Core Insights - The U.S. military conflict with Iran is negatively impacting the American labor market, with Goldman Sachs estimating a loss of approximately 10,000 jobs per month due to rising oil prices, particularly affecting the leisure, hospitality, and retail sectors [1][5] Economic Impact - Goldman Sachs projects that Brent crude oil prices will average $105 in March, spike to $115 in April, and gradually decline to $80 by the fourth quarter, assuming disruptions in the Strait of Hormuz last for about six weeks [3] - In a more severe scenario, Brent prices could reach as high as $140 per barrel, or even $160 in a "severely adverse" situation [3] Sector Analysis - The leisure and hospitality industry is the most affected, losing around 5,000 jobs per month, while retail trade is expected to lose an additional 2,000 jobs [5] - The increase in energy prices leads consumers to reduce discretionary spending, impacting sectors like travel and dining first, while essential spending remains stable [5] Demographic Effects - Generation Z is particularly vulnerable, as they have the highest ratio of gasoline spending to discretionary spending among all generations, and many work in the sectors projected to experience the most job cuts [6] - A report from Bank of America indicates that rising gas prices, which have increased by approximately 26% year-over-year, could hinder the spending recovery of Gen Z, who had previously shown growth in spending [6]

Core Insights - A significant transformation in retail supply chains is occurring, with retailers moving from centralized national distribution centers to multiple regional centers [3][7][36] - 93% of retail supply chain leaders plan to expand warehousing and distribution in the U.S. or Mexico, and 85% intend to reduce their supply chain footprint in East Asia by 2028 [2][17] - The shift towards regional distribution centers is expected to increase freight availability in specific markets, leading to shorter and more frequent loads [9][8][36] Supply Chain Changes - Retailers are establishing regional distribution centers closer to customers, which allows for quicker access to products sourced from Mexico and the American South [7][13] - The transition from long-haul to regional runs is changing freight dynamics, with markets that previously had low freight activity now experiencing increased loads [8][9] - The South and Southeast are primary beneficiaries of this nearshoring trend, with Texas serving as a central hub for goods entering the U.S. [13][14] Inventory Management - Retailers are increasing buffer inventory to mitigate trade uncertainties, with 93% of executives indicating this strategy is currently being implemented [17][18] - This inventory buffering leads to increased truck freight volumes before actual sales occur, creating temporary spikes in freight activity [19][20] Market Dynamics - The survey indicates that 79% of retail supply chain executives are dissatisfied with their current logistics networks, prompting plans to restructure partnerships with 3PLs and carriers [24][25] - The demand for improved visibility tools is critical, as 55% of supply chain leaders identified this as a gap in their current carriers [28][29] Consumer Impact - Current economic pressures on consumers, including high credit card debt and rising diesel prices, may temper the expected freight volume from new distribution networks [33][34] - The anticipated freight volume will build gradually as both infrastructure and consumer demand mature, rather than appearing suddenly [35][36]

Core Insights - Retail sales in January 2026 decreased by 0.2%, which is better than the expected decline of 0.3% and follows a flat reading in December 2025 [1] - Total retail and food services sales for January 2026 were estimated at $733.5 billion, reflecting a year-over-year increase of 3.2% [1] - Retail trade sales also fell by 0.2% from December 2025 but showed a 3.0% increase compared to the previous year [1] Retail Sales Breakdown - Core retail sales, excluding automobiles, remained flat in January, unchanged from December's reading, and were lower than the expected growth of 0.1% [1] - Year-over-year, core retail sales increased by 3.9% [1] - Retail sales control purchases, which exclude motor vehicles, gasoline, building materials, and food services, rose by 0.3% in January, surpassing the expected growth of 0.2% [1] Long-term Trends - Monthly retail sales have been above historical regression lines since March 2021, indicating sustained consumer spending likely due to pent-up demand from the pandemic [1] - Current control purchases are up 4.9% compared to one year ago, showing reduced volatility compared to headline retail sales [1] - The year-over-year percent change in retail sales indicates a consistent upward trend, with current sales up 3.2% compared to the previous year [1]

