UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~June~~December 3031, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 001-05978

SIFCO Industries, Inc.

(Exact name of registrant as specified in its charter)


Ohio						34-0553950
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

970 East 64th Street, Cleveland Ohio						44103
(Address of principal executive offices)						(Zip Code)

(216) 881-8600

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ý No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definition of “large accelerated filer”, “accelerated filer”, “non-accelerated filer”, “smaller reporting company”, and “emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):


Large accelerated filer	☐	Accelerated filer	☐

Non-accelerated filer	☒	Smaller reporting company	☒

		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Shares

SIF

NYSE American

The number of the Registrant’s Common Shares, par value $1.00, outstanding at ~~June~~December 3031, 2025 was 6,~~180~~215,~~388~~128.

Part I. Financial Information

Item 1. Financial Statements

SIFCO Industries, Inc. and Subsidiaries

Consolidated Condensed Statements of Operations

(Unaudited)

(Amounts in thousands, except per share data)

	Three Months EndedJune 30,				Nine Months EndedJune 30,
			Three Months EndedDecember 31,
	~~2025~~		~~2024~~		2025		2024
Net sales	$	~~22,095~~	$	~~21,986~~	$	6223,~~005~~973	$	5720,~~975~~883
Cost of goods sold	~~16,200~~		~~19,274~~		5318,~~612~~784		5419,~~314~~955
Gross profit	~~5,895~~		~~2,712~~		85,~~393~~189		~~3,661~~928
Selling, general and administrative expenses	~~2,635~~		~~2,565~~		72,~~826~~646		82,~~487~~840
Loss on disposal of operating assets	—		—		—		4
Gain on disposal of operating assets					(20)		—
Operating profit (loss)	~~3,260~~		~~147~~		~~567~~2,563		(41,~~830~~912)
Interest expense, net	~~391~~		~~905~~		~~1,289~~352		~~2,065~~469
Foreign currency exchange loss (gain), net	5		(1)		4		—
Foreign currency exchange gain, net					—		(2)
Other (income) expense, net	(479)		160		(404)		313
Other expense, net					16		38
Income (loss) from continuing operations before income tax expense	~~3,343~~		~~(917)~~		~~(322)~~2,195		(72,~~208~~417)
Income tax expense	41		—		~~120~~405		115
Income (loss) from continuing operations	~~3,302~~		~~(917)~~		~~(442)~~1,790		(72,~~219~~422)
Income from discontinued operations, net of tax	~~106~~		~~989~~		~~142~~—		~~2,279~~106
Net income (loss)	$	~~3,408~~	$	72	$	~~(300)~~1,790	$	(42,~~940~~316)
Basic and diluted earnings (loss) per share:
Basic earnings (loss) per share:
Basic and diluted earnings (loss) per share from continuing operations	$	0.54	$	(0.16)	$	(0.07)	$	(1.20)
Basic earnings (loss) per share from continuing operations					$	0.29	$	(0.40)
Basic and diluted income earnings per share from discontinued operations	0.02		0.17		0.02		0.38
Basic earnings per share from discontinued operations					—		0.02
Basic and diluted earnings (loss) per share	$	0.56	$	0.01	$	(0.05)	$	(0.82)
Basic earnings (loss) per share					$	0.29	$	(0.38)
Weighted-average number of common shares (basic)	6,068		6,009		6,050		5,991
Diluted earnings (loss) per share:
Weighted-average number of common shares (diluted)	6,138		6,105		6,050		5,991
Diluted earnings (loss) per share from continuing operations					$	0.29	$	(0.40)
Diluted earnings per share from discontinued operations					$	—	$	0.02
Diluted earnings (loss) per share					$	0.29	$	(0.38)
Weighted-average number of common shares (basic)					6,079		6,016
Weighted-average number of common shares (diluted)					6,159		6,016

See notes to unaudited consolidated condensed financial statements.

SIFCO Industries, Inc. and Subsidiaries

Consolidated Condensed Statements of Comprehensive Income ~~(Loss)~~

(Unaudited)

(Amounts in thousands)

	Three Months EndedJune 30,				Nine Months EndedJune 30,
			Three Months EndedDecember 31,
	~~2025~~		~~2024~~		2025		2024
Net income (loss)	$	~~3,408~~	$	72	$	~~(300)~~1,790	$	(42,~~940~~316)
Other comprehensive income (loss):
Foreign currency translation adjustment, net of tax	—		~~(73)~~		—		525,554
Reclassification of foreign translation adjustments to net loss	—		—		5,554		—
Retirement plan liability adjustment, net of tax					17		23
Retirement plan liability adjustment, net of tax	23		104		68		190
Other					—		(2)
Other	—		(5)		(2)		(5)
Comprehensive income					$	1,807	$	3,259
Comprehensive income (loss)	$	3,431	$	98	$	5,320	$	(4,703)

See notes to unaudited consolidated condensed financial statements.

SIFCO Industries, Inc. and Subsidiaries

Consolidated Condensed Balance Sheets

(Unaudited)

(Amounts in thousands, except per share data)

	June 30,2025		September 30,2024
	December 31,2025		September 30,2025
ASSETS
Current assets:
Cash and cash equivalents	$	1,~~978~~106	$	~~1,714~~491
Receivables, net of allowance for credit losses of $108 and $117, respectively	14,223		17,272
Restricted cash	1,081		1,553
Contract assets	12,681		10,745
Receivables, net of allowance for credit losses of $128 and $151, respectively	15,634		16,103
Inventories, net	7,404		6,230
Contract assets	11,045		10,560
Refundable income taxes	13		13
Inventories, net	6,561		4,192
Prepaid expenses and other current assets	12,~~800~~338		2,~~382~~192
Current assets of discontinued operations	—		15,967
Total current assets	37,765		35,091
Total current assets	38,099		54,323
Property, plant and equipment, net	20,896		21,794
Property, plant and equipment, net	22,860		26,261
Operating lease right-of-use assets, net	12,299		12,543
Operating lease right-of-use assets, net	12,784		13,326
Goodwill	3,493		3,493
Other assets	53488		~~357~~473
Noncurrent assets of discontinued operations	—		6,864
Total assets	$	74,941	$	73,394
Total assets	$	77,289	$	104,624
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current maturities of long-term debt, net of unamortized debt issuance costs	$	2,~~951~~461	$	~~353~~2,592
Promissory note — related party	—		3,510
Revolver	386		7,969
Revolver	8,372		20,142
Short-term operating lease liabilities	978		959
Short-term operating lease liabilities	941		879
Accounts payable	7,296		5,796
Accounts payable	8,949		11,574
Contract liabilities	7,486		1,784
Contract liabilities	2,061		2,879
Accrued liabilities	3,386		3,140
Accrued liabilities (related party — nil and $880, respectively)	2,372		4,615
Total current liabilities	21,993		22,240
Current liabilities of discontinued operations	—		10,058
Long-term finance lease, net of short-term	39		51
Total current liabilities	25,646		54,010
Long-term operating lease liabilities, net of short-term	11,977		12,230
Long-term finance lease, net of short-term	62		—
Deferred income taxes, net	519		163
Long-term operating lease liabilities, net of short-term	12,476		13,035
Pension liability	1,104		1,206
Deferred income taxes, net	333		154
Other long-term liabilities	611		619
Pension liability	2,300		2,465
Commitments and Contingencies (Note 10)
Other long-term liabilities	627		645
Noncurrent liabilities of discontinued operations	—		3,890
Commitments and Contingencies (Note 11)
Shareholders’ equity:
Serial preferred shares, no par value, authorized 1,000 shares; zero shares issued and outstanding at June 30, 2025 and September 30, 2024	—		—
Serial preferred shares, no par value, authorized 1,000 shares; zero shares issued and outstanding at December 31, 2025 and September 30, 2025	—		—
Common shares, par value $1 per share, authorized 10,000 shares; issued and outstanding shares 6,180 at June 30, 2025 and 6,158 at September 30, 2024	6,180		6,158
Common shares, par value $1 per share, authorized 10,000 shares; issued and outstanding shares 6,215 at December 31, 2025 and 6,180 at September 30, 2025	6,215		6,180
Additional paid-in capital	11,~~853~~863		11,~~775~~892
Retained earnings	1718,~~581~~942		17,~~881~~152
Accumulated other comprehensive income (loss)	231		(5,389)
Accumulated other comprehensive income	1,678		1,661
Total shareholders’ equity	3538,~~845~~698		3036,~~425~~885
Total liabilities and shareholders’ equity	$	7774,~~289~~941	$	~~104~~73,~~624~~394

See notes to unaudited consolidated condensed financial statements.

SIFCO Industries, Inc. and Subsidiaries

Consolidated Condensed Statements of Cash Flows

(Unaudited, Amounts in thousands)

	Nine Months EndedJune 30,
	Three Months EndedDecember 31,
	2025		2024
Cash flows from operating activities:
Net loss	$	(300)	$	(4,940)
Net income (loss)	$	1,790	$	(2,316)
Income from discontinued operations, net of tax	~~142~~—		~~2,279~~106
Loss from continuing operations	$	(442)	$	(7,219)
Income (loss) from continuing operations	$	1,790	$	(2,422)
Adjustments to reconcile net loss to net cash (used for) provided by operating activities:
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:
Depreciation and amortization	31,~~912~~085		31,~~607~~181
Amortization of debt issuance costs	~~148~~54		~~753~~37
Gain on disposal of operating assets	—(20)		4—
LIFO effect	~~(606)~~212		~~826~~501
Share transactions under company stock plan, net	~~101~~6		~~194~~(7)
Inventory valuation accounts	~~548~~53		~~269~~320
Deferred income taxes	~~179~~356		~~(142)~~65
Interest added to promissory note - related party (paid-in-kind)	27		216
Interest incurred but not yet paid	9		7
Interest added to other current maturities of long-term debt	13		—
Other expenses	9		56
Other long-term liabilities	(144)		270
Changes in operating assets and liabilities:
Receivables	~~3,049~~469		~~(2,332)~~424
Contract assets	(~~1,936~~485)		36626
Inventories	(12,~~116~~634)		(~~4,514~~274)
Prepaid expenses and other current assets	~~693~~(192)		~~834~~(543)
Other assets	~~287~~—		~~(126)~~265
Accounts payable	(21,~~673)~~294		~~870~~(2,772)
Accrued liabilities	~~(1,818)~~321		96(778)
Contract liabilities	~~(817)~~5,702		~~2,705~~(495)
Accrued income tax and other	(4)		148
Accrued income tax	49		—
Net cash used for operating activities	(599)		(3,505)
Net cash provided by (used for) operating activities	8,078		(3,809)
Cash flows from investing activities:
Capital expenditures	(324)		(1,712)
Proceeds from disposal of operating assets	20		—
Net cash used for investing activities	(324)		(1,712)
Capital expenditures	(96)		(109)
Net cash used for investing activities	(76)		(109)
Cash flows from financing activities:
Proceeds from term loan	~~3,000~~—		—3,000
Payments on term loan	(~~400~~150)		(61100)
Proceeds from revolving credit agreement	7622,~~644~~646		7035,~~706~~025
Repayments of revolving credit agreement	(8830,~~413~~229)		(6742,~~302~~534)
Payment of debt issuance costs	(~~203~~115)		(~~139~~203)
Principal payments on capital lease obligations	(3211)		—(10)
Proceeds from promissory note — related party	—		3,000
Repayments of promissory note and related fees — related party	—		(4,417)
Repayments of promissory note and related fees — related party	(4,030)		—
Net cash used for financing activities	(7,859)		(9,239)
Net cash (used for) provided by financing activities	(13,434)		6,204
Cash flows from discontinued operations:
Net cash used for operating activities	~~(57)~~—		(~~1,461~~57)
Net cash provided by (used for) investing activities	13,348		(2,078)
Net cash provided by investing activities	—		13,313
Net cash provided by financing activities	~~356~~—		~~3,898~~356
Effects of exchange rate changes on cash and cash equivalents	~~(35)~~—		(1735)
Net cash provided by discontinued operations	~~13,612~~—		~~342~~13,577
(Decrease) increase in cash and cash equivalents	(745)		1,329
Increase in cash, cash equivalents and restricted cash	143		420
Cash and cash equivalents at the beginning of the period	2,723		367
Cash, cash equivalents and restricted cash at the beginning of the period	2,044		2,723
Less: Cash and cash equivalents from discontinued operations at the end of the period	—		690
Cash, cash equivalents and restricted cash from continuing operations at the end of the period	$	2,187	$	3,143
Cash and cash equivalents from continuing operations at the end of the period	$	1,978	$	1,006

See notes to unaudited consolidated condensed financial statements.

SIFCO Industries, Inc. and Subsidiaries

Supplemental Disclosure of Cash Flow Information

(Unaudited, Amounts in thousands)

	Nine Months EndedJune 30,
	Three Months EndedDecember 31,
	2025		2024
Cash paid during the year:
Cash paid for interest	$	(~~1,521~~298)	$	(~~1,064~~389)
Cash paid for income taxes, net	(16)		(19)
Non-cash investing activities:
Additions to property, plant & equipment — incurred but not yet paid	$	4898	$	3819
Non-cash financing activities:
Debt issuance costs — incurred but not yet paid	~~115~~—		—115
Accrued guaranty fees — related party	—		880
Interest added to promissory note — related party (paid-in-kind)	—		27
Origination fees capitalized to promissory note principal — related party	—		150

See notes to unaudited consolidated condensed financial statements.

