IPO and Trust Account - The Company completed its IPO on February 11, 2021, raising gross proceeds of $276.0 million from the sale of 27,600,000 units at $10.00 per unit, with offering costs of approximately $15.8 million[146]. - Following the IPO, approximately $276.0 million was placed in a Trust Account, invested in U.S. government securities or money market funds until a business combination is completed[148]. - The company completed its IPO on February 11, 2021, raising gross proceeds of $276,000,000 from the sale of 27,600,000 Units at $10.00 per Unit[177]. Business Combination Extensions - On February 9, 2024, shareholders approved an extension for the Company to consummate a business combination until August 11, 2024, with 2,195,847 Class A shares redeemed for $23,724,846 (approximately $10.80 per share)[152][153]. - On August 9, 2024, shareholders approved another extension until May 11, 2025, with 1,487,025 Class A shares redeemed for $16,484,256 (approximately $11.09 per share)[156][157]. - A business combination agreement was entered into on July 2, 2025, involving the merger of the Company with Mkango (Cayman) Limited, with the new entity expected to trade under the name "Mkango Rare Earths Limited" on Nasdaq[167][168]. Financial Performance - For the three months ended June 30, 2025, the company reported a net loss of $1,204,678, with operating costs of $1,005,463 and non-redemption agreement expense of $223,138[174]. - For the six months ended June 30, 2025, the company had a net loss of $1,916,805, with total operating costs of $1,778,256 and trust dividend income of $120,108[175]. - As of June 30, 2025, the company had cash outside the trust account of $425 and working capital deficits of $4,755,842[181]. Financial Challenges and Concerns - The company has incurred significant costs in pursuit of financing and acquisition plans, raising substantial doubt about its ability to continue as a going concern[187]. - The company lacks the financial resources to sustain operations for a reasonable period, which could lead to curtailing operations or suspending the pursuit of a potential merger target[188]. - The company entered into a convertible note with a former CEO for up to $1,500,000, which was later amended to $1,000,000, due by February 11, 2026[183][184]. Related Party Transactions - The company reported $1,458,768 and $1,189,077 as due to related parties on its balance sheets as of June 30, 2025, and December 31, 2024, respectively[186]. Financial Advisory and Agreements - The Company engaged Jett Capital Advisors, LLC as a financial advisor for the proposed business combination with Lancaster Exploration Limited and its subsidiaries[170]. - The company has engaged Jett Capital as a financial advisor for a proposed business combination, with fees payable only upon consummation[192]. - Lancaster agreed to issue a convertible promissory note with a principal amount of $500,000 to an affiliate of the Company's Chairman in connection with the proposed business combination[171]. Regulatory and Reporting Considerations - The company is evaluating the benefits of reduced reporting requirements under the JOBS Act as an "emerging growth company" for a period of five years post-IPO or until it no longer qualifies[204]. - The company may not be required to provide an auditor's attestation report on internal controls over financial reporting under Section 404[204]. - The company is exempt from certain executive compensation disclosures required of non-emerging growth public companies under the Dodd-Frank Act[204]. - The company is classified as a smaller reporting company and is not required to provide additional market risk disclosures[205]. Delisting and Redemption - The Company was delisted from the NYSE on February 12, 2024, due to non-compliance with the requirement to complete a business combination within three years[164][165]. - If a business combination is not completed by March 11, 2026, the Company will redeem public shares at a price equal to the amount in the Trust Account, which includes interest earned[166]. - The company estimated the fair value of Class B ordinary shares attributable to Non-Redeeming Investors to be $223,138 for the six months ended June 30, 2025[197].

