UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

_________________________

(Mark One)

x 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

o 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 001-33937

Live Ventures Incorporated

(Exact name of registrant as specified in its charter)

Nevada			85-0206668
(State or other jurisdiction of incorporation or organization)			(IRS Employer Identification No.)
325 E. Warm Springs Road, Suite 102Las Vegas, Nevada			89119
8548 Rozita Lee Ave., Suite 305Las Vegas, Nevada			89113
(Address of principal executive offices)			(Zip Code)

(702) ~~997~~939-~~5968~~0231

(Registrant’s telephone number, including area code)

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 Stock, $0.001 par value per share

LIVE

The Nasdaq Stock Market LLC (The Nasdaq Capital Market)

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 x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

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


Large accelerated filer	o	Accelerated filer	o
Non-accelerated filer	x	Smaller reporting company	x
Emerging growth company	o

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. o

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

The number of shares of the issuer’s common stock, par value $0.001 per share, outstanding as of ~~August~~February 16, ~~2025~~2026 was 3,071,656.

Table of Contents

INDEX TO FORM 10-Q FILING

FOR THE THREE ~~AND NINE~~ MONTHS ENDED ~~JUNE 30~~DECEMBER 31, 2025

TABLE OF CONTENTS

		Page
	PART I
	FINANCIAL INFORMATION	3
Item 1.	Financial Statements	3
	Condensed Consolidated Balance Sheets as of June 30, 2025 (Unaudited) and September 30, 2024	3
	Condensed Consolidated Balance Sheets as of December 31, 2025 (Unaudited) and September 30, 2025	3
	Condensed Consolidated Statements of Income (Loss) (Unaudited) for the Three Months and Nine Months Ended June 30, 2025 and 2024	4
	Condensed Consolidated Statements of (Loss) Income (Unaudited) for the Three Months Ended December 31, 2025 and 2024	4
	Condensed Consolidated Statements of Cash Flows (Unaudited) for the Nine Months Ended June 30, 2025 and 2024	5
	Condensed Consolidated Statements of Cash Flows (Unaudited) for the Three Months Ended December 31, 2025 and 2024	5
	Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaudited) for the Three and Nine Months Ended June 30, 2025 and 2024	6
	Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaudited) for the Three Months Ended December 31, 2025 and 2024	6
	Notes to the Condensed Consolidated Financial Statements (Unaudited)	87
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	3125
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	4233
Item 4.	Controls and Procedures	4233
	PART II
	OTHER INFORMATION	4434
Item 1.	Legal Proceedings	4434
Item 1A.	Risk Factors	4434
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	4434
Item 3.	Defaults upon Senior Securities	4434
Item 4.	Mine Safety Disclosures	4434
Item 5.	Other Information	4434
Item 6.	Exhibits	4535
SIGNATURES		4637

Table of Contents

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

LIVE VENTURES INCORPORATED

CONDENSED CONSOLIDATED BALANCE SHEETS

(dollars in thousands, except per-share amounts)

	June 30, 2025		September 30, 2024
	December 31, 2025		September 30, 2025
	(Unaudited)
Assets
Cash	$	715,~~625~~133	$	48,~~601~~831
Trade receivables, net of allowance for doubtful accounts of $1.3 million at June 30, 2025 and $1.5 million at September 30, 2024	39,038		46,861
Trade receivables, net of allowance for doubtful accounts of $0.4 million at December 31, 2025 and $0.6 million at September 30, 2025	34,197		39,947
Inventories, net	~~120~~118,~~456~~212		~~126~~120,~~350~~716
Prepaid expenses and other current assets	23,~~766~~326		43,~~123~~568
Total current assets	~~169~~170,~~885~~868		~~181~~173,~~935~~062
Property and equipment, net	7876,~~685~~178		8277,~~869~~511
Right of use asset - operating leases	5560,~~168~~746		5553,~~701~~097
Deposits and other assets	1,~~238~~456		~~787~~1,498
Intangible assets, net	2118,~~336~~824		2520,~~103~~080
Goodwill	61,152		61,152
Total assets	$	~~387~~389,~~464~~224	$	~~407~~386,~~547~~400
Liabilities and Stockholders' Equity
Liabilities:
Accounts payable	$	2527,~~109~~355	$	3127,~~002~~369
Accrued liabilities	3127,~~232~~543		31,~~740~~834
Income taxes payable	12,~~230~~780		~~948~~2,334
Current portion of lease obligations - operating leases	1211,~~385~~490		1211,~~885~~495
Current portion of lease obligations - finance leases	~~562~~581		~~368~~573
Current portion of long-term debt	3130,~~838~~901		4336,~~816~~282
Current portion of notes payable related parties	~~900~~800		~~6,400~~800
Current portion of seller notes - related parties	—		2,500
Seller notes - related parties	275		275
Total current liabilities	~~103~~101,~~256~~725		~~129~~110,~~659~~962
Long-term debt, net of current portion	51,748		54,994
Long-term debt, net of current portion, and unamortized debt issuance costs	45,919		41,880
Lease obligation long term - operating leases	47,457		50,111
Lease obligation long term - operating leases, net of current portion	54,439		46,375
Lease obligation long term - finance leases	42,265		41,677
Lease obligation long term - finance leases, net of current portion	42,279		42,269
Notes payable related parties, net of current portion	1618,~~599~~954		418,~~934~~564
Seller notes - related parties	1817,~~214~~953		4017,~~361~~945
Deferred tax liability	11,198		6,267
Deferred tax liability, net	8,685		9,156
Other non-current obligations	23,~~470~~979		63,~~655~~945
Total liabilities	293,~~207~~933		~~334~~291,~~658~~096
Commitments and contingencies
Stockholders' equity:
Series E convertible preferred stock, $0.001 par value, 200,000 shares authorized, 47,840 shares issued and outstanding at June 30, 2025 and September 30, 2024, with a liquidation preference of $0.30 per share outstanding	—		—
Series E convertible preferred stock, $0.001 par value, 200,000 shares authorized, 47,840 shares issued and outstanding at December 31, 2025 and September 30, 2025, with a liquidation preference of $0.30 per share outstanding	—		—
Common stock, $0.001 par value, 10,000,000 shares authorized, 3,071,656 and 3,131,360 shares issued and outstanding at June 30, 2025 and September 30, 2024, respectively	2		2
Common stock, $0.001 par value, 10,000,000 shares authorized, 3,071,656 shares issued and outstanding at December 31, 2025 and September 30, 2025	2		2
Paid in capital	75,~~798~~899		6975,~~692~~848
Treasury stock common 754,391 and 694,687 shares as of June 30, 2025 and September 30, 2024, respectively	(9,600)		(9,072)
Treasury stock common 754,391 shares as of December 31, 2025 and September 30, 2025	(9,600)		(9,600)
Treasury stock Series E preferred 80,000 shares as of June 30, 2025 and September 30, 2024	(7)		(7)
Treasury stock Series E preferred 80,000 shares as of December 31, 2025 and September 30, 2025	(7)		(7)
Retained earnings	28,~~064~~997		1229,~~274~~061
Total stockholders' equity	9495,~~257~~291		7295,~~889~~304
Total liabilities and stockholders' equity	$	~~387~~389,~~464~~224	$	~~407~~386,~~547~~400

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

Table of Contents

LIVE VENTURES INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(UNAUDITED)

(dollars in thousands, except per-share amounts)

	For the Three Months Ended June 30,				For the Nine Months Ended June 30,
	For the Three Months Ended December 31,
	2025		2024		~~2025~~		~~2024~~
Revenue	$	~~112~~108,~~530~~544	$	~~123~~111,~~878~~508	$	~~331,051~~	$	~~360,097~~
Cost of revenue	7473,~~243~~191		8676,~~833~~146		~~222,254~~		~~251,258~~
Gross profit	3835,~~287~~353		3735,~~045~~362		~~108,797~~		~~108,839~~
Operating expenses:
General and administrative expenses	2627,~~275~~842		30,~~062~~071		~~84,667~~		~~87,565~~
Sales and marketing expenses	4,~~009~~060		54,~~852~~529		~~13,273~~		~~17,440~~
Total operating expenses	3031,~~284~~902		3534,~~914~~600		~~97,940~~		~~105,005~~
Operating income	83,~~003~~451		~~1,131~~762		~~10,857~~		~~3,834~~
Other income (expense):
Other expense:
Interest expense, net	(3,~~854~~561)		(4,~~233~~162)		~~(11,949)~~		~~(12,563)~~
Gain on extinguishment of debt	—		—713		~~713~~		—
Gain on settlement of earnout liability	—		—2,840		~~2,840~~		—
Gain on modification of seller note	—		—		22,784		—
Other income	21		420
Gain on settlement of holdback liability	1,282		—		1,186		—
Total other expense, net	(3,540)		(189)
Gain on Employee Retention Credits	1,469		—		1,824		—
(Loss) income before provision for income taxes	(89)		573
Loss on disposition of Johnson	—		(301)		—		(301)
(Benefit) provision for income taxes	(25)		81
Other income (expense)	555		(420)		876		(197)
Net (loss) income	$	(64)	$	492
Total other (expense) income, net	(548)		(4,954)		18,274		(13,061)
(Loss) income per share:
Income (loss) before provision for income taxes	7,455		(3,823)		29,131		(9,227)
Basic	$	(0.02)	$	0.16
Provision for (benefit from) income taxes	2,067		(968)		7,385		(2,409)
Diluted	$	(0.02)	$	0.16
Net income (loss)	$	5,388	$	(2,855)	$	21,746	$	(6,818)
Weighted average common shares outstanding:
Income (loss) per share:
Basic	3,071,656		3,124,581
Basic	$	1.75	$	(0.91)	$	7.01	$	(2.16)
Diluted	3,071,656		3,124,820
Diluted	$	1.24	$	(0.91)	$	4.97	$	(2.16)
Weighted average common shares outstanding:
Basic	3,081,970		3,140,191		3,101,646		3,153,034
Diluted	4,356,355		3,140,191		4,376,031		3,153,034

