Core Viewpoint - Krispy Kreme is undergoing a significant turnaround, focusing on profitability and operational efficiency after years of inconsistent performance and previous failures [2][13]. Financial Performance - The company's adjusted EBITDA margin increased to 10.8%, up from 9.1% the previous year, indicating early signs of operational progress [3]. - Free cash flow has turned positive, and digital sales have grown to 17.4% of total shop sales, reflecting a shift towards more profitable channels [3][4]. Strategic Initiatives - Krispy Kreme is closing nearly 1,000 low-performing locations to prioritize profitability over volume, signaling a strategic shift [4]. - The management is implementing a refranchising model and outsourcing logistics to reduce capital intensity and align with successful asset-light strategies [7][8]. Brand Strength and Market Potential - The brand retains strong customer loyalty and is viewed as a premium indulgence in many international markets, providing significant room for global expansion, especially in Asia and Latin America [9][10]. - The company is updating its menu and enhancing digital engagement, which indicates a willingness to innovate while maintaining brand identity [11][12]. Investor Outlook - The management's focus has shifted from rapid growth to smart growth, with improving margins and stabilizing cash flow, which could lead to profitable expansion [13][14]. - If current trends continue, Krispy Kreme may transition from an average business to a high-return franchisor, potentially compounding value over the long term [5][14].

Core Insights - The company reported an 18% growth in active riders in Q3, indicating strong performance driven by various factors including acquisitions and partnerships [1][2][3] - North America experienced record-high active rider growth, contributing to all-time high gross bookings and a 29% increase in adjusted EBITA for the quarter, alongside $1 billion in trailing 12-month free cash flow [2][3] - The company is focusing on disciplined investment strategies while pursuing growth opportunities in a large market, with 300 billion personal vehicle trips available across its service areas [5][6] Financial Performance - The company achieved adjusted EBITA growth of 29% in the latest quarter, reflecting strong operational performance [2] - Free cash flow reached $1 billion over the trailing twelve months, providing the company with the financial strength to pursue growth initiatives [2][6] - A share repurchase program is in place, with plans to complete a $500 million buyback by 2025, indicating a commitment to returning value to shareholders [6] Strategic Initiatives - The company is exploring partnerships and acquisitions to enhance its market position, including a recent deal with United Airlines [2][3] - There is a focus on developing a hybrid network that combines traditional driver services with autonomous vehicle (AV) opportunities, with projections that up to 10% of service volume could come from AVs in the long term [11][12] - The integration of a chauffeuring business into the core app is being considered, with premium service modes seeing a 50% year-over-year increase in Q3 [13][14] Market Positioning - The company aims to maintain an asset-light model while strategically investing in assets as the industry evolves, particularly in the context of electric vehicles (EVs) [10][11] - The competitive landscape includes significant players like Uber, prompting the company to remain disciplined in its growth strategies [4][6] - The company is leveraging its existing assets and partnerships to enhance service capabilities and drive synergies within its operations [9][14]

As filed with the Securities and Exchange Commission on September 10, 2025 Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 AMAZE HOLDINGS, INC. (Exact name of Registrant as specified in its charter) (State or other jurisdiction of (Primary Standard Industrial Nevada 5961 87-3905007 (I.R.S. Employer Identification Number) 2901 West Coast Highway, Suite 200 Newport Beach, CA 92663 (855) 766-9463 (Add ...

