What changed in this filing

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Item 2. Management’s Discussion and Analysis

2026-04-30 compared with 2025-10-21 · 72 added, 131 removed, 137 unchanged (60% of the section changed)

43 unchanged sentences

We are very proud of our significant progress relating to the Company's corporate social responsibilities and will continue to foster these fundamental principles broadly along our entire value chain, develop new ideas and technologies that help us work smarter, and help build a world that is a better place to live.

As of September 30, 2025, we employed approximately 1,355 full time employees worldwide.

As of March 31, 2026, we employed approximately 1,368 full time employees worldwide.

We continue to see improvement in the labor markets and we feel that our team has been successful in attracting and retaining skilled and experienced employees in a competitive landscape.

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Recent Developments

Anti-Dumping Investigation in the European Union

In late June 2025, the European Commission announced that it would impose provisional duties between 95.4% and 120.8% on imports into the European Union of choline chloride originating in the People’s Republic of China, effective July 1, 2025.

Further, in late September 2025, the European Commission disclosed their final findings and proposed that the definitive duties should be set between 90.0% and 115.9%.

The investigation was initiated by the European Commission in late October 2024 (following a complaint lodged by Balchem Italia Srl and another complainant) and final measures are expected to be imposed by the end of 2025.

Geopolitical Conflicts

We are monitoring the heightened geopolitical tensions in the Middle East, including conflicts involving Iran, which may have certain effects on our business and broader consequences, including increased energy prices, certain raw material costs, increased freight costs, and volatility in shipping patterns.

All above impacts may adversely affect the global economy and may have the effect of heightening the operational risks disclosed in the "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025.

Supreme Court Tariff Ruling

In February 2026, the U.S.

Supreme Court issued a ruling striking down certain tariffs previously imposed under the International Emergency Economic Powers Act (“IEEPA”).

While the online portal and process to submit IEEPA tariff refund requests became available on April 20, 2026, the availability, timing, and amount of any potential refunds related to these tariffs remain highly uncertain and are subject to ongoing legal, regulatory, and administrative developments.

Following the ruling, the U.S.

presidential administration imposed additional tariffs under other statutory authorities, resulting in a rapidly evolving tariff environment.

At this time, we cannot reasonably estimate the total financial impact of these developments;

however, we do not expect them to have a material effect on our future results of operations or cash flows.

We will continue to monitor and evaluate new information as it becomes available.

Segment Results

We sell products for all three segments through our own sales force, independent distributors, and sales agents.

The following tables summarize consolidated net sales by segment and business segment earnings from operations for the three and nine months ended September 30, 2025 and 2024:

The following tables summarize consolidated net sales by segment and business segment earnings from operations for the three months ended March 31, 2026 and 2025:

Business Segment Net Sales

Three Months Ended

September 30, Nine Months Ended

September 30,

(in thousands) 2026 2025

3 unchanged sentences

Other and Unallocated (1)

1,411 1,560 4,402 4,443

Total $ 270,709 $ 250,519

1 unchanged sentence

Three Months Ended

September 30, Nine Months Ended

September 30,

(in thousands) 2026 2025

6 unchanged sentences

(1) Other and Unallocated consists of a few minor businesses which individually do not meet the quantitative thresholds for separate presentation and corporate expenses that have not been allocated to a segment.

Unallocated corporate expenses consist of transaction and integration costs of $333 and $1,227 for the three and nine months ended September 30, 2025, respectively, and $223 and $795 for the three and nine months ended September 30, 2024, respectively.

Results of Operations - Three Months Ended September 30, 2025 and 2024

Three Months Ended September 30, Increase

Unallocated corporate expenses consist of transaction and integration costs of $895 and $489 for the three months ended March 31, 2026 and 2025, respectively.

Results of Operations - Three Months Ended March 31, 2026 and 2025

Three Months Ended March 31, Increase

(in thousands) 2026 2025 % Change

6 unchanged sentences

Net earnings $ 40,285 $ 37,053 $ 3,232 8.7 %

Three Months Ended September 30, Increase

Three Months Ended March 31, Increase

(in thousands) 2026 2025 % Change

4 unchanged sentences

Total $ 270,709 $ 250,519 $ 20,190 8.1 %

• The increase in net sales within the Human Nutrition & Health segment for the third quarter of 2025 as compared to the third quarter of 2024 was driven by higher sales within both the nutrients business and the food ingredients and solutions businesses.