Financial Performance - Net sales decreased by 9.6% year-over-year in the third quarter to $114.9 million, and decreased by 9.4% in the first nine months to $349.3 million[114]. - Net loss for the third quarter of fiscal 2025 was $10.1 million, an improvement from a net loss of $28.2 million in the prior year; net loss for the first nine months was $24.0 million compared to $38.1 million in the same period last year[114]. - Adjusted EBITDA improved to ($0.7) million in the third quarter of fiscal 2025 from ($6.2) million in the prior year, and increased to $7.5 million in the first nine months compared to $6.1 million in the same period last year[114]. - Net sales decreased by $12.2 million, or 9.6%, to $114.9 million for the three months ended November 2, 2025, compared to $127.1 million for the same period in 2024[123]. - Gross profit decreased by $4.6 million, or 6.9%, to $61.8 million for the three months ended November 2, 2025, with a gross margin of 53.8%, up from 52.3% in the prior year[124]. - For the nine months ended November 2, 2025, net sales decreased by $36.1 million, or 9.4%, to $349.3 million compared to $385.4 million in the prior year[129]. - Gross profit for the nine months ended November 2, 2025, decreased by $14.8 million, or 7.3%, to $187.2 million, with a gross margin of 53.6%, up from 52.4%[130]. Expenses and Costs - Selling, general and administrative expenses decreased by $11.6 million, or 14.1%, to $70.1 million for the three months ended November 2, 2025, representing 61.5% of net sales, down from 64.8%[125]. - Selling, general and administrative expenses for the nine months ended November 2, 2025, decreased by $21.7 million, or 9.6%, to $205.1 million, representing 58.7% of net sales[131]. - Selling, general and administrative expenses are expected to be higher in lower-volume quarters due to fixed costs, affecting overall profitability[117]. Operational Insights - The company operated 63 retail stores and three outlet stores as of November 2, 2025, expanding its omnichannel platform since 2010[108]. - The company emphasizes the importance of Adjusted EBITDA as a key performance metric, excluding financing and investing activities to provide a clearer operational picture[118]. - Gross profit is calculated as net sales minus cost of goods sold, with expectations for growth aligned with net sales increases[116]. - The company has built strong brand awareness and a loyal customer base through a focus on quality and functional products[110]. Economic and Market Conditions - The macroeconomic environment is characterized by inflation and tariff concerns, which may impact merchandise costs and availability[112]. - Future performance is subject to various risks, including economic uncertainties and supply chain disruptions, which could materially affect results[105]. Cash Flow and Investments - Net cash used in operating activities was $31.1 million for the nine months ended November 2, 2025, compared to $58.1 million in the prior year[142]. - The company expects to spend approximately $17.0 million on capital expenditures in fiscal 2025, primarily for new stores and IT investments[139]. - For the nine months ended November 2, 2025, net cash used in investing activities was $5.7 million[147]. - Net cash provided by financing activities for the nine months ended November 2, 2025, was $41.6 million, an increase from $41.0 million for the same period in 2024[148]. Compliance and Reporting - There have been no significant changes to contractual obligations as described in the Annual Report on Form 10-K for the fiscal year ended February 2, 2025[149]. - The company is not a party to any material off-balance sheet arrangements[150]. - There have been no significant changes to critical accounting policies and estimates as described in the 2024 Form 10-K[152]. - There have been no significant changes in market risks as described in the 2024 Form 10-K[154].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 30, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-13602 Veru Inc. (Name of registrant as specified in its charter) | Wisconsin 39-1144397 | | --- | | (State or other jur ...

Contracts and Awards - The company was awarded a new contract for optical sub-assemblies valued at $2.3 million, with deliveries scheduled from April 2026 through December 2026[33]. - A firm fixed price purchase order from General Dynamics Land Systems - Canada was awarded for laser protected periscopes, amounting to $1.6 million, to be delivered in fiscal year 2026[33]. - The company received a five-year requirement-type contract from the Army Contracting Command for Abrams-based optical sighting systems, estimated first-year order amount exceeding $4.3 million[33]. - Significant contracts with a total award value of more than $1.0 million include a $7.4 million IDIQ contract for periscopes with DLA Land and Maritime[52]. - A $3.4 million follow-on contract was awarded by the Israeli Ministry of Defense for refurbishing Night Vision Rifle Scopes, with