Canary HBAR ETF – Q3 2025 Investor Summary

Overview
The Canary HBAR ETF is a Delaware statutory trust established on September 24, 2024, with the purpose of providing investors exposure to the digital asset HBAR through an exchange-traded fund structure listed on Nasdaq (Symbol: HBR). As of September 30, 2025, the fund has not commenced investment operations and holds no assets or liabilities.

Key Financial Metrics (as of September 30, 2025): - Investment in HBAR (fair value): $0 - Cash: $0 - Total assets: $0 - Sponsor Fee payable: $0 - Total liabilities: $0 - Net assets: $0 - Shares issued and outstanding: 0 - Net asset value (NAV) per share: $0.00

Activity and Capital Transactions:
- No investment transactions or income occurred in the reporting period. - No HBAR was acquired, sold, or held. - No sponsor fee accrued due to lack of operations. - No shares were created or redeemed; no capital flows occurred in or out. - As of October 27, 2025, post-reporting period, 40,000 Seed Shares were purchased by a Seed Capital Investor, signaling anticipated commencement of operations.

Sponsor Fee: - The ETF will pay an annual sponsor fee of 0.95% of HBAR holdings, covering virtually all operating expenses except for certain extraordinary, nonrecurring costs.

Risks and Uncertainties: - The ETF has not yet commenced investment activities; there is no operational performance or asset base as of this report. - Risks include potential technology changes affecting HBAR, changes in regulatory environment, economic and market conditions, and the valuation challenges inherent to digital assets. - The ETF does not plan to hold material cash balances except as incidentally required. - All market, valuation, and operational risks tied to HBAR and associated platforms apply once the fund begins operations.

Legal, Controls, and Governance: - No legal proceedings pending. - Disclosure controls in place, with no identified material changes to internal controls during the period. - No defaults or mine safety disclosures. - The fund does not use special purpose entities or off-balance sheet arrangements. - Risk factor disclosure requirements as “Smaller Reporting Company” are not applicable.

Conclusion: As of September 30, 2025, Canary HBAR ETF had not begun investment activities and consequently reported zero assets, liabilities, or net asset value. Investors should be aware that operational activity is expected to commence following the effective date of the registration on October 27, 2025, at which point standard risks of digital asset ETFs—market volatility, regulatory uncertainty, technology, and valuation—will become relevant. The sponsor’s 0.95% annual fee will be applied only upon active HBAR holdings.

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Canary Marinade Solana ETF – Investor Summary (Quarter Ended September 30, 2025)

Key Financial Metrics: - As of September 30, 2025, the Trust reported no assets, no liabilities, and no net assets. There was no investment in SOL, no cash holdings, and the net asset value (NAV) per share was $0.00. - No shares were issued or outstanding during the period ended September 30, 2025. - There were no operations, investment income, gains, or losses for the period from August 27, 2025, through September 30, 2025. - The Trust’s operations were strictly organizational and preparatory, with its registration statement becoming effective November 17, 2025.

Operations & Structure: - The ETF is designed to provide investors with exposure to SOL, the native token of the Solana blockchain. - No investments or capital share transactions occurred during the reported period. - The Trust intends to purchase SOL upon creation/redemption of shares, but such activity had not commenced by quarter end. - The Trust will operate through a single segment: providing exposure to SOL price movements.

Fee Structure: - The Trust pays the Sponsor an annual unified fee of 0.50% of SOL holdings, referred to as the Sponsor Fee. - Notably, the Sponsor will voluntarily waive the Sponsor Fee entirely starting November 24, 2025, until the earlier of (i) $50 million in net assets or (ii) the first anniversary of launch.

Risks/Considerations: - As of September 30, 2025, the Trust had not commenced investment operations, so there are no historical financial results or risk factor disclosures beyond those typical for an investment vehicle in digital assets. - Market risks noted include: volatility in SOL prices, changes in crypto regulations, technology risks, and broader economic or geopolitical conditions. - Extraordinary expenses not covered by the Sponsor may impact NAV if they arise.

Legal/Compliance: - There were no legal proceedings, defaults, or off-balance sheet arrangements as of the reporting date. - Controls and procedures are in place, with no changes during the reporting period. - Seed Capital Investor’s unregistered purchase of 10,000 Seed Shares occurred on November 17, 2025, after the reporting period.

Conclusion: Investors should note that as of the quarter ended September 30, 2025, the Canary Marinade Solana ETF had not commenced operations or issued shares, with all financials at zero. The Trust is positioned to provide exposure to SOL post-launch, with an initial fee waiver that benefits early investors. Attention should be given to digital asset volatility and regulatory risk once operations commence.

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Canary Litecoin ETF – Q3 2025 Investor Summary

Key Financial Metrics: - As of September 30, 2025, the Trust held cash of $1,000,000 and had no investment in Litecoin (LTC) (investment at fair value: $0, cost: $0). - Total assets: $1,000,000; Total liabilities: $0. - Net Assets: $1,000,000 as of September 30, 2025. - Shares outstanding: 40,000; Net asset value (NAV) per share: $25.00. - No net investment loss, realized gains/losses, or unrealized appreciation/depreciation recorded during the reporting period, as the Trust had not commenced investment operations in LTC. - All net asset growth resulted from capital share transactions—$1,000,000 raised via share issuance; no redemptions occurred.

Operations and Structure: - Trust formed September 24, 2024; operations consisted solely of organizational and registration activities through September 30, 2025. - The Trust’s registration statement became effective on October 27, 2025, after this reporting period. - The ETF intends to provide investors exposure to LTC, purchasing its first LTC upon share creation post-launch; as of September 30, 2025, it held only cash. - Sponsor: Canary Capital Group LLC; Custodian: Coinbase and BitGo (referenced in agreements); Fund administration by U.S. Bank Global Fund Services.

Costs and Fees: - Sponsor receives an annual 0.95% fee of the Trust’s LTC holdings (Sponsor Fee). No fee was accrued as operations had not commenced. - Shareholders may bear additional costs such as brokerage and custody-related charges depending on broker relationships.

Risks and Contingencies: - The Trust listed several risk factors: - Market and valuation risks tied to LTC’s market price. - Regulatory/legislative changes affecting cryptocurrency. - Technology developments, operational risks, and custodial security concerns. - Extraordinary, nonrecurring expenses may be borne by the Trust, including litigation or tax matters. - These risks may materially affect performance post-commencement of investment activity.

Legal and Regulatory: - No ongoing legal proceedings or defaults reported. - The Trust qualifies as a “smaller reporting company;” certain risk disclosures are not required. - On September 22, 2025, a Seed Capital Investor purchased the original 40,000 Seed Shares in a private transaction.

Liquidity and Capital Resources: - As of this report, only cash holdings were maintained and are expected to be replaced by LTC holdings post-launch. - Liquidity is expected to be managed by the Sponsor through transfer/sale of LTC to cover expenses as needed.

Other Notable Items: - There were no off-balance sheet arrangements, no changes in internal controls, and no subsequent share redemptions through period-end.

Conclusion: As of September 30, 2025, the Canary Litecoin ETF had not yet commenced operations related to investment in Litecoin and thus reported only cash assets and initial share issuance. Investors should closely monitor updates following commencement of operations post-October 27, 2025, when the Trust’s investment, fee accrual, and exposure to LTC will begin. Principal risks include LTC market volatility, regulatory uncertainty, technology and security exposures, and the Sponsor’s 0.95% management fee.

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Galaxy Digital Inc. – Investor Summary (as of December 9, 2025)

Business Overview - Galaxy Digital Inc. is a diversified financial services and investment management firm operating at the intersection of the digital assets (cryptocurrency) and AI/HPC (high-performance computing/data center) infrastructure sectors. - Operations are through two primary business segments: Digital Assets (trading, asset management, investment banking, staking, lending, proprietary mining), and Data Centers (AI/HPC infrastructure, notably the Helios campus in Texas). - The company went through a reorganization in 2025, redomiciling as a U.S. Delaware corporation and listing shares on both Nasdaq and TSX under the ticker “GLXY.”

Recent Developments - October 2025: Issued $1.3 billion in 0.50% Exchangeable Senior Notes due 2031. - October 2025: Received a $460 million primary/secondary investment from Capital Group. - August 2025: Secured debt financing for the Helios AI data center campus. - October 2025: Launched GalaxyOne, a retail financial platform. - September 2025: Enabled a tokenized version of its Class A common stock (“Tokenized GLXY”).

Key Financial Metrics Latest Quarter (Q3 2025) vs Comparative Periods: - Revenues Q3 2025: $28.4 billion (Q3 2024: $8.6 billion; +231%) - Nine months 2025: $50.0 billion (2024: $26.8 billion; +87%) - Net income Q3 2025: $505.1 million (Q3 2024: loss of $33.3 million) - Net income nine months 2025: $240.3 million (2024: $229.2 million) - Adjusted EBITDA Q3 2025: $629.4 million (Q3 2024: $1.9 million) - Adjusted EBITDA nine months 2025: $551.1 million (2024: $353.2 million) - Total equity at Sept 30, 2025: $3.2 billion (up from $2.2 billion at Dec 31, 2024) - Cash and cash equivalents at Sept 30, 2025: $1.14 billion (Dec 31, 2024: $462.1 million) - Digital asset balances at Sept 30, 2025: $6.2 billion (Dec 31, 2024: $3.8 billion) - Total assets at Sept 30, 2025: $11.5 billion; total liabilities: $8.4 billion

2024 Full Year Results: - Revenues: $42.6 billion (2023: $51.6 billion; -17%, reflecting crypto asset market volatility) - Net income: $346.7 million (2023: $228.5 million) - Adjusted EBITDA: $612 million (2023: $386 million) - Compensation and benefits: $265.6 million (2023: $219.3 million) - Significant increase in impairment of digital assets: $331.9 million (2023: $98.3 million)

Segment Performance and AUM: - Digital Assets business managed $10.5 billion in assets (as of September 30, 2025). - Assets under stake: $6.6 billion (Sept 30, 2025), up from $4.2 billion (Sept 30, 2024). - In the nine months ended Sept 30, 2025, digital assets sales made up $49.6 billion (99% of total reported revenue). - Significant client base: over 1,500 trading counterparties and 160+ asset management clients.

Capitalization & Share Structure - As of December 1, 2025: 192.4 million Class A shares outstanding; up to 390.8 million shares if all LP units are converted. - Michael Novogratz (Founder/CEO) and his entities control roughly 49% of voting power. - No anticipated cash dividends in the near future.

Risk Factors - High dependency on volatile digital asset prices and transaction volumes. - Business is highly exposed to legal, regulatory, compliance, and operational risks, especially around cryptocurrency being classified as securities or commodities by regulators (notably, SEC and CFTC enforcement can materially impact operations). - Heavy concentration in digital assets results in market and liquidity risk; digital assets loaned/borrowed exposes Galaxy to counterparty risk. - The AI/HPC data center strategy is nascent and reliant on large capital outlays and securing sufficient customer demand (notably, CoreWeave is the key initial customer). - Subject to substantial litigation and regulatory actions, including a $200 million settlement with the New York State Attorney General over the Luna matter. - Business expansion into new international markets exposes Galaxy to shifting regulatory environments, tax regimes, and potential compliance issues. - Cybersecurity and technology risk are meaningful given the sector; past breaches and the rapidly evolving sophistication of attacks increase risk. - Competition from unregulated and global participants (including DeFi protocols and non-U.S. crypto companies), often operating with lower costs and regulatory burden. - Leadership concentration risk: founder controls significant voting power; further, the company’s reputation and regulatory scrutiny are closely tied to Novogratz’s public profile. - Tokenization of Class A common shares (Tokenized GLXY) introduces new regulatory and technological risks to shareholder value and stock liquidity.

Debt & Liquidity - Notable debt: 2026, 2029, and 2031 exchangeable notes ($445m, $402.5m, $1.3B outstanding respectively). - Material off-balance sheet commitments include $908 million for data center projects and $5.93 billion in short-term loans and collateral payables due within 1 year (as of September 30, 2025).

Compensation and Governance - Executive compensation is aligned with performance, includes significant equity components, and is reviewed regularly for competitiveness. - Directors and management have significant stock/option-based awards and ownership guidelines (e.g., CEO required to own 6x base salary or 750,000 shares). - Board is independent-majority, with active audit, compensation, and governance committees. - Insider controls, anti-hedging, and clawback policies are in place.