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

Table of Contents

LIVE VENTURES INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

(dollars in thousands)

	For the Nine Months Ended June 30,
	For the Three Months Ended December 31,
	2025		2024
Operating Activities:
Net income (loss)	$	21,746	$	(6,818)
Net (loss) income	$	(64)	$	492
Adjustments to reconcile net income (loss) to net cash provided by operating activities, net of acquisition:
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	133,~~362~~926		124,~~832~~415
Amortization of seller note discount	~~1,120~~76		~~2,048~~757
Gain on settlement of holdback liability	(1,186)		—
Amortization of debt issuance cost	111		21
Gain on extinguishment of debt	(713)		—
Stock based compensation expense	51		51
Loss on disposal of fixed assets	339		—
Amortization of right-of-use assets	1,506		1,031
Loss on disposition of Johnson	—		301
Gain on extinguishment of debt	—		(713)
Gain on settlement of earnout liability	~~(2,840)~~—		—(2,840)
Gain on modification of seller note	(22,784)		—
Change in deferred income taxes	(471)		(455)
Amortization of debt issuance cost	38		64
Change in allowance for doubtful accounts	(149)		(110)
Stock based compensation expense	150		274
Change in reserve for obsolete inventory	306		(73)
Amortization of right-of-use assets	2,937		2,913
Changes in assets and liabilities:
Change in deferred income taxes	4,931		(4,175)
Trade receivables	5,899		8,931
Change in reserve for uncollectible accounts	(151)		(396)
Inventories	2,198		3,035
Change in reserve for obsolete inventory	1,921		2,065
Prepaid expenses and other current assets	242		531
Changes in assets and liabilities, net of acquisitions:
Deposits and other assets	41		(667)
Trade receivables	7,974		(3,216)
Accounts payable	(14)		(2,525)
Inventories	3,973		3,274
Accrued liabilities	(4,292)		(3,016)
Prepaid expenses and other current assets	1,359		1,324
Income taxes payable	446		535
Deposits and other assets	(453)		(167)
Other noncurrent liabilities	35		—
Accounts payable	(5,893)		1,649
Net cash provided by operating activities	9,847		9,400
Accrued liabilities	(4,204)		164
Income taxes payable/receivable	282		1,741
Net cash provided by operating activities	21,908		13,877
Investing Activities:
Acquisition of CRO	—		(1,034)
Purchase of property and equipment	(1,336)		(1,817)
Acquisition of Johnson	—		(500)
Net cash used in investing activities	(1,336)		(1,817)
Acquisition of Midwest Grinding	—		(1,000)
Acquisition of Central Steel, net of cash received	—		(10,474)
Purchase of property and equipment	(5,753)		(4,994)
Net cash used in investing activities	(5,753)		(18,002)
Financing Activities:
Net (payments) borrowings under revolver loans	(9,290)		1,990
Net payments under revolver loans	(3,906)		(3,121)
Proceeds from failed sales and leaseback transaction	—		7,869
Net borrowings under related party revolver loans	361		1,570
Cash paid for net settlement of stock option exercise	—		(20)
Proceeds from the issuance of notes payable	9,848		—
Proceeds from issuance of notes payable	496		2,711
Payments on notes payable	(6,643)		(1,770)
Payments on notes payable	(5,248)		(5,064)
Proceeds from the issuance of related party notes payable	—		1,932
Proceeds from issuance of related party notes payable	1,932		—
Payments on related party notes payable	—		(300)
Payments on related party notes payable	(2,900)		(900)
Payments on related party seller notes payable	(69)		—
Net borrowings under related party revolver loans	7,080		1,300
Cash paid for settlement of seller notes	—		(1,932)
Purchase of common treasury stock	(528)		(862)
Cash paid for debt issuance costs	(723)		—
Payments on financing leases	(2,741)		(2,497)
Purchase of common treasury stock	—		(157)
Cash paid for settlement of seller notes	(1,932)		—
Payments on financing leases	(1,077)		(999)
Net cash (used in) provided by financing activities	(13,131)		4,527
Net cash used in financing activities	(2,209)		(4,777)
Change in cash	3,024		402
Increase in cash	6,302		2,806
Cash, beginning of period	48,~~601~~831		4,~~309~~601
Cash, end of period	$	715,~~625~~133	$	47,~~711~~407
Supplemental cash flow disclosures:
Interest paid	$	103,~~684~~452	$	103,~~306~~284
Income taxes paid, net	$	2,195	$	—
Noncash financing and investing activities:
Noncash in-substance distribution	$	5,956	$	—
Noncash debt discount on related party notes	$	—	$	713
Noncash stock option exercise	$	—	$	94
PMW goodwill adjustment	$	—	$	233
Noncash items related to Central Steel acquisition	$	—	$	3,400
Noncash items related to CRO acquisition	$	—	$	725
Noncash items related to Johnson acquisition	$	—	$	1,501

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

Table of Contents

LIVE VENTURES INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY

(UNAUDITED)

(dollars in thousands)

	Series EPreferred Stock			Common Stock					Series EPreferredStock		CommonStock
	Shares	Amount		Shares	Amount		Paid-InCapital		TreasuryStock		TreasuryStock		Retained Earnings		TotalEquity		~~TotalEquity~~
Balance, September 30, 2024	47,840	$	—	3,131,360	$	2	$	69,692	$	(7)	$	(9,072)	$	12,274			$	72,889
Balance, September 30, 2025	47,840	$	—	3,071,656	$	2	$	75,848	$	(7)	$	(9,600)	$	29,061	$	95,304
Stock based compensation	—	—		—	—		51		—		—		—		51		51
Purchase of common treasury stock	—	—		(15,686)	—		—		—		(157)		—				(157)
Net loss	—	—		—	—		—		—		—		(64)		(64)
Net income	—	—		—	—		—		—		—		492				492
Balance, December 31, 2025	47,840	$	—	3,071,656	$	2	$	75,899	$	(7)	$	(9,600)	$	28,997	$	95,291
Balance, December 31, 2024	47,840	$	—	3,115,674	$	2	$	69,743	$	(7)	$	(9,229)	$	12,766			$	73,275
Stock based compensation	—	—		—	—		49		—		—		—				49
Purchase of common treasury stock	—	—		(31,323)	—		—		—		(259)		—				(259)
Net income	—	—		—	—		—		—		—		15,866				15,866
Balance, March 31, 2025	47,840	$	—	3,084,351	$	2	$	69,792	$	(7)	$	(9,488)	$	28,632			$	88,931
Stock based compensation	—	—		—	—		50		—		—		—				50
Purchase of common treasury stock	—	—		(12,695)	—		—		—		(112)		—				(112)
In-substance distribution	—	—		—	—		5,956		—		—		(5,956)				—
Net income	—	—		—	—		—		—		—		5,388				5,388
Balance, June 30, 2025	47,840	$	—	3,071,656	$	2	$	75,798	$	(7)	$	(9,600)	$	28,064			$	94,257

	Series EPreferred Stock			Common Stock					Series EPreferredStock		CommonStock
	Shares	Amount		Shares	Amount		Paid-InCapital		TreasuryStock		TreasuryStock		Retained Earnings		Total Equity		~~Total Equity~~
Balance, September 30, 2023	47,840	$	—	3,164,330	$	2	$	69,387	$	(7)	$	(8,206)	$	38,959			$	100,135
Balance, September 30, 2024	47,840	$	—	3,131,360	$	2	$	69,692	$	(7)	$	(9,072)	$	12,274	$	72,889
Stock based compensation	—	—		—	—		5051		—		—		—		51		50
Purchase of common treasury stock	—	—		(415,~~346~~686)	—		—		—		(~~106~~157)		—		(157)		~~(106)~~
Net loss	—	—		—	—		—		—		—		(682)				(682)
Net income	—	—		—	—		—		—		—		492		492
Balance, December 31, 2023	47,840	$	—	3,159,984	$	2	$	69,437	$	(7)	$	(8,312)	$	38,277			$	99,397
Balance, December 31, 2024	47,840	$	—	3,115,674	$	2	$	69,743	$	(7)	$	(9,229)	$	12,766	$	73,275
Purchase of common treasury stock	—	—		(11,849)	—		—		—		(298)		—				(298)
Stock based compensation	—	—		—	—		50		—		—		—				50
Net loss	—	—		—	—		—		—		—		(3,281)				(3,281)
Balance, March 31, 2024	47,840	$	—	3,148,135	$	2	$	69,487	$	(7)	$	(8,610)	$	34,996			$	95,868
Stock based compensation	—	—		—	—		175		—		—		—				175
Stock option exercise	—	—		1,654	—		—		—		—		—				—
Taxes paid on net settlement of stock options exercised	—	—		—	—		$	(20)	—		—		—				(20)
Purchase of common treasury stock	—	—		(18,156)	—		—		—		(458)		—				(458)
Net loss	—	—		—	—		—		—		—		$	(2,855)			(2,855)
Balance, June 30, 2024	47,840	$	—	3,131,633	$	2	$	69,642	$	(7)	$	(9,068)	$	32,141			$	92,710

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

Table of Contents

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

LIVE VENTURES INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

FOR THE THREE ~~AND NINE~~ MONTHS ENDED ~~JUNE~~DECEMBER 3031, 2025 AND 2024

(dollars in thousands, except per-share amounts)

Note 1: Background and Basis of Presentation

The accompanying unaudited condensed consolidated financial statements include the accounts of Live Ventures Incorporated, a Nevada corporation, and its subsidiaries (collectively, “Live Ventures” or the “Company”). Live Ventures is a diversified holding company with a strategic focus on value-oriented acquisitions of domestic middle-market companies. The Company has five operating segments: Retail-Entertainment, Retail-Flooring, Flooring Manufacturing, Steel Manufacturing, and Corporate and Other. The Retail-Entertainment segment includes Vintage Stock, Inc. (“Vintage Stock”), which is engaged in the retail sale of new and used movies, music, collectibles, comics, books, games, game systems, and components. The Retail-Flooring segment includes Flooring Liquidators, Inc. (“Flooring Liquidators”), which is engaged in the retail sale and installation of floors, carpets, and countertops. The Flooring Manufacturing segment includes Marquis Industries, Inc. (“Marquis”), which is engaged in the manufacture and sale of carpet and the sale of vinyl and wood floor coverings. The Steel Manufacturing Segment includes Precision Industries, Inc. (“Precision Marshall”), which is engaged in the manufacture and sale of alloy and steel plates, ground flat stock and drill rods, The Kinetic Co., Inc. (“Kinetic”), which is engaged in the production of industrial knives and hardened wear products for the tissue and metals industries, Precision Metal Works, Inc. (“PMW”), which is engaged in metal forming, assembly, and finishing solutions across diverse industries, including appliance, automotive, hardware, electrical, electronic, medical products, and devices, and Central Steel Fabricators, LLC ("Central Steel"), a Chicago-based manufacturer of specialized fabricated metal products primarily for data centers and the communications industry. PMW reports on a 13-week quarter, as opposed to the Company's calendar quarter reporting. However, the Company has determined that the difference in reporting periods has no material effect on its reported financial results.

The unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for audited financial statements. In the opinion of the Company’s management, this interim information includes all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods. The results of operations for the three ~~and nine~~ months ended ~~June~~December 3031, 2025 are not necessarily indicative of the results to be expected for the fiscal year ending September 30, ~~2025~~2026. The financial information included in these statements should be read in conjunction with the condensed consolidated financial statements and related notes thereto as of September 30, ~~2024~~2025 and for the fiscal year then ended included in the Company’s Annual Report on Form 10-K, filed with the U.S. Securities and Exchange Commission (the “SEC”) on December 19 17, ~~2024~~2025 (the “~~2024~~2025 Form 10-K”).

Note 2: Summary of Significant Accounting Policies

Principles of Consolidation

The unaudited condensed financial statements include the accounts of the Company and its majority owned subsidiaries over which the Company exercises control. All intercompany accounts and transactions have been eliminated in consolidation.

Reclassifications

Certain amounts in the prior period have been reclassified to conform to the current period presentation. These reclassifications have no material effect on the reported financial results.

Use of Estimates

The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, as well as the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates, and those differences could be material.

Significant estimates made in connection with the accompanying consolidated financial statements include the estimated reserve for excess and obsolete inventory, fair values in connection with the analysis of goodwill, other intangibles and long-lived assets for impairment, valuation allowance against deferred tax assets, and estimated useful lives for intangible assets.

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Revenue Recognition

General

The Company accounts for its sales revenue in accordance with Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“Topic 606”). Topic 606 provides a five-step revenue recognition model that is applied to the Company’s customer contracts. Under this model we (i) identify the contract with the customer, (ii) identify our performance obligations in the contract, (iii) determine the transaction price for the contract, (iv) allocate the transaction price to our performance obligations, and (v) recognize revenue when or as we satisfy our performance obligations.

Revenue is recognized upon transfer of control of the promised goods or the performance of the services to customers in an amount that reflects the consideration expected to be received in exchange for those goods or services. The Company enters into contracts that may include various combinations of products and services, which are generally distinct and accounted for as separate performance obligations.

Retail - Entertainment Segment

The Retail-Entertainment Segment derives revenue primarily from direct sales of entertainment products. Sales are generally of a cash-and-carry nature and contain a single performance obligation. Consequently, revenue is recorded at the point in time in which the sale is made. Revenue is recorded net of sales taxes collected from customers. The Company recognizes the portion of the dollar value of prepaid stored-value products that ultimately is unredeemed (“breakage”) in accordance with ASC 606-10-32-11 through 32-13 Measurement-Constraining Estimates of Variable Consideration.

Retail - Flooring Segment

The Retail-Flooring Segment derives revenue primarily from the sale of flooring products and installation services, which are recognized at the point-of-sale and over time, respectively. Retail sales are generally of a cash-and-carry nature and contain a single performance obligation. Consequently, revenue is recorded at the point in time in which the sale is made. Installation services generally contain multiple performance obligations requiring revenue to be recognized over a period of time based on percentage of completion. For sales that include installation, revenue is recognized upon completion of the

installation of the material in accordance with the contract, as this method is the best depiction of when the transfer of goods or services takes place. All direct costs are either paid and /or accrued for in the period in which the sale is recorded. Revenue is recorded net of sales taxes collected from customers.

Flooring and Steel Manufacturing Segments

The Flooring Manufacturing Segment derives revenue primarily from the sale of carpet and hard surface flooring products, including shipping and handling amounts. The Steel Manufacturing Segment ~~derives~~generates revenue, ~~primarily~~including shipping and handling, from four primary sources: the manufacture and sale of ~~steel~~De‑Carb ~~plates,~~Free ~~ground~~Tool ~~flat~~and ~~stock~~Alloy ~~and~~Steel ~~drill~~in ~~rods~~the form of Plate, ~~fabricated~~Precision ~~products~~Ground Flat Stock, and ~~tooling,~~Drill ~~including~~Rod; ~~shipping~~the manufacture and ~~handling~~sale ~~amounts~~of Industrial Knives used in the Tissue and Steel Processing industries; the stamping of Appliance and Automotive Parts; and the production and sale of Cable Racking and Fixtures for Data and Communication Centers. Revenue for these segments generally contains a single performance obligation and is recognized at the point title passes to the customer. At the time revenue is recognized, the Company records a provision for the estimated amount of future returns based primarily on historical experience and any known trends or conditions that exist at the time revenue is recognized. Revenue is recorded net of taxes collected from customers. All direct costs are either paid and/or accrued for in the period in which the sale is recorded.

Spare Parts

For spare parts sales, the Company transfers control and recognizes a sale when it ships the product to the customer or when the customer receives the product based upon agreed shipping terms. Each unit sold is considered an independent, unbundled performance obligation. The Company has no additional performance obligations other than spare parts sales that are material in the context of the contract. The amount of consideration received and revenue recognized varies due to sales incentives and returns offered to customers. When customers retain the right to return eligible products, the Company reduces revenue for the estimate of the expected returns, which is primarily based on an analysis of historical experience.

Recently Issued Accounting Pronouncements

In ~~November~~December 2023, the Financial Accounting Standards Board (“"FASB”") issued Accounting Standards Update ("ASU") 2023-0709, ~~Segment~~Income ~~Reporting~~Taxes (Topic ~~280~~740): Improvements to ~~Reportable~~Income ~~Segment~~Tax Disclosures ("ASU 2023-0709"). ASU 2023-0709 requires, ~~among other updates,~~ enhanced annual disclosures ~~about~~regarding ~~significant segment expenses that are regularly provided to~~ the ~~Chief~~rate ~~Operating~~reconciliation ~~Decision~~and ~~Maker,~~income astaxes ~~well~~paid ~~as the aggregate amount of other segment items included in the reported measure of segment profit or loss~~information. ASU 2023-0709 is effective ~~for fiscal years beginning after December 15, 2023,~~

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for fiscal years beginning after December 15, 2024, and may be adopted on a prospective or retrospective basis. Early adoption is permitted. The Company intends to implement the new guidance in its income tax disclosures beginning with its Annual Report on Form 10‑K for the year ending September 30, 2026.

In November 2024, the FASB issued ASU 2024-03 Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (“ASU 2024-03”) which requires entities to (i) disclose amounts of (a) purchase of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization, and, (e) depreciation, depletion, and amortization recognized as part of oil-and gas-producing activities, (ii) include certain amounts that are already required to be disclosed under U.S. GAAP in the same disclosures as other disaggregation requirements, (iii) disclose a qualitative description of the amounts remaining in relevant expense captions that are not necessarily disaggregated quantitatively, and (iv) disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expense. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating ASU 2024-03 to determine the impact it may have on its consolidated financial statements.

Note 3: Inventory

The following table details the Company's inventory as of December 31, 2025 and September 30, 2025 (in $000's):


Inventory, net	December 31, 2025		September 30, 2025
Raw materials	$	33,541	$	33,669
Work in progress	8,735		8,152
Finished goods	42,421		44,207
Merchandise	39,319		40,187
	124,016		126,215
Less: Inventory reserves	(5,804)		(5,499)
Total inventory, net	$	118,212	$	120,716

Note 4: Property and Equipment

The following table details the Company’s property and equipment as of December 31, 2025 and September 30, 2025 (in $000's):


	December 31, 2025		September 30, 2025
Property and equipment, net:
Land	$	3,469	$	3,469
Building and improvements	41,658		41,164
Transportation equipment	3,262		3,313
Machinery and equipment	78,052		77,440
Furnishings and fixtures	6,395		6,355
Office, computer equipment and other	4,322		4,406
	137,158		136,147
Less: Accumulated depreciation	(60,980)		(58,636)
Total property and equipment, net	$	76,178	$	77,511

Depreciation expense was $2.7 million and $3.2 million for the three months ended December 31, 2025 and 2024, respectively.