deliveries starting in Q1 of fiscal year 2024[69]. - The company has a backlog of $1.1 million associated with two government prime contracts pending termination, with expectations to recover all incurred costs[40]. Financial Performance - Total external revenues increased by $7.3 million for the fiscal year 2025, representing a 21.6% increase compared to fiscal year 2024[196]. - Gross profit for the fiscal year 2025 was $12.057 million, with a gross margin of 29.2%[196]. - Operating income for the fiscal year 2025 was $7.132 million, with an operating income margin of 17.3%[196]. - Consolidated operating income rose by $2.3 million to $7.1 million for the year ended September 28, 2025, compared to $4.8 million in the prior fiscal year[201]. - New orders booked totaled $36.2 million for the twelve months ended September 28, 2025, a 0.5% decrease from $36.4 million in the prior year[204]. - Backlog as of September 28, 2025, was $39.1 million, down 11.5% from $44.2 million as of September 29, 2024[207]. Supply Chain and Production - Approximately 83% of the company's material requirements are single-sourced across 104 suppliers, representing about 96% of active supplier order values[39]. - Recent supply chain disruptions, including those caused by geopolitical events, have led to market-wide material shortages and increased costs for critical components such as aluminum and steel[126]. - The ability to fulfill backlog orders may be limited by supply chain disruptions and labor shortages, potentially delaying revenue recognition[124]. - The company has experienced substantial increases in costs for materials and may face challenges in recovering these costs on fixed-price contracts[128]. - The manufacturing process utilizes six sigma techniques and process standardization to improve output and reduce costs[88]. Market and Demand - The company continues to see an increase in demand for precision optics due to global unrest, focusing on observation and situational awareness applications[20]. - The company anticipates the opportunity to integrate night vision and optical sights products into commercial applications[36]. - The company is exploring opportunities to adapt products for commercial use, targeting markets with potential for solid revenue growth[70]. - The company plans to focus on four product areas for commercialization, including Big Eye Binoculars and Thin Film Coatings[73]. Labor and Employment - As of September 28, 2025, the company had 132 full-time equivalent employees, maintaining good relations with employees who are not currently unionized[108]. - The company faces significant labor market challenges, including low unemployment and competition for skilled workers, which could increase production costs and impede growth[123]. Cybersecurity - The company recognizes the increasing volume and sophistication of cyber threats and has implemented a comprehensive cybersecurity risk management program[164]. - The company's cybersecurity program includes risk assessment, policies and procedures, training, auditing, and incident response[165]. - The board of directors is responsible for overseeing cybersecurity risk management policies and protocols[168]. Corporate Governance - Mr. George's initial annual base salary as the new CEO is $300,000, with an annual increase of 3.5%[24]. - The board increased the total number of board seats from four to five with the appointment of Mr. George as a director[27]. Risks and Challenges - The company faces competitive pressures from well-entrenched competitors, which may lead to lower prices and affect financial performance[107]. - Delays in the U.S. government's budget process could adversely affect future revenues, as procurement of products and services may be delayed or canceled[120]. - Approximately 99% of contracts contain termination clauses for convenience, which could affect future revenues; however, the company expects to recover all incurred costs plus a reasonable fee from contracts pending termination, representing $1.1 million in backlog[116]. - The company has several multiyear IDIQ contracts at fixed prices, currently at low profit rates or in a loss condition[115]. Revenue Sources - Approximately 90% of the company's business during the twelve months ended September 28, 2025, was in support of U.S. military products[55]. - Approximately 95% of total company revenue is generated from domestic customers, with only 5% from foreign customers[141]. - The company's revenues for the fiscal year ended September 28, 2025, were derived from U.S. government agencies (29%), four major U.S. defense contractors (19%, 10%, 6%, and 6%), and other customers (30%)[141].

