US Earnings Financial Results SEC Filings — June 25, 2026

Financial Results & Earnings

By Gunpowder Editorial ·

18 high priority 18 total filings analysed

Executive Summary

This batch of 18 filings reveals a bifurcated market: a handful of high-growth, high-momentum companies (Micron, Acuity, H.B. Fuller) are delivering outsized earnings beats and aggressive capital returns, while a larger cohort of small-cap and special-purpose entities (American Outdoor Brands, Virtuix, Quantum, multiple SPACs) are struggling with revenue declines, widening losses, and deteriorating balance sheets.

Key period-over-period trends include a pronounced divergence in gross margin performance—Acuity and H.B. Fuller expanded margins by 170-220 bps, while Quantum and TechPrecision saw compression—and a surge in non-cash charges (debt extinguishment, impairment, stock-based compensation) that obscures underlying operational health. Insider activity was notably absent across most filings, a potential concern for management conviction. Forward-looking statements were sparse but included Monroe Federal's plan to begin selling residential mortgage loans in early FY2027 to mitigate interest rate risk, and Capstone Green Energy's ongoing risk from interest payment obligations on Exit Notes. The most critical development is Micron's staggering 346% YoY revenue surge to $41.5B, driven by AI memory demand, which sets a powerful sector-level catalyst. However, the prevalence of SPACs and micro-cap filers with negative equity, zero cash, and no business combinations (Amanat, Aperture, International Media) signals a 'zombie' tail that demands careful avoidance. The portfolio-level pattern is clear: capital is flowing to AI-enabled and industrial leaders, while consumer-discretionary and legacy tech names are being left behind.

Materiality, sentiment, and priority are scored by Gunpowder’s analysis pipeline. How we score filings →

Filing types in this digest: 10-Q · 10-K

Tracking the trend? Catch up on the prior US Earnings Financial Results SEC Filings digest from June 18, 2026.

Investment Signals (11)

  • Revenue surged 346% YoY to $41.5B, net income soared 1,398% to $28.2B, and diluted EPS hit $24.67 vs. $1.68. AI memory demand is a structural tailwind.

  • Gross margin expanded 220 bps YoY to 50.6%, operating profit rose 38.3%, and operating cash flow improved 30.4% to $520.2M. The company is generating strong free cash flow while aggressively repurchasing shares ($229.9M YTD).

  • H.B. Fuller (BULLISH)

    Net income surged 62.1% YoY to $67.8M, gross margin improved 170 bps to 33.6%, and diluted EPS rose to $1.23 from $0.76. The company is executing well despite a mixed macro environment.

  • Motorhome RV segment swung to an operating profit of $9.6M from a loss of $3.2M YoY, a 400% improvement. This signals a potential cyclical recovery in the higher-margin motorhome business.

  • Net income swung to $90.6M from a loss of $11.4M, driven by $140.2M in gains from spectrum asset sales. Cash from operations turned positive to $5.5M from a -$29.3M use, and cash more than doubled to $98.5M.

  • Net sales declined 14.3% YoY, the company swung to a net loss of $9,208 from a near-breakeven, and recorded a $3,433 impairment charge. Operating expenses as a % of sales rose to 49.4% from 44.7%.

  • Net loss widened 15% to $16.8M, interest expense surged 859% to $3.5M (including $2.8M non-cash amortization), and operating cash flow remained negative at -$9.5M. The company is burning cash at an accelerating rate.

  • Gross profit margin contracted 320 bps to 36.9%, service/subscription revenue declined 10% YoY, and loss on debt extinguishment surged 1,886% to $59.6M. The balance sheet is under severe stress.

  • Net loss widened 57.5% to $515,000, noninterest expense rose 10.4%, and the efficiency ratio deteriorated to 118.07% from 111.04%. The bank is structurally unprofitable.

  • Net income rose to $8.5M from $1.9M, but operating cash flow was only $4.6M and cash declined to $256.8M from $274.7M. The company is barely generating cash from operations despite a 25.6% revenue increase. [NEUTRAL/MIXED]

  • Revenue declined 7% YoY, with key customers E and A each dropping 38%. However, operating loss narrowed 51% and gross margin improved 300 bps to 16%, suggesting cost controls are working.

