Aircraft and Connectivity - As of December 31, 2025, the company had approximately 4,460 commercial aircraft equipped with in-flight connectivity (IFC) systems, with an expectation of adding 1,100 more under existing agreements[179] - The company provided Ka-band communication services to approximately 13,400 vessels as of December 31, 2025[179] - The company leverages its satellite fleet and partnerships to provide high-quality broadband and narrowband connectivity solutions across various sectors, including aviation, maritime, and government[177] Financial Performance - Total revenues for the three months ended December 31, 2025, increased by $33.3 million to $1,157.0 million, driven by a 2% increase in service revenues and a 6% increase in product revenues[214] - Total revenues for the nine months ended December 31, 2025, increased by $96.5 million to $3,469.0 million, with service revenues up by $42.3 million and product revenues up by $54.2 million[227] - Total revenues for the communication services segment increased by $15.8 million, or 1%, from $2,473.5 million in 2024 to $2,489.4 million in 2025, with service revenues up by $39.1 million[235] - The defense and advanced technologies segment revenues increased by $80.7 million, or 9%, from $899.0 million in 2024 to $979.6 million in 2025, driven by a $77.5 million increase in product revenues[237] Cost and Expenses - Cost of revenues for the three months ended December 31, 2025, rose by $16.3 million to $778.3 million, with a 2% increase in cost of service revenues and a 3% increase in cost of product revenues[215] - Total cost of revenues for the nine months ended December 31, 2025, increased by $48.0 million to $2,295.9 million, with a 7% increase in cost of product revenues[228] - Selling, general and administrative (SG&A) expenses decreased by $16.3 million, or 2%, from $761.6 million in 2024 to $745.3 million in 2025, primarily due to a $13.7 million decrease in selling costs[229] - Independent research and development (IR&D) expenses increased by $10.2 million, or 28%, to $46.9 million, supporting multi-orbit initiatives and next-generation encryption products[217] - Independent research and development (IR&D) expenses increased by $14.7 million, or 14%, from $108.7 million in 2024 to $123.4 million in 2025, driven by efforts supporting next-generation encryption products[230] Debt and Interest - Interest income surged by $147.9 million due to the recognition of $152.5 million from a lump sum payment received from Ligado[219] - Interest expense decreased by $7.0 million, reflecting a reduction in total outstanding indebtedness from $7.2 billion in 2024 to $6.4 billion in 2025[220] - Interest income rose by $128.0 million, primarily due to a $152.5 million recognition from a $420.0 million lump sum payment from Ligado, despite lower interest earned from reduced average invested balance[232] - Interest expense decreased by $34.3 million, attributed to a reduction in total outstanding indebtedness from $7.2 billion in 2024 to $6.4 billion in 2025[233] Taxation - The effective tax rate for the three months ended December 31, 2025, was 63%, compared to an effective tax rate of 7% in the prior year[221] - The company is subject to income taxes in the U.S. and various foreign jurisdictions, with potential changes in tax laws affecting the income tax provision[211] - Cash paid for income taxes during the first nine months of fiscal year 2026 was $79.2 million, down from $174.6 million in the prior year[253] Contracts and Revenue Recognition - Almost all revenues are derived from fixed-price contracts, with a small portion from cost-reimbursement contracts primarily in the defense segment[184] - The revenue recognition model applied is based on the five-step process under ASC 606, impacting how revenues are reported and recognized[189] - U.S. Government contracts typically involve performance-based payments (PBPs) or progress payments, with revenue recognized in excess of billings, leading to unbilled accounts receivable[192] - Revenue for long-term contracts is recognized over time based on the cost-to-cost measure of progress, which requires management estimates of total costs at completion[193] - A one percent variance in future cost estimates on open fixed-price contracts as of December 31, 2025, would change income (loss) before income taxes by an insignificant amount[193] - The evaluation of transaction price for performance obligations may require significant judgments, including estimating variable consideration based on performance metrics and customer discretion[194] - The purchase price for business combinations is allocated to the estimated fair values of acquired assets and liabilities, with goodwill recorded when consideration exceeds fair value[203] Cash Flow and Investments - Cash and cash equivalents stood at $1.3 billion as of December 31, 2025, with no outstanding borrowings and $594.8 million available under the revolving credit facility[245] - Cash provided by operating activities for the first nine months of fiscal year 2026 was $1.3 billion, a $657.8 million increase from $609.7 million in the prior year period[253] - Cash used in investing activities increased to approximately $663.7 million in the first nine months of fiscal year 2026, compared to $524.9 million in the prior year period, reflecting a $138.8 million increase[254] - Cash used in financing activities for the first nine months of fiscal year 2026 was approximately $867.5 million, an increase of $431.6 million from $435.9 million in the prior year period, primarily due to early repayment of debt[255] Strategic Changes and Future Outlook - The company completed the divestiture of its energy services system integration business in December 2024, which had minimal strategic synergies with core growth businesses[180] - The company anticipates future growth opportunities in markets prioritizing technology solutions, although