Digital Asset Strategy - The Company has implemented a digital asset treasury strategy to acquire Solana tokens (SOL), which will serve as its primary treasury reserve asset, leveraging Solana's ~7% native staking yield[107]. - The Company plans to build an initial SOL position and significantly scale holdings over the next 12–24 months through a best-in-class capital markets program[114]. - The Company aims to evaluate staking, lending, and other opportunities within the Solana ecosystem to generate revenue from its SOL treasury[114]. - The Company’s investing activities were focused on executing its digital asset treasury strategy through the purchase of SOL[188]. Financial Position and Compliance - As of September 30, 2025, Marvel Operations Corp. has no outstanding loans under the Master Loan Agreement, indicating a strong financial position[112]. - The Nasdaq notified the Company of non-compliance with the minimum bid price requirement, providing a 180-day period to regain compliance[120]. - The Company received a notice from Nasdaq on March 31, 2025, indicating non-compliance with the minimum stockholders' equity requirement, as stockholders' equity fell below $2.5 million[123]. - Nasdaq granted the Company an extension until June 30, 2025, to regain compliance with both the Minimum Bid Price Requirement and the Stockholders' Equity Requirement[124]. - The Company regained compliance with the Minimum Bid Price Requirement following a reverse stock split in May 2025[125]. - The Company regained compliance with the Stockholders' Equity Requirement after completing a 2025 Offering, and is now compliant with all Nasdaq listing criteria[126]. Revenue and Expenses - Total revenue for Q3 2025 was $697 thousand, a significant increase of $646 thousand compared to $51 thousand in Q3 2024[152]. - Staking rewards income contributed $342 thousand in Q3 2025, compared to no income in Q3 2024[152]. - Gross profit for Q3 2025 was $594 thousand, a turnaround from a gross loss of $136 thousand in Q3 2024[155]. - Total operating expenses in Q3 2025 were $36,044 thousand, an increase of $32,110 thousand from $3,934 thousand in Q3 2024[152]. - Net loss for Q3 2025 was $352,768 thousand, compared to a net loss of $3,686 thousand in Q3 2024, reflecting a deterioration of $349,082 thousand[152]. - Selling, general and administrative expenses for Q3 2025 increased to $4,646 thousand, up from $2,857 thousand in Q3 2024, primarily due to a $1.5 million discretionary bonus[157]. Cash Flow and Financing Activities - Cash and cash equivalents as of September 30, 2025, were $124,051 thousand, up from $1,088 thousand as of December 31, 2024[178]. - The company raised $374.9 million in net proceeds from the 2025 PIPE Offerings, which alleviated concerns about its ability to continue as a going concern[179]. - The Company provided $400,682 thousand in net cash from financing activities during the nine months ended September 30, 2025, an increase of $393,728 thousand compared to the prior year[186]. - The Company generated $374.9 million in net proceeds from the September 2025 PIPE Offerings by issuing shares of Common Stock[189]. - The Company repaid promissory notes totaling $1.56 million during the nine months ended September 30, 2025[189]. Product Developments and Approvals - The Portable Neuromodulation Stimulator (PoNS) device has received marketing clearance in the U.S. for treating gait deficits due to mild-to-moderate symptoms of multiple sclerosis, with commercial sales commencing in April 2022[105]. - The PoNS device is authorized for sale in Canada for three indications, including treatment for chronic balance deficits due to traumatic brain injury[105]. - The PoNS Controller received a final Medicare payment rate of $532.27, while the PoNS Mouthpiece was set at $2,963.30 effective January 1, 2025[133]. - The Company announced its first reimbursement payment from Anthem Blue Cross Blue Shield for the PoNS Device on March 11, 2025, followed by approvals from United Healthcare and Aetna Healthcare[134]. - The Company partnered with Lovell Government Services to make the PoNS device available to federal healthcare systems, with prices set at $23,843.72 for the PoNS device and $7,344.97 for the mouthpiece[136]. - The Company established Revelation Neuro, Inc. to develop a new AI-powered brain-computer interface for personalized neurorehabilitation[140]. - The Stroke Registrational Program enrolled 159 patients across three studies, demonstrating significant improvements in gait deficits due to stroke[146]. - The Company filed an FDA 510(k) submission for the PoNS device label expansion seeking an indication for gait and balance deficit in chronic stroke patients[148]. Asset Valuation and Losses - Unrealized loss on digital assets for Q3 2025 was $30,540 thousand, reflecting the decline in value of SOL[159]. - The company recognized a change in fair value of derivative liability of $423,313 thousand in Q3 2025, primarily due to a decrease in stock price[163]. - For the nine months ended September 30, 2025, net cash used in operating activities was $(10,337) thousand, an increase of $(1,674) thousand compared to the same period in 2024[186]. - Net cash used in investing activities for the same period was $(267,383) thousand, a significant increase of $(267,378) thousand compared to 2024, primarily due to the purchase of SOL[186][188].