Financial Data and Key Metrics Changes - Total revenue increased by 6% to $720 million, driven by higher hardware sales [23] - Reported recurring revenue increased by 1% to $422 million, and 3% when excluding certain divestitures [23] - Adjusted EBITDA rose by 17% to $130 million, with a margin expansion of 170 basis points to 18.1% [24] - Non-GAAP EPS increased by 48% to $0.31, while GAAP EPS was $0.49, including a $65 million tax benefit [24] Business Line Data and Key Metrics Changes - Retail segment revenue increased by 9% to $501 million, with recurring revenue up by 3% to $279 million [25] - Restaurant segment revenue remained flat at $212 million, with recurring revenue increasing by 6% in enterprise and mid-market businesses [25][19] - Platform sites increased by 8% to 80,000, and payment sites increased by 4% to 8,600 [23] Market Data and Key Metrics Changes - The company signed 40 new retail customers in Q4, with platform and payment sites increasing by 6% and 12% respectively [16] - The restaurant business signed over 150 new customers in Q4, with platform and payment sites increasing by 11% and 3% respectively [19] - Significant contracts were secured with major clients like 7-Eleven Philippines and Colruyt Group [17][19] Company Strategy and Development Direction - The company is transitioning to a platform-led business model, focusing on integrated payment solutions and service capabilities [4][6] - A five-year transformation was completed, modernizing over 50 legacy applications into a unified scalable platform [6] - The company aims to enhance its payments offering and expand its geographic reach, with a focus on integrating third-party services through Voyix Connect [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's competitive positioning and the strength of its platform, emphasizing the importance of building a sales backlog [30][31] - The outlook for 2026 includes expected revenue of $2.21 billion to $2.325 billion, with a focus on improving recurring revenue and margins [28][29] - Management acknowledged challenges in the SMB segment but is optimistic about the upcoming launch of Aloha Next to address market dynamics [19][52] Other Important Information - The phased transition of the hardware business to Ennoconn commenced in January, expected to complete by the end of Q1 [8] - Adjusted free cash flow for 2026 is projected to be between $190 million and $220 million, reflecting the benefits from the ODM transition [29] - The company repurchased approximately 69,000 shares for $74 million, indicating a commitment to returning value to shareholders [27] Q&A Session Summary Question: Can you provide context around the backlog metric mentioned? - Management indicated that backlog is crucial for understanding the health of the product and revenue accumulation, with 20 contracts already signed for deployment [35][39] Question: What are the headwinds faced in the SMB segment? - Management noted that the SMB segment is the smallest and faces significant competition, but the upcoming Aloha Next product is expected to improve performance [46][52] Question: What is the expected organic revenue growth rate post-ODM transition? - Management anticipates improved organic revenue growth in 2026, driven by software services and payments, despite some market headwinds [57][58]

As Filed with the U.S. Securities and Exchange Commission on February 10, 2026 Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 _________________________ BRC Group Holdings, Inc. (Exact name of registrant as specified in its charter) _________________________ | Delaware | | | | --- | --- | --- | | | 7389 | 27-0223495 | (State of Incorporation) (Primary Standard Industrial Classification Code Number) ...

As Filed with the U.S. Securities and Exchange Commission on February 10, 2026 Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 _________________________ BRC Group Holdings, Inc. (Exact name of registrant as specified in its charter) _________________________ | Delaware | | | | --- | --- | --- | | | 7389 | 27-0223495 | (State of Incorporation) (Primary Standard Industrial Classification Code Number) ...

Economic Outlook - The U.S. economy is estimated to have expanded at an annual rate of 3.7% in the fourth quarter, according to the Federal Reserve Bank of Atlanta [3] - Fed officials forecast a gross national product growth of 2.3% for this year, following a 1.7% gain in 2025 [3] Interest Rate Policy - Policymakers have reduced the main interest rate three times in the final months of 2025 to support the labor market, despite inflation remaining above the 2% target [4] - Cleveland Fed President Beth Hammack noted a brightening economic outlook, with encouraging growth readings and a stabilized labor market [4] Consumer Spending and Retail Sales - Economic activity has rebounded strongly, supported by robust consumer spending and business investment, with third quarter real GDP growth estimated at 4.4% [5] - Retail sales were unexpectedly flat in December, indicating a downbeat mood among consumers, with declines reported in several retail categories [5] - The pace of spending growth in the second half of 2025 appears unsustainable due to slowing growth in real incomes and weakness in the labor market [5]