predicting contract awards remains challenging[187] - The firm backlog as of December 31, 2025, totaled $3,967.3 million, with $2,790.8 million in communication services and $1,176.5 million in defense and advanced technologies[240] - Total new awards for the nine months ended December 31, 2025, were approximately $3.7 billion, compared to $3.5 billion for the same period in 2024[242] - The company expects to incur additional operating costs when launching new satellites, similar to the ramp-up period experienced with ViaSat-2[261] - The company anticipates continued investment in IR&D to support leadership in satellite and space technologies, with investment levels depending on various factors[258] Currency Risk Management - The company conducts its business primarily in U.S. dollars but is exposed to fluctuations in foreign currency exchange rates due to international operations[273] - A five percent variance in foreign currencies would result in an insignificant change in income (loss) before income taxes for the three and nine months ended December 31, 2025 and 2024[273] - The company's objective in managing foreign currency risk is to reduce earnings and cash flow volatility associated with exchange rate fluctuations[273] - The company may enter into foreign currency forward contracts to mitigate risks related to foreign currency denominated assets, liabilities, and transactions[273] Asset Valuation and Impairments - No material impairments were recorded for the three and nine months ended December 31, 2025 and 2024, indicating stable asset valuations[204] - The company assesses the realizability of deferred tax assets quarterly, establishing a valuation allowance if it is more likely than not that some deferred tax assets will not be realized[208] - Accruals for uncertain tax positions are recognized only if it is more likely than not that the tax position will be sustained upon examination by taxing authorities[210] Indebtedness - As of December 31, 2025, total outstanding indebtedness was $6.4 billion, including various senior secured notes and term loan facilities[262] - The effective interest rates on outstanding borrowings as of December 31, 2025 were 8.87% for the 2022 Term Loan Facility, 9.34% for the 2023 Term Loan Facility, and 9.55% for the Inmarsat Term Loan Facility[272] - The company recorded a loss of $11.6 million and $11.9 million in (loss) gain on extinguishment of debt for the three and nine months ended December 31, 2025, respectively[251]

Financial Performance - Net sales for the three months ended December 31, 2025, reached $12.68 billion, a 123.4% increase compared to $5.68 billion in the same period of 2024[199][200]. - Gross profit for the same period was $798.57 million, with a gross margin decrease to 6.3% from 11.8% year-over-year, attributed to competitive pricing strategies[199][200]. - Net income increased to $400.6 million for the three months ended December 31, 2025, compared to $320.6 million in 2024, primarily driven by higher net sales[193][200]. - Operating expenses rose by 7.6% to $324.27 million, mainly due to increased headcount and higher salary and stock-based compensation costs[199][200]. - Net sales for the three months ended December 31, 2025, increased by $7,004.5 million or 123.4% year-over-year, reaching $12,682.5 million, driven by datacenter deployments and a large design win[216][217]. - AI GPU related products saw a significant increase in billings of $7,398.2 million or 169.7% year-over-year, contributing to the overall sales growth[217]. - Net income for the three months ended December 31, 2025, was $400.6 million, compared to $320.6 million in the same period of 2024, representing a 25.0% increase[216]. - The company experienced a decrease in sales across other product categories by $475.9 million or 42.5% as it focused on AI GPU platforms[217]. Operating Expenses - Operating expenses for the three months ended December 31, 2025, totaled $324.3 million, a 7.6% increase from the previous year, with research and development expenses rising by 14.3%[224][226]. - Total operating expenses for the six months ended December 31, 2025, were $609.4 million, up 7.3% from $567.8 million in 2024[224]. - The gross margin for the six months ended December 31, 2025, decreased to 7.2% from 12.4% in the prior year, attributed to changes in product mix and increased costs[223]. - General and administrative expenses increased by $6.8 million or 10.7%, primarily due to a $6.4 million or 567.4% rise in excise and franchise tax expense related to increased sales[228]. - Research and development expenses rose by $63.6 million or 21.9%, driven by a $60.1 million or 22.1% increase in employee-related costs, including a $36.2 million or 21.8% increase in salaries[229]. - Sales and marketing expenses decreased by $27.4 million or 18.5%, mainly due to a $28.8 million or 268.3% increase in marketing development funds received from partners[230]. Cash Flow and Investments - Cash and cash equivalents decreased to $4.1 billion as of December 31, 2025, down from $5.2 billion as of June 30, 2025[245]. - Net cash used in operating activities was $(941.4) million for the six months ended December 31, 2025, a decrease of $1,110.5 million compared to the prior year[249]. - Net cash used in investing activities for the six months ended December 31, 2025, was $53.5 million for property, plant, and equipment purchases, and $25.0 million for equity securities[251]. - Net cash provided by financing activities during the same period was $115.4 million, primarily from lines of credit and term loans, offset by $71.1 million for withholding taxes related to equity awards[252]. - The increase in cash used in investing activities compared to the previous year was primarily due to higher property, plant, and equipment purchases[251]. Future Outlook and Strategy - The company plans to enhance its product capabilities and expand service offerings, particularly