What changed in this filing

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Item 2. Management’s Discussion and Analysis

2026-01-14 compared with 2025-10-15 · 88 added, 69 removed, 303 unchanged (34% of the section changed)

70 unchanged sentences

Due to the progressive degradation of material properties and the accumulation of impurities, PET can typically only be mechanically recycled a limited number of times before its quality is too poor for further processing or valuable applications.

The quality of mechanically recycled PET can vary considerably and often require blending with virgin PET to meet performance standards.

The quality of mechanically recycled PET can vary considerably and often requires blending with virgin PET to meet performance standards.

This inconsistency poses difficulties for manufacturers aiming to incorporate rPET into products, particularly for demanding applications like food packaging.

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We further believe the sale of our first license underscores the commercial readiness of Loop's technology, which has been validated by five years of operations at its Terrebonne facility.

On September 23, 2025, Loop entered into a Securityholders Agreement with RCE to establish the framework for the governance, ownership, and operations of the European joint venture, Infinite Loop Europe SAS (the "Europe JV").

Under this agreement, RCE and Loop hold their interests in the Europe JV on a 90/10 basis to pursue the non-exclusive development, financing, construction, ownership, operation, and commercialization of chemical upcycling plants and related products using Loop's technology within Europe.

The Securityholders Agreement provides the Europe JV with priority rights to evaluate European project opportunities, establishes financing arrangements between the shareholders, grants Loop options to participate in project equity, and confirms that Loop retains ownership of its intellectual property while granting the Europe JV limited use rights.

The Europe JV is managed by a CEO proposed by RCE, with governance provided by a four-member Board of Directors where Loop is entitled to nominate one director and RCE nominates the remainder.

Certain transactions that could risk disclosure of Loop's technology and certain related party transactions require unanimous Board approval.

RCE has provided the Europe JV with a €10 million shareholder loan to fund the first royalty tranche under the License Agreement, with the loan accruing payment-in-kind interest at 11.9% per annum and maturing on December 27, 2027.

On September 23, 2025, Loop entered into a formal agreement with Reed Circular Economy (“RCE”) to establish the framework for the governance, ownership, and operations of Infinite Loop Europe SAS (“Infinite Loop Europe”), a European entity formed to pursue the non-exclusive development, financing, construction, ownership, operation, and commercialization of chemical upcycling plants and related products using Loop’s technology within Europe.

Under this agreement, RCE and Loop hold equity interests in Infinite Loop Europe on a 90/10 basis.

In September 2025, Loop purchased 250 shares of Infinite Loop Europe for €0.25 ($0.305) in consideration for its 10% ownership stake.

The agreement provides Infinite Loop Europe with priority rights to evaluate European project opportunities, establishes financing arrangements between the shareholders, grants Loop options to participate in up to 50% of project-level equity, and confirms that Loop retains ownership of its intellectual property while granting Infinite Loop Europe limited use rights.

Infinite Loop Europe is managed by a chief executive officer proposed by RCE, with governance provided by a four-member board of directors, of which Loop is entitled to nominate one director and RCE nominates the remaining directors.

Certain transactions that could risk the disclosure of Loop’s technology, as well as certain related-party transactions, require unanimous board approval.

RCE has provided Infinite Loop Europe with a €10 million shareholder loan to fund the first royalty tranche under the license agreement, which accrues payment-in-kind interest at 11.9% per annum and matures on December 27, 2027.

Loop and RCE are actively assessing opportunities for the first Infinite Loop™ facility in Europe.

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Ester and Loop are each contributing 50% of the equity capital of the India JV.

As of August 31, 2025, Loop and Ester had each made total equity contributions of $1.9 mil lion in cash to the India JV.

As of November 30, 2025 , Loop and Ester had each made total equity contributions of $2.91 million in cash to the India JV.

The funds injected in the India JV are being used for preliminary project costs, which are mainly engineering fees.

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Loop has entered into an engineering services agreement with the India JV to provide engineering services and support the local engineering firm.

This has resulted in Loop generating engineering services revenue of $0.2 million in the six-month period ended August 31, 2025.

This has resulted in Loop generating engineering services revenue of $0.33 million in the nine -month period ended November 30, 2025 .

On June 22, 2025, Loop executed a $1.5 million engineering services agreement with the India JV to support it through construction as it moves towards breaking ground on the Infinite Loop™ India facility.