SIFCO Industries, Inc. and Subsidiaries

Consolidated Condensed Statements of Shareholders’ Equity

(Unaudited, Amounts in thousands)

	Three Months EndedJune 30, 2025
	Three Months EndedDecember 31, 2025
	Common Shares			AdditionalPaid-InCapital		RetainedEarnings		~~AccumulatedOtherComprehensive Income (Loss)~~AccumulatedOtherComprehensiveIncome		TotalShareholders’Equity
	Shares	Amount
Balance at April 1, 2025	6,190	$	6,190	$	11,796	$	14,173	$	208	$	32,367
Balance at October 1, 2025	6,180	$	6,180	$	11,892	$	17,152	$	1,661	$	36,885
Comprehensive income	—	—		—		31,~~408~~790		2317		31,~~431~~807
Performance and restricted share expense	—	—		4766		—		—		4766
Share transactions under equity-based plans	~~(10)~~35	~~(10)~~35		10(95)		—		—		—(60)
Balance at June 30, 2025	6,180	$	6,180	$	11,853	$	17,581	$	231	$	35,845
Balance at December 31, 2025	6,215	$	6,215	$	11,863	$	18,942	$	1,678	$	38,698

	Three Months EndedJune 30, 2024
	Three Months EndedDecember 31, 2024
	Common Shares			AdditionalPaid-InCapital		RetainedEarnings		~~AccumulatedOtherComprehensive~~AccumulatedOtherComprehensiveIncome ~~Income~~ (Loss)		TotalShareholders’Equity
	Shares	Amount
Balance at April 1, 2024	6,190	$	6,190	$	11,663	$	18,252	$	(6,449)	$	29,656
Balance at October 1, 2024	6,158	$	6,158	$	11,775	$	17,881	$	(5,389)	$	30,425
Comprehensive income	—	—		—		72		26		98
Comprehensive (loss) income	—	—		—		(2,316)		5,575		3,259
Performance and restricted share expense	—	—		7220		—		—		7220
Share transactions under equity-based plans	(1011)	(1011)		10(17)		—		—		—(28)
Balance at June 30, 2024	6,180	$	6,180	$	11,745	$	18,324	$	(6,423)	$	29,826
Balance at December 31, 2024	6,147	$	6,147	$	11,778	$	15,565	$	186	$	33,676

	Nine Months EndedJune 30, 2025
	Common Shares			AdditionalPaid-InCapital		RetainedEarnings		AccumulatedOtherComprehensiveLoss		TotalShareholders’Equity
	Shares	Amount
Balance at October 1, 2024	6,158	$	6,158	$	11,775	$	17,881	$	(5,389)	$	30,425
Comprehensive (loss) income	—	—		—		(300)		5,620		5,320
Performance and restricted share expense	—	—		134		—		—		134
Share transactions under equity-based plans	22	22		(56)		—		—		(34)
Balance at June 30, 2025	6,180	$	6,180	$	11,853	$	17,581	$	231	$	35,845

	Nine Months EndedJune 30, 2024
	Common Shares			AdditionalPaid-InCapital		RetainedEarnings		AccumulatedOtherComprehensiveLoss		TotalShareholders’Equity
	Shares	Amount
Balance at October 1, 2023	6,105	$	6,105	$	11,626	$	23,264	$	(6,660)	$	34,335
Comprehensive (loss) income	—	—		—		(4,940)		237		(4,703)
Performance and restricted share expense	—	—		243		—		—		243
Share transactions under equity-based plans	75	75		(124)		—		—		(49)
Balance at June 30, 2024	6,180	$	6,180	$	11,745	$	18,324	$	(6,423)	$	29,826

See notes to unaudited consolidated condensed financial statements.

SIFCO Industries, Inc. and Subsidiaries

Notes to Unaudited Consolidated Condensed Financial Statements

(Amounts in thousands, except per share data)

1.Summary of Significant Accounting Policies

A.Principles of Consolidation

The accompanying unaudited consolidated condensed financial statements include the accounts of SIFCO Industries, Inc. and its wholly-owned subsidiaries (collectively, the “Company”). All intercompany accounts and transactions have been eliminated in consolidation.

InThe ~~October 2024, the Company sold its European operations in order to streamline operations and refocus on its core aerospace forging business~~U.S. ~~SIFCO~~dollar ~~Irish~~is ~~Holdings,~~the ~~Ltd.,~~functional acurrency ~~wholly-owned~~for ~~subsidiary~~all of the Company,’s ~~entered~~operations ~~into~~in athe ~~Share~~United ~~Purchase~~States ~~Agreement~~ (~~the~~ “~~SPA~~U.S.”) ~~pursuant~~and toits ~~which~~non-operating, ~~it sold 100% of the share capital of C Blade~~ non-U.S.p subsidiaries.A. ~~Forging~~For &these ~~Manufacturing~~operations, anall ~~Italian~~gains ~~joint~~and ~~stock~~losses ~~company~~from ~~and~~completed ~~wholly-owned~~currency ~~subsidiary~~transactions ofare ~~the~~included ~~Company~~in income (~~“CBlade”~~loss)~~, for cash consideration~~.

AsThese aunaudited ~~result~~consolidated ofcondensed financial statements should be read in conjunction with the ~~sale~~consolidated ~~transaction,~~financial statements and related notes included in the Company’s ~~financial~~Annual ~~statements~~Report ~~have~~on ~~been~~Form ~~prepared~~10-K ~~with~~for the ~~net~~year ~~assets~~ended September 30, ~~results~~2025 of(the ~~operations,~~“2025 Annual Report”). The year-end consolidated condensed balance sheet contained in these financial statements was derived from the audited financial statements and ~~cash~~disclosures ~~flows~~required ofby ~~CBlade~~accounting ~~presented~~principles asgenerally ~~discontinued~~accepted ~~operations~~in the U.S. ~~All~~In ~~historical~~the ~~statements~~opinion of management, ~~amounts~~all ~~and~~adjustments ~~related~~(consisting only of normal recurring adjustments) and disclosures considered necessary for a fair presentation have been ~~retrospectively~~included. ~~adjusted~~The toresults ~~conform~~of tooperations ~~this~~for ~~presentation.~~any ~~Refer~~interim period are not necessarily indicative of the results to ~~Note~~be 2expected —for ~~Discontinued~~other ~~Operations~~interim periods or the full year.

The U.S. dollar is the functional currency for all of the Company’s operations in the United States (“U.S.”) and its non-operating, non-U.S. subsidiaries. For these operations, all gains and losses from completed currency transactions are included in income (loss). Prior to the sale of CBlade, the functional currency for the Company’s other non-U.S. subsidiaries was the Euro; the Company no longer has active operations in Europe. Assets and liabilities are translated into U.S. dollars at the rates of exchange at the end of the period, and revenues and expenses are translated using average rates of exchange for the period which approximate the rates in effect at the date of the transaction. Foreign currency translation adjustments are reported as a component of accumulated other comprehensive loss in the unaudited consolidated condensed financial statements.

These unaudited consolidated condensed financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended September 30, 2024 (the “2024 Annual Report”). The year-end consolidated condensed balance sheet contained in these financial statements was derived from the audited financial statements and disclosures required by accounting principles generally accepted in the U.S. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) and disclosures considered necessary for a fair presentation have been included. The results of operations for any interim period are not necessarily indicative of the results to be expected for other interim periods or the full year.

B.Accounting Policies

A summary of the Company’s significant accounting policies is included in Note 1 to the audited consolidated financial statements of the Company’s ~~2024~~2025 Annual Report.

C.Net Earnings (Loss) per Share

The Company’s net earnings (loss) per basic share has been computed based on the weighted-average number of common shares outstanding. During a period of net loss, zero restricted and performance shares are included in the calculation of diluted earnings per share because the effect would be anti-dilutive. In a period of net income, the net income per diluted share reflects the effect of the Company’s outstanding restricted shares and performance shares under the treasury stock method.

The dilutive effect is as follows:

Three Months EndedJune 30,

Nine Months EndedJune 30,

Three Months EndedDecember 31,

~~2025~~

~~2024~~

2025

2024

Income (loss) from continuing operations

~~3,302~~

~~(917)~~

~~(442)~~1,790

(72,~~219~~422)

Income from discontinued operations, net of tax

~~106~~

~~989~~

~~142~~—

~~2,279~~106

Net income (loss)

~~3,408~~

~~(300)~~1,790

(42,~~940~~316)

Weighted-average common shares outstanding (basic)

~~6,068~~

~~6,009~~

6,~~050~~079

56,~~991~~016

Effect of dilutive securities:

Restricted shares

—76

—

Performance shares

—4

—

Weighted-average common shares outstanding (diluted)

~~6,138~~

~~6,105~~

6,~~050~~159

56,~~991~~016

Net earnings (loss) per share – basic and diluted:

Continuing operations

~~0.54~~

~~(0.16)~~

(0.~~07)~~29

(10.2040)

Discontinued operations

~~0.02~~

~~0.17~~

~~0.02~~—

0.3802

Net earnings (loss) per share

~~0.56~~

~~0.01~~

(0.~~05)~~29

(0.8238)

Anti-dilutive weighted-average common shares excluded from calculation of diluted earnings per share

~~151~~

~~148~~32

~~251~~149

D.Recent Accounting Standards Adopted

~~None~~In ~~applicable.~~March 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-01, “Compensation—Stock Compensation - Scope Application of Profits Interest and Similar Awards,” which provides illustrative

~~E.Impact of Newly Issued Accounting Standards and Legislation~~8

guidance to help entities determine whether profits interest and similar awards should be accounted for as share-based payment arrangements within the scope of Topic 718 or another accounting standard. The Company adopted the ASU during the first quarter of fiscal year 2026. This guidance did not have a material impact on the Company’s consolidated condensed financial statements.

E.Impact of Newly Issued Accounting Standards

Accounting Pronouncements - Issued and Not Effective

In ~~January~~December 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) ~~2025-01, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date” (“ASU 2025-01”)~~No. ~~ASU~~ 2025-~~01 outlines the effective date of ASU 2024-03~~11, “~~Income~~Interim ~~Statement—~~Reporting ~~Comprehensive Income—Expense Disaggregation Disclosures~~ (~~Subtopic~~Topic ~~220-40~~270): ~~Disaggregation~~Narrow-Scope ~~of Income Statement Expenses~~Improvements,” ~~(“ASU~~which ~~2024-03”),~~clarifies as the ~~first~~guidance ~~annual~~in ~~reporting~~Topic ~~period~~270 ~~beginning~~to ~~after~~improve ~~December~~the ~~15,~~consistency ~~2026,~~of ~~and~~ interim ~~reporting~~financial ~~periods within annual~~ reporting ~~periods beginning after December 15, 2027~~. ~~Early~~The ~~adoption of~~ ASU ~~2024-03~~provides isa ~~still~~comprehensive ~~permitted.~~list ~~ASU~~of ~~2024-03~~required ~~requires both~~ interim ~~and annual~~ disclosures pertaining to expense captions on the face of the income statement within continuing operations containing the following amounts: (i) purchases of inventory, (ii) employee compensation, (iii) depreciation, (iv) intangible asset amortization, and ~~(v)~~introduces ~~depreciation,~~a ~~depletion,~~disclosure ~~and~~principle ~~amortization~~requiring ~~recognized~~entities ~~as part of oil and gas-producing activities (or other amounts of depletion expense) included in each relevant expense caption. This disaggregated information will be required~~ to bedisclose ~~disclosed~~events ~~with~~since ~~other~~the ~~disaggregated~~end ~~amounts under other U.S. GAAP guidance, such as revenue and income taxes. Additionally, a qualitative description~~ of the ~~amounts~~last ~~remaining~~annual inreporting ~~relevant~~period ~~expense captions~~ that ~~are~~have ~~not~~a ~~separately~~material ~~disaggregated~~impact ~~quantitatively~~on ~~and~~the ~~total~~entity. ~~selling~~ASU ~~expenses~~No. ~~and~~2025-11 ais ~~definition~~effective offor ~~such costs (in~~ annual reporting periods ~~only)~~beginning ~~should~~after beDecember ~~disclosed. More granular information about cost of sales and selling~~15, ~~general~~2027, and ~~administrative~~interim expenses (SG&A) would assist a reader of the Company's consolidated financial statements in better understanding an entity’s cost structure and forecasting future cash flows. The amendments in ASU 2024-03 should be applied either (1) prospectively to financial statements issued for reporting periods ~~after~~within ~~the~~those ~~effective~~annual ~~date~~reporting ~~of the ASU or (2) retrospectively to any or all prior~~ periods, ~~presented~~with inearly ~~the~~adoption ~~financial statements~~permitted. The Company is currently assessing the impact of this standard on our consolidated condensed financial statements and related disclosures.

In ~~November~~January ~~2023~~2025, the FASB issued ASU ~~2023~~2025-0701, “~~Segment~~Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (~~Topic~~Subtopic ~~280~~220-40): ~~Improvements~~Clarifying tothe ~~Reportable~~Effective ~~Segment~~Date” (“ASU 2025-01”). ASU 2025-01 outlines the effective date of ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024-03”), ~~that~~as ~~would~~the ~~enhance~~first ~~disclosures~~annual ~~for~~reporting ~~significant~~period ~~segment~~beginning ~~expenses~~after ~~for~~December ~~all~~15, ~~public~~2026, ~~entities~~and ~~required~~interim toreporting ~~report~~periods ~~segment~~within ~~information~~annual inreporting ~~accordance~~periods ~~with~~beginning ~~ASC~~after ~~280~~December 15, 2027. ~~ASC~~Early ~~280~~adoption of ASU 2024-03 is still permitted. ASU 2024-03 requires aboth ~~public~~interim ~~entity~~and toannual ~~report~~disclosures ~~for~~pertaining ~~each~~to ~~reportable~~expense ~~segment~~captions aon ~~measure~~the face of ~~segment~~the ~~profit~~income orstatement ~~loss~~within ~~that~~continuing ~~its~~operations ~~chief~~containing ~~operating~~the ~~decision~~following ~~maker~~amounts: (~~“CODM”~~i) ~~uses~~purchases toof ~~assess~~inventory, ~~segment~~(ii) ~~performance~~employee compensation, (iii) depreciation, (iv) intangible asset amortization, and to(v) ~~make~~depreciation, ~~decisions~~depletion, ~~about~~and ~~resource~~amortization ~~allocations.~~recognized ~~The~~as ~~amendments~~part inof ~~ASU~~oil ~~2023~~and gas-07producing ~~improve~~activities ~~financial~~(or ~~reporting~~other byamounts ~~requiring~~of ~~disclosure~~depletion ofexpense) ~~incremental~~included ~~segment~~in each relevant expense caption. This disaggregated information onwill anbe ~~annual~~required ~~and~~to ~~interim~~be ~~basis~~disclosed ~~for~~with ~~all~~other ~~public~~disaggregated ~~entities~~amounts tounder ~~enable~~other ~~investors~~U.S. toGAAP ~~develop~~guidance, ~~more~~such ~~useful~~as ~~financial~~revenue ~~analyses~~and income taxes. ~~Currently~~Additionally, ~~Topic~~a ~~280~~qualitative ~~requires~~description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively and total selling expenses and a ~~public~~definition ~~entity~~of ~~disclose~~such ~~certain~~costs (in annual reporting periods only) should be disclosed. More granular information about ~~its~~cost ~~reportable~~of ~~segments.~~sales ~~For~~and ~~example~~selling, general, and administrative expenses (SG&A) would assist a ~~public~~reader of the Company's consolidated financial statements in better understanding an entity’s iscost ~~required~~structure and forecasting future cash flows. The amendments in ASU 2024-03 should be applied either (1) prospectively to ~~report~~financial astatements ~~measure~~issued offor ~~segment~~reporting ~~profit~~periods orafter ~~loss~~the ~~that~~effective date of the ~~CODM~~ASU ~~uses~~or (2) retrospectively to ~~assess~~any ~~segment~~or ~~performance~~all ~~and~~prior ~~make~~periods ~~decisions~~presented ~~about~~in ~~allocating~~the ~~resources~~financial statements. ~~ASC~~The ~~280~~Company ~~also~~is ~~requires~~currently ~~other~~assessing ~~specified~~the ~~segment~~impact ~~items~~of this standard on our consolidated condensed financial statements and related disclosures.

