What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-09-04 compared with 2026-06-05 · 206 added, 216 removed, 625 unchanged (40% of the section changed)

53 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

Three Months Ended Six Months Ended

April 30, April 30,

Three Months Ended Nine Months Ended

July 31, July 31,

2026 2025 2026 2025

7 unchanged sentences

Depreciation and amortization 24,138 33,882 73,037 77,814

Operating income 18,710 40,921 21,562 33,943

Asset impairment charges — 302,284 — 302,284

Operating income (loss) 46,490 ( 270,835 ) 68,052 ( 236,892 )

Non-operating income (expense):

1 unchanged sentence

Other, net ( 93 ) 855 5,972 1,925

Income before income taxes 7,116 26,822 3,218 6,887

Income tax expense ( 3,766 ) ( 6,307 ) ( 3,939 ) ( 1,257 )

Income (loss) before income taxes 34,419 ( 284,198 ) 37,637 ( 277,311 )

Income tax (expense) benefit ( 7,915 ) 8,191 ( 11,854 ) 6,934

Net income (loss) $ 26,504 $ ( 276,007 ) $ 25,783 $ ( 270,377 )

Basic earnings (loss) per common share $ 0.07 $ 0.44 $ ( 0.02 ) $ 0.12

Diluted earnings (loss) per common share $ 0.07 $ 0.44 $ ( 0.02 ) $ 0.12

Basic and diluted earnings (loss) per common share $ 0.58 $ ( 6.04 ) $ 0.57 $ ( 5.83 )

Weighted-average common shares outstanding:

4 unchanged sentences

QUANEX BUILDING PRODUCTS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

Three Months Ended Six Months Ended

April 30, April 30,

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

Three Months Ended Nine Months Ended

July 31, July 31,

2026 2025 2026 2025

3 unchanged sentences

Foreign currency translation (loss) gain, net of tax ( 4,860 ) ( 3,467 ) 2,682 15,927

Unrealized gain on cash flow hedge, net of tax 615 — 615 —

Other comprehensive (loss) income, net of tax ( 4,245 ) ( 3,467 ) 3,297 15,927

Comprehensive (loss) income $ ( 218 ) $ 55,860 $ 6,821 $ 25,024

Comprehensive income (loss) $ 22,259 $ ( 279,474 ) $ 29,080 $ ( 254,450 )

The accompanying notes are an integral part of the financial statements.

1 unchanged sentence

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Six Months Ended

Nine Months Ended

(In thousands)

Operating activities:

Net (loss) income $ ( 721 ) $ 5,630

Adjustments to reconcile net (loss) income to cash used for operating activities:

Net income (loss) $ 25,783 $ ( 270,377 )

Adjustments to reconcile net income (loss) to cash used for operating activities:

Depreciation and amortization 73,037 77,814

1 unchanged sentence

Deferred income tax 664 ( 26,440 )

Goodwill impairment charges — 302,284

Other, net 4,640 9,203

Changes in assets and liabilities:

(Increase) decrease in accounts receivable ( 4,479 ) 5,322

Increase in inventory

( 21,719 ) ( 1,333 )

Increase in accounts receivable ( 8,685 ) ( 1,727 )

(Increase) decrease in inventory ( 21,129 ) 5,261

Increase in other current assets

( 4,430 ) ( 7,228 )

Decrease in accounts payable

( 2,459 ) ( 14,771 )

(Decrease) increase in accounts payable ( 2,365 ) 144

Decrease in accrued liabilities

2 unchanged sentences

Other, net 366 ( 5,307 )

Cash (used for) provided by operating activities ( 1,286 ) 15,987

Cash provided by operating activities 57,268 76,643

Investing activities:

9 unchanged sentences

Other, net ( 704 ) ( 1,186 )

Cash provided by (used for) financing activities

9,765 ( 30,320 )

Cash used for financing activities ( 39,393 ) ( 87,379 )

Effect of exchange rate changes on cash, cash equivalents and restricted cash 1,228 16,302

5 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

Six Months Ended April 30, 2026 Common

Nine Months Ended July 31, 2026 Common

Stock Additional

23 unchanged sentences

Balance at April 30, 2026 $ 512 $ 696,391 $ 156,641 $ ( 27,897 ) $ ( 98,289 ) $ 727,358

Six Months Ended April 30, 2025 Common

Net income — — 26,504 — — 26,504

Foreign currency translation adjustment — — — ( 4,860 ) — ( 4,860 )

Cash flow hedge adjustment — — — 615 — 615

Common dividends ($ 0.08 per share)

— — ( 3,673 ) — — ( 3,673 )

Purchase of treasury stock — — — — ( 1,707 ) ( 1,707 )

Stock-based compensation activity:

Expense related to stock-based compensation — 1,215 — — — 1,215

Other — ( 8 ) — — — ( 8 )

Balance at July 31, 2026 $ 512 $ 697,598 $ 179,472 $ ( 32,142 ) $ ( 99,996 ) $ 745,444

Nine Months Ended July 31, 2025 Common

Stock Additional

26 unchanged sentences

Balance at April 30, 2025 $ 512 $ 698,238 $ 428,483 $ ( 27,034 ) $ ( 98,536 ) $ 1,001,663

Net income — — ( 276,007 ) — — ( 276,007 )

Foreign currency translation adjustment — — — ( 3,467 ) — ( 3,467 )

Common dividends ($ 0.08 per share)

— — ( 3,681 ) — — ( 3,681 )

Purchase of treasury stock — — — — ( 2,054 ) ( 2,054 )

Stock-based compensation activity:

Expense related to stock-based compensation — 937 — — — 937

Restricted stock awards granted — ( 69 ) — — 69 —

Balance at July 31, 2025 $ 512 $ 699,106 $ 148,795 $ ( 30,501 ) $ ( 100,521 ) $ 717,391

The accompanying notes are an integral part of the financial statements.

52 unchanged sentences

Our broad geographic reach exposes us to diverse economic conditions, which can impact demand, currency fluctuations, and supply chain dynamics.

The following table summarizes our product sales for the three and six months ended April 30, 2026 and 2025, into groupings by segment which we believe depicts how the nature, amount, timing and uncertainty of our revenues and cash flows are affected by economic factors.