in the AI and data center markets, to capture greater market share[197]. - The company emphasizes the importance of rapidly introducing new products and integrating emerging technologies to maintain competitive advantage[195]. - The company recognizes the need to strengthen its network of sales partners and distribution channels to further expand market share[194]. - Future capital requirements will depend on growth rate, timing of investments for product development, and expansion of sales and marketing efforts[256]. - The company will continue to evaluate new business opportunities and markets, which may necessitate additional facilities and capital expenditures[255]. - Anticipated capital expenditures for the remainder of fiscal year 2026 are projected to be between $200.0 million and $220.0 million, focusing on global manufacturing capabilities and new product tooling[255]. Economic and Market Conditions - Macroeconomic factors such as inflation and supply chain constraints have impacted the company's operations and may continue to do so[198]. - The company has limited exposure to foreign exchange rate fluctuations as most sales and purchases are in U.S. dollars, with minimal historical impact from currency re-measurement[263]. - A 10% change in interest rates is not expected to significantly impact the results of operations based on current investment and borrowing levels[262]. - Interest rates for term loans and revolving lines of credit ranged from 1.3% to 5.9% as of December 31, 2025, with an outstanding principal indebtedness of $223.2 million[262]. Tax and Interest Expenses - Income tax provision increased by $42.1 million or 73.9%, driven by an increase in worldwide income before income tax provision[241]. - Interest income increased by $42.2 million or 479.5%, attributed to higher interest income from increased cash deposits funded by convertible notes issuance[235]. - Interest expense increased by $18.8 million or 289.2%, primarily due to a $22.7 million or 2012.3% rise in interest related to the amendment and issuance of convertible notes[236]. - The company reported a significant increase in tariff expenses by $184.2 million or 1151.3% due to new trade policies impacting cost of sales[222].

Financial Performance - The net loss for the three months ended December 31, 2025, was approximately $6.1 million, a decrease from the net loss of approximately $7.1 million for the same period in 2024, reflecting a reduction of $1.0 million [109]. - The net loss for the six months ended December 31, 2025, was approximately $11.2 million, comparable to the net loss of approximately $11.3 million for the same period in 2024 [115]. - For the six months ended December 31, 2025, the Company reported total revenue of approximately $4.9 million, an increase of $818,000 compared to $4.1 million for the same period in 2024 [119]. Operating Expenses - Total operating expenses for the three months ended December 31, 2025, were approximately $6.3 million, down from $7.3 million in 2024, indicating a decrease of approximately $1.0 million [110]. - Total operating expenses for the six months ended December 31, 2025, were approximately $11.5 million, slightly up from $11.4 million in 2024 [116]. - General and administrative expenses decreased to approximately $4.2 million for the six months ended December 31, 2025, down from $4.6 million in 2024, primarily due to reductions in stock-based compensation and consultancy fees [120]. - Legal fee expenses increased by approximately $546,000, primarily related to class action litigation [120]. Research and Development - Research and Development (R&D) expenses were approximately $4.3 million for the three months ended December 31, 2025, compared to $4.7 million in 2024, a decrease of approximately $435,000 attributed to reduced expenses in Long COVID studies [111]. - R&D expenses for the six months ended December 31, 2025, were approximately $7.2 million, an increase of approximately $511,000 from $6.7 million in 2024, driven by increased study costs [117]. - The increase in clinical study costs of approximately $818,000 was primarily due to the Sunrise PD Phase 2 study, which cost approximately $2.3 million [118]. - The Sunrise PD Phase 2 study incurred costs of approximately $2.6 million for the three months ended December 31, 2025, an increase of $1.5 million from $1.2 million in 2024 [112]. - Bezisterim (NE3107) is being tested for its potential to treat Alzheimer's disease, with significant data analysis ongoing from a Phase 3 clinical trial [105]. Funding and Financial Position - The Company received a clinical trial grant of $13.1 million from the U.S. Department of Defense for the Long COVID program, which commenced in May 2025 [101]. - The Company raised approximately $10.5 million in net proceeds from a public offering that closed on August 11, 2025, selling 5,620,000 units at $2.00 per unit [125]. - As of December 31, 2025, the Company had working capital of approximately $18.8 million and cash and cash equivalents totaling approximately $20.5 million [122]. - The Company has an accumulated deficit of approximately $363.3 million as of December 31, 2025 [122]. - The Company faces substantial doubt regarding its ability to continue as a going concern due to uncertainties in obtaining sufficient financing [124]. Accounting Policies - There were no significant changes to the Company's critical accounting policies as identified in the Annual Report Form 10-K for the fiscal year ended June 30, 2025 [126]. Other Income - Other income increased to approximately $390,000 for the six months ended December 31, 2025, compared to $150,000 in 2024, driven by a reduction in interest expense of approximately $315,000 [121]. Revenue Generation - The Company has not generated any revenue and does not expect to do so in the foreseeable future, relying on ongoing development and commercialization efforts for future operations [123].