9In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”. ASU 2023-09 is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU 2023-09 address investor requests for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. Early adoption is permitted. A public entity should apply the amendments in ASU 2023-09 prospectively to all annual periods beginning after December 15, 2024. The Company will first apply this guidance, on an annual basis, for the current fiscal year. This guidance will expand our annual income tax disclosures, but will not affect our consolidated condensed financial statements.

amounts such as depreciation, amortization and depletion expense to be disclosed under certain circumstances. The amendments in ASU 2023-07 do not change or remove those disclosure requirements. The amendments in ASU 2023-07 also do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. A public entity should apply the amendments in ASU 2023-07 retrospectively to all prior periods presented in the financial statements. The Company does not anticipate the adoption of ASU 2023-07 to have a significant impact on the consolidated condensed financial statements and related disclosures.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”. ASU 2023-09 is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU 2023-09 address investor requests for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. Early adoption is permitted. A public entity should apply the amendments in ASU 2023-09 prospectively to all annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of this standard on our consolidated condensed financial statements and related disclosures.

Legislation

On July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act ("OBBBA"). The OBBBA makes permanent key elements of the Tax Cuts and Jobs Act, including 100% bonus depreciation, domestic research cost expensing, and the business interest expense limitation. ASC 740, “Income Taxes”, requires the effects of changes in tax rates and laws on deferred tax balances to be recognized in the period in which the legislation is enacted. Consequently, as of the date of enactment, the Company will evaluate all deferred tax balances under the newly enacted tax law and identify any other changes required to its financial statements as a result of the OBBBA. The Company is still evaluating the impact of the OBBBA and the results of such evaluations will be reflected on the Company's Form 10-K for the fiscal year-ended September 30, 2025.

F.Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. In determining fair value, the Company utilizes certain assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and/or the risks inherent in the inputs to the valuation technique. Based on the examination of the inputs used in the valuation techniques, the Company is required to provide the following information according to the fair value hierarchy. The fair value hierarchy ranks the quality and reliability of the information used to determine fair values.

Financial assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories:

Level 1 - Quoted market prices in active markets for identical assets or liabilities

Level 2 - Observable market based inputs or unobservable inputs that are corroborated by market data

Level 3 - Unobservable inputs that are not corroborated by market data

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The book value of cash equivalents, accounts receivable, and accounts payable are considered to be representative of their fair values because of their short maturities. The carrying value of debt is considered to approximate the fair value based on the borrowing rates currently available to us for loans with similar terms and maturities. Fair value measurements of non-financial assets and non-financial liabilities are primarily used in goodwill, other intangible assets and long-lived assets impairment analysis, the valuation of acquired intangibles and in the valuation of assets held for sale. Goodwill and intangible assets are valued using Level 3 inputs. Defined benefit plans can be valued using Level 1, Level 2, Level 3 or a combination of Level 1, 2 and 3 inputs. Refer to Note 9 — Retirement Benefit Plans of the 2024 Annual Report for further discussion.

G.Employee Retention Credit

Under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), the Employee Retention Credit (“ERC”) is a refundable payroll tax credit available to eligible businesses and tax-exempt organizations impacted by the COVID-19 pandemic. Businesses qualified if they experienced a full or partial government-ordered suspension of operations or a "significant" decline in gross receipts (defined as a decline of more than 50% in any 2020 quarter compared to 2019, and more than 20% in 2021).

The Company, having reasonably assured eligibility, submitted and received approval for ERC refunds. In the absence of specific U.S. GAAP guidance on accounting for such credits, the Company adopted International Accounting Standards (“IAS”) 20 – Accounting for Government Grants and Disclosure of Government Assistance. Under IAS 20, the credit can be

presented as other income or as a reduction of related expense. The Company elected to reduce the expense categories in which the original payroll taxes were incurred.

As of June 30, 2025, the Company recognized a total gross benefit of $3,373, consisting of $2,859 ERC refund and $514 in interest income. The credit was allocated as follows:

•$2,406 to cost of goods sold (“COGS”),

•$453 to selling, general and administrative expense (“SG&A”), and

•$514 to other (income) expense, net.

Additionally, the Company incurred $675 in professional fees related to the ERC, which was recorded to in SGA expense during both the three months and nine months ended June 30, 2025. There was no income or expense recorded for the three months and nine months ended June 30, 2024. As of June 30, 2025, the Company recorded $706 in accounts receivable on the consolidated condensed balance sheets, which was subsequently received on July 7, 2025.

2.Discontinued Operations

The Company committed to sell CBlade in August 2024 in order to streamline operations and refocus on its core aerospace forging entities. On August 1, 2024, the Company’s Board of Directors approved and authorized the execution of a share purchase agreement (the “SPA”), under which SIFCO Irish Holdings, Ltd., a wholly owned subsidiary of the Company, entered into an agreement to sell 100% of the share capital of CBlade to TB2 S.r.l. (the “Buyer”) at an enterprise value of €20,000, less debt, for cash consideration of €13,800 in net equity value at closing, subject to adjustments for changes in working capital and certain other items (the “CBlade Sale”). The Company determined that CBlade met the criteria for classification as assets held for sale and discontinued operations upon the aforementioned events, and, based on the significance of the disposed operations (i.e., strategic shift), CBlade represented discontinued operations upon classification of the CBlade assets and liabilities as held for sale.

In October 2024, upon regulatory approval, the Company completed the CBlade Sale and received cash consideration of approximately $14,~~516~~408, net of transaction costs of $~~422~~530. The Company does not expect to have any significant continuing involvement with CBlade after the sale. All operating activities prior to the disposal date were included in the Company's financial statements separately as discontinued operations, including income before income tax provision, gain from the sale ~~CBlade (i.e., cash proceeds received less net assets transferred), and the release of accumulated other comprehensive income (loss) attributable to the Company's European operations.~~

CBlade (i.e., cash proceeds received less net assets transferred), and the release of accumulated other comprehensive income (loss) attributable to the Company's European operations.

Due to the CBlade Sale, the Company ceased manufacturing operations within the European market, as CBlade represented the last remaining facility in this region. Prior to the transaction, CBlade was directly owned by SIFCO Irish Holdings Inc., a wholly-owned subsidiary of the Company incorporated in Ireland (“Irish Holdings”), which historically acted as the holding company for the Company's international operations. With the disposal of CBlade, the Company determined that its European operations represented a substantially complete liquidation. Therefore, $5,851 of cumulative translation adjustment loss attributable to these operations (related to Irish Holdings) was recognized in the statement of operations as a component of the gain on sale of discontinued operations upon the loss of a controlling financial interest in CBlade, which represented in excess of 90% of the assets of the Company's European operations.

The principal components of the assets and liabilities related to discontinued operations classified as held for sale as of September 30, 2024 were as follows:

	September 30, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	1,009
Short-term investments	1,114
Receivables, net	6,259
Inventories, net	6,185
Prepaid expenses and other current assets	1,400
Total current assets	15,967
Property, plant and equipment, net	6,625
Other long-term assets	239
Total assets of discontinued operations	$	22,831
LIABILITIES
Current liabilities:
Current maturities of long-term debt	$	3,843
Accounts payable	2,770
Accrued and other current liabilities	3,445
Total current liabilities	10,058
Long-term debt, net	3,536
Other long-term liabilities	354
Total liabilities of discontinued operations	$	13,948

A summary of the operating results for the discontinued operations is as follows:

	Three Months EndedJune 30,				Nine Months EndedJune 30,
			Three Months EndedDecember 31,
	~~2025~~		~~2024~~		2025		2024
Net sales	$	—	$	~~7,272~~	$	~~622~~—	$	~~18,879~~622
Cost of sales	—		~~5,451~~		~~348~~—		~~14,543~~348
Interest expense, net	—		~~173~~		15—		~~406~~15
Income from discontinued operations before income tax expense and gain on sale	—		~~1,044~~		~~214~~—		~~2,421~~214
Loss on sale of discontinued operations before income tax expense	—		—		(11)		—
Gain on sale of discontinued operations before income tax expense					—		58
Income tax expense from discontinued operations	~~(106)~~		55		61—		~~142~~166
Income from discontinued operations, net of tax	$	~~106~~	$	~~989~~	$	~~142~~—	$	~~2,279~~106

3.Inventories

Inventories consist of:

	June 30,2025		September 30,2024
	December 31,2025		September 30,2025
Raw materials and supplies	$	23,~~754~~278	$	1,~~044~~416
Work-in-process	21,~~595~~906		31,~~419~~325
Finished goods	21,~~055~~377		1,~~767~~451
Total inventories, net	$	76,~~404~~561	$	64,~~230~~192

For a portion of the Company’s inventory, cost is determined using the last-in, first-out (“LIFO”) method. Approximately 5363% and 3040% of the Company’s inventories as of ~~June~~December 3031, 2025 and September 30, ~~2024~~2025, respectively, use the LIFO method. An actual valuation of inventory under the LIFO method is made at the end of each fiscal year based on the inventory levels and costs existing at that time. Accordingly, interim LIFO calculations must be based on management’s estimates of expected year-end inventory levels and costs. Because the actual results may vary from these estimates, the annual results may differ from interim results as they are subject to adjustments based on the differences between the estimates and the actual results. The first-in, first-out (“FIFO”) method is used for the remainder of the inventories, which are stated at the lower of cost or net realizable value (“NRV”). If the FIFO method had been used for the inventories for which cost is determined using the LIFO method, inventories would have been $11,109 and $10,897 higher than reported as of December 31, 2025 and September 30, 2025, respectively. Net realizable value is the estimated selling price in the ordinary course of business less reasonably predictable costs of completion, disposal, and transportation. The Company estimates net realizable value, excess and obsolescence and shrink reserves for its inventory based upon historical experience, historical and projected sales trends and the age of inventory on hand. As of December 31, 2025 and September 30, 2025, our inventory valuation allowances were $6,002 and $5,919, respectively.

124.Accumulated Other Comprehensive Income

end inventory levels and costs. Because the actual results may vary from these estimates, the annual results may differ from interim results as they are subject to adjustments based on the differences between the estimates and the actual results. The first-in, first-out (“FIFO”) method is used for the remainder of the inventories, which are stated at the lower of cost or net realizable value (“NRV”). If the FIFO method had been used for the inventories for which cost is determined using the LIFO method, inventories would have been $9,890 and $10,496 higher than reported as of June 30, 2025 and September 30, 2024, respectively. Net realizable value is the estimated selling price in the ordinary course of business less reasonably predictable costs of completion, disposal, and transportation. The Company estimates net realizable value, excess and obsolescence and shrink reserves for its inventory based upon historical experience, historical and projected sales trends and the age of inventory on hand. As of June 30, 2025 and September 30, 2024, our inventory valuation allowances were $3,544 and $2,733, respectively.

4.Accumulated Other Comprehensive Income (Loss)

The components of accumulated other comprehensive loss are as follows:

	June 30,2025		September 30,2024
	December 31,2025		September 30,2025
Foreign currency translation adjustment	$	—	$	(5,554)
Retirement plan liability adjustment, net of tax	1,678		1,661
Retirement plan liability adjustment, net of tax	231		163
Total accumulated other comprehensive income	$	1,678	$	1,661
Interest rate swap agreement, net of tax	—		2
Total accumulated other comprehensive income (loss)	$	231	$	(5,389)

During the nine months ended June 30, 2025, the Company reclassified $5,554 from foreign currency translation adjustment to income from discontinued operations in the consolidated condensed statements of operations concurrent with the disposition of the CBlade and the substantially complete liquidation of operations in Europe.10

During the three months ended December 31, 2024, the Company reclassified $5,554 from foreign currency translation adjustment to income from discontinued operations in the consolidated condensed statements of operations concurrent with the disposition of the CBlade and the substantially complete liquidation of operations in Europe.~~Leases~~

~~The~~5. ~~components of lease expense were as follows:~~Debt

	Three Months EndedJune 30,				Nine Months EndedJune 30,
	2025		2024		2025		2024
Finance lease expense:
Amortization of right-of use assets on finance leases	$	12	$	2	$	36	$	5
Interest on lease liabilities	1		—		4		—
Operating lease expense	415		409		1,246		1,229
Variable lease cost	15		20		44		59
Total lease expense	$	443	$	431	$	1,330	$	1,293

The following table presents the impact of leasing on the consolidated condensed balance sheet.

	Classification in the consolidated condensed balance sheets	June 30,2025		September 30,2024
Assets:
Finance lease assets	Property, plant and equipment, net	$	106	$	4
Operating lease assets	Operating lease right-of-use assets, net	12,784		13,326
Total lease assets		$	12,890	$	13,330
Current liabilities:
Finance lease liabilities	Current maturities of long-term debt	$	46	$	—
Operating lease liabilities	Short-term operating lease liabilities	941		879
Non-current liabilities:
Finance lease liabilities	Long-term debt, net of current maturities	62		—
Operating lease liabilities	Long-term operating lease liabilities, net of short-term	12,476		13,035
Total lease liabilities		$	13,525	$	13,914

Supplemental cash flow and other information related to leases were as follows:

	Nine Months EndedJune 30,
	2025		2024
Other Information
Cash paid for amounts included in measurement of liabilities:
Operating cash flows from operating leases	$	1,246	$	1,229
Operating cash flows from finance leases	4		—
Financing cash flows from finance leases	32		—
Right-of-use assets obtained in exchange for new lease liabilities:
Finance leases	139		—
Operating leases	204		—

	June 30,2025		September 30,2024
Weighted-average remaining lease term (years):
Finance leases	2.3		0.0
Operating leases	11.0		11.7
Weighted-average discount rate:
Finance leases	5.2	%	—	%
Operating leases	6.0	%	5.9	%

Future minimum lease payments under non-cancellable leases as of June 30, 2025 were as follows:

	Finance Leases		Operating Leases
Year ending September 30,
Remainder of 2025	$	12	$	418
2026	50		1,690
2027	50		1,711
2028	2		1,592
2029	—		1,535
Thereafter	—		11,277
Total lease payments	$	114	$	18,223
Less: Imputed interest	(6)		(4,806)
Present value of lease liabilities	$	108	$	13,417

6.Debt

Debt consists of:

	June 30,2025		September 30,2024
	December 31,2025		September 30,2025
Revolving credit agreement	$	~~8,372~~386	$	207,~~142~~969
Term loan, net of unamortized debt issuance costs of $58 and nil, respectively	2,541		—
Term loan, net of unamortized debt issuance costs of $42 and $50, respectively	2,258		2,400
Promissory note — related party	—		3,510
Finance lease obligations	85		97
Finance lease obligations	108		—
Other	157		146
Other	364		353
Total debt	2,886		10,612
Total debt	11,385		24,005
Less — current maturities	(2,847)		(10,561)
Less — current maturities	(11,323)		(24,005)
Total long-term debt	$	39	$	51
Total long-term debt	$	62	$	—

Loan and Security Agreement

On October 17, 2024, the Company and Quality Aluminum Forge, LLC, a wholly-owned subsidiary of the Company (“QAF”, and together with the Company, the “Borrowers”), entered into a Loan and Security Agreement (the “Loan Agreement”) among the Company and QAF, as borrowers, Siena Lending Group LLC, as Lender (“Siena”), and each of the affiliates of the borrowers signatory to the Loan Agreement from time to time as guarantors.

