What changed in this filing

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Item 1. Financial Statements

2026-04-30 compared with 2025-10-29 · 201 added, 241 removed, 563 unchanged (44% of the section changed)

2 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Three Months Ended Nine Months Ended

September 30, September 30,

Three Months Ended

(in millions, except per share data) 2026 2025

7 unchanged sentences

Interest expense ( 16.8 ) ( 4.5 )

Miscellaneous income, net 0.8 0.8 2.9 0.9

Total other income (expense), net 2.0 ( 5.0 ) 1.4 ( 17.0 )

Miscellaneous income (expense), net 0.2 ( 1.0 )

Total other expense, net ( 15.0 ) ( 2.3 )

Income from continuing operations before income taxes 85.1 98.8

18 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Three Months Ended Nine Months Ended

September 30, September 30,

Three Months Ended

(in millions) 2026 2025

10 unchanged sentences

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions) September 30,

(in millions) March 31,

2026 December 31,

1 unchanged sentence

Cash and cash equivalents $ 355.4 $ 506.5

Accounts receivable, net of allowance for doubtful accounts of $ 8.1 as of September 30, 2025 and $ 8.7 as of December 31, 2024

Restricted Cash — 1,223.3

Accounts receivable, net of allowance for doubtful accounts of $ 13.0 as of March 31, 2026 and $ 8.4 as of December 31, 2025

Inventories, net:

Finished goods 86.0 58.6

Finished parts and subassemblies 50.3 50.7

Work in process 157.6 106.6

2 unchanged sentences

Other current assets 125.4 106.4

Current assets held for sale — 217.9

Total current assets 1,481.7 2,571.4

11 unchanged sentences

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions, except per share and share data) September 30,

(in millions, except per share and share data) March 31,

2026 December 31,

1 unchanged sentence

Current liabilities:

Short-term borrowings $ 5.6 $ —

Accounts payable 211.2 189.6

1 unchanged sentence

and foreign taxes on income 15.4 6.3

Current liabilities held for sale — 44.1

Total current liabilities 520.2 465.2

Long-term debt, net 1,192.6 1,148.2

Accrued pension and postretirement benefits 51.9 69.6

Accrued pension, postretirement benefits and post-employment benefits 41.7 43.0

Long-term deferred tax liability 106.0 45.9

15 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Nine Months Ended

September 30,

Three Months Ended

(in millions) 2026 2025

11 unchanged sentences

Other ( 0.4 ) ( 0.2 )

Total provided by operating activities from continuing operations 189.0 55.8

Total used for operating activities from continuing operations ( 29.5 ) ( 46.2 )

Investing activities:

6 unchanged sentences

Net payments related to employee stock plans ( 10.9 ) ( 10.4 )

Debt refinancing costs ( 3.8 ) —

Proceeds from debt 50.0 —

Repayments of debt ( 247.5 ) ( 106.9 )

Total (used for) provided by financing activities from continuing and discontinued operations ( 296.9 ) 44.5

Total provided by (used for) financing activities from continuing and discontinued operations 24.4 ( 23.6 )

Discontinued Operations:

Total provided by operating activities — 8.0

Total provided by (used for) investing activities (a)

213.6 ( 2.7 )

Total provided by investing activities (a)

Increase in cash and cash equivalents from discontinued operations — 207.7

Effect of exchange rates on cash and cash equivalents 19.2 1.9

Increase (decrease) in cash and cash equivalents 81.5 ( 71.4 )

Cash and cash equivalents at beginning of period 306.7 329.6

Cash and cash equivalents of continuing operations at end of period $ 388.2 $ 258.2

(a) For the nine months ended September 30, 2025, the cash provided by investing activities from discontinued operations was from the sale of the Engineered Materials segment.

Effect of exchange rate on cash and cash equivalents ( 3.3 ) 4.9

(Decrease) Increase in cash and cash equivalents ( 1,374.4 ) 128.4

Cash, cash equivalents and restricted cash at beginning of period (b)

1,729.8 306.7

Cash and cash equivalent at end of period $ 355.4 $ 435.1

(a) For the three months ended March 31, 2025, the cash provided by investing activities from discontinued operations was from the sale of the Engineered Materials segment.

See Note 3, “Discontinued Operations” for additional information.

(b) Cash, cash equivalents and restricted cash at beginning of period consisted of $ 1.2 billion in funds held in an escrow account related to the acquisition of Druck, Panametrics, and Reuter-Stokes brands.

See Notes to Condensed Consolidated Financial Statements.

1 unchanged sentence

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Nine Months Ended

September 30,

Three Months Ended

(in millions) 2026 2025

32 unchanged sentences

BALANCE MARCH 31, 2026 57.7 $ 451.5 $ 1,583.9 $ 3.8 $ 2,096.9 $ 2.3 $ 2,099.2

Net income — — 86.4 — 86.4 — 86.4

Cash dividends ($ 0.23 per share)

— — ( 13.2 ) — ( 13.2 ) — ( 13.2 )

Exercise of stock options — 1.7 — — 1.7 — 1.7

Impact from settlement of share-based awards, net of shares acquired — ( 0.2 ) — — ( 0.2 ) — ( 0.2 )

Stock-based compensation expense — 10.3 — — 10.3 — 10.3

Changes in pension and postretirement plan assets and benefit obligation, net of tax — — — 2.7 2.7 — 2.7

Currency translation adjustment — — — 41.7 41.7 — 41.7

BALANCE JUNE 30, 2025 57.5 $ 440.4 $ 1,384.9 $ 3.5 $ 1,886.3 $ 2.3 $ 1,888.6

Net income — — 91.4 — 91.4 — 91.4

Cash dividends ($ 0.23 per share)

— — ( 13.3 ) — ( 13.3 ) — ( 13.3 )

Exercise of stock options 0.1 2.9 — — 3.0 — 3.0

Stock-based compensation expense — 4.3 — — 4.3 — 4.3

Changes in pension and postretirement plan assets and benefit obligation, net of tax — — — 2.7 2.7 — 2.7

Currency translation adjustment — — — ( 8.2 ) ( 8.2 ) — ( 8.2 )

