Madison Square Garden Sports Corp.

Previous wording

This Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In this MD&A, there are statements concerning the future operating and future financial performance of Madison Square Garden Sports Corp. and its direct and indirect subsidiaries (collectively, “we,” “us,” “our,” “MSG Sports,” or the “Company”), including stated annual local media rights fees for the fiscal year ending June 30, 2026. Words such as “expects,” “anticipates,” “believes,” “estimates,” “may,” “will,” “should,” “could,” “potential,” “continue,” “intends,” “plans,” and similar words and terms used in the discussion of future operating and future financial performance identify forward-looking statements. Investors are cautioned that such forward-looking statements are not guarantees of future performance, results or events and involve risks and uncertainties and that actual results or developments may differ materially from the forward-looking statements as a result of various factors. Factors that may cause such differences to occur include, but are not limited to:

Current wording

This Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In this MD&A, there are statements concerning the future operating and future financial performance of Madison Square Garden Sports Corp. and its direct and indirect subsidiaries (collectively, “we,” “us,” “our,” “MSG Sports,” or the “Company”), including stated annual local media rights fees for the fiscal year ending June 30, 2026 and the potential spin-off the Company’s New York Rangers (“Rangers”) business (the “Rangers Distribution”). See Note 1 to the consolidated financial statements included in “Part I — Item 1. Financial Statements” of this Quarterly Report on Form 10-Q for further discussion of the Rangers Distribution. Words such as “expects,” “anticipates,” “believes,” “estimates,” “may,” “will,” “should,” “could,” “potential,” “continue,” “intends,” “plans,” and similar words and terms used in the discussion of future operating and future financial performance identify forward-looking statements. Investors are cautioned that such forward-looking statements are not guarantees of future performance, results or events and involve risks and uncertainties and that actual results or developments may differ materially from the forward-looking statements as a result of various factors. Factors that may cause such differences to occur include, but are not limited to:

Previous wording

•activities or other developments that discourage or may discourage congregation at prominent places of public assembly, including Madison Square Garden Arena (“The Garden”) where the home games of the New York Knickerbockers (the “Knicks”) and the New York Rangers (the “Rangers”) are played;

Current wording

•activities or other developments that discourage or may discourage congregation at prominent places of public assembly, including Madison Square Garden Arena (“The Garden”) where the home games of the New York Knickerbockers (the “Knicks”) and the Rangers are played;

Previous wording

•certain restrictions on transfer and ownership of our common stock related to our ownership of professional sports franchises in the NBA and NHL; and

Current wording

•certain restrictions on transfer and ownership of our common stock related to our ownership of professional sports franchises in the NBA and NHL;

Previous wording

Results of Operations. This section provides an analysis of our unaudited results of operations for the three and six months ended December 31, 2025 compared to the three and six months ended December 31, 2024.

Current wording

Results of Operations. This section provides an analysis of our unaudited results of operations for the three and nine months ended March 31, 2026 compared to the three and nine months ended March 31, 2025.

Previous wording

Liquidity and Capital Resources. This section focuses primarily on (i) the liquidity and capital resources of the Company, (ii) an analysis of the Company’s cash flows for the six months ended December 31, 2025 compared to the six months ended December 31, 2024, and (iii) certain contractual obligations.

Current wording

Liquidity and Capital Resources. This section focuses primarily on (i) the liquidity and capital resources of the Company, (ii) an analysis of the Company’s cash flows for the nine months ended March 31, 2026 compared to the nine months ended March 31, 2025, and (iii) certain contractual obligations.

Previous wording

The Company owns and operates a portfolio of assets featuring some of the most recognized teams in all of sports, including the Knicks of the NBA and the Rangers of the NHL. Both the Knicks and the Rangers play their home games at The Garden. The Company’s other professional sports franchises include two development league teams — the Hartford Wolf Pack of the American Hockey League and the Westchester Knicks of the NBA G League. The Company also operates a professional sports team performance center — the Madison Square Garden Training Center in Greenburgh, NY.

Current wording

The Company’s other professional sports franchises include two development league teams — the Hartford Wolf Pack of the American Hockey League and the Westchester Knicks of the NBA G League. The Company also operates a professional sports team performance center — the Madison Square Garden Training Center in Greenburgh, NY.