Core Insights - U.S. retail sales were flat in December 2025, unchanged from the previous month and below the expected growth of 0.4% [1] - Total retail sales for December 2025 were $735.0 billion, reflecting a year-over-year increase of 2.4%, the smallest annual growth since September 2024 [1] - Core retail sales, excluding automobiles, were also flat in December, with a year-over-year increase of 3.3%, marking the smallest annual growth since November 2024 [1] Retail Sales Performance - Retail trade sales remained virtually unchanged from November 2025, with a year-over-year increase of 2.1% [1] - Nonstore retailers experienced a significant year-over-year increase of 5.3%, while food service and drinking places saw a 4.7% increase compared to December 2024 [1] - The period from October 2025 to December 2025 showed total sales up 3.0% compared to the same period a year ago [1] Control Purchases Analysis - Retail sales control purchases, which exclude motor vehicles, gasoline, building materials, and food services, fell by 0.1% in December, down from November's 0.2% increase [1] - Year-over-year control purchases increased by 3.5%, the smallest annual growth since August 2024 [1] - The control purchases series is considered a more consistent and reliable economic indicator compared to headline retail sales [1]

Core Insights - The 2026 Spring Consumption Season in Minhang District has been launched with the theme "Vibrant Minhang, Happy Shopping," aiming to promote consumption and enhance the regional brand "Spring Shen Beautiful Life" [2] - The event runs from now until March 3, featuring a series of activities under the "Horse Brings Good Fortune, New Year Carnival" theme, engaging over 30 core commercial entities in the district [2] Group 1: Event Highlights - The event includes a variety of activities such as international cuisine, intangible cultural heritage exhibitions, and shopping benefits, creating a comprehensive consumption experience for citizens [2] - Key commercial areas like Hongqiao are integrating international products with traditional customs to create immersive shopping experiences [4][7] Group 2: Specific Activities and Promotions - Hongqiao Qianwan Impression City is hosting a themed event featuring a giant red airship and character meet-and-greets, along with traditional food markets [4][5] - Discounts and promotions include significant reductions on retail items and special offers for movie tickets and lottery participation [5][9] Group 3: Community Engagement - Various neighborhoods are also participating with unique activities that incorporate local culture and traditions, such as lantern festivals and lion dances [16][17] - The event aims to root the festive atmosphere in communities while providing direct benefits to residents through various promotions [16][18] Group 4: Consumer Incentives - The district is offering automotive and home appliance subsidies, with a special focus on encouraging consumer spending through invoice lottery activities [19][21] - The automotive subsidy program provides a 3,000 yuan incentive for vehicle purchases, while home appliance promotions include significant discounts and gifts for larger purchases [19][21] Group 5: Future Plans - Minhang District plans to continue the "Vibrant Minhang, Happy Shopping" theme throughout the year with four major seasonal events, aiming to enhance commercial development and consumer engagement [24]

Group 1 - The core point of the news is the recognition of advanced collectives and individuals in Xuchang City, with the Pang Donglai Commercial Group being highlighted as an exemplary enterprise for its contributions to high-quality economic development and efficient grassroots governance [1][3] - The announcement includes a list of 50 advanced collectives and 150 advanced individuals, with the public notice period set from February 1 to February 5, 2026 [2] - Pang Donglai is noted for its exceptional customer service, employee benefits, and transparent business practices, which have helped it thrive in a challenging retail environment, marking it as a benchmark in the regional retail industry [3] Group 2 - The company achieved sales revenue exceeding 23.5 billion yuan in 2025, reflecting a growth of approximately 38% compared to 2024 [3] - Pang Donglai's internal governance and corporate social responsibility practices provide insights into effective grassroots governance from a corporate perspective, contributing to a cohesive and efficient internal ecosystem [3]