Financial Performance - Revenue decreased by $10.5 million, a 6 percent decrease compared to the prior year[10] - Operating income decreased by $1.3 million, a 6 percent decrease compared to the prior year[10] - Diluted earnings per share decreased by $0.03 per share, a 2 percent decrease compared to the prior year[10] - Irrigation revenue decreased by $13.7 million[10] - Infrastructure revenue increased by $3.2 million[10] Irrigation Segment - Irrigation North America revenue decreased 4 percent to $74.3 million[15] - Irrigation international revenue decreased 15 percent to $59.1 million, but included a favorable foreign currency translation effect of $1.5 million[17] Infrastructure Segment - Infrastructure revenue increased 17 percent to $22.4 million[25] - Infrastructure operating income increased 9 percent to $4.5 million[25] Market Factors & Highlights - USDA estimated 2025 U S net farm income to be $179.8 billion, a 41 percent increase from 2024 U S net farm income of $127.8 billion[12] - The company completed share repurchases of $30 million during the quarter[7] - The company secured an $80 million irrigation and technology project in the MENA region subsequent to quarter-end[7]

Financial Performance - The company updated its FY26 reported EPS outlook to $972-$1002 and affirmed a comparable EPS outlook of $1130-$1160[16] - The company affirmed FY26 targets for operating cash flow of $25 billion to $26 billion and free cash flow of $13 billion to $14 billion[16] - Enterprise Q3 FY26 reported net sales were $2223 billion, a 10% decrease year-over-year, while organic net sales also reached $2223 billion, reflecting a 2% decrease[21, 24] - Enterprise Q3 FY26 reported operating income was $692 million, a 13% decrease year-over-year, but comparable operating income was $739 million, remaining flat[21, 28] Segment Results - The Beer Business experienced a 1% decrease in net sales, reaching $20 billion in Q3 FY26[21] - The Wine and Spirits Business reported a 51% decrease in net sales to $213 million, with organic net sales down 7%[21] - The Wine and Spirits Business operating margin contracted significantly from 221% to 158%[17] Capital Allocation - The company maintained a net leverage ratio at the target of approximately 30X[17, 19] - The company executed $220 million in share repurchases in Q3, bringing the fiscal year-to-date total to $824 million[17, 19] - Capital expenditures in Q3 were $246 million, with a fiscal year-to-date total of $656 million, primarily focused on Beer brewing capacity additions[17, 19] Strategic Initiatives - The company achieved a net benefit through efficiency and cost optimization initiatives of over $40 million in Q3 FY26 and over $145 million fiscal year-to-date[20]

Financial Performance - Q2 record revenue reached $1.91 billion, a 3.5% increase from the previous year[6] - Adjusted EBIT decreased by 11.2% year-over-year to $226.6 million[6] - Adjusted EPS decreased by 13.7% year-over-year to $1.20[6] - Cash flow from operations was $345.7 million, up $66.3 million from prior year[34] Sales Analysis - Organic sales experienced a 0.5% decline, while acquisitions contributed a 3.4% increase and foreign exchange provided a 0.6% tailwind[12] - North America accounted for 76% of total sales, with a 1.9% increase[14] - Europe experienced a 13.9% sales growth, representing 16% of total sales[14] - Asia/Pacific sales decreased by 3.5%, accounting for 2% of total sales[14] Segment Performance - Construction Products Group (CPG) sales increased by 2.4% to $737.4 million, with a 10.9% decrease in Adjusted EBIT[19] - Performance Coatings Group (PCG) sales increased by 4.4% to $533.8 million, with Adjusted EBIT decreasing by 0.3%[24] - Consumer Group sales increased by 4.1% to $638.7 million, with Adjusted EBIT decreasing by 6.2%[29] Outlook - The company anticipates mid-single-digit sales growth and mid-single-digit to high-single-digit Adjusted EBIT growth for Q3 2026[38] - For Q4 2026, the company projects mid-single-digit sales growth and low-single-digit to high-single-digit Adjusted EBIT growth[41]