The Loan Agreement provided for a senior secured revolving credit facility with a term of three years in an aggregate principal amount not to exceed $20,000 (the “Revolver”) and a term loan in the original principal amount of $3,000 (the “Term Loan”). The Loan Agreement also provided for a $2,500 letter of credit sub-facility (the “Letter of Credit Sub-facility,” and collectively with the Revolver and the Term Loan, the “Credit Facility”). The Credit Facility matures on October 17, 2027.

~~Proceeds~~Borrowings ofunder ~~borrowings~~the ~~under~~Revolver and the Letter of Credit ~~Facility~~Sub-facility ~~were~~will ~~used~~bear tointerest ~~repay~~at ~~amounts~~an ~~outstanding~~annual ~~under~~rate of 4.5% plus the ~~Company’s~~adjusted ~~Credit~~term ~~Agreement~~SOFR (or, ~~Security~~if ~~Agreement~~the base rate is applicable, ~~and~~an ~~Export~~annual ~~Credit~~rate ~~Agreement~~of ~~dated~~3.5% ~~August~~plus 8,the ~~2018,~~base asrate). ~~amended,~~Borrowings ~~and~~under ~~was~~the ~~also~~Term ~~available~~Loan ~~for~~will ~~working~~bear ~~capital~~interest at an annual rate of 5.5% plus the adjusted term SOFR (or, ~~capital~~if ~~expenditures~~the ~~and~~base ~~other~~rate ~~general~~is ~~corporate~~applicable, ~~purposes~~4.5% ~~These~~plus ~~amounts~~the ~~included~~base ~~accrued~~rate) ~~paid-~~and shall be repaid in~~-kind~~ ~~interest~~equal consecutive monthly installments of $~~387~~50 ~~and~~commencing ~~fees~~November ~~under~~1, 2024, with the ~~guaranty~~entire ~~agreement~~unpaid ~~and~~balance ~~subordinated~~due ~~promissory~~and ~~note~~payable ~~with~~on ~~Garnet~~the ~~Holdings,~~maturity ~~Inc~~date., aLetters ~~California~~of ~~corporation~~credit ~~owned~~issued ~~and~~under ~~controlled~~the byLetter ~~Mark~~of J.Credit ~~Silk~~Sub-facility ~~(“GHI”)~~will ~~(Mr~~have an interest rate equal to 4.5% ~~Silk~~plus isadjusted aterm ~~member~~SOFR per annum of the ~~Board~~face amount of ~~Directors~~such letter of credit. The Letter of Credit Sub-facility requires the Company ~~and~~to ~~considered~~maintain compensating balances in a ~~related~~money ~~party)~~market account in support of any issuances. The Company may withdraw funds from this account at its discretion; however, availability under the Letter of Credit Sub-facility will be dependent upon the maintenance of such compensating balances. As of December 31, 2025, the Company held $1,~~030~~081 in compensating balances, which were included in restricted cash in the consolidated condensed balance sheets.

~~Borrowings~~In ~~under~~consideration of the ~~Revolver~~execution and ~~the~~delivery ~~Letter~~by Siena of ~~Credit~~the ~~Sub-facility~~Loan ~~will~~Agreement, ~~bear~~the ~~interest~~Company atagreed anpursuant ~~annual~~to ~~rate~~the offee ~~4.5%~~letter ~~plus~~to ~~the~~pay ~~adjusted~~a ~~term~~closing ~~SOFR~~fee ~~(or,~~in if the ~~base~~amount ~~rate~~of is$230 ~~applicable, an annual rate~~ (of ~~3.5%~~which ~~plus~~$115 ~~the~~was ~~base~~paid ~~rate).~~on ~~Borrowings under~~ the ~~Term~~closing ~~Loan~~date ~~will~~and ~~bear~~$115 ~~interest~~was atpaid anon ~~annual~~the ~~rate~~first anniversary of ~~5.5% plus~~ the ~~adjusted~~closing ~~term SOFR (or~~date, ifwith the ~~base~~remaining ~~rate~~amount is(if ~~applicable,~~any) ~~4.5%~~of ~~plus~~ the ~~base~~closing ~~rate)~~fee ~~and~~to ~~shall~~ be ~~repaid~~paid in ~~equal~~full ~~consecutive~~on ~~monthly~~the ~~installments~~maturity ofdate). ~~$50~~The ~~commencing~~fee ~~November~~letter 1,provides ~~2024,~~for ~~with~~a ~~the~~collateral ~~entire~~monitoring ~~unpaid~~fee ~~balance~~in ~~due and payable on~~ the ~~maturity~~amount ~~date. Letters~~ of ~~credit~~$126, ~~issued~~which ~~under~~fee ~~the~~shall ~~Letter~~be ofpaid ~~Credit~~in ~~Sub-facility~~installments ~~will~~as ~~have~~follows: an(a) ~~interest~~equal ~~rate~~payments ~~equal~~of toapproximately $4~~.5%~~ ~~plus~~shall ~~adjusted~~be ~~term~~payable ~~SOFR~~on ~~per~~the ~~annum~~closing ofdate ~~the~~and ~~face~~on ~~amount~~the offirst ~~such~~day ~~letter~~ of ~~credit.~~each ~~The~~month ~~Letter~~thereafter ofand ~~Credit~~(b) ~~Sub-facility requires~~ the ~~Company~~remaining toamount ~~maintain~~of ~~compensating~~such ~~balances~~fee in(if aany) ~~money~~shall ~~market~~be ~~account~~paid in ~~support~~full ofon ~~any~~the ~~issuances~~maturity date. ~~The~~In ~~Company~~addition, ~~may~~an ~~withdraw~~unused ~~funds~~line ~~from~~fee ~~this~~accrues ~~account~~with atrespect ~~its~~to ~~discretion;~~the ~~however,~~unused ~~availability~~amount ~~under~~of the ~~Letter~~Revolver ofat ~~Credit~~an ~~Sub-facility~~annual ~~will~~rate ~~be dependent upon the maintenance~~ of ~~such compensating balances~~0.5%. AsAll offees ~~June 30,~~that ~~2025,~~are ~~the~~payable ~~Company~~in ~~held~~future ~~$1,553~~installments or in ~~compensating~~full ~~balances,~~at ~~which~~maturity were ~~included~~recognized inwithin ~~cash~~accrued ~~and~~liabilities ~~cash equivalents~~ in the consolidated condensed balance sheets as of December 31, 2025.

In consideration of the execution and delivery by Siena of the Loan Agreement, the Company agreed pursuant to the fee letter to pay a closing fee in the amount of $230 (of which $115 was paid on the closing date and $115 is payable on the first anniversary of the closing date, with the remaining amount (if any) of the closing fee to be paid in full on the maturity date). The fee letter provides for a collateral monitoring fee in the amount of $126, which fee shall be paid in installments as follows: (a) equal payments of approximately $4 shall be payable on the closing date and on the first day of each month thereafter and (b) the remaining amount of such fee (if any) shall be paid in full on the maturity date. In addition, an unused line fee accrues with respect to the unused amount of the Revolver at an annual rate of 0.5%. All fees that are payable in future installments or in full at maturity were recognized within accrued liabilities in the consolidated condensed balance sheets as of June 30, 2025.

Borrowings under the Credit Facility are secured by (a) a continuing first priority lien on and security interest in and to substantially all of the assets of the Company and other loan parties identified therein; and (b) a continuing first priority pledge of the pledged equity. The obligations of the Borrowers are guaranteed by each guarantor on the terms set forth in the Loan Agreement.

The Loan Agreement ~~provides~~includes ~~that~~a springing financial covenant requiring the Company ~~must~~to maintain ~~compliance with~~ a minimum fixed charge coverage ratio, ~~determined~~("FCCR") of 1.0 to 1.0, in accordance with the Loan Agreement~~. The Loan Agreement also contains affirmative~~, ~~negative~~once ~~and~~the ~~financial~~availability ~~covenants~~block ~~customary~~has ~~for~~been ~~financings~~released. ofThe ~~this~~Loan ~~type,~~Agreement ~~including,~~contains ~~among~~a ~~other things~~$2,000 ~~limitations~~availability onblock ~~certain~~that ~~other~~reduces ~~indebtedness,~~the ~~loans~~borrowing ~~and~~base ~~investment,~~until ~~liens,~~the ~~mergers,~~later ~~asset~~of ~~sales,~~the ~~and~~(i) ~~transactions~~the ~~with~~first ~~affiliates,~~anniversary asdate ~~well as customary events~~ of ~~default~~the ~~for~~closing ~~financings~~date ofand ~~this~~(ii) ~~type.~~date ~~Additionally,~~on which the ~~Loan~~Company ~~Agreement~~achieves ~~contains provisions for~~ a ~~lockbox~~FCCR ~~arrangement~~of ~~and~~at aleast ~~subjective~~1.05 ~~acceleration clause related~~ to ~~the~~1.00, ~~appraised~~measure ~~value~~on ofa ~~collateralized~~trailing ~~property,~~twelve-month ~~plant~~basis, ~~and~~at ~~equipment;~~which ~~hence,~~point the ~~Term~~availability ~~Loan~~block ~~and~~will ~~the~~be ~~Revolver~~eliminated. ~~were~~The ~~each~~Loan ~~classified~~Agreement asalso ~~current~~contains ~~maturities~~affirmative, ofnegative ~~long-term~~and ~~debt~~financial incovenants ~~the~~customary ~~consolidated~~for ~~condensed~~financings ~~balance~~of ~~sheet~~this astype, ofincluding, ~~June 30~~among other things, ~~2025.~~limitations

As of June 30, 2025, the Company was in compliance with all covenants under the Loan Agreement. As of June 30, 2025, total availability under the Revolver was $4,892, and no letters of credit were outstanding.11

Ason ofcertain ~~June 30~~other indebtedness, ~~2025~~loans and ~~September 30~~investment, ~~2024~~liens, ~~the~~mergers, ~~Company~~asset ~~had~~sales, ~~effective~~and ~~interest~~transactions ~~rates~~with affiliates, as well as customary events of 9default for financings of this type.7% Additionally, the Loan Agreement contains provisions for a lockbox arrangement and ~~8.1%~~a subjective acceleration clause related to the appraised value of collateralized property, ~~respectively~~plant, ~~under~~and ~~its~~equipment; ~~revolving~~hence, ~~credit~~the ~~agreements~~Term Loan and the Revolver were each classified as current maturities of long-term debt in the consolidated condensed balance sheet as of December 31, 2025.

As of December 31, 2025, the Company was in compliance with its FCCR covenant. As of December 31, 2025, total availability under the Revolver was $16,063, and no letters of credit were outstanding.

As of December 31, 2025 and September 30, 2025, the Company had effective interest rates of 10.5% and 9.8%, respectively, under its revolving credit agreements.

Debt issuance costs

As of ~~June~~December 3031, 2025 and September 30, ~~2024~~2025, the Company had debt issuance costs related to its outstanding revolving credit ~~agreements~~agreement of $556 ~~and $461~~, respectively, which ~~are~~is included in the consolidated condensed balance sheets as a deferred charge in other current assets, net of amortization of $~~124~~216 and ~~nil~~$170, respectively. As of ~~June~~December 31, 2025 and September 30, 2025, the Company had debt issuance costs related to the Term Loan of $83, which are included net of debt in the consolidated condensed balance sheets, net of amortization of $41 and $33, respectively.

issuance costs related to the Term Loan of $83, which are included net of debt in the consolidated condensed balance sheets, net of amortization of $25.

First Energy

In April 2019, the Company entered into an economic development loan in the amount of $864 with FirstEnergy Corporation (“FirstEnergy”) through its Ohio Electric Security Plan (“ESP”) in effect at that time (the “ED Loan”). The ED Loan matures in five years and requires quarterly payments at an interest rate of zero percent per annum for the first twenty-four months and 2.0% per annum for the remainder of the term. Any unpaid balance after the initial term will convert to the U.S. Prime Rate plus 1.0%. As of ~~June~~December 3031, 2025 and September 30, ~~2024~~2025, the Company had outstanding balances under the ED Loan of $~~144~~157 and $~~133~~147, respectively.

Beginning on October 1, 2019, FirstEnergy invoiced the Company on a quarterly basis and payments were made accordingly. ~~However,~~The ~~in light of recent difficulties experienced by FirstEnergy, the~~ Company has not received ~~invoices~~an ~~(or~~invoice ~~other~~from ~~requests~~First ~~for~~Energy ~~payment)~~ since ~~its~~ October 2023 ~~payment~~, and ~~all~~ attempts ~~at correspondence with FirstEnergy have gone unanswered. Due~~ to ~~the~~contact ~~lack of communication with~~ the lender, ~~the~~have ~~Company has~~ been unable to make the remaining three installment payments and consider the outstanding balance a potential contingent cash payment under the ED Loan until a formal letter of forgiveness or other determination is receivedunsuccessful. The Company will continue efforts to resolve this obligation in the near future. While we expect to meet the standards for full forgiveness of the ED Loan, there is no assurance that we will be granted such forgiveness.

~~City~~6.Income ~~of Cleveland~~Taxes

InFor ~~May~~each ~~2019~~interim reporting period, the Company ~~entered~~makes ~~into~~an aestimate ~~vacant~~of ~~property~~the ~~initiative~~effective ~~loan~~tax ~~agreement~~rate ~~with~~it ~~the~~expects ~~City~~to ofbe ~~Cleveland~~applicable infor the ~~amount~~full offiscal ~~$180~~year atfor anits ~~annual~~operations. ~~interest~~This estimated effective rate ofis ~~3.6%~~used toin ~~construct~~providing for income taxes on a ~~die~~year-to-date ~~storage~~basis. ~~building~~The ~~near~~Company’s ~~our~~effective ~~Cleveland~~tax rate through the first three months of fiscal 2026 was 18.5%, OHcompared ~~facility~~with (0.2)% for the ~~“VPI~~same ~~Loan”)~~period of fiscal 2025. The ~~VPI~~increase ~~Loan~~in ~~matures~~the ineffective ~~five~~rate ~~years~~was ~~with~~primarily aattributable ~~final~~to ~~balloon~~changes ~~payment~~in jurisdictional mix of ~~all~~income ~~outstanding~~in ~~principal~~fiscal ~~and~~2026 ~~interest~~compared ~~and~~with isthe ~~forgivable~~same inperiod ~~full~~of ~~contingent~~fiscal ~~upon~~2025 along with the Company's ~~creating~~transition from a ~~minimum~~pre-tax ~~number~~loss ofto ~~new~~a ~~jobs~~pre-tax ~~and~~income ~~maintaining~~position. ~~minimum~~The ~~employment~~effective ~~levels~~tax ~~during~~rate ~~the~~differs ~~term~~from of the ~~loan~~U.S. Asfederal ofstatutory ~~both~~rate ~~June 30,~~due ~~2025~~primarily ~~and~~to ~~September 30,~~the ~~2024,~~valuation allowance against the Company’s ~~had~~U.S. ~~amounts~~deferred ~~outstanding~~tax ~~under~~assets and income in foreign jurisdictions that are taxed at different rates than the ~~VPI~~U.S. ~~Loan~~statutory oftax ~~$220~~rate.

