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VIRCO MFG CORPORATION

For the period ended Jan 31, 2025. Filed Apr 14, 2025.

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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 Apr 14, 2025

VIRC$6.20+3.9%Stored close · as of Nov 6, 2026
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)

For the fiscal year ended January 31, 2025

☐Transition Report Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934

For the transition period from to

Commission file number 1-8777

(Exact name of registrant as specified in its charter)

Delaware95-1613718
(State or other jurisdiction of incorporation or organization)(IRS Employer Identification No.)
2027 Harpers Way, Torrance, California90501
(Address of principal executive offices)(Zip Code)

Registrant’s telephone number, including area code (310)533-0474

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading SymbolName of each exchange on which registered:
Common Stock, $0.01 Par ValueVIRCThe NASDAQ Stock Market LLC

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the issuer is a well-known seasoned issuer as defined in Rule 405 of the Securities Act. Yes¨ No þ

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. Yes¨ No þ

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer☐Accelerated filer☑Non-accelerated filer☐Smaller reporting company☑
Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.¨

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-

based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.) Yes☐ Noþ

The aggregate market value of the voting and non-voting common stock held by non-affiliates of the registrant on July 31, 2024 (the last business day of the registrant’s second fiscal quarter in 2024), was approximately $244.0 million (based upon the closing price of the registrant’s common stock on such day, as reported by NASDAQ).

As of April 8, 2025, there were 16,087,082 shares of the registrant’s common stock ($0.01 par value) outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the Registrant’s definitive proxy statement for its 2025 Annual Meeting of Stockholders to be filed with the Securities and Exchange Commission are incorporated by reference into Part III of this Annual Report on Form 10-K as set forth herein.

TABLE OF CONTENTS

Page Numbers
PART I
Item 1. Business3
Item 1A. Risk Factors14
Item 1B. Unresolved Staff Comments22
Item 1C. Cybersecurity22
Item 2. Properties23
Item 3. Legal Proceedings24
Item 4. Mine Safety Disclosures24
PART II
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities25
Item 6. [Reserved]26
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations26
Item 7A. Quantitative and Qualitative Disclosures about Market Risk37
Item 8. Financial Statements and Supplementary Data38
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure66
Item 9A. Controls and Procedures66
Item 9B. Other Information67
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.68
PART III
Item 10. Directors, Executive Officers and Corporate Governance69
Item 11. Executive Compensation69
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters69
Item 13. Certain Relationships and Related Transactions, and Director Independence69
Item 14. Principal Accountant Fees and Services69
PART IV
Item 15. Exhibits and Financial Statement Schedules70
SIGNATURES72
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