Form: 8-K

Current report

August 13, 2026

Documents

Exhibit 99.1

 

 

The Elmet Group Co. Reports Second Quarter 2026 Results

 

Continued demand acceleration in Aerospace, Defense & Government markets

 

Revenue increased over 35%, with over 430 basis points of gross profit margin expansion driving adjusted EBITDA increase of 57.9%

 

Backlog increased by nearly 55% to record level of $132 million

 

PORTLAND, Maine – August 13, 2026 – The Elmet Group Co. (“Elmet,” the “Company,” “we,” or “our”) (NASDAQ:ELMT), a U.S.-based provider of precision-engineered components and advanced high-power systems, today reported financial results for its fiscal second quarter ended July 3, 2026.

 

Second Quarter Fiscal Year 2026 Highlights

 

Successfully completed upsized initial public offering, raising net proceeds of $125.4 million.

 

Revenue increased 35.2% to approximately $66.4 million compared to approximately $49.1 million in Q2 2025.

 

Approximately 55% of the revenue growth is attributed to net demand increase with the balance associated with tungsten and molybdenum raw material pricing impacts.

 

Gross profit margin improved 430 basis points to 25.0% of revenue compared to 20.7% of revenue in Q2 2025.

 

Net income (loss) for Q2 2026 was approximately $(4.5) million, or $(0.16) per share, compared to approximately $1.2 million, or $0.06 per share, in Q2 2025. Adjusted net income for Q2 2026 was approximately $5.2 million, or $0.18 per share, compared to approximately $2.8 million, or $0.14 per share, in Q2 2025.

 

Adjusted EBITDA increased to approximately $8.9 million, or 13.3% of revenue, compared to approximately $5.6 million, or 11.4% of revenue, in Q2 2025.

 

Open order backlog increased to approximately $131.5 million, up from approximately $113.3 million at the end of Q1 2026 and approximately $84.6 million at the end of Q2 2025.

 

Trailing Twelve Months (“TTM”) Highlights

 

Revenue increased 8.2% to approximately $228.5 million compared to 2026 first quarter TTM results of approximately $211.2 million.

 

Gross profit margin improved 130 basis points to 22.2% of revenue compared to 2026 first quarter TTM of 20.9%.

 

Net income decreased to approximately $(1.7) million, or $(0.08) per share, compared to approximately $4.0 million, or $0.20 per share, for 2026 first quarter TTM. Adjusted net income (loss) increased to approximately $18.6 million, or $0.84 per share, compared to approximately $16.2 million, or $0.81 per share, for the 2026 first quarter TTM.

 

Adjusted EBITDA increased approximately $3.2 million to $31.8 million, or 13.9% of revenue, compared to approximately $28.6 million, or 13.5% of revenue, for 2026 first quarter TTM.

 

 

 

 

 

 

Management Commentary

 

“In the second quarter we built on our existing momentum and delivered strong results, highlighted by an acceleration in revenue growth and profitability along with a record backlog,” said Company CEO Peter V. Anania. “Our performance was driven by a combination of strong operational execution, skillful navigation of a dynamic metals pricing market, and ongoing returns from our strategic focus on servicing the broader aerospace, defense & government landscape, all of which we expect to drive continued demand through the balance of the year.”

 

“Looking ahead, we remain well-positioned to effectively meet this demand as we expand our role as a trusted supplier across mission-critical systems. Longer term, we believe the operating environment remains highly favorable to Elmet, supported by our strategic position at the nexus of several megatrends that are in the early stages of an investment supercycle.”

 

Conference Call

 

The Elmet Group Co. management will host a conference call today, Thursday, August 13, 2026, at 9:00 a.m. Eastern time (6:00 a.m. Pacific time) to discuss these results, followed by a question-and-answer period.

 

Toll-Free Number: 877-869-3847

International Number: +1 201-689-8261

Webcast: Register and Join

 

Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Group at 949-574-3860.

 

The conference call will be broadcast simultaneously and available for webcast replay here.