Previous wording

On June 27, 2025, the media rights agreements between subsidiaries of MSG Networks, on the one hand, and New York Knicks, LLC (“Knicks LLC”) and New York Rangers, LLC (“Rangers LLC”), on the other hand, were amended, as follows:

Current wording

On June 27, 2025, the local telecast rights agreements between subsidiaries of MSG Networks, on the one hand, and New York Knicks, LLC (“Knicks LLC”) and New York Rangers, LLC (“Rangers LLC”), on the other hand, were amended, as follows:

Previous wording

Concurrent with the amendments to the media rights agreements, MSG Networks issued penny warrants to the Company exercisable for 19.9% of the equity interests in MSG Networks.

Current wording

Concurrent with the amendments to the local telecast rights agreements, MSG Networks issued penny warrants to the Company exercisable for 19.9% of the equity interests in MSG Networks.

Previous wording

As a result of the amendments to the media rights agreements, media rights fees revenues for the three and six months ended December 31, 2025 have been recorded at the applicable reduced rate described above. The Company also expects to record media rights fees reflecting the reduced rates described above in future periods.

Current wording

As a result of the amendments to the local telecast rights agreements, local telecast rights fees revenues for the three and nine months ended March 31, 2026 and 2025 have been recorded at the applicable reduced rate described above. The Company also expects to record local telecast rights fees reflecting the reduced rates described above in future periods.

Previous wording

The Company’s operating results are impacted by the number of home games the Knicks and the Rangers play at The Garden during each quarter of the fiscal year. For the three and six months ended December 31, 2025, the Knicks and the Rangers played a combined four additional home games at The Garden during the current year periods as compared to the prior year periods. The Knicks played 20 games at The Garden during the three and six months ended December 31, 2025 as compared to 17 games during the prior year periods. The Rangers played 19 games at The Garden during the three months ended December 31, 2025 and 21 games at The Garden during the six months ended December 31, 2025 as compared to 18 and 20 games, respectively, during the prior year periods.

Current wording

The Company’s operating results are impacted by the number of home games the Knicks and the Rangers play at The Garden during each quarter of the fiscal year. For the three months ended March 31, 2026, the Knicks and the Rangers played a combined five fewer home games at The Garden during the current year period as compared to the prior year period. For the nine months ended March 31, 2026, the Knicks and the Rangers played a combined one fewer home game at The Garden during the current year period as compared to the prior year period. The Knicks played 19 games at The Garden during the three months ended March 31, 2026 and 39 games at The Garden during the nine months ended March 31, 2026 as compared to 23 and 40 games, respectively, during the prior year periods. As a result of the NBA Cup, the Knicks will play 43 pre/regular season home games at The Garden during the 25-26 season as compared to 44 pre/regular season home games during the 24-25 season. The Rangers played 19 games at The Garden during the three months ended March 31, 2026 and 40 games at The Garden during the nine months ended March 31, 2026 as compared to 20 and 40 games, respectively, during the prior year periods.

Previous wording

Comparison of the three and six months ended December 31, 2025 versus the three and six months ended December 31, 2024

Current wording

Comparison of the three and nine months ended March 31, 2026 versus the three and nine months ended March 31, 2025

Previous wording

Revenues increased $45,665, or 13%, to $403,424 for thethree months ended December 31, 2025 as compared to the prior year period. Revenues increased$31,812, or 8%, to $442,878 for the six months ended December 31, 2025 as compared to the prior year period.

Current wording

Revenues increased $8,002, or 2%, to $432,199 for thethree months ended March 31, 2026 as compared to the prior year period. Revenues increased$39,814, or 5%, to $875,077 for the nine months ended March 31, 2026 as compared to the prior year period.

Previous wording

The increases in revenues from league distributions for the three and six months ended December 31, 2025 were primarily due to increased rights fees under the NBA’s new national media rights agreements, which began with the 2025-26 NBA regular season, in the current year periods. In addition, for the six months ended December 31, 2025, the increase was partially offset by a decrease in certain league distributions unrelated to national media rights fees.

Current wording

The increases in revenues from league distributions for the three and nine months ended March 31, 2026 were primarily due to increased rights fees under the NBA’s new national media rights agreements, which began with the 2025-26 NBA regular season, as well as an incremental league distribution received from the NBA in the current year related to the impact of the NBA Cup on the Knicks' 2025-26 game schedule. In addition, for the nine months ended March 31, 2026, the increase was partially offset by a decrease in certain league distributions unrelated to national media rights fees.