Revenue Composition - Licensing revenue accounted for 93% of total revenue in fiscal 2025, consistent with 93% in 2024 and up from 92% in 2023[22] - Over 90% of revenue in fiscal 2025 was generated from licensing agreements with approximately 1,000 electronic device manufacturers[23] - In fiscal 2025, 93% of Dolby's revenues were generated from licensing technology, brand, and patents, primarily to device manufacturers[61] - The revenue composition by market for fiscal 2025 included 34% from Broadcast, 22% from Mobile, 12% from CE, 12% from PC, and 20% from Other[62] - In fiscal 2025, 93% of Dolby's revenue came from licensing, while 7% was generated from products and services[22] Technology and Innovation - Dolby Atmos and Dolby Vision are key branded technologies driving revenue growth, enabling immersive audio and video experiences[27] - The amount of content created in Dolby Atmos and Dolby Vision is large and growing, with strong momentum in music, TV shows, movies, user-generated content, audiobooks, and live sports[30] - Dolby's technologies are critical for consumer electronics manufacturers, enhancing product value and allowing for premium pricing[35] - Dolby's strategy includes advancing the science of sight and sound through innovation in emerging categories like user-generated content and podcasts[17] - Dolby Vision and Dolby Atmos technologies enhance image and audio quality, making content more realistic and appealing to consumers[29] Licensing Model - Dolby's licensing model typically involves a per unit royalty arrangement, leading to variability in quarterly revenue based on estimated unit sales[32] - Dolby licenses its technologies through a two-stage model, first to semiconductor manufacturers and then to OEMs, working with approximately 1,000 consumer electronics manufacturers globally[31] - Dolby's patent licensing revenue primarily comes from patent pools, with a minority from bilateral licensing agreements, and includes recoveries from unlicensed or under-reported distributions[49][50] - The company emphasizes the importance of brand recognition and reputation in its licensing business, which is fundamental to a wide variety of devices[24] Research and Development - Dolby's R&D focuses on audio and video technologies for consumer entertainment, with a significant portion of the budget dedicated to forward-looking research[68] - The company actively participates in the development of next-generation standardized audio and video technologies, exploring the use of artificial intelligence in codecs[40] - The company focuses its R&D resources primarily on audio and video technologies for consumer entertainment, dedicating a significant portion of its budget to forward-looking research[68] Patents and Intellectual Property - Dolby holds approximately 28,400 issued patents and 6,100 pending patent applications as of September 26, 2025, with 4,179 new patents issued in fiscal 2025[63] - Dolby's patent licensing revenue primarily comes from licensing standard essential patents for audio and video technologies, which are fundamental to billions of products sold annually[37] - The company has approximately 1,500 trademark registrations globally, which are integral to its technology licensing program[65] Market Position and Competition - The entertainment industry is highly competitive, with some competitors having greater resources and the ability to offer integrated systems at lower prices[70] - The company anticipates ongoing issues with OEMs underreporting shipments of products that incorporate its technologies and plans to continue enforcing its IP rights[66] Employee and Corporate Structure - As of September 26, 2025, Dolby had 2,051 employees worldwide, with 1,020 employees based outside the U.S.[75] - The board of directors provides oversight of human capital matters, including management succession planning[77] - The company offers competitive compensation and benefits packages, including health benefits and personal development opportunities[76] Production and Supply Chain - The company relies on contract manufacturers for the majority of its production capacity and sources components from multiple suppliers, including sole source suppliers for certain components[69] Company History - The company was founded in 1965 and has undergone several reincorporations, with its principal offices located in San Francisco, California[79]