Financial Performance - Fourth-quarter net sales were $1.07 billion, a decrease of 1% compared to $1.08 billion in the same period of fiscal 2024[2]. - Full-year net sales were $4.51 billion, down 2% from $4.58 billion in fiscal 2024, primarily due to prior year divestitures of non-core assets[2][10]. - Fourth-quarter reported diluted EPS was $0.74, a decrease of 15% from $0.87 in the same period of fiscal 2024; adjusted diluted EPS was $0.91, down 4% from $0.95[3][9]. - Full-year reported diluted EPS was $3.17, down 21% from $4.01 in fiscal 2024; adjusted diluted EPS was $4.20, an increase of 1% from $4.17[3][10]. - Net earnings for the twelve months ended October 31, 2025, were $316.1 million, down from $418.9 million in 2024, representing a decrease of 24.5%[33]. - The company reported a diluted net earnings per share of $3.17 for the twelve months ended October 31, 2025, compared to $4.01 in 2024, a decline of 21.0%[33]. Cash Flow and Shareholder Returns - Record free cash flow of $578 million was generated in fiscal 2025, largely due to working capital improvements[5]. - The company returned $441 million to shareholders through cash dividends and common stock repurchases[5]. - Net cash provided by operating activities increased to $662.0 million for the twelve months ended October 31, 2025, up from $569.9 million in 2024, representing a growth of 16.2%[39]. - Free cash flow for the twelve months ended October 31, 2025, was $578.3 million, an increase of 22.9% from $470.7 million in 2024[43]. Operational Efficiency - Professional segment full-year earnings margin improved to 19.4%, up from 18.0% in the prior year, driven by productivity improvements and net price realization[4][10]. - SG&A expense as a percentage of net sales for fiscal 2025 was 22.5%, compared to 22.2% in fiscal 2024, primarily driven by lower net sales volume and higher incentive expenses[17]. - Gross profit for the twelve months ended October 31, 2025, was $1,504.8 million, resulting in a gross margin of 33.4%, down from 33.8% in 2024[33]. - Adjusted gross profit for the twelve months ended October 31, 2025, was $1,536.4 million, slightly down from $1,555.0 million in 2024, reflecting a decrease of 1.2%[42]. - The adjusted gross margin improved to 34.1% for the twelve months ended October 31, 2025, compared to 33.9% in 2024[42]. - Operating earnings for the twelve months ended October 31, 2025, were $409.9 million, down 23.2% from $533.3 million in 2024[42]. Strategic Initiatives and Future Outlook - Fiscal 2026 adjusted diluted EPS guidance is set between $4.35 and $4.50, reflecting mid-single digit earnings growth expectations[5][7]. - The Tornado Infrastructure Equipment acquisition is expected to contribute approximately 2% to total company net sales and have a modestly accretive impact on adjusted diluted EPS[8]. - The company anticipates that the differences between adjusted diluted EPS for fiscal 2026 and diluted EPS will include non-cash, large, and/or unpredictable charges and benefits[29]. - The company launched the "Amplifying Maximum Productivity" (AMP) initiative in the first quarter of fiscal 2024, which is expected to impact future productivity and operational efficiency[42]. Balance Sheet Highlights - Total current assets decreased to $1,705.1 million as of October 31, 2025, from $1,764.9 million in 2024[37]. - Cash and cash equivalents increased to $341.0 million as of October 31, 2025, compared to $199.5 million in 2024[37]. - The company’s total liabilities decreased to $1,985.5 million as of October 31, 2025, from $2,030.4 million in 2024[37]. - The effective tax rate for the twelve months ended October 31, 2025, was 16.3%, down from 18.3% in 2024[42]. - The company recorded a non-cash impairment charge of $81.1 million during the twelve months ended October 31, 2025[42].

[General Information](index=1&type=section&id=General%20Information) Provides foundational details about NeuroOne Medical Technologies Corporation, its incorporation, and registered securities - Registrant: **NeuroOne Medical Technologies Corporation**, incorporated in Delaware[2](index=2&type=chunk) Securities Registered | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | | :------------------ | :---------------- | :---------------------------------------- | | Common Stock, par value $0.001 per share | NMTC | The Nasdaq Stock Market LLC | - The registrant is not an emerging growth company[4](index=4&type=chunk) [Item 2.02 Results of Operations and Financial Condition](index=2&type=section&id=Item%202.02%20Results%20of%20Operations%20and%20Financial%20Condition) Details the announcement of preliminary, unaudited financial results for the fiscal year ended September 30, 2025 - NeuroOne Medical Technologies Corporation announced preliminary, unaudited financial results for the fiscal year ended September 30, 2025, via a press release on October 6, 2025[5](index=5&type=chunk) - Information in this Item 2.02 and Exhibit 99.1 is furnished, not filed, and not incorporated by reference in Securities Act filings unless expressly stated[6](index=6&type=chunk) [Item 8.01 Other Events](index=2&type=section&id=Item%208.01%20Other%20Events) Covers additional significant events, including preliminary financial results for the fiscal year 2025 [Preliminary Results](index=2&type=section&id=Preliminary%20Results) For the fiscal