Revenue Performance - Revenue for Q4 fiscal 2025 was $13.2 million, down from $17.7 million in Q3 fiscal 2025, representing a decrease of approximately 25.4%[3] - Total revenues for fiscal year 2025 increased to $43 million, a significant rise from $5.2 million in fiscal year 2024, marking an increase of over 826.9%[5] Net Income and Loss - GAAP net loss for Q4 fiscal 2025 was $1.2 million, or $(0.15) per diluted share, compared to a net income of $223 thousand, or $0.03 per diluted share in Q3 fiscal 2025[3] - GAAP net loss for fiscal year 2025 was $1.1 million, or $(0.15) per diluted share, an improvement from a net loss of $2.0 million, or $(0.32) per diluted share in fiscal year 2024[5] Gross Margin - GAAP gross margin for Q4 fiscal 2025 decreased to 2%, down from 5% in Q3 fiscal 2025[4] - GAAP gross margin for fiscal year 2025 decreased to 6%, compared to 20% in fiscal year 2024[6] Cash and Liquidity - Cash and cash equivalents were $2.6 million as of August 31, 2025, compared to $1.7 million as of August 31, 2024, indicating an increase of approximately 53.3%[6] - Accounts receivable increased to $3.6 million in fiscal year 2025 from $416 thousand in fiscal year 2024[12] Operating Margin and Liabilities - The company reported a negative operating margin of 7% for Q4 fiscal 2025, compared to negative 0.4% in Q3 fiscal 2025[4] - Total current liabilities increased to $11.4 million as of August 31, 2025, up from $7.0 million as of August 31, 2024[12]

Revenue and Growth - Lexaria's total revenue for fiscal year 2025 increased by $241,645, or 52%, to $705,923 from $464,278 in fiscal year 2024[176] - Licensing revenue grew by $238,010, or 52%, to $696,000 in fiscal year 2025 compared to $457,990 in fiscal year 2024[176] Expenses and Losses - Research and development expenditures increased by $5,878,192, or 249%, to $8,238,757 in fiscal year 2025 from $2,360,565 in fiscal year 2024[178] - The net loss from operations increased by $6,102,780 to $11,911,434 for the year ended August 31, 2025, compared to $5,808,654 for the year ended August 31, 2024[174] - General and administrative expenses increased by $493,162, or 13%, to $4,345,183 in fiscal year 2025 from $3,852,021 in fiscal year 2024[183] - Other Income/(Loss) for fiscal year 2025 decreased by $24,827, or 45%, resulting in a loss of $30,697, down from a loss of $55,524 in fiscal year 2024[186] - The Company has accumulated net losses of $63.5 million since entering the bioscience sector, with approximately $11.9 million and $5.8 million incurred in the past two fiscal years[187] Cash Flow and Financial Position - As of August 31, 2025, the Company had cash on hand of approximately $1.8 million to settle $1.5 million in current liabilities, raising substantial doubt about its ability to continue as a going concern[193] - The Company's working capital decreased by approximately $4.8 million, with current assets at $3,468,345 and current liabilities at $1,493,463 as of August 31, 2025[195] - Net cash used in operating activities was approximately $10.5 million for the year ended August 31, 2025, compared to $5.0 million during the same period in 2024, primarily due to an increase in net loss[197] - Net cash provided by financing activities totaled approximately $6.0 million from the sale of common shares during the fiscal year[199] Strategic Initiatives and Future Outlook - Lexaria anticipates a decrease in revenue from technology licensing in fiscal 2026 due to the expiration of its license agreement with Premier[177] - The company is exploring equity financing arrangements and strategic corporate partnerships to support its drug investigations[173] - The Company intends to form industry partnerships for later stage clinical development, which is expected to be a multi-year process[188] Research and Development - Lexaria completed two human pilot studies and an Australian clinical trial investigating DehydraTECH infused GLP-1, GIP, and CBD formulations during the fiscal year[169] - The company was granted a total of six new patents during fiscal 2025, including patents for treating epilepsy and diabetes[165] Share Issuance - The Company issued 2,000,000 shares of common stock at $1.00 each in a registered direct offering, generating net proceeds of $1.7 million[189] - On September 26, 2025, the Company agreed to sell 2,666,667 shares of common stock at a purchase price of $1.50 per share, resulting in net proceeds of $3.5 million[191] Impairment and Losses - The Company recognized an impairment loss of $247,364 related to abandoned patent applications for the year ended August 31, 2025, compared to $57,836 for the year ended August 31, 2024[185]