The Company commenced performance under this engineering services agreement in November 2025.

This new engineering services agreement builds on the initial engineering services agreement with the India JV which was fulfilled over Q4 of fiscal 2025 and Q1 of fiscal 2026, underscoring the role of engineering services in Loop's commercialization strategy as an important and growing source of revenue.

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Feedstock sourcing for the facility, of which there is abundant supply from textile waste in India, is well advanced.

Loop has signed a multi-year offtake agreement with Nike, Inc., which will serve as an anchor customer for the facility.

Loop has also signed an offtake agreement with Taro Plats S.p.A.

to supply 100% recycled, virgin-quality Loop™ DMT.

Furthermore, the India JV has engaged a leading global advisory firm to manage the debt syndication process for financing the construction of the Infinite Loop™ India facility.

Based on an engineering study completed by an engineering firm in May 2025, the estimated total investment cost for the facility, including continuous polymerization, financing costs during construction and initial working capital requirements, is expected to be approximately $176 million.

Groundbreaking for the Infinite Loop™ India facility is now expected to occur by end of fiscal year 2026, with commercial operations projected to commence in calendar 2027.

The debt financing process is progressing, and term sheets have been received from international lenders.

The front-end engineering design for the Infinite Loop™ India facility was completed by Tata Consulting Engineers.

Subsequent to November 30, 2025, the India JV awarded the detailed engineering contract for the Infinite Loop™ India facility to Toyo Engineering India Private Limited, covering the full scope of detailed design, procurement engineering, and technical documentation.

This represents the final engineering phase prior to construction.

The net total investment cost for the facility, including continuous polymerization, financing costs during construction and initial working capital requirements, is budgeted to be $176 million.

The project is anticipated for completion by the end of calendar 2027.

Commercialization Strategy

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Loop has entered into an engineering services agreement with the India JV to provide engineering services and support the completion of the engineering for the planned Infinite Loop™ manufacturing facility in India.

This has resulted in Loop generating engineering services revenue of $0.2 million in the six-month period ended August 31, 2025.

This has resulted in Loop generating engineering services revenue of $0.33 million in the nine -month period ended November 30, 2025 .

We are also in the process of implementing a modular construction strategy, in order to reduce overall capital expenditures and operating expenses, while improving project timelines and ensuring standardized design and quality, and providing a scalable solution for global expansion.

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Recent Developments

Offtake Agreement with Leading Sports Apparel Company

In September 2025, we entered into a multi-year offtake agreement with a subsidiary of a leading branded sports apparel company responsible for its global sourcing.

Under the terms of this agreement, we will supply agreed minimum volumes of "Twist," our circular polyester resin made entirely from textile waste, at an agreed upon price once our planned Infinite Loop™ India facility becomes operational.

This agreement represents a significant commitment from a major global brand to incorporate our textile-to-textile recycled materials into their supply chain.

Offtake Agreement with Nike

In September 2025, we entered into a multi-year offtake agreement NIKE, Inc.

("Nike"), a global leader in athletic footwear and apparel.

Under the terms of this agreement, we will supply agreed minimum volumes of Tw ist™, our virgin-quality circular polyester resin made exclusively from textile waste.

Offtake Agreement with Taro Plast

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On July 3, 2025, the Company entered into an At the Market Offering Agreement (the “Sales Agreement”) with Roth Capital Partners, LLC (“Sales Agent”), pursuant to which the Company may offer and sell, from time to time, shares of its common stock, par value $0.0001 per share having an aggregate offering price of up to $15 million through the Sales Agent, acting as its agent, or directly to the Sales Agent, acting as principal (the “ATM Equity Offering”).

As of August 31, 2025, the Company had sold 116,358 shares of common stock under the Sales Agreement for aggregate gross proceeds of approximately $192,882 and net proceeds of approximately $186,557, after deducting sales agent commissions and other offering expenses.

As of August 31, 2025, the Company had approximately $14.8 million of capacity remaining under the ATM Equity Offering.

As of November 30, 2025 , the Company had sold 510,435 shares of common stock under the Sales Agreement for aggregate gross proceeds of approximately $917,048 and net proceeds of approximately $888,923 , after deducting sales agent commissions and other offering expenses.

As of November 30, 2025 , the Company had approximately $14.1 million of capacity remaining under the ATM Equity Offering.