Total sales for this segment grew 14.3%, with volume and mix contributing 7.4%, average selling prices contributing 6.2%, and the change in foreign currency exchange rates contributing 0.7%.

• The increase in net sales within the Animal Nutrition & Health segment for the third quarter of 2025 compared to the third quarter of 2024 was driven by higher sales in both the ruminant and monogastric species markets.

• The increase in net sales within the Human Nutrition & Health segment for the first quarter of 2026 as compared to the first quarter of 2025 was driven by higher sales within both the nutrients business and the food ingredients and solutions businesses.

Total sales for this segment grew 8.3%, with volume and mix contributing 7.1%, the change in foreign currency exchange rates contributing 1.6%, and average selling prices contributing -0.5%.

• The increase in net sales within the Animal Nutrition & Health segment for the first quarter of 2026 compared to the first quarter of 2025 was driven by higher sales in both the monogastric and ruminant species markets.

Total sales for this segment increased by 8.6%, with average selling prices contributing 6.5%, the change in foreign currency exchange rates contributing 2.2%, and volume and mix contributing -0.2%.

• The increase in net sales within the Specialty Products segment for the third quarter of 2025 compared to the third quarter of 2024 was due to higher sales in both the performance gases and plant nutrition businesses.

• The increase in net sales within the Specialty Products segment for the first quarter of 2026 compared to the first quarter of 2025 was due to higher sales in the performance gases business.

Total sales for this segment increased by 4.4%, with average selling prices contributing 4.0%, the change in foreign currency exchange rates contributing 3.3%, and volume and mix contributing -2.9%.

• Sales may fluctuate in future periods based on macroeconomic conditions, competitive dynamics, changes in customer preferences, and our ability to successfully introduce new products to the market.

Three Months Ended September 30, Increase

Three Months Ended March 31, Increase

(in thousands) 2026 2025 % Change

1 unchanged sentence

% of net sales 37.3 % 35.2 %

Gross margin dollars increased in the third quarter of 2025 compared to the third quarter of 2024 due to higher sales and a favorable mix, partially offset by certain higher manufacturing input costs.

Gross margin dollars increased in the first quarter of 2026 compared to the first quarter of 2025 due to the sales growth and manufacturing efficiencies, partially offset by raw material inflation.

Operating Expenses

Three Months Ended September 30, Increase

Three Months Ended March 31, Increase

(in thousands) 2026 2025 % Change

1 unchanged sentence

% of net sales 16.8 % 14.8 %

The increase in operating expenses in the third quarter of 2025 compared to the third quarter of 2024 was primarily due to higher professional services of $1,517 and higher compensation-related costs of $1,452.

The increase in operating expenses in the first quarter of 2026 compared to the first quarter of 2025 was primarily due to higher compensation-related costs of $4,901 and higher professional services of $1,403.

Earnings from Operations

Three Months Ended September 30, Increase

Three Months Ended March 31, Increase

(in thousands) 2026 2025 % Change

7 unchanged sentences

The increase in gross margin was primarily due to the aforementioned higher sales and a favorable mix, partially offset by certain higher manufacturing input costs.

The increase in gross margin was partially offset by an increase in operating expenses of $2,418, primarily due to higher professional services of $736, higher compensation-related costs of $711, and higher amortization of $490.

The increase in gross margin was partially offset by an increase in operating expenses of $4,736, primarily due to higher compensation-related costs of $2,281, higher professional services of $561, and higher amortization of $412.

• Animal Nutrition & Health segment earnings from operations increased $456.

Gross margin contribution was $1,094, which was driven by the aforementioned higher sales and a favorable mix, partially offset by certain higher manufacturing input costs.

The increase in gross margin was partially offset by an increase in operating expenses of $910, primarily due to higher compensation-related costs of $818.

Gross margin contribution was $2,629, which was driven by the aforementioned higher sales, partially offset by certain higher manufacturing input costs.

The increase in gross margin was partially offset by an increase in operating expenses of $2,173, primarily due to higher compensation-related costs of $1,582 and higher professional services of $324.

• Specialty Products segment earnings from operations increased $2,350 primarily due to a gross margin contribution of $3,174.