Revenue and Sales Performance - For the fiscal year ending June 30, 2024, the company aims to achieve revenue between $67 million and $100 million, with specific earnout shares contingent on meeting these revenue targets[160][162]. - Total revenues decreased by approximately $2.9 million, or 12.5%, to approximately $20.2 million for the three months ended September 30, 2025, compared to $23.1 million for the same period in 2024[181]. - Revenue from mobile phone products decreased by approximately $5.2 million, or 22.8%, to approximately $17.7 million for the three months ended September 30, 2025, as consumer spending power weakened[181]. - Revenue from wearable products increased by approximately $2.1 million, or 100.0%, to approximately $2.1 million for the three months ended September 30, 2025, from $0 for the same period in 2024[181]. - Revenue from App service commission increased by approximately $0.2 million, or 76.3%, to approximately $0.4 million for the three months ended September 30, 2025, from $0.2 million for the same period in 2024[181]. Product Development and Market Expansion - The company has launched new wearable products, including smart watches and smart glasses, which contributed to increased sales for the three months ended September 30, 2025, compared to the same period in 2024[154]. - The company expects to enter the U.S. IoT markets and the private label Mobile Virtual Network Operator (MVNO) market, enhancing its product offerings and services[150]. - The company has expanded its presence in the U.S. communications sector, with locations in major cities such as San Francisco, Dallas, and New York, enhancing its sales and distribution capabilities[148]. - The company began e-commerce operations through TikTok Shop in March 2024, targeting end-users eligible for the Lifeline Program to boost sales[153]. Financial Performance and Expenses - Gross profit increased by approximately $2.3 million, or 589.3%, to approximately $2.7 million for the three months ended September 30, 2025, from $0.4 million for the same period in 2024[186]. - Operating expenses rose by approximately $1.4 million, or 64.8%, to $3.6 million for the three months ended September 30, 2025, compared to $2.2 million in 2024[194]. - General and administrative expenses increased by approximately $1.4 million, or 152.7%, to $2.4 million, primarily due to higher professional fees and new hires[197]. - Net loss for the three months ended September 30, 2025, was approximately $2.9 million, an increase of 26.4% from a net loss of $2.3 million in 2024[202]. - Cash and cash equivalents as of September 30, 2025, were approximately $1.5 million, with a working capital deficit of approximately $10.3 million[205]. Inventory and Accounts Management - The company recorded a $2.8 million increase in inventories to meet anticipated sales orders during the three months ended September 30, 2024[211]. - The company experienced a $17.9 million increase in accounts payable due to purchasing more inventories to meet customer demand during the three months ended September 30, 2024[211]. - Net cash used in operating activities was approximately $0.4 million, primarily due to a net loss and an increase in accounts receivable[210]. Strategic Initiatives and Risks - The company has diversified its supplier and customer base to mitigate risks associated with reliance on limited partners, resulting in a significant decrease in sales of tablets and mobile phones during the year ended June 30, 2024[152]. - The Affordable Connectivity Program (ACP) ceased accepting new enrollments in February 2024, impacting demand for the company's products across all channels[153]. - The management team’s retention is crucial for maintaining service quality and product offerings, as losing key members could impact customer loyalty[175]. - The company is committed to investing in technology and talent to sustain competitiveness in the electronics industry[176]. Cash Flow and Financing Activities - Net cash provided by financing activities was approximately $28.3 million for the three months ended September 30, 2024, mainly from $19.7 million proceeds from reverse recapitalization and $9.0 million from convertible promissory notes[214]. - Net cash provided by financing activities was approximately $7,000 for the three months ended September 30, 2025, mainly due to principal payments of long-term loans[213]. Accounting and Valuation - The company has identified critical accounting estimates that significantly impact its financial statements, particularly those related to deferred tax assets and liabilities[216]. - Management believes a full valuation allowance for deferred tax assets is warranted based on historical operating losses, with a reassessment planned once profitability is achieved[217].