Human Capital

As of August 31, 2025, we had 42 employees of which 18 work in research and development, 15 in engineering and operations, and 9 in administrative functions.

As of November 30, 2025 , we had 40 employees of which 16 work in research and development, 16 in engineering and operations, and 8 in administrative functions.

Results of Operations

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dollars unless otherwise specified.

The following table summarizes our operating results for the three-month periods ended August 31, 2025 and 2024, in thousands of U.S.

Three months ended August 31,

The following table summarizes our operating results for the three-month periods ended November 30, 2025 and 2024, in thousands of U.S.

Three months ended November 30,

favorable / (unfavorable)

Total revenues

Research and development

1 unchanged sentence

Stock-based compensation

Machinery and equipment expenditures

Plant and laboratory operating expenses

6 unchanged sentences

Total general and administrative

Impairment of assets

Loss on equity accounted investment

4 unchanged sentences

Total expenses

Second Quarter Ended August 31, 2025

Revenues for the three-month period ended August 31, 2025 , decreased $23 to $0 , as compared to $23 for the same period in 2024 .

The revenues of $23 for the three-month period ended August 31, 2024 resulted from sales of Loop™ PET resin.

Third Quarter Ended November 30, 2025

Revenues for the three-month period ended November 30, 2025 , increased $34 to $86 , as compared to $52 for the same period in 2024 .

The revenues of $86 for the three-month period ended November 30, 2025 resulted from engineering services provided to the India JV.

The revenues of $52 for the three-month period ended November 30, 2024 resulted from sales of Loop™ PET resin.

Research and Development

Research and development expense for the three-month period ended August 31, 2025, decreased $1,102 to $843, as compared to $1,945 for the same period in 2024.

Research and development expense for the three-month period ended November 30, 2025 , decreased $410 to $967 , as compared to $1,377 for the same period in 2024 .

The decrease was primarily attributable to a $ 68 decrease in external engineering expenses for design work for our Infinite Loop™ manufacturing process, and a $ 117 decrease in employee compensation expenses.

General and administrative expenses

General and administrative expenses for the three-month period ended August 31, 2025, decreased $724 to $1,871, as compared to $2,595 for the same period in 2024.

The decrease was primarily attributable to a $395 decrease in professional fees, which was mainly attributable to legal costs related to our partnerships with Reed Societe Generale Group and Ester incurred in the three-month period ended August 31, 2024, and a $162 decrease in employee compensation.

General and administrative expenses for the three-month period ended November 30, 2025 , decreased $648 to $1,500 , as compared to $2,148 for the same period in 2024 .

The decrease was primarily attributable to a $438 decrease in professional fees, which was mainly attributable to legal costs related to our partnerships with Reed Societe Generale Group and Ester incurred in the three-month period ended November 30, 2024 , and a $158 decrease in employee compensation.

Interest and other financial expenses

Interest and other financial expenses increased by $300 for the three-month period ended August 31, 2025.

This increase is mainly attributable to the accrued PIK dividend on the Series B Convertible Preferred Stock issued to RCE recorded as an interest expense for $341 in the three-month period ended August 31, 2025 (2024 – nil).

The net loss for the three-month period ended August 31, 2025 , decreased $1,635 to $3,204 , as compared to $4,839 for the same period in 2024 .

This decrease was primarily due to the decrease of $1,102 in research and development expenses and the decrease of $724 in general and administrative expenses, which were partially offset by the $300 increase in interest and other financial expenses.

Six Months Ended August 31, 2025

The following table summarizes our operating results for the six-month periods ended August 31, 2025 and 2024, in thousands of U.S.

Six months ended August 31,

Interest and other financial expenses increased by $326 for the three-month period ended November 30, 2025 .

This increase is mainly attributable to the accrued PIK dividend on the Series B Convertible Preferred Stock issued to RCE recorded as an interest expense for $360 in the three-month period ended November 30, 2025 (2024 – nil).

The net loss for the three-month period ended November 30, 2025 , decreased $8,968 to $2,944 , as compared to $11,912 for the same period in 2024 .

This decrease was primarily due to the decrease of $410 in research and development expenses, a decrease of $648 in general and administrative expenses, and a decrease of $ 8,460 in the prior year quarter due to an impairment charge for machinery and equipment.

These decreases were partially offset by the $326 increase in interest and other financial expenses.

