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]

Company Overview - Acuity Brands Lighting (ABL) net sales for Q1'26 were $669 million[23], while Acuity Intelligent Spaces (AIS) net sales for Q1'26 were $948 million[28] - ABL Adjusted Operating Profit Margin for Q1'26 was 18.5%[23], and AIS Adjusted Operating Profit Margin for Q1'26 was 21.7%[28] Financial Performance - The company's net sales have grown from $1.7 billion in FY09 to $4.5 billion in LTM Q1'26[34] - Adjusted Operating Profit has increased from $186 million in FY10 to $806 million in LTM Q1'26[35] - Adjusted Diluted Earnings Per Share have risen from $2.42 in FY10 to $18.73 in LTM Q1'26[37] - Free Cash Flow generation has increased from $139 million in FY10 to $534 million in LTM Q1'26[38] Capital Allocation - The company has repurchased approximately $1.5 billion of its shares outstanding since the beginning of the 4th quarter of 2020, representing about 25% of the then-outstanding shares[31] Non-GAAP Measures - The company uses non-GAAP financial measures such as adjusted operating profit, adjusted net income, and free cash flow to enhance the understanding of its financial performance and prospects[4] - These non-GAAP measures are used for internal reviews of performance, baseline comparative operational analysis, and decision-making[5]

Financial Performance - Neogen's core revenue increased by 2.9% year-over-year[9] - Adjusted EBITDA margins improved sequentially by 470 bps to 21.7%[9] - Q2 FY26 revenue reached $224.7 million[19] compared to $209.2 million in Q1 FY26 and $231.3 million in Q2 FY25[19] - Adjusted EBITDA for Q2 FY26 was $48.7 million with a margin of 21.7%[20], compared to $35.5 million with a margin of 17.0% in Q1 FY26 and $51.4 million with a margin of 22.2% in Q2 FY25[20] - Adjusted Net Income for Q2 FY26 was $22.6 million[21], or $0.10 per share[21], compared to $9.4 million[21], or $0.04 per share in Q1 FY26[21], and $24.4 million[21], or $0.11 per share in Q2 FY25[21] Segment Performance - Food Safety core revenue grew by 4.1%[23] - Animal Safety core revenue grew by 0.1%[23] Balance Sheet and Capital Allocation - Net debt is $655 million[26] - Debt is 68% fixed[26] - Q2 Free Cash Flow improved by $21 million compared to Q1[28] FY2026 Outlook - Total revenue is projected to be between $845 million and $855 million[32] - Adjusted EBITDA is expected to be approximately $175 million[32] - Capital expenditures are estimated at around $50 million[32] - The effective tax rate is projected at 21%[32]

Company Overview - VolitionRx is focused on saving lives and improving outcomes through low-cost testing in cancer, sepsis, and veterinary applications[4, 5] - The company operates with a low capex, low opex business model, emphasizing commercial partnerships and out-licensing[21] - VolitionRx leverages its IP Powerhouse with 56 patent families and a team with hundreds of years of experience[5] Commercialization and Licensing - The company received $10 million upfront and $13 million in milestone payments from an exclusive Element i+ in-house analyzer licensing partnership[29] - In 2024, Volition sold over 120,000 Nu.Q® Vet Cancer Tests & Components[40] - The company is targeting multiple licensing deals in the human space in 2026, focusing on upfront, milestone, and recurring revenue[25] Products and Market - Nu.Q® Vet is available in the United States, Europe, and Asia, detecting 76% of systemic cancers at 97% specificity[38, 40] - The company estimates a $170 million non-regulated animal testing licensing market, a $4 billion lab-developed screening/management market, and a >$3 billion ICU/ED CE Mark/FDA NETosis sales & licensing market[36] - Lung cancer screening and disease management with Nu.Q® is forecasted to reach over 3 million tests by 2035[63]

2025 Recaps - FF signed an MOU with RAK Digital Assets Oasis to collaborate on AI, Web3, and Embodied Intelligence[23] - FX Super One debuted in LA on July 17, 2025, securing over 11,000 non-binding B2B pre-orders[25] - FF launched Faraday X (FX) in late 2024, with U S homologation and road testing for FX Super One beginning in early 2025[25,27] FX Super One Roadmap - The first U S pre-production FX Super One rolled off the line in Hanford, California on Dec 21st[33] - Initial deliveries of FX Super One to FX Par co-creation partners are planned for Q2 2026[43] - Expanded deliveries to industry leaders and B2B partners are slated for Q3 2026[47] - Full-scale U S delivery of FX Super One is targeted for Q4 2026 / Q1 2027[49] Five-Year Business Plan - The company's five-year cumulative production and sales target is 400,000–500,000 vehicles[82,125] - The company aims to achieve positive EBITDA within three years, targeting a contribution margin rate of over 20%[82,126] - Production and sales targets for 2026 are 4,900 units, increasing to 33,000 in 2027, 130,000 in 2028, 250,000 in 2029, and reaching 400,000-500,000 in 2030[77,82]