Financial Performance - The net loss for the six months ended September 30, 2025, was $5,927,019, compared to a loss of $906,742 for the same period in 2024[10]. - The company reported a basic and diluted net loss per share of $2.16 for the six months ended September 30, 2025[10]. - Comprehensive loss for the six months ended September 30, 2025, was $5,891,661, compared to $1,045,936 in the previous year[10]. - The net loss for the period ending June 30, 2024, was $582,387, reflecting a significant increase compared to previous periods[12]. - The company reported a net loss of $5,057,523 for the period ending June 30, 2025, which raises concerns about sustainability[12]. - For the six months ended September 30, 2025, the company reported a net loss of $5,927,019, compared to a net loss of $906,742 for the same period in 2024[15]. - The net cash used in operating activities was $2,562,666 for the six months ended September 30, 2025, significantly higher than $563,868 for the same period in 2024[15]. - The company has incurred significant recurring losses, resulting in an accumulated deficit of $11,324,625 as of September 30, 2025[30]. - The company anticipates further losses in the development of its business, raising substantial doubt about its ability to continue as a going concern[30]. Assets and Liabilities - Total assets increased to $5,002,847 from $89,093, reflecting significant growth in current and long-term assets[8]. - Current liabilities rose to $9,703,412, up from $5,042,052, indicating increased financial obligations[8]. - Cash in bank increased significantly to $2,722,451 from $14,531, indicating improved liquidity[8]. - The accumulated deficit grew to $(11,324,625) as of September 30, 2025, from $(5,397,606) at the end of the previous fiscal year[8]. - The company had a working capital deficit of $6,845,200 as of September 30, 2025, compared to $4,952,959 as of March 31, 2025[30]. - The total stockholders' equity as of June 30, 2025, was $(10,455,129), underscoring significant financial distress[12]. - As of September 30, 2025, the Company reported total accounts payable of $1,641,443, an increase from $961,117 as of March 31, 2025[79]. Operating Expenses - Operating expenses for the three months ended September 30, 2025, totaled $1,113,864, a substantial increase from $355,374 in the same period last year[10]. - Research and Development expenses surged to $273,229 for the three months ended September 30, 2025, compared to $16,964 in the prior year, highlighting a focus on innovation[10]. - The company expects to reduce annualized operating expenses by approximately $8 million as part of its restructuring plan[29]. - Stock-based compensation for the period was recorded at $105,868, highlighting the company's investment in employee incentives[13]. Equity and Financing - The company issued 5,705 shares in connection with the Phytanix Bio purchase, valued at approximately $950,000[12]. - The issuance of Series A Convertible Preferred Stock to officers amounted to 2,000 shares, indicating ongoing equity financing efforts[12]. - The total amount of common stock issued was 5,800,000 shares, reflecting ongoing capital raising efforts[12]. - The Company recognized a derivative liability of $3,656,394 as of September 30, 2025, reflecting changes in fair value and the recognition of conversion options on notes payable[91]. - The Company raised approximately $4.3 million from the exercise of warrants and a capital raise during the six months ended September 30, 2025[30]. Impairment and Revenue Recognition - The Company did not recognize any impairment losses for the period ended September 30, 2025[45]. - The Company assesses impairment of identifiable intangibles based on significant underperformance, changes in asset use, and negative industry trends[42]. - The Company recognizes revenue in accordance with ASC Topic 606, reflecting the transfer of goods or services to customers[54]. Corporate Governance and Compliance - The Company received a deficiency letter from Nasdaq on July 24, 2024, indicating non-compliance with minimum bid price requirements, with a deadline to regain compliance by January 20, 2025[137]. - The Company was granted an extension by Nasdaq to demonstrate compliance with listing requirements until April 28, 2025, following a proposed 1-for-14 reverse stock split[141]. - On June 17, 2025, Nasdaq confirmed the Company was in compliance with multiple listing rules, including bid price and public float requirements[143]. - Jennifer Chao resigned from the Board of Directors on November 3, 2025, with no reported disagreements[150]. Strategic Changes - The company temporarily suspended expenditures related to its preclinical programs as part of its restructuring plan[28]. - The company changed its fiscal year end to March 31, 2025, to align with Phytanix Bio, which is considered the accounting acquirer[26]. - The Company anticipates starting Phase 3 clinical trials for its drugs around Q3 2027, at which point the amortization of intangible assets will commence[78].

