American Outdoor Brands, Inc.
For the period ended Jul 31, 2026. Filed Sep 3, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jul 31, 2026 · Filed Sep 3, 2026
AOUT$17.31+0.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-01-31; filed 2026-03-12.
0001808997-26-000011
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-07-31; filed 2026-09-03.
0001808997-26-000046
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe 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 83 previous paragraphs and 62 current paragraphs.
29 unchanged; 18 reworded; 15 added; 25 removed; 11 previous and 0 current paragraphs rearranged.
Tables are not compared: 18 previous and 10 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 (15)
Current report
U.S. Tariff Developments
Current report
The current political and economic environment is dynamic and uncertain, as the current U.S. Administration has imposed tariffs such as Section 301 and Section 232 of the Trade Act, modified and paused tariffs, and granted exemptions from tariffs, on different countries and products multiple times recently.
Current report
In March 2026, the U.S. Court of International Trade ("CIT") issued an order directing U.S. Customs and Border Protection ("CBP") to process refunds of certain IEEPA tariffs. In April 2026, CBP released a new system to process IEEPA tariff refunds, allowing importers to submit refund claims. We believe it is probable that we will recover the IEEPA tariffs previously paid and have recognized IEEPA tariff refund receivables under the loss recovery accounting model. Accordingly, we recorded a receivable of $15.2 million as of April 30, 2026 and an additional receivable of $693,000 for new claims submitted during the three months ended July 31, 2026. As of July 31, 2026, we have received $14.2 million in cash related to these receivables and have a remaining receivable of $1.7 million, which was recorded in other current assets.
Current report
In addition, during the three months ended July 31, 2026, we recognized a net benefit of approximately $200,000 related to expected recoveries of previously paid IEEPA tariffs, which was recorded as a reduction of cost of goods sold, representing the expense for IEEPA tariffs on inventory sold to customers prior to April 30, 2026.
Current report
The ultimate timing and amount of recoveries for our outstanding receivables and potential future claims remain subject to review and processing by governmental authorities and could be affected by future legal, regulatory, or administrative developments. In addition, there continues to be uncertainty regarding existing and proposed tariff regimes, including the potential imposition, modification, suspension, or invalidation of tariffs under various statutory authorities. We continue to monitor tariff-related developments and assess their potential impact on its business, financial condition, and results of operations.
Current report
First Quarter Fiscal 2027 Highlights
Current report
•Net sales were $37.3 million, an increase of $7.6 million or 25.4%, from the comparable quarter last year.
Current report
•Gross margin was 53.0%, an increase of 630 basis points, over the comparable quarter last year.
Current report
Net sales in our shooting sports channel increased $2.1 million, or 15.3%, over the comparable quarter last year, primarily because of higher net sales of shotgun sports products within our shooting accessories category, which benefited from new product sales, partially offset by lower net sales of aiming solutions products within our personal protection category as a result of lower demand.
Current report
Net sales in our outdoor lifestyle channel increased $5.4 million, or 34.4%, over the comparable quarter last year, which reflected higher net sales of our hunting, fishing, rugged outdoor, and outdoor cooking categories, which also benefited from new product sales.
Current report
Gross margin for the three months ended July 31, 2026 increased 630 basis points over the comparable quarter last year, primarily because of new product sales that typically have higher gross margins, pricing actions mentioned above, favorable channel mix, and lower tariff expenses.
Current report
Operating Loss
Current report
Operating loss for the three months ended July 31, 2026 was $4.7 million lower as compared to the comparable quarter last year primarily from higher net sales volume and higher gross profit.
Current report
Net Loss
Current report
Cash used in financing activities was $706,000 for the three months ended July 31, 2026 which consisted of payments of employee withholding tax related to vested restricted stock units.
Removed paragraphs (25)
Previous report
On December 12, 2025, our Board of Directors approved a plan to divest our ust branded product line (the “Disposal Group”). The Disposal Group consists primarily of inventory and long-lived intangible assets associated with the brand. We expect to complete the divestiture within twelve months. The Disposal Group does not represent a strategic shift that will have a major effect on our operations or financial results.