BALANCE SEPTEMBER 30, 2025 57.6 $ 447.6 $ 1,463.0 $ ( 2.0 ) $ 1,966.2 $ 2.3 $ 1,968.5

(in millions, except share data) Common

17 unchanged sentences

BALANCE MARCH 31, 2025 57.5 $ 428.6 $ 1,311.7 $ ( 40.9 ) $ 1,756.9 $ 2.3 $ 1,759.2

Net income — — 71.6 — 71.6 — 71.6

Cash dividends ($ 0.205 per share)

— — ( 11.7 ) — ( 11.7 ) — ( 11.7 )

Exercise of stock options 0.1 3.5 — — 3.6 — 3.6

Impact from settlement of share-based awards, net of shares acquired — ( 0.2 ) — — ( 0.2 ) — ( 0.2 )

Stock-based compensation expense — 5.7 — — 5.7 — 5.7

Changes in pension and postretirement plan assets and benefit obligation, net of tax — — — 3.0 3.0 — 3.0

Currency translation adjustment — — — ( 3.3 ) ( 3.3 ) — ( 3.3 )

BALANCE JUNE 30, 2024 57.2 $ 410.0 $ 1,073.7 $ ( 67.6 ) $ 1,473.3 $ 2.4 $ 1,475.7

Net income — — 77.3 — 77.3 — 77.3

Cash dividends ($ 0.205 per share)

— — ( 11.7 ) — ( 11.7 ) — ( 11.7 )

Exercise of stock options — 1.8 — — 1.8 — 1.8

Impact from settlement of share-based awards — ( 0.2 ) — — ( 0.2 ) — ( 0.2 )

Stock-based compensation expense — 5.7 — — 5.7 — 5.7

Changes in pension and postretirement plan assets and benefit obligation, net of tax — — — 3.0 3.0 — 3.0

Currency translation adjustment — — — 25.2 25.2 0.1 25.3

BALANCE SEPTEMBER 30, 2024 57.2 $ 417.3 $ 1,139.3 $ ( 39.4 ) $ 1,574.4 $ 2.5 $ 1,576.9

See Notes to Condensed Consolidated Financial Statements.

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Certain amounts in the prior periods’ condensed consolidated financial statements have been reclassified to conform to the current period presentation.

Divestiture Engineered Materials

Effective on January 1, 2025, the Company completed the sale of the Engineered Materials segment for approximately $ 208.0 million, on a cash-free and debt-free basis.

During the second quarter of 2025, the Company received $ 7.8 million related to a final working capital adjustment.

In connection with the divestiture, the Company recognized a pre-tax gain of $ 43.5 million, recorded in income from discontinued operations.

As a result of the sale, the operating results of Engineered Materials are presented as discontinued operations and, as such, have been excluded from both continuing operations and segment results for all periods presented.

Additionally, the assets and liabilities of the Engineered Materials segment were classified as held for sale at December 31, 2024.

Throughout these notes, unless otherwise indicated, amounts and activity are presented on a continuing operations basis.

See Note 3, “Discontinued Operations,” in the Notes to Financial Statements for additional details.

Liability Performance-Based Restricted Share Units

1 unchanged sentence

and Crane Company (the “Separation”), certain executives hold 3-year, cliff vesting performance-based restricted share units (“PRSUs”) that have undergone an equity-to-liability modification and are denominated in Crane NXT, Co.

The outstanding PRSUs relate to grants made prior to the Separation transaction and will complete vesting in February 2026.

The outstanding PRSUs relate to grants made prior to the Separation transaction and completed vesting in February 2026.

During the first quarter of 2026 and 2025, 33,734 and 88,505 units vested and were settled by Crane NXT Co., respectively.

The impact from the settlement of this liability was reflected on the Condensed Consolidated Statement of Changes in Equity as a $ 1.9 million and $ 5.7 million capital contribution as of March 31, 2026 and 2025, respectively.

As of September 30, 2025 and December 31, 2024, the liability balance was $ 4.1 million and $ 7.4 million, respectively, and included in “Other liabilities” on our Condensed Consolidated Balance Sheets.

Recent Accounting Pronouncements - Not Yet Adopted as of September 30, 2025

In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No.

2023-09, Income Taxes (Topic 740):

Improvements to Income Tax Disclosures.

The amendments require that public business entities disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income by the applicable statutory income tax rate).

The amendments are effective for fiscal years beginning after December 15, 2024 and should be applied on a prospective basis.

This accounting standard will enhance tax disclosures in the Company's annual reporting but has no impact on reported income tax expense or related tax assets or liabilities.

As of December 31, 2025, the liability balance was $ 2.1 million, and included in “Other liabilities” on our Condensed Consolidated Balance Sheets.

There was no liability recorded as of March 31, 2026, as the final tranche vested during the first quarter of 2026.

Recent Accounting Pronouncements - Not Yet Adopted as of March 31, 2026

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40):

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We are currently evaluating this guidance to determine the impact on our financial statements.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The Company considered the applicability and impact of all other Accounting Standards Updates issued by the Financial Accounting Standards Board (FASB) and determined them to be either not applicable or are not expected to have a material impact on the Company's Condensed Consolidated Statement of Operations, Balance Sheets and Cash Flows.

Note 2 - Acquisitions

Entry into a Definitive Agreement to Acquire Precision Sensors & Instrumentation

On June 6, 2025, the Company entered into a definitive Purchase Agreement with the Baker Hughes Company for the acquisition of Precision Sensors & Instrumentation (“PSI”).

PSI is a leading provider of sensor-based technologies for aerospace, nuclear and process industries.

The purchase price of the transaction is $ 1,150.0 million, subject to post-closing adjustments.

The transaction is expected to close at the end of 2025 or early 2026, contingent upon regulatory approvals and the satisfaction of customary closing conditions.

We intend to finance the acquisition with a combination of cash on hand and additional debt (see Note 13).

PSI is expected to have 2025 sales of approximately $ 390 million.

Druck, Panametrics and Reuter-Stokes

On June 6, 2025, the Company entered into a definitive Purchase Agreement with the Baker Hughes Company for the acquisition of Druck, Panametrics and Reuter-Stokes.