Risk Flags (10)

Opportunities (9)

  • Revenue surged 346% YoY to $41.5B, with EPS of $24.67 vs. $1.68. The AI memory demand cycle is in full swing, and Micron is the purest play. Expect continued upward revisions.

  • Gross margin expanded 220 bps to 50.6%, operating profit rose 38.3%, and the company repurchased $229.9M in shares while paying a growing dividend ($0.57 vs. $0.49). A compounding machine.

  • H.B. Fuller / Margin Recovery Play (OPPORTUNITY)

    Net income surged 62.1% YoY, gross margin improved 170 bps to 33.6%, and the company is aggressively repurchasing shares ($48.8M in H1). The turnaround is gaining traction.

  • Motorhome RV segment swung to an operating profit of $9.6M from a loss of $3.2M YoY. If the broader RV market recovers, Winnebago's earnings power could surprise to the upside.

  • Net income swung to $90.6M from a loss, driven by $140.2M in gains from spectrum asset sales. The company is successfully monetizing its 900 MHz spectrum portfolio for private wireless networks.

  • Revenue grew 23.8% YoY to $106.0M, the company swung to net income of $2.8M from a loss, and gross margin improved to 32% from 27%. If operating cash flow turns positive, the stock could re-rate.

  • Nonperforming assets fell to 0.18% of assets from 0.44%, and the company plans to sell residential mortgage loans in early FY2027 to mitigate interest rate risk. A potential catalyst for margin improvement.

  • Operating loss narrowed 51% and gross margin improved 300 bps to 16% despite a 7% revenue decline. If revenue stabilizes, the company could become profitable.

  • Revenue grew 25.6% YoY to $152.9M, and gross margin improved to $119.7M from $90.3M. The company is gaining traction in IoT and cybersecurity, though cash flow remains weak.

Sector Themes (6)

  • AI Memory Super-Cycle Dominates Tech

    Micron's 346% YoY revenue surge and 1,398% net income growth dwarf all other filings. This single data point confirms that AI-related memory demand is a once-in-a-decade growth driver, creating a powerful tailwind for the entire semiconductor supply chain. [IMPLICATION: Overweight AI memory and related equipment suppliers.]

  • Small-Cap Consumer Discretionary in Distress

    American Outdoor Brands (-14.3% revenue), Winnebago's Towable RV (-26.1% revenue), and Virtuix's Omni One (-0.8% revenue) all show consumer discretionary weakness. This contrasts sharply with the industrial/tech strength seen in Acuity and H.B. Fuller. [IMPLICATION: Avoid small-cap consumer discretionary names; favor industrials and tech.]

  • SPAC 'Zombie' Tail Persists

    Three SPACs (Amanat, Aperture, International Media) reported zero revenue, negative equity or zero cash, and no business combinations. This is a persistent risk in the micro-cap space, as many SPACs from the 2021-2022 vintage are running out of time and money. [IMPLICATION: Avoid all pre-deal SPACs; focus only on those with announced targets.]

  • Balance Sheet Repair vs. Growth

    Companies like Acuity (debt reduced $199.5M) and Winnebago (debt reduced $97.6M) are prioritizing deleveraging, while Micron and H.B. Fuller are investing aggressively in growth. The market is rewarding both strategies, but the key is execution. [IMPLICATION: Favor companies with a clear capital allocation strategy, whether growth or deleveraging.]

  • Non-Cash Charges Masking Underlying Performance

    Virtuix ($2.8M non-cash amortization of debt discount), Quantum ($59.6M loss on debt extinguishment), and McCormick ($866.8M gain on remeasurement) all had significant non-cash items distorting earnings. Investors must look at operating cash flow and adjusted metrics. [IMPLICATION: Focus on operating cash flow and adjusted EBITDA, not GAAP net income, for these names.]