year ended September 30, 2025, NeuroOne reported approximately $9.1 million in annual total product revenue and held approximately $6.6 million in cash and cash equivalents Preliminary Financial Highlights (FY2025) | Metric | Amount (approx.) | | :------------------------------------ | :--------------- | | Annual Total Product Revenue | $9.1 million | | Cash and Cash Equivalents (as of Sep 30, 2025) | $6.6 million | [Item 9.01 Financial Statements and Exhibits](index=2&type=section&id=Item%209.01%20Financial%20Statements%20and%20Exhibits) Lists the exhibits filed with the Form 8-K, including a press release and interactive data file Exhibits Filed with Form 8-K | Exhibit No. | Description | | :---------- | :-------------------------------------------------- | | 99.1 | Press Release, dated October 6, 2025 | | 104 | Cover Page Interactive Data File (embedded with Inline XBRL document) | [Forward-Looking Statements](index=2&type=section&id=Forward-Looking%20Statements) Addresses cautionary information regarding future-oriented statements, their inherent uncertainties, and the company's disclosure obligations - This Current Report includes forward-looking statements concerning revenue, financial outlook, product demand, and growth expectations, based on current management expectations[8](index=8&type=chunk) - Preliminary, estimated financial results are unaudited, subject to final reviews and closing procedures, and may be materially inaccurate[8](index=8&type=chunk) - Actual future results may differ materially due to factors such as Nasdaq compliance, strategic partnerships, technology performance, capital needs, regulatory changes, and intellectual property rights; NeuroOne disclaims any obligation to update these statements[8](index=8&type=chunk) [Signatures](index=3&type=section&id=SIGNATURES) Confirms the official signing of the report by NeuroOne Medical Technologies Corporation's Chief Executive Officer - The report was signed on behalf of **NeuroOne Medical Technologies Corporation** by **David Rosa**, Chief Executive Officer, on October 6, 2025[12](index=12&type=chunk)

Financial Performance - Jabil reported net revenue of $8.3 billion for the first quarter of fiscal year 2026, a 19% increase from $6.994 billion in the same period last year[18]. - Core operating income (Non-GAAP) for the quarter was $454 million, with core diluted earnings per share (Non-GAAP) at $2.85, reflecting strong operational performance[6]. - The company raised its fiscal year 2026 outlook to a net revenue target of $32.4 billion, with a core operating margin (Non-GAAP) of 5.7% and core diluted earnings per share (Non-GAAP) of $11.55[5]. - For the second quarter of fiscal year 2026, Jabil expects net revenue between $7.5 billion and $8.0 billion, with core diluted earnings per share (Non-GAAP) projected to be between $2.27 and $2.67[4]. - Jabil's net income for the first quarter was $146 million, up from $100 million year-over-year, with diluted earnings per share increasing to $1.35 from $0.88[18]. - Net income for the three months ended November 30, 2025, was $146 million, compared to $100 million for the same period in 2024, representing a 46% increase[20]. - Operating income (U.S. GAAP) increased to $283 million in Q1 2025 from $197 million in Q1 2024, a growth of 43.6%[21]. - Core operating income (Non-GAAP) rose to $454 million, up from $347 million year-over-year, reflecting a 30.8% increase[21]. - Diluted earnings per share (U.S. GAAP) increased to $1.35 from $0.88, a growth of 53.4%[21]. Cash Flow and Assets - Adjusted free cash flow (Non-GAAP) is expected to exceed $1.3 billion for fiscal year 2026, supporting ongoing investments and shareholder returns[5]. - Jabil's total assets increased to $19.276 billion as of November 30, 2025, up from $18.543 billion at the end of the previous fiscal year[16]. - The company maintained strong free cash flow expectations while focusing on profitable growth and margin expansion[3]. - Adjusted free cash flow (Non-GAAP) for the three months ended November 30, 2025, was $272 million, compared to $226 million in the prior year, marking a 20.4% increase[23]. - Net cash provided by operating activities was $323 million, slightly up from $312 million in the same quarter last year[23]. - Cash and cash equivalents at the end of the period decreased to $1,572 million from $2,058 million year-over-year, a decline of 23.5%[20]. Restructuring and Charges - The company incurred $76 million in restructuring, severance, and related charges during the three months ended November 30, 2025[21]. - The company recorded $15 million in acquisition and divestiture-related charges during the three months ended November 30, 2025[21]. - The company reported a net cash used in financing activities of $503 million, compared to $312 million in the same period last year[20]. Growth Drivers - Jabil's Intelligent Infrastructure segment is a key growth driver, benefiting from increased demand in cloud, data center infrastructure, and networking[3].

