Financial Performance - Net income for the three-month period ended May 3, 2025, was $100.8 million, an increase from $78.5 million in the same period last year, driven by higher sales and increased gross margin rate [108]. - Adjusted Net Income rose by $15.8 million to $102.6 million compared to the prior year, primarily due to higher sales and improved gross margin rate [115]. - Adjusted EBIT increased by $16.9 million to $146.3 million for the three months ended May 3, 2025, compared to the same period in the prior year [121]. - Adjusted EBITDA rose by $26.7 million to $238.1 million for the three months ended May 3, 2025, driven by higher sales and increased gross margin rate [121]. - Net sales improved by approximately $142.8 million, or 6.1%, to $2,500.1 million during the first quarter of Fiscal 2025, primarily due to net sales from 94 new stores opened since the end of the first quarter of Fiscal 2024 [136]. - Comparable store sales were flat at 0% for the three months ended May 3, 2025, compared to a 2% increase for the same period in the prior year [126]. - Gross margin as a percentage of net sales increased to 43.8% during the three months ended May 3, 2025, compared to 43.5% for the same period in the prior year [128]. - Income tax expense was $32.0 million for the first quarter of Fiscal 2025, with an effective tax rate of 24.1%, down from 28.4% in the prior year [147]. Store Operations and Expansion - The company opened 14 new stores during the three-month period, bringing the total store count to 1,115 as of May 3, 2025 [95]. - The company plans to average about 100 net new stores per year, targeting a total of 500 net new stores over the five-year period from Fiscal 2024 through Fiscal 2028 [100]. - The company aims to operate 2,000 stores in the long term, identifying numerous market opportunities for expansion [100]. - The company opened 14 new stores and closed three stores during the three-month period ended May 3, 2025, bringing the total store count to 1,115, with plans to open approximately 100 net new stores in Fiscal 2025 [167]. Inventory and Cash Flow - Inventory increased to $1,315.3 million as of May 3, 2025, compared to $1,140.8 million at May 4, 2024, primarily due to an increase in reserve inventory and new store openings [130]. - Cash and cash equivalents decreased by $623.6 million during the three months ended May 3, 2025, compared to a decrease of $183.0 million during the same period in the prior year [133]. - Cash used during the three-month period ended May 3, 2025, was $623.6 million, compared to $183.0 million for the same period in 2024, indicating a significant increase in cash outflow [154]. - Net cash used in operating activities was $28.9 million for the three-month period ended May 3, 2025, down from a net cash provided of $49.4 million in the same period in 2024, primarily due to changes in working capital [155]. - Net cash used in investing activities increased to $412.7 million for the three-month period ended May 3, 2025, compared to $165.5 million in the same period in 2024, driven by higher capital expenditures related to supply chain costs and store openings [156]. - Net cash used in financing activities was $182.0 million during the three-month period ended May 3, 2025, up from $66.9 million in the same period in 2024, mainly due to the settlement of the 2025 Convertible Notes and increased treasury stock repurchases [157]. - Capital expenditures for the three-month period ended May 3, 2025, amounted to $412.2 million, with an estimated total of approximately $950 million planned for Fiscal 2025 [159][160]. Economic and Market Conditions - General economic conditions, including inflation and consumer spending habits, remain a challenge, particularly affecting low-income shoppers, the company's core customer base [99]. - The company anticipates increased competition in the retail sector, necessitating continued differentiation from competitors through brand-name merchandise at discounted prices [104]. - The company acknowledges risks related to general economic conditions, including inflation and political situations, which may impact consumer confidence and spending [186]. - The company highlights the importance of adapting to changing consumer preferences and demand as a key factor for future growth [186]. Operational Challenges and Strategies - The company is focusing on driving comparable store sales growth by effectively chasing sales trends and operating with leaner inventories [96]. - The company expects to carry less inventory compared to historical levels, which should lead to faster inventory turns and lower markdowns [96]. - The company is investing in merchandising capabilities, including training, improved tools, and incremental headcount to strengthen vendor relationships and better forecast sales trends [97]. - The company is focused on optimizing existing stores and maintaining favorable lease terms to enhance operational efficiency [186]. - The company faces challenges related to labor costs and the ability to attract and retain quality employees, which are critical for sustaining growth [186]. - The company is subject to risks from disruptions in its distribution network and the need to protect its information systems against cyber-related attacks [186]. - The company notes that its advertising and marketing programs are essential for generating customer traffic and brand awareness [186]. Debt and Financial Commitments - As of May 3, 2025, total debt obligations included $1,236.1 million under the Term Loan Facility and $297.1 million of 2027 Convertible Notes [168]. - The company has $1,980.1 million in purchase commitments related to goods not received as of May 3, 2025, and $4,703.8 million in future minimum lease payments under operating leases [182]. - The 2027 Convertible Notes bear interest at a rate of 1.25% per year and may be converted into common stock, with an initial conversion price of approximately $205.93 per share [178][179]. - The company has authorized a share repurchase program of up to $1 billion, with $157.9 million remaining under the current authorization as of May 3, 2025 [161][162]. Forward-Looking Statements and Risks - The company emphasizes that past financial performance should not be relied upon as an indication of future performance due to various unpredictable factors [187]. - The company will not publicly update or revise forward-looking statements unless required by law, indicating a cautious approach to future projections [187]. - The company has no material changes in its quantitative and qualitative disclosures about market risk from those included in the Fiscal 2024 10-K [189]. - The company is committed to complying with increasingly rigorous privacy and data security regulations, which are vital for maintaining customer trust [186].