Exhibit 99.1 INDEX TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF ICON ENERGY CORP. | Consolidated Balance Sheets as of September 30, 2025 (unaudited) and December 31, 2024 (audited) | 2 | | --- | --- | | Unaudited Interim Consolidated Statements of (Loss)/Income for the nine-month periods ended September 30, 2025 and 2024 | 3 | | Unaudited Interim Consolidated Statements of Changes in Shareholders' Equity for the nine-month periods ended September 30, | 4 | | 2025 and 2024 | | | Un ...

IPO and Fundraising - The company completed its initial public offering on February 23, 2024, selling 6,900,000 units at $10.00 per unit, generating gross proceeds of $69,000,000[127]. - A private placement with DT Cloud Capital Corp. generated an additional $2,345,000 from the sale of 234,500 units at the same price[127]. - As of February 23, 2024, a total of $69,345,000 from the IPO and private placement was deposited in a trust account for public shareholders[127]. - The company raised a total of $69,345,000 from its initial public offering and private placement, which is intended for completing its initial business combination and financing operations of target businesses[142]. - The underwriters will receive a cash underwriting discount of 2.5% of the gross proceeds from the initial public offering, amounting to $1,725,000[150]. Business Combination - The company has a 21-month period from the IPO closing to complete its initial business combination, extendable under certain conditions[130]. - A definitive business combination agreement was entered into on October 22, 2024, with Maius Pharmaceutical Co., Ltd.[132]. - The company plans to extend the combination period by depositing additional funds into the trust account, with a total of $679,091 deposited from February to July 2025[130]. - The company entered into a Business Combination Agreement on October 22, 2024, which is subject to shareholder approvals and regulatory clearances[153]. Financial Performance - For the nine months ended September 30, 2025, cash used in operating activities was $647,743, with net income reported at $444,595, and dividend income from the trust account amounting to $1,333,491[143]. - As of September 30, 2025, the company had cash in bank of $0, indicating a reliance on trust account funds for operations[144]. - The company has not generated any operating revenues since inception and will only do so after completing its initial business combination[148]. Liabilities and Obligations - The company issued unsecured promissory notes totaling $715,325 from the sponsor, with no interest and maturing upon the closing of a business combination[145]. - The company has contractual obligations to pay $10,000 per month for administrative services, with unpaid service fees of $190,000 as of September 30, 2025[151]. - As of September 30, 2025, there were no outstanding balances under the Working Capital Loan, which may be convertible into private units upon business combination[147]. Risks and Compliance - The company is subject to risks from geopolitical instability and economic uncertainties, which may impact its business combination search[139]. - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new accounting standards[157]. Trading Information - The company’s units began trading on Nasdaq under the ticker symbol "DYCQU" on February 21, 2024[128]. - The anticipated per-share amount for public shareholders redeeming shares is initially $10.05, subject to potential increases[129].