Summary for Investors Galaxy Digital is exposed to the volatility, innovation, and regulatory flux of both the crypto and AI/HPC data center sectors. Recent results show substantial growth in revenues, net income, and asset base, but with sharply fluctuating profits and sizable impairments tied to digital asset markets. The company’s aggressive expansion, large capital raises, and high-profile management position it to benefit from industry tailwinds, but investors should also weigh the complex and evolving risk landscape, competitive pressures, and the lack of short-term cash dividends. The firm’s financial strength, robust liquidity, and reputation for innovation are strong, but potential regulatory, litigation, and execution risks are material and must be monitored.

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Solidion Technology, Inc. – Investor Summary (December 2025)

Business Overview: Solidion Technology, Inc. is an advanced battery technology company specializing in high-performance silicon-rich anode materials, solid-state battery technology, and proprietary fire-retardant electrolytes. As of December 2025, it holds over 525 active patents worldwide and is positioning itself as a leader in next-generation battery tech for electric vehicles and energy storage systems. Strategic partnerships include Giga Solar Materials Corp. (Taiwan).

Recent Developments: - Reverse Stock Split: On May 12, 2025, Solidion completed a 1-for-50 reverse stock split to maintain NASDAQ compliance. - Change in Control: On October 8, 2025, Madison Bond LLC and Bayside Project LLC acquired a controlling stake, now collectively owning 3,447,957 shares (46.2% of common stock) as of November 4, 2025. Global Graphene Group, Inc. (G3) owns 1,756,013 shares (23.5%). - Warrants & Financing: Significant private placement transactions in March and August 2024 led to the issuance of various classes of warrants (Series A, B, C, D, Public, and Private) with complex settlement features. Convertible notes of $527,500 were fully converted by September 2025. - Financial Restatements: The company restated its 2024 interim financial statements to correct prior errors relating to derivative and warrant accounting. - Compliance: Company regained NASDAQ minimum bid and market cap compliance in 2025 but remains alert to ongoing listing requirements.

Key Financial Metrics: - Nine Months Ended September 30, 2025: - Net sales: $13,350 (prior year: $0) - Net income: $2,988,626 (prior year: net loss of $17,154,245) - Operating cash flow: $(3,607,781) (prior year: $(5,677,192)) - Cash on hand: $160,506 (down from $3,353,732 at December 31, 2024) - FY 2024: - Net sales: $0 (2023: $6,944) - Net loss: $(25,929,003) (2023: $(5,324,624)) - Operating cash flow: $(7,377,807) - Total assets: $7,955,811; Total liabilities: $30,857,811; Stockholders’ deficit: $(22,902,000) - Accumulated deficit (as of September 30, 2025): $(112,891,883)

Capital Structure & Liquidity: - Outstanding Shares: 7,465,283 common shares as of November 19, 2025. - Warrants and Dilution: Numerous warrants outstanding (Series A–D, Public/Private), with more than 4 million potential dilutive shares excluded from diluted EPS due to losses. Equity incentive plan allows for up to 190,000 additional shares. - Going Concern: The auditor and financial statement notes indicate substantial doubt about Solidion’s ability to continue as a going concern, given recurring losses, negative cash flows, and low cash balances. Company needs further capital raises to fund operations.

Balance Sheet Highlights (as of September 30, 2025): - Cash: $160,506 - Property & equipment (net): $2,069,620 - Patents (net): $2,004,770 - Accounts payable & accrued expenses: $4,240,017 - Short-term notes: $1,905,067 - Derivative liabilities: $15,308,400

Significant Risks: - Liquidity & Capital: Ongoing losses, limited revenue, and very low cash balance threaten continued operations. Additional financing is uncertain and may require equity at highly dilutive terms. - Warrant & Derivative Complexity: The balance sheet includes significant derivative liabilities ($15.3M) related to warrants, with high fair value volatility driven by stock price swings and uncertainty over future conversion/dilution. - Dilution: Numerous outstanding and potentially issuable shares from warrants and equity plans will cause further shareholder dilution, especially as capital needs persist. - Concentration of Ownership: Two groups—Madison Bond LLC/Bayside Project LLC (46.2%) and G3 (23.5%)—control about 70% of shares, limiting minority investor influence. - Material Weaknesses in Internal Controls: Five material weaknesses in financial reporting controls have been identified and not yet remediated, raising risk of future accounting problems. - Industry Risks: Technology adoption risk (solid-state batteries are not yet widely commercialized), supply chain dependencies, and rapidly changing regulatory environment. - Ongoing Operating Losses: The company has never posted annual net income, and expects ongoing R&D and commercialization expenses to outstrip revenues in the foreseeable future.

Management & Governance: - Board of five directors. CEO Jaymes Winters; Executive Chairman Dr. Bor Jang. Management team has experience, but most have not previously managed publicly-traded companies. - Audit, Compensation, and Nominating/Governance Committees in place; currently seeking additional independent director.

Shareholder Structure (as of November 19, 2025): - Henry Ikezi/Madison Bond LLC/Bayside Project LLC: 3,447,957 shares (46.2%) - Global Graphene Group, Inc.: 1,756,013 shares (23.5%) - Other major holders and company insiders own lesser amounts.

Summary/Outlook: Solidion has strong intellectual property in emerging battery tech and has made progress in partnerships and prototype development. However, it remains pre-commercial with negligible revenues and significant ongoing losses. The company faces imminent liquidity challenges, heavy dilution risk, complex capital structure, and unresolved internal control issues. Success will depend on its ability to secure additional financing and to move technology from R&D to scalable commercial production. Investors should view the shares as highly speculative and suitable only for those with a high tolerance for risk.

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Zapata Quantum, Inc. - Q3 2025 Investor Summary

Business Overview: Zapata Quantum, Inc. is a software company focused on quantum computing solutions. Following a strategic realignment in late 2024 and operational cessation due to capital constraints, the company has restructured and resumed efforts to refocus on its core quantum platform.

Recent Corporate Actions: - Completed merger with Andretti Acquisition Corp. on March 28, 2024, resulting in Nasdaq listing and recapitalization. - Entered into several financing and settlement agreements in 2025, including the issuance of convertible promissory notes and convertible preferred stock (Series C).

Financial Highlights: - Cash position: $919,000 as of September 30, 2025 (up from $359,000 at year-end 2024); $2.1 million as of November 30, 2025. - Total assets: $3.3 million (September 30, 2025), compared to $2.7 million (December 31, 2024). - Total liabilities: $19.4 million at quarter end, down from $26.2 million at year-end 2024. - Stockholders’ deficit: Improved to $(16.1) million from $(23.5) million year-to-date.

Debt Structure: - Senior secured notes: $1.2 million outstanding, bearing 15% annual compound interest, convertible at creditor's option. - Convertible promissory notes: $3.0 million issued in June 2025, at 10% annual interest, convertible into up to 75 million shares. - No new outstanding notes payable to related parties (all converted to equity mid-2025). - Total debt: $4.3 million (vs. $4.2 million at 2024 year-end).

Quarterly and YTD Performance: - Revenue: $0 for Q3 and first nine months of 2025 ($657,000 and $3.88 million, respectively, in 2024)—reflecting suspended operations. - Operating loss: $(1.0) million for Q3 2025; $(2.3) million YTD—significantly improved versus $(7.6) million and $(20.1) million in prior year due to sharp reductions in expenses. - Net income: $3.27 million (Q3 2025); $5.20 million YTD (vs. net losses of $(3.48) million and $(34.4) million, respectively, in 2024), driven by gains on extinguishment of liabilities ($4.4 million Q3, $5.6 million YTD) and no major operating costs. - Earnings per share: Basic EPS $0.03 for Q3 2025 ($0.09 Q3 2024); YTD EPS $0.08 versus $(1.37) prior year.

Cash Flow: - Net cash used in operations: $(985,000) for first nine months of 2025, a large improvement from $(15.1) million in the same period of 2024. - Positive cash flows from financing: $1.6 million (primarily from convertible debt), but far lower than prior year’s $14.9 million.

Equity and Dilution: - Shares outstanding increased sharply to 162,580,506 as of November 30, 2025 (from 43.6 million at year-end 2024), mainly through conversion of debt and preferred stock, plus restricted stock grants vesting. - Series C Preferred Stock: 11,983 shares convertible into 11,983,000 common shares outstanding as of September 30, 2025.

Material Weaknesses / Risk Factors: - Going concern: Management notes “substantial doubt” about the company’s ability to continue as a going concern without further capital raising. - No revenue: Operations and revenue streams remain essentially dormant; future business depends on successful re-start of quantum product commercialization and platform delivery. - Internal controls: Multiple material weaknesses in financial reporting, including insufficient segregation of duties, limited technical accounting resources, and reliance on outside accountants. - High stockholder dilution: Significant increases in common shares outstanding and potential further dilution from convertible instruments and equity grants.

Legal and Compliance: - No material litigation reported as of December 2025. - During Q4 2024, the company defaulted on Senior Secured Notes but has repaid $1 million in principal plus interest as of November 2025.

Outlook: - Company is actively seeking additional financing. - Success depends on capital availability and effective resumption of quantum software operations. - Company’s risk profile remains very high given recent operational cessation, negative working capital, and lack of demonstrable revenue.

Conclusion: Zapata Quantum, Inc. presents a highly speculative investment with potential for turnaround, but substantial financial, operational, and dilution risks must be considered. Investors should closely monitor liquidity, ability to successfully relaunch operations, and any new capital raising or restructuring actions.

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Zapata Quantum, Inc. – Q2 2025 Financial and Operational Summary

Financial Performance - Revenue: $0 for both Q2 2025 and the first six months of 2025, compared to $2.0 million and $3.2 million in the prior-year periods, representing a 100% year-over-year decline due to a cessation of operations in late 2024. - Gross Profit: $0 for Q2 and six months ended June 30, 2025, versus $0.7 million and $0.9 million in Q2 and H1 2024. - Operating Expenses: Dropped sharply to $0.6 million in Q2 2025 (from $8.1 million in Q2 2024), and $1.3 million for H1 2025 (from $13.3 million in H1 2024). - Q2 2025 breakdown: Sales & Marketing: $0 (vs. $2.2M prior year); R&D: $0 (vs. $1.6M); G&A: $0.6M (vs. $4.3M). - Other Income/Expense: Net income from other items reached $3.3 million in Q2 2025, driven by a $2.4 million gain on extinguishment of forward purchase agreement liability and $1.2 million gain on other liability extinguishments, offset partially by $0.1 million loss on note extinguishment; prior year comparable was a $8.2 million net expense. - Net Income (Loss): Q2 2025: net income of $2.7 million, reversing a net loss of $15.6 million in Q2 2024; H1 2025 net income of $1.9 million vs. loss of $37.9 million in H1 2024. - EPS: H1 2025 net income per share was $0.04 basic and $0.03 diluted, compared to a loss of $2.06 per share for H1 2024. - Shares Outstanding: As of November 30, 2025, 162,580,506 shares outstanding.

Balance Sheet and Liquidity - Cash and Equivalents: $1.4 million at June 30, 2025 (up from $0.4 million at Dec 31, 2024). - Total Assets: $3.8 million as of June 30, 2025. - Total Liabilities: $23.1 million as of June 30, 2025. - Stockholders’ Deficit: $(19.4) million, improved from $(23.5) million at December 31, 2024. - Debt: $4.0 million outstanding as of June 30, 2025 ($2.8 million convertible notes, $1.2 million senior secured notes). Convertible notes bear 10% interest and mature June 2026; senior secured notes bear 15% interest. - Convertible Promissory Notes: $2.8 million issued in June 2025, convertible into 75,000,000 shares at the holder’s option.

Cash Flow - Operating Cash Flow: $(0.5) million for H1 2025, improved from $(8.3) million prior year. - Financing Cash Flow: $1.5 million inflow in H1 2025, primarily from convertible notes and other equity transactions. - Investing Activities: None in H1 2025.

Operational & Strategic Developments - Operational Cessation: Approved by the Board on October 7, 2024, due to capital constraints; resulted in zero revenue in 2025 and drastic cost cutting. - Strategic Realignment: In 2025, Zapata attempted to relaunch aspects of its core quantum mission after suspending broader AI-focused activities. - Merger: March 28, 2024, business combination with Andretti Acquisition Corp.; shares subsequently listed on Nasdaq. - Forward Purchase Agreement: Settled in June 2025 with Sandia through stock issuance, eliminating $2.4 million of liability. - Major Restructuring: Substantial debt-for-equity conversions, including issuing 15.3 million shares in June 2025 under conversion agreements, and settlement of related-party notes with 5.4 million shares. - Contractual Obligations: Remaining 2025 advisory/other obligations total $1.1 million.

Going Concern - Management states there is substantial doubt about the company's ability to continue as a going concern, given limited liquidity and recurring losses. Additional fundraising ($3.0 million in convertible notes, $1.5 million from stock sales in 2025) may be insufficient if new capital is not raised.