Due to the effects of the worldwide pandemic, the Company experienced declines in demand for its products and sales, which hindered the Company's ability to grow its workforce and maintain it at or above the required levels. The Company is currently in discussions with the City of Cleveland for forgiveness of the VPI Loan under extenuating circumstances beyond the Company's control. Until a final determination is made by the City of Cleveland, the Company has not made payments on the VPI Loan, which may become payable in full if forgiveness is not approved. The Company will continue efforts to resolve this obligation in the near future. While we expect to meet the standards for full forgiveness of the VPI Loan, there is no assurance that we will be granted such forgiveness.

7.Income Taxes

For each interim reporting period, the Company makes an estimate of the effective tax rate it expects to be applicable for the full fiscal year for its operations. This estimated effective rate is used in providing for income taxes on a year-to-date basis. The Company’s effective tax rate through the first nine months of fiscal 2025 was (37.2)%, compared with (0.2)% for the same period of fiscal 2024. The decrease in the effective rate was primarily attributable to changes in jurisdictional mix of income in fiscal 2025 compared with the same period of fiscal 2024. The effective tax rate differs from the U.S. federal statutory rate due primarily to the valuation allowance against the Company’s U.S. deferred tax assets and income in foreign jurisdictions that are taxed at different rates than the U.S. statutory tax rate.

The Company is subject to income taxes in the U.S. federal jurisdiction, Ireland, and various state and local jurisdictions.

167.Retirement Benefit Plans

8.Retirement Benefit Plans

The Company and certain of its subsidiaries sponsor defined benefit pension plans covering some of its employees. The components of the net periodic benefit cost of the Company’s defined benefit plans are as follows:

	Three Months EndedJune 30,				Nine Months EndedJune 30,
			Three Months EndedDecember 31,
	~~2025~~		~~2024~~		2025		2024
Service cost	$	43	$	45	$	~~130~~32	$	~~135~~43
Interest cost	~~236~~		~~271~~		~~708~~232		~~813~~236
Expected return on plan assets	~~(264)~~		~~(261)~~		(~~793~~265)		(~~782~~264)
Amortization of net loss	23		44		6817		~~130~~23
Settlement cost	—		60		0		60
Net periodic pension cost					$	16	$	38
Net periodic pension cost	$	38	$	159	$	113	$	356

During the ~~nine~~three months ended ~~June~~December 3031, 2025 and 2024, the Company made $~~175~~104 and $3242 in cash contributions, ~~and zero and $87 in non-cash contributions utilizing carryover balance, respectively,~~ to its defined benefit pension plans. The Company anticipates making $~~121~~297 in cash contributions to fund its defined benefit pension plans for the balance of fiscal 2025, and will use carryover balances from previous periods that have been available for use as a credit to reduce the amount of cash contributions that the Company is required to make to certain defined benefit plans in fiscal 20252026. The Company’s ability to elect to use such carryover balance will be determined based on the actual funded status of each defined benefit pension plan relative to the plan’s minimum regulatory funding requirements. The Company does not anticipate making cash contributions above the minimum funding requirement to fund its defined benefit pension plans during the balance of fiscal ~~2025~~2026.

~~9.Stock-Based Compensation~~12

8.Stock-Based Compensation

The Company has outstanding equity awards under the Company’s 2007 Long-Term Incentive Plan (the “2007 Plan”) and the Company’s 2007 Long-Term Incentive Plan (Amended and Restated as of November 16, 2016) (as further amended, the “2016 Plan”), and awards performance and restricted shares under the 2016 Plan.

In the first ~~nine~~three months of fiscal ~~2025~~2026, the Company granted 4750 time-based restricted shares under the 2016 Plan to ~~non-employee~~certain ~~directors~~key employees with a grant date fair value of $36.7073 per share. The awards vest over ~~one~~three ~~year~~years. There were 17 shares forfeited during the three months ended December 31, 2025. No performance-based shares were granted during the three months ended December 31, 2025.

InIf ~~the~~all ~~first~~outstanding ~~nine~~share ~~months~~awards ofare ~~fiscal~~ultimately ~~2025,~~earned ~~the~~and ~~Company~~vest ~~granted~~at 10the ~~time-based~~target ~~restricted~~number of shares, ~~under~~there ~~the~~are ~~2016~~approximately ~~Plan~~342 toshares ~~certain~~that ~~key~~remain ~~employees~~available ~~with~~for aaward ~~grant~~as ~~date~~of ~~fair~~December 31, ~~value~~2025. If any of ~~$4.14~~the ~~per~~outstanding share. ~~The~~ awards are ultimately earned and vest ~~over~~at ~~three~~greater ~~years.~~than ~~There~~the ~~were~~target 42number of shares, ~~forfeited~~up ~~during~~to ~~the~~a ~~nine~~maximum ~~months~~of ~~ended~~150% ~~June 30,~~of ~~2025.~~such Notarget, ~~performance-based~~then ~~shares~~a ~~were~~fewer ~~granted~~number ~~during~~of ~~the~~shares ~~nine~~would ~~months~~be ~~ended~~available ~~June 30,~~for ~~2025~~award.

IfStock-based ~~all~~compensation ~~outstanding~~expense ~~share~~under ~~awards~~the ~~are~~2016 ~~ultimately~~Plan ~~earned~~was $66 and ~~vest~~$21 atduring the ~~target~~first ~~number~~three months of ~~shares~~fiscal 2026 and 2025, ~~there~~respectively, ~~are~~within ~~approximately~~selling, ~~370~~general ~~shares~~and ~~that~~administrative ~~remain~~expense ~~available~~on ~~for~~the ~~award~~consolidated ascondensed statements of ~~June 30, 2025~~operations. IfAs ~~any~~ of ~~the~~December 31, ~~outstanding~~2025, ~~share~~there ~~awards~~was ~~are~~$357 ~~ultimately~~of ~~earned~~total ~~and~~unrecognized ~~vest~~compensation atcost ~~greater~~related ~~than~~to the ~~target~~performance ~~number of~~ shares, upand torestricted ashares ~~maximum~~awarded ofunder ~~150%~~the of2016 ~~such~~Plan. ~~target,~~The ~~then~~Company aexpects ~~fewer~~to ~~number~~recognize ofthis ~~shares~~cost ~~would~~over bethe ~~available~~next ~~for~~1.4 ~~award~~years.

Stock-based compensation expense under the 2016 Plan was $135 and $243 during the first nine months of fiscal 2025 and 2024, respectively, and $47 and $72 during the three months ended June 30, 2025 and 2024, respectively, within selling, general and administrative expense on the consolidated condensed statements of operations. As of June 30, 2025, there was $170 of total unrecognized compensation cost related to the performance shares and restricted shares awarded under the 2016 Plan. The Company expects to recognize this cost over the next 0.9 ~~years~~.Revenue

10.Revenue

The Company produces forged components for (i) turbine engines that power commercial, business and regional aircraft as well as military aircraft and other military applications; (ii) airframe applications for a variety of aircraft; (iii) industrial gas and steam turbine engines for power generation units; and (iv) commercial space, semiconductor and other commercial applications.

Revenue is recognized when performance obligations under the terms of the contract with a customer of the Company are satisfied. A portion of the Company’s contracts are from purchase orders (“PO’s”), which continue to be recognized as of a point in time when products are shipped from the Company’s manufacturing facilities or at a later time when control of the products transfers to the customer. Under the revenue standard, the Company recognizes certain revenue over time as it satisfies the performance obligations because the conditions of transfer of control to the applicable customer are as follows:

•Certain military contracts, which relate to the provisions of specialized or unique goods to the U.S. government with no alternative use, include provisions within the contract that are subject to the Federal Acquisition Regulation (“FAR”). The FAR provision allows the customer to unilaterally terminate the contract for convenience and requires the customer to pay the Company for costs incurred plus reasonable profit margin and take control of any work in process.

(“FAR”). The FAR provision allows the customer to unilaterally terminate the contract for convenience and requires the customer to pay the Company for costs incurred plus reasonable profit margin and take control of any work in process.

•For certain commercial contracts involving customer-specific products with no alternative use, the contract may fall under the FAR clause provisions noted above for military contracts or may include certain provisions within their contract that the customer controls the work in process based on contractual termination clauses or restrictions of the Company’s use of the product and the Company possesses a right to payment for work performed to date plus reasonable profit margin.

As a result of control transferring over time for these products, revenue is recognized based on progress toward completion of the performance obligation. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the products to be provided. The Company elected to use the cost to cost input method of progress based on costs incurred for these contracts because it best depicts the transfer of goods to the customer based on incurring costs on the contracts. Under this method, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. Revenues are recorded proportionally as costs are incurred.

The following table represents a breakout of total revenue by customer type:

Three Months EndedJune 30,

Nine Months EndedJune 30,

Three Months EndedDecember 31,

~~2025~~

~~2024~~

2025

2024

Commercial revenue

~~8,688~~

~~11,841~~

288,~~166~~678

3011,~~851~~157

Military revenue

~~13,407~~

~~10,145~~

3315,~~839~~295

279,~~124~~726

Total

~~22,095~~

~~21,986~~

6223,~~005~~973

5720,~~975~~883

The following table represents revenue by end market:

Three Months EndedJune 30,

Nine Months EndedJune 30,

Three Months EndedDecember 31,

~~2025~~

~~2024~~

2025

2024

Aerospace components for:

Fixed wing aircraft

~~13,206~~

~~10,631~~

4010,~~432~~520

3012,~~650~~845

Rotorcraft

~~5,215~~

~~5,470~~

119,~~538~~234

123,~~817~~394

Commercial space

~~1,173~~

~~3,928~~

41,~~214~~147

92,~~288~~448

Energy components for power generation units

~~334~~

~~529~~

~~2,048~~284

1,~~584~~028

Commercial product and other revenue

~~2,167~~

~~1,428~~

32,~~773~~788

31,~~636~~168

Total

~~22,095~~

~~21,986~~

6223,~~005~~973

5720,~~975~~883

All revenue based on selling locations originated from the Company’s U.S. operations.

In addition to the disaggregated revenue information provided above, approximately 6166% and 5253% of total net sales for the ~~nine~~three months ended ~~June~~December 3031, 2025 and 2024, respectively, was recognized on an over-time basis because of the continuous transfer of control to the customer, with the remainder recognized at a point in time.

Contract Balances

The following table contains a roll forward of contract assets and contract liabilities for the ~~nine~~three months ended ~~June~~December 3031, 2025 and 2024:

	June 30,2025		June 30,2024
	December 31,2025		December 31,2024
Contract assets — beginning balance	$	10,~~745~~560	$	10,~~091~~745
Additional revenue recognized over-time	3716,~~616~~012		3010,~~272~~713
Less amounts billed to the customers	(3515,~~680~~527)		(3011,~~308~~339)
Contract assets — ending balance	$	1211,~~681~~045	$	10,~~055~~119


	December 31, 2025		December 31, 2024
Contract liabilities — beginning balance	$	1,784	$	2,879
Payments received in advance of performance obligations	6,618		440
Performance obligations satisfied	(916)		(935)
Contract liabilities — ending balance	$	7,486	$	2,384

	June 30,2025		June 30,2024
Contract liabilities — beginning balance	$	2,879	$	731
Payments received in advance of performance obligations	2,898		4,228
Performance obligations satisfied	(3,716)		(1,523)
Contract liabilities — ending balance	$	2,061	$	3,436

During the three months ended December 31, 2025, the Company recognized revenues of approximately $916, that was included in contract liabilities at the beginning of fiscal year 2026. During the three months ended December 31, 2024, the Company recognized revenues of approximately $935, that was included in contract liabilities at the beginning of fiscal year 2025.

~~During~~Accounts ~~the~~receivable ~~three~~were $17,272 and ~~nine~~$16,848 ~~months~~as ~~ended~~of ~~June~~September 30, ~~2025,~~2024 ~~the~~and ~~Company recognized revenues of approximately $2~~December 31,~~050~~ ~~and $3~~2024,~~716,~~ respectively,. ~~that~~There were ~~included~~certain incontracts ~~contract~~that ~~liabilities~~met at the ~~beginning~~criteria offor ~~fiscal~~loss ~~year 2025. During the three and nine months ended June 30~~recognition, ~~2024,~~a ~~the~~loss ~~Company~~contract ~~recognized~~reserve ~~revenues~~ of ~~approximately~~ $0461 and $~~1,523,~~325 ~~respectively,~~was ~~that~~recorded ~~were~~as ~~included~~of inDecember 31, ~~contract~~2025 ~~liabilities~~and atSeptember 30, ~~the~~2025, ~~beginning of fiscal year 2024~~respectively.

Accounts receivable were $15,638 and $17,970 as of September 30, 2023 and June 30, 2024, respectively. There were no material impairment losses recorded on contract assets as of June 30, 2025 and September 30, 2024.

Remaining performance obligations

As of ~~June~~December 3031, 2025, the Company has $~~130~~139,~~419~~454 of remaining performance obligations ~~(including contract assets)~~, of which $9287,~~525~~905 are anticipated to be complete within the next 12 months, and the remaining thereafter.

1110.Commitments and Contingencies

In the normal course of business, the Company may be involved in ordinary, routine legal actions. The Company cannot reasonably estimate future costs, if any, related to these matters; however, it does not anticipate any material impact on its financial condition or results of operations from these matters. The Company maintains various liability insurance coverages to protect its assets from losses arising out of or involving activities associated with ongoing and normal business operations; however, it is possible that the Company’s future operating results could be affected by future costs of litigation.

~~12.Related~~On ~~Party~~October ~~Transactions~~3, 2025, the Company received written notice of potential violations of the Clean Water Act and California’s General Industrial Storm Water Permit occurring at Quality Aluminum Forge, LLC’s facilities located at 820 North Cypress

In October 2024, the Company repaid all amounts outstanding under its secured subordinated loan from Garnet Holdings, Inc., a California corporation owned and controlled by Mark J. Silk (“GHI”) (Mr. Silk is a member of the Board of Directors of the Company and considered a related party), in the original principal amount of $3,000, as well as accrued paid-in-kind interest. As part of the guaranty and subordinated promissory note with GHI, the Company paid fees of $880 and $150, respectively. See Note 6 — Debt for further information.14

13Street & 794 North Cypress Street, Orange, California 92867.~~Business~~ ~~Information~~On December 23, 2025, the Company received written Notice of Violations and Intent to File Suit Under the Federal Water Pollution Control Act regarding potential violations of the Clean Water Act and California’s General Industrial Storm Water Permit occurring at Quality Aluminum Forge, LLC’s facilities located at 820 North Cypress Street & 794 North Cypress Street, Orange, California 92867. The Company is currently reviewing the aforementioned notices, validating the violations alleged therein, and, to the extent applicable, determining the extent of remediation efforts that may be required in connection therewith, and has engaged an environmental consultant to assist with analyzing fees, penalties and legal costs that could potentially be assessed. While the Company records reserves for legal disputes and regulatory matters in accordance to U.S. GAAP, the ultimate resolution of such matters are inherently uncertain, and actual results may differ significantly from current estimates. Based on the foregoing, the Company recorded an estimate for these contingent liabilities of $156 as of December 31, 2025.