Assets and Liabilities - Total assets at fair value on a recurring basis as of December 31, 2025, amount to $8,829 million, with $990 million in Level 1, $7,946 million in Level 2, and $11 million in Level 3[25] - Total liabilities at fair value on a recurring basis as of December 31, 2025, amount to $1,247 million, with $416 million in Level 1, $953 million in Level 2, and $2 million in Level 3[25] - The company reported a total of $8,950 million in assets at fair value on a recurring basis as of September 30, 2025[26] - The company’s total liabilities at fair value on a recurring basis as of September 30, 2025, amount to $1,252 million[26] - Total trading assets as of December 31, 2025, are $1,530 million, which includes $92 million in Level 1 and $1,434 million in Level 2[25] - Total trading liabilities as of December 31, 2025, are $883 million, which includes $229 million in Level 1 and $654 million in Level 2[25] Securities and Investments - Available-for-sale securities as of December 31, 2025, total $6,648 million, with $429 million in Level 1 and $6,219 million in Level 2[25] - The total available-for-sale securities amounted to $6,648 million as of December 31, 2025, down from $6,888 million on September 30, 2025[46] - The company reported unrealized losses of $477 million on total securities, with $185 million in losses for securities held for less than 12 months and $5,442 million for those held for 12 months or more[51] - The total amount of tax-exempt loans remained stable at $1,148 million, with no significant changes in credit quality indicators[94] - The company has unfunded commitments of $112 million as of December 31, 2025, primarily related to renewable energy tax credit investments[144] Loans and Credit Quality - The total loans held for investment increased to $53,715 million as of December 31, 2025, up from $51,603 million as of September 30, 2025, reflecting a growth of approximately 4.1%[78] - Nonaccrual loans totaled $122 million as of December 31, 2025, compared to $109 million as of September 30, 2025, indicating an increase of approximately 11.9%[83] - The allowance for credit losses (ACL) as a percentage of total loans held for investment decreased to 0.82% as of December 31, 2025, from 0.88% as of September 30, 2025[78] - The credit quality of the bank loan portfolio shows that as of December 31, 2025, 21,461 million in SBL loans were classified as "Pass," while 54 million were classified as "Special Mention," indicating a stable credit quality[94] - Total C&I loans classified as "Pass" amounted to $10,708 million, with 15 million classified as "Special Mention," suggesting a focus on maintaining credit quality[94] Revenue and Income - Total revenues for the three months ended December 31, 2025, were $4.176 billion, with net revenues of $3.735 billion after interest expense[169] - Non-interest revenues amounted to $3.169 billion for the same period, with asset management and related administrative fees contributing $1.999 billion[169] - Net interest income for the three months ended December 31, 2025, was $569 million, compared to $529 million for the same period in 2024, reflecting an increase of 7.6%[174] - The company reported a total of $746 million in C&I loans for 2025, compared to $744 million in 2024, indicating a stable performance in this segment[95] - The company reported a total of $49 million in tax-exempt loans for 2025, consistent with the previous year's figures, indicating stability in this segment[95] Capital and Shareholder Information - As of December 31, 2025, RJF's Tier 1 capital ratio was 23.2%, exceeding the required minimum of 8.5%[181] - RJF's total capital ratio as of December 31, 2025, was 24.3%, above the required minimum of 10.5%[181] - The Board of Directors authorized common stock repurchases of up to $2 billion in December 2025, replacing the previous authorization[161] - Common shares outstanding decreased from 203.3 million at the beginning of the period to 197.0 million at the end of the period for the three months ended December 31, 2025[160] - Dividends per common share declared increased to $0.54 for the three months ended December 31, 2025, compared to $0.50 in 2024[163] Regulatory and Compliance - The effective income tax rate for the three months ended December 31, 2025, was 22.7%, higher than the 21.3% effective tax rate for fiscal year 2025[135] - The estimated upper end of the range of reasonably possible aggregate loss for legal and regulatory matters was approximately $10 million as of December 31, 2025[154] - The company has outstanding commitments to extend credit totaling $64,092 million as of December 31, 2025, compared to $62,422 million on September 30, 2025, indicating an increase of 2.68%[140] Miscellaneous - The company announced an agreement to acquire a majority stake in GreensLedge Holdings LLC, expected to close in fiscal 2026, enhancing its securitization and advisory capabilities[146] - An agreement was reached to acquire Clark Capital Management Group, expected to close in fiscal 2026, which will operate as an independent boutique investment manager within the Asset Management segment[147] - The total amount of collateral received under reverse repurchase agreements was $4,354 million as of December 31, 2025, compared to $4,003 million as of September 30, 2025[71] - The total amount of repurchase agreements increased to $368 million as of December 31, 2025, from $325 million as of September 30, 2025[67] - The company redeemed all 80,500 outstanding shares of Series B Preferred Stock on January 2, 2026, for an aggregate redemption value of $81 million[156]