Technology and Production - Loop Industries has successfully operated its Terrebonne, Québec depolymerization production facility for the past five years, demonstrating the effectiveness of its technology and supplying Loop PET resin and polyester fiber to customers [220]. - The planned production capacity of the Infinite Loop™ manufacturing facility in India is 70,000 tons per year of Loop branded PET resin and polyester fiber [221]. - The Infinite Loop™ Technology is positioned to respond to the global transition towards a circular economy, allowing for the recycling of waste polyester that would otherwise be disposed of [224]. - The modular construction strategy aims to reduce overall capital expenditures and operating expenses while improving project timelines [234]. - The Company plans to continue the commercialization of its Infinite Loop™ Technology and execute partnerships and commercial agreements with customers [295]. Financial Performance - Revenues for the three-month period ended February 28, 2025 increased to $10,809 from $45 for the same period in 2024, primarily driven by $10,395 in licensing revenue [258]. - For the fiscal year ended February 28, 2025, revenues increased to $10,889 from $153 in 2024, with significant contributions from licensing revenue and engineering fees [267]. - Net income for the three-month period ended February 28, 2025 was $6,882, an increase of $11,973 compared to a net loss of $5,091 for the same period in 2024 [263]. - The net loss for the fiscal year ended February 28, 2025 decreased to $15,057 from $21,087 in 2024, driven by increased revenues and decreased expenses [272]. - The company reported a net loss of $15,057,000 for the year ended February 28, 2025, compared to a net loss of $21,087,000 for the previous year [349]. Expenses and Cost Management - Research and development expenses decreased to $1,306 for the three-month period ended February 28, 2025, down from $3,018 in the same period in 2024, mainly due to a reduction in plant and laboratory operating expenses [259]. - General and administrative expenses for the three-month period ended February 28, 2025 decreased to $1,574 from $2,221 for the same period in 2024, attributed to lower employee compensation and insurance expenses [261]. - Research and development expenses for the fiscal year ended February 28, 2025 decreased significantly to $6,864 from $11,379 in 2024, reflecting a shift towards large-scale commercial manufacturing [268]. - General and administrative expenses for the fiscal year ended February 28, 2025 decreased to $9,228 from $9,988 in 2024, primarily due to reduced insurance and employee compensation expenses [269]. - The Company incurred total expenses of $25.076 million for the year ended February 28, 2025, compared to $21.902 million in the prior year [339]. Cash Flow and Liquidity - The company had cash and cash equivalents of $12,973 as of February 28, 2025, indicating a liquidity position subject to risks and uncertainties [273]. - Net cash used in operating activities decreased to $2,121 for the year ended February 28, 2025, compared to $18,046 for the previous year, attributed to increased revenues and decreased operating expenses [291]. - The Company requires capital to fund its equity contributions to the India JV for the construction of the planned Infinite Loop™ facility in India [359]. - The Company has incurred net losses and negative cash flow from operating and investing activities since its inception, expecting additional net losses as it advances its commercialization efforts [298]. - The Company has determined that current available liquidity will be sufficient to meet its obligations for at least twelve months from the issuance date of the financial statements [358]. Investments and Joint Ventures - Loop received an initial down payment of €10 million for its first technology license sold to Reed Societe Generale Group, with additional milestone payments expected as the project advances [221]. - The total funding required for the India JV is expected to be financed by a combination of debt and equity capital, with Loop and Ester each contributing 50% of the equity capital [248]. - The Company invested $1,954 in its joint venture in India during the year ended February 28, 2025, with total net cash used in investing activities amounting to $2,036 [292]. - The company has a 50% interest in two joint ventures, Indorama Loop Technologies, LLC and Ester Loop Infinite Technologies Private Limited, accounted for under the equity method [353]. Assets and Liabilities - Total current assets increased to $13.852 million as of February 28, 2025, up from $7.988 million as of February 29, 2024 [337]. - The total liabilities as of February 28, 2025, were $18.211 million, a significant increase from $6.411 million the previous year [337]. - Cash and cash equivalents increased to $12,973 million as of February 28, 2025, compared to $6,958 million as of February 29, 2024 [337]. - The accumulated deficit as of February 28, 2025, amounted to $192.027 million, an increase from $176.970 million the previous year [337]. Research and Development - Research and development expenses are primarily related to process development, customer trials, and machinery expenditures, and are charged to expense as incurred [377]. - The Company is eligible for reimbursable Provincial research and development tax credits, which are recorded as a reduction of research and development expenses [381]. - The company recorded research and development tax credits of $85 million for the year ended February 28, 2025, down from $263 million in 2024 [407]. Intellectual Property - The company is focused on protecting its intellectual property and limiting expenses to optimize its liquidity position [303]. - As of February 28, 2025, the net value of patents increased to $1.708 billion from $1.548 billion in 2024, reflecting a growth of approximately 10.3% [415]. - The total cost of patents at the end of 2025 was $2.446 billion, up from $1.996 billion at the end of 2024, indicating an increase of 22.5% [415]. - The company continued to develop the Infinite Loop™ technology and filed various patents globally during the fiscal year ending February 28, 2025 [415].

IPO and Business Combination - The company completed its Initial Public Offering on November 5, 2021, raising gross proceeds of $115 million from the sale of 11,500,000 Units at $10.00 per Unit[176]. - The Flybondi Business Combination Agreement was entered into on October 19, 2023, with a total consideration of up to $300 million, valued at $10.00 per share[183][187]. - The company plans to merge with Merger Sub, with each issued and outstanding security being converted into a substantially equivalent security of FB Parent[186]. - The company held a special meeting on March 28, 2025, where stockholders approved the Business Combination Agreement and related proposals[187]. - The company has until November 5, 2025, to consummate a Business Combination, after which a mandatory liquidation will occur if not completed[210]. Financial Performance - As of March 31, 2025, the company had not commenced any operations and generated no revenues, with a net loss of $563,289 for the three months ended March 31, 2025, compared to a net loss of $260,035 for the same period in 2024[196][197]. - The company had $81,141 in its operating bank account and a working capital deficit of $8,933,445 as of March 31, 2025[199]. Stockholder Actions - Stockholders redeemed 348,502 shares of Class A Common Stock for approximately $3.94 million at a redemption price of about $11.31 per share[190]. - The company extended its Combination Period from November 5, 2024, to November 5, 2025, with stockholders redeeming 835,672 Public Shares for approximately $9.54 million[193]. - The company may seek further extensions of the Combination Period, which would require stockholder approval and could decrease the amount held in the Trust Account[194]. Trust Account and Financing - An aggregate of $21,760 has been deposited into the Trust Account to extend the Combination Period to June 5, 2025[180]. - The company issued the First Extension Promissory Note for up to $630,000 and agreed to make monthly deposits of $105,000 into the Trust Account until November 3, 2023[201]. - The company issued the Second Extension Promissory Note for up to $359,503 and will continue to deposit $29,959 into the Trust Account until November 5, 2024[203]. - The company issued the Third Extension Promissory Note for up to $130,561 and will deposit $10,880 into the Trust Account until November 5, 2025[204]. - The company has deposited an aggregate of $1,043,903 to fund the Trust Account under the Extension Promissory Notes through March 31, 2025[205]. - The company issued the 2023 Promissory Note for up to $1,500,000, which may be converted into warrants at a price of $1.00 per warrant[207]. - The company issued the 2024 Promissory Note for up to $3,000,000, with $759,493 owed as of March 31, 2025[208]. Regulatory and Market Status - The uncertain tax position related to the deduction of start-up and operating costs was resolved, with the company reporting $0 and $371,214 for this uncertainty as of March 31, 2025, and December 31, 2024, respectively[181]. - The company’s securities were delisted from Nasdaq and are now quoted on the OTC Pink Market under the symbols "INTE," "INTEW," and "INTEU"[182]. - Prior to the Initial Public Offering, the company satisfied liquidity needs through a loan of $252,950 and the issuance of 2,875,000 Class B Common Stock for gross proceeds of $25,000[200].