Previous report
We concluded that the Disposal Group met the criteria for classification as held for sale under ASC 360-10 –Property, Plant, and Equipment during the three months ended January 31, 2026 and does not qualify as discontinued operations under ASC 205-20 –Presentation of Financial Statements. The results of the Disposal Group will continue to be reported within continuing operations.
Previous report
Third Quarter Fiscal 2026 Highlights
Previous report
•Net sales were $56.6 million, a decrease of $1.9 million or 3.3%, from the comparable quarter last year.
Previous report
•Gross margin was 41.0%, a decrease of 370 basis points, from the comparable quarter last year.
Previous report
•Net sales were $143 million, a decrease of $16.9 million or 10.5%, from the prior year comparable period.
Previous report
•Gross margin was 44.0%, a decrease of 210 basis points, from the prior year comparable period.
Previous report
•Net loss was $8.9 million, or $(0.70) per diluted share, compared with net income of $915,000, or $0.07 per diluted share, for the prior year comparable period.
Previous report
Net sales in our e-commerce channel decreased $1.3 million, or 4.6%, from the comparable quarter last year, primarily because of lower net sales to the world's largest online retailer. We believe this decline reflects their inventory management actions, which reduced net sales across most of our products.
Previous report
Net sales in our traditional channel decreased by $671,000, or 2.1%, compared to the same quarter last year, driven primarily by lower aiming solutions net sales in our shooting sports category, partially offset by increased hunting, fishing, and meat processing product net sales within our outdoor lifestyle category.
Previous report
Gross margin for the three months ended January 31, 2026 decreased 370 basis points from the comparable quarter last year, primarily because of recording additional reserves on slow-moving inventory, to record at net realizable value and to reallocate capital towards higher-return opportunities; increased depreciation expense; and higher inbound freight and tariff costs.
Previous report
For the nine months ended January 31, 2026, total net sales decreased $16.9 million, or 10.5%, from the prior year comparable period. We believe the decrease in net sales was primarily a result of certain customers in our traditional channel accelerating into our fourth fiscal quarter of 2025 orders that we had originally planned to receive in our first fiscal quarter of 2026, which we believe was due to the anticipated increased costs associated with tariffs imposed by the U.S. Administration starting in March and April of 2025. The decrease in net sales was partially offset by pricing actions taken on our products to mitigate the additional tariff costs.
Previous report
Net sales in our e-commerce channel decreased $10.9 million, or 16.1%, from the prior year comparable period, primarily because of lower net sales to the world's largest online retailer that resulted in lower net sales for the majority of our product categories.
Previous report
Net sales in our traditional channel decreased $6.0 million, or 6.5%, from the prior year comparable period, which we believe is from acceleration of orders into our fourth fiscal quarter of 2025, as mentioned above. Traditional channel net sales decreased primarily because of lower net sales of the majority of our product categories, partially offset by higher hunting and outdoor cooking product sales in our outdoor lifestyle category.
Previous report
Gross margin for the nine months ended January 31, 2026 decreased 210 basis points from the prior year comparable period, primarily because of higher promotional activity, including sales of slow-moving inventory at low margins; recording additional reserves on slow-moving inventory, to record at net realizable value and to reallocate capital towards higher-return opportunities; increased depreciation expense; and higher inbound freight and tariff costs.
Previous report
Total operating expenses of $71.8 million included a $3.4 million non-cash impairment charge during the nine months ended January 31, 2026 related to the write-down of the ust brand Disposal Group assets to estimated fair value less costs to sell. Total operating expenses, excluding this non-cash impairment charge, were $68.3 million, or $4.8 million lower than the prior year comparable period. Research and development expenses decreased $978,000 from the prior year comparable period, primarily from lower depreciation expense. Selling, marketing, and distribution expenses decreased $2.2 million from the prior year comparable period mainly because of lower sales-volume related expenses, including compensation-related expenses. General and administrative expenses decreased $1.7 million from the prior year comparable period, primarily because of lower variable compensation-related expenses and acquired intangible amortization expense, partially offset by higher public company costs.