Portfolio Composition - As of December 31, 2025, the portfolio includes 12 office properties, 11 retail shopping centers, 1 mixed-use property, and 7 multifamily properties[34]. - As of December 31, 2025, the operating portfolio consists of 31 properties with approximately 6.8 million rentable square feet of office and retail space, 2,302 residential units, and a 369-room hotel[183]. - The office portfolio included approximately 4.3 million rentable square feet, with an occupancy rate of 83.1% as of December 31, 2025, contributing 47.2% of total revenue[231]. - The multifamily portfolio has a total of 2,302 units, with an overall occupancy rate of 92.8% and an average monthly base rent of $2,684[186]. - The retail properties have a weighted average leased percentage of 97.7% and an annualized base rent totaling $70,277,527[184]. Financial Performance - The company aims to increase operating cash flows and maximize stockholder value through strategic acquisitions and property redevelopment[38]. - The company reported that LPL Holdings, Inc. accounted for approximately 13.1%, 12.3%, and 13.2% of total office segment revenues for the years ended December 31, 2025, 2024, and 2023, respectively[50]. - Google LLC accounted for approximately 13.3%, 12.3%, and 10.4% of total office segment revenues for the years ended December 31, 2025, 2024, and 2023, respectively[50]. - The total weighted average annualized base rent for the retail and office portfolio is $271,612,776, with an average rent per square foot of $45.90[184]. - The annualized base rent per leased square foot for the total portfolio is $47.23, indicating a strong rental performance[187]. Growth Strategy - The company intends to pursue growth through acquisitions in high-barrier-to-entry markets, focusing on properties with strong supply and demand characteristics[42]. - The company aims to grow earnings and cash flows through same-store portfolio growth, property development, and acquisitions in high-barrier-to-entry markets[223]. - The company evaluates properties continuously to identify redevelopment opportunities that enhance operating performance[223]. - The company plans to pursue redevelopment opportunities at Waikele Center and multifamily developments at various existing properties, contingent on market conditions[224]. Tenant and Lease Information - As of December 31, 2025, the three largest tenants in the office portfolio represented approximately 31% of the total annualized base rent, with Google LLC at 13.7%, LPL Holdings, Inc. at 10.5%, and Autodesk, Inc. at 6.8%[60]. - The largest anchor tenants in the retail portfolio as of December 31, 2025, were Lowe's, Sprouts Farmers Market, and Marshalls, collectively representing about 11.7% of total annualized base rent[64]. - The company operates 24 properties with a total net rentable square footage of 6,787,569, with Southern California accounting for 46.0% of the total[196]. - The operating portfolio includes approximately 735 leases with office and retail tenants, with only one tenant accounting for more than 9.8% of the annualized base rent[192]. Risks and Challenges - The company faces competition from other developers and operators, which may impact its ability to lease properties and achieve desired financial outcomes[47]. - The company faces risks related to economic conditions in California, Washington, Oregon, Texas, and Hawaii, which could adversely affect financial performance[56]. - The company may encounter challenges in identifying and completing property acquisitions that meet its growth criteria, potentially impeding growth[66]. - The company is susceptible to trends in office real estate, including the shift towards remote work, which may reduce demand for office space[57]. - The company faces risks associated with joint ventures, including lack of decision-making authority and potential disputes with co-venturers[114]. Capital and Financing - Total debt outstanding as of February 6, 2026, was $1.70 billion, excluding debt issuance costs, with a credit facility capacity of $500 million[58]. - The company may face challenges in obtaining additional capital due to unfavorable economic conditions, which could hinder growth strategies and refinancing efforts[70]. - High mortgage rates may limit the company's ability to finance or refinance properties, potentially reducing net income and cash distributions[71]. - The company may need to borrow funds during unfavorable market conditions to meet distribution requirements, potentially affecting its financial condition[164]. Regulatory and Compliance - The company is committed to maintaining its REIT status by distributing at least 90% of its net taxable income to stockholders annually[41]. - The company is subject to various data privacy and security regulations, and any failure to comply could result in significant penalties and reputational damage[121]. - Legislative changes affecting REITs could negatively impact the company's ability to maintain its REIT status and the tax consequences for investors[169]. - The company may incur significant costs complying with various federal, state, and local laws, which could adversely impact its financial condition and results of operations[135]. Cybersecurity and Technology - The company has not identified any material cybersecurity incidents affecting operations or financial condition as of December 31, 2025[174]. - The cybersecurity risk management program includes a response team responsible for managing cybersecurity risks and incidents[180]. - The company utilizes AI technologies, which involve risks related to implementation, data quality, and potential legal liabilities[122]. - The company faces risks related to the evolving regulatory framework for AI Technologies, which may impact its ability to use and commercialize these technologies in the future[123]. Shareholder and Governance - The company has a substantial beneficial interest held by Ernest S. Rady and his affiliates, who own approximately 16.5% of the outstanding common stock, potentially influencing corporate decisions[137]. - Conflicts of interest may arise between the interests of stockholders and the interests of holders of units in the Operating Partnership, which could impede beneficial business decisions[138]. - The company's charter restricts ownership of common stock to a maximum of 7.275% for any individual, with exceptions granted to specific entities allowing ownership up to 19.9% and 10%[141]. - The board of directors can increase the number of authorized shares without stockholder approval, potentially leading to changes in control that may not favor existing shareholders[142].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 0-23406 Southern Missouri Bancorp, Inc. | (Exact name of registrant as specified in its charter) | | | --- | --- ...

