Revenue Performance - For the three months ended October 31, 2025, consolidated revenue decreased by $4.8 million, or 1%, compared to the prior year, with Adjusted Revenue of $421.8 million[150][151]. - Research revenue increased by $16.6 million, or 6%, to $278,514 million for the three months ended October 31, 2025, driven by growth in Research Publishing[185]. - Learning revenue decreased by $18.3 million, or 11%, to $143,237 million for the same period, attributed to market-related softness and a decline in print sales[189]. - Revenue for the six months ended October 31, 2025 decreased by $11.9 million, or 1%, compared to the prior year, with a constant currency decrease of 2%[196]. - Research revenue for the six months ended October 31, 2025, increased by $33 million, or 6%, compared to the prior year, with Research Solutions revenue growing by 18%[227]. - Learning revenue decreased by $27.5 million, or 10%, for the six months ended October 31, 2025, compared to the prior year, primarily due to declines in print sales and license revenue[231]. Income and Earnings - Operating income for the same period increased by $8.9 million, or 14%, to $73.0 million, driven by lower operating and administrative expenses[155][164]. - Adjusted EBITDA for the three months ended October 31, 2025, was $115.1 million, reflecting an 8% increase compared to the prior year[155][166]. - US GAAP Income Before Taxes was $58,010 million, an increase from $48,937 million in the same period of 2024, representing a growth of 20%[177]. - Non-GAAP Adjusted Income Before Taxes for the same period was $78,596 million, up from $69,141 million in 2024, reflecting a 14% increase[177]. - Diluted earnings per share increased to $0.84 for the three months ended October 31, 2025, compared to $0.74 in 2024, marking a 14% rise[182]. - Diluted Earnings per Share rose to $1.05 for the six months ended October 31, 2025, up from $0.71 in 2024, marking an increase of 48.6%[224]. Expenses and Cost Management - Operating and administrative expenses decreased by $13.8 million, or 6%, to $225.1 million, primarily due to restructuring and cost savings initiatives[154]. - Operating and administrative expenses decreased by $22.3 million, or 5%, to $465.4 million for the six months ended October 31, 2025[201]. - Interest expense decreased to $11.7 million for the three months ended October 31, 2025, down from $14.5 million in the prior year[169]. - Interest expense decreased to $22.7 million for the six months ended October 31, 2025, down from $27.3 million in the prior year[213]. - The company recorded restructuring and related charges of $6.0 million for the three months ended October 31, 2025, compared to $3.6 million in the prior year[156]. AI and Research Segment - Artificial intelligence (AI) license revenue increased to $6.0 million for the three months ended October 31, 2025, up from $4.0 million in the prior year[150]. - Research AI license revenue reached $4.8 million for the three months ended October 31, 2025, compared to none in the prior year[186]. - AI license revenue increased to $34.9 million for the six months ended October 31, 2025, up from $21 million in the prior year, including $15.7 million from licensed content[196]. - Research AI license revenue surged to $20.7 million for the six months ended October 31, 2025, compared to approximately $1 million in the prior year[228]. - Adjusted EBITDA for the Research segment increased by 14% to $93,280 million on a constant currency basis, driven by higher revenue[187]. - Adjusted Operating Income for the Research segment increased by 18% to $69,961 million for the three months ended October 31, 2025[184]. Tax and Financial Position - The US GAAP Effective Tax Rate increased to 22.6% for the three months ended October 31, 2025, compared to 17.3% in 2024, primarily due to a change in jurisdictional mix of earnings[178]. - The US GAAP Effective Tax Rate decreased to 25.3% for the six months ended October 31, 2025, down from 45.8% in 2024, mainly due to a change in jurisdictional mix of earnings[222]. - The company maintains a strong liquidity position, with operating cash flow and credit facilities expected to meet operational and investment needs over the next twelve months[238]. - As of October 