Employment and Operations - As of June 30, 2025, Nutex Health Inc. employed approximately 846 full-time employees and contracted 255 doctors, partnering with over 2,100 physicians within its networks[121]. - The company operates 24 hospital facilities across 11 states, implementing innovative healthcare models such as micro-hospitals and specialty hospitals[120]. - The population health management division includes a management services organization and operates under contracts with independent physician associations[126]. - The company plans to open three new hospital facilities by the end of 2025, which are currently under construction or in advanced planning stages[146]. - The company expects to launch one to three additional independent physician associations (IPAs) per year, primarily in areas surrounding existing micro-hospitals[146]. Revenue and Financial Performance - For the three months ended June 30, 2025, 97% of net patient service revenue was from insurance, compared to 93% for the same period in 2024, indicating a 4% increase in insurance revenue[129]. - The hospital division's revenue is primarily derived from federal agencies, private insurance carriers, and patients, with over 98% of net patient service revenue coming from non-patient third parties[128]. - In the hospital division, revenue for the three months ended June 30, 2025, was $236.3 million, compared to $67.6 million for the same period in 2024, representing a significant increase[160]. - Total revenue for the six months ended June 30, 2025, was $455.8 million, up from $143.5 million in the same period in 2024, indicating a growth of approximately 217%[161]. - Hospital Division revenue for the three months ended June 30, 2025 totaled $236.3 million, an increase of $168.7 million or 249.5% compared to $67.6 million for the same period in 2024[165]. - Hospital Division revenue for the six months ended June 30, 2025 totaled $440.2 million, an increase of $312.6 million or 244.9% compared to $127.6 million for the same period in 2024[180]. Profitability and Loss - The hospital division's gross profit for the three months ended June 30, 2025, was $125.6 million, compared to $22.8 million in the prior year, reflecting a substantial improvement[161]. - The population health management division reported a gross loss of $536,000 for the three months ended June 30, 2025, compared to a loss of $230,000 in the same period in 2024[161]. - Net loss attributable to Nutex Health Inc. increased to $3.5 million, or income of $0.60 per diluted share, for the six months ended June 30, 2025, compared to a net loss of $0.4 million, or loss of $0.07 per share, for the same period in 2024[178]. - The net income attributable to Nutex Health Inc. for the six months ended June 30, 2025, was a loss of $3.5 million, compared to a loss of $728,000 in the same period in 2024[161]. - Net loss attributable to Nutex Health Inc. decreased to $17.7 million, or loss of $2.95 per diluted share, for the three months ended June 30, 2025, compared to a net loss of $0.4 million, or loss of $0.07 per share, for the same period in 2024[162]. Adjusted EBITDA - The company reported an adjusted EBITDA of $144.4 million for the six months ended June 30, 2025, compared to $6.4 million in the same period in 2024[161]. - Adjusted EBITDA for the three months ended June 30, 2025 increased to $71.6 million from $6.8 million for the comparable period in 2024[163]. - Adjusted EBITDA for the three months ended June 30, 2025, was $71.6 million, a decrease from $78.3 million in the prior year[204]. Costs and Expenses - Corporate and other costs totaled $91.2 million for the three months ended June 30, 2025, an increase of 428.6% compared to $17.3 million for the same period in 2024[174]. - The total cost of arbitration for Nutex hospital and professional services was $48.0 million for the three months ended June 30, 2025, and $74.3 million for the six months ended June 30, 2025[145]. - Total finance lease payments for the six months ended June 30, 2025, amounted to $13.0 million, which should be deducted from EBITDA[204]. Cash and Financing - As of June 30, 2025, the company had $96.7 million of cash and equivalents, compared to $40.6 million as of December 31, 2024[194]. - As of June 30, 2025, the company had cash from operating activities of $78.2 million, primarily driven by significantly higher net income due to favorable developments in the arbitration process[202]. - The company had remaining availability of $4.1 million under outstanding lines of credit as of June 30, 2025[199]. - The company is currently working to supplement or replace smaller lines of credit with larger financing commitments, subject to market conditions[198]. - The company reported total repayments of lines of credit and notes payable of $6.0 million during the period[202]. Regulatory and Legal Matters - The No Surprises Act (NSA) was enacted to protect patients from surprise medical bills, establishing an IDR process for billing disputes between providers and insurers[130]. - The Independent Dispute Resolution (IDR) process is designed to take no more than 30 days, but in practice, it can take between three to five months for payment adjustments to be received[139]. - The company engaged HaloMD on July 1, 2024, to assist in challenging underpaid out-of-network claims, highlighting the complexity of the federal arbitration process[137]. Mergers and Acquisitions - The merger with Clinigence Holdings, Inc. was accounted for as a reverse business combination, with Nutex Health Holdco LLC treated as the accounting acquirer[119]. - The company made payments for acquisitions of businesses, net of cash acquired, totaling $2.6 million[202]. Shareholder Actions - On August 14, 2025, the Board authorized a stock repurchase program of up to $25.0 million to enhance shareholder value[151].