The following table summarizes our product sales for the three and nine months ended July 31, 2026 and 2025, into groupings by segment which we believe depicts how the nature, amount, timing and uncertainty of our revenues and cash flows are affected by economic factors.

For further details regarding our results by segment, refer to Note 13, “Segment Information.”

1 unchanged sentence

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Three Months Ended Six Months Ended

April 30, April 30,

Three Months Ended Nine Months Ended

July 31, July 31,

2026 2025 2026 2025

32 unchanged sentences

Our policy for determining the allowance is based on factors that affect collectability, including historical trends of write-offs, recoveries and credit losses, and the credit quality of our customers.

We believe our allowance is adequate to absorb known or probable lo sses as of April 30, 2026.

We believe our allowance is adequate to absorb known or probable lo sses as of July 31, 2026.

Different assumptions or changes in economic circumstances could result in changes to the allowance.

Related Party Transactions

N et sales to customers which are related parties with one of our non-employee directors for the three and six months ended April 30, 2026 we re $ 0.5 million and $ 0.8 million, respectively, and $ 0.5 million and $ 1.0 million, respectively, for comparable prior year periods.

Purchases from a supplier which is a related party with one of our non-employee directors for the three and six months ended April 30, 2026 was $ 0.2 million and $ 0.3 million, respecti vely, and zero and $ 0.1 million for the comparable prior year periods .

N et sales to customers which are related parties with one of our non-employee directors for the three and nine months ended July 31, 2026 were $ 0.4 million and $ 1.2 million, respectively, and $ 0.4 million and $ 1.4 million, respectively, for comparable prior year periods.

Purchases from a supplier which is a related party with one of our non-employee directors for the three and nine months ended July 31, 2026 was zero and $ 0.3 million, respectively, a nd zero and $ 0.1 million for the comparable prior year periods .

We performed a review of these transactions, of which no single transaction or series of related

16 unchanged sentences

For additional discussion of our reportable business segments, see Note 13, “Segment Information.”

We incurred no restructuring charges related to the reorganization for the three and six months ended April 30, 2026 , compared to $ 0.9 million and $ 8.8 million, respectively, for the comparable prior year periods.

R estructuring charges included workforce alignment costs, primarily severance and employee-related expenses, of $ 0.9 million and $ 4.9 million, for the three and six months ended April 30, 2025, respectively.

A s of April 30, 2026, we have paid $ 6.0 million in the 2025 workforce alignment costs, with a remaining accrual of $ 0.3 million.

Additionally, we recognized $ 3.9 million during the six months ended April 30, 2025 related to the disposal of software which no longer supports our b usiness.

Inventories consisted of the following at April 30, 2026 and October 31, 2025 (in thousands):

We incurred no restructuring charges related to the reorganization for the three and nine months ended July 31, 2026 , compared to $ 1.4 million and $ 10.2 million, respectively, for the comparable prior year periods.

R estructuring charges included workforce alignment costs, primarily severance and employee-related expenses, of $ 1.4 million and $ 6.3 million, for the three and nine months ended July 31, 2025, respectively.

A s of July 31, 2026, all workforce alignment costs have been paid.

Additionally, we recognized $ 3.9 million during the nine months ended July 31, 2025 related to the disposal of software which no longer supports our b usiness.

Inventories consisted of the following at July 31, 2026 and October 31, 2025 (in thousands):

2026 October 31,

6 unchanged sentences

Property, Plant and Equipment

Property, plant and equipment consisted of the following as of April 30, 2026 and October 31, 2025 (in thousands):

Property, plant and equipment consisted of the following as of July 31, 2026 and October 31, 2025 (in thousands):

2026 October 31,

6 unchanged sentences

Property, plant and equipment, net $ 394,021 $ 411,591

Depreciation expense, including amortization of finance leases, for the three and six months ended April 30, 2026 was $ 14.9 million and $ 29.4 million, respectively, and $ 12.7 million and $ 26.6 million for the comparable prior year periods.

We did not record any impairment charges related to property, plant and equipment or intangible assets for the periods ended April 30, 2026 and October 31, 2025.

Depreciation expense, including amortization of finance leases, for the three and nine months ended July 31, 2026 was $ 14.3 million and $ 43.7 million, respectively, and $ 21.6 million and $ 48.2 million for the comparable prior year periods.

Prior year included a one-time depreciation charge of $ 7.3 million to reflect the application on useful lives on an asset-by-asset basis.

We did not record any impairment charges related to property, plant and equipment or intangible assets for the periods ended July 31, 2026 and October 31, 2025.

Goodwill and Intangible Assets

The change in the carrying amount of goodwill for the six months ended April 30, 2026 was as follows (in thousands):

Six Months Ended

April 30, 2026

The change in the carrying amount of goodwill for the nine months ended July 31, 2026 was as follows (in thousands):

Nine Months Ended

July 31, 2026

Beginning balance as of November 1, 2025

1 unchanged sentence

Balance as of the end of the period $ 273,765

As of April 30, 2026, we have ten reporting units, seven of which comprised our current goodwill balance.

As of July 31, 2026, we have ten reporting units, seven of which comprise our current goodwill balance.

These ten reporting units are aggregated into our three reportable segments.

1 unchanged sentence

Identifiable Intangible Assets

Amortizable intangible assets consisted of the following as of April 30, 2026 and October 31, 2025 (in thousands):

April 30, 2026 October 31, 2025

Amortizable intangible assets consisted of the following as of July 31, 2026 and October 31, 2025 (in thousands):

July 31, 2026 October 31, 2025

Gross Carrying

6 unchanged sentences

Total $ 776,510 $ 254,292 $ 773,200 $ 224,063

We had amortization expense related to intangible assets for the three and six months ended April 30, 2026 of $ 9.8 million and $ 19.5 million, respectively, compared to $ 6.5 million and $ 17.1 million for the comparable prior year periods, respectively.

Amortization expense for the six months ended April 30, 2025 included a one-time adjustment of $ 3.5 million.