Previous report
Operating Income/(Loss)
Previous report
The following table sets forth certain information regarding operating income for the three months ended January 31, 2026 and 2025 (dollars in thousands):
Previous report
The following table sets forth certain information regarding operating (loss)/income for the nine months ended January 31, 2026 and 2025 (dollars in thousands):
Previous report
We recorded an operating loss of $8.6 million for the nine months ended January 31, 2026 as compared to operating income of $799,000 in the prior year comparable period. The operating loss during the nine months ended January 31, 2026 is primarily because of lower net sales volume that resulted in $10.8 million of lower gross profit and a $3.4 million one-time non-cash impairment charge on assets held for sale, partially offset by $1.4 million of lower operating expenses.
Previous report
Net Income/(Loss)
Previous report
Net loss was $8.8 million, or $0.70 loss per diluted share, for the nine months ended January 31, 2026 compared with net income of $915,000, or $0.07 per diluted share, for the prior year comparable period. The net loss was primarily related to lower net sales volume and lower gross profit as well as a $3.4 million one-time non-cash impairment charge on assets held for sale during the nine months ended January 31, 2026 as compared to the nine months ended January 31, 2025.
Previous report
(a) On February 20, 2026, the United States Supreme Court issued a ruling striking down tariffs previously imposed under IEEPA, as mentioned above. Our non-GAAP Adjusted EBITDA for both the three and nine months ended January 31, 2026, included $1.7 million of costs related to these IEEPA tariffs as we began to expense those costs in our third quarter of fiscal 2026.
Previous report
During the three months ended January 31, 2026, we recorded a $3.5 million non-cash impairment charge related to the write-down of the Disposal Group assets to estimated fair value less costs to sell. The impairment charge was non-cash and did not impact our liquidity, cash flows from operations, or compliance with debt covenants. We expect the transaction to close within the next twelve months; however, the timing and ultimate proceeds remain subject to market conditions and buyer negotiations. Proceeds from the sale, if completed, are expected to be used for general corporate purposes.
Previous report
Cash used in financing activities was $5.4 million for the nine months ended January 31, 2026, primarily from $4.6 million used to repurchase 495,408 shares of our common stock.
Reworded paragraphs (18)
Previous wording
The following discussion and analysis of our financial condition and results of operations for the three and nine months ended January 31, 2026 and 2025 should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for fiscal year ended April 30, 2025. This discussion and analysis should also be read in conjunction with our unaudited condensed consolidated financial statements and the notes thereto included in Item 1 of this Quarterly Report on Form 10-Q.
Current wording
The following discussion and analysis of our financial condition and results of operations for the three months ended July 31, 2026 and 2025 should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for fiscal year ended April 30, 2026. This discussion and analysis should also be read in conjunction with our unaudited condensed consolidated financial statements and the notes thereto included in Item 1 of this Quarterly Report on Form 10-Q.
Previous wording
The following discussion and analysis includes references to net sales of our products in shooting sports and outdoor lifestyle categories. Our shooting sports category includes net sales of shooting accessories and our products used for personal protection. Our outdoor lifestyle category includes net sales of our products used in hunting, fishing, camping, rugged outdoor activities, and outdoor cooking.
Current wording
The following discussion and analysis includes references to net sales of our products in shooting sports and outdoor lifestyle categories. Our shooting sports category includes net sales of shooting accessories and our products used for personal protection. Our outdoor lifestyle category includes net sales of our products used for hunting, fishing, rugged outdoor activities, meat processing, and outdoor cooking.
Previous wording
In 2025, the U.S. Administration imposed a series of tariffs on nearly all U.S. trading partners pursuant to the International Emergency Economic Powers Act of 1977 (“IEEPA”). On February 20, 2026, the United States Supreme Court issued a ruling striking down tariffs previously imposed under IEEPA. The ultimate availability, timing, and amount of any potential refunds of such tariffs remain highly uncertain and could be subject to further legal, regulatory, and administrative developments. Following the Supreme Court’s decision, the U.S. Administration announced its intention to invoke other laws to collect tariffs and announced new tariffs on imports from nearly all countries, in addition to any existing non-IEEPA tariffs. There remains substantial uncertainty regarding the duration of existing and newly announced tariffs, potential changes or pauses to such tariffs, tariff levels, and whether further additional tariffs or other retaliatory actions may be imposed, modified, or suspended, and the impacts of such actions on our business. We continue to monitor and evaluate these developments and assess their potential impact on our business, financial condition, and results of operations.