IPO and Fundraising - The company completed its initial public offering on February 23, 2024, selling 6,900,000 units at $10.00 per unit, generating gross proceeds of $69,000,000[127] - A private placement with DT Cloud Capital Corp. raised an additional $2,345,000 from the sale of 234,500 units at $10.00 per unit[127] - As of February 23, 2024, a total of $69,345,000 from the IPO and private placement was deposited in a trust account for public shareholders[127] - The company raised a total of $69,345,000 from its initial public offering and private placement, which is intended for completing its initial business combination and financing operations of target businesses[142] - The underwriters will receive a cash underwriting discount of 2.5% of the gross proceeds from the initial public offering, amounting to $1,725,000[150] Business Combination - The company has a 21-month period from the IPO closing to complete its initial business combination, extendable under certain conditions[130] - A definitive business combination agreement was entered into on October 22, 2024, with Maius Pharmaceutical Co., Ltd.[132] - The company has the option to extend the business combination period up to 33 months from the IPO closing[137] - The company entered into a Business Combination Agreement on October 22, 2024, which is subject to shareholder approvals and regulatory clearances[153] Financial Performance - For the nine months ended September 30, 2025, cash used in operating activities was $647,743, with net income reported at $444,595, and dividend income from the trust account amounting to $1,333,491[143] - As of September 30, 2025, the company had cash in bank of $0, indicating a reliance on trust account funds for operations[144] - The company has not generated any operating revenues since inception and will only do so after completing its initial business combination[148] Liabilities and Obligations - The company issued unsecured promissory notes totaling $715,325 from the sponsor, with no interest and maturing upon the closing of a business combination[145] - The company has contractual obligations to pay $10,000 per month for administrative services, with unpaid service fees of $190,000 as of September 30, 2025[151] - As of September 30, 2025, there were no outstanding balances under the Working Capital Loan, which may be convertible into private units upon business combination[147] Risks and Uncertainties - The company is subject to risks from geopolitical instability, including the Russia-Ukraine conflict and tensions in the Middle East, which may impact its business combination efforts[139] - The company plans to address uncertainties regarding its business combination through strategic efforts, although success is not guaranteed[138] Regulatory and Compliance - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new accounting standards[157] Trading Information - The company’s securities began trading on Nasdaq under the ticker symbol "DYCQU" on February 21, 2024[128]

Financial Performance - Total revenues decreased by 5.3% to RMB 959.3 million (US$ 134.7 million) for the nine months ended September 30, 2025, compared to RMB 1,012.5 million in the same period of 2024[7]. - Income from operations increased by 30.9% to RMB 46.2 million (US$ 6.5 million) for the nine months ended September 30, 2025, up from RMB 35.3 million in the same period of 2024[7]. - Net income decreased to RMB 14.9 million (US$ 2.1 million) for the nine months ended September 30, 2025, down from RMB 34.2 million in the same period of 2024[18]. - Adjusted net income attributable to the Company's shareholders decreased to RMB 26.7 million (US$ 3.8 million) for the nine months ended September 30, 2025, from RMB 50.8 million in the same period of 2024[19]. - Total revenues for the nine months ended September 30, 2025, were RMB 959,252, a decrease of 5.5% compared to RMB 1,012,518 for the same period in 2024[33]. - Net income attributable to the Company's shareholders for the nine months ended September 30, 2025, was RMB 20,242, a significant decline of 52.7% from RMB 42,691 in 2024[35]. - Adjusted net income attributable to the Company's shareholders for the nine months ended September 30, 2025, was RMB 26,706, down from RMB 50,840 in 2024[35]. - The Company reported a basic earnings per share of RMB 0.49 for the nine months ended September 30, 2025, compared to RMB 1.03 for the same period in 2024[33]. User Metrics - Total paying users decreased to 332,408 for the nine months ended September 30, 2025, down from 386,455 in the same period of 2024[8]. Profitability and Margins - Gross profit decreased to RMB 177.9 million (US$ 25.0 million) for the nine months ended September 30, 2025, from RMB 179.6 million in the same period of 2024, while gross margin increased to 18.5% from 17.7%[10]. - Gross profit for the nine months ended September 30, 2025, was RMB 177,918, slightly down from RMB 179,576 in 2024, resulting in a gross margin of approximately 18.6%[33]. Cash and Assets - Cash and cash equivalents increased to RMB 254.1 million (US$ 35.7 million) as of September 30, 2025, up from RMB 252.5 million as of December 31, 2024[20]. - Total current assets increased to RMB 544,644 as of December 31, 2024, from RMB 479,398 as of September 30, 2025, reflecting a growth of 13.6%[28]. - The Company’s cash and cash equivalents were RMB 252,540 as of December 31, 2024, showing a slight decrease from RMB 254,081 as of September 30, 2025[28]. - The Company’s total assets reached RMB 1,405,185 as of December 31, 2024, compared to RMB 1,380,741 as of September 30, 2025, marking an increase of 1.8%[28]. Liabilities and Equity - Total liabilities increased to RMB 219,869 as of December 31, 2024, compared to RMB 172,599 as of September 30, 2025, indicating a rise of 27.4%[28]. - The Company’s total equity was RMB 1,185,316 as of December 31, 2024, compared to RMB 1,208,142 as of September 30, 2025, reflecting a decrease of 1.9%[31]. Strategic Initiatives - The Company is expanding its AI Vista platform into AI Vista Live, enhancing user interaction and content generation capabilities[5]. - The Company aims to deepen AI innovation and enhance operational efficiency while pursuing global expansion[6]. Research and Development - Research and development expenses increased by 5.1% to RMB 60.7 million (US$ 8.5 million) for the nine months ended September 30, 2025, from RMB 57.8 million in the same period of 2024[14].