We had amortization e xpense related to intangible assets for the three and nine months ended July 31, 2026 of $ 9.8 million and $ 29.3 million, respectively, compared to $ 12.3 million and $ 29.4 million for the comparable prior year periods, respectively.

Amortization expense for the nine months ended July 31, 2025 included a one-time adjustment of $ 3.5 million.

QUANEX BUILDING PRODUCTS CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Estimated remaining amortization expense, assuming current intangible balances and no new acquisitions, for future fiscal years as of April 30, 2026 (in thousands):

Estimated remaining amortization expense, assuming current intangible balances and no new acquisitions, for future fiscal years as of July 31, 2026 (in thousands):

Amortization Expense

2026 (remaining six months) $ 19,591

2026 (remaining three months) $ 9,768

Thereafter 373,345

1 unchanged sentence

Debt and Finance Lease Obligations

Long-term debt consisted of the following at April 30, 2026 and October 31, 2025 (in thousands):

Long-term debt consisted of the following at July 31, 2026 and October 31, 2025 (in thousands):

2026 October 31,

34 unchanged sentences

Substantially all of our domestic assets, with the exception of real property, were used as collateral for the Credit Agreement.

As of April 30, 2026 , we had $ 660.8 million borrowings outstanding under the Facilities (reduced by unamortized debt issuance costs of $ 9.6 million), $ 5.6 million of outstanding letters of credit, and $ 54.3 million outstanding primarily under finance leases and other debt.

We had $ 264.9 million available for use under the Revolving Credit Facility at April 30, 2026.

The borrowings outstanding as of April 30, 2026 under the Facilities accrue interest at 6.25 % per annum, and our weighted-average borrowing rate for borrowings outstanding during the six months ended April 30, 2026 and 2025 was 6.32 % a nd 6.83 %, respectively.

We were in compliance with our debt covenants as of April 30, 2026.

As of July 31, 2026 , we had $ 618.5 million borrowings outstanding under the Facilities, $ 5.5 million of outstanding letters of credit, and $ 53.7 million outstanding primarily under finance leases and other debt.

We had $ 301.0 million available for use under the Revolving Credit Facility at July 31, 2026.

The borrowings outstanding as of July 31, 2026 under the Facilities accrue inter est at 6.33 % per annum, and our weighted-average borrowing rate for borrowings outstanding during the nine months ended July 31, 2026 and 2025 was 6.30 % and 6.81 %, respectively.

We were in compliance with our debt covenants as of July 31, 2026.

Retirement Plans

3 unchanged sentences

We do not offer our common stock as a direct investment option under these plans.

For the six months ended April 30, 2026 and 2025 , we contributed approximately $ 5.8 million and $ 4.9 million for these plans, respectively.

For the nine months ended July 31, 2026 and 2025 , we contributed approxi mately $ 9.0 million and $ 7.5 million f or this plan, respectively.

We maintain a non-qualified deferred compensation plan covering members of the Board of Directors and certain key employees.

As of April 30, 2026 and October 31, 2025, the liability associated with the deferred compensation plan was approximately $ 4.8 million and $ 4.1 million, respectively.

As of July 31, 2026 and October 31, 2025, the liability associated with the deferred compensation plan was approximately $ 1.3 million and $ 4.1 million, respectively.

We record the current portion of liabilities associated with these plans under the caption “Accrued liabilities,” and the long-term portion under the caption “Other liabilities” in the accompanying condensed consolidated balance sheets.

3 unchanged sentences

Discrete items include, among others, such events as changes in estimates due to the finalization of tax returns, tax audit settlements, expiration of statutes of limitations, tax benefits or expense of uncertain tax positions, tax benefits on equity compensation, and increases or decreases in valuation allowances on deferred tax assets.

Our estimated annual effective tax rates from continuing operations for the six months ended April 30, 2026 and 2025 were 122.4 % and 18.2 %, respectively.

Our effective tax rates from continuing operations for the nine months ended July 31, 2026 and 2025 were 31.5 % and 2.5 %, respectively.

The difference between our estimated annual effective income tax rate and the U.S.

federal statutory rate of 21 % principally results from discrete tax items, U.S.

federal statutory rate of 21 % principally results from U.S.

state taxes, a non-U.S.

tax rate differential and other permanent differences.

The increase in the 2026 effective tax rate compared to the prior year was primarily driven by $ 3.2 million of discrete items including equity-based compensation award activity, state deferred tax remeasurement from legal entity reorganization activities, and changes in reserves for uncertain tax positions, which had a disproportionate impact on the rate given the lower pre-tax earnings in the current period.

The primary discrete item affecting the 2025 effective rate was the benefit of $ 0.4 million related to equity-based compensation award activity.

The increase in the 2026 effective tax rate compared to the prior year was primarily driven by $ 3.2 million of discrete items including equity-based compensation award activity, state deferred tax remeasurement from legal entity reorganization activities, changes in reserves for uncertain tax positions, as well as the absence of the impairment which occurred in the prior year.

The primary discrete item affecting the 2025 effective rate was the benefit of $ 10.8 million related to the goodwill impairment which was not recognized for tax purposes.

We evaluate the likelihood of realization of our deferred tax assets by considering both positive and negative evidence.

We maintain a valuation allowance for certain state net operating losses which totaled $ 0.8 million as of April 30, 2026 and October 31, 2025, respectively.

We also maintain a valuation allowance for capital losses which totaled $ 3.6 million as of April 30, 2026 and October 31, 2025, respectively.

We maintain a valuation allowance for certain state net operating losses which totaled $ 0.8 million as of July 31, 2026 and October 31, 2025, respectively.

We also maintain a valuation allowance for capital losses which totaled $ 3.6 million as of July 31, 2026 and October 31, 2025, respectively.

On July 4, 2025, the One Big Beautiful Bill Act was enacted.

13 unchanged sentences

We have been and are currently party to multiple claims, some of which are in litigation, relating to alleged defects in a commercial sealant product that was manufactured and sold during the 2000’s.

While we believe that our product was not defective and that we would prevail in these commercial sealant product claims if taken to trial, the timing, ultimate resolution and potential impact of these claims is not currently determinable, and additional claims may be raised in the future that result in the Company bearing legal fees and/or judgment costs, if any.

