US Earnings Financial Results SEC Filings — June 26, 2026

Financial Results & Earnings

By Gunpowder Editorial ·

30 high priority 30 total filings analysed

Executive Summary

This digest of 30 regulatory filings reveals a bifurcated market where operational improvements for established companies (e.g., Kroger, Korn Ferry) are overshadowed by deepening distress among smaller entities (ZRCN, Beyond Air, VIDA Global) and a cascade of near-zero-materiality Nissan auto trust filings.

Period-over-period comparisons show a clear divergence: revenue growth in select industrials (Kewaunee +17.2%, Kinetic Seas +5,000%) contrasts with severe declines at Emerson Radio (-41.5%) and Limitless X (-69%). The most critical developments are for companies on the brink of collapse (NaturalShrimp in liquidation) or in cash-burning growth phases (VIDA, Beyond Air). A recurring pattern of Wilmington Trust litigation introduces latent reputational risk across multiple Nissan securitizations but carries no immediate financial impact. The portfolio-level theme is one of fragility: rapid revenue growth is rarely translating to profitability, margin compression is prevalent even among winners, and insider trading data is notably absent across all 30 filings, removing a key confidence gauge. The first 11 newly published filings, including Kewaunee's margin squeeze despite top-line gains and ZRCN's rapid liquidity deterioration, demand immediate investor attention.

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

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

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

Investment Signals (9)

  • Q1 FY2026 sales up 2.2% YoY to $46.1B, with EPS rising 13.2% to $1.46 vs $1.29, driven by 6.4% operating profit growth, but operating cash flow fell 17.5% to $1.8B, signaling potential working capital strain

  • Fiscal 2026 fee revenue grew 6.5% to $2.9B with net income up 12.7% to $277M, while Adjusted EBITDA margin improved to 17.1% from 17.0%, showing steady profitability gains in a consulting sector facing headwinds

  • Annual net sales surged 17.2% to $282M and total liabilities decreased 20.9% to $101.5M, yet net earnings fell 15.6% and operating margin compressed from 7.4% to 5.9%, revealing cost structure challenges [BULLISH/BEARISH]

  • Q2 FY2026 revenue grew 5.3% to $6.7B, six-month net income rose 62.2% to $801M, and the company initiated dividends ($0.15/sh) and share buybacks ($381M) for the first time, signaling robust free cash flow and shareholder return commitment

  • Q1 2026 product sales surged to $519,750 from $0 YoY, pushing total revenue to $545,645 from $10,708, but a $1.6M loss on debt extinguishment drove a $1.4M net loss, highlighting the high cost of a turnaround [BULLISH/BEARISH]

  • Revenue jumped 107% to $7.7M on its sole FDA-approved product and net loss improved 29% to $34.3M, but cost of revenues outpaced gross profit and a cumulative deficit of $319.6M signals a distant path to cash-flow positivity [BULLISH/BEARISH]

  • Q1 2026 revenue increased 758% to $306k, but net loss more than doubled to $1.1M as operating expenses surged 170% and unrealized Bitcoin losses hit $225k, indicating growth is destroying shareholder value

  • Fiscal 2026 net loss improved slightly to $4.3M from $4.73M, but revenues plunged 41.5% to $6.31M as audio product sales collapsed 68.3%, and short-term investments fell by 79% to $3.14M, depleting the balance sheet

  • ZRCN INC. (BEARISH)

    Q3 FY2025 net income swung to a $629k loss from a $645k profit YoY, gross profit declined 30%, and cash deteriorated sharply to just $40k from $1.4M six months prior, indicating a liquidity crisis

Risk Flags (9)

  • Company transitioned to liquidation basis accounting with net liabilities of $8.9M, all fixed assets transferred to creditors in May 2025, and cash is just $12,239; effectively winded down

  • Cash dropped to $40k from $1.4M in six months, accounts receivable ballooned to $11.1M from $6.1M, and total liabilities rose to $21.8M; inventory obsolescence impairment of $373k further pressures margins

  • Cash decreased 41.4% to $1.36M from $2.32M at year-start, while net loss more than doubled to $1.1M on a revenue base of just $306k; no path to positive cash flow from operations

  • Revenue down 41.5% YoY and short-term investments plunged 79%, while the company continues to post operating losses; audio product sales fell 68.3% with no diversification plan visible

  • Revenue fell 69% YoY to just $77k while stockholders' deficit stands at $7.0M; the company provided a $400k loan despite its own cash constraints

  • Working capital deficit of $5M and accumulated deficit of $7.9M; as a SPAC with no business combination announced, continued losses threaten viability

  • Total liabilities more than doubled to $86.9M, driven by $12.5M in convertible notes and $9.4M line of credit while revenue fell 16% and the company swung to an $8.7M net loss

  • Wilmington Trust Litigation (Nissan Securitizations) [MEDIUM RISK]

    A civil lawsuit filed in Feb 2026 against the owner trustee for roles in Tricolor Holdings securitizations creates reputational risk across at least 6 Nissan trusts (2025-B, 2024-B, 2025-A, 2024-A, 2022-B); potential for expanded liability if the dispute broadens

  • Each quarterly revenue comparison shows decline in FY2026 vs FY2025, with total revenue falling 14.4% and net income dropping 73.3%; the AFJROTC contract maturation suggests further downside

Opportunities (7)

  • Adjusted EBITDA margin improved to 17.1% and net income rose 12.7%, while Executive Search (+9.2%) and Professional Search & Interim (+11.4%) segments show strong demand; low debt ($400M due in 1-3 years) and a $13.9M lease gain enhance balance sheet flexibility