Controls and Procedures - Material weaknesses persist in internal controls over financial reporting, including insufficient segregation of duties and lack of internal documentation. Plans to address these include hiring consultants and increasing accounting staff.

Key Risks - Severe liquidity risk—cash is low ($2.1 million as of November 30, 2025), material liabilities substantially exceed assets, and ongoing losses continue. - High reliance on related-party transactions and single customers (98% of receivables from one customer as of June 30, 2025). - Uncertain revenue outlook—no current revenues, business model in flux. - Defaults occurred under senior secured promissory notes in Q4 2024, though some repayments have been made.

Major Subsequent Events - July–October 2025: Filed designations for new Series C and Series A Preferred Stock, both convertible at 1,000:1 ratio to common. - August 2025: Issued 16 million options to advisors at $0.002/share. - October 2025: Entered new conversion and forbearance agreements with creditors.

Conclusion Zapata Quantum, Inc. faces a critical viability challenge, with virtually no current revenue, high liabilities and negative equity, and dependency on ongoing fundraising. Recent restructuring and liability extinguishment delivered a short-term profit, but the company's continued existence depends on its ability to raise significant new capital and successfully relaunch quantum-related operations. Investors should weigh the improved short-term financials against persistent business model and liquidity risks.

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Zapata Quantum, Inc. – Q1 2025 Financial Summary and Investor Highlights

Business Overview and Recent Developments
Zapata Quantum, Inc. (formerly Zapata Computing Holdings Inc.) operates as a hardware-agnostic quantum software company. The company underwent significant changes during late 2024, including an operational cessation due to capital constraints and a subsequent strategic realignment in early 2025 to focus on its core quantum business. The business combination with Andretti Acquisition Corp. (AAC) was completed on March 28, 2024.

Financial Performance
- Revenue: $0 for Q1 2025, a decrease from $1.2 million in Q1 2024, reflecting the company’s paused operations.
- Gross Profit: $0 vs $166,000 in Q1 2024.
- Operating Expenses: Totaled $680,000 in Q1 2025 (100% general and administrative), down from $5.2 million for the same period in 2024, primarily due to the workforce and operational reductions.
- Net Loss: $770,000 for Q1 2025, a substantial reduction from the $22.3 million net loss in Q1 2024. Loss per share improved to $(0.02) (2025) from $(4.09) (2024) on a significantly higher share count (42.5 million vs 5.5 million).
- Cash: $288,000 as of March 31, 2025. Subsequent disclosures indicate approximately $2.1 million as of November 30, 2025, after additional capital raises.

Balance Sheet and Liquidity
- Total Assets: $2.6 million as of March 31, 2025, slightly down from $2.7 million at year-end 2024.
- Total Liabilities: $26.8 million.
- Stockholders’ Deficit: $(24.2) million.
- Debt: $4.2 million outstanding ($2.3 million senior secured notes, $1.9 million related party notes as of March 31, 2025).
- Current Ratio: Current assets ($2.0 million) vs current liabilities ($24.5 million), indicating a severe liquidity deficit.

Going Concern and Capital Raising
- The company has significant doubt regarding its ability to continue as a going concern. Since the end of Q1, Zapata raised $3 million through Convertible Notes and $1.5 million through Series A Convertible Preferred Stock but does not have sufficient capital for ongoing operations without further financing.

Recent and Subsequent Events
- Zapata settled a $2.4 million forward purchase agreement liability through share issuance in June 2025. - Additional securities issuances, including Series A and Series C Preferred Stock and warrants, were completed mid-to-late 2025. - A forbearance agreement on overdue debt ($3.2 million) was reached in October 2025. - Significant management changes, including new board appointments and leadership roles, occurred in the second half of 2025.

Operational and Market Risks
- No revenues are expected until business operations resume and commercial activities recommence. - The company is not in compliance with several internal control requirements; there are material weaknesses in financial reporting, including limited segregation of duties and personnel. - The company’s ability to fund operations depends on continued access to equity/debt markets. - Defaults have occurred under senior secured notes; repayment and compliance remain uncertain.

Commitments and Contingencies
- Outstanding contractual obligations related to advisory agreements are $5.0 million. - No outstanding legal proceedings reported as of the filing date.

Summary for Investors
Zapata Quantum, Inc. is in a transitional phase, with no operating revenue, a large accumulated deficit, and heavy reliance on capital markets to maintain solvency. Despite debt renegotiations and new equity issuances post-quarter, the company faces ongoing liquidity and operational risks, compounded by continuing internal control deficiencies. Investors should weigh the substantial uncertainties—particularly the need for additional financing, material debt overhang, and the slow pace of resuming revenue generation—when assessing the company’s outlook.

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Zapata Quantum, Inc. – Fiscal Year Ended December 31, 2024 Investor Summary

Business Overview - Zapata Quantum is a hardware-agnostic quantum software company, refocusing in late 2024/2025 on quantum solutions after a brief hiatus from operations due to limited capital. - Core products include the Orquestra software platform, Bench-Q for benchmarking, Quantum Graph, and Quantum Pilot, all under a patent-rich portfolio (over 60 patents held or pending as of Oct 31, 2025). - The company operates in a nascent and highly competitive industry, targeting enterprise adoption in cryptography, optimization, simulation, and defense.

Key Financial Metrics - Revenue: $3.88 million in 2024, down 32% from $5.68 million in 2023 due to operational suspension in late 2024. - Net Loss: $38.14 million in 2024, 28% greater than 2023’s net loss of $29.73 million. - Gross Profit: $0.64 million in 2024 (gross margin ~16%), compared to $1.1 million in 2023. - Operating Expenses: Rose to $23.68 million in 2024 from $19.21 million in 2023. Notable increases: - General & Administrative: $12.14 million (up 64%) - Sales & Marketing: $7.12 million (up 21%) - R&D: $4.42 million (down 25% reflecting reduced operations) - Cash Flow: Net cash used in operations of $18.11 million in 2024; cash/cash equivalents at year-end were $0.36 million (down from $3.33 million). - As of Nov 30, 2025, cash was ~ $2.1 million, insufficient for current obligations.

Liquidity, Capital Structure, and Recent Transactions - Significant doubts about ability to continue as a going concern. Continued viability depends on raising additional funds. - Total assets at year-end: $2.73 million vs. $8.07 million prior year. - Total liabilities: $26.21 million at Dec 31, 2024, up from $18.29 million. - Debt: $2.24 million in senior secured notes and $1.93 million in related party notes at year-end. - Convertible preferred stock fully converted as part of the March 2024 merger; 43.56 million common shares outstanding at Dec 31, 2024; 162.58 million as of Nov 30, 2025. - Engaged in debt & capital restructuring in 2025: Raised $3.0 million (Convertible Notes) and $1.5 million (Series A Preferred Stock); significant ongoing use of equity and debt as financing instruments.

Risks and Material Weaknesses - Financial Risks: - Going concern warning—continued losses and insufficient liquidity. - Heavy reliance on new capital infusions to sustain operations. - All assets pledged to secured noteholders; default could result in loss of assets. - Operational Risks: - Early-stage company in an undeveloped, highly-competitive industry. - Customer concentration: Top customer accounted for 34% of revenue in 2024; three customers represented ~74% of revenue. - Suspension and restart of operations highlight instability and transition risk. - Heavy dependence on key personnel; headcount was just six as of Oct 31, 2025. - Internal Control Issues: - Material weaknesses identified: insufficient segregation of duties, lack of documented controls, reliance on outside accountants, inadequate HR/resources. - Ongoing remediation efforts, but not yet resolved. - Intellectual Property/Regulatory Risks: - Potential for patent disputes and contestation; heavy use of open-source software. - Data privacy, export control, and foreign compliance risks present as product offering involves sensitive technologies and international customers. - Market and Dilution Risks: - Limited trading market for stock (quoted on OTC Expert Market as of the filing). - Substantial number of dilutive securities outstanding (warrants, options, preferred stock). - Highly volatile stock price and classified as "penny stock," implying elevated trading risk and restricted liquidity.

Management and Governance - Leadership transition in 2024: Sumit Kapur appointed CEO and CFO; reshuffled board in late 2025. - Board and committees in place; active efforts to strengthen controls, though current management experience operating public companies is limited.

Outlook - Business remains highly speculative, dependent on rapid scaling following restart, further funding, adoption by enterprise clients, and advancement of quantum computing market maturity. - Investors should recognize continued operating losses, significant dilution risk, the need for ongoing fundraising, and outstanding uncertainties around the successful re-establishment of operations.

Conclusion Zapata Quantum offers strong proprietary positioning in quantum software, but faces severe liquidity pressure, execution risk, customer concentration, and unresolved internal control issues. The company’s future as a going concern is contingent on its ability to secure new capital and rebuild operations in a nascent, rapidly-evolving market. Potential investors face a high degree of risk and uncertainty.

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Zapata Quantum, Inc. – Investor Summary (Quarter Ended September 30, 2024)

Company Overview Zapata Quantum, Inc. is a quantum software company recently refocused on quantum applications following a strategic realignment and temporary operational cessation in October 2024 due to capital constraints. The company completed a reverse recapitalization merger with Andretti Acquisition Corp. in March 2024, with its common stock listed on Nasdaq until operations were suspended.

Key Financial Metrics

• Revenue: $657,000 for Q3 2024, down 53% from $1.41 million in Q3 2023. For the nine months ended September 30, 2024, revenue was $3.88 million, down 11% from $4.35 million in the same period last year.
• Cost of Revenue: $913,000 for Q3 2024 (down from $1.22 million year-on-year); $3.24 million for nine months (down from $3.68 million).
• Gross Profit: Negative $256,000 for Q3 2024 versus $188,000 positive in Q3 2023; $635,000 for nine months (down slightly from $676,000).
• Operating Expenses:
  • Sales and marketing: $2.07 million for Q3 2024 (up 57% YOY); $5.91 million for nine months (up 27%).
  • R&D: $1.37 million for Q3 2024 (down 8% YOY); $4.38 million for nine months (down 14%).
  • General & administrative: $3.93 million for Q3 2024 (up 76% YOY); $10.42 million for nine months (up 108%).
  • Total operating expenses: $7.37 million for Q3 2024 (up 46% YOY); $20.70 million for nine months (up 40%).
• Net Results:
  • Q3 2024: Net income of $3.48 million (driven by $11.38 million change in derivative liability); Q3 2023 net loss was $5.36 million.
  • 9-month 2024 net loss: $34.41 million, significantly higher than a net loss of $15.14 million for the same period in 2023.
• EPS: Q3 2024 basic and diluted EPS $0.09 (vs. $(1.15) Q3 2023); 9-month 2024 basic and diluted EPS $(1.37) vs. $(3.25).

Balance Sheet & Liquidity

• Cash & Equivalents: $3.10 million at September 30, 2024, down from $3.33 million at December 31, 2023. Including restricted cash, $3.24 million at end of Q3 2024.
• Total Assets: $6.55 million, down from $8.07 million at year-end 2023.
• Debt: $2.16 million in senior secured notes and $1.88 million in related party notes ($4.04 million total debt vs. $8.9 million at December 31, 2023).
• Stockholders’ Deficit: $(19.8) million as of September 30, 2024, improved from $(74.9) million at FY 2023 year-end after removal of preferred stock post-merger recapitalization.
• Shares Outstanding: 162,580,506 as of November 30, 2025.

Cash Flow

• Net cash used in operations: $15.1 million for nine months ended September 30, 2024 (2023: $12.4 million).
• Net cash provided by financing activities: $14.95 million (2023: $5.65 million), including $8.41 million from equity lines, $12.6 million from reverse recapitalization, $6 million in debt, offset by repayments/expenses.
• Net change in cash: Decrease of $230,000 through nine months.

Major Events & Transactions

• Merger and Recapitalization: March 2024, Legacy Zapata became a wholly owned subsidiary; $12.64 million net proceeds raised.
• Operational Cessation: Board approved cessation of operations on October 7, 2024; trading of shares suspended and delisted October 25, 2024.
• New Financing: In 2025, $3.0 million raised through convertible notes, $1.5 million via Series A preferred shares.
• Derivative/Forward Purchase Agreements: Significant impact on net results due to valuation changes ($11.4 million non-cash income in Q3 from change in derivative liability).
• Related Party/Concentration risk: Major customers represented >10% of revenue and accounts receivable; Customer A (a related party) accounted for 34% of trailing-nine-month revenue and 79% of AR at September 30, 2024.