 

About The Elmet Group

 

The Elmet Group is a U.S.-based provider of precision-engineered components and advanced high-energy systems for the Aerospace, Defense and Government, Industrial, Medical, Semiconductor and Electronics, and Energy industries. The Company operates through two segments, Critical Materials Components (CMC) and Engineered Microwave Products (EMP), leveraging materials science and precision engineering expertise to deliver high-performance solutions. The Elmet Group is dedicated to strengthening domestic manufacturing capabilities to support the U.S. and its allies’ needs in both critical materials and advanced high-power microwave systems.

 

Reorganization and Presentation of Financial Results

 

On January 2, 2026, the Company effected a reorganization (the “Reorganization”) whereby Anania & Associates and its noncontrolling interest holders contributed their ownership interests in Anania & Associates and its consolidated subsidiaries in exchange for shares of common stock in the Company. The Reorganization was a reorganization of entities under common control as Anania & Associates and the Company were controlled by the Company’s Chief Executive Officer (“CEO”) before and after the Reorganization. As a result, the Reorganization was accounted for in a manner similar to a pooling of interests with the assets and liabilities of Anania & Associates and its consolidated subsidiaries being carried over at their historical amounts. The historical consolidated financial statements of Anania & Associates were retrospectively recast to reflect the results as if the Company owned Anania & Associates and its consolidated subsidiaries as of January 1, 2025. In connection with the Reorganization, Anania & Associates Investment Company LLC, an immaterial subsidiary of Anania & Associates, was no longer controlled by the Company and was deconsolidated on January 2, 2026. The deconsolidation was recognized as a spinoff and the impact of $0.5 million was recognized within equity. In connection with the Reorganization, the Company’s tax status changed from an S-corporation to a C-corporation.

 

 

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Non-GAAP Financial Measures

 

In evaluating its business, the Company uses or may use certain non-GAAP measures as supplemental measures to review and assess its operating and financial performance. These measures are commonly used in the manufacturing industry to provide stockholders and potential investors with additional information that excludes unusual or non-recurring items as well as non-cash items that are unrelated to or may not be indicative of the Company’s ongoing operating results. These measures may not be comparable to similar measures presented by other companies and should not be viewed as a substitute for measures reported under U.S. GAAP. These non-GAAP financial measures have limitations as analytical tools when assessing the Company’s operating and financial performances, and investors should not consider them in isolation, or as a substitute for any consolidated statement of operations data prepared in accordance with U.S. GAAP. The reconciliations to EBITDA, Adjusted EBITDA, Adjusted Net Income, and Adjusted Earnings Per Share from relevant GAAP metrics are included at the end of this press release. Backlog as reported is confirmed orders from customers for which revenue has not been recognized.

 

Forward Looking Statements

 

The information in this press release includes forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. These statements generally relate to future events or our future financial or operating performance and include statements regarding Elmet’s intended use of proceeds from the IPO, Elmet’s ability to: (i) effectively meet demand for its products, (ii) benefit from defense spending levels in the United States and other countries in which it does business, (iii) successfully pursue its ongoing supply chain realignment, (iv) expand its role as a supplier across its end markets, (v) successfully make opportunistic investments, if any, that will support its competitive positioning, (vi) effectively use the net proceeds received from its IPO to its benefit in the manner currently contemplated, in a different manner, or at all, and (vii) successfully navigate turbulent raw materials markets. When used in this press release, words such as “expect,” “project,” “estimate,” “believe,” “anticipate,” “intend,” “plan,” “seek,” “forecast,” “target,” “predict,” “may,” “should,” “would,” “could,” and “will,” the negative of these terms and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Forward-looking statements are based on management’s current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, actual results could differ materially from those indicated in these forward-looking statements. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in Elmet’s Registration Statement on Form S-1, as amended (File No. 333-294725) and subsequent filings Elmet makes with the Securities and Exchange Commission. Elmet undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.

 

Company Contact

 

Chris Chandler

contact@theelmetgroup.com

 

Investor Contact

 

Tom Colton and Greg Bradbury

Gateway Group, Inc.

ELMT@gateway-grp.com

949-574-3860

 

-Financial tables to follow-

 

 

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THE ELMET GROUP CO.