Nine Months Ended November 30, 2025

The following table summarizes our operating results for the nine -month periods ended November 30, 2025 and 2024 , in thousands of U.S.

Nine months ended November 30,

Total revenues

Research and development

Employee compensation

Machinery and equipment expenditures

Stock-based compensation

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Total general and administrative

Impairment of assets

Loss on equity accounted investment

4 unchanged sentences

Total expenses

Revenues for the six-month period ended August 31, 2025, increased $223 to $252, as compared to $29 for the same period in 2024.

The revenues for the six-month period ended August 31, 2025 resulted from $244 in engineering fees and $8 from sales of Loop™ PET resin produced using monomers manufactured at the Terrebonne Facility.

The revenues of $29 for the six-month period ended August 31, 2024 resulted from sales of Loop™ PET resin.

Revenues for the nine -month period ended November 30, 2025 , increased $257 to $338 , as compared to $81 for the same period in 2024 .

The revenues for the nine -month period ended November 30, 2025 resulted from $330 in engineering fees and $8 from sales of Loop™ PET resin produced using monomers manufactured at the Terrebonne Facility.

The revenues of $81 for the nine -month period ended November 30, 2024 resulted from sales of Loop™ PET resin.

Research and Development

Research and development expense for the six-month period ended August 31, 2025, decreased $1,965 to $2,217, as compared to $4,182 for the same period in 2024.

Research and development expense for the nine -month period ended November 30, 2025 , decreased $2,377 to $3,182 , as compared to $5,559 for the same period in 2024 .

The decrease was primarily attributable to a $1,283 decrease in external engineering expenses for design work for our Infinite Loop™ manufacturing process, and a $696 decrease in employee compensation expenses, partially offset by a $59 increase in stock-based compensation expenses.

General and administrative expenses

General and administrative expenses for the six -month period ended August 31, 2025 , decreased $1,987 to $3,519 , as compared to $5,506 for the same period in 2024 .

The decrease was primarily attributable to a $1,289 decrease in professional fees, which was mainly due to legal costs related to our partnerships with Reed Societe Generale Group and Ester incurred in the six-month period ended August 31, 2024, a decrease of $229 in employee compensation expenses and a $160 decrease in stock-based compensation expense.

General and administrative expenses for the nine -month period ended November 30, 2025 , decreased $2,636 to $5,018 , as compared to $7,654 for the same period in 2024 .

The decrease was primarily attributable to a $1,728 decrease in professional fees, which was mainly due to legal costs related to our partnerships with Reed Societe Generale Group and Ester incurred in the nine -month period ended November 30, 2024 , a decrease of $385 in employee compensation expenses and a $150 decrease in stock-based compensation expense.

Loss on equity accounted investment

Loss on equity accounted investment increased by $345 for the six-month period ended August 31, 2025.

This loss relates to the Compa ny's 50% portion of the loss incurred by the India JV for the six-month period ended August 31, 2025, during which the India JV incurred preliminary project costs for the planned Infinite Loop™ facility in India, which are mainly engineering fees.

Loss on equity accounted investment increased by $410 for the nine -month period ended November 30, 2025 .

This loss relates to the Compa ny's 50% portion of the loss incurred by the India JV for the nine -month period ended November 30, 2025 , during which the India JV incurred preliminary project costs for the planned Infinite Loop™ facility in India, which are mainly engineering fees.

Interest and other financial expenses

Interest and other financial expenses increased by $658 for the six-month period ended August 31, 2025.

This increase is mainly attributable to the accrued PIK dividend on the Series B Convertible Preferred Stock issued to RCE recorded as an interest expense for $681 in the six-month period ended August 31, 2025 (2024 – nil).

The net loss for the six-month period ended August 31, 2025, decreased $3,377 to $6,651, as compared to $10,028 for the same period in 2024.

This decrease was primarily due to the decrease of $1,987 in general and administrative expenses and the decrease of $1,965 in research and development expenses, which were partially offset by the $658 increase in interest and other financial expenses and the increase of $345 in loss on equity accounted investment.

LIQUIDITY AND CAPITAL RESOURCES

Interest and other financial expenses increased by $984 for the nine -month period ended November 30, 2025 .

This increase is mainly attributable to the accrued PIK dividend on the Series B Convertible Preferred Stock issued to RCE recorded as an interest expense for $1,041 in the nine -month period ended November 30, 2025 (2024 – nil).