[Filing Information](index=1&type=section&id=Filing%20Information) This section provides essential administrative details regarding the Form 8-K filing, including registrant identity and securities information [General Information](index=1&type=section&id=General%20Information) This section provides the foundational details of the Form 8-K filing, including the registrant's identity, jurisdiction, and the date of the report - Registrant: **NUTEX HEALTH INC.**[2](index=2&type=chunk) - Date of Report (Date of earliest event reported): **October 20, 2025**[2](index=2&type=chunk) - State or Other Jurisdiction of Incorporation: **Delaware**[2](index=2&type=chunk) [Securities Information](index=1&type=section&id=Securities%20Information) This part details the company's registered securities and its status regarding emerging growth company provisions Securities Registered Pursuant to Section 12(b) of the Act | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | | :------------------ | :---------------- | :---------------------------------------- | | Common Stock, $0.001 par value | NUTX | The NASDAQ Stock Market LLC | - The registrant is **not an emerging growth company**[4](index=4&type=chunk) [Current Report Items](index=2&type=section&id=Current%20Report%20Items) This section details significant events including preliminary financial results, a Nasdaq delisting notice, and a list of filed exhibits [Item 2.02 Results of Operations and Financial Condition](index=2&type=section&id=Item%202.02%20Results%20of%20Operations%20and%20Financial%20Condition) Nutex Health Inc. issued a press release on October 20, 2025, providing anticipated preliminary financial metrics for the quarter ended September 30, 2025. This information is furnished, not filed, under SEC regulations - On **October 20, 2025**, Nutex Health Inc. issued a press release (Exhibit 99.1) containing anticipated preliminary financial metrics for the period ended **September 30, 2025**[5](index=5&type=chunk) - The information furnished in this Item 2.02 and Exhibit 99.1 is **not deemed 'filed'** for purposes of Section 18 of the Securities Exchange Act of 1934[6](index=6&type=chunk) [Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing](index=2&type=section&id=Item%203.01%20Notice%20of%20Delisting%20or%20Failure%20to%20Satisfy%20a%20Continued%20Listing%20Rule%20or%20Standard%3B%20Transfer%20of%20Listing) The Company received a Nasdaq notice of non-compliance due to the late filing of its June 30, 2025 Form 10-Q. Nutex Health submitted a compliance plan and was granted an extension until December 12, 2025, to rectify the filing deficiency - On **August 20, 2025**, the Company received a notice from Nasdaq for non-compliance with Listing Rule 5250(c)(1) due to the failure to timely file its Quarterly Report on Form 10-Q for the period ended **June 30, 2025**[7](index=7&type=chunk) - The Company submitted a plan to Nasdaq on **October 15, 2025**, to regain compliance and requested an extension until **December 12, 2025**[8](index=8&type=chunk) - Nasdaq granted the extension request on **October 16, 2025**; failure to file the Form 10-Q by **December 12, 2025**, will result in a delisting notice[8](index=8&type=chunk) [Item 9.01 Financial Statements and Exhibits](index=2&type=section&id=Item%209.01%20Financial%20Statements%20and%20Exhibits) This section lists the exhibits included with the Form 8-K filing, specifically identifying the press release mentioned in Item 2.02 Exhibits | Exhibit No. | Description of Exhibit | | :---------- | :--------------------------- | | 99.1 | Press Release dated October 20, 2025 | [Signature](index=3&type=section&id=Signature) This section confirms the official signing and submission of the report by the company's Chief Financial Officer [Report Signature](index=3&type=section&id=Report%20Signature) The report was officially signed by the Chief Financial Officer of Nutex Health Inc., confirming its submission - The report was signed on behalf of **NUTEX HEALTH INC.** by **Jon C. Bates**, Chief Financial Officer[12](index=12&type=chunk) - Date of signature: **October 20, 2025**[12](index=12&type=chunk)