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(in thousands, except share data)

 

   July 3,
2026
   December 31,
2025
 
Assets        
Current Assets:        
Cash  $66,122   $1,759 
Marketable securities   4,923    202 
Accounts receivable, net   34,483    28,904 
Government grant receivables   232    1,690 
Related party receivables   58    426 
Unbilled revenue   564    2,621 
Inventories, net   102,401    69,697 
Income tax receivable   3,766     
Prepaid expenses and other current assets   5,548    4,774 
Total current assets   218,097    110,073 
Property, plant and equipment, net   42,457    42,342 
Operating lease right-of-use assets   11,777    10,586 
Intangible assets, net   6,558    7,184 
Goodwill   4,527    4,583 
Deferred tax assets, net   88     
Other assets   724    878 
Total assets  $284,228   $175,646 
           
Liabilities and Stockholders’ Equity          
Current Liabilities:          
Accounts payable  $27,390   $16,165 
Accrued expenses and other current liabilities   17,417    13,659 
Related party payables   190     
Operating lease liabilities, current portion   956    875 
Current portion of long-term debt – related party       2,319 
Current portion of long-term debt   2,370    7,755 
Deferred government grants   2,358    4,672 
Deferred revenue   21,416    14,853 
Total current liabilities   72,097    60,298 
Operating lease liabilities, net of current portion   11,407    10,247 
Long-term debt, net of current portion   8,108    28,455 
Long-term debt, net of current portion – related party       15,000 
Deferred tax liabilities, net   4,075     
Other liabilities   998    1,189 
Total liabilities   96,685    115,189 
           
Commitments and Contingencies          
           
Stockholders’ Equity:          
Preferred Stock - $0.001 par value; 20,000,000 authorized as of July 3,2026 and December 31, 2025. No shares issued and outstanding as of July 3, 2026 and December 31, 2025        
Class A Common Stock – $0.001 par value; 0 and 500,000,000 shares authorized, as of July 3, 2026 and December 31, 2025, respectively, 0 and 20,122,721 shares issued and outstanding as of July 3, 2026 and December 31, 2025, respectively       20 
Class B Common Stock – $0.001 par value; 0 and 40,000,000 shares authorized as of July 3, 2026 and December 31, 2025, respectively, 0 and 466 shares issued and outstanding as of July 3, 2026 and December 31, 2025, respectively        
Common Stock - $0.001 par value; 540,000,000 and 0 shares authorized as of July 3, 2026 and December 31, 2025, respectively, 30,459,498 and 0 shares issued and outstanding as of July 3, 2026 and December 31, 2025, respectively   30     
Additional paid-in capital   147,058    15,366 
Retained earnings   40,507    44,791 
Accumulated other comprehensive (loss) income   (52)   280 
Total stockholders’ equity   187,543    60,457 
Total liabilities and stockholders’ equity  $284,228   $175,646 

 

The accompanying notes are integral to the unaudited consolidated financial statements.

 

 

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THE ELMET GROUP CO.

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

(in thousands, except share and per share data)

 

   Three Months Ended   Six Months Ended 
   July 3,
2026
   June 30,
2025
   July 3,
2026
   June 30,
2025
 
Revenue  $66,401   $49,130   $122,408   $95,517 
Cost of goods sold   49,791    38,983    93,950    76,759 
Gross profit   16,610    10,147    28,458    18,758 
Operating expenses:                    
General and administrative   17,780    4,016    24,848    7,275 
Research and development   4,321    1,009    5,171    1,820 
Sales and marketing   2,137    1,876    4,204    3,559 
Total operating expenses   24,238    6,901    34,223    12,654 
Operating (loss) income   (7,628)   3,246    (5,765)   6,104 
Other expense (income), net:                    
Interest expense   127    793    740    1,303 
Interest expense - related party   233    377    860    793 
Change in fair value of derivative asset   881        (2,214)    
(Gain) loss on remeasurement of fair value of marketable securities   (445)   23    (1,081)   23 
Other (income) expense, net   (186)   (77)   (204)   2 
Total other expense (income), net   610    1,116    (1,899)   2,121 
(Loss) income from continuing operations before taxes   (8,238)   2,130    (3,866)   3,983 
Income tax (benefit) provision   (3,750)       960     
(Loss) income from continuing operations   (4,488)   2,130    (4,826)   3,983 
Loss from discontinued operations  $   $(890)  $   $(1,546)
Net (loss) income  $(4,488)  $1,240   $(4,826)  $2,437 
                     
Net (loss) income per share:                    
Basic  $(0.16)  $0.06   $(0.20)  $0.12 
Diluted   $(0.16)  $0.06   $(0.20)  $0.12 
Weighted average shares outstanding                    
Basic   28,414,861    20,123,187    24,223,725    20,123,187 
Diluted   28,414,861    20,268,282    24,223,725    20,196,135 

 

The accompanying notes are integral to the unaudited consolidated financial statements.