31, 2025, the company had cash and cash equivalents of $67.4 million, with approximately 95% located outside the US[239]. - The company reported approximately $871.7 million of debt outstanding as of October 31, 2025, with $423.5 million of unused borrowing capacity under its Amended and Restated Credit Agreement[241]. Cash Flow and Dividends - For the six months ended October 31, 2025, net cash used in operating activities was $(76.5) million, an improvement from $(94.0) million in the same period of 2024[243]. - Free cash flow less product development spending for the six months ended October 31, 2025 was $(107.9) million, compared to $(130.1) million in the prior year[245]. - Net cash provided by investing activities for the six months ended October 31, 2025 was $72.4 million, a significant increase from net cash used of $(44.5) million in the prior year[252]. - Net cash used in financing activities was $(13.0) million for the six months ended October 31, 2025, compared to net cash provided of $113.1 million in the same period of 2024[253]. - The company increased its quarterly dividend to shareholders to $1.42 per share annualized, up from $1.41 per share in the prior year[254]. Foreign Exchange and Other - Net foreign exchange transaction gains were $1.0 million for the three months ended October 31, 2025, compared to losses of $(3.3) million in the prior year[170][171]. - The company recorded foreign currency translation losses of approximately $(10.0) million for the six months ended October 31, 2025, primarily due to fluctuations in the US dollar relative to the British pound sterling[263]. - Other expense, net was $(2.1) million for the six months ended October 31, 2025, compared to other income, net of $3.0 million in the prior year[220].

Revenue and Financial Performance - Revenue for the fiscal year ended September 30, 2025, increased to $513,024 from $490,739 in the fiscal year ended September 30, 2024, representing a 4.7% increase in RMS revenue and a 4.3% increase in DSA revenue[300] - DSA revenue for the twelve months ended September 30, 2025, was $187,943, an increase of $7,827 or 4.3% compared to the previous year[305] - RMS revenue increased to $325,081 for the fiscal year ended September 30, 2025, representing a growth of $14,458 or 4.7%[308] - The Company reported a consolidated net loss of $68,625 for the twelve months ended September 30, 2025, compared to a net loss of $108,885 for the same period in 2024, reflecting an improvement of 37%[319] - Net loss attributable to common shareholders decreased to $68,625 from $108,445, primarily due to the reduction in operating loss[302] - For the fiscal year ended September 30, 2025, the operating loss was $30,902, a decrease of $55,504 from the operating loss of $86,406 in the previous fiscal year[301] - Operating loss decreased to $30,902 for the fiscal year ended September 30, 2025, from $86,406 in fiscal 2024, representing a reduction of 64.2%[320] Cash Flow and Liquidity - As of September 30, 2025, the company had $21,741 in cash and cash equivalents, with total debt amounting to $402,123[303] - Cash and cash equivalents as of September 30, 2025, were $21,741, slightly up from $21,432 as of September 30, 2024[328] - Net cash used in operating activities was $10,455 for fiscal 2025, compared to $6,805 for fiscal 2024, indicating increased cash outflows[328] - Financing activities generated net cash of $23,701 in fiscal 2025, significantly higher than $9,675 in fiscal 2024, primarily due to proceeds from common share issuance[333] Debt and Financing - The company is exploring potential debt refinancing alternatives with the assistance of Perella Weinberg Partners[304] - The Company is exploring potential debt refinancing alternatives and is in discussions with lenders regarding current business conditions[326] - The Company issued $22,000 in Second Lien Notes and warrants to purchase 3,946,250 shares of common stock for $17,000 in cash and the cancellation of $8,333 of existing notes[341] - The Company issued $140,000 principal amount of Convertible Senior Notes, with an additional $15,000 option exercised by the initial purchaser[385] - The aggregate principal amount of Notes remaining outstanding after cancellations is $131,667[386] - The