Revenue and Income - Total revenue for the first quarter of fiscal 2026 was $14,883 million, an increase of 8% compared to $13,841 million in the same period last year[170]. - Net income for the quarter was $2,860 million, a 5% increase from $2,711 million, with diluted earnings per share rising by 6% to $0.72[170]. - Operating income rose by 43% to $3,363 million in Q1 FY2026, with operating income as a percentage of revenue increasing to 22.6% from 17.0%[239]. Revenue Breakdown - Product revenue increased by 10%, while services revenue grew by 2%, with total software revenue reaching $5.7 billion, up 3%[173]. - Revenue from the Americas increased by $0.7 billion, while EMEA and APJC revenues rose by $0.2 billion and $0.1 billion, respectively[175]. - Product revenue increased by 10% to $11,077 million, while services revenue grew by 2% to $3,806 million[202][204]. - Revenue from the Americas segment was $8,989 million, representing a 9% increase, with product revenue in this segment rising by 12% to $6,706 million[203][208]. - EMEA segment revenue increased by 5% to $3,784 million, with product revenue growing by 6% to $2,846 million[203][209]. - APJC segment revenue rose by 5% to $2,111 million, with product revenue increasing by 7% to $1,525 million[203][210]. Product Performance - Networking product revenue increased by 15% to $7,768 million, driven by growth in Service Provider Routing and AI Infrastructure solutions[212][213]. - Security product revenue decreased by 2% to $1,980 million, impacted by a shift from on-premise deals to cloud subscriptions[212][214]. - Collaboration product revenue declined by 3% to $1,055 million, primarily due to decreases in Devices and Webex Suite offerings[212][215]. Expenses and Margins - Operating income as a percentage of revenue improved by 5.6 percentage points to 22.6% due to lower restructuring charges and revenue growth[174]. - Research and development expenses were $2,400 million, up 5% from $2,286 million, reflecting continued investment in innovation[170]. - The gross margin percentage decreased by 0.4 percentage points to 65.5%, primarily due to product mix and pricing impacts[170]. - Product gross margin decreased to 64.5% in Q1 FY2026 from 65.1% in Q1 FY2025, primarily due to negative impacts from product mix and pricing[221]. - Services gross margin increased by 0.4 percentage points to 68.4% in Q1 FY2026, driven by cost efficiencies[225]. - Total gross margin for the company was 65.5% in Q1 FY2026, down from 65.9% in Q1 FY2025, with total gross margin amounting to $9,745 million compared to $9,121 million[227]. Cash Flow and Investments - Total cash and cash equivalents and investments stood at $15,736 million, a slight decrease from $16,110 million[178]. - Free cash flow for the three months ended October 25, 2025, was $2,889 million, a decrease of approximately 16% from $3,444 million for the same period in 2024[250]. - Cash returned to stockholders included $1.6 billion in dividends and $2.0 billion in stock repurchases, contributing to a net decrease in cash and cash equivalents and investments of $374 million[247]. Tax and Compliance - The effective tax rate for the first quarter of fiscal 2026 was a tax provision of 15.7%, compared to a benefit of 19.6% in the first quarter of fiscal 2025[198]. - The effective tax rate for Q1 FY2026 was 15.7%, up from (19.6)% in Q1 FY2025, primarily due to a prior year tax benefit of $720 million[244]. - The company was in compliance with all debt covenants as of October 25, 2025[266]. Future Outlook and Commitments - The company plans to continue investing in key priority areas to drive long-term profitable growth amid a competitive environment[176]. - The company expects to continue entering into additional purchase commitments in FY2026, increasing supply chain exposure[224]. - The remaining authorized amount for stock repurchases is approximately $12.2 billion, with no termination date[253]. Performance Obligations and Deferred Revenue - Remaining performance obligations totaled $42,873 million, down from $43,533 million[178]. - Total remaining performance obligations as of October 25, 2025, decreased by 2% to $42.873 billion compared to the end of fiscal 2025[270]. - Total deferred revenue decreased by 3% to $27.969 billion, with deferred product revenue down 2% and deferred services revenue down 4%[271].