 

 

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THE ELMET GROUP CO.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

(in thousands)

 

   Six Months Ended 
   July 3,
2026
   June 30,
2025
 
Cash flows from operating activities:        
Net (loss) income  $(4,826)  $2,437 
Loss from discontinued operations       (1,546)
(Loss) income from continuing operations   (4,826)   3,983 
Adjustments to reconcile (loss) income from continuing operations to net cash provided by operating activities:          
Deferred income taxes   3,987     
Change in fair value of derivative asset   (2,214)    
Depreciation and amortization   3,779    3,215 
Stock-based compensation   10,735    383 
Noncash operating lease expense   469    440 
Noncash interest expense   17    14 
Provision for excess and obsolete inventories   33    (1)
Change in fair value of interest rate collars   (56)   51 
Unrealized (gain) loss on marketable securities   (1,081)   23 
Change in operating assets and liabilities:          
Accounts receivable   (5,588)   7,607 
Unbilled revenue   2,057    (4,059)
Inventories   (32,763)   (10,780)
Related party receivables   291     
Income tax receivable   (3,766)    
Prepaid expenses and other current assets   (2,378)   (527)
Other assets   134    5 
Accounts payable   12,250    885 
Accrued expenses and other current liabilities   5,004    4,181 
Operating lease liabilities   (418)   (381)
Related party payables   190     
Deferred revenue   6,570    3,975 
Other liabilities   2    10 
Net cash (used in) provided by operating activities from continuing operations   (7,572)   9,024 
Net cash used in operating activities from discontinued operations       (2,742)
Net cash (used in) provided by operating activities   (7,572)   6,282 
           
Cash flows from investing activities:          
Purchase of shares upon exercise of call option   (1,426)    
Purchases of property, plant and equipment, net of grant proceeds (see Note 7 – Government Grants)   (3,141)   (4,602)
Net cash used in investing activities from continuing operations   (4,567)   (4,602)
Net cash used in investing activities from discontinued operations       (110)
Net cash used in investing activities   (4,567)   (4,712)
           
Cash flows from financing activities:          
Proceeds from initial public offering, net of underwriting discount and offering costs   125,363     
Payments of principal on revolving credit facility   (99,882)   (326)
Proceeds from revolving credit facility   76,441    6,522 
Payments of principal on long-term debt   (1,783)   (4,231)
Payments of principal on long-term debt – related party   (17,294)    
Cash distributions paid to stockholders       (6,833)
Payments of deferred consideration   (73)    
Payments of contingent consideration   (49)    
Employee taxes paid on shares withheld for tax-withholding purposes   (4,371)    
Net payments of principal on revolving credit facility – related party   (1,771)   (1,559)
Repurchase of Class B Common Stock   (25)    
Payments of principal on finance leases   (16)   (25)
Net cash provided by (used in) financing activities from continuing operations   76,540    (6,452)
Net cash provided by  financing activities from discontinued operations       103 
Net cash provided by (used in) financing activities   76,540    (6,349)
Effects of exchange rate changes on cash   (38)   42 
Net increase (decrease) in cash  $64,363   $(4,737)
Cash at beginning of period   1,759    6,532 
Cash at end of period  $66,122   $1,795 
           
Reconciliation of cash at beginning of period:          
Cash at beginning of period – continuing operations  $1,759   $3,608 
Cash at beginning of period – discontinued operations       2,924 
Cash at beginning of period  $1,759   $6,532 
           
Reconciliation of cash at end of period:          
Cash at end of period – continuing operations  $66,122   $1,620 
Cash at end of period – discontinued operations       175 
Cash at end of period  $66,122   $1,795 
           
Supplemental non-cash investing and financing activities:          
Purchases of property, plant and equipment included in accounts payable and accrued expenses  $684   $280 
Noncash activity related to government grants  $1,273   $ 
Right-of-use assets obtained in exchange for new operating lease liabilities  $1,660   $ 
           
Supplemental disclosure of cash flow information:          
Cash paid for interest  $1,674   $1,834 
Cash paid for income taxes  $700   $ 

 

The accompanying notes are integral to the unaudited consolidated financial statements.