Financial Performance - Fourth quarter revenue reached a record $2.3 billion, an increase of 5.4% year-over-year, with organic growth contributing 4.8%[4] - Net income for the quarter was $34.8 million, or $0.56 per diluted share, compared to a net loss of $(11.7) million, or $(0.19) per share in the prior year[7] - Adjusted EBITDA for the quarter was $124.2 million, with an adjusted EBITDA margin of 5.6%, compared to $125.6 million and 6.0% in the prior year[9] - Full year fiscal 2025 revenue was $8.7 billion, a 4.6% increase over the prior year, driven by 3.8% organic growth and 0.8% from acquisitions[12] - Revenues for the three months ended October 31, 2025, were $2,295.3 million, representing a 5.4% increase from $2,177.3 million in the same period of 2024[33] - For the fiscal year ended October 31, 2025, total revenues reached $8,745.9 million, up 4.6% from $8,359.4 million in 2024[34] - Total revenues for the three months ended October 31, 2025, increased by 5.4% to $2,295.3 million compared to $2,177.3 million in the same period of 2024[38] - For the fiscal year ended October 31, 2025, total revenues increased by 4.6% to $8,745.9 million from $8,359.4 million in 2024[39] Profitability - Operating profit for the same period was $68.4 million, a significant increase from $19.2 million in the prior year, indicating a notable improvement in operational efficiency[33] - The company reported an operating profit of $311.7 million for the fiscal year 2025, a 47.0% increase from $212.0 million in 2024[34] - Net income for the fiscal year 2025 was $162.4 million, a 99.6% increase from $81.4 million in 2024[39] - The segment operating margin for the three months ended October 31, 2025, improved to 8.2%, up from 7.9% in the same period of the previous year[38] - The company incurred $27.9 million in items impacting comparability for the three months ended October 31, 2025, compared to $77.5 million in the same period of 2024[41] Cash Flow and Investments - Net cash provided by operating activities for the three months ended October 31, 2025, was $133.4 million, significantly higher than $30.3 million in the same period of 2024[36] - Free cash flow for the three months ended October 31, 2025, reached $112.7 million, compared to $15.5 million in the same period of 2024[42] - Total cash used in investing activities for the fiscal year 2025 was $115.6 million, a decrease from $171.9 million in 2024, indicating a more conservative investment approach[36] - The company reported additions to property, plant, and equipment of $20.7 million for the three months ended October 31, 2025, up from $14.8 million in 2024[42] Shareholder Returns - The Board approved a 9% increase in the quarterly dividend to $0.29 per common share, marking the 58th consecutive year of annual dividend increases[19] - The company declared dividends of $0.265 per common share for the three months ended October 31, 2025, compared to $0.225 in the same period of 2024[33] - The company repurchased $73.0 million of common stock in the fourth quarter and $121.3 million for the full year, reducing outstanding shares by 4%[4] Debt and Liquidity - The company ended the quarter with total indebtedness of $1.6 billion and a leverage ratio of 2.7x, with available liquidity of $681.6 million[17] - Current liabilities decreased to $1,305.7 million in 2025 from $1,348.4 million in 2024, reflecting improved financial management[37] - Interest expense for the fiscal year 2025 was $96.4 million, up from $85.0 million in 2024, reflecting increased borrowing costs[34] Future Outlook - For fiscal 2026, adjusted EPS is projected to be in the range of $3.85 to $4.15, excluding any potential prior year self-insurance adjustments[20] - Organic revenue growth for fiscal 2026 is expected to be between 3% to 4%, with an additional point of growth anticipated from the WGNSTAR acquisition[20] Operational Efficiency - The company incurred costs associated with restructuring programs aimed at improving operational efficiency[44] - Discrete transformational costs for developing technological needs amounted to significant investments in new systems and tools[45] - The company revised its non-GAAP financial measures to include prior year self-insurance adjustments for better comparability[43] Taxation - The tax impact for FY2025 was calculated using a federal and state statutory rate of 27.72%[47]

Financial Performance - Net sales for the second quarter were $4.9 billion, down 7%, with organic net sales down 1%[5] - Operating profit decreased by 32% to $728 million, while adjusted operating profit was down 20% in constant currency to $848 million[6] - Diluted earnings per share (EPS) fell 45% to $0.78, with adjusted diluted EPS down 21% in constant currency to $1.10[5] - For the quarter ended November 23, 2025, net sales were $4,860.8 million, a decrease of 7% compared to $5,240.1 million in the same quarter of 2024[32] - Operating profit for the same quarter was $728.0 million, down 32% from $1,077.9 million year-over-year[32] - Net earnings attributable to General Mills for the quarter ended Nov. 23, 2025, were $413.0 million, or 8.5% of net sales, compared to $795.7 million and 15.2% in the same quarter of 2024[74] - Adjusted net earnings attributable to General Mills for the six-month period ended Nov. 23, 2025, were $1,059.6 million, or 11.3% of net sales, compared to $1,391.1 million and 13.8% in the prior year[76] - The total segment operating profit for the six-month period ended Nov. 23, 2025, decreased by 17% on a reported basis[80] Sales by Segment - North America Retail segment net sales decreased 13% to $2.9 billion, with organic net sales down 3%[12] - North America Pet segment net sales increased 11% to $660 million, benefiting from the North American Whitebridge Pet Brands acquisition[14] - International segment net sales rose 6% to $729 million, with organic net sales up 4%[19] - North America Retail segment net sales decreased by 13% to $2,883.3 million for the quarter ended November 23, 2025[35] - The International segment reported a 6% increase in net sales to $728.9 million for the same quarter[35] - The North America Pet segment saw an 11% increase in net sales, reaching $660.4 million for the quarter[35] Future Expectations - The company expects a 25% increase in sales from new products in fiscal 2026, driven by investments in brand remarkability[3] - General Mills expects organic net sales growth to range between down 1% and up 1% for fiscal 2026[30] - Adjusted operating profit and adjusted diluted EPS are projected to decline by 10% to 15% in constant currency[30] - The company anticipates a net impact of divestitures and acquisitions to reduce full-year net sales growth by approximately 4%[30] - The company expects to incur approximately $82 million of restructuring charges related to a multi-year organizational initiative to enhance supply chain competitiveness[45] - The company expects a net sales growth reduction of approximately 4% due to foreign currency exchange rates, acquisitions, and a 53rd week in fiscal 2026[55] - Restructuring and transformation charges for fiscal 2026 are expected to total approximately $160 million to $165 million[55] Cash Flow and Assets - Cash provided by operating activities totaled $1.2 billion through six months, down from $1.8 billion a year ago[25] - Cash and cash equivalents at the end of the period were $683.4 million, down from $2,292.8 million at the end of the previous year[40] - The net cash provided by operating activities was $1,216.3 million for the six-month period ended November 23, 2025, compared to $1,774.7 million in the same period last year[41] - Total current assets decreased to $5,071.1 million as of November 23, 2025, from $7,381.4 million a year earlier[38] - Total liabilities decreased to $23,220.2 million as of November 23, 2025, compared to $23,946.9 million in the previous year[38] Restructuring and Charges - Restructuring and other exit costs totaled $122 million in the second quarter, significantly higher than $1 million a year ago[23] - Restructuring, transformation, and impairment charges totaled $125.1 million for the six-month period ended November 23, 2025[46] - The company recorded a $53 million non-cash impairment charge related to the Uncle Toby's brand intangible asset in the second quarter of fiscal 2026[46] - Restructuring and transformation charges for the quarter ended Nov. 23, 2025, amounted to $72.2 million, contributing 1.5% to operating profit[74] Tax and Earnings - The effective tax rate for the second quarter was 23.3%, compared to 20.1% last year[24] - The effective tax rate for the six-month period ended November 23, 2025, was 24.9%, an increase of 4.0 percentage points from 20.9% in the same period last year[50] - Diluted earnings per share for the six-month period ended November 23, 2025, were $3.00, a 22% increase from $2.45 in the same period last year[71] - Unallocated corporate expense totaled $214 million for the six-month period ended November 23, 2025, up from $189 million in the same period last year[49] Acquisitions and Divestitures - The company recorded a pre-tax gain of $1,046 million from the sale of its United States yogurt business to Groupe Lactalis S.A. in the first quarter of fiscal 2026[47] - The acquisition of NX Pet Holding, Inc. for $1 billion resulted in goodwill of $1,087 million and an indefinite-lived intangible asset for the Tiki Pets brand totaling $289 million[44] - The company recorded $14 million in transaction costs related to the sale of its United States yogurt business in the six-month period ended November 23, 2025[49] - The company experienced a divestiture gain of $1,054.4 million, which negatively impacted the operating profit margin by 11.2% for the six-month period ended Nov. 23, 2025[76]

Investor and Media Contact: Samuel Fisch Executive Director, Investor Relations and Corporate Communications Email: veruinvestor@verupharma.com Veru Reports Fiscal Year 2025 Financial Results and Clinical Program Progress — Following positive efficacy and safety results from Phase 2b QUALITY study, company received FDA regulatory clarity for enobosarm in combination with GLP-1 RA — — Incremental weight loss is an acceptable approvable primary endpoint with key secondary endpoints on physical function and bo ...