Company Overview - Richardson Electronics designs and manufactures over 55% of its products for power, microwave, and imaging solutions[13] - The company has a global presence with 60+ locations worldwide and legal entities in 24 countries[15] - Richardson Electronics sold most of its Healthcare assets to DirectMed Imaging in January 2025 for $8.2 million[17] Financial Performance - Net sales for Q2 FY2026 increased by 5.7% to $52.3 million, compared to $49.5 million in Q2 FY2025[59] - Excluding Healthcare, net sales increased by 9.0% year-over-year[59] - The company reported a net loss of $0.1 million for Q2 FY2026, compared to a net loss of $0.8 million in Q2 FY2025[59] - The company has $33.1 million in cash and cash equivalents with no debt[61] Growth Strategies and Opportunities - The company's backlog at the end of Q2 FY2026 was $135.7 million, up more than 125% since FY2019[71] - The global market for battery deployments is projected to grow from $32.6 billion in 2025 to $114 billion by 2032, reflecting a CAGR of 19.6%[50] - The company has sold approximately $43 million in wind modules since launching its ultracapacitor-based replacement for batteries[40]

Q3 Fiscal 2026 Results - Net sales revenue decreased by 34% from $5307 million in Q3 FY25 to $5128 million in Q3 FY26[16] - Organic net sales decreased by 108% with 33% or $173 million of the decline due to tariff-related revenue disruptions[17] - Gross margin decreased by 200 basis points from 489% in Q3 FY25 to 469% in Q3 FY26 primarily due to higher tariffs and less favorable inventory obsolescence[16, 17] - Adjusted EBITDA margin decreased by 350 basis points from 182% in Q3 FY25 to 147% in Q3 FY26 primarily due to lower gross profit margin and a higher SG&A rate[16, 17] - Adjusted diluted EPS decreased from $267 in Q3 FY25 to $171 in Q3 FY26 primarily due to lower adjusted operating income and higher interest expense[16, 17] - Free cash flow decreased from $561 million YTD FY25 to $288 million YTD FY26[16] Tariff Mitigation and Outlook - The company expects to reduce the remaining unmitigated tariff impact to less than $30 million in Fiscal 2026[30] - The company is implementing a dual sourcing strategy to lessen exposure to China manufacturing with a goal of 40% dual sourcing by the end of FY26 and 60% by the end of FY27[30, 33] - The company anticipates consolidated net sales of $1758 to $1773 billion for the full year Fiscal 2026[36] - The company projects adjusted diluted EPS of $325 to $375 for the full year Fiscal 2026[36]

Financial Performance & Growth - NTIC achieved record consolidated net sales in Q1 FY26, driven by the strongest year-over-year growth rate since FY24 [10] - ZERUST® oil and gas net sales increased by 58.1% to a Q1 record of $2.4 million [10] - ZERUST® industrial net sales increased by 6.9% to a quarterly record of $14.9 million [10] - NTIC China net sales increased by 23.5% to a quarterly record of $4.9 million [10] - Natur-Tec® product net sales increased by 2.2% to a quarterly record of $6.0 million, and up 16.5% from Q4 FY25 [10] Profitability & Expenses - Operating expenses as a percentage of Q1 FY26 sales were 41.8%, reflecting the third consecutive quarterly improvement in holding down operating expenses [10] - NTIC expects consolidated gross margin to improve sequentially during FY26, benefitting from a more profitable mix of sales [10] - From FY20 to FY25, gross profit margin has improved 400 basis points to 37.6% [71] Debt & Cash Flow - NTIC's revolving line of credit and term loan balance was a combined total of $12.0 million at November 30, 2025 [10] - Cash and cash equivalents of $6.4 million at November 30, 2025 does not include $15.6 million of cash at NTIC's joint ventures [10] Strategic Initiatives - From FY15 to FY25, Natur - Tec® and ZERUST® Oil & Gas have achieved compound annual growth rates (CAGR) of 17.7% and 14.5%, respectively, compared to the 8.6% CAGR of the established ZERUST® industrial business [22] - In November 2025, Zerust Brazil secured a new three - year offshore project with a leading global EPC company valued at approximately $13 million [50, 97]

Financial Performance - FQ4'25 - Non-GAAP gross billings reached $24.3 billion, a 15% year-over-year increase[6, 8] - Non-GAAP diluted EPS was $3.83, up 24% year-over-year[6, 8] - Free cash flow was $1.4 billion[6] - The company returned approximately $209 million to stockholders[6] - Non-GAAP operating margin was 2.86%, a 20 bps year-over-year increase[6, 8] Geographic Performance - FQ4'25 - Americas non-GAAP gross billings were $14.1 billion, a 9% year-over-year increase[10] - Europe non-GAAP gross billings were $8.4 billion, a 21% year-over-year increase[10] - APJ (Asia-Pacific and Japan) non-GAAP gross billings were $1.8 billion, a 34% year-over-year increase[10] Strategic Technologies - Strategic technologies accounted for approximately 29% of non-GAAP gross billings[6, 22] - Advanced Solutions non-GAAP gross billings increased by 17%[15] - Endpoint Solutions non-GAAP gross billings increased by 12%[15] FQ1'26 Outlook - The company projects non-GAAP gross billings between $22.7 billion and $23.7 billion[12] - The company projects non-GAAP diluted earnings per share between $3.00 and $3.50[12]