Previous wording

The increases in suite revenues for the three and six months ended December 31, 2025 were primarily due to higher net sales of suite products and the Knicks and the Rangers playing a combined four additional home games at The Garden during the current year periods as compared to the prior year periods.

Current wording

The increase in suite revenues for the three months ended March 31, 2026 was primarily due to higher net sales of suite products, offset by the Knicks and the Rangers playing a combined five fewer home games at The Garden during the current year period as compared to the prior year period. The increase in suite revenues for the nine months ended March 31, 2026 was primarily due to higher net sales of suite products.

Previous wording

The decreases in revenues from local media rights fees for the three and six months ended December 31, 2025 were primarily due to reduced local media rights fees as a result of amendments to the Knicks’ and Rangers’ local media rights agreements with MSG Networks entered into in the fourth quarter of fiscal year 2025, and, to a lesser extent, a reduction in rights fees due to a decrease in the number of games exclusively available to MSG Networks during the current fiscal year as compared to the prior fiscal year. Stated annual local media rights fees, subject to adjustments in certain circumstances, including if the Company does not make available a minimum number of games in the year, after consideration of the media rights amendments are $139,237 for the fiscal year ending June 30, 2026 as compared to $162,939 in stated annual local media rights fees for the fiscal year ended June 30, 2025.

Current wording

The decrease in revenue from local media rights fees for the three months ended March 31, 2026 was primarily due to a reduction in local telecast rights fees due to a decrease in the number of games exclusively available to MSG Networks during the current fiscal year as compared to the prior fiscal year. The decrease in revenue from local media rights fees for the nine months ended March 31, 2026 was primarily due to reduced local telecast rights fees as a result of amendments to the Knicks’ and the Rangers’ local telecast rights agreements with MSG Networks entered into in the fourth quarter of fiscal year 2025, and a reduction in local telecast rights fees due to a decrease in the number of games exclusively available to MSG Networks during the current fiscal year as compared to the prior fiscal year. Stated annual local media rights fees, subject to adjustments in certain circumstances, including if the Company does not make available a minimum number of games in the year, after consideration of the local telecast rights amendments are $139,237 for the fiscal year ending June 30, 2026 as compared to $162,939 in stated annual local media rights fees for the fiscal year ended June 30, 2025.

Previous wording

The increases in pre/regular season food, beverage and merchandise sales for the three and six months ended December 31, 2025 were primarily due to higher online sales of merchandise, the Knicks and the Rangers playing a combined four additional home games at The Garden during the current year periods as compared to the prior year periods, and higher average per-game revenue. Merchandise sales for the three and six months ended December 31, 2025 included the positive impact of new Rangers’ jersey launches.

Current wording

The decrease in pre/regular season food, beverage and merchandise sales for the three months ended March 31, 2026 was primarily due to the Knicks and the Rangers playing a combined five fewer home games at The Garden during the current year period as compared to the prior year period, partially offset by higher average per-game revenue. The increase in pre/regular season food, beverage and merchandise sales for the nine months ended March 31, 2026 was primarily due to higher online sales of merchandise and higher average per-game revenue. Merchandise sales for the three and nine months ended March 31, 2026 included the positive impact of new Rangers’ jersey launches.

Previous wording

The increases in sponsorship and signage revenues for the three and six months ended December 31, 2025 were primarily due to higher net sales of existing sponsorship and signage inventory and the Knicks and the Rangers playing a combined four additional home games at The Garden during the current year periods as compared to the prior year periods.

Current wording

The decrease in sponsorship and signage revenues for the three months ended March 31, 2026 was primarily due to the Knicks and the Rangers playing a combined five fewer home games at The Garden during the current year period as compared to the prior year period, partially offset by higher net sales of existing sponsorship and signage inventory. The increase in sponsorship and signage revenues for the nine months ended March 31, 2026 was primarily due to higher net sales of existing sponsorship and signage inventory.

Previous wording

Direct operating expenses increased $35,636, or 13%, to $311,389 for thethree months ended December 31, 2025 as compared to the prior year period. Direct operating expenses increased$35,704, or 13%, for the six months ended December 31, 2025 as compared to the prior year period.