Nevertheless, after taking into account all currently available information, including our defenses, the advice of our counsel, and the extent and currently-expected availability of our existing

QUANEX BUILDING PRODUCTS CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

insurance coverage, we believe that the eventual outcome of these commercial sealant claims will not have a material adverse effect on our overall financial condition, results of operations or cash flows, and we have not recorded any accrual with regard to these claims.

in the Company bearing legal fees and/or judgment costs, if any.

Nevertheless, after taking into account all currently available information, including our defenses, the advice of our counsel, and the extent and currently-expected availability of our existing insurance coverage, we believe that the eventual outcome of these commercial sealant claims will not have a material adverse effect on our overall financial condition, results of operations or cash flows, and we have not recorded any accrual with regard to these claims.

On September 19, 2025, a purported shareholder class action lawsuit against the Company and two of its officers was filed in federal court in the Southern District of Texas, titled Zanol v.

5 unchanged sentences

Wilson, et al., Case No.

4:26-cv-03321 was filed in the Southern District of Texas (the “Torres Lawsuit”) against the officers named in the Zanol Amended Complaint and the Company’s board of directors.

The allegations of the Torres Lawsuit are based on the same allegation made in the Zanol Amended Complaint.

4:26-cv-03321 was filed in the Southern District of Texas (the “Torres Lawsuit”) against the officers named in the Zanol Amended Complaint and certain members of the Company’s board of directors.

The allegations of the Torres Lawsuit are based on the same allegations made in the Zanol Amended Complaint.

The Company has filed a motion to dismiss the Zanol Amended Complaint.

It has not yet been served with, and has not responded to, the Torres Lawsuit.

In July 2026, the Court stayed the Torres Lawsuit, pending the outcome of the Company’s motion to dismiss the Zanol Amended Complaint.

While the ultimate outcome of any legal matter cannot be predicted with certainty, the Company strongly believes that the Zanol Amended Complaint and Torres Lawsuit are without merit, intends to vigorously defend itself and its officers against the allegations, and maintains insurance coverage for such matters.

At present, the Company cannot reasonably estimate a range of loss, if any, for these actions based on their early stage and the information available to the Company, and accordingly, the Company has not accrued any liability associated with these actions.

Derivatives and Hedging

The Company is exposed to interest rate risk associated with its variable-rate borrowings.

During the third quarter of 2026, the Company entered into a pay-fixed, receive-floating interest rate swap agreement, based on one-month Term SOFR, to manage the variability in cash flows associated with interest payments on $ 175.0 million of our outstanding variable-rate borrowings.

The interest rate swap matures on August 1, 2029.

The interest rate swap has been designated as a cash flow hedge under ASC 815, Derivatives and Hedging (“ASC 815”).

Changes in the fair value of the swap are recorded in other comprehensive income (“OCI”) and are reclassified into interest expense in the same period in which the hedged interest payments affect earnings and cash settlements occur.

Refer to Note 10 – Fair Value Measurements of Assets and Liabilities for additional information on determining the fair value of the interest rate swap.

The following table presents the effect of the Company’s cash flow hedge on OCI:

Three Months Ended Nine Months Ended

July 31, 2026 July 31, 2026

Beginning OCI balance related to cash flow hedge $ — $ —

Gain recognized in OCI, net of tax 615 615

Amount reclassified from OCI into interest expense, net of tax — —

Ending OCI balance related to cash flow hedge $ 615 $ 615

The Company had no derivative instruments designated as hedging instruments as of October 31, 2025.

As of July 31, 2026, the Company estimates an immaterial gain amount related to the interest rate swap will be reclassified to interest expense from OCI during the next 12 months.

QUANEX BUILDING PRODUCTS CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Fair Value Measurement of Assets and Liabilities

10 unchanged sentences

Carrying amounts reported on the balance sheet for cash, cash equivalents, accounts receivable and accounts payable approximate fair value due to the short-term maturity of these instruments.

Our outstanding debt is variable rate debt that re-prices frequently, thereby limiting our exposure to significant change in interest rate risk.

As a result, the fair value of our debt instrument approximates carrying value at April 30, 2026, and October 31, 2025 (Level 2 measurement).

As of April 30, 2026, we had no outstanding forward foreign exchange contracts to hedge our exposure to foreign currency fluctuations, as contracts entered into earlier in the fiscal year matured and settled during the period.

As of April 30, 2025, we had outstanding forward foreign exchange contracts to hedge our foreign currency exposures against the U.S.

Dollar (“USD”) to Great British Pound (“GBP”), with a notional principal amount of $ 1.0 million, and foreign currency exposures against the Mexican Peso (“MXN”) to USD, with a notional principal amount of $ 10.0 million.

Our outstanding debt is variable rate debt that re-prices frequently.

As a result, the fair value of our debt instrument approximates carrying value at July 31, 2026, and October 31, 2025 (Level 2 measurement).

As of July 31, 2026, we had no outstanding forward foreign exchange contracts to hedge our exposure to foreign currency fluctuations, as contracts entered into earlier in the fiscal year matured and settled during the period.

During the nine months ended July 31, 2026, we used forward foreign exchange contracts to hedge our foreign currency exposures against the Mexican Peso (“MXN”) to the U.S.

Dollar (“USD”).

During the nine months ended July 31, 2025, we used forward foreign exchange contracts to hedge our foreign currency exposures against USD to the Great British Pound (“GBP”) and MXN to USD.

Hedge accounting is not applied to our forward exchange contracts.

Our forward foreign exchange contracts are adjusted to fair value by recording gains and losses to “Other, net,” and we record the related asset or liability to “Other Assets” or “Current Liabilities” in the accompanying consolidated statement of (loss) income and consolidated balance sheets, respectively.

We recognized a loss of $ 0.3 million and a gain of $ 0.3 million related to our forward foreign exchange contracts during the three and six months ended April 30, 2026, respectively, and a gain of $ 0.5 million and $ 0.8 million for the comparable prior year periods.

Our forward foreign exchange contracts are adjusted to fair value by recording gains and losses to “Other, net,” in the accompanying consolidated statement of income (loss), and we record the related asset or liability to “Other Assets” or “Current Liabilities” in the accompanying consolidated balance sheets.