Company has incurred unamortized debt issuance costs of $2,093 and $3,031 related to the Notes as of September 30, 2025, and 2024, respectively[389] Operational Efficiency and Cost Management - The company achieved approximately $17,000 to $19,000 in net annual cost savings as a result of restructuring and site optimization plans[283] - Phase Two of the site optimization plan is expected to require a capital investment of approximately $6,500 and provide net annual savings of $6,000 to $7,000[284] - The Company plans to optimize capital allocation and improve operating results through increased revenue from NHP-related products and services in fiscal 2026[325] Market and Client Growth - The company anticipates continued growth in its NHP client base and has pre-sold NHP inventory to deliver a more consistent revenue stream[281] - The company is focused on expanding existing client relationships and acquiring new clients, particularly in the DSA segment to serve the emerging biopharmaceutical market[278] Legal and Compliance Matters - The company recorded an $11,000 liability and an insurance recovery receivable of $11,000 as of September 30, 2025, related to proposed settlements of securities class action and derivative lawsuits[293] - The company is in the process of providing notifications regarding a cybersecurity incident that occurred between August 5-8, 2025, with ongoing evaluations of its operational and financial impacts[294] Tax and Accounting - The effective income tax rate increased to 21.8% in fiscal 2025 from 16.7% in fiscal 2024, with income tax benefits recorded of $19,143 and $21,875, respectively[318] - The company uses the asset and liability approach for financial accounting and reporting of income taxes, with deferred income taxes reflecting temporary differences between financial reporting and tax purposes[414] - The company recognizes deferred tax assets only if it believes they are more likely than not to be realized, considering future taxable income and tax-planning strategies[415] Asset Management - Goodwill is reviewed for impairment annually, with an assessment date of September 30, and is not amortized[419] - The company amortizes definite-lived intangible assets over their estimated useful lives, with customer relationships ranging from 5 to 13 years[423] - Long-lived assets are reviewed for impairment whenever events indicate that the carrying amount may not be recoverable, based on future cash flow estimates[424]

Financial Performance - Net Income for Q3 2025 was $14.6 million, or $0.53 per diluted share, down from $19.2 million, or $0.70 per diluted share in Q3 2024[77]. - Net Sales declined 3.2% in Q3 2025, primarily due to a 5.2% decline at the Shoe Carnival banner, while Shoe Station achieved a 5.3% increase in Net Sales[78]. - Comparable stores Net Sales decreased by 2.7%, with Shoe Station growing mid-single digits and Shoe Carnival declining mid-single digits[79]. - Net Sales for third quarter 2025 were $297.2 million, a decrease of $9.7 million, or 3.2%, compared to third quarter 2024, primarily due to a 5.2% decline in Shoe Carnival sales[89]. - Year-to-date 2025 Net Sales were $881.3 million, a decrease of $58.7 million, or 6.2%, compared to year-to-date 2024, with an 8.5% decline in Shoe Carnival sales[94]. Profitability and Margins - Gross Profit margin improved to 37.6%, up 160 basis points from Q3 2024, with Gross Profit increasing to $111.8 million compared to $110.4 million in Q3 2024[80]. - Gross Profit for third quarter 2025 was $111.8 million, with a gross profit margin of 37.6%, an increase of 160 basis points compared to the same quarter in 2024[90]. - Selling, General and Administrative Expenses (SG&A) increased to $93.2 million in third quarter 2025, representing 31.3% of Net Sales, up from 28.0% in the same quarter of 2024[92]. - Operating Income was reduced by approximately $25 million in Fiscal 2025 due to rebannering costs, with an estimated impact of $8.1 million in third quarter 2025 alone[85]. Cash Flow and Capital Expenditures - Cash, Cash Equivalents, and Marketable Securities increased by $16.6 million, or 18.2%, to $107.7 million by the end of Q3 2025[81]. - Cash generated from operating activities was $37.3 million in year-to-date 