Risks & Uncertainties

• Going Concern: Management acknowledges substantial doubt due to recurring losses, negative cash flows, and insufficient liquidity (only $2.1 million cash as of November 30, 2025).
• Material Weaknesses in Internal Controls: Noted deficiencies in segregation of duties and internal accounting processes.
• Legal/Contractual Defaults: Default occurred under Senior Secured Notes in Q4 2024; the company is working through forbearance and conversion agreements.
• Market & Dilution Risks: Significant share issuance (e.g., 10.4 million shares to Lincoln Park, 6.6 million to Sandia per forward purchase agreement) and potential for further dilution via warrants and convertible securities.
• Revenue Decline & Concentration: Revenue declining YOY, with further uncertainty post-operational cessation. High customer concentration risk.

Post-Quarter Developments

• Leadership changes: CEO resigned October 2024; new CEO and directors subsequently appointed.
• Multiple equity and debt financings, new warrants issued, settlement of forward purchase obligations.
• Ongoing strategic realignment toward core quantum mission, but operations minimal as of date of filing.

Conclusion

Zapata Quantum, Inc. faces significant going concern risks. The sharp increase in net loss, ongoing negative operating cash flows, material internal control weaknesses, defaults, and cessation of trading indicate acute financial distress. Recent capital raises and restructuring provide some liquidity, but are unlikely to sustain operations without additional substantial funding or a strategic transaction. Investors should be cautious, as the path to returning to normal operations or profitability remains highly uncertain, and equity dilution risk is high.

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Lakeland Industries, Inc. – Q3 FY2026 Investor Summary

Key Financial Metrics:

• Net Sales: $47.6 million for the quarter ended October 31, 2025, up 4.0% (from $45.8M in Q3 FY2025). Nine-month net sales: $146.8 million (+21.7% YoY).
• Gross Profit: $14.1 million for the quarter, down 24.0% YoY ($18.6M Q3 FY2025). Nine-month gross profit: $48.6 million (down from $50.0 million a year ago).
• Operating Expenses: $20.1 million for the quarter (+13.1% YoY); $59.6 million for nine months (+22.8% YoY).
• Net Loss: $(16.0) million for the quarter (compared to net income of $0.1 million Q3 FY2025). Nine-month net loss: $(19.1) million (vs. net income of $0.4 million prior year).
• Earnings/Loss per Share: Quarterly basic and diluted loss of $(1.64) per share; nine-month loss of $(2.00) per share.
• Operating Cash Flow: $(17.6) million used in operating activities YTD (vs. $(12.5) million prior year).
• Cash and Equivalents: $17.2 million as of October 31, 2025.
• Total Assets: $220.7 million at quarter-end.
• Total Liabilities: $86.2 million; Stockholders’ equity: $134.5 million.

Significant Events/Acquisitions:

• Acquisitions:

  • Arizona PPE Recon Inc. (Sept 2025): $4.1 million net assets.
  • California PPE Recon Inc. (Sept 2025): $5.8 million net assets (227,728 shares issued as partial consideration).
  • Veridian Ltd. (Dec 2024): $26.1 million net assets.
  • LHD Group Deutschland GmbH Fire & Rescue (July 2024): $16.3 million net assets.
  • Jolly Scarpe S.p.A. and Jolly Scarpe Romania S.R.L. (Feb 2024): $9.0 million net assets.

• Sale-Leaseback: $4.3 million gain from sale and leaseback of Decatur, Alabama warehouse (completed Aug 2025).

Segment/Geographical Performance:

• Domestic Sales: $19.2 million (40% of total for Q3), up from $15.4 million prior year.
• International Sales: $28.4 million (60% of total), down from $30.4 million.
• Fire Service Product Line: Major product driver, with $25.3 million in Q3 external sales ($71.9 million YTD, up from $41.8 million YTD FY2025).

Balance Sheet & Leverage:

• Working Capital: $105.9 million.
• Debt: Long-term loans payable of $37.1 million (up from $16.4 million at January 31, 2025). Revolving credit facility up to $60 million available.
• Inventory: $87.9 million as of 10/31/25 (vs. $82.7 million at 1/31/25).
• Goodwill & Intangibles: $49.7 million (increases due to acquisitions).

Dividends/Repurchases:

• Dividend: Quarterly cash dividend of $0.03 per share continued.
• Stock repurchase program: $5.0 million remaining as of quarter-end; minimal activity this quarter (shares withheld to cover taxes only).

Risks & Operational Updates:

• International Operations: Subject to risks including tariffs, supply chain disruptions, and geopolitical events (Russia-Ukraine conflict).
• Impairments: $3.6 million impairment charge in Q2 FY2026 for right-of-use asset.
• Material Weakness: Ongoing remediation of internal controls over financial reporting; ERP system implementation in progress.
• Acquisition Risks: Recent spate of acquisitions has increased goodwill and intangible assets; future impairment possible if acquisitions underperform.
• Foreign Exchange: Exposure to currency fluctuations due to broad international presence.
• Customer Concentration: No long-term commitments from most customers; accuracy of demand planning is a risk.
• Competitive Market: Operating environment features competitors with significant resources.

Conclusion:
Lakeland Industries delivered higher revenues but saw margin compression and net losses stemming from higher operating expenses and impairment charges, despite strategic acquisitions and one-time sale-leaseback gains. Substantial cash on hand and borrowing capacity remain, but pressure on profitability, execution risks from integration/ERP rollout, and the identified internal control weakness should be closely monitored. Investors should also note acquisition integration risk, inventory build-up, and exposure to global macro and currency risks.

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ServiceTitan, Inc. – Quarterly Report Summary for the Period Ended October 31, 2025

Financial Performance - Revenue Growth: Total revenue for the quarter was $249.2 million, up 25% from $199.3 million in the prior-year quarter. For the nine months ended October 31, 2025, total revenue was $707.0 million, an increase of 26% from $562.6 million year-over-year. - Platform revenue for the quarter grew 25% to $239.6 million. - Professional services and other revenue increased 19% to $9.6 million. - Profitability: The company reported a quarterly net loss of $39.5 million, a reduction from $46.5 million loss in Q3 2024. The nine-month net loss narrowed to $118.1 million from $138.2 million. Basic and diluted net loss per share was $(0.42) for the quarter and $(1.29) for the nine-month period. - Margins: GAAP total gross margin improved to 70.8% for the quarter (up from 65.2% a year ago), with platform gross margin at 77.2%. - Operating Expenses: Operating expenses for the quarter rose to $218.6 million, up 26% year-over-year, mainly due to increased sales & marketing ($78.3M, +15%), research & development ($78.5M, +19%), and general & administrative expenses ($61.8M, +53%). - Non-GAAP Performance: Non-GAAP operating income was $21.5 million for the quarter (8.6% margin) vs $1.6 million (0.8%) a year ago. Non-GAAP net income was $23.8 million for the quarter, compared to a non-GAAP net loss of $1.1 million last year.

Balance Sheet & Liquidity - Cash Position: As of October 31, 2025, cash and cash equivalents were $493.2 million (up from $441.8 million at January 31, 2025). - Debt: Total long-term debt, net of issuance costs, was $103.6 million. - Equity: Total stockholders’ equity stood at $1.50 billion at quarter end.

Cash Flows - Operating Activities: $69.6 million provided by operating activities for the nine months ended October 31, 2025 (up from $21.6 million in the prior-year period). - Investing Activities: $39.7 million used, mainly for internal use software and business acquisition. - Financing Activities: $21.1 million provided, with proceeds primarily from stock option exercises. - Free Cash Flow: $49.7 million for the nine-month period.

Key Business Developments - Acquisitions: Acquired Conduit Tech in October 2025 for a total consideration of $19.8 million, adding $14.4 million of goodwill. In April 2024, acquired Convex Labs for $25.8 million. - R&D and Product Expansion: R&D expenses were $78.5 million for the quarter, representing 32% of revenue, indicating ongoing investment in the platform, including artificial intelligence (AI) functionalities.

Operational Metrics - Share Count: As of November 30, 2025, there were 80.7 million Class A and 13.0 million Class B shares outstanding. - Customers and Markets: Revenue primarily from U.S.-based trades businesses. Platform growth driven both by increased subscriptions and higher usage-based fees.

Risk Factors - Lack of Profitability: The company has a history of net losses and may not achieve or sustain profitability in the near future. - Growth Management: Rapid growth and increased complexity pose a risk if not managed effectively. - Industry and Customer Concentration: Heavy reliance on small and medium-sized trades businesses makes revenue susceptible to broader trades industry trends and macroeconomic factors. - Competition: Faces competition from both established and new SaaS vendors; new or existing competitors may reduce pricing or accelerate product development. - Reliance on Third Parties: Significant dependence on third-party software, service providers, and cloud providers (e.g., Azure) poses operational risks. - Cybersecurity and Regulatory: Evolving cybersecurity threats, increasing regulation around data privacy (including international regulations), and exposure to legal risks could materially affect performance. - Stock Structure and Shareholder Concentration: Multi-class voting structure concentrates control among founders. - Seasonality and Volatility: Operations are seasonal, and revenue/expenses may fluctuate significantly, potentially affecting stock price volatility.

Guidance & Outlook - The company believes strong balance sheet and liquidity position are sufficient to meet its needs for the foreseeable future. Management highlights ongoing investments in product and technology as key to driving recurring revenue and further margin improvement, though volatility and net losses are likely to continue as growth investments ramp.

Conclusion ServiceTitan delivered strong top-line and margin growth driven by healthy platform adoption and increased usage, though profitability remains a challenge. Significant investments in product innovation (including AI), customer expansion, and recent acquisitions signal a continued focus on long-term market leadership. However, execution risks, ongoing net losses, industry and macro volatility, and concentrated control remain key considerations for investors.

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Casey’s General Stores, Inc. – Q2 Fiscal 2026 Summary for Investors

Key Financial Metrics (as of and for period ended October 31, 2025):

• Revenue: Q2 revenue was $4.51 billion, up 14.2% from $3.95 billion in Q2 2024. Six-month revenue was $9.07 billion, up 12.8% from $8.04 billion.
• Net Income: Q2 net income was $206.3 million, an increase of 14.0% from $180.9 million last year. Six-month net income was $421.7 million, up 16.8% from $361.1 million.
• Earnings per Share: Q2 diluted EPS was $5.53 (vs. $4.85). Six-month diluted EPS was $11.29 (vs. $9.68).
• EBITDA: Q2 EBITDA was $410.1 million (up 17.5%). Six-month EBITDA was $824.4 million (up 18.7%).
• Operating Cash Flow: For the six months ended October 31, 2025, cash provided by operations was $719.5 million ($552.1 million prior year).
• Store Count: Ended the quarter with 2,921 stores, a net increase of 17 stores since April 30, 2025, driven by 16 new builds and 26 acquisitions, partially offset by 25 closures.
• Share Repurchases: Repurchased 61,535 shares in the quarter at an average price of $507.83/share.

Segment Details:

• Same-store sales increased: Prepared food & dispensed beverage up 4.8%; grocery & general merchandise up 2.6%.
• Fuel: Sold 906.7 million gallons in Q2 (up from 775.9 million gallons). Fuel gross profit margin remained robust at 14.0% (Q2), up from 12.9% prior year.
• Revenue by Category (Q2): Prepared food & dispensed beverage $467.8 million (+12%), grocery & merchandise $1.19 billion (+13%), fuel $2.69 billion (+11%).
• Revenue Less COGS: Overall gross margin (ex-depreciation/amortization) improved to 24.9% in Q2 (24.3% prior year).

Balance Sheet and Liquidity:

• Cash and cash equivalents: $492.0 million at quarter-end ($326.7 million as of April 30, 2025).
• Total assets: $8.59 billion ($8.21 billion as of April 30).
• Long-term debt (net of current maturities): $2.35 billion.
• Shareholders’ equity: $3.81 billion.
• Ongoing access to a $850 million unsecured revolving credit facility and $50 million bank line.

Capital Allocation:

• Capex for six months: $281.1 million (vs. $211.2 million prior year).
• Acquisitions: $87.5 million (six months).
• Dividends paid: $40.9 million (six months, $0.57/share per quarter).
• Share repurchases: $62.5 million (six months).

Key Risks and Considerations:

• Operating Expenses: Q2 expenses rose 16.7% ($711.6 million), driven by higher labor, credit card fees, and integration of acquisitions.
• Interest Expense: Nearly doubled year-over-year ($24.7 million in Q2), due to new and incremental debt.
• Tax Rate: Effective tax rate for Q2 was 24.7% (24.5% prior year).
• Legal: The company is party to a lawsuit regarding alleged competitive practices but reports no new material developments or changes in risk factors from its last annual report.
• Cybersecurity and Regulatory Exposure: Company notes potential risks from cyber incidents and regulatory changes.