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~~and~~Note interim periods within fiscal years beginning after December 15, 2024, and requires retrospective adoption. Early adoption is permitted. The Company is evaluating the impact of this guidance on its consolidated financial statements and related disclosures.5: Leases

InThe ~~December~~Company ~~2023,~~leases ~~the~~retail ~~FASB~~stores, ~~issued~~warehouse ~~ASU 2023-09~~facilities, ~~Income~~and ~~Taxes~~office ~~(Topic~~space. ~~740):~~These ~~Improvements~~assets toand ~~Income~~properties ~~Tax~~are ~~Disclosures~~generally ~~("ASU~~leased ~~2023-09").~~under ~~ASU~~noncancelable ~~2023-09~~agreements ~~requires~~that ~~enhanced~~expire ~~annual~~at ~~disclosures~~various ~~regarding~~future ~~the~~dates ~~rate~~with ~~reconciliation~~many ~~and~~agreements ~~income~~containing ~~taxes~~renewal ~~paid~~options ~~information~~for additional periods. ~~ASU~~The ~~2023-09~~agreements, iswhich ~~effective~~have been classified as either operating or finance leases, generally provide for ~~fiscal~~minimum ~~years~~rent ~~beginning~~and, ~~after~~in ~~December~~some 15cases, ~~2024~~percentage rent, and ~~may~~require bethe ~~adopted~~Company onto pay all insurance, taxes, and other maintenance costs. As a ~~prospective~~result, orthe ~~retrospective~~Company ~~basis~~recognizes assets and liabilities for all leases with lease terms greater than 12 months. ~~Early~~The ~~adoption~~amounts isrecognized ~~permitted~~reflect the present value of remaining lease payments for all leases. The ~~Company~~discount rate used is ~~evaluating~~an estimate of the ~~impact~~Company’s ofblended ~~this~~incremental ~~guidance~~borrowing rate based on ~~its~~information ~~consolidated~~available ~~financial~~associated ~~statements~~with each subsidiary’s debt outstanding at lease commencement. In considering the lease asset value, the Company considers fixed and ~~related~~variable ~~disclosures~~payment terms, prepayments and options to extend, terminate, or purchase. Renewal, termination, or purchase options affect the lease term used for determining lease asset value only if the option is reasonably certain to be exercised.

InThe ~~November~~following ~~2024,~~table details the ~~FASB~~Company's ~~issued ASU 2024~~right-~~03 Income Statement~~ of-use ~~Reporting~~assets Comprehensive Income - Expense Disaggregation Disclosures (“ASU 2024-03”) which requires entities to (i) disclose amounts of (a) purchase of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization, and ~~(e)~~lease ~~depreciation,~~liabilities ~~depletion, and amortization recognized~~ as ~~part~~ of ~~oil-and gas-producing activities~~December 31, ~~(ii)~~2025 ~~include~~and ~~certain amounts that are already required to be disclosed under U.S. GAAP in the same disclosures as other disaggregation requirements~~September 30, ~~(iii)~~2025 ~~disclose a qualitative description of the amounts remaining in relevant expense captions that are not necessarily disaggregated quantitatively, and~~ (~~iv) disclose the total amount of selling expenses and,~~ in ~~annual reporting periods, an entity’~~$000's definition of selling expense. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating ASU 2024-03 to determine the impact it may have on its consolidated financial statements.):

Note 3: Acquisitions


	December 31, 2025		September 30, 2025
Right of use asset - operating leases	$	60,746	$	53,097

Lease liabilities:
Current - operating	11,490		11,495
Current - finance	581		573
Long term - operating	54,439		46,375
Long term - finance	42,279		42,269

~~Acquisition~~As of ~~Midwest~~December 31, ~~Grinding~~2025, the weighted average remaining lease term for operating leases is 9.5 years. The Company’s weighted average discount rate for operating leases is 9.8%. Total cash payments for operating leases for the three months ended December 31, 2025 and 2024 were approximately $4.5 million and $4.7 million, respectively. Additionally, the Company recognized approximately $11.0 million in right-of-use assets and liabilities upon commencement of operating leases during the three months ended December 31, 2025.

OnTotal ~~June 10,~~present ~~2024,~~value ~~pursuant~~of tofuture anlease ~~asset~~payments ~~purchase agreement, Kinetic acquired certain assets and assumed certain liabilities~~ of ~~Midwest~~operating ~~Grinding~~leases ~~Corp.,~~as ~~a Milwaukee grinding house dedicated to precision Blanchard and specialty surface grinding~~ of ~~small to extra-large capacity. Total consideration for the acquisition was $0.6 million. In connection with the acquisition~~December 31, ~~Kinetic~~2025 ~~also acquired the building being used~~ (in ~~the business for~~ $~~0.4~~000's): ~~million. Total consideration for both the business and building acquisition was $1.0 million, paid in cash at close.~~

The fair value of the assets acquired and liabilities assumed are based on their estimates of fair value available as of June 10, 2024, as calculated by management. The table below outlines the purchase price allocation of the purchase for Midwest Grinding to the acquired identifiable assets and liabilities assumed (in $000’s):


Twelve months ended December 31,
2026	$	17,039
2027	14,844
2028	12,660
2029	9,785
2030	7,146
Thereafter	34,921
Total	96,395
Less implied interest	(30,466)
Present value of payments	$	65,929

Total purchase price			$	1,000
Accounts payable			1
Total consideration			1,001
Accounts receivable			152
Other current assets			71
Property and equipment			738
Intangible Assets
Customer relationships	$	16
Trade names	15
Non-compete agreement	9
Intangible assets			40
Total assets acquired			1,001
Total goodwill			$	—

As of December 31, 2025, the weighted average remaining lease term for finance leases is 26.0 years. The Company’s weighted average discount rate for finance leases is 11.3%. Total cash payments for finance leases for the three months ended December 31, 2025 and 2024 were approximately $1.1 million and $1.0 million, respectively. Total interest paid for finance leases for the three months ended December 31, 2025 and 2024 was approximately $1.1 and $1.0,respectively.

Acquisition of Central Steel

On May 15, 2024, Precision Marshall acquired Central Steel. Total consideration for the acquisition was approximately $13.9 million, comprised of $10.7 million paid at closing, a seller note of $1.1 million, a holdback, in the amount of $0.3 million, and contingent consideration of $2.0 million paid in the form of a five-year earn-out. The consideration paid at close was funded in part by borrowings under Precision Marshall's credit facility of approximately $3.3 million, and

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~~proceeds~~Additionally, ~~from~~the aCompany ~~sale~~recognized ~~and~~no ~~leaseback~~right-of-use ~~transaction,~~assets ~~discussed~~and ~~below.~~liabilities ~~The~~upon ~~acquisition~~commencement ~~involved~~of nofinance ~~issuance~~leases ofduring ~~stock~~the ofthree ~~the~~months ~~Company~~ended December 31, 2025.

~~Simultaneous~~The toCompany ~~the~~records ~~acquisition,~~finance ~~the~~lease ~~Company~~right-of-use ~~entered~~assets ~~into~~as aproperty ~~sale~~ and ~~leaseback~~equipment. ~~transaction~~The ~~with Legacy West Partners~~balance, ~~LLC,~~as ~~an unrelated party, for one~~ of ~~Central Steel's properties located in Broadview~~December 31, ~~Illinois.~~2025 ~~The sales price for the real property subject to the sale~~ and ~~leaseback transaction was approximately $8.3 million~~September 30, ~~with~~2025 ~~total~~is ~~proceeds~~as ~~received~~follows ~~by the Company of approximately $7.9 million, net of approximately $0.4 million~~ (in ~~seller'~~$000’s ~~fees.~~):

The lease agreement includes a 20-year lease term with two five-year renewal options. The base rent under the lease agreement is $58,795 per month for the first year of the term and a 2.0% per annum escalator thereafter. The lease agreement is a “net lease,” such that Central Steel is also obligated to pay all taxes, insurance, assessments, and other costs, expenses, and obligations of ownership of the real property incurred by Central Steel. Due to the highly specialized nature of the leased property, the Company currently believes it is more likely than not that each of the two five-year options will be exercised. Consequently, because the aggregate term of the lease at its conclusion will represent approximately 75% of the economic life of the building, the Company concluded that the lease is a financing transaction and a failed sale and leaseback transaction, as defined under ASC 842. The proceeds, net of closing fees, from the failed sale and leaseback transaction were used to assist in funding the acquisition of Central Steel. No gain was recognized as a result of the sale.


	December 31, 2025		September 30, 2025
Property and equipment, at cost	$	27,102	$	27,102
Accumulated depreciation	(2,478)		(2,250)
Property and equipment, net	$	24,624	$	24,852

~~The~~Total ~~fair~~present value of ~~the~~future ~~purchase~~lease ~~price~~payments ~~components~~of ~~was~~finance ~~approximately~~leases ~~$13.9 million,~~ as ~~detailed~~of ~~below~~December 31, 2025 (in $000's):

Purchase price			$	11,758
Twelve months ended December 31,
Fair value of contingent consideration			2,000
2026	$	4,210
Holdback			122
2027	4,305
Net purchase price			$	13,880
2028	4,424
2029	4,534
2030	4,571
Thereafter	120,506
Total	142,550
Less implied interest	(99,690)
Present value of payments	$	42,860

~~Under~~During ~~the~~each ~~preliminary~~of ~~purchase price allocation,~~ the ~~Company~~three ~~recognized~~months ~~goodwill~~ended ~~of approximately $2.9 million~~December 31, ~~which~~2025 ~~is calculated as the excess of both the consideration exchanged~~ and ~~liabilities~~2024, ~~assumed over~~ the ~~fair value of the identifiable assets acquired. The~~ Company ~~anticipates~~recorded ~~all~~no ofimpairment ~~the~~charges ~~goodwill~~relating ~~arising from the acquisition~~ to beany ~~fully~~of ~~deductible~~its ~~for tax purposes~~leases.

~~The~~Note ~~table below outlines the purchase price allocation for the purchase of Central Steel to the acquired identifiable assets, liabilities assumed, and goodwill as of June 30, 2025 (in $000’s)~~6: Intangibles

Total purchase price		$	13,880
Accounts payable		464
Accrued liabilities		969
Total liabilities assumed		1,433
Total purchase price plus liabilities assumed		15,313
Cash		184
Accounts receivable		2,418
Inventory		2,171
Property and equipment		5,034
Intangible assets
Trade names	400
Customer relationships	900
Non-compete	825
Subtotal intangible assets		2,125
Other assets		475
Total assets acquired		12,407
Total goodwill		$	2,906

The following table details the Company's intangibles as of December 31, 2025 and September 30, 2025 (in $000's):


	December 31, 2025		September 30, 2025
Intangible assets, net:
Intangible assets - Tradenames	$	15,356	$	15,356
Intangible assets - Customer relationships	13,599		13,599
Intangible assets - Other	4,330		4,330
	33,285		33,285
Less: Accumulated amortization	(14,461)		(13,205)
Total intangibles, net	$	18,824	$	20,080

Amortization expense was $1.3 million for the three months ended December 31, 2025 and 2024.