Financial Data and Key Metrics Changes - The company reported net sales of over $58 million for Q3 2025, representing a 9.5% increase year-over-year [7][30]. - Non-GAAP adjusted EBITDAS nearly doubled year-over-year, reaching $4.7 million compared to $2.4 million in the previous year [8][38]. - GAAP gross margin for Q3 was 44.7%, a 200 basis point increase from 42.7% [34]. - Non-GAAP EPS was $0.21 in Q3, up from $0.08 in the prior year [37]. Business Line Data and Key Metrics Changes - In the outdoor lifestyle category, net sales grew by 15.1%, driven mainly by the Meet Your Maker and BOG brands [32]. - The shooting sports category saw net sales increase by almost 3%, with shooting accessory sales benefiting from promotional efforts [32]. - Traditional channel net sales increased by 9.6%, while e-commerce net sales rose by 9.5% compared to Q3 last year [33]. Market Data and Key Metrics Changes - The company experienced growth across both traditional and e-commerce sales channels, indicating strong brand connection with consumers [33]. - The outdoor lifestyle segment is becoming a larger part of the overall portfolio, reflecting the size of market opportunities [52]. Company Strategy and Development Direction - The company aims to leverage its innovation advantage to broaden distribution opportunities and strengthen margins while remaining agile and asset-light [9][25]. - New products typically generate over 20% of net sales each year, with a focus on expanding existing brands and developing disruptive products [10][13]. - The company is committed to organic growth, disciplined M&A, and returning capital to shareholders through share repurchases [41]. Management's Comments on Operating Environment and Future Outlook - Management noted that consumer behavior remains cautious, but there is strong demand for innovative products [63]. - The company expects net sales for fiscal 2025 to be in the range of $207 million to $210 million, implying a growth of 3.7% for the full year [43]. - For fiscal 2026, the company anticipates net sales between $220 million and $230 million, representing a growth of 7.9% from the midpoint of fiscal 2025 [48]. Other Important Information - The company ended the quarter with cash of $17.1 million and no debt, after repurchasing approximately $1.2 million of common stock [39]. - Capital expenditures for Q3 were $1.8 million, with expectations for full-year spending between $4 million and $4.5 million [40][41]. Q&A Session Summary Question: Insights on new products and their impact on sales - Management emphasized that new products are a significant part of the growth strategy, historically representing 20% to 25% of total net sales [51]. Question: Discussion on tariffs and expected exposure - Management acknowledged the evolving tariff situation and emphasized the importance of maintaining quality while being nimble in decision-making [56][58]. Question: Update on consumer behavior changes - Management noted that consumers are cautious but are drawn to innovative products, particularly in the premium segment [63][64].

Financial Data and Key Metrics Changes - The company reported net sales of over $58 million for Q3 2025, representing a 9.5% increase year-over-year [7][30]. - Non-GAAP adjusted EBITDAS nearly doubled year-over-year, reaching $4.7 million compared to $2.4 million in the previous year [8][38]. - GAAP gross margin for Q3 was 44.7%, a 200 basis point increase from 42.7% [34]. - Non-GAAP EPS was $0.21 for Q3, up from $0.08 in the prior year [37]. Business Line Data and Key Metrics Changes - In the outdoor lifestyle category, net sales grew by 15.1%, driven mainly by the Meet Your Maker and BOG brands [32]. - The shooting sports category saw net sales increase by almost 3%, with shooting accessory sales benefiting from promotional efforts [32]. - Traditional channel net sales increased by 9.6%, while e-commerce net sales grew by 9.5% compared to Q3 last year [33]. Market Data and Key Metrics Changes - The company experienced growth across both traditional and e-commerce sales channels, indicating strong brand connection with consumers [33]. - The outdoor lifestyle segment is becoming a larger part of the overall portfolio, reflecting the size of market opportunities [52]. Company Strategy and Development Direction - The company aims to leverage its innovation advantage to broaden distribution opportunities and strengthen margins while remaining agile and asset-light [9][25]. - New products typically generate over 20% of net sales each year, with a focus on expanding existing brands and developing disruptive products [10][13]. - The company is committed to organic growth, disciplined M&A, and returning capital to shareholders through share repurchases [41]. Management's Comments on Operating Environment and Future Outlook - Management noted that consumers are cautious in their purchasing decisions but are responding positively to innovation, which has driven strong point-of-sale performance [63]. - The company expects net sales for fiscal 2025 to be in the range of $207 million to $210 million, reflecting a growth of 3.7% for the full year [43]. - For fiscal 2026, the company anticipates net sales between $220 million and $230 million, representing a growth of 7.9% from the midpoint of fiscal 2025 [48]. Other Important Information - The company ended the quarter with cash of $17.1 million and no debt, after repurchasing approximately $1.2 million of common stock [39]. - Capital expenditures for Q3 were $1.8 million, with expectations for full-year spending of $4 million to $4.5 million [40]. Q&A Session Summary Question: Insights on new products and their impact on sales - Management emphasized that new products are a significant part of the growth strategy, historically representing 20% to 25% of total net sales [51]. Question: Discussion on tariffs and expected exposure - Management acknowledged the evolving tariff situation and emphasized the importance of maintaining quality while being nimble in decision-making [56][58]. Question: Update on consumer behavior changes - Management noted that consumers remain cautious but are selective, benefiting from the company's innovation and premium product offerings [63]. Question: Guidance for 2025 and quarter-to-date trends - Management confirmed that the guidance for 2025 captures Q3 outperformance and reflects normal quarter-to-quarter timing [69]. Question: Long-term growth visibility for retail partners - Management indicated strong commitments from retail partners to bring in more innovative products, reinforcing demand for upcoming fiscal 2026 launches [76]. Question: Commentary on M&A market and internal funnel - Management expressed a disciplined approach to M&A, looking for opportunities that align with the company's asset-light model and recurring revenue potential [78][81].