We recognized a gain of zero and $ 0.3 million related to our forward foreign exchange contracts during the three and nine months ended July 31, 2026, respectively, and a loss of $ 0.5 million and a gain of $ 0.3 million for the comparable prior year periods, respectively.

The value of forward foreign exchange contracts fluctuates based on exchange rate fluctuations for currencies stated in the foreign exchange contracts (Level 2 measurements).

During the third quarter of fiscal 2026, we entered into an interest rate swap agreement to manage the variability in cash flows associated with interest payments on $ 175.0 million of our outstanding variable-rate borrowings.

See Note 9, “Derivatives and Hedging,” for additional information.

The interest rate swap agreement is measured at fair value on a recurring basis using valuation models that incorporate observable market inputs, including applicable forward interest-rate curves and market-based discount rates.

Accordingly, the interest rate swap agreement is classified as Level 2 measurement.

QUANEX BUILDING PRODUCTS CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

The following table presents our financial instruments measured at fair value on a recurring basis as of the following periods:

July 31, 2026 October 31, 2025

Level 2 Level 2

Interest rate swap (1)

Total assets measured at fair value $ 778 $ —

Interest rate swap (2)

Total liabilities measured at fair value $ — $ —

(1) Included in other assets in the condensed consolidated balance sheet as of July 31, 2026.

The Company had no interest rate swap asset as of October 31, 2025.

(2) The Company had no interest rate swap liability as of July 31, 2026 or October 31, 2025.

Interest rate swap liabilities, if any, would be included in other liabilities in the condensed consolidated balance sheet.

Stock-Based Compensation

12 unchanged sentences

Shares are generally issued from treasury stock at the time of grant.

A summary of non-vested restricted stock award activity during the six months ended April 30, 2026 is presented below:

A summary of non-vested restricted stock award activity during the nine months ended July 31, 2026 is presented below:

Restricted Stock Awards Weighted-Average

4 unchanged sentences

Vested ( 97,616 ) 24.12

Non-vested at April 30, 2026 442,946 $ 19.73

The total weighted-average grant-date fair value of restricted stock awards that vested during each of the six months ended April 30, 2026 and 2025 wa s $ 2.3 million and $ 1.9 million, respectively.

As of April 30, 2026, total unrecognized compensation cost related to unamortized restricted stock awards was $ 5.2 million.

Non-vested at July 31, 2026 437,186 $ 19.75

The total grant-date fair value of restricted stock awards that vested during each of the nine months ended July 31, 2026 and 2025 was $ 2.4 million and $ 1.9 million, respectively.

As of July 31, 2026, total unrecognized compensation cost related to unamortized restricted stock awards was $ 4.3 million.

We expect to recognize this expense over the remaining weighted average vesting period of 1.8 years.

QUANEX BUILDING PRODUCTS CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Stock Options

1 unchanged sentence

In December 2017, the Compensation & Management Development Committee of the Board of Directors approved a change to the long-term incentive award program eliminating the grant of stock options and replacing this award with a grant of performance restricted stock units as further described below.

Stock options typically vested ratably over a three-year period with service and

QUANEX BUILDING PRODUCTS CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

continued employment as the vesting conditions.

Stock options typically vested ratably over a three-year period with service and continued employment as the vesting conditions.

Our stock options may be exercised up to a maximum of ten years from the date of grant.

1 unchanged sentence

We use a Black-Scholes pricing model to estimate the fair value of stock options.

The following table summarizes our stock option activity for the six months ended April 30, 2026:

The following table summarizes our stock option activity for the nine months ended July 31, 2026:

Stock Options Weighted-Average

4 unchanged sentences

Forfeited/Expired ( 32,400 ) 19.30

Outstanding at April 30, 2026 36,550 $ 19.45 0.6 $ 18

Vested at April 30, 2026 36,550 $ 19.45 0.6 $ 18

Exercisable at April 30, 2026 36,550 $ 19.45 0.6 $ 18

Outstanding at July 31, 2026 36,550 $ 19.45 0.3 $ —

Vested at July 31, 2026 36,550 $ 19.45 0.3 $ —

Exercisable at July 31, 2026 36,550 $ 19.45 0.3 $ —

Intrinsic va lue is the amount by which the market price of the common stock on the date of exercise exceeds the exercise price of the stock option.

There were no stock options exercised during the six months ended April 30, 2026.

The total intrinsic value of stock options exercised during the six months ended April 30, 2025 was $ 0.1 million.

There were no stock options exercised during the nine months ended July 31, 2026.

The total intrinsic value of stock options exercised during the nine months ended July 31, 2025 was $ 0.1 million.

Restricted Stock Units

3 unchanged sentences

Restricted stock units are not considered outstanding shares and do not have voting rights, although the holder does receive a cash payment equivalent to the dividend paid, on a one-for-one basis, on our outstanding common shares.

Once the vesting criteria is met, each restricted stock unit is payable to the holder in cash based on the market value of one share of our common stock.

Once the vesting criteria are met, each restricted stock unit is payable to the holder in cash based on the market value of one share of our common stock.

Accordingly, we record a liability for the restricted stock units on our balance sheet and recognize any changes in the market value during each reporting period as compensation expense.

During the six months ended April 30, 2026 and 2025, non-employee directors received 64,360 and 28,240 restricted stock units, respectively, at a weighted-average grant date fair value of $ 14.92 per share and $ 29.02 per share, respectively.

During the six months ended April 30, 2026, we paid $ 1.2 million to settle vested restricted stock units awarded to non-employee directors.

A summary of non-vested restricted stock unit activity awarded to key employees and officers during the six months ended April 30, 2026 is presented below:

During the nine months ended July 31, 2026 and 2025, non-employee directors received 64,360 and 28,240 restricted stock units, respectively, at a weighted-average grant date fair value of $ 14.92 per share and $ 29.02 per share, respectively.

During the nine months ended July 31, 2026, we paid $ 1.2 million to settle vested restricted stock units awarded to non-employee directors.