Collectively, they are leading providers of sensor-based technologies for aerospace, nuclear and process industries.

The Company completed the acquisition on January 1, 2026, for $ 1,179.2 million, net of cash acquired of $ 40.6 million, subject to post-closing adjustments.

The Druck brand has been integrated into our Aerospace & Advanced Technologies segment.

The Panametrics and Reuter-Stokes brands have been integrated into our Process Flow Technologies segment.

The amount allocated to goodwill reflects the expected synergies related to product line simplification, commercial enhancements, supply chain manufacturing productivity and other cost synergies.

The following amounts represent the preliminary determination of the fair value of identifiable assets acquired and liabilities assumed.

The final determination of the fair value of certain assets and liabilities will be completed within the one-year measurement period as required by ASC 805.

We have not yet completed our evaluation and determination of certain assets

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

acquired and liabilities assumed.

Any potential adjustments made could be material in relation to the preliminary values presented below:

Net assets acquired ( in millions )

Total current assets $ 226.1

Property, plant and equipment 72.4

Other assets 15.6

Intangible assets 463.0

Goodwill 587.9

Total assets acquired $ 1,365.0

Total current liabilities $ 99.2

Other liabilities 46.0

Total assumed liabilities $ 145.2

Net assets acquired $ 1,219.8

The amounts allocated to acquired intangible assets, and their associated weighted-average useful lives which were determined based on the period in which the assets are expected to contribute directly or indirectly to our future cash flows, consist of the following:

Intangible Assets ( dollars in millions )

Intangible Fair Value Weighted Average Life (in years)

Trademarks/Trade names $ 70.0 14.0

Customer relationships 256.0 14.0

Developed Technology 82.0 10.0

Backlog 55.0 4.0

Total acquired intangible assets $ 463.0

Other Acquisition

On January 1, 2026, the Company completed the acquisition of a leading provider of inline process control optical measurement solutions for biopharma, pharmaceutical and other demanding markets for $176.2 million, net of cash acquired of $8.2 million, subject to post closing adjustments.

The acquired company has been integrated into our Process Flow Technologies segment.

The amount allocated to goodwill reflects the expected synergies related to product line simplification and supply chain manufacturing productivity.

Net assets acquired ( in millions )

Total current assets $ 31.5

Property, plant and equipment 20.0

Other assets 0.2

Intangible assets 76.2

Goodwill 82.4

Total assets acquired $ 210.3

Total current liabilities $ 3.2

Other liabilities 22.7

Total assumed liabilities $ 25.9

Net assets acquired $ 184.4

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Intangible Assets ( dollars in millions )

Intangible Fair Value Weighted Average Life (in years)

Trademarks/Trade names $ 5.4 17.0

Customer relationships 58.6 18.0

Developed technology 10.6 8.0

Backlog 1.6 1.0

Total acquired intangible assets $ 76.2

Technifab Acquisition

2 unchanged sentences

During the first quarter of 2025, the Company paid $ 0.2 million to the seller related to a final working capital adjustment.

Valuation of Intangible Assets

For all acquisitions, the fair values of the trade name and developed technology intangible assets were determined using an income approach, specifically the relief from royalty method, which is a widely accepted valuation methodology.

This approach assumes that, in lieu of ownership, a market participant would be willing to pay a royalty to obtain the rights to use the asset and realize its associated economic benefits.

Accordingly, the value of the asset is derived from the present value of the after-tax royalty savings attributable to ownership.

The fair values of the customer relationships and backlog intangible assets were determined using an income approach, specifically the excess earnings method, which is a widely accepted valuation methodology.

Under this approach, the cash flows attributable to the asset are isolated by deducting returns for contributory assets from the projected cash flows generated by the existing customers/contractual backlog.

These charges represent the required returns on other assets that support the realization of the projected cash flows, including working capital, fixed assets, and other intangible assets.

The resulting excess earnings are adjusted, where appropriate, to reflect expected customer attrition over the remaining economic life of the asset and then discounted to present value using an appropriate discount rate.

Both the magnitude and timing of the projected cash flows are considered from a market participant perspective.

The estimates of the market participant cash flows incorporate assumptions related to historical and projected pricing, operational performance (including market participant synergies), aftermarket retention, product life cycles, material and labor costs, and other relevant customer, contractual, and market factors.

Intangible assets are being amortized on a straight-line basis (which approximates the economic pattern of benefits).

Supplemental Pro Forma Data

The results of operations of Druck, Panametrics and Reuter-Stokes have been included in the Company's financial statements for the period subsequent to the completion of the acquisition on January 1, 2026.

Druck, Panametrics and Reuter-Stokes have contributed sales of $ 97.1 million resulting in an operating loss of approximately $ 4.8 million for the period from the completion of the acquisition through March 31, 2026.

The following unaudited pro forma information assumes that the acquisition was completed on January 1, 2025.

The unaudited pro forma results of operations are provided for illustrative purposes only and are not indicative of the Company's actual consolidated results of operations or consolidated financial position.

The unaudited pro forma information for the three months ended March 31, 2026, includes the following adjustments, where applicable, for business combination accounting effects resulting from the acquisition:

(i) amortization of the fair value step up in inventory, (ii) additional amortization expense related to finite-lived intangible assets acquired, (iii) additional interest expense related to financing for the acquisition (refer to Note 13, Financing), (iv) depreciation expense on property, plant and equipment, and (v) the related tax effects assuming that the business combination occurred on January 1, 2025.

The significant nonrecurring adjustments reflected in the unaudited pro forma consolidated information below include the reclassification of the transaction costs to the earliest period presented.

The unaudited pro forma results of operations do not reflect any operating efficiencies or cost savings which resulted from the acquisition or may be realized in the future.

The following table contains unaudited pro forma condensed consolidated income statement information of the Company for the three months ended March 31, 2025 as if the Druck, Panametrics and Reuter-Stokes closed on January 1, 2025, as such Net income includes transaction and financing adjustments of $ 45.8 million.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Three Months Ended

(in millions, except per share data) 2025

Net sales (a)

Net income (a)

Net income per common share – assuming dilution $ 1.17

(a) Consolidated pro forma revenue and net income related to the optek-Danulat (‘Optek”) acquisition has not been presented since the pro forma impact is not material.