2025, down from $58.1 million in year-to-date 2024, primarily due to increased inventory purchases[101]. - Capital expenditures for the rebanner initiative totaled approximately $31 million in year-to-date 2025, with expectations of $25 million to $35 million for further expansion by Back-to-School 2026[85][86]. - Capital expenditures for Fiscal 2025 are expected to be between $45 million and $55 million, including approximately $31 million for rebanner capital expenditures[114]. Store Operations and Strategy - The acquisition of Rogan's added 28 physical stores, enhancing market presence in Wisconsin and Minnesota[67]. - Shoe Station stores now account for approximately 34% of the current store fleet, up from 10% at the beginning of Fiscal 2025, with a total of 144 stores as of the end of third quarter 2025[84]. - The company expects to have 215 Shoe Station stores by Back-to-School 2026, representing approximately 51% of the current store base[86]. - The company currently operates 428 stores, with plans to increase to 215 Shoe Station stores by Back-to-School 2026, representing approximately 51% of the current store base[115][116]. - In Fiscal 2025, the company rebannered a total of 72 Shoe Carnival stores and closed 3, resulting in a net decrease to 285 Shoe Carnival stores[115]. - The company expects limited store openings and closures in the near term as it executes its One Banner Strategy and increases scale through acquisitions[115]. Shareholder Returns and Market Risks - The quarterly cash dividend was increased to $0.15 per share in Q3 2025, up from $0.135 per share in Q3 2024, returning $12.6 million to shareholders year-to-date 2025[117]. - A share repurchase program for up to $50 million was authorized, effective January 1, 2025, with no repurchases made to date in Fiscal 2025[118][119]. - The company is exposed to market risk due to variable interest rates under its Credit Agreement, with no borrowings outstanding during year-to-date 2025[123]. - The Credit Agreement permits the payment of dividends and share repurchases, subject to certain covenants and restrictions[120]. Taxation - The effective income tax rate for year-to-date 2025 was 26.2%, compared to 25.5% for year-to-date 2024, influenced by adjustments related to share-settled equity awards[98]. Seasonal Trends - The company has three distinct peak selling periods: Easter, back-to-school, and Christmas, which significantly impact operating results[121].

Financial Performance - Net sales in Q3 2025 increased by 9% to $1.472 billion compared to Q3 2024, with a 34% increase in international channel sales[106] - For the third quarter of 2025, net sales increased by $125 million, or 9%, to $1.472 billion compared to $1.347 billion in the third quarter of 2024[128] - Year-to-date 2025 net sales increased by $160 million, or 4%, to $4.284 billion compared to $4.124 billion in year-to-date 2024[144] - North America year-to-date net sales increased by $58 million, or 3%, to $2.325 billion, despite a decrease in traffic[145] - International year-to-date net sales rose by $124 million, or 22%, to $691 million, driven by increases in sales in China and franchise royalties[147] Operating Income and Expenses - Operating loss improved by $28 million to $19 million in Q3 2025, with the operating loss rate improving to (1.3%) from (3.5%) in Q3 2024[107] - Gross profit for the third quarter of 2025 increased by $68 million to $536 million, with a gross profit rate rising to 36.4% from 34.8%[132] - General, administrative, and store operating expenses increased by $40 million, or 8%, to $555 million, primarily due to higher marketing and store selling expenses[136] - For year-to-date 2025, general, administrative, and store operating expenses increased by $58 million, or 4%, to $1.487 billion compared to year-to-date 2024[152] Sales Performance - Sales per average selling square foot increased by 8% to $137 in Q3 2025 compared to Q3 2024[120] - Comparable sales in North America increased, driven by higher average transaction value and conversion rates[106] - North America store net sales rose by $40 million, or 5%, to $778 million, driven by an increase in average transaction value despite flat overall traffic[129] - International net sales surged