Financial Performance - Revenues for Q4 2025 totaled $298 million, an increase of 8% compared to $275.1 million in Q4 2024[3] - Gross profit for Q4 2025 was $94 million, or 31.4% of revenue, representing a 16% increase from $80.4 million, or 29.2% of revenue, in Q4 2024[7] - Net income for Q4 2025 reached $51 million, or $4.22 per diluted share, up 12% from $46.1 million, or $3.77 per diluted share, in Q4 2024[10] - Full year revenues for Fiscal 2025 were $1.1 billion, a 9% increase from $1.0 billion in Fiscal 2024[11] - Full year gross profit for Fiscal 2025 was $324 million, or 29.4% of revenues, up 19% from $273.1 million, or 27.0% of revenues, in Fiscal 2024[12] - Full year net income for Fiscal 2025 was $181 million, or $14.86 per diluted share, a 21% increase from $149.8 million, or $12.29 per diluted share, in Fiscal 2024[13] Orders and Backlog - New orders in Q4 2025 totaled $271 million, a 1% increase from $267 million in Q4 2024[9] - Backlog as of September 30, 2025, was $1.4 billion, an increase of 3% compared to $1.36 billion as of September 30, 2024[9] Strategic Developments - The acquisition of Remsdaq Ltd. was completed, enhancing Powell's capabilities in electrical automation solutions[3] - The company expects continued strong order activity and a sustainable margin profile entering Fiscal 2026, despite typical seasonality in Q1[16]

Financial Performance - Solana Company reported third quarter revenue of $697,000, including first-time staking rewards income of $342,000[4] - Total operating expenses for the third quarter of 2025 were $36.0 million, compared to $3.9 million in the prior year period[6] - The net loss for the third quarter of 2025 was $352.8 million, or a loss of $32.89 per basic and diluted common share, compared to a net loss of $3.7 million in the prior-year period[10] Capital and Funding - The company closed a $508 million PIPE transaction on September 18, 2025, and launched an ATM program to raise additional capital[4][7] - Cash and liquidity as of September 30, 2025, included $124 million in cash and $350.2 million of digital assets at fair value, totaling $474.2 million[11] Expenses - Selling, general and administrative expenses increased to $4.6 million from $2.9 million in the prior year, primarily due to a $1.5 million discretionary bonus[5] - Research and development expenses decreased to $0.9 million from $1.1 million in the prior year, driven by reduced clinical trial activities[5] Asset Valuation - An unrealized loss on digital assets of $30.5 million was recorded due to the net change in fair value of digital assets held by the company[5] Product Development - The company announced positive clinical data for the PoNS device, demonstrating its effectiveness in improving gait deficits[7] Strategic Goals - Solana Company aims to maximize SOL per share through strategic use of capital markets and on-chain opportunities[13]

Financial Performance - Consolidated sales increased by $1.5 million, or 0.3%, in the second quarter of fiscal 2026 compared to the same period last year, while sales decreased by $1.9 million, or 0.2%, in the first six months[109]. - Operating income for the second quarter of fiscal 2026 was $36,179,000, a decrease of 6.7% from $38,772,000 in the same quarter of fiscal 2025[108]. - The operating margin decreased to 6.9% in the second quarter of fiscal 2026 from 7.4% in the same quarter of fiscal 2025[108]. - Gross margin decreased by 10 basis points in the second quarter of fiscal 2026 compared to the same period last year, driven by increased supply chain costs[112]. - SG&A expenses as a percentage of sales increased by 40 basis points in the second quarter of fiscal 2026 due to fixed cost deleverage in the Retail segment[112]. - Retail segment sales increased by $0.5 million, or 0.2%, in Q2 2026, and by $5.3 million, or 1.2%, in the first six months compared to the same periods last year[114]. - Wholesale segment sales rose by $5.5 million, or 2%, in Q2 2026, and by $7.6 million, or 1%, in the first six months compared to the same periods last year[118]. - Operating income for the Retail segment decreased by 14.6% in Q2 2026 and by 23.9% in the first six months compared to the same periods last year[114]. - Operating margin for the Retail segment fell by 190 basis points in Q2 2026 and by 290 basis points in the first six months compared to the same periods last year[116]. - Gross margin for the Wholesale segment increased by 100 basis points in Q2 2026 and by 40 basis points in the first six months compared to the same periods last year[119]. - Corporate and Other sales decreased by $3.4 million, or 8.1%, in Q2 2026, and by $10.9 million, or 13.5%, in the first six months compared to the same periods last year[122]. Cash Flow and Investments - Net cash provided by operating activities was $86.3 million in the first six months of fiscal 2026, an increase of $18.1 million compared to the same period last year[132]. - Capital expenditures in the first six months of fiscal 2026 were $38.9 million, primarily related to new stores and manufacturing investments[134]. - Cash and cash equivalents increased to $338.5 million as of October 25, 2025, compared to $328.4 million at April 26, 2025[130]. - Cash paid to shareholders in quarterly dividends was $18.1 million, with expectations for regular quarterly dividends to continue[143]. - Cash used to repurchase 0.3 million shares of company stock amounted to $13.3 million, with 3.4 million shares remaining available for repurchase as of October 25, 2025[143]. - Cash paid for tax withholding on stock issued as part of employee benefit plans was $4.9 million, net of proceeds from exercised stock options[143]. Strategic Initiatives - The company aims to grow sales and market share through its Century Vision strategic plan, targeting its centennial year in 2027[100]. - The company plans to expand its retail store network and upgrade existing locations to new concept designs to drive growth in the Retail segment[106]. - The La-Z-Boy Stores retail network consists of 370 stores, over 500 La-Z-Boy Comfort Studio locations, and over 800 La-Z-Boy branded space locations[102]. - Joybird operates 14 small-format stores and focuses on a digital-first consumer experience to drive profitable growth[103]. - The company has approximately 7.7 million square feet of proprietary floor space dedicated to selling La-Z-Boy branded products in North America[102]. Tax and Accounting - The effective tax rate was 26.7% for Q2 2026 and 26.1% for the first six months, compared to 26.3% and 25.9% for the same periods last year[128]. - There were no material changes to critical accounting policies during the six months ended October 25, 2025[144]. - Recent accounting standards and their impacts were discussed in the Quarterly Report on Form 10-Q[145]. - No material changes in market risk disclosures were noted during the first six months of fiscal 2026[146].