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~~Acquisition~~The offollowing ~~Johnson~~table summarizes estimated future amortization expense related to intangible assets that have net balances (in $000’s):

On November 30, 2023, CRO Affiliated, LLC ("CRO Affiliated"), a subsidiary of Live Ventures, acquired certain assets and assumed certain liabilities of Johnson Floor & Home Carpet One (“Johnson”), a floor covering retailer and installer serving residential and commercial customers through four locations in the Tulsa, Oklahoma area, and one in Joplin, Missouri. Total consideration for the acquisition was $2.0 million, comprised of cash at close of $0.5 million, deferred consideration in the form of a seller note of $1.2 million, with additional consideration paid in the form of an earnout valued at approximately $0.3 million. The deferred consideration is payable in three $0.4 million installments due annually on the first three anniversary dates following the closing date. Each installment will accrue interest at 6.0% per annum until paid.


Twelve months ending December 31,
2026	$	4,988
2027	4,910
2028	4,399
2029	3,974
2030	553

Total estimated future amortization expense	$	18,824

~~The~~Note ~~fair value of the purchase price components outlined above was approximately $2.0 million, as detailed below (in $000's)~~7: Goodwill

Cash	$	500
Deferred consideration	1,200
Earnout	301
Purchase price	$	2,001

The following table details the Company's goodwill as of September 30, 2025 and December 31, 2025 (in $000’s):

The values assigned to the assets acquired and liabilities assumed are based on their estimates of fair value available as of November 30, 2023, as calculated by management. The table below outlines the purchase price allocation of the purchase for Johnson to the acquired identifiable assets and liabilities assumed:


	Retail - Entertainment		Retail - Flooring		Flooring Manufacturing		Steel Manufacturing		Total
September 30, 2025	$	36,947	$	13,451	$	807	$	9,947	$	61,152




December 31, 2025	$	36,947	$	13,451	$	807	$	9,947	$	61,152

Total purchase price			$	2,001
Accounts payable			1,017
Accrued liabilities			1,141
Total liabilities assumed			2,158
Total consideration			4,159
Accounts receivable			1,252
Inventory			1,127
Property, plant and equipment			157
Intangible assets
Customer relationships	$	1,301
Non-compete agreement	306
Subtotal intangible assets			1,607
Other assets			16
Total assets acquired			4,159
Total goodwill			$	—

As of December 31, 2025, the Company did not identify any triggering events that would require impairment testing.

OnNote ~~May 24,~~8: Accrued 2024, CRO Affiliated entered into an asset purchase agreement with the original seller of Johnson under which the original seller agreed to purchase certain assets and assume certain obligations acquired by CRO Affiliated under the Liabilities

The following table details the Company's accrued liabilities as of December 31, 2025 and September 30, 2025 (in $000’s):


	December 31, 2025		September 30, 2025
Accrued liabilities:
Accrued payroll and bonuses	$	7,625	$	8,793
Accrued sales and use taxes	1,196		841
Accrued overdrafts	460		1,369
Accrued rent	1,035		982
Accrued customer deposits	3,272		3,681
Accrued gift card liability	2,160		2,038
Accrued interest payable	1,681		1,024
Accrued inventory	5,810		6,820
Accrued professional fees	841		702
Accrued expenses - other	3,463		5,584
Total accrued liabilities	$	27,543	$	31,834

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~~original~~Note ~~asset purchase agreement. Consequently, CRO Affiliated recorded a loss on disposition of Johnson’s assets and liabilities of approximately $0.3 million, as detailed in the table below (in $000's)~~9: Long-Term Debt

Accounts payable and accrued liabilities		$	475
Earnout		307
Seller note		1,230
Lease liabilities		2,703
Total deconsolidation of liabilities		4,715
Inventory		613
Property and equipment		206
ROU assets		2,692
Intangible assets
Customer relationships	1,224
Non-compete agreement	281
Subtotal intangible assets		1,505
Total deconsolidation of assets		5,016
Total loss on disposition		$	(301)

Long-term debt as of December 31, 2025 and September 30, 2025 consisted of the following (in $000's):

Acquisition of CRO


	December 31, 2025		September 30, 2025
Revolver loans	$	44,807	$	48,713
Equipment loans	8,761		9,617
Term loans	13,213		8,749
Other notes payable	11,105		11,509
Total notes payable	77,886		78,588
Less: unamortized debt issuance costs	(1,066)		(426)
Net amount	76,820		78,162
Less: current portion	(30,901)		(36,282)
Total long-term debt	$	45,919	$	41,880

OnFuture ~~October 13,~~maturities ~~2023, CRO Affiliated acquired certain assets and assumed certain liabilities~~ of ~~Carpet~~long-term ~~Remnant~~debt ~~Outlet,~~at ~~Inc. (“CRO”)~~December 31, a floor covering retailer and installer serving residential and commercial customers throughout Northwest Arkansas. Total consideration for the acquisition was approximately $1.4 million and was comprised of cash at close of approximately $1.0 million2025, anare ~~indemnification~~as ~~holdback~~follows ~~amount~~which ofdoes ~~$0.3~~not ~~million,~~include ~~and~~related ~~additional~~party ~~consideration~~debt ~~valued~~(in at $~~89,~~000.’s):

The fair value of the purchase price components was $1.4 million, as detailed below (in $000's):


Twelve months ending December 31,
2026	$	30,901
2027	6,660
2028	30,001
2029	361
2030	208
Thereafter	8,689
Total future maturities of long-term debt	$	76,820

Cash	$	1,034
Additional consideration	89
Holdback	300
Purchase price	$	1,423

Bank of America Revolver Loan (Marquis)

~~Under~~On ~~the~~July 25, ~~preliminary~~2025, ~~purchase~~Marquis ~~price~~entered ~~allocation,~~into ~~the~~an ~~Company~~amended ~~recognized~~$28.0 ~~goodwill~~million revolving credit agreement (“BofA Revolver”) with Bank of ~~$89,000,~~America ~~which~~Corporation (“BofA”). The BofA Revolver is ~~calculated~~an asasset-based ~~the~~facility ~~excess~~that is secured by substantially all of ~~both~~Marquis’ assets. Availability under the ~~consideration~~BofA ~~exchanged~~Revolver ~~and~~is ~~liabilities~~subject ~~assumed~~to asa ~~compared~~monthly borrowing base calculation. Marquis’ ability to borrow under the ~~fair~~BofA ~~value~~Revolver ofis subject to the ~~identifiable~~satisfaction ~~assets~~of ~~acquired.~~certain ~~The~~conditions, ~~values~~including ~~assigned~~meeting toall loan covenants under the ~~assets~~credit ~~acquired~~agreement ~~and~~with ~~liabilities~~BofA. ~~assumed~~The ~~are~~BofA ~~based~~Revolver onhas ~~their~~a ~~estimates~~variable ofinterest ~~fair~~rate ~~value~~and ~~available~~matures ason July 31, 2026. As of ~~October~~December 1331, ~~2023~~2025 and September 30, as2025, ~~calculated~~the byoutstanding anbalance ~~independent~~was ~~third-party~~approximately ~~firm~~$8.1 ~~The~~million ~~value~~and of$11.8 ~~the~~million, ~~additional~~ respectively.

Legacy Corporate Lending (Precision Marshall)

On December 30, 2025, Precision Marshall, Kinetic, and Central Steel refinanced their Fifth Third Bank loans (see below) with a new credit facility with Legacy Corporate Lending. The refinanced facility totals $47.0 million and consists of $31.2 million in revolving credit (the “Legacy Revolver”), $9.8 million in term lending (the “Legacy Term”), and $6.0 million in Capex lending (the “Legacy Capex”). Borrowings under the Legacy Revolver bear interest at 4.25% per annum over the one‑month Secured Overnight Financing Rate (“SOFR”), while the Legacy Term and Legacy Capex loans bear interest at 4.5% per annum over the one‑month SOFR. In connection with the refinancing, Precision Marshall incurred approximately $0.7 million in debt acquisition costs, which will be capitalized as a contra-liability and amortized over the three-year term of the facility. The refinancing provides additional lending capacity to support future growth. The facility matures on December 30, 2028. As of December 31, 2025, the outstanding balances on the Legacy Revolver, Legacy Term, and Legacy Capex were $24.0 million, $9.8 million, and $0, respectively.

Loan with Fifth Third Bank (Precision Marshall)

Prior to its refinancing on December 30, 2025 (see above), Precision Marshall maintained a credit facility with Fifth Third Bank. As of December 31, 2025, all borrowings under the facility had been fully repaid in connection with the refinancing,

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~~consideration~~and ~~was~~Precision ~~calculated~~Marshall bywrote ~~management.~~off ~~The~~approximately ~~Company~~$58,000 ~~anticipates~~of unamortized debt acquisition costs. Accordingly, the outstanding balances at December 31, 2025 and September 30, 2025 were approximately $890 and $23.0 million,~~000~~ ofrespectively, ~~goodwill~~for ~~arising~~the ~~from~~revolving loan; $0 and $1.3 million, respectively, for the ~~acquisition~~original toM&E beterm ~~fully~~note; ~~deductible~~$0 and $2.1 million, respectively, for ~~tax~~Kinetic ~~purposes~~Term Loan #1; and $0 and $1.7 million, respectively, for the Capex loan.