IPO and Fundraising - The company completed its Initial Public Offering on November 5, 2021, raising gross proceeds of $115 million from the sale of 11,500,000 Units at $10.00 per Unit[176]. - The Anchor Investors purchased approximately $60.8 million of Units in the Initial Public Offering, with no obligation to vote in favor of the initial Business Combination[215]. Business Combination - The Flybondi Business Combination Agreement was entered into on October 19, 2023, with a total consideration of up to $300 million, valued at $10.00 per share[183][187]. - The company held a special meeting on March 28, 2025, where stockholders approved the Business Combination Agreement and related proposals[187][189]. - The Flybondi Business Combination includes a merger where the company will continue as a wholly-owned subsidiary of FB Parent, with all outstanding securities converted into FB Parent securities[186]. - The company may seek further extensions of the Combination Period, which would require stockholder approval and could decrease the amount held in the Trust Account[194]. Financial Performance - As of March 31, 2025, the company had not commenced any operations and generated no revenues, with a net loss of $563,289 for the three months ended March 31, 2025, compared to a net loss of $260,035 for the same period in 2024[196][197]. - The company reported operating costs of $588,285 and a provision for income tax of $11,342 for the three months ended March 31, 2025[197]. - As of March 31, 2025, the company had $81,141 in its operating bank account and a working capital deficit of $8,933,445[199]. - Total administrative fees for the three months ended March 31, 2025, were $60,000, with $120,000 reported as due to the Sponsor[212]. Trust Account and Extensions - An aggregate of $21,760 has been deposited into the Trust Account to extend the Combination Period to June 5, 2025[180]. - The company extended its Combination Period from November 5, 2024, to November 5, 2025, with stockholders redeeming 835,672 Public Shares for approximately $9.54 million[193]. - The company issued the First Extension Promissory Note for up to $630,000 and agreed to make monthly deposits of $105,000 into the Trust Account until November 3, 2023[201]. - The company has deposited an aggregate of $1,043,903 to fund the Trust Account under the Extension Promissory Notes through March 31, 2025[205]. Going Concern - The company faces substantial doubt about its ability to continue as a going concern if it cannot complete a Business Combination by November 5, 2025[210]. Securities and Listings - The company’s securities were delisted from Nasdaq and are now quoted on the OTC Pink Market under the symbols "INTE," "INTEW," and "INTEU"[182]. - The company has no long-term debt obligations or capital lease obligations[211].

Financial Performance - Consolidated net sales for the first six months of fiscal 2025 increased by 15% to a record $2,128.0 million, compared to $1,851.8 million in the same period of fiscal 2024[80] - The Flight Support Group (FSG) net sales rose by 17% to $1,480.2 million, while the Electronic Technologies Group (ETG) net sales increased by 11% to $672.5 million[80] - Consolidated gross profit margin improved to 39.6% in the first six months of fiscal 2025, up from 38.8% in the same period of fiscal 2024[81] - Consolidated operating income increased by 22% to a record $475.0 million in the first six months of fiscal 2025, compared to $389.4 million in the same period of fiscal 2024[85] - Net income attributable to HEICO increased by 37% to a record $324.7 million, or $2.31 per diluted share, in the first six months of fiscal 2025[92] - Consolidated net sales in the second quarter of fiscal 2025 increased by 15% to a record $1,097.8 million, compared to $955.4 million in the second quarter of fiscal 2024[93] - Consolidated operating income increased by 19% to a record $248.2 million in Q2 fiscal 2025, up from $209.2 million in Q2 fiscal 2024[97] - Net income attributable to HEICO increased by 27% to $156.8 million, or $1.12 per diluted share, in Q2 fiscal 2025, compared to $123.1 million, or $0.88 per diluted share, in Q2 fiscal 2024[104] Expenses and Costs - Consolidated SG&A expenses were $368.5 million in the first six months of fiscal 2025, up from $329.2 million in the same period of fiscal 2024[82] - Interest expense decreased to $65.3 million in the first six months of fiscal 2025, down from $77.1 million in the same period of fiscal 2024[87] - Total new product research and development expenses were $56.3 million in the first six months of fiscal 2025, up from $53.0 million in the same period of fiscal 2024[81] Tax and Cash Flow - The effective tax rate decreased to 14.4% in the first six months of fiscal 2025, down from 16.9% in the same period of fiscal 2024[89] - Effective tax rate decreased to 21.0% in Q2 fiscal 2025, down from 21.2% in Q2 fiscal 2024[102] - Net cash provided by operating activities increased by 61% to $407.7 million in the first six months of fiscal 2025, up from $252.8 million in the same period of fiscal 2024[109] - Net cash used in investing activities totaled $339.8 million in the first six months of fiscal 2025, primarily for acquisitions of $286.2 million[111] Capital Expenditures and Debt - Anticipated capital expenditures for fiscal 2025 are approximately $65 to $70 million[106] - Total debt to shareholders' equity ratio was 56.5% as of April 30, 2025[106] Market Outlook and Challenges - Company remains confident in achieving net sales growth across both FSG and ETG segments, driven by strong organic demand[105] - The company faces challenges from public health threats, such as the COVID-19 pandemic, which could impact liquidity and cash generation[127] - Lower commercial air travel and airline purchasing decisions may lead to decreased demand for the company's goods and services[127] - Governmental and regulatory demands, along with reductions in defense and space spending, could negatively affect sales[127] - The ability to introduce new products at profitable pricing levels is crucial for maintaining sales growth[127] - Product development and manufacturing difficulties may increase costs and delay sales[127] - Cybersecurity events could adversely impact the company's business operations[127] - The company must navigate acquisition processes, including obtaining governmental approvals, to achieve operating synergies[127] - There have been no material changes in the company's sensitivity to market risk as disclosed in the previous annual report[128]