The increase in gross margin was mainly due to the aforementioned higher sales.

Other Expenses (Income)

Three Months Ended September 30, Increase

(in thousands) 2025 2024 % Change

Interest expense, net $ 2,629 $ 4,071 $ (1,442) (35.4) %

Other (income) expense, net (94) 28 (122) (435.7) %

$ 2,535 $ 4,099 $ (1,564) (38.2) %

Interest expense for the three months ended September 30, 2025 and 2024 was primarily related to outstanding borrowings under the 2022 Credit Agreement.

The decrease in net interest expense is primarily due to lower outstanding borrowings.

Income Tax Expense

Three Months Ended September 30, Increase

(in thousands) 2025 2024 % Change

Income tax expense $ 11,755 $ 10,056 $ 1,699 16.9 %

Effective tax rate 22.6 % 22.9 %

The lower effective tax rate was primarily due to certain lower state taxes.

Results of Operations - Nine Months Ended September 30, 2025 and 2024

Nine Months Ended September 30, Increase

(in thousands) 2025 2024 % Change

Net sales $ 773,544 $ 713,680 $ 59,864 8.4 %

Gross margin 276,734 249,869 26,865 10.8 %

Operating expenses 119,698 114,404 5,294 4.6 %

Earnings from operations 157,036 135,465 21,571 15.9 %

Interest and other expenses 8,041 13,496 (5,455) (40.4) %

Income tax expense 33,375 27,077 6,298 23.3 %

Net earnings $ 115,620 $ 94,892 $ 20,728 21.8 %

Nine Months Ended September 30, Increase

(in thousands) 2025 2024 % Change

Human Nutrition & Health $ 493,318 $ 452,955 $ 40,363 8.9 %

Animal Nutrition & Health 169,681 156,384 13,297 8.5 %

Specialty Products 106,143 99,898 6,245 6.3 %

Other 4,402 4,443 (41) (0.9) %

Total $ 773,544 $ 713,680 $ 59,864 8.4 %

• The increase in net sales within the Human Nutrition & Health segment for the nine months ended September 30, 2025 as compared to 2024 was driven by higher sales within both the nutrients business and the food ingredients and solutions businesses.

Total sales for this segment grew 8.9%, with volume and mix contributing 5.4%, average selling prices contributing 3.2%, and the change in foreign currency exchange rates contributing 0.3%.

• The increase in net sales within the Animal Nutrition & Health segment for the nine months ended September 30, 2025 as compared to 2024 was driven by higher sales in both the ruminant and monogastric species markets.

Total sales for this segment increased by 8.5%, with average selling prices contributing 4.5%, volume and mix contributing 3.3%, and the change in foreign currency exchange rates contributing 0.7%.

• The increase in net sales within the Specialty Products segment for the nine months ended September 30, 2025 as compared to 2024 was due to higher sales in both the performance gases and plant nutrition businesses.

Total sales for this segment increased by 6.3%, with average selling prices contributing 3.5%, volume and mix contributing 1.8%, and the change in foreign currency exchange rates contributing 0.9%.

Nine Months Ended September 30, Increase

(in thousands) 2025 2024 % Change

Gross margin $ 276,734 $ 249,869 $ 26,865 10.8 %

% of net sales 35.8 % 35.0 %

Gross margin dollars increased in the nine months ended September 30, 2025 as compared to 2024 due to higher sales and a favorable mix, partially offset by certain higher manufacturing input costs.

Operating Expenses

Nine Months Ended September 30, Increase

(in thousands) 2025 2024 % Change

Operating expenses $ 119,698 $ 114,404 $ 5,294 4.6 %

% of net sales 15.5 % 16.0 %

The increase in operating expenses in the nine months ended September 30, 2025 as compared to 2024 was primarily due to an increase in compensation-related costs of $5,040 and higher professional services of $3,963, partially offset by lower amortization expense of $2,813.

Earnings from Operations

Nine Months Ended September 30, Increase

(in thousands) 2025 2024 % Change

Human Nutrition & Health $ 117,147 $ 102,202 $ 14,945 14.6 %

Animal Nutrition & Health 12,463 8,282 4,181 50.5 %

Specialty Products 32,388 29,943 2,445 8.2 %

Other and unallocated (4,962) (4,962) — — %

Earnings from operations $ 157,036 $ 135,465 $ 21,571 15.9 %

% of net sales (operating margin) 20.3 % 19.0 %

• Human Nutrition & Health segment earnings from operations increased $14,945 primarily due to a gross margin contribution of $17,976.