Financial Performance - Record third quarter net sales of $1.3 billion, up 7% from last year, marking the 12th consecutive quarter of growth [6] - Net sales growth led by the Americas and EMEA segments, both up 7%, while APAC experienced a 6% decline [6] - Hollister brands achieved a 16% growth, while Abercrombie brands saw a 2% decline in net sales [6] - Operating margin of 12.0%, with earnings per diluted share of $2.36, exceeding the outlook range [6] - Full-year outlook narrowed to net sales growth of 6% to 7% and net income per diluted share of $10.20 to $10.50 [12] - Net sales for the thirteen weeks ended November 1, 2025, increased by 6.8% to $1,290,619, compared to $1,208,966 for the same period in 2024 [21] - Operating income for the thirteen weeks ended November 1, 2025, was $155,021, representing 12.0% of net sales, down from 14.8% in the prior year [21] - Net income attributable to Abercrombie & Fitch for the thirteen weeks ended November 1, 2025, was $112,995, a decrease of 14.4% from $131,979 in the same period last year [21] - For the thirty-nine weeks ended November 1, 2025, net sales rose to $3,596,490, up 6.9% from $3,363,670 in the prior year [23] - Adjusted EBITDA for the thirty-nine weeks ended November 1, 2025, was $539,204, accounting for 15.0% of net sales, compared to 17.9% in the previous year [36] - Basic net income per share attributable to Abercrombie & Fitch for the thirteen weeks ended November 1, 2025, was $2.41, down from $2.59 in the prior year [21] - The company experienced a 7% increase in net sales on a GAAP basis for the thirteen weeks ended November 1, 2025, compared to the previous year [31] Cash Flow and Investments - Cash and equivalents decreased to $606 million compared to $773 million as of February 1, 2025 [11] - Net cash provided by operating activities was $313 million, while net cash used for investing activities was $95 million [11] - Net cash provided by operating activities decreased to $313,000 thousand for the thirty-nine weeks ended November 1, 2025, down from $402,756 thousand in the same period last year, a decline of 22.2% [40] - Cash and equivalents at the end of the period were $612,559 thousand, down from $690,997 thousand a year ago, indicating a decrease of 11.3% [40] - Net cash used for investing activities improved to $(95,212) thousand from $(187,040) thousand, showing a reduction of 49.1% [40] Inventory and Assets - Inventories increased to $730 million from $575 million as of February 1, 2025 [11] - Total assets increased to $3,479,918 thousand as of November 1, 2025, up from $3,299,887 thousand a year earlier, representing a growth of 5.4% [38] - Total current liabilities rose to $1,163,007 thousand, compared to $1,126,944 thousand in the previous year, reflecting an increase of 3.2% [38] - Total stockholders' equity decreased slightly to $1,331,410 thousand from $1,351,323 thousand, a decline of 1.5% [38] Shareholder Actions - Year-to-date share repurchases totaled $350 million, representing a 9% reduction in shares outstanding from the beginning of the year [6] - The weighted-average diluted shares outstanding decreased to 47,881 for the thirteen weeks ended November 1, 2025, from 52,869 in the same period last year [21] - The company repurchased common stock totaling $351,224 thousand, significantly higher than $129,807 thousand in the previous year, an increase of 171.5% [40] Other Financial Metrics - The company reported a litigation settlement expense of $38,574, which impacted both operating income and net income [30] - The long-term portion of operating lease liabilities increased to $905,041 thousand from $740,013 thousand, an increase of 22.3% [38] - The effect of foreign currency exchange rates on cash resulted in a positive impact of $8,930 thousand, contrasting with a negative impact of $(1,834) thousand last year [40] - The impact from foreign currency exchange rates on net sales was negligible for the thirteen weeks ended November 1, 2025, with constant currency sales showing a 6% increase [31]