by $67 million, or 34%, to $265 million, primarily due to increases in sales in China and sourcing sales to partners[131] Tax and Losses - Adjusted net loss per diluted share was $(0.27) in Q3 2025, compared to $(0.50) in Q3 2024[116] - The effective tax rate for the third quarter of 2025 was 16.0%, down from 21.3% in the third quarter of 2024[139] - The effective tax rate for year-to-date 2025 was (42.9%), a significant increase from (7.8%) in year-to-date 2024, primarily due to additional tax expenses related to share-based compensation[155] Cash Flow and Debt - Net cash used for operating activities in year-to-date 2025 was $174 million, a decrease of $75 million compared to year-to-date 2024, driven by lower net operating cash outflows associated with working capital changes[162] - Net cash used for investing activities year-to-date 2025 was $163 million, consisting solely of capital expenditures related to store capital programs and technology investments[164] - Net cash provided by financing activities year-to-date 2025 was $360 million, primarily from borrowings of $545 million under the ABL Facility[167] - As of November 1, 2025, total long-term debt was $1.347 billion, a decrease from $1.414 billion as of November 2, 2024[173] Capital Expenditures and Investments - The company expects capital expenditures to be approximately $200 million for fiscal year 2025, focusing on store capital programs and technology investments[166] - The company’s investment portfolio primarily consisted of money market funds and bank deposits, with no material risk to principal associated with interest rate changes[195] Compliance and Credit Ratings - The company was in compliance with all covenants under its long-term debt and borrowing facilities as of November 1, 2025[183] - The company's credit ratings as of November 1, 2025, were Ba3 from Moody's and BB from S&P for corporate ratings, with a stable outlook[184] Strategic Focus - The company continues to focus on its strategic plan, including enhancing its Bra Authority and fueling growth in beauty[110] Store Operations - The total number of company-operated stores decreased by 61 to 1,404 as of November 1, 2025, with 12 new stores opened and 26 closed in the U.S.[121] Security Incident - A security incident in May 2025 estimated to have negatively impacted Q2 2025 net sales by approximately $20 million[113] Working Capital and Liquidity - The company had a working capital of $454 million as of November 1, 2025, compared to $260 million as of November 2, 2024[159] - The availability under the ABL Facility was $358 million as of November 1, 2025, down from $533 million as of February 1, 2025[160] Long-term Debt Structure - The principal value of the company's outstanding long-term debt was $984 million as of November 1, 2025, with an estimated fair value of $960 million[197] - The company’s long-term debt includes $375 million under the ABL Facility and $384 million under the Term Loan Facility, both of which have variable interest rates based on Term SOFR[196] - The company amended its ABL Facility, extending the maturity date to May 2030 and reducing the applicable interest rates on borrowings to 1.50%-1.75% for Term SOFR loans and 0.50%-0.75% for alternate base rate loans[178] Accounting Standards - The company is evaluating the impact of recently issued accounting standards on its consolidated financial statements, with no material changes expected from the standards adopted in 2025[186][189]

Exhibit 99.1 Victoria's Secret & Co. Reports Third Quarter 2025 Results and Raises Full Year Guidance Reynoldsburg, Ohio (December 5, 2025)—Victoria's Secret & Co. ("VS&Co" or the "Company") (NYSE: VSCO) today reported financial results for the third quarter ended November 1, 2025. Hillary Super, VS&Co Chief Executive Officer, said, "We delivered a standout third quarter, with outperformance on net sales and earnings per share, exceeding the high-end of our guidance. Net sales increased 9% over last year, d ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For fiscal year ended September 30, 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: 0-25434 Azenta, Inc. (Exact name of Registrant as specified in its charter) Delaware 04-3040660 (State or other jurisdi ...