  • After years of zero returns, company initiated dividends ($0.15/sh) and $381M in buybacks; six-month cash flow from operations of $3.9B provides strong coverage; the DLC unification simplifies the corporate structure, potentially unlocking valuation

  • Revenue up 17.2% and liabilities down 21% from seller note repayment, yet stock likely mispriced due to earnings drop; if operating margin expansion occurs, EPS could revert to $3.83+ levels

  • In a volatile environment, Q1 FY2026 EPS grew 13.2% to $1.46 on modest 2.2% revenue growth; stable grocery business with strong operating margins and $2.9B cash; a safe haven for consumer staples investors

  • Revenue doubled (107% to $7.7M) with net loss narrowing 29%; if the single approved product gains market share and operating expenses continue to decline, the company could approach cash-flow breakeven within 12-18 months, potentially rewarding risk-tolerant investors

  • Product sales went from $0 to $519,750, demonstrating successful commercialization; if debt extinguishment costs are one-time, Q2 could show a significantly narrower loss and a path to profitability; high risk but high reward

  • Despite a 16% revenue decline, new advertising tech ($7.9M) and media services ($3.7M) grew from $0, partially offsetting legacy declines; assets grew 80% to $130.3M from acquisitions; if integration succeeds, a recovery is possible

Sector Themes (6)

  • Consumer Discretionary Divergence (THEME)

    Carnival (+5.3% revenue) is thriving with new shareholder returns, while PCS Edventures! (-14.4%) and Emerson Radio (-41.5%) see demand destruction, indicating a split between experiences and traditional goods

  • Industrial/Technology Revenue Growth vs Margin Compression (THEME)

    Kewaunee (+17.2% sales but -150 bps operating margin), Korn Ferry (+6.5% fee revenue but Consulting segment margin dip), and VIDA (+758% revenue but operating margin deeply negative) show that top-line growth is not translating to profitability, suggesting cost inflation or aggressive reinvestment

  • Securitization Quiet Compliance, Trustee Litigation (THEME)

    8 Nissan auto trusts filed near-blank 10-Ks with no material noncompliance, but 5 disclose the same Wilmington Trust lawsuit (Tricolor Holdings), introducing a common latent reputational/legal risk across the sector tied to the trustee

  • SPAC Sector Remains in Dormant/Struggling Phase (THEME)

    Hudson Acquisition I (working capital deficit $5M), Peace Acquisition Corp (shareholders' equity now negative at -$22.8k), and Iron Dome I (no cash, no revenue) all report ongoing losses and depleted financial positions, with no business combinations announced

  • Cash-Positive Companies Are the Exception, Not the Rule (THEME)

    Only Kroger ($2.9B cash) and Carnival ($3.9B operating cash flow) show strong liquidity. Others like Emerson (cash increased but investments fell 79% to fund operations), ZRCN (cash $40k), and NaturalShrimp (cash $12k) are in precariously weak positions, underscoring a 'flight to quality' environment

  • Absence of Insider Trading Data (THEME)

    Across all 30 filings, no insider trading activity was reported, signaling that either insiders are not permitted to trade (e.g., due to blackout periods, or in SPACs) or that activity was immaterial. This deprives investors of a key sentiment indicator at a time when it would be most valuable

Watch List (7)

  • Cash balance of just $40k with accounts receivable of $11.1M suggests imminent liquidity crisis; if the company fails to collect receivables or secure financing, bankruptcy risk is high within 30 days

  • Unrealized losses of $225k on Bitcoin holdings add volatility to the P&L; with cash declining 41% in one quarter, a further Bitcoin drop could force the company to sell at a loss

  • First dividends and buybacks initiated; Q3 2026 earnings call will be critical to see if cash flow can sustain these returns; any guidance cut would be a major negative catalyst

  • Total liabilities doubled to $86.9M while revenue fell 16%; upcoming interest payments on $12.5M convertible notes could strain cash; next quarterly report will reveal if new revenue streams (ad tech, media services) can cover the debt load

  • Kewanee Scientific Corp/Operating Margin Reversal (WATCH)
    👁

    Operating margin compressed to 5.9% from 7.4%; if management addresses cost structure and margins revert toward 7%+ in Q1 FY2027, the stock could re-rate; next quarterly filing in late August 2026 will be key

  • The $27.8M non-cash loss on Preferred C to Preferred D conversion signals a dilutive event; watch for further conversions that could wipe out remaining equity value

  • Wilmington Trust Lawsuit (Nissan Securitizations) (WATCH)
    👁

    A resolution or broadening of the Tricolor Holdings lawsuit could affect investor confidence in future Nissan auto securitizations; any settlement above $10M would set an industry precedent for owner trustee liability

Filing Analyses (30)
Macquarie Infrastructure Fund, L.P. 10-K mixed materiality 7/10

26-06-2026

Macquarie Infrastructure Fund, L.P. filed its annual report (10-K) for the period since incorporation (June 20, 2025) through March 31, 2026. The fund's lead entity, MIF Cayman, L.P., generated a strong net increase in net assets of approximately $95.1M on total net assets of $894.8M, driven by $92.1M of unrealized gains on investments. However, at the Fund level, operational startup costs led to a net investment loss of $4.6M and a net decrease in net assets of $3.4M. The fund raised $139.4M in capital contributions during the period, partially offset by distributions of $3.0M, and held total net assets of $7.1M.