Current wording
In 2025, the U.S. Administration imposed a series of tariffs on nearly all U.S. trading partners pursuant to the International Emergency Economic Powers Act of 1977 (“IEEPA”). On February 20, 2026, the United States Supreme Court issued a ruling striking down tariffs previously imposed under IEEPA. Immediately following the Supreme Court ruling, the U.S. government initiated new tariffs under Section 122 of the Trade Act ("Section 122 tariffs") which have been in effect since February 24, 2026. We continue to monitor and evaluate these developments and assess their potential impact on our business, financial condition, and results of operations.
Previous wording
•Net loss was $4.1 million, or ($0.33) per diluted share, compared with net income of $169,000, or $0.01 per diluted share, for the comparable quarter last year.
Current wording
•Net loss was $1.5 million, or $(0.12) per diluted share, compared with a net loss of $6.8 million, or $(0.54) per diluted share, for the comparable quarter last year.
Previous wording
•Non-GAAP Adjusted EBITDA was $3.3 million for the three months ended January 31, 2026 compared with $4.7 million for the three months ended January 31, 2025. See non-GAAP financial measure disclosures below for our reconciliation of non-GAAP Adjusted EBITDA.
Current wording
•Non-GAAP Adjusted EBITDA was $1.2 million for the three months ended July 31, 2026 compared with a loss of $3.1 million for the three months ended July 31, 2025. See non-GAAP financial measure disclosures below for our reconciliation of non-GAAP Adjusted EBITDA.
Previous wording
Our e-commerce channel include net sales from customers that do not traditionally operate physical brick-and-mortar stores, but generate the majority of their revenue from consumer purchases from their retail websites. Our e-commerce channel also include our direct-to-consumer sales. Our traditional channel include customers that primarily operate out of physical brick-and-mortar stores and generate the large majority of revenue from consumer purchases in their brick-and-mortar locations. We sell our products worldwide.
Current wording
Our e-commerce channels include net sales from customers that do not traditionally operate physical brick and mortar stores, but generate the majority of their revenue from consumer purchases from their retail websites. Our e-commerce channels also include our direct-to-consumer sales. Our traditional channels include customers that primarily operate out of physical brick-and-mortar stores and generate the large majority of revenue from consumer purchases in their brick-and-mortar locations. We sell our products worldwide.
Previous wording
For the three months ended January 31, 2026, total net sales decreased $1.9 million, or 3.3%, from the comparable quarter last year primarily from lower aiming solutions product net sales in our shooting sports category, partially offset by increased hunting and meat processing net sales in our outdoor lifestyle category. The decrease in total net sales was partially offset by pricing actions taken on our products to mitigate additional tariff costs associated with tariffs imposed by the U.S. Administration starting in March and April of 2025.
Current wording
For the three months ended July 31, 2026, total net sales increased $7.6 million, or 25.4%, from the comparable quarter last year. We believe the increase in net sales was primarily attributable to the timing of orders from certain customers in our traditional channel. In the prior year, we believe these customers accelerated orders that otherwise would have occurred in the first fiscal quarter of 2026 into the fourth fiscal quarter of 2025 in anticipation of increased costs associated with tariffs imposed by the U.S. administration in March and April 2025. As a result, net sales in the first fiscal quarter of 2026 were reduced by these accelerated orders, while the first fiscal quarter of 2027 did not experience a comparable shift in order timing. In addition to the impact of order timing on the year-over-year comparison, net sales increased as a result of pricing actions taken on our products to mitigate additional tariff costs associated with tariffs imposed by the U.S. Administration starting in March and April of 2025; higher sales to two of our largest retailers, including our largest e-commerce retailer and our largest mass retailer; as well as higher direct-to-consumer sales of products sold through our own websites. Our international net sales increased $606,000, or 32.7%, over the comparable quarter last year as a result of increased sales to our European and Canadian customers.
Previous wording
New products, which we define as any SKU introduced over the past 24 months, represented 26.6% of net sales for the three months ended January 31, 2026.
Current wording
New products, which we define as any SKU introduced over the trailing 24 months, represented 36.1% of net sales for the three months ended July 31, 2026. New products represented 28.8% of net sales for the three months ended July 31, 2025.