~~The~~Eclipse ~~table~~Business ~~below~~Capital ~~outlines~~Loans ~~the purchase price allocation of the purchase for CRO to the acquired identifiable assets, liabilities assumed and goodwill~~ (inFlooring ~~$000’s~~Liquidators):

Total purchase price	$	1,423
Accounts payable	770
Accrued liabilities	1,298
Total liabilities assumed	2,068
Total consideration	3,491
Accounts receivable	259
Inventory	1,406
Property, plant and equipment	261
Intangible assets	1,190
Other assets	286
Total assets acquired	3,402
Total goodwill	$	89

On January 8, 2026, Flooring Liquidators entered into an amended credit facility with Eclipse Business Capital, LLC (“Eclipse”), which extends the facility’s maturity date to February 18, 2026. The facility consists of $25.0 million in revolving credit (“Eclipse Revolver”) and $3.5 million in M&E lending (“Eclipse M&E”). The Eclipse Revolver is a three-year, asset-based facility that is secured by substantially all of Flooring Liquidators’ assets. Availability under the Eclipse Revolver is subject to a monthly borrowing base calculation. Flooring Liquidators’ ability to borrow under the Eclipse Revolver is subject to the satisfaction of certain conditions, including meeting all loan covenants under the credit agreement with Eclipse. The Eclipse Revolver bears interest at 3.5% per annum in excess of Adjusted Term SOFR. The Eclipse M&E loan bears interest at 5.0% per annum in excess of Adjusted Term SOFR. The extended maturity date provides Flooring Liquidators with time to negotiate and finalize the terms of a refinancing. As of December 31, 2025 and September 30, 2025, the outstanding balance on the Eclipse Revolver was approximately $5.5 million and $6.7 million, respectively, and the outstanding balance on the Eclipse M&E loan was approximately $0.9 million and $1.0 million, respectively.

~~Note~~Loan ~~4: Inventory~~with Fifth Third Bank (PMW)

In connection with the acquisition of PMW, on July 20, 2023, PMW entered into a revolving credit facility (the “Revolving Credit Facility”) with Fifth Third Bank. The ~~following~~facility ~~table~~consists ~~details~~of $15.0 million in revolving credit (the ~~Company~~“Fifth Third Revolver”) and approximately $5.0 million in M&E lending (the “Fifth Third M&E Loan”). The Fifth Third Revolver is a three-year, asset-based facility that is secured by substantially all of PMW's ~~inventory~~assets. Availability under the Fifth Third Revolver is subject to a monthly borrowing base calculation. PMW's ability to borrow under the Fifth Third Revolver is subject to the satisfaction of certain conditions, including meeting all loan covenants under the credit agreement with Fifth Third. Loans made under the Revolving Credit Facility are considered Reference Rate Loans, and bear interest at a rate equal to the sum of the Reference Rate plus the Applicable Margin. Reference Rate means the greater of (a) 3.0% or (b) the Lender’s publicly announced prime rate (which is not intended to be Lender’s lowest or most favorable rate in effect at any time) in effect from time to time. The Applicable Margin for revolving loans is zero, while for the Fifth Third M&E Loan or any Capital Expenditure Term Loan (as defined in the Revolving Credit Facility), it is 50 basis points (0.5%). The credit facility matures in July 2026. As of ~~June~~December 3031, 2025 and September 30, ~~2024~~2025, ~~(in~~the outstanding balance on the Fifth Third Revolver was approximately $~~000's):~~7.3 million and $7.2 million, respectively, and the balance on the Fifth Third M&E Loan was approximately $3.4 million and $3.6 million, respectively.

Inventory, net	June 30, 2025		September 30, 2024
Raw materials	$	29,404	$	31,994
Work in progress	8,872		7,581
Finished goods	49,925		49,264
Merchandise	40,600		43,935
	128,801		132,774
Less: Inventory reserves	(8,345)		(6,424)
Total inventory, net	$	120,456	$	126,350

Bank Midwest Revolver Loan (Vintage)

On October 17, 2025, Vintage entered into an amended $8.0 million credit agreement with Bank Midwest (“Bank Midwest Revolver”). The amended Bank Midwest Revolver carries the same interest rate as the prior amendment and matures on October 17, 2026. As of December 31, 2025 and September 30, 2025, the outstanding balance on the Bank Midwest Revolver was $0.

Note payable to JCM Holdings (Marquis)

During October 2020, Marquis purchased a manufacturing facility, which it had previously leased, for approximately $2.5 million. Marquis entered into a $2.0 million loan agreement, secured by the facility, with the seller of the facility, in order to complete the purchase of the facility. The loan bears interest at 6.0%, due monthly, and matures January 2030. As of December 31, 2025 and September 30, 2025, the outstanding principal balance was approximately $1.0 million and $1.1 million, respectively.

Note Payable to Store Capital Acquisitions, LLC (Marquis)

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~~Note~~building from the previous owners of Marquis that was not purchased in the July 2015 transaction. The note payable bears interest at 9.3% per annum, with principal and interest due monthly. The note payable matures June 13, 2056. For the first five years of the note payable, there is a pre-payment penalty of 5~~: Property~~%, which declines by 1% for each year the loan remains unpaid for the next five years. At the end of ten years, there is no pre-payment penalty. In connection with the note payable, Marquis incurred approximately $458,000 in transaction costs that are being recognized as a debt issuance cost and ~~Equipment~~are being amortized and recorded as interest expense over the term of the note payable. The remaining principal balance was approximately $8.7 million as of each of December 31, 2025 and September 30, 2025.

~~The~~Equipment ~~following table details the Company's property and equipment as of June 30, 2025 and September 30, 2024 (in $000's):~~Loans

	June 30, 2025		September 30, 2024
Property and equipment, net:
Land	$	3,469	$	3,469
Building and improvements	41,333		40,490
Transportation equipment	3,037		2,765
Machinery and equipment	75,483		73,309
Furnishings and fixtures	6,380		6,301
Office, computer equipment and other	4,486		4,285
	134,188		130,619
Less: Accumulated depreciation	(55,503)		(47,750)
Total property and equipment, net	$	78,685	$	82,869

On June 20, 2016 and August 5, 2016, Marquis entered into a transaction that provided for a master agreement and separate loan schedules (the “Equipment Loans”) with Banc of America Leasing & Capital, LLC that provided for the following as of December 31, 2025:

~~Depreciation~~Note ~~expense~~#7 ~~was~~is for $35.30 million, ~~and~~secured $3by equipment.1 ~~million~~The ~~for~~Equipment ~~the~~Loan ~~three~~#7 ~~months~~is ~~ended~~due ~~June 30~~February 2027, ~~2025~~payable ~~and~~in ~~2024~~84 monthly payments of $59,000 ~~respectively~~beginning March 2020, ~~and~~with ~~$9.6~~the ~~million~~final ~~and~~payment of $9809,000, bearing interest at 3.2% ~~million~~per ~~for~~annum. ~~the~~As ~~nine~~of ~~months~~December 31, ~~ended~~2025 ~~June~~and September 30, 2025, the balance was approximately $1.5 million and ~~2024~~$1.7 million, respectively.

Note ~~6: Leases~~#8 is for approximately $3.4 million, secured by equipment. The Equipment Loan #8 is due September 2027, payable in 84 monthly payments of $46,000 beginning October 2020, bearing interest at 4.0%. As of December 31, 2025 and September 30, 2025, the balance was approximately $0.9 million and $1.1 million, respectively.

~~The~~In ~~Company~~December ~~leases retail stores~~2021, ~~warehouse~~Marquis ~~facilities,~~funded ~~and~~the ~~office~~acquisition ~~space~~of $5.5 ~~These~~million ~~assets~~of ~~and~~new ~~properties~~equipment ~~are generally leased~~ under ~~noncancelable~~Note ~~agreements~~#9 ~~that~~of ~~expire~~its atmaster ~~various future dates with many agreements containing renewal options for additional periods~~agreement. The ~~agreements,~~Equipment ~~which~~Loan ~~have been classified as either operating or finance leases~~#9, ~~generally~~which ~~provide~~is ~~for~~secured ~~minimum~~by ~~rent~~the ~~and~~equipment, inmatures ~~some~~December ~~cases~~2026, ~~percentage rent,~~ and ~~require~~is ~~the~~payable ~~Company~~in to60 ~~pay~~monthly ~~all~~payments ~~insurance,~~of ~~taxes~~$92,000 ~~and~~beginning ~~other~~January ~~maintenance costs. As a result~~2022, ~~the Company recognizes assets and liabilities for all leases~~ with ~~lease~~the ~~terms~~final ~~greater~~payment ~~than~~in ~~12 months. The amounts recognized reflect~~ the ~~present~~amount ~~value~~ of ~~remaining~~approximately ~~lease~~$642,000, ~~payments~~bearing ~~for~~interest ~~all~~at ~~leases~~3.75% ~~The~~per ~~discount~~annum. ~~rate~~As ~~used is an estimate~~ of ~~the~~December 31, ~~Company’s~~2025 ~~blended~~and ~~incremental~~September 30, ~~borrowing rate based on information available associated with each subsidiary’s debt outstanding at lease commencement. In considering the lease asset value~~2025, the ~~Company~~balance ~~considers~~was ~~fixed~~approximately ~~and~~$1.6 ~~variable~~million ~~payment terms, prepayments~~ and ~~options to extend, terminate, or purchase~~$1.9 ~~Renewal~~million, ~~termination, or purchase options affect the lease term used for determining lease asset value only if the option is reasonably certain to be exercised~~respectively.

~~The~~In ~~following~~December ~~table~~2022, ~~details~~Marquis funded the ~~Company's~~acquisition ~~right~~of $5.7 million of ~~use~~new ~~assets~~equipment under Note #10 of its master agreement. The Equipment Loan #10, which is secured by the equipment, matures December 2029, and ~~lease~~is ~~liabilities~~payable asin 84 monthly payments of ~~June~~$79,000, beginning January 2023, with the final payment in the amount of approximately $650,000, bearing interest at 6.50%. As of December 3031, 2025 and September 30, ~~2024~~2025, ~~(in~~the balance was approximately $~~000's):~~3.8 million and $4.0 million, respectively.