The increase in gross margin was primarily due to the aforementioned higher sales and a favorable mix, partially offset by certain higher manufacturing input costs.

The increase in gross margin was partially offset by an increase in operating expenses of $3,031, primarily due to higher compensation-related costs of $4,154 and higher professional services of $2,554, partially offset by lower amortization of $2,733.

• Animal Nutrition & Health segment earnings from operations increased $4,181 primarily due to a gross margin contribution of $5,527, which was driven by the aforementioned higher sales and a favorable mix, partially offset by certain higher manufacturing input costs.

The increase in gross margin was partially offset by an increase in operating expenses of $1,346, primarily due to higher compensation-related costs of $973 and higher professional services of $581.

• Specialty Products segment earnings from operations increased $2,445 primarily due to a gross margin contribution of $2,882, which was driven by the aforementioned higher sales.

This was partially offset by an increase in operating expenses of $437, mainly due to higher professional services.

Other Expenses (Income)

Nine Months Ended September 30, Increase

The increase in gross margin was partially offset by an increase in operating expenses of $824, primarily due to higher compensation-related costs of $928.

Other Expenses

Three Months Ended March 31, Increase

(in thousands) 2026 2025 % Change

Interest expense, net $ 2,213 $ 2,924 $ (711) (24.3) %

Other (income) expense, net (278) (213) (65) (30.5) %

Other expense, net 891 151 740 490.1 %

$ 3,104 $ 3,075 $ 29 0.9 %

Interest expense for the nine months ended September 30, 2025 and 2024 was primarily related to outstanding borrowings under the 2022 Credit Agreement.

The decrease in net interest expense is due to lower outstanding borrowings.

Interest expense for the three months ended March 31, 2026 and 2025 was primarily related to outstanding borrowings under the 2022 Credit Agreement.

The decrease in net interest expense is primarily due to lower outstanding borrowings and lower interest rates.

The increase in net other expense for the three months ended March 31, 2026 and 2025 was primarily related to foreign currency losses.

Income Tax Expense

Nine Months Ended September 30, Increase

Three Months Ended March 31, Increase

(in thousands) 2026 2025 % Change

1 unchanged sentence

Effective tax rate 23.3 % 22.7 %

The higher effective tax rate was primarily due to lower tax benefits from stock-based compensation partially offset by certain lower state taxes.

The higher effective tax rate was primarily due to an increase in certain state taxes.

Liquidity and Capital Resources

During the nine months ended September 30, 2025, there were no material changes outside the ordinary course of business in the specified contractual obligations set forth in our Annual Report on Form 10-K for the year ended December 31, 2024.

During the three months ended March 31, 2026, there were no material changes outside the ordinary course of business in the specified contractual obligations set forth in our Annual Report on Form 10-K for the year ended December 31, 2025.

We expect our operations to continue generating sufficient cash flow to fund working capital requirements and necessary capital investments.

1 unchanged sentence

We could seek additional bank loans or access to financial markets to fund such acquisitions, our operations, working capital, necessary capital investments or other cash requirements should we deem it necessary to do so.

Cash and cash equivalents increased to $65,093 at September 30, 2025 from $49,515 at December 31, 2024.

At September 30, 2025, the Company had $58,176 of cash and cash equivalents held by foreign subsidiaries.

We presently intend to permanently reinvest these funds in foreign operations by continuing to make additional plant related investments, and potentially invest in partnerships or acquisitions;

therefore, we do not currently expect to repatriate these funds in order to fund U.S.

operations or obligations.

However, if these funds are needed for U.S.

operations, we could be required to pay additional withholding taxes to repatriate these funds.

Working capital was $217,346 at September 30, 2025 as compared to $156,085 at December 31, 2024, an increase of $61,261.

Significant cash payments during the nine months ended September 30, 2025 included repurchases of common stock of $54,008, net repayments on the revolving loan of $36,000, income taxes paid of $29,625, the payment of the 2024 declared dividend in 2025 of $28,276, and capital expenditures and intangible assets acquired of $27,275.