  • Defense Sector Stability Amid Broader Weakness

    TechPrecision Corp reported that 99% of revenue came from defense contracts, providing a stable base despite a 7% overall revenue decline. This highlights the defensive nature of defense spending. [IMPLICATION: Defense-exposed companies offer relative safety in a slowing economy.]

Watch List (8)

Filing Analyses (18)
ACUITY INC. (DE) 10-Q positive materiality 8/10

25-06-2026

Acuity Inc. reported solid financial results for the three and nine months ended May 31, 2026. Net sales grew 1.6% YoY to $1,198.0M in Q3 FY26 and 8.3% for the nine-month period to $3,397.4M. Net income increased sharply to $141.0M (Q3) and $358.3M (nine months), compared to $98.4M and $282.6M in the prior year. However, the company reduced long-term debt by $199.5M sequentially to $697.3M and held $411.9M in cash and equivalents. Operating cash flow improved 30.4% to $520.2M for the nine-month period, driven by higher net income and favorable working capital changes, despite a significant inventory reduction. The prior-year period included a large acquisition ($1,189.4M) in May 2025 that has now been integrated. The company continued share repurchases ($229.9M in the nine months) and dividends ($0.57 per share declared, up from $0.49).

  • · Gross profit margin was 50.6% in Q3 FY26 (up from 48.4% in Q3 FY25) and 49.5% for the nine months (up from 47.4%).
  • · Operating profit rose 38.3% YoY to $193.3M in Q3 and 27.0% to $486.7M in the nine months.
  • · Selling, distribution, and administrative expenses increased 3.1% to $413.1M in Q3, but decreased as a percentage of sales.
  • · No special charges were incurred in Q3 FY26 versus $29.7M in Q3 FY25 (prior year included a significant charge).
  • · Interest expense declined significantly to $6.1M in Q3 (down 49.6% YoY) due to lower debt levels.
  • · Dividends declared per share increased 16.3% to $0.20 in Q3 and 16.3% to $0.57 year-to-date.
  • · Repurchases of common stock totaled $229.9M in the nine months, more than double the $91.3M in the prior period.
  • · Operating cash flow for the nine months was $520.2M, up from $398.9M, driven by net income and a $66.9M decrease in inventories.
  • · Inventory decreased 13.0% to $458.3M from $526.7M at August 31, 2025.
  • · Accounts payable decreased $90.6M vs. August 31, 2025, contributing to a net cash outflow from working capital.
  • · The company had two share repurchase agreements as of May 31, 2026: an open-market repurchase program with $103.9M remaining and a $200.0M accelerated share repurchase (completed in May 2026).
  • · Goodwill remained relatively stable at $1,494.6M ($1,495.5M at Aug 2025); intangibles net decreased to $1,028.9M from $1,099.0M due to amortization.
  • · The May 31, 2025 acquisition (purchase price $1,240.7M) generated $394.6M in goodwill and $713.9M in identifiable intangible assets.
  • · Acquired operations contributed $172.8M to Q3 FY25 net sales and $7.9M to Q3 FY25 net income (prior year comparable period).
MICRON TECHNOLOGY INC 10-Q positive materiality 9/10

25-06-2026

Micron Technology reported a massive surge in revenue for the quarter ended May 28, 2026, reaching $41.456B compared to $9.301B in the same quarter last year, driven by strong demand for AI-related memory products. Net income soared to $28.243B from $1.885B, and total assets grew to $134.112B from $82.798B. However, the company also saw a significant increase in income tax provision to $4.978B from $235M, and other non-operating expenses widened to $321M from $68M.