	June 30, 2025		September 30, 2024
Right of use asset - operating leases	$	55,168	$	55,701
Lease liabilities:
Current - operating	12,385		12,885
Current - finance	562		368
Long term - operating	47,457		50,111
Long term - finance	42,265		41,677

Note 10: Notes Payable-Related Parties

~~As of June 30, 2025, the weighted average remaining lease~~ Long-term ~~for~~debt ~~operating~~payable ~~leases~~to isrelated ~~9.5~~parties ~~years.~~(see ~~The~~Note ~~Company's~~15) ~~weighted~~as ~~average~~of ~~discount rate for operating leases is 9.8%. Total cash payments for operating leases for the nine months ended June~~December 3031, 2025 and ~~2024 were approximately $14.5 million and $13.8 million~~September 30, ~~respectively.~~2025 ~~Additionally,~~consisted ~~the Company recognized approximately $12.8 million in right~~ of ~~use assets and liabilities upon commencement of operating leases during~~ the ~~nine~~following ~~months~~(in ~~ended June 30, 2025.~~$000's):


	December 31, 2025		September 30, 2025
Isaac Capital Group, LLC revolver, 12.0% interest rate, matures April 2030	$	11,976	$	11,615
Spriggs Investments, LLC for Flooring Liquidators, 12.0% interest rate, matures July 2026	800		800
Isaac Capital Group, LLC, 12.0% interest rate, matures December 2029	2,645		2,645
Isaac Capital Group, LLC for Flooring Liquidators, 12.0% interest rate, matures January 2028	5,000		5,000
Total notes payable - related parties	20,421		20,060
Less: unamortized debt discount	(667)		(696)
Net amount	19,754		19,364
Less: current portion	(800)		(800)
Total long-term portion, related parties	$	18,954	$	18,564

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~~Total~~Future ~~present~~maturities ~~value~~ of ~~future~~notes ~~lease~~to ~~payments~~related ofparties ~~operating~~at ~~leases as of June~~December 3031, 2025 are as follows (in $000'’s):

Twelve months ended June 30,
Twelve months ending December 31,
2026	$	~~17,238~~800
2027	14,270
2028	4,959
2028	11,633
2029	2,019
2029	8,842
2030	11,976
2030	5,746
Total future maturities of long-term debt, related parties	$	19,754
Thereafter	27,981
Total	85,710
Less implied interest	(25,868)
Present value of payments	$	59,842

AsNote ~~of June 30, 2025, the weighted average remaining lease term for finance leases is 26.4 years. The Company's weighted average discount rate for finance leases is~~ 11~~.3%.~~: ~~Total~~Related ~~cash~~Party ~~payments~~Seller for finance leases for the nine months ended June 30, 2025 and 2024 were approximately $2.7 million and $2.5 million, respectively. Additionally, the Company recognized no right of use assets and liabilities upon commencement of finance leases during the nine months ended June 30, 2025.Notes

~~The~~Seller ~~Company~~notes ~~records finance lease right-of-use assets~~ as ~~property and equipment. The balance, as~~ of ~~June~~December 3031, 2025 and September 30, ~~2024~~2025 isconsisted asof ~~follows~~the following (in $000’s):

	June 30, 2025		September 30, 2024
	December 31,2025		September 30,2025
Property and equipment, at cost	$	27,102	$	26,495
Seller of Flooring Liquidators, 8.24% interest rate, matures February 2028	$	15,000	$	15,000
Accumulated depreciation	$	(2,018)	$	(1,662)
Seller of Kinetic, 7.0% interest rate, matures September 2027	3,000		3,000
Property and equipment, net	$	25,084	$	24,833
Seller of Central Steel, 8.0% interest rate, matures May 2029	962		1,031
Total Seller notes payable - related parties	18,962		19,031
Less: unamortized debt discount	(734)		(811)
Net amount	18,228		18,220
Less: current portion	(275)		(275)
Long-term portion of Seller notes - related parties	$	17,953	$	17,945

~~Total~~Future ~~present~~maturities ~~value~~ of ~~future~~seller ~~lease~~notes ~~payments~~at ofDecember 31, ~~finance~~2025 ~~leases~~are as offollows ~~June 30, 2025~~ (in $000'’s):

Twelve months ended June 30,
Twelve months ending December 31,
2026	$	~~4,172~~275
2027	43,~~251~~275
2028	414,~~363~~540
2029	~~4,491~~138
2030	4,532
Total	$	18,228
Thereafter	122,833
Total	144,642
Less implied interest	(101,815)
Present value of payments	$	42,827

Note Payable to the Seller of Kinetic

In connection with the purchase of Kinetic, on June 28, 2022, Kinetic entered into an employment agreement with the previous owner of Kinetic to serve as its Head of Equipment Operations. The employment agreement is for an initial term of five years and shall be automatically extended in 90-day increments unless either party provides notice as required under the agreement. Additionally, Precision Marshall entered into a seller financed loan in the amount of $3.0 million with the previous owner of Kinetic (the "Seller Subordinated Acquisition Note"). The Seller Subordinated Acquisition Note bears interest at 7.0% per annum, with interest payable quarterly in arrears, and has a maturity date of September 27, 2027. As of December 31, 2025 and September 30, 2025, the remaining principal balance was $3.0 million.

Note Payable to the Seller of Flooring Liquidators

In connection with the purchase of Flooring Liquidators during January 2023, the Company entered into an employment agreement with the previous owner of Flooring Liquidators to serve as its Chief Executive Officer. The employment agreement is for an initial term of five years and shall be automatically extended in 90-day increments unless either party provides notice as required under the agreement. Additionally, the Company entered into a seller financed mezzanine loan, which is fully guaranteed by the Company, in the amount of $34.0 million with the previous owners of Flooring Liquidators. The Seller Subordinated Acquisition Note (“Seller Note”) bears interest at 8.24% per annum, with interest payable monthly in arrears beginning on January 18, 2024. The Seller Note has a maturity date of January 18, 2028. As of the acquisition date, an independent third-party valuation assigned the Seller Note a fair value of $31.7 million, reflecting a $2.3 million discount.

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On February 25, 2025, Flooring Liquidators, Flooring Affiliated Holdings, and the Company entered into a binding Memorandum of Understanding (“MOU”) with the previous owner of Flooring Liquidators under which the principal amount of the Seller Note ~~7: Intangibles~~was reduced from $34.0 million to $15.0 million. The relevant portion of the MOU was later superseded by a Second Amendment to Seller Note. The Seller Note bears interest at 8.24% per annum effective January 1, 2025, and matures in February 2028, with interest payments due monthly beginning February 2025. The Company determined that the fair value of the amended Seller Note was approximately $14.0 million, reflecting a $1.0 million discount. In an event of default under the Seller Note, or if the Company defaults in making any payment it is required to make pursuant to the Seller Note, the note holders may revoke the principal reduction, in which case the aggregate outstanding principal balance of the Seller Note will increase by $19.0 million to $34.0 million. As of December 31, 2025 and September 30, 2025, the carrying value of the Sellers Note was approximately $15.0 million.

The following table details the Company's intangibles as of June 30, 2025 and September 30, 2024 (in $000's):

	June 30, 2025		September 30, 2024
Intangible assets, net:
Intangible assets - Tradenames	$	15,356	$	15,356
Intangible assets - Customer relationships	13,599		14,799
Intangible assets - Other	4,330		4,330
	33,285		34,485
Less: Accumulated amortization	(11,949)		(9,382)
Total intangibles, net	$	21,336	$	25,103

Amortization expense was $1.3 million and $1.2 million for the three months ended June 30, 2025 and 2024, respectively, and $3.8 million and $3.7 million for the nine months ended June 30, 2025 and 2024, respectively.

The following table summarizes estimated future amortization expense related to intangible assets that have net balances (in $000’s):

Twelve months ending June 30,
2026	$	5,027
2027	4,929
2028	4,739
2029	4,161
2030	2,389
Thereafter	91
	$	21,336

Note 8: Goodwill

The following table details the Company's goodwill as of September 30, 2024 and June 30, 2025 (in $000's):

	Retail - Entertainment		Retail - Flooring		Flooring Manufacturing		Steel Manufacturing		Total
September 30, 2024	36,947		13,451		807		9,947		61,152
June 30, 2025	$	36,947	$	13,451	$	807	$	9,947	$	61,152

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Note 9: Accrued Liabilities

The following table details the Company's accrued liabilities as of June 30, 2025 and September 30, 2024 (in $000's):

	June 30, 2025		September 30, 2024
Accrued liabilities:
Accrued payroll and bonuses	$	7,286	$	8,125
Accrued sales and use taxes	1,323		1,326
Accrued customer deposits	4,115		4,675
Accrued gift card and escheatment liability	2,024		1,986
Accrued overdrafts	948		890
Accrued rent	982		883
Accrued inventory	5,471		6,722
Accrued professional fees	2,501		2,644
Accrued expenses - other	6,582		4,489
Total accrued liabilities	$	31,232	$	31,740

Note 10: Long-Term Debt

Long-term debt as of June 30, 2025 and September 30, 2024 consisted of the following (in $000's):

	June 30, 2025		September 30, 2024
Revolver loans	$	50,909	$	60,199
Equipment loans	10,554		13,346
Term loans	9,319		10,465
Other notes payable	13,246		15,227
Total notes payable	84,028		99,237
Less: unamortized debt issuance costs	(442)		(427)
Net amount	83,586		98,810
Less: current portion	(31,838)		(43,816)
Total long-term debt	$	51,748	$	54,994

Future maturities of long-term debt at June 30, 2025, are as follows which does not include related party debt separately stated (in $000's):

Twelve months ending June 30,
2026	$	31,838
2027	36,187
2028	3,591
2029	1,621
2030	1,601
Thereafter	8,748
Total future maturities of long-term debt	$	83,586

Bank of America Revolver Loan

On January 31, 2020, as amended on July 25, 2025, Marquis entered into an amended $28.0 million revolving credit agreement (“BofA Revolver”) with Bank of America Corporation (“BofA”). The BofA Revolver is an asset-based facility that is secured by substantially all of Marquis’ assets. Availability under the BofA Revolver is subject to a monthly

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borrowing base calculation. Marquis’ ability to borrow under the BofA Revolver is subject to the satisfaction of certain conditions, including meeting all loan covenants under the credit agreement with BofA. The BofA Revolver has a variable interest rate and matures in July 2026. As of June 30, 2025 and September 30, 2024, the outstanding balance was approximately $14.6 million and $17.6 million, respectively.