A summary of non-vested restricted stock unit activity awarded to key employees and officers during the nine months ended July 31, 2026 is presented below:

Restricted Stock Units

2 unchanged sentences

Forfeited ( 6,936 )

Non-vested at April 30, 2026 35,189

During the six months ended April 30, 2026, we paid $ 0.2 million to settle vested restricted stock units awarded to key employees and officers.

Non-vested at July 31, 2026 33,901

During the nine months ended July 31, 2026, we paid $ 0.3 million to settle vested restricted stock units awarded to key employees and officers.

QUANEX BUILDING PRODUCTS CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Performance Share Awards

3 unchanged sentences

The performance share awards pay out 100% in cash.

QUANEX BUILDING PRODUCTS CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

The expected cash settlement of the performance share award is recorded as a liability and is being marked to market over the three-year term of the award and can fluctuate depending on the number of shares ultimately expected to vest.

Depending on the achievement of the performance conditions, 0 % to 200 % of the December 2022 and December 2023 awarded performance shares may ultimately vest and 0% to 250% of the December 2024 performance shares may ultimately vest.

Depending on the achievement of the performance conditions, 0 % to 200 % of the December 2023 awarded performance shares may ultimately vest and 0% to 250% of the December 2024 and December 2025 performance shares may ultimately vest.

The following table summarizes our performance share grants and the grant date fair value for each performance metric:

5 unchanged sentences

April 6, 2026 4,900 $ 17.75 —

During the six months ended April 30, 2026 , no shares vested pursuant to the December 2022 grant.

During the nine months ended July 31, 2026 , no shares vested pursuant to the December 2022 grant.

Performance share awards are payable in cash based upon the number of performance shares ultimately earned, and are therefore not considered outstanding shares.

12 unchanged sentences

Level 4 A-TSR less than -20% — %

QUANEX BUILDING PRODUCTS CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

The following table summarizes our performance restricted stock unit grants and the grant date fair value for the A-TSR performance metric:

5 unchanged sentences

The performance restricted stock units are not considered outstanding shares, do not have voting rights, and are exclud ed from diluted weighted-average shares used to calculate earnings per share until the performance criteria is probable to result in the issuance of contingent shares.

As of April 30, 2026, w e have deemed 13,427 shares related to the December 2023 grant of performance restricted stock units as probable to vest.

The actual number of performance restricted stock units that ultimately

QUANEX BUILDING PRODUCTS CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

vest may differ based on actual performance and market condition outcomes through the end of the applicable performance period.

The following table summarizes amounts expensed as selling, general and administrative expense related to restricted stock awards, stock options, restricted stock units, performance share awards and performance restricted stock units for the three and six months ended April 30, 2026 and 2025 (in thousands):

Three Months Ended Six Months Ended

April 30, April 30,

As of July 31, 2026, w e have deemed 8,645 shares related to the December 2023 grant of performance restricted stock units as probable to vest.

The actual number of performance restricted stock units that ultimately vest may differ based on actual performance and market condition outcomes through the end of the applicable performance period.

The following table summarizes amounts expensed as selling, general and administrative expense related to restricted stock awards, stock options, restricted stock units, performance share awards and performance restricted stock units for the three and nine months ended July 31, 2026 and 2025 (in thousands):

Three Months Ended Nine Months Ended

July 31, July 31,

2026 2025 2026 2025

5 unchanged sentences

Treasury Shares

We record treasury stock purchases under the cost method whereby the entire cost of the acquired stock is recorded as treasury stock.

We account for treasury stock purchases under the cost method, recording acquired shares at their total purchase price.

Shares are generally issued from treasury stock at the time of grant of restricted stock awards, upon the exercise of stock options, and upon the vesting of performance restricted stock units.

On the subsequent issuance of treasury shares, we record proceeds in excess of cost as an increase in additional paid in capital.

A deficiency of such proceeds relative to costs would be applied to reduce paid-in-capital associated with prior issuances to the extent available, with the remainder recorded as a charge to retained earnings.

There were no charges to retained earnings during the six months ended April 30, 2026.

The following table summarizes the treasury stock activity during the six months ended April 30, 2026:

Six Months Ended

April 30, 2026

Upon reissuance of treasury shares, we record proceeds in excess of cost as an increase in additional paid-in capital.

If proceeds are less than costs, the shortfall first reduces paid-in-capital associated with prior issuances, with the remainder recorded as a charge to retained earnings.

During the nine months ended July 31, 2026, there were no charges to retained earnings related to treasury stock.

The following table summarizes the treasury stock activity during the nine months ended July 31, 2026:

Nine Months Ended

July 31, 2026

Beginning Balance as of November 1, 2025

Restricted stock awards granted ( 300,600 )

Balance at April 30, 2026 5,236,143

Other income included under the caption “Other, net” on the condensed consolidated statements of (loss) income, consisted of the following for the three and six months ended April 30, 2026 and 2025 (in thousands):

Three Months Ended Six Months Ended

April 30, April 30,

Treasury stock repurchases 99,786

Balance at July 31, 2026 5,335,929

QUANEX BUILDING PRODUCTS CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Other income included under the caption “Other, net” on the condensed consolidated statements of (loss) income, consisted of the following for the three and nine months ended July 31, 2026 and 2025 (in thousands):

Three Months Ended Nine Months Ended

July 31, July 31,

2026 2025 2026 2025

Foreign currency transaction gains (losses) $ 158 $ ( 1,003 ) $ 5,230 $ ( 831 )

Foreign currency transaction (losses) gains $ ( 288 ) $ 949 $ 4,942 $ 118

Foreign currency derivative (losses) gains — ( 546 ) 325 289

2 unchanged sentences

Other, net $ ( 93 ) $ 855 $ 5,972 $ 1,925

QUANEX BUILDING PRODUCTS CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Segment Information

11 unchanged sentences

Other general and administrative costs associated with the corporate office are allocated to the reportable segments, based upon each segment’s relative operating activity.

The accounting p olicies of our operating segments are the same as those used to prepare the accompanying condensed consolidated financial statements.

Corporate general and administrative expenses allocated during the three and six month periods ended April 30, 2026 was $ 12.6 million and $ 24.7 million, respectively, and $ 10.0 million and $ 17.9 million for the comparable prior year periods.