Company Overview - The Company changed its name to Gold.com, Inc. and transferred its listing to the New York Stock Exchange under the symbol "GOLD" as of December 2, 2025[285]. - The Company expanded its product portfolio in February 2025 through the acquisition of SGI, which is the parent company of Stack's Bowers Galleries, a leading auction house[295]. - The Company acquired Pinehurst Coin Exchange, Inc. in February 2025, enhancing its position as a leading e-commerce retailer of modern and numismatic coins[294]. - The Company operates a joint venture with Stack's Bowers Galleries and Pinehurst to acquire a 10% interest in AMS, later acquiring the remaining 90%[305]. Financial Performance - The Company reported revenues of $11.0 billion for fiscal year 2025, indicating significant growth in the bullion and coin markets[311]. - Revenues for the three months ended December 31, 2025 increased by $3.735 billion, or 136.2%, to $6.477 billion from $2.742 billion in 2024[349]. - Revenues for the six months ended December 31, 2025 increased by $4.700 billion, or 86.1%, to $10.158 billion from $5.457 billion in 2024[352]. - The company attributed revenue increases to higher average selling prices and acquisitions of SGI, Pinehurst, and AMS in 2025[349]. - Revenues for the Wholesale Sales & Ancillary Services segment for the three months ended December 31, 2025 were $4,887.97 million, a 124.9% increase from $2,173.34 million in 2024[382]. - Revenues for the six months ended December 31, 2025 increased by $3.305 billion, or 75.1%, to $7.705 billion from $4.400 billion in 2024[396]. Sales and Volume Metrics - Gold ounces sold for the three months ended December 31, 2025 increased by 79,000 ounces, or 17.0%, to 545,000 ounces from 466,000 ounces in 2024[350]. - Silver ounces sold for the three months ended December 31, 2025 decreased by 3,193,000 ounces, or 14.6%, to 18,635,000 ounces from 21,828,000 ounces in 2024[350]. - Gold ounces sold for the six months ended December 31, 2025 increased by 120,000 ounces, or 13.9%, to 984,000 ounces from 864,000 ounces in 2024[353]. - Silver ounces sold for the six months ended December 31, 2025 decreased by 13,251,000 ounces, or 31.3%, to 29,026,000 ounces from 42,277,000 ounces in 2024[353]. - The number of new customers increased by 30,700, or 46.9%, to 96,100 from 65,400 in 2024[428]. - The number of active customers increased by 89,000, or 63.5%, to 229,100 from 140,100 in 2024[428]. - Total customers increased by 1,174,000, or 36.8%, to 4,361,500 from 3,187,500 as of December 31, 2024[428]. Pricing and Margins - Average selling prices for gold increased by 50.6% and for silver increased by 67.2% during the three months ended December 31, 2025 compared to the prior year[350]. - The overall gross margin percentage for the three months ended December 31, 2025 decreased by 19.0 basis points to 1.442% from 1.632% in 2024, but excluding forward sales, it increased by 58.4 basis points to 3.072%[356]. - The profit margin percentage for the six months ended December 31, 2025 decreased by 34.4 basis points to 0.559% from 0.903% in 2024[405]. Expenses and Costs - Selling, general, and administrative expenses for the three months ended December 31, 2025 increased by $34.0 million, or 132.1%, to $59.8 million from $25.8 million in 2024[361]. - Selling, general, and administrative expenses for the six months ended December 31, 2025 increased by $67.2 million, or 128.4%, to $119.6 million from $52.4 million in 2024[362]. - Interest expense for the three months ended December 31, 2025 increased by $5.9 million, or 56.8%, to $16.3 million from $10.4 million in 2024[369]. - Interest expense for the six months ended December 31, 2025 increased by $8.5 million, or 41.8%, to $28.9 million from $20.4 million in 2024[370]. Cash Flow and Financing - Net cash provided by operating activities for the first half of 2025 was $152,795,000, a significant increase of 975.2% compared to $(17,458,000) in the first half of 2024[469]. - The company’s total lines of credit decreased to $300,000,000 as of December 31, 2025, down from $345,000,000 in June 2025[475]. - Cash generated from operations is primarily derived from sales and financing of precious metals products, with approximately 87% of assets being liquid as of December 31, 2025[471]. Market Conditions and Strategy - The Company operates in a high volume/low margin industry, with revenues influenced by product volume, market prices, and market volatility[320]. - Macroeconomic volatility has positively affected the Company's trading revenues and gross profit, with increased demand for products during high volatility periods[339]. - The Company focuses on enhancing its business through strategic investment opportunities, geographic expansion, and complementary products and services[311]. Other Financial Metrics - The Company utilizes non-GAAP measures such as adjusted net income before provision for income taxes and EBITDA to analyze financial performance[290]. - EBITDA for Q4 2025 was $33,879,000, representing a 108.8% increase from $16,224,000 in Q4 2024[468]. - Adjusted net income before provision for income taxes (non-GAAP) for Q4 2025 was $23,216,000, reflecting a 73.7% increase from $13,363,000 in Q4 2024[461].