Note 3 - Discontinued Operations

Engineered Materials

Effective on January 1, 2025, the Company completed the sale of the Engineered Materials segment for approximately $ 208.0 million, on a cash-free and debt-free basis.

During the second quarter of 2025, the Company received $ 7.8 million related to a final working capital adjustment.

The following represents financial results from Engineered Materials included in discontinued operations:

Three Months Ended Nine Months Ended

September 30, September 30,

(in millions) 2025 2024 2025 2024

Net sales $ — $ 48.9 $ — $ 156.6

Cost of sales — 37.6 — 119.2

Engineering, selling and administrative — 5.1 — 15.8

Operating profit — 6.2 — 21.6

Gain on sale of business — — 43.5 —

Other expense, net — ( 0.1 ) — ( 0.4 )

Net income from discontinued operations before income taxes — 6.1 43.5 21.2

Provision for income taxes — 1.6 8.6 5.4

Income from discontinued operations, net of tax $ — $ 4.5 $ 34.9 $ 15.8

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The major categories of assets and liabilities included in assets of discontinued operations and liabilities of discontinued operations are as follows:

(in millions) December 31, 2024

Cash and Cash Equivalents $ 1.5

Accounts receivable, net 9.2

Inventories, net 8.1

Other current assets 1.4

Property, plant and equipment, net 25.3

Other assets 0.4

Intangible assets, net 0.7

Goodwill 171.3

Current assets held for sale $ 217.9

Accounts payable 16.8

Accrued liabilities 7.9

Long-term deferred tax liability 19.2

Other liabilities 0.2

Current liabilities held for sale $ 44.1

In connection with the divestiture, during the first quarter of 2025, the Company recognized an after-tax gain of $ 28.8 million (pre-tax gain of $ 35.7 million), subject to a net working capital adjustment and was recorded in income from discontinued operations.

Note 4 - Segment Results

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We currently have two reporting segments:

Aerospace & Electronics and Process Flow Technologies.

Aerospace & Advanced Technologies and Process Flow Technologies.

A brief description of each of our current segments is as follows:

Aerospace & Electronics

The Aerospace & Electronics segment supplies critical components and systems, including original equipment and aftermarket parts, primarily for the commercial aerospace, and the military aerospace, defense and space markets.

Aerospace & Advanced Technologies

The Aerospace & Advanced Technologies segment supplies critical components and systems, including original equipment and aftermarket parts, primarily for the commercial aerospace, and the military aerospace, defense and space markets.

Its brands have decades of proven experience, and in many cases invented the critical technologies in their respective markets.

5 unchanged sentences

The segment is comprised of Process Valves and Related Products, Commercial Valves, and Pumps and Systems.

Process Valves and Related Products include on/off valves and related products for critical and demanding applications in the chemical, oil & gas, power, and general industrial end markets globally.

Commercial Valves includes the manufacturing and distribution of valves and related products for the non-residential construction, general

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

industrial, and to a lesser extent, municipal markets.

Process Valves and Related Products include on/off valves, instrumentation and sensing capabilities for critical and demanding applications in the chemical, oil & gas, power, and general industrial end markets globally.

Commercial Valves includes the manufacturing and distribution of valves and related products for the non-residential construction, general industrial, and to a lesser extent, municipal markets.

Pumps and Systems include pumps and related products primarily for water and wastewater applications in the industrial, municipal, commercial and military markets.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Financial information by reportable segment is set forth below.

Three Months Ended Nine Months Ended

September 30, September 30,

Three Months Ended

(in millions) 2026 2025

Aerospace & Electronics $ 270.2 $ 239.1 $ 777.3 $ 695.9

Aerospace & Advanced Technologies $ 318.3 $ 248.9

Process Flow Technologies 378.1 308.7

1 unchanged sentence

Cost of Sales:

Aerospace & Electronics $ 162.7 $ 144.8 $ 462.8 $ 430.4

Aerospace & Advanced Technologies $ 196.2 $ 147.8

Process Flow Technologies 218.9 172.2

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Engineering, selling and administrative:

Aerospace & Electronics $ 39.8 $ 39.4 $ 114.3 $ 109.6

Aerospace & Advanced Technologies $ 50.6 $ 36.5

Process Flow Technologies 95.0 73.7

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Operating profit:

Aerospace & Electronics $ 67.7 $ 54.9 $ 200.2 $ 155.9

Aerospace & Advanced Technologies $ 71.5 $ 64.6

Process Flow Technologies 64.2 62.8

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Interest expense ( 16.8 ) ( 4.5 )

Miscellaneous income, net 0.8 0.8 2.9 0.9

Miscellaneous income (expense), net 0.2 ( 1.0 )

Income from continuing operations before income taxes $ 85.1 $ 98.8

Three Months Ended Nine Months Ended

September 30, September 30,

Three Months Ended

(in millions) 2026 2025

Depreciation and amortization:

Aerospace & Electronics $ 4.2 $ 5.6 $ 13.5 $ 16.6

Aerospace & Advanced Technologies $ 8.3 $ 4.5

Process Flow Technologies 19.8 8.0

Corporate — — 0.1 0.1

TOTAL DEPRECIATION AND AMORTIZATION $ 28.1 $ 12.5

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Nine Months Ended

September 30,

Three Months Ended

(in millions) 2026 2025

Capital expenditures:

Aerospace & Electronics $ 17.4 $ 5.8

Aerospace & Advanced Technologies $ 3.6 $ 4.0

Process Flow Technologies 7.1 10.2

TOTAL CAPITAL EXPENDITURES $ 10.7 $ 14.2

(in millions) September 30, 2025 December 31, 2024

Aerospace & Electronics $ 941.6 $ 896.2

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(in millions) March 31, 2026 December 31, 2025

Aerospace & Advanced Technologies $ 1,324.8 $ 936.3

Process Flow Technologies 2,552.8 1,326.0

Corporate 282.4 262.8

Assets held for sale — 217.9

Corporate (a)

174.1 1,591.1

TOTAL ASSETS $ 4,051.7 $ 3,853.4

(in millions) September 30, 2025 December 31, 2024

Aerospace & Electronics $ 248.6 $ 248.5

(a) For the year ended December 31, 2025, Corporate Assets include $ 1,223.3 million of restricted cash.