Nine Months Ended September 30, Increase

Cash and cash equivalents decreased to $72,873 at March 31, 2026 from $74,570 at December 31, 2025.

At March 31, 2026, the Company had $66,825 of cash and cash equivalents held by foreign subsidiaries.

We intend to permanently reinvest a significant portion of these foreign-held funds in foreign operations by continuing to make additional plant related investments, and potentially invest in partnerships or acquisitions;

however, we may also repatriate a portion of cash held by certain foreign subsidiaries to support U.S.

liquidity needs and capital allocation priorities.

To the extent amounts are repatriated, we could be required to pay applicable withholding taxes on such repatriations.

Subsequent to March 31, 2026, we repatriated $23,460 from our Belgium subsidiary to pay down U.S.

Working capital was $236,401 at March 31, 2026 as compared to $189,230 at December 31, 2025, an increase of $47,171.

Significant cash payments during the three months ended March 31, 2026 included the payment of dividends declared in 2025 of $30,769, repurchases of common stock of $15,690, and capital expenditures and intangible assets acquired of $6,252.

Three Months Ended March 31, Increase

(in thousands) 2026 2025 % Change

3 unchanged sentences

Operating Activities

The increase in cash flows from operating activities was primarily driven by increases in net earnings and stock compensation and the impact from changes in working capital, partially offset by lower depreciation and amortization.

The increase in cash flows from operating activities was primarily driven by the increases in net earnings, partially offset by the impact from the changes in working capital.

Investing Activities

We continue to invest in corporate projects, improvements across all production facilities, and intangible assets.

Total investments in property, plant and equipment and intangible assets were $27,275 and $22,936 for the nine months ended September 30, 2025 and 2024, respectively.

Total investments in property, plant and equipment and intangible assets were $6,252 and $5,559 for the three months ended March 31, 2026 and 2025, respectively.

Financing Activities

During 2025, we borrowed $70,000 to fund the 2024 dividend, bonus payments and share repurchases.

We made total loan payments of $106,000, resulting in $396,000 available under the 2022 Credit Agreement (see Note 7, Revolving Loan ) as of September 30, 2025.

We have an approved stock repurchase program.

The total authorization under this program is 3,763,038 shares.

Since the inception of the program in June 1999, a total of 3,475,622 shares have been repurchased.

During the three months ended March 31, 2026, we borrowed $52,000 to fund the 2025 dividend, bonus payments, and share repurchases.

We made total loan payments of $47,000, resulting in $381,000 available under the 2022 Credit Agreement (see Note 7, Revolving Loan ) as of March 31, 2026.

On December 9, 2025, the Company's Board of Directors approved a new stock repurchase program (the "December 2025 program"), which replaced the previously approved June 1999 program.

The December 2025 program authorizes the repurchases of up to and including 4,000,000 shares of the Company's ordinary shares.

This new stock repurchase program has no expiration date, does not oblige the Company to acquire any particular amount of the Company's ordinary shares, and may be terminated at any time.

Since the inception of the December 2025 program, a total of 159,539 shares have been repurchased.

We intend to acquire shares from time to time at prevailing market prices if and to the extent we deem it is advisable to do so based on our assessment of corporate cash flow, market conditions and other factors.

Open market repurchases of common stock could be made pursuant to a trading plan established pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, which would permit common stock to be repurchased at a time that we might otherwise be precluded from doing so under insider trading laws or self-imposed trading restrictions.

We also purchase (withhold) shares from employees in connection with the tax settlement of vested shares and/or exercised stock options, as applicable, under the Company's omnibus incentive plan.

Share repurchases are funded with existing cash on hand or borrowings against the 2022 Credit Agreement.

Repurchases of common stock were $54,008 and $5,376 for the nine months ended September 30, 2025 and 2024, respectively.

Proceeds from stock options exercised were $6,867 and $15,084 for the nine months ended September 30, 2025 and 2024, respectively.

Dividend payments were $28,276 and $25,572 for the nine months ended September 30, 2025 and 2024, respectively.

Open market repurchases of common stock could be made pursuant to a share repurchase agreement in compliance with Rule 10b-18 or a trading plan established pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, which would permit common stock to be repurchased at a time that we might otherwise be precluded from doing so under insider trading laws or self-imposed trading restrictions.