Financial Performance - Consolidated net sales for the first six months of fiscal 2025 increased by 15% to a record $2,128.0 million, up from $1,851.8 million in the same period of fiscal 2024[80] - The Flight Support Group (FSG) net sales increased by 17% to $1,480.2 million, while the Electronic Technologies Group (ETG) net sales increased by 11% to $672.5 million[80] - Consolidated gross profit margin improved to 39.6% in the first six months of fiscal 2025, up from 38.8% in the same period of fiscal 2024[81] - Consolidated operating income increased by 22% to a record $475.0 million in the first six months of fiscal 2025, compared to $389.4 million in the same period of fiscal 2024[85] - Net income attributable to HEICO increased by 37% to a record $324.7 million, or $2.31 per diluted share, in the first six months of fiscal 2025[92] - Consolidated operating income increased by 19% to a record $248.2 million in Q2 fiscal 2025, up from $209.2 million in Q2 fiscal 2024[97] - Net income attributable to HEICO increased by 27% to $156.8 million, or $1.12 per diluted share, in Q2 fiscal 2025, compared to $123.1 million, or $0.88 per diluted share, in Q2 fiscal 2024[104] Expenses and Costs - Consolidated SG&A expenses were $368.5 million in the first six months of fiscal 2025, up from $329.2 million in the same period of fiscal 2024[82] - Total new product research and development expenses were $56.3 million in the first six months of fiscal 2025, up from $53.0 million in the same period of fiscal 2024[81] - Consolidated SG&A expenses as a percentage of net sales improved to 17.3% in the first six months of fiscal 2025, down from 17.8% in the same period of fiscal 2024[83] - Interest expense decreased to $65.3 million in the first six months of fiscal 2025, down from $77.1 million in the same period of fiscal 2024[87] Tax and Cash Flow - The effective tax rate decreased to 14.4% in the first six months of fiscal 2025, down from 16.9% in the same period of fiscal 2024[89] - Effective tax rate decreased to 21.0% in Q2 fiscal 2025, down from 21.2% in Q2 fiscal 2024[102] - Net cash provided by operating activities increased by 61% to $407.7 million in the first six months of fiscal 2025, up from $252.8 million in the same period of fiscal 2024[109] - Net cash used in investing activities totaled $339.8 million in the first six months of fiscal 2025, primarily for acquisitions[111] Future Outlook and Challenges - Anticipated capital expenditures for fiscal 2025 are approximately $65 to $70 million[106] - Total debt to shareholders' equity ratio was 56.5% as of April 30, 2025[106] - Company remains confident in achieving net sales growth across both FSG and ETG segments, driven by strong organic demand[105] - The company faces challenges from public health threats, such as the COVID-19 pandemic, which could impact liquidity and cash generation[127] - Lower commercial air travel and airline purchasing decisions may lead to decreased demand for the company's goods and services[127] - Governmental and regulatory demands, along with reductions in defense and space spending, could negatively affect sales[127] - The ability to introduce new products at profitable pricing levels is crucial for maintaining sales growth[127] - Product development and manufacturing difficulties may increase costs and delay sales[127] - Cybersecurity events could adversely impact the company's business operations[127] - The company must navigate acquisition processes, including obtaining governmental approvals, to achieve operating synergies[127] - There have been no material changes in the company's sensitivity to market risk as disclosed in the Annual Report for the year ended October 31, 2024[128]

Revenue and Financial Performance - The company generated nominal revenues primarily from leisure travel bookings, including airline tickets, hotel rooms, and cruises[201]. - Revenue for the year ended February 28, 2025, was $501,423, an increase of $42,671 or 9% compared to $458,752 in 2024[239]. - Cost of revenue increased by $100,589 or 25% to $498,121 for the year ended February 28, 2025, compared to $397,532 in 2024[240]. - Operating expenses totaled $7,416,731 for the year ended February 28, 2025, an increase of $1,676,154 or 29% from $5,740,577 in 2024[241]. - Net loss from continuing operations was $10,121,038 for the year ended February 28, 2025, compared to a net loss of $6,656,837 in 2024[253]. - Net loss applicable to common shareholders totaled $10,198,684 for the year ended February 28, 2025, compared to $7,339,276 in 2024[255]. Cash Flow and Liquidity - As of February 28, 2025, the company had $1,062,367 in cash and an accumulated deficit of $34,349,823[258]. - Net cash used in operating activities from continuing operations was $5,088,498 for the year ended February 28, 2025, an increase of $32,403 or 0.6% from $5,056,095 in 2024[267]. - The company estimates it will require a minimum of $5.5 million to continue operations for the next twelve months[265]. - Net cash used in investing activities for the year ended February 28, 2025, was $(1,033,751), a decrease of $2,014,687 compared to net cash provided by investing activities of $980,936 in 2024[271]. - Net cash provided by financing activities for the year ended February 28, 2025, was $6,852,467, an increase from $4,791,804 in 2024[272]. Operational Developments - NextTrip's travel booking platform is powered by the proprietary NXT2.0 engine, offering extensive inventory for leisure, group, and business travelers[198]. - NextTrip's acquisition of Five Star Alliance provides access to over 5,000 luxury hotel properties worldwide, enhancing its luxury travel offerings[199]. - The company aims to integrate its Media and Travel divisions to enhance revenue generation, with advertising revenue expected to become a key driver of higher-margin income[201]. - NextTrip's media properties, including Travel Magazine and Journy.tv, are expected to drive high-intention traffic into the booking funnel, constituting a separate high-margin advertising revenue stream over time[198]. - The company is in the early stages of development, with current revenue streams being small and unpredictable compared to established industry leaders[202]. Receivables and Allowances - Trade accounts receivable balances as of February 28, 2025, and February 29, 2024, were $22,567 and $34,082, respectively[212]. - Receivables from NextPlay under the promissory note were $0 and $1,000,000 at February 28, 2025, and February 29, 2024, respectively, with an allowance for credit losses of $2,567,665 established due to uncertainty in collectability[213]. Expenses and Impairment - Salaries and benefits expenses rose by $1,026,176 or 64% to $2,630,663 for the year ended February 28, 2025, compared to $1,604,487 in 2024[242]. - Stock-based compensation decreased by $48,638 or 42% to $67,874 for the year ended February 28, 2025, from $116,512 in 2024[243]. - The company assesses impairment of intangible assets based on significant underperformance or changes in business strategy[229]. Market Conditions - Inflation, changing prices, and rising interest rates have had no material effect on the company's continuing operations over the last two fiscal years[273]. - The company has no off-balance sheet arrangements as defined in Item 303(a) of Regulation S-K[274]. - There are no applicable quantitative and qualitative disclosures about market risk[275].