  • · Quarterly diluted EPS was $24.67 vs $1.68 in prior year quarter.
  • · Nine-month diluted EPS was $41.40 vs $4.75 in prior year period.
  • · Total current assets increased to $66.737B from $28.841B.
  • · Receivables surged to $31.025B from $9.265B.
  • · Property, plant, and equipment increased to $56.426B from $46.590B.
  • · Other noncurrent liabilities rose to $7.086B from $1.443B.
  • · Stock-based compensation expense for the quarter was $355M vs $253M.
  • · Dividends declared increased to $0.15 per share from $0.115 per share.
  • · Treasury stock repurchases (program) totaled $650M during the nine months.
  • · Unrealized losses on investments were $11M for the quarter vs $3M.
  • · Gains on derivative instruments were $68M for the quarter vs $149M.
Virtuix Holdings Inc. 10-K mixed materiality 7/10

25-06-2026

Virtuix Holdings Inc. reported an 18.4% increase in total net sales from $3.59M in FY2025 to $4.25M in FY2026, with Omni Pro units and accessories surging 171% to $162,592 and Omni Arena revenue growing 52% to $653,491. However, Omni One sales slightly declined 0.8% to $2.73M and Omniverse Credits fell 35.9% to $137,143. The company's net loss widened to $16.8M from $14.6M, while adjusted EBITDA remained roughly flat at -$8.0M. Selling expenses rose 56.8% to $2.58M, partially offset by a 21.6% reduction in G&A and a 61.3% cut in R&D. Net cash used in operations increased to $9.5M, offset by $18.6M in financing activities.

  • · Interest expense increased from $369,420 in FY2025 to $3,543,037 in FY2026, partially due to $2,821,899 of non-cash amortization of debt discount related to secured promissory notes issued to Streeterville Capital, LLC.
  • · Stock-based compensation decreased sharply from $5,860,695 in FY2025 to $1,676,960 in FY2026.
  • · Financing expense of $2,694,722 and loss on extinguishment of debt of $122,864 were recorded in FY2026 vs. zero in FY2025.
  • · Omniverse Credits revenue is recognized over a typical two-month consumption period.
  • · Omni One extended warranty is sold separately for $295 and recognized ratably over a 3-year term.
  • · The company's 'dual-use' strategy aims to supplement consumer Omni One sales with high-value defense contracts to achieve revenue growth and sustainable profitability.
American Outdoor Brands, Inc. 10-K negative materiality 9/10

25-06-2026

American Outdoor Brands, Inc. (AOUT) reported a significant decline in financial performance for fiscal year 2026 compared to 2025. Net sales decreased 14.3% to $190,536, with declines across all channels, segments, and geographies, including a 26.7% drop in international sales. The company swung to a net loss of $9,208 from a net loss of $77 in the prior year, driven by a 14.2% decline in gross profit and a $3,433 impairment charge, while operating expenses as a percentage of net sales rose to 49.4% from 44.7%.

  • · Gross margin remained relatively stable at 44.7% in 2026 versus 44.6% in 2025.
  • · Operating expenses as a percentage of net sales increased to 49.4% in 2026 from 44.7% in 2025.
  • · The company recorded a $3,433 impairment of assets held for sale in 2026, with no such charge in 2025.
  • · Income tax expense decreased 63.4% to $45 in 2026 from $123 in 2025.
  • · The effective tax rate was (0.5)% in 2026 compared to 267.4% in 2025.
MCCORMICK & CO INC 10-Q mixed materiality 9/10

25-06-2026

McCormick & Company reported a significant increase in net income for the six months ended May 31, 2026, reaching $1,182.5M compared to $339.4M in the prior year, driven largely by a $866.8M gain on remeasurement of a previously held equity interest related to the acquisition of McCormick de Mexico. However, net income for the three-month period declined to $160.2M from $176.0M in Q2 2025, and total special charges surged to $106.9M for the six months (vs. $12.8M), including $65.5M in transaction and integration expenses. The company completed a major acquisition with total consideration of $1,751.3M, adding $1,600.0M in intangible assets and $939.9M in goodwill, while total shareholders' equity rose to $7,573.3M from $5,768.1M at year-end 2025.