Financial Performance & Outlook - Q1 2026 net sales were $340.2 million, a slight decrease of 0.3% year-over-year[33] - Q1 2026 adjusted EBITDA decreased by 20.6% year-over-year to $55.6 million[37] - The company reaffirms its fiscal year 2026 outlook for net sales, projecting a range of -2% to +2%[11] - The company reaffirms its fiscal year 2026 outlook for adjusted EBITDA, projecting a range of -4% to +1%[11] - Gross margin for fiscal year 2026 is expected to decline by -150 to -100 basis points[44] Brand Performance - Quest and OWYN accounted for 71% of the company's Q1 net sales and grew aggregate consumption by 13%[11] - Quest Q1 retail takeaway grew 12%[13] - Atkins Q1 retail takeaway declined 19%[18] - OWYN Q1 retail takeaway grew 18%[25] Capital Allocation - The company repurchased approximately 7% of its outstanding shares through January 6, 2026, totaling nearly $150 million[11] - An additional share repurchase authorization of $200 million was announced, leaving approximately $224 million available as of January 6, 2026[12]

Financial Performance - Q1 2026 net income increased approximately 16% to $46 million, and EPS increased approximately 19% to $019, reflecting higher profitability year over year[19] - As of Q1 2026, approximately 31% of the full-year revenue forecast and 32% of the gross profit forecast have been achieved[26] - As of Q1 2026, approximately 37% of the full-year net income and EPS forecasts have been achieved[30] Water & Wastewater Utilities - Recurring water and wastewater revenue increased approximately 26% from Q1 2024 to Q1 2026[38] - The company estimates its portfolio can serve approximately 60000 connections, generating approximately $23 billion in revenues based on current rates[50] - To date, the company has added around 1695 connections, representing 28% of its overall capacity[50] Land Development - Phase 2C is 89% complete by Q1 2026, with all $173 million revenue payments received[54] - Phase 2D is 65% complete by Q1 2026, with $45 million milestone payments received and $145 million remaining for FY26[55] - Quarter-over-quarter land development revenue increased to $65 million in Q1 2026[57] Single-Family Rentals - Single-family rental revenue increased approximately 20% from Q1 2024 to Q1 2026[85] - The company has completed 19 rental units at Sky Ranch, which are now fully leased[83] - The company has 40 additional homes under contract, with occupancy expected through FY2026[83] Capital Position - As of Q1 '26, the company has $239 million in cash and restricted cash and a $518 million Note Receivable[13] - The company's water rights portfolio supports up to 60000 connections[100]

ACR-368 - In OncoSignature-positive endometrial cancer subjects, the Objective Response Rate (ORR) with ACR-368 single agent is 39% (n=31)[31] - In subjects with ≤ 2 prior lines of therapy, the ORR in BM+ subjects is 44% (n=25) and in BM- subjects is 26% (n=35) with ACR-368 single agent and ACR-368 + ULDG combo, respectively[34] - In BM+ subjects with ≤ 2 prior lines, the ORR in serous carcinosarcoma is 67% (n=12)[37] - In biomarker-unselected subjects with ≤ 2 prior lines, the ORR in serous subjects is 52% (n=23) and in non-serous subjects is 22% (n=37)[40] - In serous subjects with ≤ 2 prior lines, the Disease Control Rate (DCR) is 92% and Clinical Benefit Rate (CBR) at 16 weeks is 83% in Arm 1 (BM+), while in Arm 2 (BM-) the DCR is 55% and CBR at 16 weeks is 45%[43] - Serous endometrial cancer accounts for approximately 40% of all endometrial cancer deaths, equating to roughly 20,000 deaths per year in the US and EU[46, 52] ACR-2316 - In the Phase 1 dose escalation study, clinical activity was observed at dose level 120 mg and above, with tumor shrinkage in 9 out of 20 evaluable patients[74] - A total of 33 patients were dosed across two weekly dosing schedules in the ongoing Phase 1 monotherapy dose-escalation study[68, 74] - In the Phase 1 study, 79% of the subjects were White, 9% were Black/African American, 3% were Asian, 3% were Native Hawaiian/Pacific Islander, and 6% were Unknown/Other[69] Financials - As of December 31, 2025, Acrivon has approximately $119 million in cash and investments, projecting a runway into Q2 2027[96]