Revenue and Financial Performance - The company generated nominal revenues primarily from leisure travel bookings, including airline tickets, hotel rooms, and cruises [201]. - Revenue for the year ended February 28, 2025, was $501,423, an increase of $42,671 or 9% compared to $458,752 in 2024 [239]. - Cost of revenue increased by $100,589 or 25% to $498,121 for the year ended February 28, 2025, compared to $397,532 in 2024 [240]. - Operating expenses totaled $7,416,731, an increase of $1,676,154 or 29% from $5,740,577 in 2024, driven by higher salaries and benefits, technology expenses, and professional service fees [241]. - Net loss from continuing operations was $10,121,038 for the year ended February 28, 2025, compared to a net loss of $6,656,837 in 2024 [253]. - Cash as of February 28, 2025, was $1,062,367, down from $323,805 in 2024, with an accumulated deficit of $34,349,823 [258]. - Net cash used in operating activities from continuing operations was $5,088,498, an increase of $32,403 or 0.6% compared to $5,056,095 in 2024 [267]. - The company estimates a minimum requirement of $5.5 million to continue operations for the next twelve months [265]. - The company has substantial doubt about its ability to continue as a going concern for 12 months from the date of filing the Annual Report [257]. Cash Flow and Investment Activities - Net cash used in investing activities for the year ended February 28, 2025, was $(1,033,751), a decrease of $2,014,687 compared to net cash provided by investing activities of $980,936 in 2024 [271]. - The primary uses of cash in investing activities for 2025 included $500,000 for purchasing a 49% interest in FSA and capitalized software development costs of $534,751 [271]. - Net cash provided by financing activities for the year ended February 28, 2025, was $6,852,467, an increase from $4,791,804 in 2024 [272]. - The financing activities in 2025 included $1,967,224 from short-term promissory notes and $2,450,000 from preferred shares issuance [272]. - Net cash provided by operating activities from discontinued operations for the year ended February 28, 2025, was $8,344, compared to net cash used of $675,314 in 2024, resulting in a total net cash used in operating activities decreasing by 11.4% to $5,080,154 [269]. - For the year ended February 29, 2024, net cash used in operating activities from continuing operations was driven by a net loss of $6,656,837, partially offset by changes in working capital of $1,400,025 and non-cash expenses of $3,000,767 [270]. Business Strategy and Operations - NextTrip's travel booking platform is powered by the proprietary NXT2.0 engine, offering extensive inventory for leisure, group, and business travelers [198]. - The company aims to integrate its Media and Travel divisions to enhance revenue streams, with advertising expected to become a key driver of higher-margin revenue [201]. - NextTrip's acquisition of Five Star Alliance provides access to over 5,000 luxury hotel properties worldwide, enhancing its luxury travel offerings [199]. - The company is in the early stages of development, with current revenue streams being small and unpredictable compared to established industry leaders [202]. - NextTrip's ambition is to build a next-generation travel solution that allows consumers to better research and explore desired travel destinations [200]. Financial Position and Risks - Trade accounts receivable balances as of February 28, 2025, and February 29, 2024, were $22,567 and $34,082, respectively [212]. - Receivables from NextPlay under the promissory note were $0 and $1,000,000 at February 28, 2025, and February 29, 2024, respectively, with an established allowance for credit losses of $2,567,665 [213]. - The company assesses impairment of intangible assets based on significant underperformance or changes in business strategy [229]. - Inflation, changing prices, and rising interest rates have had no material effect on the company's continuing operations over the last two fiscal years [273]. - The company has no off-balance sheet arrangements as defined in Item 303(a) of Regulation S-K [274]. - There are no applicable quantitative and qualitative disclosures about market risk [275]. Employee Compensation - Salaries and benefits expenses rose by $1,026,176 or 64% to $2,630,663 for the year ended February 28, 2025, compared to $1,604,487 in 2024 [242]. - Stock-based compensation decreased by $48,638 or 42% to $67,874 for the year ended February 28, 2025, from $116,512 in 2024 [243].