(in millions) March 31, 2026 December 31, 2025

Aerospace & Advanced Technologies $ 345.3 $ 248.6

Process Flow Technologies 1,001.1 435.3

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The following table presents net sales disaggregated by product line for each segment:

Three Months Ended Nine Months Ended

September 30, September 30,

Three Months Ended

(in millions) 2026 2025

Aerospace & Electronics

Aerospace & Advanced Technologies

Commercial Original Equipment $ 126.6 $ 94.0

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Military Aftermarket Products 29.1 22.7

Total Aerospace & Electronics $ 270.2 $ 239.1 $ 777.3 $ 695.9

Total Aerospace & Advanced Technologies $ 318.3 $ 248.9

Process Flow Technologies

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The transaction price allocated to remaining performance obligations represents the transaction price of firm orders which have not yet been fulfilled, which we also refer to as total backlog.

As of September 30, 2025, total backlog was $ 1,437.1 million.

As of March 31, 2026, total backlog was $ 1,794.8 million.

We expect to recognize approximately 73 % of our remaining performance obligations as revenue in 2026, an additional 21 % in 2027 and the balance thereafter.

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Net contract assets and contract liabilities consisted of the following:

(in millions) September 30, 2025 December 31, 2024

(in millions) March 31, 2026 December 31, 2025

Contract assets $ 80.5 $ 71.7

Contract liabilities $ 59.2 $ 46.0

We recognized revenue of $ 4.4 million and $ 30.0 million during the three and nine months ended September 30, 2025, respectively, related to contract liabilities as of December 31, 2024.

We recognized revenue of $ 13.4 million during the three months ended March 31, 2026, related to contract liabilities as of December 31, 2025.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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Diluted earnings per share gives effect to all potentially dilutive common shares outstanding during the period.

Three Months Ended Nine Months Ended

September 30, September 30,

Three Months Ended

(in millions, except per share data) 2026 2025

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Earnings per diluted share $ 1.14 $ 1.83

Stock options, restricted share units, deferred stock units and performance-based restricted share units that were excluded from the calculation of diluted earnings per share because their effect is anti-dilutive was 0.2 million for both the three and nine months ended September 30, 2025 and 2024.

Stock options, restricted share units, deferred stock units and performance-based restricted share units that were excluded from the calculation of diluted earnings per share because their effect is anti-dilutive was 0.1 million and 0.2 million for the three months ended March 31, 2026 and 2025, respectively.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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Net period other comprehensive income 2.4 ( 18.6 ) ( 16.2 )

Balance as of September 30, 2025 $ ( 236.2 ) $ 234.2 $ ( 2.0 )

(a) Net of tax benefit of $ 91.4 million and $ 94.2 million as of September 30, 2025 and December 31, 2024, respectively.

The table below illustrates the amounts reclassified out of each component of accumulated other comprehensive loss for the three and nine months ended September 30, 2025 and 2024.

Balance as of March 31, 2026 $ ( 211.4 ) $ 215.2 $ 3.8

(a) Net of tax benefit of $ 82.5 million and $ 83.3 million as of March 31, 2026 and December 31, 2025, respectively.

The table below illustrates the amounts reclassified out of each component of accumulated other comprehensive loss for the three months ended March 31, 2026 and 2025.

Amortization of pension and postretirement components has been recorded within “Miscellaneous income, net” on our Condensed Consolidated Statements of Operations.

Three Months Ended September 30, Nine Months Ended September 30,

Three Months Ended March 31,

(in millions) 2026 2025

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Note 8 - Defined Benefit and Postretirement Benefits

For all plans, the components of net periodic benefit for the three months ended September 30, 2025 and 2024 are as follows:

Pension Postretirement

(in millions) 2025 2024 2025 2024

Service cost $ 0.8 $ 0.9 $ — $ —

Interest cost 8.6 8.6 — —

Expected return on plan assets ( 11.0 ) ( 12.5 ) — —

Amortization of prior service cost 0.2 0.2 — —

Amortization of net loss (gain) 3.5 3.8 ( 0.1 ) ( 0.1 )

Net periodic loss (benefit) (a)

$ 2.1 $ 1.0 $ ( 0.1 ) $ ( 0.1 )

(a) Includes $ 0.1 million of pension net periodic loss related to discontinued operations for the three months ended September 30, 2024.

For all plans, the components of net periodic benefit for the nine months ended September 30, 2025 and 2024 are as follows:

For all plans, the components of net periodic benefit for the three months ended March 31, 2026 and 2025 are as follows:

Pension Postretirement

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Amortization of net loss (gain) 3.1 3.5 ( 0.1 ) ( 0.1 )

Net periodic loss (benefit) (a)

$ 6.3 $ 3.0 $ ( 0.2 ) $ ( 0.2 )

(a) Includes $ 0.4 million of pension net periodic loss related to discontinued operations for the nine months ended September 30, 2024.

The components of net periodic benefit, other than the service cost component, are included in “Miscellaneous income, net” in our Condensed Consolidated Statements of Operations.

Net periodic loss (benefit) $ 1.3 $ 2.1 $ — $ ( 0.1 )

The components of net periodic benefit, other than the service cost component, are included in “Miscellaneous income (expense), net” in our Condensed Consolidated Statements of Operations.

Service cost is recorded within “Cost of sales” and “Engineering, selling, and administrative” in our Condensed Consolidated Statements of Operations.

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Expected contributions in 2026 $ 2.0 $ 0.4

Amounts contributed during the nine months ended September 30, 2025

Amounts contributed during the three months ended March 31, 2026

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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Our effective tax rates are as follows:

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Three Months Ended March 31,

Effective Tax Rate 21.2 % 20.8 %

Our effective tax rate for the three months and nine months ended September 30, 2025 is higher than the prior year’s comparable period, primarily due to higher statutorily non-deductible costs, partially offset by greater benefit related to share-based compensation and lower non-U.S.