Revenue Performance - Fourth quarter 2025 revenue reached $1,065.2 million, a 5% increase year-over-year, with organic growth of 3%[3] - Fiscal year 2025 revenue totaled $4.1 billion, up 5% from fiscal 2024, with organic growth of 4%[11] - Fiscal first quarter 2026 revenue guidance is set between $1,019 million and $1,030 million, with organic growth projected at 3% to 4%[13] - Fiscal 2026 total revenue guidance is between $4,299 million and $4,338 million, with organic growth of 4.5% to 5.5%[13] - Total net sales for the three months ended October 31, 2025, were $1,065.2 million, representing a 5% year-over-year increase from $1,018.4 million in the same period of 2024[49] - CooperVision's net sales for the fourth quarter of 2025 were $709.6 million, with an organic growth rate of 3%[51] - CooperSurgical's net sales for the fourth quarter of 2025 were $355.6 million, also reflecting an organic growth rate of 4%[51] Earnings and Profitability - Fourth quarter 2025 non-GAAP diluted EPS was $1.15, an 11% increase year-over-year, while GAAP diluted EPS was $0.43, down 27%[3] - GAAP net income for the three months ended October 31, 2025, was $84.6 million, with an EPS of $0.43, compared to $117.5 million and $0.58 EPS for the same period in 2024, representing a decrease of 28.0% in net income[25] - Non-GAAP net income for the twelve months ended October 31, 2025, was $826.5 million, with an EPS of $4.13, compared to $740.5 million and $3.69 EPS for the same period in 2024, indicating an increase of 11.6% in net income[25] - The company reported a net income of $374.9 million for the year ended October 31, 2025, down from $392.3 million in 2024, a decrease of about 4.3%[49] - Diluted earnings per share for the year ended October 31, 2025, were $1.87, compared to $1.96 in 2024, representing a decline of approximately 4.6%[49] - Gross profit for the year ended October 31, 2025, was $2,682.1 million, up from $2,595.7 million in 2024, indicating a growth of approximately 3.4%[49] Share Repurchase and Cash Flow - The company repurchased $197.3 million of common stock in Q4 2025, with a total of $290.1 million repurchased for the fiscal year[13] - The Board of Directors expanded the share repurchase program by $1 billion, bringing total authorization to $2 billion[13] - The company expects free cash flow to exceed $2.2 billion from 2026 to 2028, supporting share repurchases and strategic investments[2] Charges and Expenses - Total charges related to acquisition and integration for the three months ended October 31, 2025, amounted to $15.7 million, compared to $7.2 million in the same period of 2024, reflecting a 118.1% increase[25] - The company incurred $24.6 million in exit of business charges for the three months ended October 31, 2025, while no such charges were recorded in the same period of 2024[25] - The company reported a total of $451.6 million in total charges for the twelve months ended October 31, 2025, compared to $348.2 million in 2024, marking a 29.7% increase[25] - Research and development expenses for the year ended October 31, 2025, totaled $172.2 million, compared to $155.1 million in 2024, reflecting an increase of 11%[49] Market Presence and Future Outlook - The company is focused on expanding its market presence through acquisitions, specifically mentioning the obp Surgical and Cook Medical integration efforts[28] - Future guidance for fiscal year 2026 includes anticipated growth in revenues and expected savings from ongoing reorganization activities[40] - The company has a workforce of over 15,000 and sells products in over 130 countries, positively impacting over fifty million lives each year[39] Balance Sheet - Total assets as of October 31, 2025, were $12,394.8 million, a slight increase from $12,315.2 million as of October 31, 2024[47] - Total liabilities decreased to $4,155.7 million as of October 31, 2025, from $4,231.6 million in 2024, a reduction of about 1.8%[47] Other Considerations - The company emphasized the importance of ongoing research and development activities and the potential impact of environmental regulations on future operations[43]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 30, 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: 001-42661 Armada Acquisition Corp. II (Exact name of registrant as specified in its charter) Cayman Islands 98-181589 ...