  • · Total assets increased to $16,477.1M from $13,200.4M at November 30, 2025.
  • · Short-term borrowings rose to $1,326.6M from $381.4M, while long-term debt increased to $3,597.4M from $3,105.8M.
  • · Goodwill increased by $990.6M to $6,291.9M, and intangible assets net increased by $1,644.4M to $4,937.5M.
  • · Non-controlling interests surged to $577.7M from $31.6M, reflecting the acquisition.
  • · Dividends paid totaled $257.9M for the six months, up from $241.5M in the prior year.
  • · Capital expenditures (including software) were $75.2M, down from $85.4M in the prior year period.
  • · The company repurchased $25.4M of common stock (0.4M shares) during the six months.
  • · Net cash flow from financing activities was $602.7M, compared to ($142.9M) in the prior year.
Amanat Acquisition Corp. 10-Q neutral materiality 3/10

25-06-2026

Amanat Acquisition Corp., a special purpose acquisition company (SPAC), filed its Form 10-Q for the quarter ended March 31, 2026, reporting a net loss of $59,901 since inception (January 13, 2026) and zero revenue, as expected for a blank-check company. Total assets are $102,992 with negative shareholder's deficit of -$34,901, primarily due to formation and general administrative expenses. The company has not yet completed any business combination.

  • · Company is a shell company (blank-check) with no operating business.
  • · Net loss per Class B ordinary share (basic and diluted) was $(0.03).
  • · Deferred offering costs – non-current asset: $102,992.
  • · Sponsor paid $25,000 of deferred offering costs in exchange for issuance of 2,156,250 Class B ordinary shares.
  • · Accrued offering costs of $32,360 were incurred.
  • · No cash on hand as of March 31, 2026.
  • · Formation, general and administrative expenses of $59,901 were paid via promissory note from related party ($56,401).
Monroe Federal Bancorp, Inc. 10-K mixed materiality 7/10

25-06-2026

Monroe Federal Bancorp, Inc. (MFBI) filed its 10-K for fiscal year ended March 31, 2026, reporting a net loss of $515,000, widening from a $327,000 loss in the prior year. Total assets decreased slightly to $142.4 million from $144.3 million, while loans grew to $110.5 million from $107.0 million. Asset quality improved significantly, with nonperforming assets falling to $250,000 (0.18% of assets) from $629,000 (0.44% of assets). The company plans to begin selling residential mortgage loans in early fiscal 2027 to mitigate interest rate risk.

  • · Net loss widened to $515,000 from $327,000, a 57.5% increase in loss.
  • · Noninterest expense increased to $4.938 million from $4.471 million, up 10.4%.
  • · Efficiency ratio deteriorated to 118.07% from 111.04%, indicating higher costs relative to income.
  • · Return on average assets fell to -0.35% from -0.22%.
  • · Return on average equity fell to -4.18% from -3.33%.
  • · Interest rate spread improved to 2.48% from 2.41%.
  • · Net interest margin improved to 2.69% from 2.59%.
  • · Allowance for credit losses on loans as a percentage of total loans decreased to 0.72% from 0.79%.
  • · Allowance for credit losses on loans as a percentage of nonperforming loans increased to 319.60% from 135.45%.
  • · Total capital distributions exceed net income plus retained net income for preceding two years (regulatory restriction).
  • · The company plans to begin selling one- to four-family residential mortgage loans in early fiscal 2027.
BLACKBERRY Ltd 10-Q mixed materiality 8/10

25-06-2026

BlackBerry reported net income of $8.5M for Q1 FY26 (three months ended May 31, 2026), up from $1.9M in the same quarter last year, driven by a 25.6% revenue increase to $152.9M. However, operating cash flow remained weak at $4.6M (vs. -$18.0M in Q1 FY25), and the company continued share repurchases ($10.0M) while cash and equivalents declined to $256.8M from $274.7M at year-end.