Current wording

Direct operating expenses increased $38,168, or 12%, to $354,503 for thethree months ended March 31, 2026 as compared to the prior year period. Direct operating expenses increased$73,872, or 12%, to$674,171 for the nine months ended March 31, 2026 as compared to the prior year period.

Previous wording

The increases in team personnel compensation for the three and six months ended December 31, 2025 were primarily due to changes in the Knicks and the Rangers rosters.

Current wording

The increases in team personnel compensation for the three and nine months ended March 31, 2026 were primarily due to changes in the Knicks and the Rangers rosters.

Previous wording

The increases in net provisions for league revenue sharing expense (net of escrow and excluding playoffs) and NBA luxury tax for the three and six months ended December 31, 2025 were primarily due to higher provisions for league revenue sharing expense (net of escrow and excluding playoffs) and higher NBA luxury tax expense. In addition, for the six months ended December 31, 2025, the increase was partially offset by the net impact of adjustments to prior seasons’ revenue sharing expense (net of escrow).

Current wording

The increases in net provisions for league revenue sharing expense (net of escrow and excluding playoffs) and NBA luxury tax for the three and nine months ended March 31, 2026 were primarily due to higher provisions for league revenue sharing expense (net of escrow and excluding playoffs) and higher NBA luxury tax expense, partially offset by the net impact of adjustments to prior seasons’ revenue sharing expense (net of escrow).

Previous wording

Net provisions for certain team personnel transactions were as follows:

Current wording

Net provisions (credits) for certain team personnel transactions were as follows:

Previous wording

Other team operating expenses primarily consist of expenses associated with day-to-day operations, including variable day-of-event costs incurred at The Garden, team travel, player insurance, and league assessments. The increases in other team operating expenses for the three and six months ended December 31, 2025 were primarily due to higher average per-game expenses and the Knicks and the Rangers playing a combined four additional home games at The Garden during the current year periods as compared to the prior year periods.

Current wording

Other team operating expenses primarily consist of expenses associated with day-to-day operations, including variable day-of-event costs incurred at The Garden, team travel, player insurance, and league assessments. The increases in other team operating expenses for the three and nine months ended March 31, 2026 were primarily due to higher average per-game expenses. In addition, for the three months ended March 31, 2026, the increase was partially offset by the Knicks and the Rangers playing a combined five fewer home games at The Garden during the current year period as compared to the prior year period.

Previous wording

The increases in operating lease costs associated with the Knicks and the Rangers playing home games at The Garden for the three and six months ended December 31, 2025 were a result of the Knicks and the Rangers playing a combined four additional home games at The Garden during the current year periods as compared to the prior year periods.

Current wording

The decrease in operating lease costs associated with the Knicks and the Rangers playing home games at The Garden for the three months ended March 31, 2026 was a result of the Knicks and the Rangers playing a combined five fewer home games at The Garden during the current year period as compared to the prior year period.

Previous wording

Recognition of operating lease costs is recorded on a straight-line basis over the term of the applicable agreement based upon the value of total future payments under the arrangement. Operating lease costs associated with the Knicks and the Rangers playing home games at The Garden includes operating lease costs of (i) $20,185 and $21,064 of expense paid in cash for the three and six months ended December 31, 2025, respectively, and $17,447 and $18,301 of expense paid in cash for the three and six months ended December 31, 2024, respectively, and (ii) a non-cash expense of $9,896 and $10,327 for the three and six months ended December 31, 2025, respectively, and $9,334 and $9,791 for the three and six months ended December 31, 2024, respectively.

Current wording

Recognition of operating lease costs is recorded on a straight-line basis over the term of the applicable agreement based upon the value of total future payments under the arrangement. Operating lease costs associated with the Knicks and the Rangers playing home games at The Garden includes (i) $20,185 and $41,249 of expense paid in cash for the three and nine months ended March 31, 2026, respectively, and $21,747 and $40,048 of expense paid in cash for the three and nine months ended March 31, 2025, respectively, and (ii) a non-cash expense of $9,896 and $20,223 for the three and nine months ended March 31, 2026, respectively, and $11,633 and $21,424 for the three and nine months ended March 31, 2025, respectively.

Previous wording

The increases in pre/regular season expense associated with merchandise sales for the three and six months ended December 31, 2025 were primarily due to higher online sales of merchandise, the Knicks and the Rangers playing a combined four additional home games at The Garden during the current year periods as compared to the prior year periods, and higher average per-game revenue.