Revenue Growth - Income from operations increased by 35% to $8.9 million in the NRS segment, with recurring revenue rising 22% to $35.3 million[2] - Fintech segment total revenue grew by 15% to $42.7 million, with income from operations nearly doubling, up 97% to $6.4 million[2] - net2phone subscription revenue increased by 10% to $23.0 million, contributing to a 94% rise in income from operations to $1.9 million[2] - Consolidated revenue for IDT Corporation rose by 4% to $322.8 million, with gross profit increasing by 10% to $118.2 million[2] - BOSS Money digital revenue increased by 20% to $27.9 million, with total Fintech segment revenue reaching $42.7 million[12] - NRS total revenue for 1Q26 was $37.1 million, up from $30.4 million in 1Q25, representing a growth of 22% in recurring revenue[58] - NRS total revenue for the trailing twelve months (TTM) was $135.5 million[58] Profitability - Adjusted EBITDA for IDT Corporation grew by 26% to $37.9 million, reflecting strong performance across segments[2] - Net income attributable to IDT Corporation was $22.4 million in the three months ended October 31, 2025, compared to $17.2 million in the same period last year[36] - Earnings per share attributable to IDT Corporation common stockholders was $0.89 for both basic and diluted shares in 1Q26[36] - Net income for the three months ended October 31, 2025, was $24,096,000, an increase of 30.0% compared to $18,483,000 for the same period in 2024[38] - Adjusted EBITDA for 1Q26 was $37,900,000, reflecting a 25.0% increase from $30,000,000 in 1Q25[40] - Non-GAAP net income for 1Q26 was $23.6 million, up from $18.1 million in 1Q25, indicating a year-over-year increase of about 30.4%[57] - Basic earnings per share for 1Q26 were $0.89, compared to $0.68 in 1Q25, representing a growth of approximately 30.9%[57] Cash Flow and Capital Expenditures - IDT's cash and cash equivalents totaled $220.0 million as of October 31, 2025, with current assets at $550.5 million and current liabilities at $305.4 million[19] - Net cash used in operating activities in 1Q26 was $10.1 million, a decline attributed to working capital timing[20] - Capital expenditures increased to $5.8 million in 1Q26 from $5.3 million in 1Q25[21] - Cash, cash equivalents, and restricted cash at the end of the period were $313,166,000, down from $341,832,000 at the beginning of the period, representing a decrease of 8.5%[38] - Capital expenditures for the three months ended October 31, 2025, were $5,821,000, compared to $5,278,000 in the same period of 2024, indicating an increase of 10.3%[38] - Net cash used in operating activities was $(10,140,000) for the three months ended October 31, 2025, compared to $164,000 for the same period in 2024[38] Strategic Initiatives - The company plans to introduce the first generation of the BOSS Wallet, enhancing customer engagement and rewards[6] - In 1Q26, net2phone launched its AI coaching agent, Coach, following the first sales of its AI agent[17] - The company aims to enhance transparency in financial reporting by providing non-GAAP measures that reflect core operational strengths[45] - The company revised its non-GAAP Adjusted EBITDA definition to exclude non-cash compensation expense, enhancing comparability with peers[39] Operational Metrics - The average recurring revenue per terminal in the NRS segment rose by 6% to $313, driven by increased utilization of premium services[10] - Digital channel send volume for BOSS Money increased by 34% year-over-year, indicating strong transaction growth[13] - Customer funds deposits increased to $10,608,000 in 1Q26 from $2,810,000 in 1Q25, showing significant growth[38] - The number of seats served in net2phone's cloud communications offerings is a strong indicator of top-line growth and performance[60] - BOSS Money's digital send volume is a key operational metric for evaluating the performance of the digital remittance channel[62] Shareholder Returns - IDT Corporation repurchased 158 thousand shares of common stock for $7.6 million during the quarter[2] - The Board of Directors declared a quarterly cash dividend of $0.06 per share, payable on December 23, 2025[24] Performance Metrics - The 'Rule of 40' score for NRS is calculated by adding the growth rate of recurring revenue to the Adjusted EBITDA margin, indicating a balance between growth and profitability[52] - IDT's Adjusted EBITDA margin for 1Q26 was approximately 39.9%, calculated as Adjusted EBITDA divided by GAAP revenue[56] - NRS' 'Rule of 40' score was 50% for 1Q26, indicating a strong balance between growth and profitability[58] - Adjusted net cash provided by operating activities (non-GAAP) for 1Q26 was $(22.7) million, compared to $(2.6) million in 1Q25[59]