The accounting policies of our operating segments are the same as those used to prepare the accompanying condensed consolidated financial statements.

Corporate general and administrative expenses allocated during the three and nine month periods ended July 31, 2026 were $ 11.5 million and $ 36.2 million, respectively, and $ 11.5 million and $ 29.4 million for the comparable prior year periods.

Our CODM, the President and Chief Executive Officer, reviews several measures of segment profitability to assess performance and allocate resources.

5 unchanged sentences

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Selected segment information for the three and six months ended April 30, 2026 and 2025 was as follows (in thousands):

Selected segment information for the three and nine months ended July 31, 2026 and 2025 was as follows (in thousands):

Hardware Solutions Extruded Solutions Custom Solutions Unallocated Corp.

& Other Total

Three Months Ended April 30, 2026

Net sales $ 203,019 $ 164,949 $ 103,913 $ ( 9,514 ) 462,367

Cost of sales (excluding depreciation and amortization) 162,392 112,881 79,017 ( 9,715 ) 344,575

Selling, general and administrative 35,763 21,664 13,889 3,116 74,432

Depreciation and amortization 11,693 7,341 5,404 212 24,650

Operating (loss) income $ ( 6,829 ) $ 23,063 $ 5,603 $ ( 3,127 ) $ 18,710

Capital expenditures $ 6,183 $ 1,987 $ 2,852 $ 6 $ 11,028

Three Months Ended April 30, 2025

Net sales $ 202,935 $ 163,967 $ 97,507 $ ( 11,931 ) $ 452,478

Cost of sales (excluding depreciation and amortization) 145,533 111,637 73,702 ( 9,776 ) 321,096

Selling, general and administrative 32,259 21,673 10,850 5,551 70,333

Restructuring charges 896 — — 40 936

Depreciation and amortization 10,361 7,437 5,437 ( 4,043 ) 19,192

Operating income (loss) $ 13,886 $ 23,220 $ 7,518 $ ( 3,703 ) $ 40,921

Capital expenditures $ 5,893 $ 5,104 $ 2,787 $ 1,136 $ 14,920

Six Months Ended April 30, 2026

Net sales $ 392,131 $ 304,749 $ 193,055 $ ( 18,479 ) $ 871,456

Cost of sales (excluding depreciation and amortization) 313,116 210,590 150,441 ( 19,010 ) 655,137

Selling, general and administrative 69,943 42,805 27,039 6,071 145,858

Depreciation and amortization 23,240 14,680 10,626 353 48,899

Operating (loss) income $ ( 14,168 ) $ 36,674 $ 4,949 $ ( 5,893 ) $ 21,562

Capital expenditures $ 11,793 $ 5,985 $ 4,485 $ 59 $ 22,322

Six Months Ended April 30, 2025

Net sales $ 387,675 $ 303,597 $ 182,545 $ ( 21,295 ) $ 852,522

Cost of sales (excluding depreciation and amortization) 296,318 209,317 142,000 ( 18,811 ) 628,824

Selling, general and administrative 65,616 40,181 22,448 8,738 136,983

Restructuring charges 7,015 — — 1,825 8,840

Depreciation and amortization 21,831 15,077 10,977 ( 3,953 ) 43,932

Operating (loss) income $ ( 3,105 ) $ 39,022 $ 7,120 $ ( 9,094 ) $ 33,943

Capital expenditures $ 10,296 $ 10,023 $ 4,261 $ 1,964 $ 26,544

The following tables reconcile our segment presentation, as previously reported in our Quarterly Report on Form 10-Q for the three months ended April 30, 2025, to the current presentation (in thousands):

QUANEX BUILDING PRODUCTS CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

NA Fenestration EU Fenestration NA Cabinet Components Tyman

Unallocated Corp.

& Other Total

Three Months Ended April 30, 2025

Three Months Ended July 31, 2026

Net sales $ 220,923 $ 179,291 $ 111,007 $ ( 9,376 ) 501,845

1 unchanged sentence

Selling, general and administrative 33,162 22,279 13,143 2,253 70,837

Restructuring charges — — — 936 — 936

Depreciation and amortization 11,386 7,213 5,330 209 24,138

1 unchanged sentence

Capital expenditures $ 5,313 $ 2,794 $ 2,636 $ 1 $ 10,744

Hardware Solutions (1)

Extruded Solutions (2)

Custom Solutions (3)

Unallocated Corp.

& Other Total

Three Months Ended April 30, 2025

Three Months Ended July 31, 2025

Net sales $ 227,116 $ 174,427 $ 102,264 $ ( 8,534 ) $ 495,273

3 unchanged sentences

Depreciation and amortization 16,987 6,989 4,716 5,190 33,882

Operating income (loss) $ 13,886 $ 23,220 $ 7,518 $ ( 3,703 ) $ 40,921

Asset impairment charges 163,198 54,934 84,152 — 302,284

Operating loss $ ( 157,445 ) $ ( 24,867 ) $ ( 76,093 ) $ ( 12,430 ) $ ( 270,835 )

Capital expenditures $ 6,009 $ 4,981 $ 3,258 $ 204 $ 14,452

NA Fenestration EU Fenestration NA Cabinet Components Tyman Unallocated Corp.

& Other Total

Six Months Ended April 30, 2025

Nine Months Ended July 31, 2026

Net sales $ 613,054 $ 484,040 $ 304,062 $ ( 27,855 ) $ 1,373,301

1 unchanged sentence

Selling, general and administrative 103,105 65,084 40,182 8,324 216,695

Restructuring charges — — — 8,840 — 8,840

Depreciation and amortization 34,626 21,893 15,956 562 73,037

1 unchanged sentence

Capital expenditures $ 17,106 $ 8,779 $ 7,121 $ 60 $ 33,066

Hardware Solutions (1)

Extruded Solutions (2)

Custom Solutions (3)

Unallocated Corp.