The net loss for the nine -month period ended November 30, 2025 , decreased $12,345 to $9,595 , as compared to $21,940 for the same period in 2024 .

This decrease was primarily due to the decrease of $2,636 in general and administrative expenses, a decrease of $2,377 in research and development expenses, and a decrease of $ 8,460 in the prior year due to an impairment charge for machinery and equipment.

These decreases were partially offset by a $984 increase in interest and other financial expenses and the increase of $410 in loss on equity accounted investment.

GOING CONCERN AND CAPITAL RESOURCES

All monetary amounts are in thousands of U.S.

dollars unless otherwise specified.

Going concern

These unaudited interim condensed consolidated financial statements have been prepared using accounting principles generally accepted in the United States of America applicable to a going concern, which contemplate the realization of assets and settlement of liabilities in the normal course of business as they come due.

In assessing whether the going concern assumption is appropriate, management takes into account all available information about the future, which is at least, but not limited to, twelve months from the date of issuance of these consolidated financial statements.

Since its inception, the Company has been in the pre-commercialization stage with no recurring revenues, and its ongoing operations and commercialization plans have been financed primarily by raising equity and debt.

The Company has recurring net losses, negative cash flow from operating activities since its inception, and has a net capital deficiency.

August 31, 2025, the Company’s available liquidity was

$9,857, consisting of cash and cash equivalents of

$7,310 and an undrawn amount on a senior loan facility from a Canadian bank of

The Company has recurring net losses, negative cash flow from operating activities since its inception, and a net capital deficiency.

Management continuously monitors the Company's cash resources against its cash commitments to determine whether there is sufficient liquidity to fund its costs for at least twelve months from the financial statement issuance date.

In preparing its going concern assessment in accordance with US GAAP, the Company included cash flows that meet the "probable" threshold under ASC 205-40 in its liquidity assessment and has excluded forecasted cash flows that lack substantive support or binding commitments.

Based on this assessment, management has determined that current available liquidity will be sufficient to meet the Company’s obligations, commitments and budgeted operating expenditures for at least twelve months from the issuance date of these unaudited interim condensed consolidated financial statements.

The Company's ability to move to the next stage of its strategic development and participate in the construction of manufacturing facilities through joint ventures is dependent on, among other factors, whether the Company can obtain the necessary funding through a combination of further technology licensing and engineering services arrangements, government incentive programs, and/or the issuance of debt and/or equity.

Management is pursuing options to secure financing for Loop's equity contribution for the India JV and to cover ongoing cash requirements through to the start of commercial operations in India.

There is no assurance that the Company will be successful in attracting additional funding.

Even if additional financing is available, it may not be available on terms favorable to the Company.

Inability to secure additional financing on favorable terms, or to obtain such financing at all when required, would have an adverse effect on the Company’s financial position and on its ability to execute its business plan.

In preparing this going concern assessment in accordance with US GAAP, the Company included cash flows that meet the 'probable' threshold under ASC 205-40 in its going concern evaluation and has excluded forecasted cash flows that lack substantive support or binding commitments.

Management has determined that current cash and cash equivalents on hand of $5,204, together with the $2,504 available under its undrawn credit facility, will not be sufficient to fund the Company's ongoing operations, obligations and commitments for the next twelve months from the date of issuance of these unaudited interim condensed consolidated financial statements.

These events and conditions are material uncertainties that raise substantial doubt upon the Company's ability to continue as a going concern and, accordingly, the appropriateness of the use of accounting principles applicable to a going concern.

The Company’s ability to continue as a going concern and execute upon management's plans to move to the next stage of its strategic development is dependent on, among other factors, whether the Company can obtain the necessary financing through a combination of the issuance of debt and/or equity, technology licensing and engineering services arrangements, and/or financing from government incentive programs.

While the Company is actively engaged in financing discussions, there is no assurance that the Company will be successful in attracting additional funding on terms acceptable to the Company.

These unaudited interim condensed consolidated financial statements do not reflect the adjustments to the carrying values of assets and liabilities and the reported expenses and balance sheet classifications that would be necessary if the Company were unable to realize its assets and settle its liabilities as a going concern in the normal course of operations.

Such adjustments could be material.

Sale and issuance of Series B CPS

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The Credit Facility allows for borrowings of up to $2,504 in aggregate principal amount.

