity strategy that includes continuous monitoring and adherence to the NIST Cybersecurity Framework[83]. - The Company has not identified any known cybersecurity threats that have materially affected its operations or financial condition[86]. Market and Industry Risks - The Company’s business is dependent on the cyclical nature of the aerospace industry, which can experience downturns affecting demand and prices[64]. - The Company is vulnerable to disruptions in the supply of raw materials, with certain materials produced by only one supplier, which could materially affect operations[62]. - The market price of the Company's securities can fluctuate based on various external factors, including market conditions in the aerospace industry[77]. Management and Workforce - As of March 2, 2025, the Company employed 132 individuals, emphasizing the importance of a skilled and dedicated workforce for its success[44]. - The Company’s success relies on the experience and expertise of its senior management and key technical employees, with potential risks associated with their loss[72]. - The Company engages in product development efforts with OEMs, but there is no guarantee that these efforts will result in sales[68].

Financial Performance - Sales revenue increased by AUD$3.1 million or 49.8% to AUD$9.4 million for the three-month period ended on 31 March 2025, compared to AUD$6.3 million for the same period in 2024[182]. - Gross profit for the three months ended 31 March 2025 was AUD$565,575, a decrease from AUD$603,441 in the same period of 2024[181]. - Operating loss for the three months ended 31 March 2025 was AUD$110,301, compared to an operating profit of AUD$203,445 for the same period in 2024[181]. - The company reported a loss for the period of AUD$630,633 for the three months ended 31 March 2025, compared to a profit of AUD$41,185 for the same period in 2024[181]. - Total comprehensive loss for the three months ended 31 March 2025 was AUD$630,633, compared to total comprehensive income of AUD$41,185 for the same period in 2024[181]. - Total revenues for the three months ended 31 March 2025 increased by AUD$3.1 million or 49.8% to AUD$9.4 million compared to AUD$6.3 million for the same period in 2024[183]. - Total revenues for the nine months ended 31 March 2025 increased by AUD$4.2 million or 16.1% to AUD$30.2 million compared to AUD$26.0 million for the same period in 2024[185]. - The Company incurred a loss after income tax of AUD$630,633 for the three months ended 31 March 2025, compared to a profit of AUD$41,185 for the same period in 2024[201]. - For the nine months ended 31 March 2025, the Company reported a loss of AUD$1,597,298, down from a profit of AUD$2,422,104 in the prior year[201]. Revenue Breakdown - Retail oils represented 50.3% of total revenue for the three months ended 31 March 2025, increasing by AUD$1.9 million or 69.4% compared to the prior period[183]. - High protein meals revenue increased by AUD$0.7 million or 47.8% for the three months ended 31 March 2025, representing 24.3% of total revenue[184]. - Retail oils represented 51.8% of total revenue for the nine months ended 31 March 2025, increasing by AUD$5.7 million or 58.2% compared to the prior period[186]. - Revenue from product sales increased by AUD$3.1 million or 48.9% to AUD$9.4 million for the three months ended 31 March 2025, compared to AUD$6.3 million for the same period in 2024[223]. Expenses - The company’s cost of sales for the three months ended 31 March 2025 was AUD$8,864,653, an increase from AUD$5,692,410 in the same period of 2024[181]. - Cost of sales for the three months ended 31 March 2025 was AUD$8.9 million, an increase of AUD$3.0 million or 55.7% compared to the same period in 2024[189]. - General and administrative expenses increased to AUD$628,578 for the three months ended 31 March 2025, compared to AUD$421,954 for the same period in 2024[181]. - General and administrative expenses for the three months ended 31 March 2025 were AUD$0.6 million, an increase of AUD$0.2 million or 49.0% compared to the same period in 2024[191]. - Finance expenses for the three months ended 31 March 2025 were AUD$471,238, compared to AUD$162,260 for the same period in 2024[181]. - Finance expenses increased by AUD$0.3 million or 190.4% to AUD$0.5 million for the three months ended 31 March 2025, primarily due to asset finance repayments[197]. - Selling and marketing expenses for the three months ended 31 March 2025 increased by AUD$0.06 million or 366.8% compared to the same period in 2024[193]. - Other income for the three months ended 31 March 2025 decreased by AUD$0.01 million or 38.5% compared to the same period in 2024[195]. Cash Flow and Financial Position - As of 31 March 2025, the Company had a net current liability position of AUD$9,622,311, an increase from AUD$6,965,530 as of 30 June 2024[201]. - Cash in hand and at bank increased to AUD$1,435,123 as of 31 March 2025, up from AUD$514,140 as of 30 June 2024[202]. - Net cash used in operating activities was AUD$1,942,969 for the nine months ended 31 March 2025, compared to a cash inflow of AUD$1,259,485 for the same period in 2024[205]. - The Company reported net cash inflows from financing activities of AUD$3,765,870 for the nine months ended 31 March 2025, compared to AUD$2,859,489 in the prior year[208]. - The Company has a total facility loan of AUD$14 million from the Commonwealth Bank of Australia, with AUD$8 million unused as of 31 March 2025[204]. Corporate Developments - The company completed a business combination on March 21, 2024, acquiring Australian Oilseeds Investments Pty Ltd., which is now a wholly-owned subsidiary[166]. - The company’s ordinary shares commenced trading on the Nasdaq under the symbols "COOT" and "COOTW" on March 22, 2024[171]. - Future capital requirements will depend on growth rate, R&D spending, and potential acquisitions, with a projected net profit before tax of AUD$2.4 million from July 2026 to June 2027[215][217]. - As of 31 March 2025, three customers accounted for 57.8% of the Company's accounts receivable balance[238].