Revenue Generation - For the fiscal years ended March 31, 2025, 2024, and 2023, approximately 97%, 95%, and 94% of total revenues were generated through the Helios Pool as net pool revenues[33]. Fleet and Capacity - As of May 23, 2025, the global VLGC fleet consists of 402 vessels with an aggregate carrying capacity of 33.6 million cbm, and 108 vessels with 9.7 million cbm of capacity are on order for delivery by the end of 2029[35]. - The average age of the company's twenty-one VLGCs is 10.0 years, compared to the global VLGC fleet's average age of 11.4 years[36]. - The top ten owners in the worldwide VLGC fleet possess 41% of the total fleet on a vessel count basis[36]. Market Conditions - The LPG shipping market is historically stronger in the spring and summer months, with demand expected to be stronger in the quarters ending June 30 and September 30[37]. Workforce and Compensation - As of March 31, 2025, the company employed 93 shore-based staff and approximately 494 seafaring staff[38]. - The company provides competitive compensation and benefits, including annual bonuses, stock-based compensation, and employer-matching retirement savings plans[39]. Environmental Compliance and Initiatives - The company maintains a pollution liability insurance coverage of $1.0 billion per vessel per incident[52]. - The company has procured loss of hire insurance to protect against loss of income for a maximum of 180 days following a deductible period of 14 days for marine risks[49]. - The company actively manages operational risks and has established key performance indicators to monitor safety and environmental impact[46]. - The company operates newer ECO vessels with advanced technology, resulting in enhanced energy efficiency and reduced greenhouse gas emissions on a ton-mile basis[57]. - The company has fitted vessels with scrubbers to comply with the IMO's new fuel regulations, which went into effect in January 2020[57]. - The company joined the Getting to Zero Coalition, a global alliance of over 140 companies committed to decarbonizing deep-sea shipping[57]. - The company successfully complied with the IMO's Energy Efficiency Existing Ship Index (EEXI) and Carbon Intensity Indicator (CII) requirements in 2023[62]. - The company became a Mission Ambassador in partnership with the Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping, aiming for net-zero emissions by 2050[62]. - The company is a founding member of the MIT Maritime Consortium, focused on developing innovative technologies for decarbonizing shipping[62]. - The company has established compliance programs to meet or exceed applicable maritime industry regulations[62]. - The company is subject to stringent emissions controls under the amended Annex VI of MARPOL, which limits sulfur oxide emissions from vessels[70]. - The company may incur substantial costs due to compliance with new emission regulations and potential future Environmental Control Areas (ECAs)[71]. - The company has disclosed sustainability-related information aligned with the Sustainability Accounting Standards Board (SASB) Marine Transportation standard on its website[56]. - The company may incur significant costs to comply with revised nitrogen oxide emissions standards, including modifications to vessels or engines for alternative fuels[79]. - The MEPC 79 adopted amendments to MARPOL Annex VI, which will require ships to submit attained and required CII values and EEXI to the IMO database, effective May 1, 2024[78]. - Ships above 5,000 gross tonnage must document and verify their actual annual operational CII against a determined required annual operational CII[77]. - The BWM Convention requires ships to manage ballast water to avoid the uptake or discharge of invasive aquatic organisms, with compliance costs expected to be substantial[87]. - The MEPC 80 approved a comprehensive review of the BWM Convention, with amendments expected to be developed over the next three years[90]. - The company has obtained safety management certificates for all vessels, ensuring compliance with the ISM Code requirements[82]. - The IMO has adopted cybersecurity regulations that may require additional expenses for monitoring and compliance[85]. - The company is subject to international conventions that impose liability for pollution, requiring adequate insurance coverage for incidents[94]. - Amendments to the SOLAS Convention effective January 1, 2024, include new requirements for safe mooring operations and safety of ships using LNG as fuel, potentially impacting operational costs[86]. - The company has obtained Anti-fouling System Certificates for all of its VLGCs that are subject to the Anti-fouling Convention[99]. - As of the date of the Annual Report, all vessels are ISM Code certified, but future compliance cannot be assured[100]. Liability and Insurance - The 2010 HNS Convention sets maximum liability for bulk HNS at 100 million SDR and for packaged HNS at 115 million SDR, with additional compensation from the HNS Fund up to 250 million SDR[101]. - The adjusted limits of OPA liability for tank vessels over 3,000 gross tons are now the greater of $2,500 per gross ton or $21,521,300, an increase from the previous limit of $2,300 per gross ton or $19,943,400[105]. - CERCLA limits liability for vessels carrying hazardous substances to the greater of $300 per gross ton or $5.0 million, and for other vessels to the greater of $300 per gross ton or $500,000[106]. - The company maintains pollution liability coverage insurance of $1.0 billion per incident for each vessel[113]. - The U.S. Clean Air Act requires compliance with vapor control and recovery requirements for certain cargoes, which the company's vessels are equipped to meet[114]. - The U.S. Clean Water Act imposes strict liability for unauthorized discharges, with substantial penalties for non-compliance[115]. - The company is subject to evolving regulations regarding offshore oil and gas drilling, which may impact operational costs[111]. - Compliance with state regulations regarding oil pollution incidents may impose stricter liability than federal law[112]. - Compliance with the EPA and USCG regulations regarding ballast water treatment may require substantial costs for equipment installation or port facility disposal procedures[116]. - The EU's regulations mandate monitoring and reporting of CO2 emissions for ships over 5,000 gross tonnage, potentially incurring additional expenses[117]. - The EU Emissions Trading System will require shipowners to buy permits for greenhouse gas emissions, with obligations increasing to 100% by 2026[121]. - The FuelEU Maritime regulation sets a baseline GHG intensity of 91.16 gCO2e/MJ, requiring a 2% reduction in 2025 and escalating to an 80% reduction by 2050[122]. - The IMO's revised strategy aims for a 20-30% reduction in total annual GHG emissions from international shipping by 2030 compared to 2008 levels[126]. - As of March 31, 2025, sixteen ECO-VLGCs are equipped with scrubbers, indicating a commitment to compliance with environmental regulations[129]. - The EU's carbon market will extend to cover CO2 emissions from all large ships entering EU ports starting January 2024[127]. - Compliance with the Maritime EU ETS and FuelEU Maritime