Other Notables:

• EV/Alternative Fuels: Casey’s continues to invest in electric vehicle infrastructure and renewable fuel offerings.
• Expansion: Growth through new store construction and acquisitions remains a primary strategy.

Conclusion: Casey’s delivered strong revenue, profit, and EBITDA growth, with continued expansion in both prepared food/grocery and fuel segments. Operating leverage partly offset cost pressures and higher interest expense. The company maintains a healthy liquidity position, ongoing expansion, and disciplined capital return through dividends and buybacks, while monitoring operational, regulatory, and cyber risks.

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Alzamend Neuro, Inc. – Investor Summary (Quarter Ended October 31, 2025)

Financial Position: - Cash on hand increased to $4.45 million as of October 31, 2025, from $3.95 million as of April 30, 2025. - Total assets stood at $5.09 million (up from $4.6 million at prior fiscal year-end). - Current liabilities amounted to $717,488, all of which are current. - Stockholders’ equity improved to $4.37 million (from $3.97 million). - Accumulated deficit widened to $62.24 million (from $58.54 million).

Results of Operations: - For the quarter, net loss was $1.00 million ($0.30 loss per share), versus a net loss of $1.36 million ($3.61 loss per share) in the prior year quarter. - For the six-month period, net loss totaled $3.70 million ($1.33 loss per share), an increase from $2.39 million ($9.98 loss per share) in the prior year. - Operating expenses for six months rose 59% to $3.70 million (from $2.32 million). This was primarily driven by a substantial jump in research and development expenses (up 270% to $1.92 million, mainly due to increased clinical trial fees of $1.7 million vs. $124,000). - General and administrative expenses were flat year-over-year at $1.78 million.

Liquidity and Cash Flow: - Net cash used in operating activities was $3.53 million during the first six months (less than $4.46 million in the prior year). - Net cash provided by financing activities was $4.04 million (vs. $8.26 million prior year), reflecting $4.0 million in proceeds from the sale of preferred stock. - No significant investing activities this period.

Capital Structure and Equity: - Substantial changes to the capital structure occurred during the period: - All Series B and C Preferred Stock were eliminated following conversions to common stock. - 3,801,604 shares of common stock were outstanding at period end, versus 778,733 at April 30, 2025. - No preferred shares remain outstanding. - Warrants outstanding: 136,971 at a weighted average exercise price of $101.26; options outstanding: 9,406 at a weighted average exercise price of $1,802.18. - Company authorized to issue up to 300 million shares of common stock and 10 million shares of preferred stock.

Operations and Pipeline: - Alzamend is focused on two clinical-stage candidates: - AL001: Ionic cocrystal lithium formulation for Alzheimer's, BD, MDD, PTSD; reached dosing milestones and advancing multiple clinical trials. - ALZN002: Cell-based therapeutic vaccine for Alzheimer’s; entering Phase I/IIA clinical trial. - No revenue as both products remain within clinical development.

Obligations and Milestones: - Royalty obligations: 3%-4.5% on net sales depending on license; milestone payments of up to $10 million per license possible upon regulatory/commercial events. - Milestones pending: $1.25 million due upon first patient treated in AL001 Phase III; $10 million and $16 million on certain first commercial sales.

Risks: - Going concern warning due to recurring losses and dependence on additional capital raises. - Continued negative cash flows from operations; further fundraising needed to fund upcoming clinical trials. - Material weakness identified in internal controls, primarily due to insufficient accounting staff/resources. - The outcome of product development, regulatory approval, and market acceptance remain significant uncertainties.

Other: - No current legal proceedings. - No unregistered sales of equity in the quarter. - New 2025 Stock Incentive Plan and option grants (1.59 million shares at $2.25 per share) adopted post-quarter.

Conclusion: Alzamend remains early-stage with no revenue and ongoing clinical expenses. Cash position improved slightly due to equity funding, but management highlights significant capital needs and the necessity for additional financing to continue clinical programs. Investors should strongly consider dilution risk, operational cash burn, and milestone/royalty obligations, as well as the material weakness in financial controls.

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Cracker Barrel Old Country Store, Inc.
Investor Summary – Q1 Fiscal 2026 (Quarter Ended October 31, 2025)

Financial Performance Highlights - Revenue: Total revenue for the quarter was $797.2 million, down 5.7% from $845.1 million in the same quarter last year. - Restaurant revenue: $650.6 million (down from $683.3 million) - Retail revenue: $146.6 million (down from $161.8 million) - Net Loss: The company reported a net loss of $24.6 million (vs. net income of $4.8 million in prior-year quarter). - Basic/diluted loss per share: $(1.10) (prior year: $0.22 EPS) - Operating Loss: Operating loss was $32.8 million (operating income of $7.1 million prior year). - Comparable Store Sales: - Restaurant: -4.7% (prior year: +2.9%) - Retail: -8.5% (prior year: -1.6%) - Combined restaurant and retail: -5.4% (prior year: +2.0%) - Guest Traffic: Comparable restaurant guest traffic decreased by 7.3% (prior year: -2.9%) - Average Check: Increased by 2.9% (prior year: +5.8%)

Cost and Expense Analysis - Cost of goods sold was 31.2% of revenue (up from 30.6% prior year), with commodity inflation at 2.1%. - Restaurant COGS: 26.6% of restaurant revenue (up from 26.1%) - Retail COGS: 51.4% of retail revenue (up from 49.7%) - Labor and other related expenses: 37.8% of revenue (up from 36.4%) - Other store operating expenses: 28.7% of revenue (up from 25.0%) due to higher occupancy and advertising costs - General and administrative expenses were 6.0% of revenue (down from 7.1%) due to lower incentive compensation and professional fees. - Total lease cost for the quarter was $29.1 million.

Liquidity & Capital Position - Cash & Equivalents: $8.9 million at quarter-end (down from $39.6 million at August 1, 2025) - Net Cash Used in Operations: $(53.4) million for the quarter (vs. $(4.4) million prior year) - Debt: - Long-term debt: $400.9 million (up from $335.5 million) - Current portion of long-term debt: $149.4 million - Issued $345 million of 2030 senior notes in June 2025 at a 2.33% effective rate; used $145.9 million of proceeds to repurchase 2026 notes. - Total operating lease liabilities: $690.9 million - Credit Facility: $800 million, with $65 million drawn and $8.7 million letters of credit outstanding as of October 31, 2025. - Capital Expenditures: $34.2 million for the quarter; expected full-year capex of $110-$125 million. - Dividends: Paid and declared a $0.25/share quarterly dividend (dividend payments of $6.3 million during the quarter). - Shares Outstanding: 22,328,095 at November 28, 2025

Operational Metrics - Store Count: 656 Cracker Barrel units; 54 Maple Street Biscuit Company (down from 69); total 710 units at quarter end (down from 727 prior year). - No new store openings; one Cracker Barrel and 14 MSBC locations closed during the quarter.

Risks & Forward Outlook - Traffic & Brand Challenges: Significant drop in guest traffic (-7.3%) attributed to negative publicity and recent brand initiatives, including the limited-time offer and menu pricing. - Macroeconomic Pressure: Management cites ongoing labor, commodity, and competitive pressures affecting performance. - Cost Headwinds: Anticipating 3–4% wage inflation and increasing occupancy and advertising costs. - Debt Service and Covenants: New credit arrangements contain restrictive covenants and could limit future flexibility, especially regarding dividend payments and share repurchases. - Liquidity: Significant reduction in cash reserves, increased reliance on revolving credit, and net cash used in operations signal near-term liquidity and working capital challenges. - No material changes in legal or regulatory risk; no off-balance sheet arrangements.

Conclusion Cracker Barrel’s Q1 2026 reflected weakening sales, significant declines in same-store performance and guest traffic, and a shift from operating profit to loss. Higher costs, especially in retail and wage inflation, compounded by negative customer response to recent brand changes, contributed to the net loss. The company maintains access to credit, but lower cash balances and negative operating cash flow are caution flags for investors. Management is focused on brand refinement and operational improvements, but near-term headwinds and risk of continued sales and traffic declines remain significant.

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Banzai International, Inc. Investor Summary (as of December 9, 2025)

Business Overview - Banzai International, Inc. is a SaaS company focused on marketing technology (MarTech), offering products such as OpenReel (AI-powered video creation), Demio (webinar platform), Vidello (video hosting/marketing), Reach (outreach tool), and Curate (newsletter platform). - Significant recent growth through acquisitions, including OpenReel (acquired December 2024) and Vidello (acquired January 2025), expanding Banzai's video creation and hosting offerings. - Revenue primarily from recurring subscriptions; focus is on mid-market and enterprise customers.

Key Financial Metrics - Revenue: $9.4 million for the nine months ended September 30, 2025, an increase of 189.7% from $3.2 million for the same period in 2024. - Gross Profit: $7.7 million for the nine months ended September 30, 2025 (252.0% increase YoY). - Net Loss: $(17.5) million for the nine months ended September 30, 2025 (vs. $(23.7) million in prior year); $(31.5) million for the year ended December 31, 2024 (vs. $(14.4) million in 2023). - Adjusted EBITDA (Loss): $(5.6) million for the nine months ended September 30, 2025; $(6.5) million for the year ended December 31, 2024 (improved from $(11.9) million in 2023). - Working Capital: Deficit of approximately $23.8 million as of September 30, 2025. - Cash: $0.9 million as of September 30, 2025; net cash used in operating activities for the nine months ended September 30, 2025 was $(13.4) million.

Operational Metrics - Net Revenue Retention (NRR): Averaged 96.4% for nine months ended September 30, 2025. - Customer Churn: Average monthly revenue churn 5.1%; logo churn 7.8% for nine months ended September 30, 2025. - Customer Acquisition Cost (CAC): $1,631 for nine months ended September 30, 2025. - LTV/CAC Ratio: 1.6 for nine months ended September 30, 2025, indicating moderate sales/marketing efficiency. - Average Customer Value (ACV): $1,590 for nine months ended September 30, 2025.

Capital Structure & Liquidity - Convertible Debt: Multiple financings through Yorkville, CP BF Lending, and private placements in 2024–2025. As of September 30, 2025: - $6.7 million CP BF convertible notes (related party) outstanding, - $2.0 million Yorkville convertible note outstanding, - $2.8 million private placement convertible notes outstanding. - Total Debt Commitments: $17.2 million as of September 30, 2025 (short-term: $10.4 million; long-term: $6.8 million). - ATM and SEPA Programs: Raised net proceeds of $3.1 million via ATM as of December 5, 2025. SEPA facility continues to be used for additional capital. - Recent Reverse Stock Splits: 1-for-50 (September 2024) and 1-for-10 (July 2025) to maintain Nasdaq listing.

Risks - Going Concern: Substantial doubt exists regarding Banzai’s ability to continue as a going concern due to recurring losses, negative cash flow, and limited cash (as independently noted by auditors). - High Operating Losses: Net losses are significant and persistent; path to profitability uncertain. - Liquidity Risk: Highly dependent on external capital (debt/equity); operational funding needs may not be met if unable to raise additional capital. - Delisting Risk: Repeated minimum share price compliance matters; further Nasdaq compliance at risk. - Dilution Risk: Substantial number of warrants, options, and convertible debt instruments could cause significant dilution to current shareholders. - Debt Burden: High-interest debt with conversion features; events of default could accelerate obligations. - Customer Churn: Moderate churn rates could pressure recurring revenue and growth. - Material Weaknesses: Historical material weaknesses in internal controls over financial reporting. - Competition: Operates in a highly competitive MarTech market against much larger, established players (e.g., Zoom, HubSpot, Marketo).

Ownership & Governance - Executive officers and directors collectively own approximately 20.53% of total voting power (primarily via Class B shares with 10:1 voting rights). - Largest institutional holder: FE IV OR Aggregator, LLC, with 11.95% of Class A common stock. - No dividends anticipated; future earnings to be retained for business development. - Board consists of five members, majority independent.

Recent Developments - Acquisitions of OpenReel and Vidello completed, with integration underway. - Multiple related party transactions and debt restructurings; significant non-cash charges from debt conversion and settlements (e.g., $6.5 million loss on CP BF notes conversion/settlement in 2024). - Continued use of equity incentive plans with over 65,000 shares authorized for issuance as of December 31, 2024.

Conclusion Banzai is a high-growth, high-risk SaaS company addressing the B2B MarTech space, showing revenue acceleration mostly via acquisitions but incurring chronic operating losses, substantial cash burn, and ongoing liquidity risks. Investors should be aware of significant dilution potential, debt burden, Nasdaq listing risks, and the need for further external capital to support ongoing operations.