~~The Company is a party to collective bargaining agreements (“CBA”) with certain employees located in Cleveland, which has two bargaining units~~11.Segment Information

The Company’s ~~Cleveland~~identifies ~~bargaining~~itself ~~unit~~as 1one ~~ratified~~operating ~~its~~segment, ~~CBA~~SIFCO, inwhich ~~fiscal~~is ~~2020~~a manufacturer of forgings and ~~such~~machined ~~CBA~~components ~~expired~~for onthe ~~May~~A&E, 15defense, ~~2025~~and commercial space markets. OnThe ~~May~~Company's 9,chief ~~2025,~~operating ~~the~~decision ~~Company~~maker ~~reached~~(“CODM”) anis ~~agreement~~the onChief aExecutive ~~new~~Officer. ~~CBA~~The ~~with~~CODM has the ~~International~~ultimate ~~Association~~decision-making authority for resource allocation and assessing the performance of ~~Machinists~~the Company. As such, the CODM reviews the income (~~“IAM”~~loss) from continuing operations as a measure of segment profit or loss, as well as segment expense included in the below table, to evaluate operating performance, generate future operating plans and ~~its~~make ~~employee~~strategic ~~members~~decisions. The ~~new~~CODM ~~CBA~~also ~~took~~uses ~~effect~~these onmeasures ~~May~~in ~~15,~~monitoring ~~2025~~plan ~~and~~versus ~~contains~~actual ~~substantially~~results. ~~similar~~The ~~terms~~CODM ~~and~~does ~~conditions~~not asreview segment assets at a different asset level or category than those disclosed in the ~~expired~~consolidated ~~CBA~~balance sheets.

The second bargaining unit, under its new representative the International Brotherhood of Boilermakers (“IBB”), was ratified in fiscal 2022 and expired on March 31, 2025. The Company continues to be in negotiations with the IBB and its employee members, who continue to work under the terms of the expired IBB CBA. The Company anticipates ratification of a new agreement during the fourth quarter of fiscal 2025 with substantially similar terms and conditions as the expired IBB CBA.


	Three Months Ended December 31,
		2025		2024
Net sales		$	23,973	$	20,883
Less:
Cost of goods sold		18,784		19,955
Selling, general and administrative expenses		2,646		2,840
Other¹		753		510
Income (Loss) from continuing operations		$	1,790	$	(2,422)

¹ Other items include gain on disposal of operating assets, interest expense, gain on forgiven loan, foreign currency exchange loss (gain), other (income) expense, and income tax expense.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Management’s Discussion and Analysis of Financial Condition and Results of Operations may contain various forward-looking statements and includes assumptions concerning the Company’s operations, future results and prospects. The words “will,” “may,” “designed to,” “outlook,” “believes,” “should,” “anticipates,” “plans,” “expects,” “intends,” “estimates,” “forecasts” and similar expressions identify certain of these forward-looking statements. These forward-looking statements are based on current expectations and are subject to risk and uncertainties. In connection with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, the Company provides this cautionary statement identifying important economic, political and technological factors, among others, the absence or effect of which could cause the actual results or events to differ materially from those set forth in or implied by the forward-looking statements and related assumptions. Such factors include the following: (1) the impact on business conditions in general, and on the demand for product in the aerospace and energy (or “A&E”), defense, and commercial space industries in particular, of the global economic outlook, including the continuation of military spending at or near current levels and the availability of capital and liquidity from banks, the financial markets and other providers of credit; (2) the future business environment, including capital and consumer spending; (3) competitive factors, including the ability to replace business that may be lost at comparable margins; (4) metals and commodities price increases and the Company’s ability to recover such price increases; (5) successful development and market introduction of new products and services; (6) continued reliance on consumer acceptance of regional and business aircraft powered by more fuel efficient turboprop engines; (7) continued reliance on military spending, in general, and/or several major customers, in particular, for revenues; (8) the impact on future contributions to the Company’s defined benefit pension plans due to changes in actuarial assumptions, government regulations and the market value of plan assets; (9) stable governments, business conditions, laws, regulations and taxes in economies where business is conducted; (10) the ability to successfully integrate businesses that may be acquired into the Company’s operations; (11) cyber and other security threats or disruptions faced by us, our customers or our suppliers and other partners; (12) our exposure to additional risks as a result of our international business, including risks

1915

“A&E”) industries in particular, of the global economic outlook, including the continuation of military spending at or near current levels and the availability of capital and liquidity from banks, the financial markets and other providers of credit; (2) the future business environment, including capital and consumer spending; (3) competitive factors, including the ability to replace business that may be lost at comparable margins; (4) metals and commodities price increases and the Company’s ability to recover such price increases; (5) successful development and market introduction of new products and services; (6) continued reliance on consumer acceptance of regional and business aircraft powered by more fuel efficient turboprop engines; (7) continued reliance on military spending, in general, and/or several major customers, in particular, for revenues; (8) the impact on future contributions to the Company’s defined benefit pension plans due to changes in actuarial assumptions, government regulations and the market value of plan assets; (9) stable governments, business conditions, laws, regulations and taxes in economies where business is conducted; (10) the ability to successfully integrate businesses that may be acquired into the Company’s operations; (11) cyber and other security threats or disruptions faced by us, our customers or our suppliers and other partners; (12) our exposure to additional risks as a result of our international business, including risks related to geopolitical and economic factors, suppliers, laws and regulatory compliance, and trade measures such as significant tariffs - including recently announced U.S. tariffs on aluminum and steel; (13) the ability to maintain a qualified workforce; (14) the adequacy and availability of our insurance coverage; (15) our ability to develop new products and technologies and maintain technologies, facilities, and equipment in order to ~~win~~remain ~~new~~competitive, ~~competitions~~win bids, and meet the evolving needs of our customers; (16) our ability to realize amounts in our backlog; (17) investigations, claims, disputes, enforcement actions, litigation and/or other legal proceedings; and (18) extraordinary or force majeure events affecting the business or operations of our business.

The Company engages in the production of forgings and machined components primarily for the A&E, defense and commercial space markets. The processes and services provided by the Company include forging, heat-treating, chemical processing, machining, subassembly, and ~~test~~testing. The Company operates under one business segment.

The Company endeavors to continue to plan and evaluate its business operations while taking into consideration certain factors including the following: (i) the projected build rate for commercial, business and military aircraft, as well as the engines that power such aircraft; (ii) the projected maintenance, repair and overhaul schedules for commercial, business and military aircraft, as well as the engines that power such aircraft; (iii) the projected build rate and repair for industrial turbines; and ~~(iv)~~ commercial space.

The Company operates within a cost structure that includes a significant fixed component. Therefore, higher net sales volumes are expected to result in greater operating income because such higher volumes allow the business operations to better leverage the fixed component of their respective cost structures. Conversely, the opposite effect is expected to occur at lower net sales and related production volumes.

A.Results of Operations

Overview

CBlade Sale

In October 2024, the Company sold its European operations in order to streamline operations and refocus on its core aerospace forging business. SIFCO Irish Holdings, Ltd., a wholly owned subsidiary of the Company, entered into a Share Purchase Agreement (the “SPA”) pursuant to which it sold 100% of the share capital of C Blade S.p.A. Forging & Manufacturing, an Italian joint stock company and wholly-owned subsidiary of the Company (“CBlade”), for cash consideration.

As a result of the sale transaction, the Company’s financial statements have been prepared with the net assets of CBlade presented as held for sale as of September 30, 2024, and the results of operations and cash flows of CBlade have been presented as discontinued operations for the nine months ended June 30, 2025 and 2024. All historical statements, amounts and related disclosures have been retrospectively adjusted to conform to this presentation. Refer to Note 2 — Discontinued Operations of the notes to unaudited consolidated condensed financial statements.

Backlog of Orders

SIFCO’s total backlog as of ~~June~~December 3031, 2025 was $~~130~~139.~~4 million, of which $92.~~5 million ~~are anticipated to be complete within the next 12 months~~, compared with total backlog of $~~123~~121.29 million as of ~~June~~December 3031, 2024. Orders may be subject to modification or cancellation by the customer with limited charges. Recovery in the aerospace markets was the primary contributor to the increased bookings. Backlog information may not be indicative of future sales.

20Three Months Ended December 31, 2025 compared with Three Months Ended December 31, 2024

Three Months Ended June 30, 2025 compared with Three Months Ended June 30, 2024

Net Sales

Net sales comparative information for the ~~third~~first quarter of fiscal ~~2025~~2026 and ~~2024~~2025 is as follows:

(Dollars in millions)	Three Months ~~EndedJune~~EndedDecember 3031,				Increase/ (Decrease)
	2025		2024
Aerospace components for:
Fixed wing aircraft	$	1310.25	$	1012.68	$	(2.63)
Rotorcraft	59.2		53.54		(05.3)8
Commercial space	1.2		32.95		(21.73)
Energy components for power generation units	0.3		01.50		(0.27)
Commercial product and other revenue	2.28		1.52		01.76
Total	$	2224.10	$	2220.09	$	03.1

Net sales for the ~~third~~first quarter of fiscal ~~2025~~2026 increased $03.1 million to $2224.10 million, compared with $2220.09 million in the comparable period of fiscal ~~2024~~2025. The increase is attributable to increased throughput and favorable pricing, partially offset by the impact of customer-supplied raw materials. Under these arrangements, net sales excludes the value of materials provided by customers, resulting in lower reported sales relative to comparable programs utilizing company-procured materials. Fixed wing sales ~~increased~~decreased $2.63 million compared with the same period last year, primarily due to ~~higher~~timing ~~demand~~ across most programs, such as F-35. Rotorcraft sales ~~declined~~increased compared with the same period last year primarily due to the timing of orders infor ~~the~~UH-60 ~~H60~~Black ~~program~~Hawk and CH47 Chinook programs. Commercial space products decreased by $21.73 million year-over-year due to reduced procurement activity in the commercial space market. ~~One key customer, significantly scaled back orders as they manage excess inventory.~~ Net sales for the energy components for power generation units decreased slightly by $0.2 million. Commercial products and other revenue increased $0.7 million compared with the same period last year mostly due to the timing of orders related to munitions programs.

Commercial net sales and military net sales were 39.3% and 60.7%, respectively, of total net sales in the third quarter of fiscal 2025, compared with 53.9% and 46.1%, respectively, in the comparable period in fiscal 2024. Commercial net sales decreased $3.2 million to $8.7 million in the third quarter of fiscal 2025, compared with $11.9 million in the comparable period of fiscal 2024, primarily due to reduced procurement activity in the commercial space market, partially offset by higher demand in the commercial aerospace market. Military net sales increased by $3.3 million to $13.4 million in the third quarter of fiscal 2025, compared with $10.1 million in the comparable period of fiscal 2024, primarily due to increased demand across multiple programs.16

decreased by $0.7 million. Commercial products and other revenue increased $1.6 million compared with the same period last year mostly due to the timing of orders related to munitions programs.

Commercial net sales and military net sales were 36.2% and 63.8%, respectively, of total net sales in the first quarter of fiscal 2026, compared with 53.4% and 46.6%, respectively, in the comparable period in fiscal 2025. Commercial net sales decreased $2.5 million to $8.7 million in the first quarter of fiscal 2026, compared with $11.2 million in the comparable period of fiscal 2025, primarily due to reduced procurement activity in the commercial space market, partially offset by higher demand in the commercial aerospace market. Military net sales increased by $5.6 million to $15.3 million in the first quarter of fiscal 2026, compared with $9.7 million in the comparable period of fiscal 2025, primarily due to increased demand across multiple programs, such as munitions and UH-60.

Cost of Goods Sold

Cost of goods sold (“COGS”) decreased by $3.1.2 million, or 165.29%, to $1618.28 million, or 7378.34% of net sales, during the ~~third~~first quarter of fiscal ~~2025~~2026, compared with $1920.30 million, or 8795.76% of net sales, in the comparable period of fiscal ~~2024~~2025. The decrease is ~~primarily~~ due to ~~the~~improved ~~Employee~~absorption ~~Retention~~of ~~Credit~~fixed ~~(“ERC”)~~manufacturing ~~benefit~~costs. ofIn ~~$2.4~~addition, ~~million~~customer-supplied ~~recognized~~raw ~~and~~material ~~favorable~~reduced ~~mix~~both ofreported ~~products~~net ~~sold~~sales inand ~~our~~COGS ~~fixed~~as ~~wing~~customer-provided ~~aircraft~~materials ~~sector~~are excluded, ~~partially~~with ~~offset~~a bygenerally ~~sales~~neutral ~~volume~~impact on gross profit.

Gross Profit

Gross profit increased by $34.23 million to $5.92 million in the ~~third~~first quarter of fiscal ~~2025~~2026, compared with $20.79 million gross profit in the comparable period of fiscal ~~2024~~2025, primarily ~~due~~attributable to ~~the~~increased ~~ERC~~throughput, ~~benefit~~favorable pricing and shift in sales mix resulting from the exit of ~~$2.4~~lower-margin ~~million~~business, partially offset by higher manufacturing costs.

Selling, General and Administrative Expenses

Selling, general and administrative (“SG&A”) expenses were $2.6 million, or 11.90% of net sales, during the ~~third~~first quarter of fiscal ~~2025~~2026, compared with $2.68 million, or 1113.76% of net sales, in the comparable period of fiscal ~~2024~~2025. ~~While total SG&A expenses remained flat, the composition of costs changed year-over-year.~~ The ~~third~~decrease ~~quarter~~is ofprimarily ~~fiscal~~driven ~~2025~~by ~~included a $0.5 million benefit recognized from the ERC and~~ lower ~~employee-related expenses resulting from reduced headcount due to deferred backfill of certain positions. These decreases were partially offset by approximately $0.7 million in~~ legal and professional fees ~~related to the ERC claim process~~. In addition, SG&A expenses in the prior-year period included a one-time credit of $0.6 million from a vendor pertaining to the fiscal 2023 cybersecurity incident and a $0.4 million severance cost, which did not recur in the current period.