Sales Performance - Total sales for the second quarter reached $522 million, a slight increase of 0.3% compared to the prior year[3] - Retail segment written sales grew by 4%, while same-store sales decreased by 2%, indicating sequential improvement over the last two quarters[4] - Fiscal third quarter sales are expected to be between $525 million and $545 million, reflecting a year-over-year growth of 1-4%[6] - Consolidated sales for the quarter ended October 25, 2025, were $522.48 million, slightly up from $521.03 million in the same quarter last year, representing a 0.3% increase[27] - The wholesale segment reported sales of $369.44 million, up from $363.90 million, a 1.4% increase year-over-year[33] - The retail segment sales remained relatively stable at $222.04 million compared to $221.56 million in the previous year, reflecting a slight increase of 0.2%[33] Profitability Metrics - GAAP operating margin was 6.9%, down from 7.4% in the prior year, while adjusted operating margin was 7.1%, down from 7.5%[12] - Diluted earnings per share (EPS) were $0.70 on a GAAP basis and $0.71 on an adjusted basis, compared to $0.71 in the prior year[12] - Operating income decreased to $36.18 million for the quarter, down 6.7% from $38.77 million in the same quarter last year[27] - Net income attributable to La-Z-Boy Incorporated for the quarter was $28.86 million, a decrease of 3.9% from $30.04 million in the prior year[27] - Diluted net income per share was $0.70, compared to $0.71 in the same quarter last year, reflecting a decline of 1.4%[27] - Adjusted net income attributable to La-Z-Boy Incorporated for the six months ended October 25, 2025, was $48,892, down from $56,678 in the prior year, representing a decrease of approximately 13%[34] Cash Flow and Assets - Generated $50 million in operating cash flow for the quarter, which is three times the amount from the same period last year[4] - Total current assets increased to $823.26 million from $805.69 million, marking a growth of 2.2%[29] - Total assets rose to $1.96 billion, up from $1.92 billion, indicating a 1.9% increase[29] - Cash and cash equivalents at the end of the period were $338.51 million, up from $328.45 million, showing a growth of 0.3%[31] Segment Performance - The wholesale segment reported an operating income of $29,056 for the quarter, which is 7.9% of sales, compared to $24,529 (6.7% of sales) in the same quarter last year[38] - The retail segment's operating income decreased to $23,821 (10.7% of sales) from $27,897 (12.6% of sales) year-over-year[38] - The corporate and other segment reported an operating loss of $16,698 for the quarter, compared to a loss of $13,654 in the same quarter last year[38] Strategic Initiatives - Announced a 10% increase in quarterly dividend to $0.242, marking the fifth consecutive year of double-digit increases[4] - Completed a 15-store acquisition in the southeast U.S., expected to add approximately $80 million in annual retail sales[4] - Plans to exit non-core businesses and proposed closure of the UK manufacturing facility, which will reduce sales by approximately $30 million net[4] Other Financial Metrics - Gross profit for the quarter was $231.14 million, compared to $230.65 million in the prior year, indicating a marginal increase of 0.2%[27] - GAAP gross profit for the quarter ended October 25, 2025, was $231,138, compared to $230,648 for the same quarter last year, reflecting a slight increase[34] - Adjusted gross profit for the six months ended October 25, 2025, was $442,412, slightly down from $444,131 in the prior year[34] - The company incurred distribution transformation charges of $768 in the current quarter, compared to no charges in the same quarter last year[34]