Current wording

The decrease in pre/regular season expense associated with merchandise sales for the three months ended March 31, 2026 was primarily due to the Knicks and the Rangers playing a combined five fewer home games at The Garden during the current year period as compared to the prior year period, partially offset by higher average per-game revenue. The increase in pre/regular season expense associated with merchandise sales for the nine months ended March 31, 2026 was primarily due to higher online sales of merchandise and higher average per-game revenue. Merchandise sales for the three and nine months ended March 31, 2026 included the positive impact of new Rangers’ jersey launches.

Previous wording

Selling, general and administrative expenses for the three months ended December 31, 2025 increased $1,165, or 2%, to $69,065 as compared to the prior year period driven by (i) higher employee compensation and related benefits of $2,096, (ii) higher costs related to the Services Agreement of $1,424, (iii) higher sales and marketing costs of $1,227, and (iv) higher other general and administrative expenses, partially offset by the timing of lower operating lease costs of $2,240, and lower professional fees of $2,070.

Current wording

Selling, general and administrative expenses for the three months ended March 31, 2026 decreased $998, or 1%, to $73,699 as compared to the prior year period primarily driven by lower professional fees of $7,183 and lower other general and administrative expenses, partially offset by higher employee compensation and related benefits of $7,528, primarily due to executive management transition costs of $6,939 recognized in the current year period.

Previous wording

Selling, general and administrative expenses for the six months ended December 31, 2025 increased $6,367, or 5%, to $126,854 as compared to the prior year period driven by (i) higher employee compensation and related benefits of $3,103, (ii) higher costs related to the Services Agreement of $3,038, (iii) higher sales and marketing costs of $1,389, and (iv) higher other general and administrative expenses, partially offset by lower professional fees of $1,982.

Current wording

Selling, general and administrative expenses for the nine months ended March 31, 2026 increased $5,369, or 3%, to $200,553 as compared to the prior year period primarily driven by (i) higher employee compensation and related benefits of $10,632, including executive management transition costs of $6,939 recognized in the current year period, (ii) higher costs related to the Services Agreement of $2,523 and (iii) higher other general and administrative expenses. The increase was partially offset by lower professional fees of $9,167.

Previous wording

Operating income (loss) for the six months ended December 31, 2025 decreased $10,287 to an operating loss of $5,245 as compared to the prior year period driven by higher direct operating expenses and, to a lesser extent, higher selling, general and administrative expenses, partially offset by higher revenues.

Current wording

Operating income (loss) for the nine months ended March 31, 2026 reflected an operating loss of $3,282 and operating income (loss) for the nine months ended March 31, 2025 reflected operating income of $37,384. The decrease was primarily driven by higher direct operating expenses and, to a lesser extent, higher selling, general and administrative expenses, partially offset by higher revenues.

Previous wording

Interest income for the six months ended December 31, 2025 decreased $480, or 31%, to $1,074 as compared to the prior year period.

Current wording

Interest income for the nine months ended March 31, 2026 decreased $798, or 31%, to $1,807 as compared to the prior year period.

Previous wording

Interest expense for the three months ended December 31, 2025 increased $623, or 11%, to $6,210 as compared to the prior year period.

Current wording

Interest expense for the three months ended March 31, 2026 decreased $185, or 4%, to $4,835 as compared to the prior year period.

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Interest expense for the six months ended December 31, 2025 increased $159, or 1%, to $11,801 as compared to the prior year period.

Current wording

Interest expense for the nine months ended March 31, 2026 decreased $26 to $16,636 as compared to the prior year period.

Previous wording

Miscellaneous (expense) income, net for the three months ended December 31, 2025 and 2024 reflected net expense of $1,506 and $6,609, respectively. The decrease in miscellaneous (expense) income, net relates to changes in fair value in the Company’s investments.

Current wording

Miscellaneous (expense) income, net for the three months ended March 31, 2026 and 2025 reflected net expense of $11,155 and $5,743, respectively. The decrease in miscellaneous (expense) income, net relates to changes in fair value in the Company’s investments.

Previous wording

Miscellaneous (expense) income, net for the six months ended December 31, 2025 reflected net income of $13,579 and miscellaneous (expense) income, net for the six months ended December 31, 2024 reflected net expense of $7,735. The increase in miscellaneous (expense) income, net relates to changes in fair value in the Company’s investments.