Financial Performance - Safe Bulkers, Inc. reported net revenues of $73.1 million for Q3 2025, an increase from $65.7 million in Q2 2025[12]. - The company achieved a net income of $17.8 million in Q3 2025, compared to $1.7 million in Q2 2025, reflecting a significant recovery in profitability[12]. - Adjusted EBITDA for Q3 2025 was $36.1 million, up from $25.5 million in Q2 2025, indicating improved operational efficiency[12]. - Net revenues for the third quarter of 2025 decreased by 4% to $73.1 million compared to $75.9 million in the same period of 2024[61]. - Net income for the nine-month period ended September 30, 2025, was $26,726 thousand, down 65.7% from $78,015 thousand in the same period of 2024[73]. - Adjusted net income for the three-month period ended September 30, 2025, was $13,874 thousand, a decline of 26.5% from $18,983 thousand in the same period of 2024[75]. - EBITDA for the nine-month period ended September 30, 2025, was $93,107 thousand, a decrease of 35.6% compared to $144,523 thousand in the same period of 2024[75]. - The net cash provided by operating activities for the nine-month period ended September 30, 2025, was $69.1 million, down from $101.0 million in the same period of 2024[73]. Fleet and Vessels - As of November 21, 2025, the fleet consisted of 45 vessels with an average age of 10.3 years, including 12 vessels compliant with IMO GHG Phase 3 regulations[28]. - The company has an orderbook of six newbuilds, including two methanol dual-fueled vessels, scheduled for delivery in 2026 and 2027[29]. - The company operated 46.51 vessels on average during the third quarter of 2025, compared to 45.27 vessels in the same period of 2024[61]. - The number of vessels remained stable at 45 as of both September 30, 2024, and September 30, 2025[80]. - The company has a total fleet capacity of 4,559,000 Dwt, with various charter rates ranging from $11,750 to $29,543 per day[87]. - The fleet scrap value was $274.0 million as of September 30, 2025, and increased to $280.0 million by November 21, 2025[44][47]. Cash and Debt Management - Total cash as of Q3 2025 was $123.9 million, with undrawn revolving credit facilities amounting to $266.5 million, providing financial flexibility[19]. - As of September 30, 2025, the consolidated debt was $525.0 million, with a consolidated leverage of approximately 35%[37]. - The company had $123.9 million in cash and cash equivalents as of September 30, 2025, and $266.5 million in undrawn borrowing capacity[42]. - Cash and cash equivalents decreased to $115,246 thousand as of September 30, 2025, from $128,422 thousand as of December 31, 2024[74]. Operational Efficiency - The average daily Time Charter Equivalent (TCE) rate was $15,507 in Q3 2025, down from $17,108 in Q3 2024, showing market fluctuations[33]. - Daily vessel operating expenses decreased by 4% to $5,104 for the third quarter of 2025 compared to $5,311 for the same period in 2024[70]. - Interest expense decreased to $7.6 million in the third quarter of 2025 from $7.7 million in the same period of 2024, despite an increase in the weighted average loan outstanding[69]. - The average TCE for the third quarter of 2025 was $15,507, down from $17,108 in the same period of 2024, reflecting a weaker charter market[61]. Dividends and Shareholder Returns - A cash dividend of $0.05 per share was declared, reflecting the company's commitment to returning value to shareholders[11]. - The company declared a cash dividend of $0.05 per share on November 25, 2025, payable on December 19, 2025[49]. Market and Strategic Outlook - The company has experienced risks related to market volatility, fuel prices, and operational disruptions due to external factors[111]. - The company emphasizes the importance of monitoring changes in demand for dry-bulk vessels and competitive market factors[111]. - The company is actively expanding its fleet with new builds and acquisitions, focusing on long-term charters to secure revenue[87]. - The company has plans for future vessel acquisitions and further time charters as part of its growth strategy[111]. Charter Agreements - The average duration of time charters is approximately 3 to 10 years, providing stable revenue streams[90]. - The company has secured new charters with