Interest Expense, Net

The following table sets forth the weighted average interest rates and weighted average outstanding balances under the Company’s debt agreements in the ~~third~~first quarter of fiscal ~~2025~~2026 and ~~2024~~2025:

(Dollars in millions)	Weighted AverageInterest RateThree Months Ended ~~June~~December 3031,				Weighted AverageOutstanding BalanceThree Months Ended ~~June~~December 3031,
	2025		2024		2025		2024
Revolving credit agreement	910.95	%	89.16	%	$	107.09	$	1813.03
Term loan	109.19	%	—10.5	%	$	2.74	$	—2.4
Other debt	225.35	%	—8.2	%	$	0.42	$	0.34
Promissory note (related party)	—	%	13.3	%	$	—	$	3.3

Income Taxes

The Company’s effective tax rate through the ~~third~~first quarter of fiscal ~~2025~~2026 was 118.25%, compared with (0.02)% for the same period of fiscal ~~2024~~2025. The increase in the effective rate was primarily attributable to changes in jurisdictional mix of income in fiscal ~~2025~~2026 compared with the same period of fiscal ~~2024~~2025 along with the Company's transition from a pre-tax loss to a pre-tax income position. The effective tax rate differs from the U.S. federal statutory rate due primarily to the valuation allowance against the Company’s U.S. deferred tax assets and income in foreign jurisdictions that are taxed at different rates than the U.S. statutory tax rate.

Income (Loss) from Continuing Operations

Income from continuing operations was $31.38 million during the ~~third~~first quarter of fiscal ~~2025~~2026, compared with a loss from continuing operations of $02.94 million in the comparable period of fiscal ~~2024~~2025. The improvement ~~was~~is primarily ~~driven~~attributable ~~by a net benefit recognized of $2.7 million related~~ to ~~the~~increased ~~ERC, as well as higher~~ gross ~~margins,~~profit and lower SG&A expenses ~~discussed~~as ~~above,~~noted ~~and reduced interest expense due to lower average debt outstanding~~above.

Nine Months Ended June 30, 2025 compared with Nine Months Ended June 30, 2024

Net Sales

Net sales comparative information for the first nine months of fiscal 2025 and 2024 is as follows:

(Dollars in millions)	Nine Months EndedJune 30,				Increase/ (Decrease)
	2025		2024
Aerospace components for:
Fixed wing aircraft	$	40.4	$	30.7	$	9.7
Rotorcraft	11.5		12.8		(1.3)
Commercial space	4.3		9.3		(5.0)
Energy components for power generation units	2.0		1.6		0.4
Commercial product and other revenue	3.8		3.6		0.2
Total	$	62.0	$	58.0	$	4.0

Net sales for the first nine months of fiscal 2025 increased $4.0 million to $62.0 million, compared with $58.0 million in the comparable period of fiscal 2024. Fixed wing sales increased $9.7 million compared with the same period last year, primarily due to higher demand across most programs. Rotorcraft sales declined $1.3 million compared with the same period last year primarily due to the timing of orders in the H60 program. Commercial space products decreased by $5.0 million year-over-year due to reduced procurement activity in the commercial space market. One key customer, significantly scaled back orders as they manage excess inventory. Net sales for the energy components for power generation units increased by $0.4 million due to growth in the steam turbine markets. Commercial products and other revenue increased $0.2 million compared with the same period last year mostly due to the timing of orders related to munitions programs.

Commercial net sales and military net sales were 45.4% and 54.6%, respectively, of total net sales in the first nine months of fiscal 2025, compared with 53.2% and 46.8%, respectively, in the comparable period in fiscal 2024. Commercial net sales decreased $2.7 million to $28.2 million in the first nine months of fiscal 2025, compared with $30.9 million in the comparable period of fiscal 2024, primarily due to reduced procurement activity in the commercial space market due to the reasons noted above. Military net sales increased by $6.7 million to $33.8 million in the first nine months of fiscal 2025, compared with $27.1 million in the comparable period of fiscal 2024, primarily due to increased demand across most programs.

Cost of Goods Sold

COGS decreased by $0.7 million, or (1.3)%, to $53.6 million, or 86.5% of net sales, during the first nine months of fiscal 2025, compared with $54.3 million, or 93.7% of net sales, in the comparable period of fiscal 2024. The increase is primarily due to higher sales volume, partially offset by a $2.4 million ERC benefit recognized.

Gross Profit

Gross profit increased $4.7 million to $8.4 million in the first nine months of fiscal 2025, compared with $3.7 million gross profit in the comparable period of fiscal 2024. The increase was primarily driven by higher sales volume and improved pricing, as well as a $2.4 million ERC benefit recognized.

Selling, General and Administrative Expenses

Selling, general and administrative (“SG&A”) expenses were $7.8 million, or 12.6% of net sales, during the first nine months of fiscal 2025, compared with $8.5 million, or 14.6% of net sales, in the comparable period of fiscal 2024. The decrease in SG&A expenses was primarily due to lower employee-related expenses, resulting from reduced headcount due to deferred backfill of certain positions and a $0.5 million benefit recognized from ERC. These decreases were partially offset by approximately $0.7 million in legal and professional fees related to the ERC submission process. In addition, SG&A expenses in the prior-year period included a one-time credit of $0.6 million from a vendor pertaining to the fiscal 2023 cybersecurity incident and $0.4 million severance cost, which did not recur in the current period.

Interest Expense, Net

The following table sets forth the weighted average interest rates and weighted average outstanding balances under the Company’s debt agreement in the first nine months of both fiscal 2025 and 2024:

(Dollars in millions)	Weighted AverageInterest RateNine Months Ended June 30,				Weighted AverageOutstanding BalanceNine Months Ended June 30,
	2025		2024		2025		2024
Revolving credit agreement	9.7	%	8.0	%	$	11.7	$	16.8
Term loan	10.2	%	—	%	$	2.6	$	—
Other debt	4.3	%	0.6	%	$	0.4	$	0.3
Promissory note (related party)	—	%	8.9	%	$	—	$	3.3

Income Taxes

The Company’s effective tax rate through the first nine months of fiscal 2025 was (37.2)%, compared with (0.2)% for the same period of fiscal 2024. The decrease in the effective rate was primarily attributable to changes in jurisdictional mix of income in fiscal 2025 compared with the same period of fiscal 2024. The effective tax rate differs from the U.S. federal statutory rate due primarily to the valuation allowance against the Company’s U.S. deferred tax assets and income in foreign jurisdictions that are taxed at different rates than the U.S. statutory tax rate.

Loss from Continuing Operations

Loss from continuing operations was $0.4 million during the first nine months of fiscal 2025, compared with $7.2 million in the comparable period of fiscal 2024 due to higher sales volumes and gross margins improvements coupled with lower SG&A expenses, lower interest expense attributable to lower average debt outstanding during the period and the net benefit recognized of $2.7 million related to ERC.

Non-GAAP Financial Measures

Presented below is certain financial information based on the Company’s EBITDA and Adjusted EBITDA. References to “EBITDA” mean earnings (losses) from continuing operations before interest, taxes, depreciation and amortization, and references to “Adjusted EBITDA” mean EBITDA plus, as applicable for each relevant period, certain adjustments as set forth in the reconciliations of net income to EBITDA and Adjusted EBITDA.

Neither EBITDA nor Adjusted EBITDA is a measurement of financial performance under generally accepted accounting principles in the United States of America (“GAAP”). The Company presents EBITDA and Adjusted EBITDA because management believes that they are useful indicators for evaluating operating performance, including the Company’s ability to incur and service debt and it uses EBITDA to evaluate prospective acquisitions. Although the Company uses EBITDA and Adjusted EBITDA for the reasons noted above, the use of these non-GAAP financial measures as analytical tools has limitations. Therefore, reviewers of the Company’s financial information should not consider them in isolation, or as a

substitute for analysis of the Company’s results of operations as reported in accordance with GAAP. Some of these limitations include:

•Neither EBITDA nor Adjusted EBITDA reflects the interest expense or the cash requirements necessary to service interest payments on indebtedness;

•Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and neither EBITDA nor Adjusted EBITDA reflects any cash requirements for such replacements;

•The omission of the amortization expense associated with the Company’s intangible assets further limits the usefulness of EBITDA and Adjusted EBITDA as measurements of financial performance; and

•Neither EBITDA nor Adjusted EBITDA includes the payment of taxes, which is a necessary element of operations.

Because of these limitations, EBITDA and Adjusted EBITDA should not be considered as measures of discretionary cash available to the Company to invest in the growth of its businesses. Management compensates for these limitations by not viewing EBITDA or Adjusted EBITDA in isolation and specifically by using other GAAP measures, such as net income (loss), net sales, and operating income (loss), to measure operating performance. Neither EBITDA nor Adjusted EBITDA is a measurement of financial performance under GAAP, and neither should be considered as an alternative to net loss or cash flow from operations determined in accordance with GAAP. The Company’s calculation of EBITDA and Adjusted EBITDA may not be comparable to the calculation of similarly titled measures reported by other companies.

The following table sets forth a reconciliation of net loss to EBITDA and Adjusted EBITDA:

	Three Months EndedJune 30,				Nine Months EndedJune 30,
Dollars in thousands	2025		2024		2025		2024
Net income (loss)	$	3,408	$	72	$	(300)	$	(4,940)
Less: Income from discontinued operations, net of tax	106		989		142		2,279
Income (loss) from continuing operations	3,302		(917)		(442)		(7,219)
Adjustments:
Depreciation and amortization expense	1,541		1,195		3,912		3,607
Interest (income) expense, net	391		905		1,289		2,065
Income tax expense	41		—		120		11
EBITDA	5,275		1,183		4,879		(1,536)
Adjustments:
Foreign currency exchange loss (gain), net (1)	5		(1)		4		—
Other (income) expense, net (2)	(479)		99		(404)		253
Gain on disposal of assets (3)	—		—		—		4
Non-recurring severance expense adjustments (4)	—		435		(19)		435
Equity compensation (4)	47		72		135		243
Pension settlement/curtailment benefit (5)	—		60		—		60
Transaction-related expense adjustments (6)	—		—		(16)		—
LIFO impact (7)	(470)		475		(606)		826
IT incident costs, net (8)	—		(628)		—		(605)
Strategic alternative expense (9)	—		79		—		399
Adjusted EBITDA	$	4,378	$	1,774	$	3,973	$	79

(1)Represents the gain or loss from changes in the exchange rates between the functional currency and the foreign currency in which the transaction is denominated.

(2)Represents miscellaneous non-operating income or expense, such as pension costs or other income from ERC.

(3)Represents the difference between the proceeds from the sale of operating equipment and the carrying value shown on the Company's books.

(4)Represents the equity-based compensation expense recognized by the Company under the 2016 Plan due to granting of awards, awards not vesting and/or forfeitures and executive severance.

(5)Represents expense incurred by its defined benefit pension plans related to settlement of pension obligations.

(6)Represents credits related to transaction-related legal fees incurred primarily in connection with the unsuccessful attempt in which the Company was the acquisition target.

(7)Represents the change in the reserve for inventories for which cost is determined using the last-in, first-out (“LIFO”) method.

(8)Represents incremental information technology costs (and credits) as it relates to the cybersecurity incident and loss on insurance recovery.

(9)Represents expense related to evaluation of strategic alternatives.

B.Liquidity and Capital Resources

Cash and cash equivalents were $21.01 million and $10.75 million as of ~~June~~December 3031, 2025 and September 30, ~~2024~~2025, respectively. A nominal amount of the Company’s cash and cash equivalents were in the possession of its non-U.S. holding company subsidiary, and certain distributions from which to the Company may be subject to adverse tax consequences.

Our primary requirements for liquidity and capital resources besides our growth initiatives, are working capital, capital expenditures, principal and interest payments on our outstanding debt, fulfilling obligations under our loan agreements, and other general corporate needs. Historically, the main sources of liquidity of the Company have been cash flows from operations and borrowings under our debt agreements. As of June 30, 2025, the Company was not party to any off-balance sheet arrangements that have had or are reasonably likely to have a current or future material effect on our financial condition, results of operations, liquidity, capital expenditures, or capital resources. The cash requirements for the upcoming fiscal year relate to payments on our outstanding debt and leases, operating and capital purchase commitments, and expected contributions to our defined benefit and contribution plans. For information regarding the Company’s expected cash requirements and timing of payments related to leases and noncancellable purchase commitments, see Note 11 — Leases and Note 12 — Commitments and Contingencies of the Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended September 30, 2024 (the “2024 Annual Report”). Additionally, refer to Note 19 — Retirement Benefit Plans of the Notes to Consolidated Financial Statements in the Company’s 2024 Annual Report for more information related to the Company’s pension and defined contribution plans.

With the sale of the CBlade manufacturing operations located in Maniago, Italy, the Company increased its cash on hand from the proceeds, which was used to repay a portion of its outstanding debt balances and for general operational needs. Historically, the cash flows from the Company’s CBlade business represented a material portion of the consolidated results of operations, financial condition and cash flows. Although future contributions from the CBlade business ceased with the execution of the sale transaction, the Company believes that its streamlined operations will allow management to focus on domestic growth opportunities. There is no guarantee however that the Company’s continuing operations will sufficiently replace the liquidity and cash flows previously provided by CBlade’s operations. For details regarding the sale of CBlade, refer to Note 2 — Discontinued Operations of the notes to unaudited consolidated condensed financial statements.17

Weother ~~believe~~general ~~that~~corporate ~~our~~needs. ~~existing~~Historically, ~~cash~~the ~~and~~main ~~available~~sources ~~credit~~of ~~lines~~liquidity ~~will~~of bethe ~~sufficient~~Company tohave ~~finance~~been ~~our~~cash ~~continued~~flows from operations, ~~planned capital expenditures~~ and ~~the~~borrowings ~~additional~~under ~~expenses~~our ~~that~~debt weagreements. ~~expect~~As toof ~~incur~~December 31, ~~during~~2025, the ~~next~~Company 12was ~~months.~~not Inparty ~~order~~ to ~~support~~any ~~and~~off-balance ~~achieve~~sheet ~~our~~arrangements ~~future~~that ~~growth~~have ~~plans,~~had ~~we may need~~ or ~~advantageously~~are ~~seek~~reasonably likely to ~~obtain~~have ~~additional~~a ~~funding~~current ~~through equity~~ or ~~debt~~future ~~financing.~~material Weeffect ~~believe~~on ~~that~~ our ~~current~~financial ~~operating~~condition, ~~structure~~results ~~will~~of ~~facilitate~~operations, ~~sufficient~~liquidity, ~~cash~~capital ~~flows~~expenditures, ~~from~~or ~~operations~~capital toresources. ~~satisfy~~The ~~our~~cash ~~expected long-term liquidity~~ requirements ~~beyond~~for the ~~next~~upcoming 12fiscal ~~months.~~year Ifrelate ~~these~~to ~~resources~~payments ~~are~~on ~~not~~our ~~sufficient~~outstanding todebt ~~satisfy~~and ~~our~~leases, ~~liquidity~~operating ~~requirements~~and ~~due~~capital topurchase ~~changes in circumstances~~commitments, weand ~~may~~expected becontributions ~~required~~ to ~~borrow~~our ~~under~~defined ~~our~~benefit ~~loan~~and ~~agreement~~contribution orplans. ~~seek~~For ~~additional~~information ~~financing.~~regarding ~~The~~the Company’s ~~liquidity~~expected ~~could~~cash berequirements ~~negatively~~and ~~affected~~timing ifof ~~the~~payments ~~Company~~related isto ~~unable~~leases toand ~~obtain~~noncancellable ~~capital~~purchase commitments, bysee ~~customers~~Note ~~extending~~11 ~~payment~~— ~~terms~~Leases toand ~~the~~Note ~~Company~~12 — Commitments and~~/or~~ Contingencies of the ~~decrease~~Notes into ~~demand~~Consolidated ~~for~~Financial ~~our~~Statements ~~products.~~in ~~The~~the Company’s ~~and~~Annual ~~management~~Report ~~will~~on ~~continue~~Form to10-K ~~assess~~for ~~and~~the ~~actively~~year ~~manage~~ended ~~liquidity~~September 30, ~~needs.~~2025 ~~For~~(the ~~details~~“2025 ~~regarding~~Annual ~~our~~Report”). ~~debt agreements~~Additionally, ~~see~~refer to Note 69 — ~~Debt~~Retirement Benefit Plans of the ~~notes~~Notes to ~~unaudited~~Consolidated ~~consolidated~~Financial ~~condensed~~Statements ~~financial~~in ~~statements~~the Company’s 2025 Annual Report for more information related to the Company’s pension and defined contribution plans.