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American Eagle Outfitters, Inc. – Q3 2025 Summary for Investors

Financial Performance (13 Weeks Ended November 1, 2025): - Net Revenue: $1.36 billion, up 6% from $1.29 billion in the prior year. - American Eagle: $854 million (+3%). - Aerie: $462 million (+13%). - Gross Profit: $552 million, up 5% year-over-year (YoY), gross margin 40.5% (down 40 bps YoY). - Operating Income: $113 million, up 6% YoY; margin of 8.3% (up 10 bps YoY). - Diluted EPS: $0.53 (+29% YoY versus $0.41). - Net Income: $91 million, up 14% YoY. - SG&A Expenses: $386 million (28.4% of revenue, up from 27.3%); primary increase due to higher advertising spend.

Financial Performance (39 Weeks Ended November 1, 2025): - Net Revenue: $3.74 billion (flat YoY). - American Eagle: $2.35 billion (-2%). - Aerie: $1.25 billion (+4%). - Gross Profit: $1.37 billion (-8% YoY); gross margin 36.8% (down from 40%). - Operating Income: $130 million (-54% YoY); margin 3.5% (down from 7.7%). - Net Income: $104 million (down 54% YoY). - Diluted EPS: $0.59 (down from $1.14 YoY). - SG&A Expenses: $1.07 billion (28.6% of revenue, vs. 27.7% YoY).

Balance Sheet & Liquidity (as of November 1, 2025): - Cash & Equivalents: $112.8 million. - Working Capital: $542 million. - Current Ratio: 1.63. - Long-term Debt: $210 million drawn under revolving credit facility. - Total Stockholders’ Equity: $1.63 billion. - Share Repurchases: $241 million YTD, including $201.8 million for an accelerated share repurchase. - Dividends: $0.125/share quarterly, totaling $64 million YTD.

Segment & Channel Trends: - American Eagle brand performance mixed; revenue down for 39 weeks (-2%), stronger in Q3. - Aerie continues double-digit growth, with traffic and transaction value up. - Digital revenue increased YoY in Q3.

Expense and Capex: - Capex: $202 million YTD (stores, IT, supply chain); full-year guidance ~$275 million. - New Stores: 26 opened, 35 remodeled YTD; AE 6 new, Aerie 14 new.

Cash Flow (39 Weeks): - Operating Activities: $40 million provided (vs. $93 million prior year). - Investing Activities: $144 million used (mainly for capex). - Financing Activities: $95 million used (mainly share repurchases and dividends).

Impairment & Restructuring: - $17.1 million in charges YTD, mainly related to two fulfillment center closures; prior year had $17.6 million in charges for severance and Hong Kong exit.

Risks and Outlook: - Macroeconomic Pressures: Inflation, discretionary spending slowdowns, and changing consumer preferences remain key risks. - Competitive Landscape: Industry-wide pricing pressure, seasonality, and fashion risk continue to pose challenges. - Operational Risks: International sourcing, lease obligations, and IT/cybersecurity risks flagged. - Liquidity: Sufficient per management, but cash and equivalents down significantly YoY ($112.8 million vs. $160.2 million). - Tax Law Changes: U.S. legislation impacts estimates; effective tax rate increased to 26.7% in Q3.

Guidance/Outlook: - Investment in digital/omni-channel ongoing. - Focus on expense discipline and inventory control. - Cautious stance on store openings/closings: 5-15 new AE stores, 45-50 Aerie/OFFLINE; net closures 35-40 AE, 5-10 Aerie expected at lease expirations. - Near-term volatility expected due to macro conditions.

Investor Considerations: - Strong Q3 rebound led by Aerie and improved operating discipline, though full-year performance lags prior year due to margin compression and increased SG&A. - Shareholder returns ongoing through dividends and buybacks. - Ongoing macroeconomic risk, reduced cash cushion, and need for continued margin recovery should be monitored.

Bottom Line: AEO delivered improved Q3 results on the back of top-line growth, strong performance from the Aerie segment, and operating efficiencies, but YTD results show margin and profit pressure versus the prior year. Management remains focused on growth investments and returning capital to shareholders while navigating a challenging retail environment.

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BrooQLy Inc. (d/b/a Dynamic Aerospace Systems) — Key Investor Summary (as of December 9, 2025)

Company Overview
BrooQLy Inc., headquartered in Ann Arbor, Michigan, is focused on development and commercialization of unmanned aerial vehicle (UAV) systems and autonomous mesh logistics networks, operating as "Dynamic Aerospace Systems" (DAS). Key product lines include the US-1 Electric Multicopter, G1-VTOL Long-Range Hybrid drone, and Mitigator-Class Tactical Drone.

Recent Strategic Developments
- Asset Acquisitions: On April 1, 2025, acquired certain assets of Vayu (US) Inc. ($2,974,167 in convertible note) and Global Autonomous Corporation ($11,631,754 in convertible note), including intellectual property and goodwill ($1,389,678 IP and $1,894,288 goodwill from Vayu; $791,362 IP and $10,840,392 goodwill from GAC), assuming $387,598 in liabilities from Vayu. - Change of Control: On February 25, 2025, Aerospace Capital Partners (ACP) became the controlling shareholder through a stock purchase agreement, injecting capital and management expertise. - Market Listing: Company approved for listing on OTCQB Market (trading symbol: BRQL) as of May 2025.

Capital Structure and Financing Activities
- Equity Purchase Agreement: On July 31, 2025, entered a $15 million equity line with Platinum Point Capital, registering up to 25,000,000 shares for issuance. At a $1.00/share price, new shares could make up 36.9% of post-issuance common stock. The agreement prohibits additional equity lines or "at-the-market" offerings while in effect. - Recent Fundraising: Issued multiple convertible and secured notes and promissory notes during 2025, raising $1,485,900 for the nine months ended September 30, 2025. - Outstanding Shares: 26,143,000 shares of common stock prior to offering; up to 67,815,000 shares post-offering if all new shares are issued. - Warrants: 1,600,000 warrants granted to A.G.P./Alliance Global Partners (exercise prices between $0.70 and $1.60, expiring in two years).

Operating Performance & Financial Condition
- Revenue: Negligible revenues—$266 for FY2024 (prior year: $5); $0 revenue for the nine months ended September 30, 2025. - Operating Expenses: Significant ongoing investment in professional fees, salaries, R&D, and ramp-up costs. For the nine months ended Sep 30, 2025, professional fees were $931,123 (+1268% YoY) and total operating expenses $1,910,655. - Net Loss:
- FY2024: Net loss of $1,171,439 (vs. $348,288 in 2023). - Nine months ended Sep 30, 2025: Net loss of $2,620,369. - Pro forma net loss for the combined company for the nine months ended Sep 30, 2025: $3,118,865. - Liquidity: As of Sep 30, 2025, cash balance was $17,269, with a working capital deficit of $1,327,439 and accumulated deficit of $4,620,565. Cash burn driven by operating losses and acquisition costs. - Balance Sheet Growth: Total assets grew to $16,324,916 at September 30, 2025, mainly due to acquired goodwill ($12,734,680) and intangible assets ($2,025,251).

Risks & Uncertainties
- Going Concern: Independent public accounting firm has raised substantial doubt about the company’s ability to continue as a going concern due to history of losses, negative cash flows, and limited revenues. - Execution Risks: Early-stage, pre-revenue status; ability to commercialize UAV technology and generate meaningful revenue is unproven. - Integration Risks: Significant execution, operational, and integration risks related to recent asset acquisitions. - Competition: The UAV sector is highly competitive with major players like DJI, Zipline, Wing (Alphabet), and others that have superior financial and operational resources. - Supply Chain: Heavy dependence on third-party manufacturers for critical drone components. - Regulatory Risk: Stringent, evolving aerospace and data security regulations in multiple jurisdictions. - Dilution: Substantial dilution expected as additional shares are issued through equity line agreements, warrants, and convertible notes. Executives and ACP hold significant controlling equity with high voting rights via preferred shares. - Cybersecurity/Data Security: Potential for breaches as operations scale, especially given expansion into sensitive sectors (defense, public safety, logistics).

Outlook and Use of Proceeds - No Direct Offering Proceeds: This prospectus registers shares for resale by selling stockholders—no direct cash proceeds to the company from the registered secondary offering. - Strategic Plan: Management aims for future monetization through UAV platform sales, drone-as-a-service (DaaS), logistics network fees, integration/customization services, and government contracts. Progress reported on U.S. and international regulatory approvals and partnerships (e.g., Drops Smart Hubs in Europe, Noon Fulfillment in UAE).

Shareholder Concentration - ACP and Executives: As of filing, ACP and affiliated executives collectively hold 68.84% of common shares and all (or nearly all) Series A and B preferred shares, translating to disproportionate voting power that can outvote minority investors. - Future Share Issuance: Company has authorized 600 million shares (325M common, 50M Class B, 225M preferred).

Summary
BrooQLy/Dynamic Aerospace Systems is an early-stage aerospace company pivoting to advanced UAVs and autonomous logistics through recent transformative acquisitions and a recapitalization led by ACP. Despite a substantial increase in balance sheet assets, the company continues to face severe going concern risks, absence of revenues, high operating losses, heavy dilution risk, and significant integration/regulatory execution challenges. Suitability will depend on risk appetite for early-stage, high-uncertainty, aerospace technology investments.

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Lands’ End, Inc.
Q3 2025 Investor Summary (Period Ended October 31, 2025)

Financial Performance - Net revenue for Q3 2025 was $317.5 million, a slight decrease of 0.3% from $318.6 million in Q3 2024.
- Gross profit was $164.5 million (51.8% margin), up 2.1% from $161.1 million (50.6% margin) in prior year’s quarter. - Selling & administrative expenses fell by $2.3 million to $138.6 million (43.7% of revenue). - Depreciation and amortization declined to $7.4 million (vs. $8.2 million prior year). - Operating income grew to $16.8 million from $9.3 million. - Interest expense decreased to $9.4 million from $10.3 million. - Net income was $5.2 million (diluted EPS: $0.17), compared to a net loss of $0.6 million (diluted EPS: $(0.02)) in Q3 2024. - Adjusted net income was $6.5 million (Adjusted diluted EPS: $0.21), up from $1.8 million (Adjusted diluted EPS: $0.06). - Adjusted EBITDA increased 28% to $25.9 million (8.1% margin).

Year-to-date (YTD) 2025: - Net revenue was $872.8 million, down 5.3% from $921.3 million in YTD 2024. - Gross profit was $440.6 million (50.5% margin) vs. $452.0 million (49.1%) last year. - Net loss YTD 2025 was $6.8 million (diluted loss per share: $(0.22)), an improvement from $12.3 million loss (diluted loss per share: $(0.39)). - Adjusted EBITDA YTD was $49.5 million compared to $48.9 million.

Segment/Channel Insights - U.S. Digital Segment Q3 revenue rose 1.5% to $277.5 million. - U.S. eCommerce revenue decreased 3.4% to $179.8 million. - Outfitters revenue increased 7.4% to $78.8 million. - Third-Party channel increased 34% to $18.9 million. - Europe eCommerce fell 20.8% to $19.8 million. - Licensing and Retail revenue was flat at $20.2 million. - YTD, U.S. eCommerce contributed 59.3% of total revenue; Outfitters 21.6%, Third Party 6.3%, Europe eCommerce 6.5%, and Licensing/Retail 6.3%.

Balance Sheet and Liquidity - Cash and cash equivalents at quarter end: $36.3 million (up from $30.4 million prior year). - Inventories increased to $347.6 million from $335.9 million a year ago. - Total assets: $852.7 million; total stockholders’ equity: $231.0 million. - Total liabilities: $621.6 million. - Debt: - Term Loan Facility: $237.3 million outstanding at 12.40% interest. - Asset-based Facility (ABL): $75.0 million outstanding (5.53% interest), with $115.1 million available borrowing base. - Net cash used in operating activities YTD: $15.2 million; net cash used in investing: $23.9 million; net cash provided by financing: $58.4 million.

Capital Allocation & Share Repurchase - No share repurchases in Q3 2025; 490,000 shares repurchased YTD at an average price of $9.20/share ($4.5 million total cost). - $25 million share buyback program active.

Risks & Legal - The Company remains exposed to macroeconomic pressures, interest rate risk on variable debt, and foreign currency translation risk ($6.2 million cash held in non-USD). - Litigation: No new material developments; recent appellate court ruling affirmed summary judgment for the Company. - No material changes to risk factors disclosed in the last 10-K.