& Other Total

Six Months Ended April 30, 2025

Nine Months Ended July 31, 2025

Net sales $ 614,791 $ 478,024 $ 284,809 $ ( 29,829 ) $ 1,347,795

3 unchanged sentences

Depreciation and amortization 38,818 22,066 15,693 1,237 77,814

Asset impairment charges 163,198 54,934 84,152 — 302,284

Operating (loss) income $ ( 160,550 ) $ 14,155 $ ( 68,973 ) $ ( 21,524 ) $ ( 236,892 )

$ ( 3,105 ) $ 39,022 $ 7,120 $ ( 9,094 ) $ 33,943

Capital expenditures $ 16,305 $ 15,004 $ 7,519 $ 2,168 $ 40,996

(1) The Hardware Solutions segment contains a portion of the previously reported NA Fenestration segment.

(2) The Extruded Solutions segment contains a portion of the previously reported NA Fenestration and the EU Fenestration segments.

QUANEX BUILDING PRODUCTS CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(3) The Custom Solutions segment contains a portion of the previously reported NA Fenestration and the NA Cabinet Components segments.

The following table summarizes the change in the carrying amount of goodwill by reportable business segment for the six months ended April 30, 2026 (in thousands):

The following table summarizes the change in the carrying amount of goodwill by reportable business segment for the nine months ended July 31, 2026 (in thousands):

Hardware Solutions Extruded Solutions Custom Solutions Unallocated Corp.

2 unchanged sentences

Foreign currency translation adjustment 149 1,960 310 — 2,419

Balance as of April 30, 2026 $ 14,884 $ 183,754 $ 76,112 $ — $ 274,750

Balance as of July 31, 2026 $ 14,750 $ 182,893 $ 76,122 $ — $ 273,765

We do not allocate non-operating expense or income tax expense to the reportable segments.

The following table reconciles operating income as reported above to net income for the three and six months ended April 30, 2026 and 2025 (in thousands):

Three Months Ended Six Months Ended

April 30, April 30,

The following table reconciles operating income as reported above to net income for the three and nine months ended July 31, 2026 and 2025 (in thousands):

Three Months Ended Nine Months Ended

July 31, July 31,

2026 2025 2026 2025

Operating income $ 18,710 $ 40,921 $ 21,562 $ 33,943

Operating income (loss) $ 46,490 $ ( 270,835 ) $ 68,052 $ ( 236,892 )

Interest expense ( 11,978 ) ( 14,218 ) ( 36,387 ) ( 42,344 )

Other, net ( 93 ) 855 5,972 1,925

Income tax expense ( 3,766 ) ( 6,307 ) ( 3,939 ) ( 1,257 )

Income tax (expense) benefit ( 7,915 ) 8,191 ( 11,854 ) 6,934

Net income (loss) $ 26,504 $ ( 276,007 ) $ 25,783 $ ( 270,377 )

4 unchanged sentences

Diluted earnings per common and potential common shares include the weighted average of additional shares associated with the incremental effect of dilutive employee stock options, non-vested restricted stock as determined using the treasury stock method and contingent shares associated with performance share awards, if dilutive.

The computation of basic and diluted earnings per share for the three and six months ended April 30, 2026 and 2025 follows (in thousands, except per share data):

Net Income Weighted-Average Shares Per Share

Three Months Ended April 30, 2026

Basic earnings per common share $ 3,350 45,483 $ 0.07

Effect of dilutive securities:

Stock options — — —

Restricted stock awards — 161 —

Performance restricted stock units — 14 —

Diluted earnings per common share $ 3,350 45,658 $ 0.07

Three Months Ended April 30, 2025

Basic earnings per common share $ 20,515 46,483 $ 0.44

Effect of dilutive securities:

Stock options — — —

Restricted stock awards — 60 —

Performance restricted stock units — 20 —

Diluted earnings per common share $ 20,515 46,563 $ 0.44

Six Months Ended April 30, 2026

Basic and diluted loss per common share $ ( 721 ) 45,469 $ ( 0.02 )

Six Months Ended April 30, 2025

Basic earnings per common share $ 5,630 46,753 $ 0.12

Effect of dilutive securities:

Stock options — 11 —

Restricted stock awards — 84 —

Performance restricted stock units — 20 —

Diluted earnings per common share $ 5,630 46,868 $ 0.12

The computation of basic and diluted earnings per share for the three and nine months ended July 31, 2026 and 2025 follows (in thousands, except per share data):

Three Months Ended Nine Months Ended

July 31, July 31,

2026 2025 2026 2025

Basic earnings (loss) per share:

Net income (loss) $ 26,504 $ ( 276,007 ) $ 25,783 $ ( 270,377 )

Shares used in computation of basic earnings (loss) per share 45,461 45,691 45,466 46,395

Basic earnings (loss) per common share $ 0.58 $ ( 6.04 ) $ 0.57 $ ( 5.83 )

Diluted earnings (loss) per share:

Net income (loss) $ 26,504 $ ( 276,007 ) $ 25,783 $ ( 270,377 )

Shares used in computation of basic earnings (loss) per share 45,461 45,691 45,466 46,395

Effect of dilutive restricted stock awards 178 — 132 —

Effect of dilutive performance restricted stock units 9 — 9 —

Shares used in computation of diluted earnings (loss) per share 45,648 45,691 45,607 46,395

Diluted earnings (loss) per common share $ 0.58 $ ( 6.04 ) $ 0.57 $ ( 5.83 )

We do not include equity instruments in our calculation of diluted earnings per share if those instruments would be anti-dilutive.

We had anti-dilutive restricted stock award equivalents for the three and six months ended April 30, 2026 of 4,009 and 10,560 , respectively, and 41,871 and 17,580 for the comparable prior year periods.

We had anti-dilutive restricted stock award equivalents for the three and nine months ended July 31, 2026 of 2,555 and 6,803 , respectively, and 37,142 and 21,538 for the comparable prior year periods.

Such dilution is dependent on the excess of the market price of our stock over the exercise price and other components of the treasury stock method.

3 unchanged sentences

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standards setting bodies that we adopt as of the specified effective date.

We did not adopt any new accounting pronouncements during the three and six months ended April 30, 2026.

We did not adopt any new accounting pronouncements during the three and nine months ended July 31, 2026.

Recent Accounting Standards Not Yet Adopted

54 unchanged sentences

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