Our effective tax rate for the three months and nine months ended September 30, 2025 is higher than the statutory U.S.

federal tax rate of 21%, primarily due to earnings in jurisdictions with statutory tax rates higher than the United States, expenses that are statutorily non-deductible for income tax purposes and the impact of U.S.

Our effective tax rate for the three months ended March 31, 2026 is higher than the prior year’s comparable period, primarily due to an increase in non-U.S.

taxes and statutorily non-deductible costs.

Our effective tax rate for the three months ended March 31, 2026 is approximately equal to the statutory U.S.

federal tax rate of 21%, and any overall net differences are primarily due to earnings in jurisdictions with statutory tax rates higher than the United States, expenses that are statutorily non-deductible for income tax purposes and the impact of U.S.

state taxes, partially offset by excess share-based compensation benefits, tax credit utilization, and the statutory U.S.

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subsidiaries’ income.

Unrecognized Tax Benefits

During the three months ended September 30, 2025, our gross unrecognized tax benefits, excluding interest and penalties, increased by $ 0.5 million, primarily due to increases in tax positions taken in the current period, partially offset by decreases in tax positions taken during a prior period.

During the nine months ended September 30, 2025, our gross unrecognized tax benefits, excluding interest and penalties, increased by $ 1.4 million, primarily due to increases in tax positions taken in the current and prior periods, partially offset by reductions from the expiration of statutes of limitations.

During the three months and nine months ended September 30, 2025, the total amount of unrecognized tax benefits that, if recognized, would cause our effective tax rate to increase by $ 0.7 million and $ 1.5 million, respectively.

The difference between these amounts relates to (1) offsetting tax effects from other tax jurisdictions, and (2) interest expense, net of deferred taxes.

During the three months and nine months ended September 30, 2025, we recognized $ 0.2 million and $ 0.3 million, respectively, of interest (income)/expense related to unrecognized tax benefits in our Condensed Consolidated Statement of Operations.

As of September 30, 2025 and December 31, 2024, the total amount of accrued interest and penalty expenses related to unrecognized tax benefits recorded in our Condensed Consolidated Balance Sheets was $ 3.0 million and $ 2.7 million, respectively.

During the next twelve months, it is reasonably possible that our unrecognized tax benefits may decrease by $ 0.4 million due to expiration of statutes of limitations and settlements with tax authorities.

However, if the ultimate resolution of income tax examinations results in amounts that differ from this estimate, we will record additional income tax expense or benefit in the period in which such matters are effectively settled.

As of March 31, 2026 and December 31, 2025, the total amount of gross unrecognized tax benefits, excluding interest and penalties, was $ 10.9 million and $ 10.3 million, respectively.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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A reporting unit is an operating segment unless discrete financial information is prepared and reviewed by segment management for businesses one level below that operating segment (a “component”), in which case the component would be the reporting unit.

As of September 30, 2025, we had three reporting units.

As of March 31, 2026, we had three reporting units.

Intangibles with indefinite useful lives, consisting of trade names, are tested annually for impairment, or when events or changes in circumstances indicate the potential for impairment.

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Changes to goodwill are as follows:

(in millions) Aerospace & Electronics Process Flow Technologies Total

(in millions) Aerospace & Advanced Technologies Process Flow Technologies Total

Balance as of December 31, 2025 $ 248.6 $ 435.3 $ 683.9

Acquisition (a)

Acquisition (a)(b)

97.1 573.2 670.3

Currency translation ( 0.4 ) ( 7.4 ) ( 7.8 )

Balance as of September 30, 2025 $ 248.6 $ 435.5 $ 684.1

(a) For the period ended September 30, 2025, adjustments within the Process Flow Technologies segment of $ 0.2 million relate to the Technifab final working capital adjustment.

Balance as of March 31, 2026 $ 345.3 $ 1,001.1 $ 1,346.4

(a) For the period ended March 31, 2026, adjustments within the Aerospace & Advanced Technologies segment of $ 97.1 million relate to the acquisition of Druck.

See Note 2, “Acquisitions,” in the Notes to the Condensed Consolidated Financial Statements for further information.

As of September 30, 2025, we had $ 152.7 million of net intangible assets, of which $ 23.0 million were intangibles with indefinite useful lives.

(b) For the period ended March 31, 2026, adjustments within the Process Flow Technologies segment of $ 573.2 million relate to the acquisitions of Panametrics, Reuter-Stokes and Optek.

See Note 2, “Acquisitions,” in the Notes to the Condensed Consolidated Financial Statements for further information.

As of March 31, 2026, we had $ 667.3 million of net intangible assets, of which $ 22.7 million were intangibles with indefinite useful lives.

As of December 31, 2025, we had $ 149.5 million of net intangible assets, of which $ 22.9 million were intangibles with indefinite useful lives.

Changes to intangible assets are as follows:

(in millions) Nine Months Ended September 30,2025 Year Ended December 31, 2024

(in millions) Three Months Ended March 31, 2026 Year Ended December 31, 2025

Balance at beginning of period, net of accumulated amortization $ 149.5 $ 159.9

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Balance at end of period, net of accumulated amortization $ 667.3 $ 149.5

(a) For the year ended December 31, 2024, additions of $ 92.4 million relate to the acquisitions of Vian Enterprises, Inc., CryoWorks, Inc.

and Technifab.

(a) For the period ended March 31, 2026, additions of $ 539.2 million relate to the acquisitions of Druck, Panametrics, Reuter-Stokes and Optek.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

A summary of intangible assets are as follows:

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

( dollars in millions )

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Accrued liabilities consist of:

(in millions) September 30,

(in millions) March 31,

2026 December 31,

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Generally, third party specialists assist in the estimation of remediation costs.

The environmental remediation liability as of September 30, 2025 is substantially related to the former manufacturing site in Goodyear, Arizona (the “Goodyear Site”) discussed below.

The environmental remediation liability as of March 31, 2026 is substantially related to the former manufacturing site in Goodyear, Arizona (the “Goodyear Site”) discussed below.