The Credit Facility is secured by the Company's Terrebonne, Québec property and is subject to a minimum equity covenant, tested quarterly with which the Company was in compliance as at August 31, 2025 .

The Credit Facility is secured by the Company's Terrebonne, Québec property and was initially subject to a minimum equity covenant, tested quarterly .

All borrowings under the Credit Facility will bear interest at an annual rate equal to the bank's Canadian prime rate plus 1.0%.

As at August 31, 2025 , the $2,547 Credit Facility was available and undrawn.

As at November 30, 2025 , the $2,504 Credit Facility was available and undrawn.

On July 4, 2025, the Borrower, the Company and the Canadian bank executed an amendment to the Credit Facility, modifying the minimum equity covenant to include the balance of Series B Convertible Preferred Stock as at February 28, 2025 of $10,647 in the calculation of stockholders' equity.

1 unchanged sentence

At-the-Market Offering

During the three months ended August 31, 2025, the Company issued and sold an aggregate of 116,358 shares of its common stock pursuant to its ATM Equity Offering program for aggregate gross proceeds of approximately $193.

During the three months ended November 30, 2025 , the Company issued and sold an aggregate of 394,077 shares of its common stock pursuant to its ATM Equity Offering program for aggregate gross proceeds of approximately $724 .

After deducting sales agent commissions and other offering expenses totaling approximately $22 , the Company received net proceeds of approximately $702 from such sales.

The shares were sold at prevailing market prices at the time of sale, with an average selling price of $1.84 per share.

The net proceeds from these equity transactions were used for general corporate purposes and to strengthen the Company's working capital position.

The net proceeds from these equity transactions were used for general corporate purposes.

The Company may, from time to time, continue to utilize its ATM Equity Offering program to raise additional capital, subject to market conditions and the Company's capital needs, though there can be no assurance as to if or when any additional sales may occur under the program.

1 unchanged sentence

Summary of Cash Flows

A summary of cash flows for the six months ended August 31, 2025 and 2024 was as follows, in thousands of U.S.

Six Months Ended August 31,

A summary of cash flows for the nine months ended November 30, 2025 and 2024 was as follows, in thousands of U.S.

Nine Months Ended November 30,

Net cash used in operating activities

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Net Cash Used in Operating Activities

During the six-month period ended August 31, 2025, we used $5,604 in operations compared to $6,775 during the six-month period ended August 31, 2024.

During the nine -month period ended November 30, 2025 , we used $7,372 in operations compared to $8,635 during the nine -month period ended November 30, 2024 .

As discussed above in the Results of Operations, the year-over-year decrease is mainly due to decreased operating expenses as we have completed the upgrade of the Terrebonne Facility and our basic design package for the Infinite Loop™ full-scale manufacturing facilities, and lower legal costs related to forming our partnerships with Reed Societe Generale Group and Ester.

Net Cash Used in Investing Activities

During the six months ended August 31, 2025 , we used $133 in investing activities compared to $325 during the six -month period ended August 31, 2024 .

During the six -month period ended August 31, 2024 During the six -month period ended August 31, 2025 , we made investments in intangible assets of $133, as compared to $325 for the same period in 2024 , particularly to file patents for the Infinite Loop™ technology in the United States and around the world.

During the nine months ended November 30, 2025 , we used $1,159 in investing activities compared to $86 during the nine -month period ended November 30, 2024 .

During the nine -month period ended November 30, 2025 , we made investments in intangible assets of $199 , as compared to $454 for the same period in 2024 , particularly to file patents for the Infinite Loop™ technology in the United States and around the world.

Additionally, we made investments of $960 in our joint venture with Ester during the nine -month period ended November 30, 2025 , as compared to $nil for the same period in 2024.

Net Cash Provided by (Used in) Financing Activities

During the six months ended August 31, 2025 , we repaid $136 of long-term debt and received net proceeds from our ATM Equity Offering of $187.

During the six months ended August 31, 2024 , we borrowed $1,587 under the Credit Facility and we repaid $50 of long-term debt.

During the nine months ended November 30, 2025 , we repaid $215 of long-term debt and received net proceeds from our ATM Equity Offering of $889 .

During the nine months ended November 30, 2024 , we borrowed $2,372 under the Credit Facility and we repaid $60 of long-term debt.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

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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