regulations will result in additional compliance and administration costs[123]. Financial and Tax Considerations - The company is not subject to tax on income or capital gains under current Marshall Islands law, and no withholding tax will be imposed on dividend payments to shareholders[137]. - The company expects to satisfy the Publicly-Traded Test for the taxable year ended March 31, 2025, and anticipates continuing to do so in subsequent years[144]. - If the Section 883 exemption is unavailable, the company's United States source shipping income would be subject to a 4% tax on a gross basis, with a maximum effective rate of 2%[152]. - The company does not intend to have any vessel sailing to or from the United States on a regularly scheduled basis, which is expected to prevent its United States source shipping income from being "effectively connected" with a United States trade or business[154]. - Any gain realized on the sale of a vessel will not be subject to United States federal income tax if the sale occurs outside of the United States[155]. - Distributions made by the company to United States Holders will generally constitute dividends to the extent of current or accumulated earnings and profits[159]. - Dividends paid on the company's common shares will generally be treated as foreign source dividend income for United States tax purposes[160]. - The company intends to take the position that it will not be classified as a Passive Foreign Investment Company (PFIC) for the taxable year ending March 31, 2025, based on its income from voyage and time charters being treated as active income[167]. - The company believes it satisfies the 75% income test for PFIC purposes for the taxable year ending March 31, 2025, due to its income from voyage charters[166]. - If classified as a PFIC, United States Holders must report their pro rata share of ordinary earnings and net capital gain for each taxable year during which the company is a PFIC[170]. - Non-United States Holders generally will not be subject to United States federal income or withholding tax on dividends received, unless engaged in a United States trade or business[175]. - Backup withholding may apply to dividend payments and sales proceeds if certain conditions are met, such as failure to provide an accurate taxpayer identification number[177]. - Individuals holding specified foreign financial assets exceeding $75,000 must file IRS Form 8938, which includes the company's common shares[181]. - The company intends to notify shareholders promptly if it determines it is a PFIC for any taxable year[168]. - The company cannot assure that its operations will not change in the future, which could affect its PFIC status[167]. Growth and Market Risks - The company generates all revenues in U.S. dollars, but incurs a portion of expenses in other currencies, which may lead to fluctuations in net income due to exchange rate risks[223]. - On November 24, 2023, the company entered into an agreement for a newbuilding VLGC/AC, expected to be delivered in Q2 2026, enhancing its capacity to carry full cargoes of LPG or ammonia[226]. - The company may face significant expenses and losses if it fails to manage growth properly, particularly in acquisitions and integration of new vessels[224]. - The company estimates that its vessels have a useful life of 25 years, and as they age, maintenance costs and risks associated with older vessels could adversely affect profitability[239]. - The company may incur increasing costs for drydocking and maintenance as vessels age, which could impact financial results[238]. - Certain shareholders hold substantial stakes, with Blackrock, Inc. owning 12.8%, which may lead to conflicts of interest affecting other shareholders[242]. - The company may face challenges in attracting and retaining skilled personnel, which is critical for operational effectiveness[231]. - The company’s strategy includes owning a fleet large enough for global coverage while avoiding overexpansion, which is influenced by the timing of investments and divestments[229]. - The company may not be able to procure adequate insurance coverage at commercially reasonable rates, which could harm its financial condition[235]. Tax Compliance and Regulatory Changes - The company expects to qualify for exemption under Section 883 for the taxable year ended March 31, 2025, but risks losing this exemption due to non-qualified shareholders[248]. - If not exempt under Section 883, the company would incur an effective 2% U.S. federal income tax on gross shipping income from U.S. transport, negatively impacting earnings[249]. - Changes in global tax laws, including OECD's two-pillar project, could increase the company's tax compliance burden and global effective tax rate, adversely affecting financial results[250][251]. Market Volatility and Economic Conditions - The cyclical nature of seaborne LPG transportation may lead to significant changes in charter rates, vessel availability, and values, adversely affecting revenues and profitability[252]. - Future growth in demand for LPG carriers will depend on global economic conditions and demand exceeding the capacity of the LPG carrier fleet, particularly in key markets like China and India[253]. - Prolonged low natural gas and LPG prices could reduce demand for LPG shipping, adversely affecting charter rates and vessel market values[258]. - A shift in consumer demand from LPG to alternative energy sources could materially impact the company's business and financial performance[262][263]. - Increased trade protectionism and tariffs could adversely affect the company's operations and financial condition due to potential disruptions in international trade[265][266]. - Increasing trade protectionism may lead to higher costs and delivery times for goods, adversely affecting global trade and the company's business operations[270]. - Fluctuations in vessel market values can result in losses on vessel sales or impairment charges, negatively impacting earnings and potentially leading to loan defaults[271]. - Vessel values are influenced by various factors, including economic conditions, competition, and supply-demand dynamics in the shipping industry[271]. - The company faces risks associated with the aging of vessels, which generally decline in value over time[271]. - Protectionist developments could significantly reduce global trade, particularly between the United States and China, impacting the company's charterers' financial health[270]. - The company may experience challenges in renewing charters and growing its business due to adverse economic conditions stemming from trade restrictions[270]. - The shipping industry is subject to cyclical and volatile market conditions, affecting charter rates and vessel capacity supply[271]. - Technological advancements and regulatory changes may necessitate upgrades to vessels, impacting operational costs and efficiency[271]. - The company’s cash flows, including dividends to stockholders, could be adversely affected by the aforementioned economic and market conditions[270]. - The overall financial condition of the company's charterers is critical for timely charter hire payments, which directly impacts the company's revenue[270].