Previous wording
Total operating expenses of $27.1 million included a $3.4 million non-cash impairment charge during the three months ended January 31, 2026 related to the write-down of the Disposal Group assets to estimated fair value less costs to sell. Total operating expenses, excluding this non-cash impairment charge, were $23.7 million, or $2.2 million lower than the comparable quarter last year. Research and development expenses decreased $615,000 from the comparable quarter last year, primarily from lower depreciation expense. Selling, marketing, and distribution expenses decreased $650,000 from the comparable quarter last year mainly because of lower sales-volume related expenses, including compensation-related expenses. General and administrative expenses decreased $895,000 from the comparable quarter last year, primarily because of lower variable compensation-related expenses and acquired intangible amortization expense, partially offset by higher public company costs.
Current wording
Research and development expenses decreased $403,000 from the comparable quarter last year, primarily from lower depreciation expense. Selling, marketing, and distribution expenses increased $1.8 million over the comparable quarter last year mainly because of higher sales-volume related expenses. General and administrative expenses decreased $181,000 from the comparable quarter last year, primarily because of lower bad debt expense and acquired intangible asset amortization, partially offset by higher professional fees.
Previous wording
Operating loss for the three months ended January 31, 2026 was $3.9 million as compared to operating income of $303,000 for the comparable quarter last year. The operating loss for the three months ended January 31, 2026 was primarily from lower net sales volume that resulted in $2.9 million of lower gross profit and a $3.4 million one-time non-cash impairment charge on assets held for sale.
Current wording
The following table sets forth certain information regarding operating loss for the three months ended July 31, 2026 and 2025 (dollars in thousands):
Previous wording
We recorded income tax expense of $1,000 for the three months ended January 31, 2026 compared with income tax expense of $58,000 for the comparable quarter last year. The income tax expense recorded for the three months ended January 31, 2026 and 2025 was primarily due to a full valuation allowance recorded against our deferred tax assets.
Current wording
We recorded income tax expense of $1,000 for the three months ended July 31, 2026 compared with income tax expense of $52,000 for the prior year comparable period. The income tax expense recorded for the three months ended July 31, 2026 and 2025 was primarily due to a full valuation allowance recorded against our deferred tax assets.
Previous wording
The following table sets forth certain information regarding net (loss)/income and the related per share data for the three months ended January 31, 2026 and 2025 (dollars in thousands, except per share data):
Current wording
The following table sets forth certain information regarding net loss and the related per share data for the three months ended July 31, 2026 and 2025 (dollars in thousands, except per share data):
Previous wording
Net loss was $4.1 million, or $0.32 per diluted share, for the three months ended January 31, 2026 compared with net income of $169,000, or $0.01 per diluted share, for the comparable quarter last year. The lower net income was primarily related to lower net sales volume and lower gross profit as well as a $3.4 million one-time non-cash impairment charge on assets held for sale during the three months ended January 31, 2026 as compared to the three months ended January 31, 2025.
Current wording
Net loss was $1.5 million, or $0.12 loss per diluted share, for the three months ended July 31, 2026 compared with a net loss of $6.8 million, or $0.54 loss per diluted share, for the comparable quarter last year. The lower net loss was primarily related to higher net sales volume and higher gross profit during the three months ended July 31, 2026 as compared to the three months ended July 31, 2025.
Previous wording
The following table sets forth our calculation of non-GAAP Adjusted EBITDA for the three and nine months ended January 31, 2026 and 2025, respectively (dollars in thousands):
Current wording
The following table sets forth our calculation of non-GAAP Adjusted EBITDA for the three months ended July 31, 2026 and 2025, respectively (dollars in thousands):
Previous wording
The following table sets forth certain cash flow information for the nine months ended January 31, 2026 and 2025 (dollars in thousands):
Current wording
The following table sets forth certain cash flow information for the three months ended July 31, 2026 and 2025 (dollars in thousands):
Previous wording
Cash used in operating activities was $5.1 million for the nine months ended January 31, 2026 compared with cash used in operating activities of $6.4 million for the nine months ended January 31, 2025. Cash used by operating activities for the nine months ended January 31, 2026 was primarily impacted by $5.3 million of lower accrued payroll and incentives because of timing of payroll accruals and the annual payment of management incentives, $2.6 million of increased accounts payable because of timing of inventory shipments, and $9.0 million of increased inventory. The increase in inventory was a result of planned increase in purchases to prepare new product launches later in the fiscal year. In addition, we capitalized higher tariff costs into inventory for tariffs imposed on inventory purchases for product manufactured in Asia. The cash usage for the nine months ended January 31, 2026 was partially offset by a $6.7 million of lower accounts receivable because of the timing of customer payments and product shipments.