 

 

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Non-GAAP Financial Measures:

 

The following tables display certain non-GAAP financial measures we believe are helpful in assessing our performance and interpreting our financial results. We believe these non-GAAP financial measures are important supplemental measures because they exclude unusual or non-recurring items as well as non-cash items that are unrelated to or may not be indicative of our ongoing operating results. Further, when read in conjunction with our GAAP results, these non-GAAP financial measures provide a baseline for analyzing trends in our underlying businesses and can be used by management as a tool to help make financial, operational and planning decisions. We may use non-GAAP financial metrics in certain management compensation plans, debt covenants, internal budgetary decision making and other resource allocation decisions. Finally, these measures are often used by analysts and other interested parties to evaluate companies in our industry by providing more comparable measures that are less affected by factors such as capital structure.

 

Adjusted EBITDA

 

Adjusted EBITDA is a non-GAAP measurement. We define Adjusted EBITDA as our net income plus interest expense, income taxes, depreciation and amortization, and, as applicable for each period, stock-based compensation expense and non-cash gains and losses on the sale of assets. Adjusted EBITDA also excludes certain non-recurring costs such as the costs associated with the IPO, certain acquisition and transaction costs, severance and restructuring costs, and other non-recurring costs.

 

 

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THE ELMET GROUP CO.

ADJUSTED EBITDA FROM CONTINUING OPERATIONS

(NON- GAAP, UNAUDITED)

(in thousands)

 

   Quarters Ended   TTM   TTM 
   June 30,
2025
   July 3,
2026
   April 3,
2026
   July 3,
2026
 
Revenue  $49,130   $66,401   $211,256   $228,527 
Gross profit   10,147    16,610    44,257    50,719 
Gross profit margin %   20.7%   25.0%   20.9%   22.2%
Operating expenses   6,901    24,238    33,178    50,508 
Net income (loss) from continuing operations   2,130    (4,488)   5,749    (870)
Net income (loss) from continuing operations %   4.3%   (6.8)%   2.7%   (0.4)%
                     
Adjustments to income (loss) from continuing operations:                    
Income tax (benefit) provision        (3,750)   4,665    915 
Interest expense(1)   1,170    360    4,724    3,910 
Depreciation and amortization   1,611    1,856    6,367    6,608 
Acquisition and transaction costs(2)   89        403    314 
Stock-based compensation(3)   383    14,153    2,096    15,866 
Corporate costs associated with the offering(4)   228    608    3,368    3,748 
Other(5)       119    1,179    1,298 
Adjusted EBITDA (6)  $5,611   $8,858   $28,551   $31,789 
Adjusted EBITDA Margin   11.4%   13.3%   13.5%   13.9%

 

(1) Interest expense includes both third-party interest expense and related party interest expense.
   
(2) The adjustment for acquisition and transaction costs is to remove charges incurred in connection with any transaction, including mergers, acquisitions, refinancing, amendment or modification to indebtedness, and dispositions, in each case, regardless of whether consummated.
   
(3) Stock-based compensation includes expenses associated with restricted stock grants made in support of our initial public offering and the Reorganization. In the three months ended July 3, 2026 the company expensed $14.2 million of which $4.1 million was settled in cash in association with stock appreciation rights.

 

(4) Corporate costs associated with the initial public offering include third-party expenses related to enhancing our accounting controls and procedures, incremental audit costs, recruitment of executive team and legal expenses.

 

(5) Others includes non-recurring costs associated with a utility failure at our CMC facility in Euclid, Ohio, and other restructuring costs.

 

(6) Adjusted EBITDA excludes the financial impact of discontinued operations. On October 1, 2025 A&A distributed its shares in Polymer Laboratories, LLC to the individual shareholders, which is unrelated to A&A continuing operations and The Elmet Group Co.