  • · Gross margin improved to $119.7M from $90.3M YoY.
  • · Research and development expenses rose to $33.0M from $25.0M YoY.
  • · Sales and marketing expenses increased to $29.5M from $28.7M YoY.
  • · General and administrative expenses increased to $39.3M from $30.5M YoY.
  • · Amortization expense decreased to $2.5M from $4.0M YoY.
  • · Investment income declined to $1.1M from $2.9M YoY.
  • · Provision for income taxes increased to $7.9M from $3.0M YoY.
  • · Deferred revenue (current) decreased to $121.5M from $138.5M at year-end.
  • · Long-term notes remained stable at $196.8M.
  • · Accumulated other comprehensive loss increased to $(12.8)M from $(11.2)M.
  • · Total assets decreased slightly to $1,240.7M from $1,245.2M.
  • · Accounts receivable increased to $160.6M from $156.0M.
  • · Goodwill remained essentially flat at $478.4M.
  • · The company held $422.9M in total cash, cash equivalents, restricted cash, and investments at fair value.
Capstone Green Energy Holdings, Inc. 10-K mixed materiality 8/10

25-06-2026

Capstone Green Energy Holdings, Inc. (CGEH) filed its 10-K for the fiscal year ended March 31, 2026, reporting total revenue of $106.0M, up 23.8% from $85.6M in FY2025, driven by a 43.8% surge in microturbine product revenue to $54.8M. The company swung to a net income of $2.8M from a net loss of $(7.2M) in the prior year, and gross margin improved to 32% from 27%. However, operating cash flow turned negative to $(2.5M) from positive $7.7M, and the company faces ongoing risks including interest payment obligations on Exit Notes starting December 2024, which reduce funds available for operations and capital expenditures.

  • · Microturbine units sold increased slightly from 109 to 112 YoY, while megawatts shipped rose from 26.7 to 37.2, indicating a shift to larger systems.
  • · Accessories revenue declined 4.5% YoY to $2.1M.
  • · Non-cash operating activities (depreciation, amortization, etc.) decreased from $13.0M to $10.4M.
  • · Accounts receivable increased by $7.1M in FY2026 vs. $2.1M in FY2025, contributing to negative operating cash flow.
  • · Inventories increased by $4.2M in FY2026 vs. a decrease of $7.6M in FY2025.
  • · Accounts payable swung from a $1.0M decrease to a $5.2M increase.
  • · The company faces risks related to interest payments on Exit Notes beginning December 2024, reducing cash available for operations and capex.
  • · Risk factors include reliance on OEMs and distributors, customer concentration, lengthy sales cycles, and potential tariffs/sanctions.
  • · Critical accounting estimates include inventory valuation (lower of cost or net realizable value) and fair value of intangible assets from business combinations.
International Media Acquisition Corp. 10-K negative materiality 7/10

25-06-2026

International Media Acquisition Corp. (IMAQW) filed its 10-K annual report for the fiscal year ended March 31, 2026, reporting a net loss of $344,794, an improvement from a net loss of $408,107 in the prior year. Total assets increased to $4,002,200 from $3,649,458, while total liabilities rose to $15,831,722 from $15,134,185. The company had no cash at year-end, down from $241,548, and continues to operate with a stockholders' deficit of $15,220,787.

  • · The company had no cash at year-end, down from $241,548.
  • · Loan receivable from target company of $499,900 was recorded.
  • · Promissory notes from JC Unify increased to $2,900,000 from $2,659,713.
  • · A new promissory note of $674,672 from Wei-Hua Chang was issued.
  • · Interest and dividend income on trust investments fell sharply to $126,434 from $502,745.
  • · General and administrative expenses decreased significantly to $331,161 from $734,798.
  • · Net cash used in operating activities improved to $633,413 from $1,923,972.
  • · The company had a deferred underwriting fee payable of $8,050,000.
  • · Accretion of common stock subject to redemption was $24,074.
  • · Basic and diluted net loss per share was $(0.05) vs $(0.06) in prior year.
Aperture AC 10-Q negative materiality 5/10

25-06-2026

Aperture AC (APUR) filed its Form 10-Q for the quarter ended March 31, 2026, reporting a net loss of $23,207 and negative operating cash flow of $21,699. Cash decreased from $44,390 to $22,691, while total assets fell to $207,744 from $219,467. The company remains a pre-revenue SPAC with no business combination completed, and its accumulated deficit widened to $86,479 from $63,272.