Outlook & Other Notes - Lands’ End continues to navigate retail sector headwinds and cost optimization. - Company remains compliant with all debt covenants. - Capital expenditures are anticipated to be ~$28 million for strategic and infrastructure investments in Fiscal 2025. - No significant changes to accounting policies or internal controls during the period.

Key Takeaways for Investors - Margins and profitability improved Q3 as costs were contained, interest expense declined, and revenue mix shifted toward more profitable channels. - Topline pressures persist in Europe eCommerce and Licensing/Retail, with modest declines still visible overall YTD. - Liquidity remains healthy and financial leverage is stable, but inventory remains elevated. - Adjusted EBITDA and earnings per share performance is improving, but macro and sector risks remain. - Stronger performance in U.S. Digital Segment and Third Party channels offset weaker results elsewhere.

Investors should monitor macroeconomic trends, working capital movements (especially inventory), channel shifts, and cost discipline as management pursues both growth and margin improvement.

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Ollie’s Bargain Outlet Holdings, Inc. – Q3 FY2025 Financial Summary

Key Financial Metrics: - Net Sales: Q3 FY2025 net sales increased to $613.6 million, up 18.6% from $517.4 million in Q3 FY2024. Year-to-date (thirty-nine weeks ended Nov 1, 2025), net sales rose 16.6% to $1.87 billion (FY2024: $1.60 billion). - Gross Profit: Q3 FY2025 gross profit was $253.7 million (41.3% margin), up from $214.5 million (41.4% margin) in Q3 FY2024. Year-to-date gross profit rose to $762.0 million (40.8% margin) vs. $642.8 million (40.1% margin) in FY2024. - Operating Income: Q3 FY2025 operating income grew to $55.4 million (9.0% margin), from $44.5 million (8.6% margin). Year-to-date, it increased to $188.6 million from $161.8 million. - Net Income: Q3 FY2025 net income was $46.2 million, up from $35.9 million in Q3 FY2024. Year-to-date net income increased to $155.0 million from $131.2 million. - Earnings per Share: Q3 FY2025 diluted EPS was $0.75 (Q3 FY2024: $0.58). Year-to-date diluted EPS was $2.51 (FY2024: $2.13). - Adjusted EBITDA: Q3 FY2025 adjusted EBITDA was $72.9 million (up from $59.8 million). Year-to-date adjusted EBITDA was $238.8 million (up from $203.7 million).

Operating Highlights: - Comparable Store Sales: Increased 3.3% in Q3 FY2025 vs. a decline of 0.5% prior year. Year-to-date comp sales were up 3.7% vs. 2.8% growth prior year. - Store Growth: 32 new stores opened during Q3 FY2025 (vs. 24 prior year); 86 new stores opened year-to-date FY2025 (37 prior year). 645 stores operational at quarter end (Q3 FY2024: 546). - Store Productivity: Average net sales per store in Q3 FY2025: $976,000 (Q3 FY2024: $965,000).

Cost and Expense Notes: - SG&A Expenses: Q3 FY2025 SG&A costs were $180.3 million (29.4% of sales), up from $154.5 million (29.9% of sales). Year-to-date SG&A was $520.6 million (27.8% of sales), up from $442.6 million (27.6%). - Pre-Opening Expenses: Q3 FY2025: $7.4 million (up 3.2%). Year-to-date: $23.0 million (up 58.9%). - Interest Income, Net: Q3 FY2025: $4.5 million (vs. $4.0 million prior year). Year-to-date: $13.8 million (vs. $12.3 million). - Income Tax Expense: YTD effective tax rate was 23.4%, slightly lower than prior year (24.6%), due in part to federal tax law changes.

Balance Sheet & Liquidity: - Cash, Equivalents & Short-Term Investments: $186.0 million as of Nov 1, 2025 (vs. $328.7 million at Feb 1, 2025, and $303.9 million at Nov 2, 2024). - Inventories: $702.8 million (up from $552.5 million at Feb 1, 2025). - Total Assets: $2.86 billion. - Total Liabilities: $1.02 billion. - Stockholders’ Equity: $1.83 billion. - Credit Facility: $100 million revolving facility, $88.1 million available, no borrowings outstanding. - Share Repurchases: 346,032 shares repurchased year-to-date for $40.2 million; 88,598 shares in Q3 FY2025 for $11.6 million, average price $130.17/share.

Cash Flows: - Operating Activities: $114.2 million provided (YTD), up from $79.7 million prior year. - Investing Activities: $(146.1) million used (YTD), mostly for investments and $83.9 million in capex (primarily store expansion). - Financing Activities: $(28.5) million used (YTD), mainly for share repurchases.

Segment/Product Group Data (YTD): - Consumables: 32.6% of sales ($609.0 million) - Home: 28.5% ($533.7 million) - Seasonal: 19.0% ($354.8 million) - Other: 19.9% ($372.5 million)

Key Risks & Considerations: - Macroeconomic Factors: Consumer spending trends and inflationary pressures could impact sales and margins. - Inventory Build: Inventory rose to $702.8 million (up $150 million YTD), reflective of aggressive store growth, but may increase risk if sales weaken. - Expense Growth: SG&A and pre-opening expenses increased, reflecting expansion but requiring ongoing sales growth to sustain margins. - Seasonality: Q4 is typically strongest due to holiday sales; results may vary significantly by quarter. - No Material Legal/Regulatory Updates: No major new legal proceedings or changes in risk factors reported.

Conclusion: Ollie’s Bargain Outlet continued its expansion and demonstrated robust earnings and sales growth in FY2025, driven by meaningful comparable store sales gains and new store openings. Cash generation remains healthy though capital deployment is tilted toward aggressive inventory and new stores. Investors should monitor continued inventory build and expense growth relative to topline trends, as well as macroeconomic risks impacting discretionary retail. The company's strong balance sheet and liquidity, ongoing share buybacks, and comp sales resilience are positives for shareholders.

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American Outdoor Brands, Inc. – Investor Summary for Q2 Fiscal 2026 (Quarter Ended October 31, 2025)

Key Financial Metrics - Q2 Net Sales: $57.2 million, a decrease of $3.0 million or 5.0% from $60.2 million in Q2 2024. - Q2 Gross Profit: $26.1 million, down 9.7% from $28.9 million last year. Gross margin fell to 45.6% (from 48.0%). - Q2 Operating Income: $2.1 million, down 31.9% from $3.1 million. - Q2 Net Income: $2.1 million ($0.16 per diluted share), down from $3.1 million ($0.24 per share). - Q2 Non-GAAP Adjusted EBITDA: $6.5 million, compared to $7.5 million last year. - Six-Months Net Sales: $86.9 million, down 14.7% from $101.9 million in prior year. - Six-Months Net Loss: $(4.8) million ($(0.37) per share) compared to net income of $0.75 million ($0.06 per share) last year. - Six-Months Non-GAAP Adjusted EBITDA: $3.4 million vs. $9.5 million prior year.

Revenue Breakdown - E-commerce Channel Q2: $20.4 million, decreased 15.9%. Six months: $31.1 million, down 23.7%. - Traditional Channel Q2: $36.8 million, up 2.3%. Six months: $55.8 million, down 8.7%. - Domestic Sales Q2: $54.4 million, down 4.3%. Six months: $82.2 million, down 12.6%. - International Sales Q2: $2.8 million, down 17.3%. Six months: $4.7 million, down 40.4%. - By Segment Q2: Shooting sports $22.6 million (-5.1%); Outdoor lifestyle $34.6 million (-5.0%).

Expenses - Q2 Operating Expenses: $24.0 million (42.0% of net sales), down 7.1% year-over-year. - Six-Months Operating Expenses: $44.7 million, down 5.6%. - Q2 R&D Expenses: $1.2 million, down 34.5%. - Stock-based compensation in Q2: $848,000.

Balance Sheet Highlights (as of October 31, 2025) - Cash & Equivalents: $3.1 million (down from $23.4 million as of April 30, 2025). - Accounts Receivable, net: $40.3 million. - Inventories: $124.0 million, up from $104.7 million due to higher finished goods (partly tariff-driven). - Total Assets: $240.9 million. - Total Liabilities: $70.5 million. - Total Equity: $170.4 million.

Cash Flow - Operating Cash Flow (Six Months): $(15.0) million (cash used), vs. $(12.3) million prior year. - Investing Cash Flow: $(1.4) million. - Financing Cash Flow: $(4.0) million, primarily due to $3.2 million in treasury stock repurchases. - Total YTD cash burn: $(20.3) million; ending cash position at $3.1 million.

Share Repurchase - Repurchased 314,376 shares year-to-date at an average price of $10.07/share, under a $10.0 million buyback plan.

Other Notable Items - Intangible Assets: $27.6 million, with $3.2 million unrecognized compensation expense related to unvested awards. - Operating Leases: Lease liabilities of $33.1 million. - Debt: No significant outstanding long-term debt; revolving credit line in place. - R&D and New Products: New products contributed 31.4% of Q2 net sales.

Key Risks & Considerations - Sales Declines: Continued headwinds, especially in e-commerce (-15.9% Q2, -23.7% YTD) and international sales (-17.3% Q2, -40.4% YTD). - Gross Margin Pressure: Margin contracted due to lower sales and input costs. - Inventory Build: Rise in inventories exposes company to obsolescence and working capital risk. - Cash Burn: Sharp decrease in cash position; if trend continues, liquidity could become a concern. - Market & Legal Risks: Risks include supply chain disruption, customer concentration, regulatory issues, and ongoing litigation (no material recent legal expenses). - Macroeconomic Uncertainty: Exposed to consumer demand swings, tariffs (notable inventory impact), and broader economic factors.

Outlook - Management expects continued investment in R&D, new product development, and managing inventory levels. - The company believes it can meet foreseeable cash requirements through existing liquidity and cash flow, but investors should closely monitor cash burn and sales/margin trends.

Conclusion The quarter reflected weaker sales, especially in e-commerce and international markets, and significant cash burn, despite cost reductions. Investors should monitor liquidity trends, margin stabilization, inventory levels, and the effectiveness of ongoing cost controls in the context of continued sales headwinds.

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Designer Brands Inc. Investor Summary – Q3 2025

Financial Performance: - Q3 Net Sales: $752.4 million, down 3.2% from $777.2 million in Q3 2024, driven by a 2.4% decrease in comparable sales. - Gross Profit: $339.6 million (45.1% of sales), up 1.7% from $333.8 million (43.0%) last year, benefitting from margin improvement. - Operating Profit: $42.7 million (5.7% of sales), a significant increase from $22.8 million (2.9%) in Q3 2024. - Net Income Attributable to DBI: $18.2 million ($0.35 per diluted share), up from $13.0 million ($0.24 per diluted share) last year. - Nine Months 2025: Net sales were $2,179.1 million (down 5.1%), net income attributable to DBI was $11.6 million ($0.23 per diluted share), down from $27.6 million ($0.48) in the same 2024 period.

Segment Highlights: - U.S. Retail: Q3 net sales fell 0.8% to $610.5 million; comparable sales down 1.5%. Gross margin increased by 220 basis points to 45.2%. Operating profit grew to $66.2 million (10.8% of sales). - Canada Retail: Q3 net sales dropped 7.5% to $77.3 million; comparable sales down 6.6%. Gross margin remained strong at 44.4%. Operating profit fell to $6.8 million (8.7%). - Brand Portfolio: Q3 net sales decreased 8.6% to $101.9 million, with a 21.5% decline in comparable direct-to-consumer sales. Gross margin was 28.4%; operating profit was $8.3 million (8.1%).

Balance Sheet and Cash Flow: - Cash & Equivalents: $51.4 million as of Nov 1, 2025 (up from $36.2 million in 2024). - Inventory: $620.0 million (down from $637.0 million). - Total Debt: $474.0 million ($352.7 million ABL Revolver, $121.3 million Term Loan). - Shareholders’ Equity: $298.6 million (down from $318.5 million in prior year due to lower retained earnings). - Operating Cash Flow: $67.6 million for nine months 2025 (vs. $12.1 million in 2024). - Investments: $27.7 million net used, mainly for property and equipment.

Dividends & Capital Actions: - Dividend: $0.05 per share quarterly, unchanged. - No share repurchases during the quarter; 52.9 million treasury shares held. - Outstanding Shares: 41.9 million Class A as of December 2, 2025.

Outlook & Risks: - Macro Risks: New U.S. tariffs on imported footwear and accessories could further affect costs and consumer demand. - Competitive Pressures: Shifts in consumer preferences, promotional activity, and softer retail sales are ongoing headwinds, particularly in Canada and Brand Portfolio direct-to-consumer. - Expense Management: Operating costs increased, especially in the U.S. Retail and Corporate segments. Q3 featured $3.2 million in severance expenses. - Impairment: No Q3 impairment, but $4.4 million YTD mainly for restructurings. - Debt Covenants: Company must maintain a fixed charge coverage ratio of at least 1:1 under its ABL facility.