On August 12, 2022, Crane Holdings, Co., Crane Company, a then wholly-owned subsidiary of Crane Holdings, Co., and Redco Corporation (f/k/a Crane Co.

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As noted above, however, Crane Company has agreed to indemnify Redco and Redco Buyer against the Goodyear, Roseland, and Crab Orchard environmental liabilities.

Thus, references below in this Note 12 to “we”, and “us” refer to Crane Company in its capacity as the primarily responsible party for the Goodyear and Roseland Sites, and as indemnitor to and agent for the Redco and Redco Buyer on the Crab Orchard Site.

Goodyear Site

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This report will be submitted to the EPA for approval and in combination with regulatory discussions and consultations, and is expected to provide clarity on future remedial requirements at the site and associated costs.

The total estimated gross liability was $ 13.7 million and $ 16.4 million as of September 30, 2025 and December 31, 2024, respectively, and as described below, a portion is reimbursable by the U.S.

The current portion of the total estimated liability was $ 7.8 million as of September 30, 2025 and December 31, 2024, respectively, and represents our best estimate, in consultation with our technical advisors, of total remediation costs expected to be paid during the next twelve-month period.

The total estimated gross liability was $ 12.0 million and $ 12.9 million as of March 31, 2026 and December 31, 2025, respectively, and as described below, a portion is reimbursable by the U.S.

The current portion of the total estimated liability was $ 7.8 million as of March 31, 2026 and December 31, 2025, respectively, and represents our best estimate, in consultation with our technical advisors, of total remediation costs expected to be paid during the next twelve-month period.

It is not possible at this point to reasonably estimate the amount of any obligation in excess of our current accruals through the 2027 forecast period because of the aforementioned uncertainties, in particular, the continued significant changes in the Goodyear Site conditions and additional expectations of remediation activities experienced in recent years.

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Government reimburses us for 21 % of qualifying costs of investigation and remediation activities at the Goodyear Site.

As of September 30, 2025 and December 31, 2024, we recorded a receivable of $ 2.2 million and $ 3.0 million, respectively, for the expected reimbursements from the U.S.

As of March 31, 2026 and December 31, 2025, we recorded a receivable of $ 1.9 million and $ 2.3 million, respectively, for the expected reimbursements from the U.S.

Government in respect of the aggregate liability as at that date.

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Crane was alleged to have manufactured a valve involved in the incident.

Plaintiffs added other defendants to the suits in July 2023 who allegedly either sold or serviced the subject valve or a valve accessory, and discovery for the newly added defendants began moving forward in February 2024.

Plaintiffs also added other defendants to the suits in July 2023 who allegedly either sold or serviced the subject valve or a valve accessory, and discovery for the newly added defendants began moving forward in February 2024.

Crane had valid defenses, and insurance coverage that attached after a modest self-insured retention.

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In September 2024, our manufacturing site in Marion, North Carolina was directly affected by flooding from Hurricane Helene.

Our insurance generally covers the repair or replacement of assets that suffered damage or loss and also provides business interruption coverage, including lost profits, and reimbursement for other expenses and costs that have been incurred relating to the damages and losses suffered.

The recovery related to business interruption is recognized when realized and received.

We are working with our insurance carrier to ascertain the amount of insurance recoveries due to us as a result of the damage and loss we incurred, as such the timing of insurance proceeds will lag behind actual losses incurred.

For the three months ended September 30, 2025 and 2024, we incurred expenses of $ 0.5 million and $ 3.7 million, respectively, and for the nine months ended September 30, 2025 and 2024, we incurred expenses of $ 6.3 million and $ 3.7 million, respectively, primarily related to damages caused by the hurricane, which included professional fees to restore and maintain the site.

Our insurance covered the repair or replacement of assets that suffered damage or loss and also provided for business interruption coverage, which included lost profits, and reimbursement for other expenses and costs that have been incurred relating to the damages and losses suffered.

The recovery related to business interruption was recognized when realized and received.

We worked with our insurance carrier to assess the damage and ascertain the amount of insurance recoveries due to us as a result of the damage and loss we incurred, as such the timing of insurance proceeds lagged behind the actual losses incurred.

As of December 31, 2025, the insurance claim has been settled and no additional proceeds are expected to be recovered and no additional costs are expected to be incurred.

For the three months ended March 31, 2025, we incurred expenses of $ 5.6 million primarily related to damages caused by the hurricane, which included professional fees to restore and maintain the site.

These costs are included in Engineering, selling and administrative expenses in the Condensed Consolidated Statements of Operations.

On a cumulative basis, we incurred expenses of $ 29.6 million related to damages caused by the hurricane and received corresponding insurance recoveries of $ 29.1 million.

During the three and nine months ended September 30, 2025, we also received insurance proceeds for lost profits of $ 2.7 million and $ 6.7 million, respectively, included in Miscellaneous income, net in the Condensed Consolidated Statements of Operations.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The following table summarizes the components of Loss from natural disaster, net of insurance recoveries and business interruption proceeds:

Three Months Ended Nine Months Ended

September 30, September 30,

The following table summarizes the components of Loss from natural disaster, net of insurance recoveries:

Three Months Ended

(in millions) 2025

2 unchanged sentences

Impairment and rework of inventory 0.1

Other 0.1 — 0.3 —

Total expenses and losses $ 5.6

Insurance recoveries received $ ( 0.5 ) $ — $ ( 6.3 ) $ —

Insurance recoveries to be received 5.6

Loss from natural disaster, net of insurance recoveries $ —

Insurance proceeds for lost profits $ 2.7 $ — $ 6.7 $ —

September 30, 2025

Insurance recoveries receivable, net of deductible as of December 31, 2024 $ 2.8

Expenses incurred during the period ended September 30, 2025 6.3

Insurance proceeds for property damage ( 9.1 )

Insurance recoveries receivable, net of deductible as of September 30, 2025 (a)

Expenses and losses incurred during the period ended March 31, 2025 5.6

Insurance recoveries receivable, net of deductible as of March 31, 2025 (a)

(a) Included in Other current assets in the Condensed Consolidated Balance Sheets.