rates such as $17,250 for the Ammoxostos and $16,900 for the Rizokarpaso, both with charter periods extending into 2026[87]. - The charter agreement for MV Kanaris agreed to reimburse $634 per day for scrubber and BWTS costs, increasing the recognized daily charter rate[91]. - The company has a time charter agreement for 22 to 26 months at a gross daily rate of $20,000, with an option to extend to 34 to 36 months[108]. - A time charter for 8 to 11 months was set at a daily gross rate of $10,400 for the first 45 days, increasing to $14,700 thereafter[106]. - The company entered into a time charter for MV Ammoxostos for a duration of ten years with purchase options starting three years after the charter commencement[105]. - The charter agreement for MV Efrossini includes multiple extensions with varying daily rates, reflecting strategic flexibility in operations[107].

Revenue Breakdown - Soft pretzel sales accounted for 18% of the Company's revenue in fiscal year 2025, 18% in fiscal year 2024, and 19% in fiscal year 2023[24]. - Frozen novelties sales represented 16% of the Company's revenue in fiscal year 2025, 17% in fiscal year 2024, and 17% in fiscal year 2023[28]. - Churro sales were 6% of the Company's sales in fiscal year 2025, 7% in fiscal year 2024, and 7% in fiscal year 2023[32]. - Bakery products sales amounted to 27% of the Company's sales in fiscal year 2025, 26% in fiscal year 2024, and 26% in fiscal year 2023[34]. - Frozen beverage sales constituted 14% of the Company's revenue in fiscal year 2025, 15% in fiscal year 2024, and 14% in fiscal year 2023[35]. - The top ten customers accounted for 46% of the Company's sales in fiscal year 2025, 45% in fiscal year 2024, and 43% in fiscal year 2023[40]. - Revenue from equipment sales and repair and maintenance services totaled 9% of the Company's sales in each of the fiscal years 2025, 2024, and 2023[36]. Business Segments and Operations - The Company operates in three business segments: Food Service, Retail Supermarkets, and Frozen Beverages[19]. - The Company has a significant trademark portfolio, including brands such as SUPERPRETZEL, DIPPIN' DOTS, and ICEE[48]. - The Company develops and introduces new products on a routine basis, evaluating success based on sales and profit levels[45]. - Sales from foreign operations were $69.6 million, $73.4 million, and $70.2 million in fiscal years 2025, 2024, and 2023, respectively, with total assets in foreign operations at $79.1 million or 5.7% of total assets as of September 27, 2025[56]. - The top ten customers accounted for 46% of sales in fiscal year 2025, 45% in 2024, and 43% in 2023, with the largest customer representing 10% of sales in 2025[77]. Workforce and Employment - Approximately 4,600 full and part-time employees and 600 staffing agency workers were employed as of September 27, 2025, with about 1,400 production and distribution employees covered by collective bargaining agreements[59]. Safety and Compliance - The Company’s Total Recordable Incident Rate (TRIR) and Days Away, Restricted or Transferred (DART) incident rates were lower than food manufacturing averages, indicating a strong safety performance[60]. - Compliance with government regulations did not materially affect capital expenditures or earnings in fiscal 2025 and is not expected to impact fiscal 2026 significantly[57]. - The Company’s facilities are Global Food Safety Initiative (GFSI) certified, ensuring adherence to stringent safety and quality standards[58]. Economic and Market Risks - The Company competes with larger manufacturers and distributors, which could lead to downward pressure on prices and a decline in market share[79]. - The Company faces risks from economic conditions that could negatively impact consumer demand and affect sales of higher-margin products[66]. - The company faces risks related to manufacturing capacity constraints, which could negatively affect customer service levels and demand for products[82]. - Increased health care costs due to rising health care expenses and legislative changes could adversely impact the company's financial position and results of operations[89]. Operational