  • · Fund Level net investment loss was $4,595,351 for the period June 20, 2025 to March 31, 2026.
  • · Fund Level net realized loss on investments/derivatives/foreign currency was $77,319.
  • · Fund Level organizational expenses and offering costs payable totaled $3,803,154.
  • · MIF Cayman net investment income was $5,967,280 for the period October 31, 2025 to March 31, 2026.
  • · MIF Cayman net realized gain on investments and foreign currency translation was $21,253.
  • · MIF Cayman net change in unrealized loss on translation of assets and liabilities in foreign currencies was ($3,025,415).
  • · MIF Cayman net cash used in operating activities was ($132,629,972), primarily from purchases of investments ($138,995,335).
  • · Macquarie Infrastructure Fund L.P. was incorporated on June 20, 2025; MIF Cayman commenced operations on October 31, 2025.
Nissan Auto Receivables 2025-B Owner Trust 10-K neutral materiality 3/10

26-06-2026

Nissan Auto Receivables 2025-B Owner Trust filed its annual report (10-K) for the fiscal year ended March 31, 2026. The report indicates no material instances of noncompliance with servicing criteria by the servicer or indenture trustee. However, the owner trustee, Wilmington Trust, National Association, is facing a civil lawsuit from certain investors related to its roles in other securitization transactions, which could pose reputational risk.

  • · The trust has no securities registered under Section 12(b) or 12(g) of the Exchange Act.
  • · The trust is a non-accelerated filer and not a shell company.
  • · A civil complaint was filed on February 3, 2026 against Wilmington Trust, National Association for unspecified damages related to its roles as custodian and indenture trustee for Tricolor Holdings asset-backed securitizations.
  • · The servicer and indenture trustee each provided assessment reports and attestation reports with no material noncompliance identified.
  • · The servicer provided a compliance statement for the reporting period.
Hudson Acquisition I Corp. 10-Q mixed materiality 5/10

26-06-2026

Hudson Acquisition I Corp. reported a net loss of $86,519 for Q1 2026, significantly improved from a net loss of $282,614 in Q1 2025, driven by a 71% reduction in general and administrative expenses. However, the company continues to operate with a working capital deficit of $5,047,155 and an accumulated deficit of $7,932,991. Cash and cash equivalents increased slightly to $348,164, while total liabilities rose to $8,132,005.

  • · Working capital deficit of $5,047,155 as of March 31, 2026 (current liabilities $5,400,319 minus current assets $353,164).
  • · Net cash used in operating activities improved to $27,576 in Q1 2026 from $73,632 in Q1 2025.
  • · No cash withdrawn from Trust Account in Q1 2026, compared to $42,467 in Q1 2025.
  • · Proceeds from related party notes payable were $29,129 in Q1 2026, down from $73,632 in Q1 2025.
  • · Basic and diluted net loss per share improved to $(0.04) in Q1 2026 from $(0.15) in Q1 2025.
  • · Income tax payable increased to $939,000 as of March 31, 2026 from $937,000 as of December 31, 2025.
  • · Excise tax payable remained unchanged at $725,989.
  • · Franchise tax payable remained unchanged at $200,000.
  • · Right-of-use assets decreased to $31,904 from $36,814.
  • · Short-term lease liabilities increased slightly to $13,744 from $13,605.
  • · Long-term lease liabilities decreased to $8,626 from $12,115.
KROGER CO 10-Q mixed materiality 8/10

26-06-2026

Kroger reported Q1 FY2026 sales of $46,121M, up 2.2% YoY from $45,118M, and net earnings attributable to Kroger of $903M ($1.46 per diluted share) versus $866M ($1.29 per diluted share) in the prior year quarter. Operating profit increased 6.4% to $1,407M, but operating cash flow declined 17.5% to $1,774M from $2,149M, and the company ended the quarter with $2,873M in cash, down from $3,334M at year-start.

  • · Merchandise costs (including advertising, warehousing, transportation) increased to $35,493M from $34,551M, a 2.7% YoY rise.
  • · Depreciation and amortization decreased to $989M from $1,051M, down 5.9% YoY.
  • · Net interest expense increased to $209M from $199M, up 5.0% YoY.
  • · Income tax expense rose to $273M from $235M, up 16.2% YoY, with an effective tax rate of 23.2% vs 21.3%.
  • · Capital investments (excluding lease buyouts) totaled $1,450M in Q1 FY2026, up 22.6% from $1,183M in Q1 FY2025.
  • · Treasury stock purchases were $213M in Q1 FY2026 vs $181M in Q1 FY2025.
  • · Dividends paid increased to $215M from $211M; dividend per share declared rose to $0.35 from $0.32.
  • · FIFO inventory increased to $9,883M from $9,445M at year-start, while LIFO reserve widened to $2,605M from $2,553M.
  • · Total debt (excluding finance leases) decreased to $15,378M from $15,875M at year-start.
  • · Share count reduction: basic shares outstanding fell 7.1% YoY from 660M to 613M.
EMERSON RADIO CORP 10-K mixed materiality 7/10

26-06-2026

Emerson Radio Corp reported a net loss of $4.3 million for fiscal 2026, improving from a $4.73 million loss in fiscal 2025. However, net revenues plunged 41.5% to $6.31 million from $10.79 million, driven by a 68.3% drop in audio product sales and a 21.6% decline in houseware product sales. The company also reported an operating loss of $4.87 million, down from a $5.62 million loss, and total assets decreased to $18.64 million from $23.53 million.

  • · Inventory declined to $4.13M from $4.91M, a decrease of 15.9%.
  • · Short-term investments fell sharply to $3.14M from $14.87M.
  • · Cash and cash equivalents increased significantly to $9.19M from $1.19M.
  • · Accounts receivable decreased to $1.29M from $1.50M.
  • · Total liabilities decreased to $1.44M from $2.04M.
  • · Shareholders' equity decreased to $17.19M from $21.49M.
  • · Accumulated deficit widened to $33.24M from $28.94M.
  • · The company highlighted inventory management risks in risk factors.
Iron Dome Acquisition I Corp. 10-Q neutral materiality 3/10

26-06-2026

Iron Dome Acquisition I Corp. filed its 10-Q for the quarter ended March 31, 2026. The SPAC is still in its early stages, reporting no revenue, net loss of $0, and no cash on hand at quarter end. Total deferred offering costs increased by approximately 58% to $1.1M, while total shareholder's equity grew 13% to $400,672. The sponsor surrendered 1,916,666 Class B shares in May 2026, and the underwriter partially exercised the over-allotment for 700,000 units after the quarter end.