We believe that our existing cash and available credit lines will be sufficient to finance our continued operations, planned capital expenditures and the additional expenses that we expect to incur during the next 12 months. In order to support and achieve our future growth plans, we may need or advantageously seek to obtain additional funding through equity or debt financing. We believe that our current operating structure will facilitate sufficient cash flows from operations to satisfy our expected long-term liquidity requirements beyond the next 12 months. If these resources are not sufficient to satisfy our liquidity requirements due to changes in circumstances, we may be required to borrow under our loan agreement or seek additional financing. The Company’s liquidity could be negatively affected if the Company is unable to obtain capital, by customers extending payment terms to the Company and/or the decrease in demand for our products. The Company and management will continue to assess and actively manage liquidity needs. For details regarding our debt agreements, see Note 5 — Debt of the notes to unaudited consolidated condensed financial statements.

Operating Activities

The Company’s operating activities ~~used~~provided $08.61 million of cash in the first ~~nine~~three months of fiscal ~~2025,~~2026. ~~primarily~~The ~~due~~cash toprovided ~~net~~by operating ~~loss~~activities ~~from~~was ~~continuing~~primarily ~~operations~~due ofto $0.4.5 million ~~partially~~of ~~offset~~cash bygenerated ~~depreciation~~from ~~and~~working ~~amortization~~capital, ofprimarily ~~$3.9~~due ~~million~~to ~~and~~increases ~~change~~ in inventory ~~valuation~~due ~~accounts~~to timing of ~~$0.5~~raw ~~million~~material ~~and~~receipts, ~~LIFO~~contract ~~effect~~liabilities ofdue ~~$0.6~~to ~~million.~~receipt ~~The uses~~ of ~~cash~~milestone payment from ~~working~~a ~~capital~~customer, ofand ~~$4.3~~accounts ~~million~~payable ~~was primarily~~ due to ~~decreases~~timing inof ~~accrued~~payments, ~~liabilities~~along ~~and~~with ~~accounts~~$1.8 ~~payable~~million ~~due~~of tonet ~~timing~~income offrom ~~payments,~~continuing ~~partially~~operations ~~offset~~and by$1.8 ~~decreases~~million inadjusted ~~accounts~~for ~~receivable~~non-cash items, such as depreciation.

The Company’s operating activities used $3.58 million of cash in the first ~~nine~~three months of fiscal ~~2024~~2025, primarily due to net operating loss of $7.2.4 million partially offset by depreciation and amortization of $31.62 million and change in inventory valuation accounts of $0.3 million and LIFO effect of $0.85 million. The uses of cash from working capital of $2.3.5 million was primarily due to ~~increases~~decreases in ~~inventory~~accounts ofpayable ~~$4.5~~and ~~million~~accrued ~~and~~liabilities ~~account~~due ~~receivables~~to timing of ~~$2.3 million~~payments, ~~partially~~ ~~offset~~higher by prepaid ~~expense~~expenses ~~reductions~~attributable ~~and~~to ~~$0.8~~deferred ~~million,~~financing ~~and~~costs anrelated ~~increase~~to inthe ~~accounts~~refinanced ~~payable~~revolver, ofdecreases ~~$0.9 million. The increase~~ in ~~inventory~~contract ~~was~~liabilities ~~primarily~~ due to ~~increase~~satisfaction inof ~~raw~~performance ~~material~~obligations ~~and work~~ in ~~process~~sales tocontracts, ~~meet~~and ~~heightened~~higher ~~customer~~inventories ~~demand.~~due ~~The~~to ~~increase~~timing inof ~~accounts~~raw ~~receivable~~material ~~was~~receipts, ~~due~~partially tooffset ~~increases~~by decreases in ~~customer~~accounts ~~shipments.~~receivable ~~The~~and ~~increase~~contract inassets ~~accounts~~mostly ~~payable was~~ due to ~~increases~~timing inof ~~raw~~receipts ~~material purchases~~ and ~~outside~~higher ~~processing~~billings ~~fees related~~ to ~~inventory~~customers, ~~build~~respectively.

Investing Activities

During the first ~~nine~~three months of fiscal ~~2025~~2026 and ~~2024~~2025, cash used for investing activities was $0.~~3 million and $~~1.7 million, respectively, attributable to capital expenditures. Capital commitments as of ~~June~~December 3031, 2025 were $0.13 million. The Company anticipates that the remaining total fiscal 2026 capital expenditures will be within the range of $1.0 million to $2.0 million and will relate principally to the further enhancement of production and product offering capabilities and drive operating cost reductions.

anticipates that the remaining total fiscal 2025 capital expenditures will be within the range of $0.5 million to $1.0 million and will relate principally to the further enhancement of production and product offering capabilities and drive operating cost reductions.

Financing Activities

Cash used infor financing activities was $137.49 million in the first ~~nine~~three months of fiscal ~~2025~~2026, compared with $69.2 million ~~provided by financing activities~~ in the first ~~nine~~three months of fiscal ~~2024~~2025. The year-over-year decrease in cash used from financing was primarily related to ~~higher~~lower repayments on ~~our revolving credit line and the~~ debt ~~refinancing~~obligations during fiscal ~~2025~~2026.

Refer to Note 65 — Debt of the notes to unaudited consolidated condensed financial statements for details regarding our financing activities during the ~~nine~~three months ended ~~June~~December 3031, 2025.

Future cash flows from the Company’s operations may be used to pay down outstanding debt amounts. The Company believes it has adequate cash/liquidity available to finance its operations from the combination of (i) the Company’s expected cash flows from operations and (ii) funds available under its loan and security agreement as described in Note 65 — Debt of the notes to unaudited consolidated condensed financial statements for its domestic locations.

Tightening of the credit market and standards, as well as capital market volatility, could negatively impact our ability to obtain additional debt financing on terms equivalent to our existing debt agreements when needed in the future. Capital market ~~uncertainty and volatility, together with the Company’s market capitalization and status as a smaller reporting company, could also negatively impact our ability to obtain equity financing.~~

uncertainty and volatility, together with the Company’s market capitalization and status as a smaller reporting company, could also negatively impact our ability to obtain equity financing.

C.Recent Accounting Standards

NoASU ~~recent~~2024-01 ~~accounting~~was ~~standards were~~ adopted during the ~~nine~~three months ended ~~June~~December 3031, 2025. Refer to Note 1 — Summary of Significant Accounting Policies for further detail. Additionally, the Company’s significant accounting policies and procedures are explained in the Management’s Discussion and Analysis section of the Company’s ~~2024~~2025 Annual Report.

Item 4. Controls and Procedures

As defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), disclosure controls and procedures are controls and procedures designed to ensure that information required to be disclosed in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported on a timely basis, and that such information is accumulated and communicated to management, including the Company’s Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure. The Company’s disclosure controls and procedures include components of the Company’s internal control over financial reporting. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Management of the Company, under the supervision and with the participation of the Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of the design and operation of the Company’s disclosure controls and procedures pursuant to Exchange Act Rule 13a-15(e) as of ~~June~~December 3031, 2025 (the “Evaluation Date”). Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective at the reasonable assurance level.

Changes in Internal Control over Financial Reporting

There were no changes in the Company’s internal controls over financial reporting during the Company’s most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Company’s internal controls over financial reporting.

Part II. Other Information

Items 1, 1A, 2, 3, 4 and 5 are not applicable or the answer to such items is negative; therefore, the items have been omitted and no reference is required in this Quarterly Report.

~~Item 1A. Risk Factors~~19

The Company is subject to various risks and uncertainties, including those described in Part I, Item 1A, “Risk Factors” in the Company’s 2024 Annual Report. There have been no material changes to our risk factors since the Company’s 2024 Annual Report, except as described below. Investors should consider all of the other information set forth in this Quarterly Report on Form 10-Q, including our unaudited consolidated condensed financial statements and the related notes and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in evaluating our business and prospects. If any of

the risks described herein occurs, our business, financial condition or results of operations could be negatively affected. Additional risks and uncertainties, including risks not currently known or that are currently deemed immaterial may also adversely affect our business financial conditions or results of operations.

Significant tariffs and other trade measures, including recently announced U.S. tariffs on aluminum and steel, could adversely affect our business, results of operations, financial position and cash flows.

Our business is subject to risks associated with changes in international trade policies, including tariffs and other trade restrictions. On February 10, 2025, the President of the United States issued an executive order increasing the tariff rate on aluminum and steel imports to 25% from 10% and eliminating numerous tariff exclusions. This action followed similar orders issued on February 1, 2025, imposing 25% tariffs on imports from Mexico and Canada. In June 2025, these tariffs were further increased to 50% on imports from all countries except the United Kingdom, effective June 4, 2025.

While our manufacturing operations are primarily located in the United States, and we currently do not expect these measures to have a material direct impact on our operations, we are continuing to assess potential indirect effects, including increased costs for raw materials, potential disruptions to our supply chain, and inflationary pressure on component and input pricing. These developments may require us to adjust pricing, renegotiate supplier terms, or shift sourcing strategies, which could adversely affect our margins, customer relationships, and overall competitiveness.

The ultimate impact of these measures remains uncertain and will depend on various factors such as their scope, duration, and the potential for further escalation in trade tensions. Any such impacts could adversely affect our business, financial condition, results of operations, and cash flows.

Item 6. (a) Exhibits

ExhibitNo.						Description
10.1						Amendment to Share Purchase Agreement, dated September 27, 2024, by and between SIFCO Irish Holdings Ltd. and TB2 S.r.l., filed as Exhibit 10.1 to the Company’s Form 8-K dated October 3, 2024, and incorporated herein by reference.
10.2						~~Eleventh~~Loan ~~Amendment~~and toSecurity ~~Credit~~ Agreement, dated ~~September~~October 3017, 2024, byamong ~~and~~Siena ~~among~~Lending Group LLC, SIFCO Industries, Inc., Quality Aluminum Forge, LLC, and ~~JPMorgan~~each ~~Chase~~of ~~Bank,~~the ~~N.A.~~Affiliates of the Borrowers signatory thereto from time to time as guarantors, filed as Exhibit 10.21 to the Company’s Form 8-K dated October 323, 2024, and incorporated herein by reference.
10.3						Sixth Amendment to Export Credit Agreement, dated September 30, 2024, by and among SIFCO Industries, Inc., Quality Aluminum Forge, LLC, and JPMorgan Chase Bank, N.A., filed as Exhibit 10.3 to the Company’s Form 8-K dated October 3, 2024, and incorporated herein by reference.
**10.3						Offer Letter delivered by SIFCO Industries, Inc. to Jennifer Wilson on October 22, 2024, filed as Exhibit 10.1 to the Company’s Form 8-K dated October 25, 2024, and incorporated herein by reference.
10.4						First Amendment to Subordination and Intercreditor Agreement, dated September 30, 2024, by and among SIFCO Industries, Inc., Quality Aluminum Forge, LLC, JPMorgan Chase Bank, N.A., and Garnet Holdings Inc., filed as Exhibit 10.4 to the Company’s Form 8-K dated October 3, 2024, and incorporated herein by reference.
**10.4						Resignation agreement and release of claims , between SIFCO Industries, Inc. and Jennifer Wilson on January 28, 2026, filed as Exhibit 10.1 to the Company’s Form 8-K dated February 3, 2026, and incorporated herein by reference.
10.5						First Amendment to Subordinated Secured Promissory Note, dated September 30, 2024, by and among SIFCO Industries, Inc., Quality Aluminum Forge, LLC and Garnet Holdings Inc., filed as Exhibit 10.5 to the Company’s Form 8-K dated October 3, 2024, and incorporated herein by reference.
10.6						Loan and Security Agreement dated October 17, 2024 among Siena Lending Group LLC, SIFCO Industries, Inc., Quality Aluminum Forge, LLC and each of the Affiliates of the Borrowers signatory thereto from time to time as guarantors, filed as Exhibit 10.1 to the Company’s Form 8-K dated October 23, 2024, and incorporated herein by reference.
**10.7						Offer Letter delivered by SIFCO Industries, Inc. to Jennifer Wilson on October 22, 2024, filed as Exhibit 10.1 to the Company’s Form 8-K dated October 25, 2024, and incorporated herein by reference.
*31.1						Certification of Chief Executive Officer pursuant to Rule 13a-14(a) / 15d-14(a)
*31.2						Certification of Chief Financial Officer pursuant to Rule 13a-14(a) / 15d-14(a)
*32.1						Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350
*32.2						Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350
*101						The following financial information from SIFCO Industries, Inc. Quarterly Report on Form 10-Q for the quarter ended ~~June~~December 3031, 2025 filed with the SEC on ~~August~~February 1411, ~~2025~~2026, formatted in XBRL includes: (i) Consolidated Condensed Statements of Operations for the fiscal periods ended ~~June~~December 3031, 2025 and 2024, (ii) Consolidated Condensed Statements of Comprehensive Income for the fiscal periods ended ~~June~~December 3031, 2025 and 2024, (iii) Consolidated Condensed Balance Sheets as of ~~June~~December 3031, 2025 and September 30, ~~2024~~2025, (iv) Consolidated Condensed Statements of Cash Flow for the fiscal periods ended ~~June~~December 3031, 2025 and 2024, (iv) Consolidated Condensed Statements of Shareholders’ Equity for the periods ~~June~~December 3031, 2025 and 2024, and (v) the Notes to the Consolidated Condensed Financial Statements.
*104						Cover Page Interactive Data File: the cover page XBRL tags are embedded within the Inline XBRL document and are contained with Exhibit 101

* Filed herewith.

** Management contract or compensatory plan or arrangement.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

						SIFCO Industries, Inc.
						(Registrant)
August 14, 2025						/s/ George Scherff
February 11, 2026						/s/ George Scherff
						George Scherff
						Chief Executive Officer
						(Principal Executive Officer)
August 14, 2025						/s/ Jennifer Wilson
February 11, 2026						/s/ Jennifer Wilson
						Jennifer Wilson
						Chief Financial Officer
						(Principal Financial Officer)

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