Financial Performance - For the three months ended October 31, 2025, total revenues decreased by 2.3% to $251.2 million compared to $257.0 million for the same period in 2024 [103]. - Revenues from the Power Industry Services segment decreased by 7.8% to $195.5 million, representing approximately 77.8% of consolidated revenues for the quarter [104]. - The Industrial Construction Services segment saw a revenue increase of 19.4%, reaching $49.4 million for the three months ended October 31, 2025 [106]. - The net income for the three months ended October 31, 2025, was $30.7 million, reflecting a 9.7% increase from $28.0 million in the same period of 2024 [103]. - The diluted earnings per share increased by 8.5% to $2.17 for the three months ended October 31, 2025, compared to $2.00 for the same period in 2024 [103]. - For the nine months ended October 31, 2025, consolidated revenues were $682.6 million, a 6.4% increase from $641.7 million in 2024 [114]. - Power Industry Services revenues increased by 11.4%, or $56.7 million, to $552.8 million for the nine months ended October 31, 2025, representing 81.0% of consolidated revenues [115]. - Industrial Construction Services revenues decreased by 14.9%, or $20.1 million, to $114.6 million for the nine months ended October 31, 2025, representing 16.8% of consolidated revenues [117]. - Telecommunications Infrastructure Services revenues for the nine-month period ended October 31, 2025, were $15.1 million, an increase of 38.8% from $10.9 million in 2024 [119]. - Consolidated gross profit for the three months ended October 31, 2025, was approximately $46.9 million, with a gross profit percentage of 18.7%, compared to $44.3 million and 17.2% for the same period in 2024 [109]. - Consolidated gross profit for the nine months ended October 31, 2025, was approximately $128.1 million, with a gross profit percentage of 18.8%, compared to $93.4 million and 14.6% in 2024 [121]. - For the three months ended October 31, 2025, EBITDA was $40.3 million, compared to $37.5 million for the same period in 2024, reflecting a year-over-year increase of 4.8% [148]. - For the nine months ended October 31, 2025, EBITDA was $106.8 million, up from $74.2 million in 2024, representing a year-over-year increase of 43.8% [148]. - Net income for the nine months ended October 31, 2025, was $88.6 million, a 63.7% increase from $54.1 million in 2024 [114]. Project Backlog and Future Opportunities - As of October 31, 2025, the consolidated project backlog amounts to $3.0 billion, significantly up from $1.4 billion on January 31, 2025, primarily driven by the Power Industry Services segment [89]. - The Industrial Construction Services segment's project backlog increased to approximately $158.8 million as of October 31, 2025, up from $53.2 million on January 31, 2025 [102]. - The company is committed to constructing state-of-the-art natural gas-fired power plants, targeting opportunities in the U.S., Ireland, and the U.K. [91]. - The company has received full notice to proceed for multiple significant projects, including an 860 MW natural gas-fired power plant and a 1.4 GW combined-cycle natural gas-fired power plant, both expected to begin construction in the fourth quarter of Fiscal 2026 [92][93]. Cash and Financial Position - As of October 31, 2025, cash and cash equivalents were $306.3 million, an increase of $161.0 million from January 31, 2025 [126]. - The company is in compliance with the financial covenants of its Credit Agreement as of October 31, 2025 [138]. - The company has no remaining cash investment commitments related to solar tax credit entities as of October 31, 2025 [143]. - A loan of $5.0 million was funded to support the development phase of a natural gas-fired power plant, which remains outstanding as of October 31, 2025 [145]. Expenses and Market Risks - Selling, General and Administrative Expenses were $14.3 million for the three months ended October 31, 2025, representing 5.7% of consolidated revenues, compared to $14.0 million and 5.4% in 2024 [110]. - Recent changes in U.S. trade policy may introduce cost and supply chain uncertainties, particularly affecting construction materials and equipment, which could impact project costs and timelines [87]. - There have been no material changes in the company's exposure to market risk during the nine months ended October 31, 2025 [151]. Contributions and Tax Credits - The company made cash contributions of $11.5 million to solar tax credit entities during the nine months ended October 31, 2025 [143]. - The company believes that EBITDA is a meaningful measure for assessing operating performance, although it is not calculated in accordance with U.S. GAAP [146].