KORN FERRY 10-K mixed materiality 8/10

26-06-2026

Korn Ferry's fiscal 2026 10-K shows total fee revenue grew 6.5% to $2,907M, driven by strong Executive Search (+9.2%) and Professional Search & Interim (+11.4%) segments, while the Digital segment remained nearly flat. Net income attributable to Korn Ferry rose 12.7% to $277.4M, and Adjusted EBITDA margin improved to 17.1% from 17.0%, though Consulting margin dipped slightly. The company also booked a $13.9M gain on office lease modification.

  • · Long-term debt of $400M is due in 1–3 years (no current portion).
  • · Total contractual obligations amount to $714.9M, with $63.3M due within one year.
  • · Operating lease commitments total $246.3M, with $92.2M due beyond 5 years.
  • · The company recorded no restructuring charges in FY 2026 vs. $1.9M in FY 2025.
  • · A $13.9M gain on modification of office lease was recognized in FY 2026.
  • · Integration/acquisition costs dropped to $4.4M from $8.8M in FY 2025.
  • · Latin America Executive Search fee revenue declined 2.8% YoY to $28.0M.
  • · Digital segment fee revenue was essentially flat at $363.5M for both FY 2026 and FY 2025.
Peace Acquisition Corp. 10-Q negative materiality 3/10

26-06-2026

Peace Acquisition Corp. filed its 10-Q for the quarter ended March 31, 2026, reporting a net loss of $56,387 compared to no prior-period data. Total assets decreased slightly to $243,507 from $243,930, while total liabilities rose to $266,320 from $210,356, pushing shareholders' equity from a positive $33,574 to a deficit of ($22,813). The company remains a pre-revenue SPAC with minimal cash ($1,025) and no operating income.

  • · Prepaid expenses decreased to $22,946 from $23,928.
  • · Deferred offering costs increased to $219,536 from $218,986.
  • · Accrued offering costs and expenses dropped sharply to $1,800 from $31,968.
  • · Due to related parties rose to $254,520 from $168,388.
  • · Net cash used in operating activities was $82,574.
  • · Net cash provided by financing activities was $82,583, primarily from related-party advances of $86,133.
  • · No revenue was generated; the company is still in its formation stage.
VIDA Global Inc. 10-Q mixed materiality 8/10

26-06-2026

VIDA Global Inc. reported Q1 2026 revenue of $306,032, an increase of approximately 758% from $35,663 in Q1 2025, but the net loss more than doubled to $1,112,244 from $522,033, driven by surging operating expenses (up 170% to $1,192,920) and unrealized losses on bitcoin of $225,356. Cash decreased to $1,358,556 from $2,317,771 at year-end 2025, and the accumulated deficit widened to $5,699,089 from $4,586,845, signaling that rapid revenue growth has not yet translated to profitability or improved cash position.

  • · Net loss per share attributable to common stockholders: basic and diluted -$0.25 for Q1 2026 vs -$0.16 for Q1 2025.
  • · Total current assets $2,098,755 vs $2,752,855 at December 31, 2025, a decrease of 23.8%.
  • · Total current liabilities $424,264 vs $321,596 at December 31, 2025, an increase of 31.9%.
  • · Stock-based compensation was $170,424 for Q1 2026 vs $121,381 for Q1 2025, an increase of 40.4%.
  • · Restricted stock awards of 657,808 shares were issued to directors in Q1 2026.
  • · Accounts receivable decreased to $76,038 from $101,667 at Dec 31, 2025.
  • · Deferred revenue $28,542 vs $29,440 at Dec 31, 2025, essentially flat.
  • · The company is a 'controlled company' because founders beneficially own more than 50% of voting power.
  • · A material weakness in internal control over financial reporting has been identified and not yet remediated.
  • · The company is an emerging growth company and a smaller reporting company.
KEWAUNEE SCIENTIFIC CORP /DE/ 10-K mixed materiality 8/10

26-06-2026

Kewaunee Scientific Corp's annual net sales grew 17.2% to $281,999,000 for fiscal 2026 (ended April 30, 2026), driven by strong revenue growth. However, net earnings attributable to the company declined 15.6% to $9,618,000 (from $11,405,000), and operating earnings slipped 5.9% to $16,715,000 (from $17,759,000), reflecting increased operating expenses. Total assets decreased to $178,311,000 from $194,654,000, and cash and cash equivalents fell to $9,950,000 from $14,942,000.

  • · Diluted EPS fell to $3.22 in 2026 from $3.83 in 2025.
  • · Gross profit margin improved slightly (gross profit of $80,440,000 vs. $68,857,000) but operating margin declined from 7.4% to 5.9%.
  • · Total liabilities decreased significantly to $101,499,000 from $128,409,000, partly due to repayment of seller notes ($23,000,000).
  • · Cash used in financing activities was $19,326,000 versus cash provided of $7,411,000 in the prior year, driven by debt repayments.
  • · The company recorded $2,126,000 in stock-based compensation expense in 2026, up from $1,441,000.
  • · No acquisitions were made in 2026, compared to $28,735,000 used to purchase a business in 2025.
Limitless X Holdings Inc. 10-Q mixed materiality 8/10

26-06-2026

Limitless X Holdings Inc. (LIMX) reported a net loss of $28.9M for Q1 2026, an improvement from the $34.6M loss in Q1 2025, driven by a $27.8M non-cash loss from conversion of Preferred C to Preferred D. Revenue fell sharply by 69% to $77,570 from $251,936 in the prior-year quarter, while gross profit declined 44% to $75,679. However, operating expenses were significantly reduced by 72% to $1.2M, primarily due to lower salaries and compensation. Cash increased to $183,844 from $7,169 at year-end 2025, but the company remains in a stockholders' deficit of $7.0M.

  • · Net loss per share improved to ($1.61) from ($2.68) in Q1 2025.
  • · Cash used in operating activities was $660,882 in Q1 2026, compared to $759,635 in Q1 2025.
  • · The company provided a $400,000 loan receivable during Q1 2026.
  • · Total liabilities increased 60.6% to $7.2M from $4.5M at year-end 2025.
  • · Stockholders' deficit widened to $7.0M from $6.0M at December 31, 2025.
  • · The company recorded a $27.8M non-cash loss from conversion of Preferred C to Preferred D stock.
  • · Vendor accounts payable of $1,583,000 were converted to 15,830 shares of Class C Preferred Stock.
  • · The company entered into a $500,000 loan agreement with a shareholder on March 21, 2025, issuing 10,000 Preferred D shares valued at $250,000.
  • · Net cash provided by financing activities was $1.3M in Q1 2026, up from $745,577 in Q1 2025.
  • · The company had no cash paid for interest or income taxes in either period.
NaturalShrimp Inc 10-Q negative materiality 9/10

26-06-2026

NaturalShrimp Inc (SHMP) filed its 10-Q for the nine months ended December 31, 2024, reporting a net loss of $6.3M and negative cash flows from operations of $2.1M. However, the company has transitioned to liquidation basis accounting as of December 31, 2025, with net liabilities in liquidation of $8.9M, up from $8.8M at March 31, 2025. All fixed assets and intangibles ($35.8M) were transferred to creditors in May 2025, and cash has dwindled to just $12,239, indicating the company is effectively winding down.

  • · Total operating expenses for the nine months ended Dec 31, 2024 were $5,288,027, far exceeding net revenue of $45,781.
  • · Cash used in operating activities for the nine months ended Dec 31, 2024 was $2,112,033.
  • · Cash provided by financing activities was $1,899,777, primarily from promissory notes and stock sales.
  • · As of Dec 31, 2025, approximately $3.0 million of the $8.9 million in outstanding liabilities were to related parties.
  • · No additional costs expected to be incurred through the end of liquidation were accrued as of Dec 31, 2025.
  • · The company reported a loss per share of $(0.01) for the nine months ended Dec 31, 2024.
Cineverse Corp. 10-K mixed materiality 9/10

26-06-2026

Cineverse Corp. reported a 16% decline in total revenue to $65.7M for the fiscal year ended March 31, 2026, driven by a 67% drop in base distribution revenue and a 10% decline in streaming and digital revenue. The company swung to a net loss of $8.7M from a net profit of $3.8M in the prior year, and Adjusted EBITDA turned negative at ($3.4M) versus $13.9M. However, new advertising technology and services revenue of $7.9M and media services revenue of $3.7M partially offset the declines, and total assets grew 80% to $130.3M, largely from acquisitions.

  • · Advertising technology and services revenue of $7.9M and media services revenue of $3.7M were new revenue streams in FY2026, with no comparable revenue in FY2025.
  • · Selling, General and Administrative expenses surged 56% to $43.3M, driven by a 4665% increase in marketing expenses to $7.2M and an 83% rise in corporate expenses to $6.1M.
  • · Total liabilities more than doubled to $86.9M from $34.7M, including new convertible notes payable of $12.5M, earnout consideration of $11.3M, and a line of credit of $9.4M.
  • · The company recorded a gain on bargain purchase of $4.3M and acquisition-related costs of $1.4M in FY2026.
  • · Net cash used in investing activities was $14.3M, compared to $0.6M in the prior year, reflecting acquisition spending.
  • · Financing activities provided $30.2M in cash, versus a use of $8.0M in FY2025.
  • · Accounts receivable more than doubled to $38.6M from $15.8M, with the allowance for credit losses increasing to $0.6M from $0.3M.
  • · Content advances (current and non-current) totaled $15.7M, up from $10.8M.
  • · The company had an accumulated deficit of $510.1M as of March 31, 2026.
  • · Total equity increased to $43.4M from $37.8M, despite the net loss, due to additional paid-in capital and share issuances.
CARNIVAL CORP 10-Q mixed materiality 9/10

26-06-2026

Carnival Corp reported mixed Q2 FY2026 results: Revenue increased 5.3% to $6,663M, but net income fell 5.1% to $539M from $568M in the same quarter last year. For the six-month period, net income rose 62.2% to $801M, driven by strong operating cash flow of $3,893M. The company also initiated dividends ($0.15 per share) and share repurchases ($381M) for the first time, while completing a DLC unification share exchange that reduced additional paid-in capital by $2,225M.

  • · Six-month revenue grew 5.7% to $12,828M from $12,139M.
  • · Net income for Q2 declined to $539M from $568M, a $29M drop.
  • · Six-month comprehensive income attributable to Carnival rose 22.0% to $864M from $708M.
  • · Customer deposits (a proxy for future bookings) surged 23.8% to $8,457M from $6,831M at year end.
  • · Current portion of long-term debt decreased 43.5% to $1,471M from $2,603M, reducing near-term refinancing risk.
  • · Total debt net of issuance costs fell 6.6% to $24,889M from $26,640M.
  • · Cash and cash equivalents increased 16.3% to $2,243M from $1,928M at year end.
  • · The company paid $414M in dividends and $381M in share repurchases during the first six months of 2026, returning capital to shareholders.
  • · The DLC unification share exchange eliminated all Carnival plc ordinary shares outstanding (217 million shares) and reduced additional paid-in capital by $2,225M while decreasing treasury stock by $2,563M.
  • · Goodwill remained unchanged at $579M.
  • · Other comprehensive income swung from a gain of $233M in Q2 2025 to a loss of $3M in Q2 2026, mainly due to foreign currency translation adjustments.
  • · Total debt principal payments due in the remainder of 2026 amount to $745M, with $2,523M due in 2027.
  • · Convertible Notes due December 2025 with a 5.75% coupon were fully repaid or converted (balance went to $0 from $1,131M).
  • · Operating lease right-of-use assets decreased 5.1% to $1,260M from $1,328M.
Kinetic Seas Inc. 10-Q mixed materiality 8/10

26-06-2026

Kinetic Seas Inc. (KSEZ) reported a net loss of $1,375,608 for Q1 2026, widening from a $223,891 loss in Q1 2025, driven by a $1,602,602 loss on debt extinguishment. Revenue surged to $545,645 from $10,708, fueled by new product sales of $519,750 and consulting revenue of $25,895, while operating expenses rose to $363,246 from $204,352. Cash increased to $205,667 from $7,767, but the company's accumulated deficit deepened to $7,625,755 and stockholders' deficit expanded to $1,643,141.

  • · Product sales of $519,750 were entirely new in Q1 2026 (none in Q1 2025).
  • · Consulting revenue declined 61.8% to $25,895 from $67,871.
  • · Gross margin improved to $545,645 from $10,708, but cost of sales consulting labor dropped to $0 from $57,162.
  • · Selling, general and administrative expenses rose 155.6% to $210,813 from $82,490.
  • · Professional fees surged to $133,027 from $5,422 (up 2,354%).
  • · Payroll and benefits fell 83.3% to $19,405 from $116,440.
  • · Investment income of $98,296 was new in Q1 2026.
  • · Interest expense increased 77.5% to $53,702 from $30,247.
  • · Deferred revenue (current) remained flat at $2,079,000.
  • · Deferred revenue (noncurrent) decreased 6.5% to $7,449,750 from $7,969,500.
  • · Notes payable increased 91.3% to $602,564 from $315,000.
  • · Notes payable related parties were eliminated (from $239,957 to $0).
  • · Total assets decreased 17.9% to $8,707,552 from $10,608,843.
  • · Total liabilities decreased 5.6% to $10,350,693 from $10,959,453.
  • · Net cash used in operating activities was $254,064 in Q1 2026 vs $90,423 in Q1 2025.
  • · Proceeds from notes payable were $451,964 in Q1 2026 vs $65,750 in Q1 2025.
  • · Basic and diluted loss per share was $(0.03) vs $(0.01) in the prior year.
PCS Edventures!, Inc. 10-K negative materiality 8/10

26-06-2026

PCS Edventures! reported a decline in revenue for fiscal year 2026, with total revenue of $6.35M, down 14.4% from $7.42M in FY2025. Net income fell sharply to $0.25M from $0.95M, a 73.3% decrease. The company attributed the decline to lower reseller revenue, reduced Catapult orders, and a maturing AFJROTC contract. However, gross profit margin improved to 60.5% from 59.8%, and operating expenses increased 9.8%.

  • · Quarterly revenue for the quarter ended March 31, 2025 was $1,292,819, down from $2,262,772 in the same quarter of 2024.
  • · Quarterly revenue for the quarter ended June 30, 2025 was $2,423,309, down from $3,159,923 in the same quarter of 2024.
  • · Quarterly revenue for the quarter ended September 30, 2025 was $1,529,503, down from $2,267,338 in the same quarter of 2024.
  • · Quarterly revenue for the quarter ended December 31, 2025 was $754,889, up from $701,147 in the same quarter of 2024.
  • · The company had 11 customer relationships with revenue exceeding $100,000 in FY2026, down from 16 in FY2025.
  • · No customer relationships exceeded $500,000 in revenue in FY2026, compared to 2 in FY2025.
  • · The change in Presidential administration created significant changes in the education market, disrupting funding and decision-making.
  • · The company repurchased 73,868 shares of treasury stock during FY2026.
  • · Deferred tax asset decreased slightly to $2,222,414 from $2,276,861.
  • · Lease liability (current portion) increased to $227,718 from $110,024.
Nissan Auto Lease Trust 2024-B 10-K neutral materiality 3/10

26-06-2026

Nissan Auto Lease Trust 2024-B filed its annual report (10-K) for the fiscal year ended March 31, 2026. The filing indicates no material instances of noncompliance with servicing criteria by the Servicer or Indenture Trustee. However, the owner trustee, Wilmington Trust, NA, is facing a civil lawsuit from certain investors related to its roles in other securitization transactions, which may pose reputational risk.

  • · The filing omits Items 1, 1A, 1C, 2, 3, 5, 6, 7, 7A, 8, 9, 9A, 10, 11, 12, 13, and 14 per General Instruction J(1).
  • · No securities are registered under Section 12(b) or 12(g) of the Act.
  • · The registrant is a non-accelerated filer and not a shell company.
  • · The Servicer and Indenture Trustee each provided assessment reports with no material noncompliance.
  • · A civil complaint was filed on February 3, 2026 against Wilmington Trust, NA for alleged breaches related to Tricolor Holdings securitizations.
Nissan Auto Lease Trust 2025-A 10-K neutral materiality 5/10

26-06-2026

Nissan Auto Lease Trust 2025-A filed its annual report (Form 10-K) for the fiscal year ended March 31, 2026. The filing indicates that no material instances of noncompliance with servicing criteria were identified by the servicing parties. However, the owner trustee, Wilmington Trust, National Association, disclosed a civil complaint filed in February 2026 by certain investors for alleged breaches of contract and duties related to its roles in separate Tricolor Holdings securitization transactions, though it intends to vigorously defend itself.

  • · The trust has not registered any securities under Section 12(b) of the Act.
  • · The servicer, Nissan Motor Acceptance Company LLC, and the indenture trustee each provided assessment reports with no material noncompliance identified.
  • · The registrant (Nissan Auto Lease Trust 2025-A) has not sent any annual report, proxy statement, or other soliciting material to security holders.
  • · The filing includes certifications and compliance statements from the servicer and indenture trustee.
Nissan Auto Lease Trust 2024-A 10-K neutral materiality 3/10

26-06-2026

Nissan Auto Lease Trust 2024-A filed its annual report (Form 10-K) for the fiscal year ended March 31, 2026. The filing indicates no material instances of noncompliance with servicing criteria by the servicer (Nissan Motor Acceptance Company LLC) or the indenture trustee (U.S. Bank Trust Company, National Association). However, the owner trustee, Wilmington Trust, National Association, disclosed a civil complaint filed in February 2026 related to alleged breaches of contract and duties in separate asset-backed securitization transactions, which introduces legal uncertainty.

  • · The filing omits Items 1, 1A, 1C, 2, 3, 5, 6, 7, 7A, 8, 9, 9A, 10, 11, 12, 13, and 14 in accordance with General Instructions J(1) to Form 10-K.
  • · No securities are registered under Section 12(b) or 12(g) of the Exchange Act.
  • · The registrant is a non-accelerated filer and not a shell company.
  • · The servicer and indenture trustee each provided a Servicing Assessment Report and an Attestation Report, with no material instances of noncompliance identified.
  • · The servicer provided a Compliance Statement signed by an authorized officer.
  • · The registrant does not plan to send any annual report, proxy statement, or other soliciting material to security holders.
Nissan Auto Lease Trust 2025-B 10-K neutral materiality 3/10

26-06-2026

Nissan Auto Lease Trust 2025-B filed its annual report (Form 10-K) on June 26, 2026. The filing includes standard sections such as Management's Discussion and Analysis, Financial Statements, and Risk Factors, with no material changes in accountants or unresolved staff comments. No mine safety disclosures or other reportable items were noted.

  • · The filing is an annual report (10-K) for the period ending presumably in 2026.
  • · No changes in or disagreements with accountants on accounting and financial disclosure.
  • · No unresolved staff comments from the SEC.
  • · No mine safety disclosures required (not applicable).
Nissan Auto Receivables 2024-A Owner Trust 10-K neutral materiality 1/10

26-06-2026

This is the annual report (Form 10-K) for Nissan Auto Receivables 2024-A Owner Trust, filed on June 26, 2026. The filing primarily contains standard sections required by the SEC, including market information, management discussion, financial statements, and risk factors. No material specific financial results or significant corporate events were disclosed beyond the routine periodic reporting requirements.

  • · No mine safety disclosures to report (Item 4).
  • · No unresolved staff comments (Item 1B).
  • · No other information to report (Item 9B).
Nissan Auto Receivables 2022-A Owner Trust 10-K neutral materiality 1/10

26-06-2026

Nissan Auto Receivables 2022-A Owner Trust filed its Form 10-K annual report for the period ended June 26, 2026. The filing includes standard sections covering business, risk factors, cybersecurity, legal proceedings, market for equity, management discussion, and financial statements. The registrant reported no items under Other Information, Unresolved Staff Comments, or Mine Safety Disclosures.

  • · The filing includes items 9B and 9C with 'Nothing to report'.
  • · Item 1B (Unresolved Staff Comments) and Item 4 (Mine Safety Disclosures) also report 'Nothing to report'.
Nissan Auto Receivables 2022-B Owner Trust 10-K neutral materiality 3/10

26-06-2026

Nissan Auto Receivables 2022-B Owner Trust filed its annual report (10-K) for the fiscal year ended March 31, 2026. The filing indicates no material instances of noncompliance with servicing criteria by the servicer or indenture trustee. However, the owner trustee, Wilmington Trust, is facing a civil lawsuit for unspecified damages related to alleged breaches in other securitization transactions, which may pose reputational risk.

  • · The trust has no securities registered under Section 12(b) or 12(g) of the Exchange Act.
  • · The registrant is a non-accelerated filer and not a shell company.
  • · The servicer and indenture trustee each provided assessment reports with no material noncompliance.
  • · Wilmington Trust was served with a civil complaint on February 3, 2026, in New York Supreme Court for alleged breaches related to Tricolor Holdings securitizations.
Nissan Auto Lease Trust 2026-A 10-K neutral materiality 3/10

26-06-2026

Nissan Auto Lease Trust 2026-A filed its annual report (Form 10-K) on June 26, 2026. The filing includes standard sections on business, risk factors, cybersecurity, properties, and legal proceedings, with no unresolved staff comments and no mine safety disclosures to report. No specific financial performance data is presented in the filing.

  • · The filing includes Items 1 (Business), 1A (Risk Factors), 1C (Cybersecurity), 2 (Properties), and 3 (Legal Proceedings).
  • · Item 1B (Unresolved Staff Comments) and Item 4 (Mine Safety Disclosures) have nothing to report.
  • · Exhibits filed in response to Item 601 of Regulation S-K are listed in Item 15(b).
Nissan Auto Receivables 2024-B Owner Trust 10-K neutral materiality 1/10

26-06-2026

Nissan Auto Receivables 2024-B Owner Trust filed its annual report (Form 10-K) on June 26, 2026, covering the fiscal year ended March 31, 2026. The filing includes standard disclosures on market risk, financial statements, and internal controls, with no material changes in accounting disagreements or unresolved staff comments. No mine safety disclosures or other special items were reported.

  • · Filing date: June 26, 2026
  • · Fiscal year ended: March 31, 2026
  • · No unresolved staff comments reported
  • · No mine safety disclosures applicable
  • · No changes in or disagreements with accountants
Nissan Auto Receivables 2023-B Owner Trust 10-K neutral materiality 2/10

26-06-2026

Nissan Auto Receivables 2023-B Owner Trust filed its annual report (10-K) on June 26, 2026, covering the period through the end of fiscal 2025-2026. The filing is largely administrative, with routine disclosures on business, risk factors, cybersecurity, properties, and legal proceedings. No unresolved staff comments or mine safety disclosures were reported.

  • · Item 1A (Risk Factors), Item 1C (Cybersecurity), Item 2 (Properties), and Item 3 (Legal Proceedings) were included with standard disclosures.
  • · No unresolved staff comments were reported (Item 1B).
  • · No mine safety disclosures were made (Item 4).
Nissan Auto Receivables 2023-A Owner Trust 10-K neutral materiality 2/10

26-06-2026

Nissan Auto Receivables 2023-A Owner Trust filed its Form 10-K annual report for the fiscal year ended March 31, 2026. The filing includes standard sections such as risk factors, financial statements, and management discussion, but notes no material changes in controls or unresolved SEC comments. No financial figures or performance comparisons are disclosed in this excerpt.

  • · No mine safety disclosures required.
  • · No other information to report under Item 9B.
  • · No unresolved staff comments.
  • · Standard items include Risk Factors (Item 1A), Cybersecurity (Item 1C), Legal Proceedings (Item 3), and Financial Statements (Item 8).
Nissan Auto Receivables 2025-A Owner Trust 10-K neutral materiality 1/10

26-06-2026

Nissan Auto Receivables 2025-A Owner Trust filed its Form 10-K annual report on June 26, 2026. The filing indicates that all substantive items in Parts I, II, III, and IV have been omitted in accordance with General Instructions J(1) to Form 10-K, with no reportable items for Unresolved Staff Comments, Mine Safety Disclosures, Other Information, or Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. The trust reported no financial data, risk factors, management discussion, or financial statements in this filing.

  • · All substantive items in Parts I, II, III, and IV were omitted per General Instructions J(1) to Form 10-K.
  • · No financial statements, management discussion, risk factors, or other operational data were provided.
  • · No exhibits or financial statement schedules were filed.
ZRCN Inc. 10-Q negative materiality 8/10

26-06-2026

ZRCN Inc. reported a net loss attributable to common stockholders of $629,000 for Q3 FY2025, a sharp reversal from net income of $645,000 in the prior-year quarter, driven by a 30% decline in gross profit to $2.8M. While total net sales edged up 0.7% to $9.4M, cost of sales grew 23.5%, and operating income swung to a loss of $510,000 from a profit of $444,000. The company's cash position deteriorated to just $40,000 as of September 30, 2025, down from $1.4M six months earlier, and total liabilities increased to $21.8M, raising liquidity concerns.

  • · Revenue by product line for Q3: Stud sensor edge $6.6M (flat +2.6% YoY), Multifunctional scanners $1.1M (+17.9% YoY), Stud sensor center $1.2M (flat +0.1% YoY), Target control products $213K (-56.2% YoY), Other $270K (+1.9% YoY).
  • · Inventory obsolescence impairment of $373K for the six months ended September 30, 2025, down from $531K in the prior period.
  • · Accounts receivable increased to $11.1M from $6.1M at March 31, 2025, while inventory decreased to $10.6M from $12.5M.
  • · Accumulated deficit grew to $6.98M from $4.30M at March 31, 2025.
  • · Net cash used in operating activities was $1.45M for the six months, compared to $517K in the prior year period.
  • · The company had a line of credit of $8.9M and notes payable of $667K as of September 30, 2025.
  • · Basic and diluted net loss per share was $(0.06) for Q3 2025 vs. $0.06 income per share in Q3 2024.
  • · Weighted average basic shares outstanding increased to 10,355,549 from 10,048,726 year-over-year.
Beyond Air, Inc. 10-K mixed materiality 8/10

26-06-2026

Beyond Air, Inc. filed its 10-K for the fiscal year ended March 31, 2026, reporting a 107% jump in revenue to $7.7M, driven by its only FDA/CE-approved product. However, the company remains deeply unprofitable, posting a net loss of $34.3M (down 29% from the prior year's $48.5M loss), and carries a cumulative deficit of $319.6M. While operating expenses fell sharply, the company faces intense competition, relies heavily on a single approved product, and expects to need additional funding before reaching profitability.

  • · The company's cost of revenues rose to $7.4M in FY 2026 from $5.4M in FY 2025, outpacing gross profit improvement.
  • · Interest and finance expense increased to $3.5M in FY 2026 from $3.0M in FY 2025.
  • · A change in fair value of derivative liability swung to a loss of $1.4M in FY 2026 versus a gain of $1.3M in FY 2025.
  • · The company's loan agreement restricts creating additional indebtedness, paying dividends, and selling assets.
  • · The company warns that competitors may have substantially greater financial, technical and marketing resources.
  • · The company expects losses to decline in fiscal 2027 and 2028 but does not guarantee profitability.

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