Financial Performance - Total revenues for the three months ended April 30, 2025, were $2,739,077 thousand, a decrease of 3.5% compared to $2,837,486 thousand for the same period in 2024[22] - Home sales revenue for the six months ended April 30, 2025, was $4,547,229 thousand, down 0.7% from $4,578,856 thousand in the prior year[22] - Net income for the three months ended April 30, 2025, was $352,447 thousand, a decline of 26.8% from $481,617 thousand in the same period of 2024[22] - Basic earnings per share for the three months ended April 30, 2025, were $3.53, compared to $4.60 for the same period in 2024, reflecting a decrease of 23.2%[22] - The company reported a comprehensive income of $350,205 thousand for the three months ended April 30, 2025, down from $484,432 thousand in the same period of 2024[22] - For the six months ended April 30, 2025, net income was $530,150,000, a decrease of 26.5% compared to $721,175,000 for the same period in 2024[28] - The total other income – net for the three months ended April 30, 2025, was $16.336 million, a decrease from $20.366 million in the same period of 2024[95] - Revenues from ancillary businesses for the three months ended April 30, 2025, were $47.580 million, compared to $39.159 million for the same period in 2024, representing a 21.8% increase[95] Assets and Liabilities - Total assets increased to $14,195,824 thousand as of April 30, 2025, from $13,367,932 thousand as of October 31, 2024, representing a growth of 6.2%[20] - Total liabilities rose to $6,231,409 thousand as of April 30, 2025, compared to $5,681,217 thousand as of October 31, 2024, an increase of 9.7%[20] - Stockholders' equity increased to $7,964,415 thousand as of April 30, 2025, from $7,686,715 thousand as of October 31, 2024, reflecting a growth of 3.6%[20] - Total equity as of April 30, 2025, was $7,964,415,000, an increase from $7,686,715,000 as of October 31, 2024[25] - The company’s total assets as of April 30, 2025, were $13,048.3 million, with total liabilities of $5,505.1 million and stockholders' equity of $7,543.0 million[180] Cash Flow and Investments - Cash flow used in operating activities was $(57,929,000) for the six months ended April 30, 2025, compared to $152,044,000 in 2024, indicating a significant decline[28] - The company reported a net cash decrease of $608,760,000 in the six months ended April 30, 2025, compared to a decrease of $256,887,000 in 2024[28] - Cash used in investing activities for the six-month period ended April 30, 2025, was $187.8 million, primarily for investments in unconsolidated entities totaling $179.9 million[171] - Financing activities resulted in a cash outflow of $363.1 million for the six-month period ended April 30, 2025, mainly due to the repurchase of $204.9 million of common stock and $66.3 million in loan payments[174] Inventory and Sales - Inventory increased significantly, with $(900,631,000) in cash flow used for inventory in the six months ended April 30, 2025, compared to $(679,337,000) in 2024[28] - As of April 30, 2025, total inventory amounted to $10,994,873 thousand, an increase of 13.2% from $9,712,925 thousand on October 31, 2024[42] - The company delivered 2,899 homes with an average delivered price of $933,600 in the three months ended April 30, 2025, compared to 2,641 homes at an average price of $1,002,300 in the same period of 2024[122] - Home sales revenues for the three months ended April 30, 2025, were $2,706.5 million, a 2% increase from $2,647.0 million in the same period of 2024[131] - For the six-month period ended April 30, 2025, the company recognized $4.60 billion in revenues, with $4.55 billion from home sales and $51.0 million from land sales and other revenues, down from $4.79 billion in the same period of 2024[125] Debt and Financing - The company had loan commitments totaling $2.68 billion, with maximum estimated exposure under guarantees of $581.8 million[63] - The company’s total loans payable amounted to $1.05 billion as of April 30, 2025, with a senior unsecured term loan of $650 million[68] - The interest rate on the Term Loan Facility was 5.43% per annum as of April 30, 2025[69] - The company has a $2.35 billion senior unsecured revolving credit facility, which was increased from $1.96 billion on February 7, 2025[71] - The company’s senior notes amounted to $1.60 billion as of April 30, 2025, with obligations guaranteed by Toll Brothers, Inc. and its subsidiaries[177] Regional Performance - The North region generated revenues of $378.5 million for the three months ended April 30, 2025, representing a 13% increase from $335.2 million in 2024[184] - The South region saw a revenue increase of 15% to $758.6 million for the three months ended April 30, 2025, compared to $658.4 million in the same period of 2024[184] - The Mountain region experienced a significant revenue growth of 25%, reaching $755.9 million for the three months ended April 30, 2025, up from $603.6 million in 2024[184] - Home sales revenues in the Mid-Atlantic region decreased by 14% to $321.8 million for the three months ended April 30, 2025, compared to $376.1 million in the same period of 2024[195] - The Pacific region's backlog value increased by 5% to $1,484.9 million in 2025 from $1,412.8 million in 2024[187] Tax and Compliance - The effective tax rate for the three months ended April 30, 2025, was 26.2%, slightly higher than the 25.9% effective tax rate for the same period in 2024[79] - The effective tax rate for the six months ended April 30, 2025 was 24.1%, compared to 25.0% for the same period in 2024[148] - The aggregate unrecognized tax benefits amounted to $22.1 million as of April 30, 2025, which could positively impact the effective tax rate if reversed in the future[81] Shareholder Activities - The company declared dividends of $25,145 thousand during the three months ended April 30, 2025[24] - The company purchased treasury stock amounting to $177,362 thousand during the three months ended April 30, 2025[24] - The company repurchased 1,645 thousand shares at an average price of $107.84 per share during the three months ended April 30, 2025, compared to 1,502 thousand shares at an average price of $120.60 per share in the same period of 2024[84] - Cash dividends increased from $0.23 per share in 2024 to $0.25 per share in 2025 for the three-month periods ended April 30[85] Impairments and Write-offs - The company reported impairment charges and write-offs of $32,462,000 for the six months ended April 30, 2025, compared to $35,400,000 in 2024[28] - The company recognized $9.8 million in inventory impairment charges in the three months ended April 30, 2025, compared to $28.4 million in the same period of 2024[117] - The company recognized $1.8 million in impairment charges on land held for sale during the six-month period ended April 30, 2025, compared to $0.6 million in the same period of 2024[44] Joint Ventures and Investments - The company had investments in 63 unconsolidated entities as of April 30, 2025, with a total investment of $1,172,302 thousand[49] - New joint ventures entered into during the six months ended April 30, 2025, had an aggregate fair value at formation of $199,600 thousand[54] - The number of joint ventures with debt financing increased to 51 as of April 30, 2025, with aggregate loan commitments totaling $4,272,174 thousand[53] - The company evaluated its land purchase contracts and determined that 334 contracts were VIEs, with a maximum exposure to loss of approximately $248.0 million as of April 30, 2025[48] Miscellaneous - The company continues to manage pricing, incentives, and home starts on a community-by-community basis to align inventory levels with local sales environments[121] - There were no changes in internal control over financial reporting that materially affected the company's financial reporting during the quarter ended April 30, 2025[218]