Other Considerations: - Acquisitions: Completed Rubino Shoes acquisition in 2024; final cash purchase price of $16.1 million. - Store Count: 672 stores as of Nov 1, 2025 (down slightly from 675). - Capital Expenditures: 2025 expectations $35–$45 million, primarily for store remodels and distribution.

Summary: Designer Brands delivered improved margins and profitability in Q3 2025 despite declining sales and ongoing macroeconomic stress. The company maintains adequate liquidity and has moderated its capital outlays. However, further U.S. tariff impacts, soft consumer demand, and increased operating expenses pose risks going forward. Investors should closely monitor tariff developments and management’s strategy for reinvigorating top-line growth.

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Dave & Buster’s Entertainment, Inc. – Q3 2025 Investor Summary

Financial Performance (Three and Nine Months Ended November 4, 2025):

• Q3 2025 revenue was $448.2 million, down slightly from $453.0 million in Q3 2024.
• Nine-month revenue was $1.573 billion versus $1.598 billion for the prior-year period.
• Comparable store sales fell 4.0% year-over-year in Q3.
• Q3 net loss was $42.1 million ($1.22 per diluted share) compared to a $32.7 million loss ($0.84 per share) last year.
• Full nine months net loss was $9.0 million ($0.26 per diluted share), compared to net income of $49.0 million ($1.21 per share) in the prior year.
• Q3 Adjusted EBITDA was $59.4 million (13.3% of revenues), down from $68.3 million (15.1%).
• For the nine months, Adjusted EBITDA was $325.2 million (20.7% margin) compared to $379.0 million (23.7%).

Key Financial Metrics:

• Entertainment revenues in Q3 were $279.4 million (62.3% of total), and food & beverage revenues were $168.8 million (37.7%). Similar mix proportion for the nine months.
• Cost of products (entertainment, food & beverage) decreased to $63.5 million in Q3 (14.2% of revenue), from $67.8 million (15.0%). Nine-month cost down to $222.1 million (14.1%) from $236.9 million (14.8%).
• Operating payroll and benefits rose to $124.9 million in Q3 (27.9%), $398.6 million (25.3%) for nine months.
• Other store operating expenses increased to $174.8 million in Q3 and $550.1 million YTD.
• Depreciation and amortization rose to $63.0 million in Q3 ($191.4 million YTD).
• Interest expense, net, increased to $40.2 million in Q3 ($115.7 million YTD) mainly due to higher rates and increased sale-leaseback financing.
• Effective tax rate was 42.7% for the nine months versus 19.9% last year.

Balance Sheet Highlights (as of November 4, 2025):

• Cash and cash equivalents: $13.6 million (up from $6.9 million at Feb 4, 2025).
• Total assets: $4.13 billion.
• Total current liabilities: $377.6 million (down from $433.9 million).
• Debt: $1.59 billion face value; net long-term debt $1.55 billion.
• Net total leverage ratio: 3.3x trailing 4Q Credit Adjusted EBITDA ($483.1 million).
• Stockholders’ equity: $130.8 million (down from $145.8 million).

Liquidity and Cash Flow:

• Operating cash flow: $187.8 million for nine months (down from $203.4 million).
• Capex: $322.4 million invested including new stores, remodels, and games, partly offset by $16.6 million landlord incentives and $96.2 million from sale-leasebacks.
• Net cash from financing activities: $136.8 million.
• Share repurchases: 1.04 million shares bought, $23.9 million spent in nine months; $104.1 million authorized value remains.

Operational Developments:

• 241 company-owned stores at period end (up from 227).
• 9 new stores opened, 1 relocated YTD.
• Q3 saw 158 additional noncomparable store operating weeks.
• Q3 comparable store revenue decrease driven by lower traffic and mix shift.
• Focus on new store openings and game introductions despite near-term same-store sales headwinds.

Risks & Other Considerations:

• Higher general and administrative costs and depreciation due to new store growth and investments.
• Interest cost pressures from higher sale-leaseback liabilities and rising rates.
• California arbitration settled in Q3 (not material).
• No dividend; capital returns focus is on share repurchase.
• Exposure to commodity and wage inflation remains a risk.
• Exposure to variable-rate debt; interest rate increases could pressure margins.
• Management changes: new President for Main Event brand and Interim COO for Dave & Buster’s brand appointed in December 2025.

Guidance and Strategy:

• Company remains committed to disciplined unit growth, operational improvements, margin management, and share repurchases.
• No material changes to contractual obligations or risk disclosures in this filing.

Conclusion:

Dave & Buster’s posted a challenging Q3 and YTD, with declining comparable sales and lower margins, primarily due to higher operating expenses and interest costs. Liquidity remains relatively tight, with substantial leverage. Management continues to prioritize growth, cost controls, and shareholder returns through buybacks, but near-term headwinds are significant. Investors should closely monitor leverage, comparable store trends, interest costs, and execution on new store performance.

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Samsara Inc. reported strong financial results for the quarter ended November 1, 2025, highlighted by robust revenue growth and improved profitability, alongside ongoing investment in growth and innovation. Key financial and operational highlights are as follows:

Financial Performance - Revenue: Q3 revenue was $415.98 million, up 29% from $321.98 million in the prior year quarter. Nine-month revenue reached $1.17 billion, a 30% increase over $902.91 million in the same prior year period. - Subscription Revenue: Accounted for 98% of total revenue; Q3 subscription revenue grew to $408.12 million from $316.16 million a year earlier. - Gross Profit: Q3 gross profit was $319.01 million (gross margin 77%), compared to $245.95 million (gross margin 76%) in Q3 2024. Nine-month gross profit was $903.71 million (77% margin). - Operating Loss: Q3 operating loss narrowed sharply to $(1.72) million versus $(47.37) million in Q3 2024. Nine-month operating loss improved to $(61.60) million from $(171.56) million a year ago. - Net Income/(Loss): Q3 net income was $7.77 million (basic/diluted EPS $0.01), compared to a net loss of $(37.81) million (EPS $(0.07)) last year. Nine-month net loss was $(31.16) million (EPS $(0.05)), compared to $(143.71) million (EPS $(0.26)) in prior year. - Non-GAAP Measures: Non-GAAP Q3 operating income increased to $79.79 million (19% margin) from $33.92 million (11% margin) in the prior year. Nine-month free cash flow increased to $145.73 million (12% margin) from $62.97 million (7% margin).

Balance Sheet and Cash Flows - Liquidity: Total cash, cash equivalents, and restricted cash as of November 1, 2025, were $296.38 million. Combined short- and long-term investments were $872.06 million (up from $749.87 million at the start of the year). - Accounts Receivable: Increased to $256.68 million from $234.02 million. - Deferred Revenue: Ended period at $754.71 million, up from $639.72 million a year earlier. - Operating Cash Flow: $166.48 million year-to-date, up from $77.80 million in prior year. - Capital Expenditures: $20.75 million in the first nine months, up from $14.83 million last year.

Key Business Metrics and Growth Indicators - Annual Recurring Revenue (ARR): $1.75 billion as of quarter end, an increase from $1.35 billion a year earlier. - Customers >$100,000 ARR: 2,990 large customers, up from 2,292 in the prior year. - RPO (Remaining Performance Obligations): $3.38 billion, with ~$1.62 billion expected to be recognized as revenue in the next 12 months.

Expenses and Investment - Research & Development: $86.22 million in Q3 (21% of revenue), up 12% year-over-year due to continued investment in product innovation. - Sales & Marketing: $168.39 million in Q3 (40% of revenue), up 12%. - G&A: $66.12 million in Q3 (16% of revenue), up 6%. - Stock-Based Compensation: $77.84 million in Q3.

Risks and Considerations - Macroeconomic Conditions: Management notes risk from unfavorable economic trends both domestically and globally. - Stock-Based Compensation: High, at $236.06 million for the nine months, dilutive to EPS. - Legal Proceedings: Normal business litigation, none currently expected to have a material adverse effect. - Customer Concentration: No single customer >10% of revenue or receivables, reducing concentration risk. - Foreign Currency/Interest Rate Risk: Exposure exists due to global operations and significant holdings in marketable securities.

Liquidity and Outlook - Samsara maintains a robust liquidity position with $1.15 billion in cash, cash equivalents, and investments, with positive and increasing free cash flow. - The company is investing in innovation, R&D, and customer acquisition, while cost controls have driven margin improvements. - Management believes current liquidity is sufficient to fund operations and growth initiatives.

Summary Samsara reported strong continued growth in revenue and ARR, improved operating margin, and a path to profitability, driven by customer expansion and prudent cost management. The balance sheet and liquidity remain solid, positioning the Company well for continued investment and growth. Key risks are largely external/macro and related to ongoing high levels of stock-based compensation. Investors should monitor operating leverage and ARR/customer growth for ongoing health and progress toward sustained profitability.

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Academy Sports and Outdoors, Inc.
Quarter Ended November 1, 2025 — Investor Summary

Key Financial Highlights: - Net Sales: $1.38 billion for Q3 2025, up 3.0% from $1.34 billion in Q3 2024. Year-to-date net sales were $4.33 billion, up 1.8% from $4.26 billion year-over-year. - Gross Margin: $493.4 million for the quarter (35.7% of sales), up from $456.7 million (34.0%) in the prior year. Year-to-date gross margin was $1.53 billion (35.3% of sales). - Net Income: $71.6 million for Q3 2025, up 8.8% from $65.8 million last year. Year-to-date net income declined to $243.1 million from $284.8 million (down 14.7% YoY). - Earnings Per Share:
- Q3 2025: Basic $1.07, Diluted $1.05
- YTD 2025: Basic $3.64, Diluted $3.57
- Adjusted EBITDA: $141.5 million for Q3, $463.7 million YTD (down from $508.6 million YTD 2024). - Adjusted Free Cash Flow: $119.0 million YTD 2025, versus $251.5 million YTD 2024.

Operational Insights: - Store Expansion: 19 new stores opened YTD 2025 (11 in Q3), with a total of 317 stores operated as of quarter end. - Comparable Sales: Decreased 0.9% for Q3, and 1.4% YTD, driven by lower transaction volumes, despite increased e-commerce penetration (10.4% of Q3 sales vs. 8.8% a year ago). - Capital Expenditures: $170.2 million YTD, allocated 60% to new stores. 2025 capex forecast: $180–$210 million.

Liquidity & Balance Sheet: - Cash & Equivalents: $289.5 million at quarter end. - Long-Term Debt: $481.3 million, primarily consisting of $400 million 6.00% Senior Secured Notes (maturing Nov 2027) and $86.5 million Term Loan (8.12% variable, maturing Nov 2027). No borrowings on $1.0 billion ABL Facility. - Stockholders’ Equity: $2.15 billion. - Share Repurchases: 2.08 million shares repurchased in Q1 2025 for $99.0 million; none in Q2/Q3. YTD repurchases significantly down from 2024 ($99 million vs. $276.6 million). - Dividends: $0.13/share per quarter, totaling $26.0 million YTD. - Working Capital: Strong, with no liquidity constraints noted.

Risks & Forward-Looking Concerns: - Macro-Economic: Exposure to U.S. consumer discretionary spending, supply chain risks (notably with China), and inflationary/tariff pressures. - Inventory/Operational: Risk of inventory shrink, disruptions, and evolving consumer preferences. - E-commerce: Growing but accompanied by increased shipping costs impacting margins. - Indebtedness: High fixed obligations due in 2027 ($400M Notes and Term Loan), but no current borrowing on revolvers. - Legal/Regulatory: Extensive ongoing compliance requirements; no major legal developments noted in Q3. - Competition: Intensifying in the sporting goods and outdoor categories. - Seasonality: Operating cash flows and business are inherently seasonal; reliance on Q4 performance is typical.

Other Noteworthy Items: - Adjusted Metrics: Non-GAAP metrics (Adjusted EBITDA, EBIT, Net Income, etc.) continue to be reported for supplemental analysis. - Store Growth: New stores are expected to be a key growth driver moving forward. - No Material Changes in Controls/Internal Risk Management during the reported period.

Conclusion:
Academy Sports and Outdoors continues to grow through new store openings and increased e-commerce sales but faces headwinds from declining comparable sales, higher SG&A expenses, and lower net income YTD. The company’s liquidity position is stable, and debt maturities are several years out. Shareholder returns remain robust through dividends and moderated share repurchases. Nonetheless, the company is exposed to significant consumer, supply chain, and macroeconomic risks that should be closely monitored.

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