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If there is a reasonable possibility that a loss or additional loss may have been incurred for such matters, we disclose the estimate of the amount of loss or range of loss, disclose that the amount is immaterial, or disclose that an estimate of loss cannot be made, as applicable.

We believe that as of September 30, 2025, there was no reasonable possibility that a material loss, or any additional material losses, may have been incurred for such matters, and that adequate provision has been made in our financial statements for the potential impact of all such matters.

We believe that as of March 31, 2026, there was no reasonable possibility that a material loss, or any additional material losses, may have been incurred for such matters, and that adequate provision has been made in our financial statements for the potential impact of all such matters.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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Our long-term debt consisted of the following:

(in millions) September 30,

(in millions) March 31,

2026 December 31,

Term Facility $ 5.6 $ —

Total short-term borrowings $ 5.6 $ —

Term Facility (a)

$ 892.6 $ 898.2

Revolving Facility 300.0 250.0

Total long-term debt $ 1,192.6 $ 1,148.2

(a) Debt issuance costs totaled $ 0.5 million as of December 31, 2024, and has been netted against the aggregate principal amount.

The Company made principal prepayments of $ 247.5 million and $ 1.9 million on the 2023 Term Facility during the nine months ended September 30, 2025 and 2024, respectively.

(a) Debt issuance costs totaled $ 1.8 million as of March 31, 2026 and as of December 31, 2025, and have been netted against the aggregate principal amount.

On September 30, 2025, Crane Company entered into a credit agreement (the “Credit Agreement”), by and among the Company, as borrower, CR Holdings, C.V., a subsidiary of the Company, as a subsidiary borrower, the lenders and issuing banks party thereto and JPMorgan Chase Bank, N.A., as administrative agent.

The Credit Agreement provides for a senior unsecured delayed draw term loan facility in an aggregate principal amount of $ 900 million (the “Term Facility”), which matures on September 30, 2030, and a senior unsecured revolving facility in an aggregate committed amount of $ 900 million (the “Revolving Facility”), which also matures on September 30, 2030.

The Term Facility will be used to fund (together with cash on hand) the consummation of the Company’s previously announced acquisition of PSI.

Debt refinancing fees associated with the Revolving Facility were $ 3.8 million, and are included in other assets on the condensed consolidated balance sheets.

On December 29, 2025, the Company borrowed $ 900 million under the Term Facility and an additional $ 250 million under the Revolving Facility.

The borrowings under the Term Facility and Revolving Facility were used, along with cash on-hand, to fund the consummation of the Company’s January 2026 acquisitions of Druck, Panametrics Reuter-Stokes, and Optek.

On February 11, 2026, the Company borrowed $ 50.0 million under the Revolving Facility to fund working capital requirements and general corporate purposes.

In connection with the entry into the Credit Agreement, the Company’s existing credit agreement, dated as of March 17, 2023, was terminated.

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A commitment fee on the daily unused portion of the commitments under the Revolving Facility will accrue at a rate per annum ranging from 0.20 % to 0.35 % depending on the Pricing Ratio.

A ticking fee on the daily unused portion of the commitments under the Term Facility will accrue at a rate per annum ranging from 0.20 % to 0.35 % depending on the Pricing Ratio during the period from and including the date that is 90 days after September 30, 2025 until the earlier of (i) the date on which the delayed draw term loans under the Term Facility are funded (the “Term Facility Funding Date” and such loans, the “Term Loans”) and (ii) the termination of all commitments under the Term Facility.

The Company will be required to repay borrowings under the Term Facility on the last day of each fiscal quarter, commencing with the last day of the fifth full fiscal quarter ending after the Term Facility Funding Date (such day, the “Amortization Commencement Date”), in an amount equal to (i) with respect to the last day of each of the first through fourth full fiscal quarters ending on or after the Amortization Commencement Date, 0.625 % of the aggregate principal amount of the Term Loans made on the Term Facility Funding Date and (ii) thereafter, 1.25 % of the aggregate principal amount of the Term Loans made on the Term Facility Funding Date.

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The Credit Agreement also requires the Company to maintain, as of the last day of each fiscal quarter, (i) a consolidated total net leverage ratio of no greater than 3.75 to 1.00, although such level may, at the Company’s option, be increased by 0.25 upon the consummation of certain permitted acquisitions for certain periods and (ii) a consolidated interest coverage ratio of no greater than 3.00 to 1.00.

The Company was in compliance with all such covenants as of September 30, 2025.

The Company was in compliance with all such covenants as of March 31, 2026.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 14 - Fair Value Measurements

3 unchanged sentences

The standards describe three levels of inputs that may be used to measure fair value:

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Quoted prices in active markets for identical or similar assets and liabilities.

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We do not hold or issue derivative financial instruments for trading or speculative purposes.

Foreign exchange contracts not designated as hedging instruments had a notional value of $ 21.2 million and $ 18.3 million as of September 30, 2025 and December 31, 2024, respectively.

Foreign exchange contracts not designated as hedging instruments had a notional value of $ 86.5 million and $ 21.2 million as of March 31, 2026 and December 31, 2025, respectively.

Our derivative assets and liabilities include foreign exchange contract derivatives that are measured at fair value using internal models based on observable market inputs such as forward rates and interest rates.

Based on these inputs, the derivatives are classified within Level 2 of the valuation hierarchy.

Such derivative receivable amounts are recorded within “Other current assets” on our Condensed Consolidated Balance Sheets and were $ 1.8 million as of September 30, 2025.

The Company had no such derivative receivable as of December 31, 2024.

Such derivative liability amounts are recorded within “Accrued liabilities” on our Condensed Consolidated Balance Sheets and were $ 1.1 million as of December 31, 2024.

The Company had no such derivative payable as of September 30, 2025.

Such derivative receivable amounts are recorded within “Other current assets” on our Condensed Consolidated Balance Sheets and were $ 0.5 million and $ 1.7 million as of March 31, 2026 and December 31, 2025, respectively.

Derivative liability amounts are recorded within “Accrued liabilities” on our Condensed Consolidated Balance Sheets and were $ 0.5 million as of March 31, 2026.

The Company had no such derivative payable as of December 31, 2025.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

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 1. Financial Statements