 

Adjusted Net Income and Adjusted Net Income Per Share

 

Adjusted Net Income and Adjusted Net Income Per Share are non-GAAP measurements. We define adjusted net income as net income less stock-based compensation and one-time non-recurring costs such as tax impacts of the Reorganization, discontinued operations, the costs associated with the IPO, certain acquisition and transaction costs, severance and restructuring costs, and other non-recurring costs and the income tax effect of such adjustments, as applicable.

 

 

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THE ELMET GROUP CO.

RECONCILIATION OF ADJUSTED NET INCOME AND ADJUSTED EARNINGS PER SHARE

(NON-GAAP, UNAUDITED)

(in thousands)

 

   Quarters Ended   TTM   TTM 
   June 30,
2025
   July 3,
2026
   April 3,
2026
   July 3,
2026
 
Numerator:                
Net income (loss)  $1,240   $(4,488)  $4,007   $(1,720)
Loss from discontinued operations   890        1,742    850 
One time tax expense associated with the Reorganization(1)           3,791    3,791 
Corporate costs associated with the IPO(2)   228    608    3,368    3,748 
Stock-based compensation(3)   383    14,153    2,096    15,866 
Acquisition and transaction costs(4)   89        373    284 
Other(5)       119    1,209    1,328 
Tax effect of adjustments(6)       (5,212)   (344)   (5,556)
Adjusted net income  $2,830   $5,180   $16,242   $18,591 
                     
Denominator:                    
Weighted average shares outstanding – basic   20,123    28,415    20,123    22,174 
Weighted average shares outstanding – diluted(7)   20,268    28,983    20,343    22,495 
                     
Adjusted net income per share:                    
Basic  $0.14   $0.18   $0.81   $0.84 
Diluted(7)  $0.14   $0.18   $0.80   $0.83 
                     
Unadjusted net income (loss) per share:                    
Basic  $0.06   $(0.16)  $0.20   $(0.08)
Diluted (7)  $0.06   $(0.16)  $0.20   $(0.08)

 

(1) Reflects the impact of the deferred tax adjustment of $3.5 million, which was recognized in the period of Reorganization and does not reflect ongoing income tax expense, and other discrete tax impacts of $0.3 million related to the Reorganization.

 

 

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(2) Corporate costs associated with the initial public offering include third-party expenses related to enhancing our accounting controls and procedures, incremental audit costs, recruitment of executive team and legal expenses.

 

(3) Stock-based compensation includes expenses associated with restricted stock grants made in support of our initial public offering and the Reorganization. In the three months ended July 3, 2026, the Company expensed $14.2 million of which $4.1 million was settled in cash in association with stock appreciation rights.

 

(4) The adjustment for acquisition and transaction costs is to remove charges incurred in connection with any transaction, including mergers, acquisitions, refinancing, amendment or modification to indebtedness, and dispositions, in each case, regardless of whether consummated.

 

(5) Other includes restructuring and severance costs associated with a reorganization at our CMC division and non-recurring costs associated with a utility failure at our CMC facility in Euclid, Ohio and other restructuring costs.

 

(6) Income tax effects associated with non-GAAP adjustments were calculated based on the specific tax treatment applicable to each adjustment and reflect the estimated current and deferred income tax consequences of the excluded items. The Company’s effective GAAP tax rate for the quarter was (45.6)%, while the effective tax rate applied to non-GAAP results was 35.0%. The difference between the GAAP and non-GAAP tax rates primarily reflects the impact of tax effects associated with the Reorganization impacts, share-based compensation arrangements, executive compensation limitations, discrete tax items recognized during the period, and other tax-related adjustments that are not directly proportional to the underlying pretax non-GAAP adjustments. Accordingly, the tax effect of non-GAAP adjustments differs from the amount that would be determined by applying the Company’s GAAP effective tax rate or statutory tax rate to the related pretax adjustments. There is no tax impact prior to the quarter ended April 3, 2026, as we were treated as an S-corporation for tax purposes prior to the Reorganization.

 

(7) The potential impact on weighted average common stock outstanding (diluted) related to our restricted stock was evaluated under the treasury stock method based on the weighted average unrecognized compensation costs for each period and the estimated fair value of our common stock for each period.

 

 

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