Current wording
Cash provided by operating activities was $13.0 million for the three months ended July 31, 2026 compared with cash used in operating activities of $1.7 million for the three months ended July 31, 2025. Cash provided by operating activities for the three months ended July 31, 2026 was primarily impacted by $12.6 million of lower other current assets as a result of receiving $14.2 million of IEEPA refunds during the quarter for claims filed at the end of our prior fiscal year, $3.7 million of reduced accounts receivable due to timing of customer shipments, $2.1 million of increased accrued expenses for higher tariff and professional fees accruals, and $1.8 million of higher accounts payable due to timing of inventory purchases. The increase in cash from operations was partially offset by $8.4 million of increased inventory. The increase in inventory was a result of planned increase in purchases to prepare for the fall and winter hunting and holiday seasons as well as new product launches later in the fiscal year.
Previous wording
Cash used in investing activities was $2.6 million during the nine months ended January 31, 2026, a decrease of $838,000 as compared to the prior year comparable period. We expect to spend approximately $3.5 million to $4.0 million of capital expenditures in fiscal 2026, compared to the $3.9 million we spent in fiscal 2025.
Current wording
Cash used in investing activities was $494,000 during the three months ended July 31, 2026 for payments on capital expenditures, an increase of $124,000 as compared to the prior year comparable period. We expect to spend approximately $3.5 million to $4.0 million of capital expenditures in fiscal 2027, an increase of $1.0 million to $1.5 million from the $2.5 million we spent in fiscal 2026.
Previous wording
We had $10.4 million of cash equivalents on hand as of January 31, 2026 and had $23.4 million in cash and cash equivalents on hand as of April 30, 2025.
Current wording
We had $33.3 million of cash equivalents on hand as of July 31, 2026 and had $21.4 million in cash and cash equivalents on hand as of April 30, 2026.
Rearranged previous paragraphs (11)
Previous report — wording carried elsewhere
Our operating results for the nine months ended January 31, 2026 included the following:
Previous report — wording carried elsewhere
•Non-GAAP Adjusted EBITDA was $6.7 million for the nine months ended January 31, 2026 compared with $14.2 million for the nine months ended January 31, 2025. See non-GAAP financial measure disclosures below for our reconciliation of non-GAAP Adjusted EBITDA.
Previous report — wording carried elsewhere
The following table sets forth certain information regarding consolidated net sales and gross profit for the nine months ended January 31, 2026 and 2025 (dollars in thousands):
Previous report — wording carried elsewhere
The following table sets forth certain information regarding trade channel net sales for the nine months ended January 31, 2026 and 2025 (dollars in thousands):
Previous report — wording carried elsewhere
The following table sets forth certain information regarding geographic makeup of net sales included in the above table for the nine months ended January 31, 2026 and 2025 (dollars in thousands):
Previous report — wording carried elsewhere
The following table sets forth certain information regarding net sales categories for the nine months ended January 31, 2026 and 2025 (dollars in thousands):
Previous report — wording carried elsewhere
New products, which we define as any SKU introduced over the the past 24 months, represented 29.0% of net sales for the nine months ended January 31, 2026.
Previous report — wording carried elsewhere
The following table sets forth certain information regarding operating expenses for the nine months ended January 31, 2026 and 2025 (dollars in thousands):
Previous report — wording carried elsewhere
The following table sets forth certain information regarding income tax benefit for the nine months ended January 31, 2026 and 2025 (dollars in thousands):
Previous report — wording carried elsewhere
We recorded income tax expense of $54,000 for the nine months ended January 31, 2026 compared with income tax expense of $92,000 for the prior year comparable period. The income tax expense recorded for the nine months ended January 31, 2026 and 2025 was primarily due to a full valuation allowance recorded against our deferred tax assets.
Previous report — wording carried elsewhere
The following table sets forth certain information regarding net (loss)/income and the related per share data for the nine months ended January 31, 2026 and 2025 (dollars in thousands, except per share data):