Financial Performance - Las Vegas Sands Corp. generated 44% of its total adjusted property EBITDA from Macao and 56% from Singapore in 2025[31]. - Macao's annual gross gaming revenues reached 247.40 billion patacas (approximately $30.87 billion) in 2025, marking a 9.1% increase compared to 2024[48]. - Visitation to Macao was approximately 40 million in 2025, an increase of 14.7% compared to 2024[49]. - Singapore welcomed approximately 16.9 million international visitors in 2025, a 2.3% increase compared to 2024[55]. - Tourism receipts in Singapore were estimated at 29.78 billion SGD (approximately $23.18 billion) in 2024[55]. Gaming Operations - The company focuses on the higher-margin mass gaming segment, with mass market table revenues generating a gross margin substantially higher than VIP table revenues[32]. - The gaming market in Macao is administered through concessions awarded to six different concessionaires, with the company being one of them[53]. - Approximately 9.4% of table games play at the company's Macao properties and 12.3% at Marina Bay Sands was from credit-based wagering during the year ended December 31, 2025[167]. - The casino tax rates for premium and mass players have increased, with rates of 8% and 18% applicable up to SGD 2.4 billion and SGD 3.1 billion in gross gaming revenue, respectively[120]. - The minimum amount set by the Macao government for gross gaming revenues is 7 million patacas per gaming table and 300,000 patacas per gaming machine (approximately $1 million and $37,433) with a special annual gaming premium applicable if revenues fall below these thresholds[107]. Integrated Resort Developments - The company aims to enhance its Integrated Resort offerings by diversifying products and services to cater to different market segments[37]. - The MBS Expansion Project in Singapore will include a hotel tower, premium gaming areas, and a live entertainment arena with approximately 15,000 seats, with a total estimated project cost of approximately $8.0 billion[78][80]. - The anticipated completion date for the development project in Singapore is June 2030, with an expected opening in January 2031, subject to government approval[179]. - The completion of renovations at Marina Bay Sands resulted in a total of 1,844 rooms, including 775 suites, with costs incurred amounting to $427 million as of December 31, 2025[82]. - The company has committed to invest at least 35.84 billion patacas (approximately $4.47 billion) in Macao, with 33.39 billion patacas (approximately $4.17 billion) allocated for non-gaming projects by December 2032[73][89]. Sustainability Initiatives - Las Vegas Sands Corp. is committed to sustainability through its Sands ECO360 program, focusing on energy efficiency and waste reduction[24]. - The Drop by Drop Project aims to encourage sustainability in local regions with grants for innovative water projects in Macao and Singapore[71]. Workforce and Employment - The company employs approximately 41,500 employees worldwide, with about 49% being female[66]. - The company aims to enhance its workforce culture through competitive pay, healthcare benefits, and retirement planning schemes[67]. - The company competes for skilled labor in Macao and Singapore, facing challenges in hiring due to local government policies[207]. Regulatory and Compliance Risks - The company is subject to extensive regulations and licensing requirements in jurisdictions where it operates, which could materially affect its business if licenses are not obtained or renewed[150]. - The company may face risks related to the potential termination of its casino licenses in both Macao and Singapore due to non-compliance with regulations[181][182]. - The company is subject to anti-money laundering laws and regulations, and any violations could have a material adverse effect on its financial condition and operations[153]. - The company has entered into a concession agreement with the Macao government for a duration of ten years, beginning January 1, 2023, with an annual fee structure based on the gaming area[86][87]. Financial Position and Debt - The company had $15.78 billion of debt outstanding as of December 31, 2025, which could significantly impact its financial condition and operations[160]. - The company is primarily dependent on cash flow from its properties in Macao and Singapore, with distributions from subsidiaries as the main source of cash[133]. - The company faces risks related to fluctuations in foreign currency exchange rates and potential restrictions on cash transfers from subsidiaries[135]. - Future debt instruments for financing developments may contain restrictions on dividend payments and other distributions[157]. Competition and Market Dynamics - The company faces significant competition in the hotel, resort, and casino businesses in Macao and Singapore, which may increase due to new facilities and increased hotel room capacity[174]. - The company faces increased competition from new gaming developments in Asia, including Malaysia, South Korea, and Vietnam, which could adversely affect its financial condition and cash flows[176]. - The company is primarily dependent on its Asia properties for cash flow, with significant operations in Macao and Singapore, which exposes it to greater risks due to lack of diversification[155]. Cybersecurity and Data Protection - The company relies on third-party systems for data security and transaction processing, which may expose it to cybersecurity risks[215]. - Cybersecurity threats are increasing, with potential impacts on the integrity of the company's information systems and operations[214]. - The Personal Information Protection Law (PIPL) became effective on November 1, 2021, potentially affecting data processing activities related to mainland China[199]. - The Cybersecurity Review Measures require online platform operators with over one million users' personal information to apply for a cybersecurity review before listing abroad[201]. Shareholder and Corporate Governance - Principal stockholders own approximately 57% of the company's outstanding common stock, exerting significant influence over business decisions[204]. - The company has requested an extension of its shareholder dividend tax agreement with the Macao government through December 31, 2027, but there is no certainty of approval[190].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-41655 NioCorp Developments Ltd. (Exact Name of Registrant as Specified in its Charter) | British Columbia, Canada | 98-1262185 | | --- ...

Financial Performance - Total backlog reached $268 billion as of December 31, 2025, with approximately 25% expected to be recognized as revenue within the next 12 months[33]. - U.S. government sales amounted to $33.3 billion in 2025, representing 38% of total net sales, down from 46% in 2023[30]. - International sales increased to $41.3 billion in 2025, accounting for 47% of total net sales, up from 43% in 2024[31]. Contracts and Agreements - Collins Aerospace secured over $4 billion in long-term agreements for maintenance, repair, and overhaul services, as well as spare parts for several airlines in 2025[16]. - Pratt & Whitney's F135 engine surpassed one million flight hours in 2025, with a $2.8 billion contract awarded for production of Lot 18 and Lot 19 engines[22]. - Raytheon received major contracts for advanced technologies, including AMRAAM missiles and the Next Generation Jammer, in 2025[29]. Research and Development - The company invests significantly in research and development to enhance existing products and develop future technologies[43]. - Pratt & Whitney Canada was selected to lead the PHARES project, targeting up to 20% improved fuel efficiency for regional aircraft[24]. - Collins Aerospace continues to invest in sustainable technologies, including advanced composite materials and digital trajectory optimizers, to reduce carbon footprint[17]. Supply Chain and Operational Challenges - Supply chain disruptions have led to increased costs and delays, particularly for rare earth elements and microelectronics, driven by inflation and geopolitical conditions[47]. - The company has implemented actions to mitigate supply chain impacts, including increasing inventory and establishing second and third supply sources[48]. - The company relies on foreign sources for certain raw materials, which poses risks related to supply chain stability and compliance with procurement requirements[46]. Employee and Workforce - The global employee population as of December 31, 2025, is approximately 180,000, including about 54,000 engineering professionals and 32,000 union-represented employees[39]. - Approximately 69% of employees are located in the U.S., with the company continuously monitoring labor market conditions to address hiring challenges[39][40]. Regulatory and Compliance Issues - The company has faced regulatory scrutiny, including a deferred prosecution agreement with the DOJ and an administrative order from the SEC related to past compliance issues[56][58]. - The company is subject to extensive environmental regulations, which may incur costs but are not expected to materially affect its competitive position or financial condition[60]. - The company is subject to future foreign or domestic laws regarding climate change, which may increase operational and compliance costs[62]. Financial Instruments and Risks - The present value of aggregate notional principal of outstanding foreign currency hedges was $26 billion and $17 billion at December 31, 2025 and 2024, respectively[394]. - A 10% unfavorable exchange rate movement in the foreign currency contracts would have resulted in an increase in unrealized losses of $0.9 billion and $1.0 billion at December 31, 2025 and 2024, respectively[394]. - A 100 basis point unfavorable interest rate movement would have had an approximate $3 billion impact on the fair value of fixed-rate debt at both December 31, 2025 and 2024[397]. - The company uses foreign currency forward contracts to hedge price risks associated with foreign currency payments and receipts[394]. - The company actively manages foreign currency exposures associated with committed foreign currency purchases and sales[394]. - The company is exposed to fluctuations in foreign currency exchange rates and interest rates related to cash, debt, and derivative instruments[393]. - The company has $0.9 billion of term loans outstanding that are affected by changes in market interest rates[397]. - The company has no current derivative contracts to hedge interest rate exposures but may consider such strategies in the future[397].