We also repurchase (withhold) shares from employees in connection with the tax settlement of vested shares and/or exercised stock options, as applicable, under the Company's omnibus incentive plan.

Such repurchases of shares from employees are funded with existing cash on hand.

Repurchases of common stock were $15,690 and $5,325 for the three months ended March 31, 2026 and 2025, respectively.

Proceeds from stock options exercised were $6,727 and $1,668 for the three months ended March 31, 2026 and 2025, respectively.

Dividend payments were $30,769 and $28,263 for the three months ended March 31, 2026 and 2025, respectively.

Other Matters Impacting Liquidity

As of September 30, 2025 and December 31, 2024, w e have a liability of $7,349 and $6,720, respectively, for uncertain tax positions, including the related interest and penalties, recorded in accordance with ASC 740-10, for which we are unable to reasonably estimate the timing of settlement, if any.

As of March 31, 2026 and December 31, 2025, w e have a liability of $6,838 and $6,731, respectively, for uncertain tax positions, including the related interest and penalties, recorded in accordance with ASC 740-10, for which we are unable to reasonably estimate the timing of settlement, if any.

We currently provide postretirement benefits in the form of two retirement medical plans, as discussed in Note 14, Employee Benefit Plans .

The liabilities recorded in "Other long-term obligations" on the condensed consolidated balance sheets as of September 30, 2025 and December 31, 2024 were $1,531 and $1,522, respectively, and the plans are not funded.

The liabilities recorded in "Other long-term obligations" on the condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025 were $1,112 and $1,122, respectively, and the plans are not funded.

Historical cash payments made under these plans have typically been less than $200 per year.

2 unchanged sentences

The plan provides for the payment of a lump sum at retirement or payments in case of death of the covered employees.

The amounts recorded for this obligation on our balance sheets as of September 30, 2025 and December 31, 2024 was $800 and $613, respectively, and was included in "Other long-term obligations" on the condensed consolidated balance sheets.

The amounts recorded for this obligation on our balance sheets as of March 31, 2026 and December 31, 2025 was $887 and $869, respectively, and was included in "Other long-term obligations" on the condensed consolidated balance sheets.

We provide an unfunded, nonqualified deferred compensation plan maintained for the benefit of a select group of management or highly compensated employees.

Assets of the plan are held in a rabbi trust and are subject to additional risk of loss in the event of bankruptcy or insolvency of the Company.

The deferred compensation liability was $12,574 as of September 30, 2025, of which $12,551 was included in "Other long-term obligations" and $23 was included in "Accrued compensation and other benefits" on our consolidated balance sheets.

The deferred compensation liability was $13,271 as of March 31, 2026, of which $13,248 was included in "Other long-term obligations" and $23 was included in "Accrued compensation and other benefits" on our consolidated balance sheets.

The deferred compensation liability was $12,806 as of December 31, 2025, of which $12,781 was included in "Other long-term obligations" and $25 was included in "Accrued compensation and other benefits" on our consolidated balance sheets.

The related rabbi trust assets were $12,566 as of September 30, 2025, of which $12,543 was included in "Other non-current assets" and $23 was included in "Other current assets" on the condensed consolidated balance sheets.

The rabbi trust assets were $11,465 as of December 31, 2024 and were included in "Other non-current assets" on the condensed consolidated balance sheets.

The related rabbi trust assets were $13,265 as of March 31, 2026, of which $13,242 was included in "Other non-current assets" and $23 was included in "Other current assets" on the condensed consolidated balance sheets.

The rabbi trust assets were $12,798 as of December 31, 2025, of which $12,773 was included in "Other non-current assets" and $25 was included in "Other current assets" on the Company's condensed consolidated balance sheets.

Significant Accounting Policies

There were no changes to our Significant Accounting Policies, as described in our December 31, 2024 Annual Report on Form 10 - K, during the nine months ended September 30, 2025.

There were no changes to our Significant Accounting Policies, as described in our December 31, 2025 Annual Report on Form 10 - K, during the three months ended March 31, 2026.

Related Party Transactions

We were engaged in related party transactions with St.

Gabriel CC Company, LLC during the three and nine months ended September 30, 2025.

Gabriel CC Company, LLC during the three months ended March 31, 2026.

Refer to Note 17, Related Party Transactions .

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 2. Management’s Discussion and Analysis