Changes and Initiatives - The company is pursuing cost productivity initiatives in procurement, manufacturing, and logistics to enhance operating efficiencies and manage costs effectively[99]. - The Company reported a significant increase in operational efficiency through Project Apollo, expected to generate at least $20 million in run-rate operating income by fiscal 2026[125]. - The Company closed three manufacturing facilities, incurring approximately $24 million in plant closure costs, primarily related to non-cash write-downs and severance[125]. - The Company has opened three regional distribution centers, projected to drive cost reductions in warehousing and distribution[126]. - The Company added six new production lines, significantly expanding capacity for core products such as pretzels, churros, and frozen novelties[126]. - The Company launched the Hola! Churro brand in fiscal year 2023 and expanded the SuperPretzel brand with Bavarian Sticks[126]. Financial Performance - Net sales increased by $8.5 million, or 1%, to $1,583.2 million in fiscal 2025, driven by growth in the foodservice segment[132]. - Gross profit decreased by $16.3 million, or 3%, to $469.8 million, with gross profit as a percentage of sales declining to 29.7% from 30.9%[133]. - Total operating expenses rose by $17.0 million, or 5%, to $385.6 million, increasing as a percentage of sales to 24.4%[135]. - Operating income fell by $33.2 million, or 28.3%, to $84.3 million, impacted by rising raw material costs and inflationary pressures[145]. - Net earnings decreased by $21.0 million, or 24%, to $65.6 million, translating to $3.36 per diluted share[139]. - Food service segment sales increased by $16.2 million, or 1.6%, to $1,001.4 million, with soft pretzel sales up 3.5%[147]. - Retail supermarket segment sales declined by $7.5 million, or 3.4%, to $213.8 million, with operating income down 30.6%[150]. - Investment income increased by $0.4 million, or 11%, to $3.6 million due to higher average cash balances[137]. - The effective tax rate decreased to 24.1% from 27.2% primarily due to a change in estimate on blended state tax rate[138]. - New product sales reached approximately $3.9 million in the first twelve months since introduction, mainly from churros added to a major fast-food customer's menu[148]. - Sales of products to retail supermarkets decreased by $7.5 million, or 3%, to $213.8 million in fiscal year 2025[152]. - Operating income in the Retail Supermarkets segment decreased by $5.9 million, or 31%, to $13.3 million in fiscal 2025[154]. - Total frozen beverage segment sales decreased slightly by $0.2 million, to $368.0 million in fiscal 2025[155]. - Beverage-related sales decreased by 5%, or $10.7 million, in fiscal 2025, primarily due to weakness in certain channels[155]. Acquisitions and Investments - The Company completed the acquisition of the Thinsters cookie business for approximately $7.0 million in cash on April 8, 2024[158]. Cash Flow and Financial Position - Cash flows from operating activities provided $165.1 million in fiscal 2025, compared to $173.1 million in fiscal 2024[160]. - As of September 27, 2025, the Company had $105.9 million in cash and cash equivalents[165]. - The Company had approximately $133 million in purchase commitments for raw materials as of September 27, 2025[171]. - As of September 27, 2025, the company had no debt outstanding, indicating a strong balance sheet[198]. Risk Management and Controls - The company minimizes purchasing risk through forward purchasing of raw materials for periods from 1 to 12 months[199]. - The company has not entered into any forward exchange contracts to hedge foreign currency risk, as it does not consider the exposure significant[200]. - Management identified a material weakness in internal controls related to information technology general controls as of September 28, 2024, but concluded that controls were effective as of September 27, 2025[208][211]. - The independent registered public accounting firm expressed an unqualified opinion on the effectiveness of the company's internal control over financial reporting as of September 27, 2025[213].