  • · The company is a shell company and an emerging growth company.
  • · No Class A ordinary shares were issued or outstanding as of March 31, 2026.
  • · The company had an IPO Promissory Note of $227,689 due to a related party.
  • · Deferred offering costs increased to $184,953 from $167,333.
  • · Basic and diluted net loss per ordinary share was $(0.01) for the quarter.
  • · Weighted average shares outstanding (basic and diluted) were 3,328,767.
QUANTUM CORP /DE/ 10-K mixed materiality 8/10

25-06-2026

Quantum Corp reported total revenue of $279.6M for FY2026, up 2% YoY from $274.1M, driven by a 12% increase in product revenue to $172.4M. However, service and subscription revenue declined 10% to $99.2M, and royalty revenue fell 14% to $8.0M. Gross profit margin contracted 320 basis points to 36.9%, and the company reported a net loss of $101.0M, improved from a $115.1M loss in the prior year.

  • · Product gross profit margin declined 130 basis points to 21.0% in FY2026 from 22.3% in FY2025.
  • · Service and subscription gross profit margin declined 50 basis points to 59.3% in FY2026 from 59.8% in FY2025.
  • · Loss on debt extinguishment surged to $59.6M in FY2026 from $3.0M in FY2025, a 1,886% increase.
  • · Change in fair value of warrant liability swung from a $45.3M loss in FY2025 to an $11.3M gain in FY2026.
  • · Restructuring charges nearly doubled to $8.1M in FY2026 from $4.1M in FY2025.
  • · General and administrative expenses were cut by 31% to $43.9M, and R&D expenses were reduced by 25% to $23.5M.
Cluster Group Holdings Ltd Co 10-Q materiality 6/10

25-06-2026

Yellowstone Group Ltd. 10-K mixed materiality 8/10

25-06-2026

Yellowstone Group Ltd. reported revenue of $40,667 for FY2026, a significant increase from $6,500 in FY2025, driven by an initial public offering that raised $36,000. However, net loss widened to $10,827 from $2,820, and operating expenses surged to $51,494 from $9,320, resulting in a negative operating margin. The company ended the year with $56,936 in cash, up from $8,455, but accumulated deficit grew to $13,647.

  • · Net loss per share improved from $(0.0014) in FY2025 to $(0.0005) in FY2026, despite the larger net loss, due to a higher share count.
  • · The company had no revenue in FY2024 (inception year) and was formed on July 8, 2024.
  • · Depreciation expense increased to $2,011 in FY2026 from $775 in FY2025.
  • · Accounts payable remained flat at $8,500 year-over-year.
  • · The company had $3,333 in advances from customers as of March 31, 2026, compared to $0 in the prior year.
  • · Amounts due to a related party increased to $7,534 from $5,455.
  • · Net cash provided by operating activities was $10,981 in FY2026, up from $6,455 in FY2025.
  • · The company paid no income taxes or interest in either period.
FULLER H B CO 10-Q positive materiality 8/10

25-06-2026

H.B. Fuller reported strong Q2 FY2026 results with net revenue of $950.3M, up 5.8% YoY from $898.1M, and net income attributable to the company surging 62.1% to $67.8M from $41.8M. Diluted EPS improved to $1.23 from $0.76. However, operating cash flow was negative in the quarter and the company continued aggressive share repurchases ($48.8M in H1), while gross margin improved to 33.6% from 31.9%.

  • · Gross margin improved to 33.6% in Q2 FY2026 from 31.9% in Q2 FY2025.
  • · SG&A expenses increased 8.6% YoY in Q2, outpacing revenue growth.
  • · Interest expense decreased 6.0% YoY to $32.8M in Q2.
  • · Income tax expense decreased 21.8% YoY to $25.6M in Q2, boosting net income.
  • · Capital expenditures nearly doubled to $104.4M in H1 FY2026 from $64.5M in H1 FY2025.
  • · The company repurchased $48.8M of common stock in H1 FY2026, compared to $60.7M in the prior year period.
  • · Dividends paid increased to $26.0M in H1 FY2026 from $24.9M in H1 FY2025.
  • · Accounts receivable increased $53.9M and inventory increased $51.3M in H1 FY2026, consuming cash.
  • · Goodwill increased to $1.69B from $1.68B, primarily due to foreign currency translation.
  • · Other comprehensive loss improved to $39.5M gain in H1 FY2026 from $60.9M gain in H1 FY2025, driven by foreign currency translation and net investment hedges.
Anterix Inc. 10-K mixed materiality 8/10