Current wording

Miscellaneous (expense) income, net for the nine months ended March 31, 2026 reflected net income of $2,424 and miscellaneous (expense) income, net for the nine months ended March 31, 2025 reflected net expense of $13,478. The increase in miscellaneous (expense) income, net relates to changes in fair value in the Company’s investments.

Previous wording

Changes in tax regulations could limit the availability of tax benefits or deductions that the Company expects to claim or otherwise increase the taxes imposed on the Company’s operations. For example, to the extent the expansion of Section 162(m) of the U.S. Internal Revenue Code, which will become effective for the Company’s fiscal year ending June 30, 2028, reduces the amount of tax deductions available to us, our income tax expense would increase, which would reduce our net income. See “Item 1A. Risk Factors—Operational Risks—We Are Subject to Governmental Regulation, Which Can Change, and Any Failure to Comply With These Regulations May Have a Material Negative Effect on Our Business and Results of Operations” in our 2025 Form 10-K.

Current wording

Changes in tax regulations could limit the availability of tax benefits or deductions that the Company expects to claim or otherwise increase the taxes imposed on the Company’s operations. For example, to the extent the expansion of Section 162(m) of the U.S. Internal Revenue Code, which will become effective for the Company’s fiscal year ending June 30, 2028, reduces the amount of tax deductions available to us, our income tax expense would increase, which would reduce our net income, all of which could have a significant impact on our business and results of operations. See “Item 1A. Risk Factors—Operational Risks—We Are Subject to Governmental Regulation, Which Can Change, and Any Failure to Comply With These Regulations May Have a Material Negative Effect on Our Business and Results of Operations” in our 2025 Form 10-K.

Previous wording

The following are the reconciliations of operating income (loss) to adjusted operating income for the three and six months ended December 31, 2025 and 2024:

Current wording

The following are the reconciliations of operating income (loss) to adjusted operating income for the three and nine months ended March 31, 2026 and 2025:

Previous wording

For the six months ended December 31, 2025, adjusted operating income decreased $9,114, or 51%, to $8,867 as compared to the prior year period. The decrease in adjusted operating income was primarily due to higher direct operating expenses and, to a lesser extent, higher selling, general and administrative expenses, partially offset by higher revenues.

Current wording

For the three months ended March 31, 2026, adjusted operating income decreased $26,623, or 72%, to $10,308 as compared to the prior year period. The decrease in adjusted operating income was primarily due to higher direct operating expenses, partially offset by higher revenues and lower selling, general and administrative expenses.

Previous wording

For the three months ended December 31, 2025, adjusted operating income increased $9,435, or 47%, to $29,674 as compared to the prior year period. The increase in adjusted operating income was primarily due to higher revenues, partially offset by higher direct operating expenses.

Current wording

For the nine months ended March 31, 2026, adjusted operating income decreased $35,737, or 65%, to $19,175 as compared to the prior year period. The decrease in adjusted operating income was primarily due to higher direct operating expenses partially offset by higher revenues.

Previous wording

As of December 31, 2025, we had$81,302 in Cash and cash equivalents. In addition, as of December 31, 2025, the Company’s deferred revenue obligations were $205,141, net of billed, but not yet collected deferred revenue. This balance is primarily comprised of obligations in connection with tickets and suites.

Current wording

As of March 31, 2026, we had$107,039 in Cash and cash equivalents. In addition, as of March 31, 2026, the Company’s deferred revenue obligations were $78,250, net of billed, but not yet collected deferred revenue. This balance is primarily comprised of obligations in connection with tickets and suites.

Previous wording

We believe we have sufficient liquidity, including approximately $81,302 in Cash and cash equivalents as of December 31, 2025, along with $408,000 of additional available borrowing capacity under existing credit facilities (as of December 31, 2025), to fund our operations and satisfy any obligations for the foreseeable future.

Current wording

We believe we have sufficient liquidity, including approximately $107,039 in Cash and cash equivalents as of March 31, 2026, along with $433,000 of additional available borrowing capacity under existing credit facilities (as of March 31, 2026), to fund our operations and satisfy any obligations for the foreseeable future.

Previous wording

The following table summarizes the Company’s cash flow activities for the six months ended December 31, 2025 and 2024:

Current wording

The following table summarizes the Company’s cash flow activities for the nine months ended March 31, 2026 and 2025: