LINDSAY CORP
For the period ended Aug 31, 2025. Filed Oct 23, 2025.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Oct 23, 2025
LNN$106.33-0.5%Stored close · as of Nov 6, 2026
What changed in Risk Factors?
Read the current filingPrevious report: 10-K
Period ended 2024-08-31; filed 2024-10-24.
0000950170-24-117056
Item 1A. Risk FactorsCurrent report: 10-K
Period ended 2025-08-31; filed 2025-10-23.
0001193125-25-248751
Item 1A. Risk FactorsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 28 previous paragraphs and 29 current paragraphs.
26 unchanged; 2 reworded; 1 added; 0 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (1)
Current report
The Company’s revenues can be highly dependent on a limited number of key customers and projects. From time to time, the Company enters into large agreements, sometimes covering multiple years, with key customers, which can result in a significant concentration of revenues tied to such customers and/or certain geographies and projects. For example, in fiscal 2024, the Company entered into a multi-year supply agreement valued at more than $100 million to provide Zimmatic irrigation systems and FieldNET remote management and scheduling technology for a key customer’s project in the MENA region, with deliveries scheduled to continue in fiscal 2026. While securing and delivering on commitments of this magnitude demonstrates the competitiveness of the Company’s solutions and the Company’s ability to execute large-scale and complex projects, the Company’s dependence on a limited number of key customers or projects could adversely affect the Company’s results if any such customer or project owner (i) reduces, delays, or cancels orders; (ii) experiences financial difficulties or changes in funding priorities, (iii) alters project scope or timing due to regulatory, geopolitical, or economic factors, or (iv) chooses to pursue alternative suppliers or technologies. Any concentration of the Company’s customer base may also enable key customers to demand pricing and other terms unfavorable to the Company, which could negatively affect the Company’s gross margin and profitability. Opportunities in the MENA region and other geographies in which key customers or projects are located can also be particularly susceptible to disruption from changing socioeconomic conditions as well as terrorism, sanctions, war, outbreaks and similar incidents. If revenues from a key customer or project are not realized as expected or if a large project is not subsequently followed by another similarly sized opportunity, the Company’s financial performance could be negatively affected. Further, the concentration of resources and management attention on developing and strengthening relationships with key customers and on securing and delivering significant projects may divert resources from other opportunities, which could also have an adverse effect on the Company’s reputation, business, financial condition and results of operations.
Reworded paragraphs (2)
Previous wording
In order to be eligible for government funding or reimbursement, the Company’s infrastructure products are generally required to meet certain standards as outlined by the various governments worldwide. The Federal Highway Administration (“FHWA”) and state departments of transportation have implemented Manual for Assessing Safety Hardware (“MASH”) standards which update and supersede National Cooperative Highway Research Program (“NCHRP”) Report 350 standards for evaluating new road safety hardware devices. While infrastructure products previously accepted under NCHRP Report 350 criteria are not required to be retested under MASH standards, they generally are no longer eligible for federal reimbursement as the MASH standards have been implemented by FHWA and the states. The Company has incurred, and will continue to incur, research and development and testing expense to develop products to comply with MASH standards. Any reevaluation of the Company’s infrastructure products’ compliance with applicable standards, the implementation of new standards, and/or any delay in the Company’s development of additional infrastructure products that comply with new standards could have a significant adverse effect on the Company’s competitive position and on sales and profitability from its infrastructure product line.
Current wording
In order to be eligible for government funding or reimbursement, the Company’s infrastructure products are generally required to meet certain standards as outlined by the various governments worldwide. The FHWA and state departments of transportation have implemented MASH standards which update and supersede NCHRP Report 350 standards for evaluating new road safety hardware devices. While infrastructure products previously accepted under NCHRP Report 350 criteria are not required to be retested under MASH standards, they generally are no longer eligible for federal reimbursement as the MASH standards have been implemented by FHWA and the states. The Company has incurred, and will continue to incur, research and development and testing expense to develop products to comply with MASH standards. Any reevaluation of the Company’s infrastructure products’ compliance with applicable standards, the implementation of new standards, and/or any delay in the Company’s development of additional infrastructure products that comply with new standards could have a significant adverse effect on the Company’s competitive position and on sales and profitability from its infrastructure product line.
Previous wording
The Company’s infrastructure products are installed along roadways in inherently dangerous applications. Accidents involving the Company’s infrastructure products could reduce demand for such products and expose the Company to significant damages and reputational harm. The Company is currently defending a number of product liability lawsuits involving the Company’s X-Lite® end terminal. Further, while the U.S. Department of Justice, Civil Division, and the U.S. Attorney’s Office for the Northern District of New York successfully obtained the 2023 dismissal of a federal civil False Claims Act lawsuit filed against the Company by an individual relator after the United States conducted a yearslong investigation of the Company’s X-Lite end terminal and determined that the individual relator’s allegations “lack[ed] merit” and did “not warrant the continued expenditure of resources to pursue or monitor the action,” the same individual relator has subsequently filed a pending state-level lawsuit in Tennessee in which he makes substantially similar allegations under the Tennessee Fraud Against Taxpayers Act. While the Company’s infrastructure products are designed to meet all applicable standards in effect in the markets in which such products are offered, the risk of product liability claims, demands for reimbursement or compensatory payments, and associated adverse publicity is inherent in the development, manufacturing, marketing, and sale of such products, including end terminals and crash cushions that are ultimately installed along roadways. In addition to this inherent risk, a sizable False Claims Act judgment against a competitor (which was reversed on appeal) brought significant attention to the infrastructure products industry and may be a factor leading to additional lawsuits, demands, and investigations being pursued against the Company and others in the industry.
Current wording
The Company’s infrastructure products are installed along roadways in inherently dangerous applications. Accidents involving the Company’s infrastructure products could reduce demand for such products and expose the Company to significant damages and reputational harm. The Company is currently defending a number of product liability lawsuits involving the Company’s X-Lite® end terminal. Further, while the U.S. Department of Justice, Civil Division, and the U.S. Attorney’s Office for the Northern District of New York successfully obtained the 2023 dismissal of a federal civil False Claims Act lawsuit filed against the Company by an individual relator after the United States conducted a yearslong investigation of the Company’s X-Lite end terminal and determined that the individual relator’s allegations “lack[ed] merit” and did “not warrant the continued expenditure of resources to pursue or monitor the action,” the same individual relator has subsequently filed a limited number of state-level lawsuits in which he makes substantially similar allegations under state false claims or fraud laws as more fully described in Note 15, Commitments and Contingencies, to the Company's consolidated financial statements. While the Company’s infrastructure products are designed to meet all applicable standards in effect in the markets in which such products are offered, the risk of product liability claims, demands for reimbursement or compensatory payments, and associated adverse publicity is inherent in the development, manufacturing, marketing, and sale of such products, including end terminals and crash cushions that are ultimately installed along roadways. In addition to this inherent risk, a sizable False Claims Act judgment against a competitor (which was reversed on appeal) brought significant attention to the infrastructure products industry and may be a factor leading to additional lawsuits, demands, and investigations being pursued against the Company and others in the industry.