25-06-2026

Anterix Inc. reported a net income of $90.6M for FY2026, reversing a net loss of $11.4M in FY2025, driven by significant gains from the exchange and sale of intangible assets. While spectrum revenue grew 7.8% to $6.5M, operating expenses decreased 10.4% to $52.7M. Cash from operations turned positive at $5.5M compared to a $29.3M use of cash in the prior year, and total cash and cash equivalents more than doubled to $98.5M.

  • · Gain on exchange of intangible assets, net increased to $105.4M in FY2026 from $22.8M in FY2025.
  • · Gain on sale of intangible assets, net increased to $34.8M in FY2026 from $18.3M in FY2025.
  • · Interest income decreased to $1.6M in FY2026 from $2.2M in FY2025.
  • · Severance and other related charges rose to $4.6M in FY2026 from $3.8M in FY2025.
  • · Deferred revenue (current portion) increased to $14.5M at March 31, 2026 from $6.1M a year earlier.
  • · Accumulated deficit improved to $(302.3M) from $(391.9M).
  • · Total assets increased 39.7% to $465.2M from $333.1M.
  • · Common stock repurchases in FY2026 were $1.0M vs $8.4M in FY2025.
TECHPRECISION CORP 10-K mixed materiality 8/10

25-06-2026

TECHPRECISION CORP (TPCS) filed its 10-K for fiscal year ended March 31, 2026, reporting consolidated revenue of $31.6M, down 7% from $34.0M in FY2025. The operating loss narrowed 51% to $1.1M from $2.2M, driven by improved gross margins (16% vs 13%) and lower SG&A. However, revenue declines were broad-based: Ranor fell 7% to $16.9M, Stadco fell 4% to $15.3M, and key customers like Customer E (-38%) and Customer A (-38%) saw steep drops.

  • · Defense segment accounted for 99% of revenue in both FY2026 ($31.2M) and FY2025 ($33.6M); Precision Industrial was 1% ($0.4M each year).
  • · Customer concentration: Customer E fell from 22% to 15% of revenue; Customer A from 17% to 11%; Customer B and Customer F dropped below 10% disclosure threshold in FY2026.
  • · Ranor gross margin improved to 37% (20% of revenue) from 31% (16% of revenue) in FY2025.
  • · Stadco remained gross-profit-negative at -$1.3M (negative 4% margin) in both years.
  • · Interest expense was $0.4M in both years; debt issue cost amortization fell 32% to $70K.
  • · The filing warns that debt service obligations require a substantial portion of operating cash flow, reducing funds for operations, capex, and growth.
WINNEBAGO INDUSTRIES INC 10-Q mixed materiality 8/10

25-06-2026

Winnebago Industries reported mixed Q3 FY2026 results, with net revenues of $698.7M (down 9.9% YoY) and net income of $14.5M (down 17.6% YoY). The Towable RV segment saw revenue decline 26.1% to $274.7M, while Motorhome RV revenue grew 10.1% to $320.7M, and Marine revenue fell 8.2% to $92.4M. For the nine months, revenues rose 1.9% to $2,058.8M, with net income increasing 106.7% to $24.8M, supported by lower interest expense and tight cost management.

  • · Towable RV operating income fell 46.1% to $16.0M (from $29.7M) and Motorhome RV turned profitable at $9.6M vs. a loss of $3.2M year-over-year.
  • · Marine segment operating income declined 43.6% to $5.3M (from $9.4M).
  • · Long-term debt was reduced by $97.6M (from $540.5M to $442.9M) during the first nine months of FY2026.
  • · Cash flow from operations improved to $26.2M inflow (vs. $(52.5)M outflow in the prior-year nine-month period).
  • · Dividend declared of $0.70 per share in Q3 FY2026, up from $0.68 per share in Q3 FY2025.

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