Loan with Fifth Third Bank (Precision Marshall)

On January 20, 2022, Precision Marshall refinanced its Encina Business Credit loans with Fifth Third Bank, and the balance outstanding was repaid. The refinanced credit facility, totaling $29.0 million, is comprised of $23.0 million in revolving credit, $3.5 million in M&E lending, and $2.5 million for Capex lending. Advances under the new credit facility will bear interest at Prime Rate plus 0 basis points for lending under the revolving facility, and Prime Rate plus 25 basis points for M&E and Capex lending. The refinancing of the borrower’s existing credit facility reduces interest costs and improves the availability and liquidity of funds by approximately $3.0 million at the close. The facility terminates on January 20, 2027, unless terminated earlier in accordance with its terms.

In connection with the acquisitions of Kinetic and Central Steel (see Note 3), the existing revolving facility was amended to add Kinetic and Central Steel as borrowers. In addition, two additional term loans were executed to fund the purchase of Kinetic. Approximately $6.0 million was drawn from the revolving facility, and the two term loans were opened in the amounts of $4.0 million and $1.0 million, respectively. The $4.0 million term loan (“Kinetic Term Loan #1”), which matures on January 20, 2027, bears interest on the same terms as for M&E term lending as stated above.

As of June 30, 2025 and September 30, 2024, the outstanding balance on the revolving loan was approximately $21.9 million and $21.3 million, respectively, and the outstanding balance on the original M&E lending, which is documented as a term note, was approximately $1.5 million and $1.8 million, respectively. The revolving loan has a variable interest rate and matures in January 2027. As of June 30, 2025 and September 30, 2024, the outstanding balance on Kinetic Term Loan #1 was approximately $2.3 million and $2.7 million, respectively.

On April 12, 2023, in connection with its existing credit facility with Fifth Third Bank, Precision Marshall took an advance against its Capex term lending in the amount of approximately $1.4 million. Additionally, during June 2024, in connection with Kinetic's acquisition of Midwest Grinding (see Note 3), Precision Marshall took an additional advance against its Capex term lending in the amount of approximately $0.4 million. The loan matures January 2027 and bears interest on the same terms as for Capex lending as stated above. As of June 30, 2025 and September 30, 2024, the outstanding balance on the Capex loan was $1.8 million and $1.6 million, respectively.

Eclipse Business Capital Loans

In connection with the acquisition of Flooring Liquidators, on January 18, 2023, Flooring Liquidators entered into a credit facility with Eclipse Business Capital, LLC (“Eclipse”). The facility consists of $25.0 million in revolving credit (“Eclipse Revolver”) and $3.5 million in M&E lending (“Eclipse M&E”). The Eclipse Revolver is a three-year, asset-based facility that is secured by substantially all of Flooring Liquidators’ assets. Availability under the Eclipse Revolver is subject to a monthly borrowing base calculation. Flooring Liquidators’ ability to borrow under the Eclipse Revolver is subject to the satisfaction of certain conditions, including meeting all loan covenants under the credit agreement with Eclipse. The Eclipse Revolver bears interest at 3.5% per annum in excess of Adjusted Term SOFR. The Eclipse M&E loan bears interest at 6.0% per annum in excess of Adjusted Term SOFR prior to April 1, 2023, and 5.0% per annum in excess of Adjusted Term SOFR after April 1, 2023. The credit facility matures in January 2026. As of June 30, 2025 and September 30, 2024, the outstanding balance on the Eclipse Revolver was approximately $7.2 million and $9.3 million, respectively, and the outstanding balance on the Eclipse M&E loan was approximately $1.2 million and $1.8 million, respectively.

Loan with Fifth Third Bank (PMW)

In connection with the acquisition of PMW, on July 20, 2023, as amended on March 5, 2025, PMW entered into a revolving credit facility (the “Revolving Credit Facility”) with Fifth Third Bank. The facility consists of $15.0 million in revolving credit (the “Fifth Third Revolver”) and approximately $5.0 million in M&E lending (the “Fifth Third M&E Loan”). The Fifth Third Revolver is a three-year, asset-based facility that is secured by substantially all of PMW's assets. Availability under the Fifth Third Revolver is subject to a monthly borrowing base calculation. PMW's ability to borrow under the Fifth Third Revolver is subject to the satisfaction of certain conditions, including meeting all loan covenants under the credit agreement with Fifth Third Bank. Loans made under the Revolving Credit Facility are considered Reference Rate Loans, and bear interest at a rate equal to the sum of the Reference Rate plus the Applicable Margin. Reference Rate means the greater of (a) 3.0% or (b) the Lender’s publicly announced prime rate (which is not intended to be Lender’s lowest or most favorable rate in effect at any time) in effect from time to time. The Applicable Margin for

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revolving loans is zero, while for the Fifth Third M&E Loan or any capital expenditure term loan, it is 50 basis points (0.5%). The credit facility matures in July 2026. As of June 30, 2025 and September 30, 2024, the outstanding balance on the Fifth Third Revolver was approximately $7.2 million and $10.1 million, respectively, and the balance on the Fifth Third M&E Loan was approximately $3.6 million and $4.1 million, respectively.

Bank Midwest Revolver Loan

On October 17, 2024, Vintage entered into an amended $10.0 million credit agreement with Bank Midwest (“Bank Midwest Revolver”). The amended Bank Midwest Revolver accrues interest daily on the outstanding principal at a rate of the greater of (a) the one-month forward-looking term rate based on SOFR, plus 2.36% per annum, or (b) 5.0% per annum, and matures on October 17, 2025. As of June 30, 2025 and September 30, 2024, the outstanding balance on the Bank Midwest Revolver was $0 and $1.9 million, respectively.

Note payable to JCM Holdings

During October 2020, Marquis purchased a manufacturing facility, which it had previously leased, for approximately $2.5 million. Marquis entered into a $2.0 million loan agreement, secured by the facility, with the seller of the facility, in order to complete the purchase of the facility. The loan bears interest at 6.0%, due monthly, and matures January 2030. As of June 30, 2025 and September 30, 2024, the outstanding principal balance was approximately $1.1 million and $1.3 million, respectively.

Note Payable to Store Capital Acquisitions, LLC

On June 14, 2016, Marquis entered into a transaction with Store Capital Acquisitions, LLC. The transaction included a sale-leaseback of land owned by Marquis and a loan secured by the improvements on such land. The total aggregate proceeds received from the sale of the land and the loan was $10.0 million, which consisted of approximately $0.6 million from the sale of the land and a note payable of approximately $9.4 million. In connection with the transaction, Marquis entered into a lease with a 15-year term commencing on the closing of the transaction, which provides Marquis with an option to extend the lease upon the expiration of its term. The initial annual lease rate is $60,000. The proceeds from this transaction were used to pay down the BofA Revolver and Term loans, and related party loan, as well as to purchase a building from the previous owners of Marquis that was not purchased in the July 2015 transaction. The note payable bears interest at 9.3% per annum, with principal and interest due monthly. The note payable matures June 13, 2056. For the first five years of the note payable, there is a pre-payment penalty of 5.0%, which declines by 1.0% for each year the loan remains unpaid for the next five years. At the end of ten years, there is no pre-payment penalty. In connection with the note payable, Marquis incurred approximately $458,000 in transaction costs that are being recognized as a debt issuance cost and are being amortized and recorded as interest expense over the term of the note payable. The remaining principal balance was approximately $8.7 million and $9.0 million as of June 30, 2025 and September 30, 2024, respectively.

Equipment Loans

Note #5 is for approximately $4.0 million, secured by equipment. The Equipment Loan #5 was due December 2024, payable in 84 monthly payments of $55,000 beginning January 2018, bearing interest at 4.7% per annum. As of June 30, 2025 and September 30, 2024, the balance was approximately $0 and $164,000, respectively.

Note #7 is for $5.0 million, secured by equipment. The Equipment Loan #7 is due February 2027, payable in 84 monthly payments of $59,000 beginning March 2020, with the final payment of $809,000, bearing interest at 3.2% per annum. As of June 30, 2025 and September 30, 2024, the balance was approximately $1.9 million and $2.3 million, respectively.

Note #8 is for approximately $3.4 million, secured by equipment. The Equipment Loan #8 is due September 2027, payable in 84 monthly payments of $46,000 beginning October 2020, bearing interest at 4.0%. As of June 30, 2025 and September 30, 2024, the balance was approximately $1.2 million and $1.6 million, respectively.

In December 2021, Marquis funded the acquisition of $5.5 million of new equipment under Note #9 of its master agreement. The Equipment Loan #9, which is secured by the equipment, matures December 2026, and is payable in 60 monthly payments of $92,000 beginning January 2022, with the final payment in the amount of approximately $642,000,

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bearing interest at 3.75% per annum. As of June 30, 2025 and September 30, 2024, the balance was approximately $2.1 million and $2.9 million, respectively.

In December 2022, Marquis funded the acquisition of $5.7 million of new equipment under Note #10 of its master agreement. The Equipment Loan #10, which is secured by the equipment, matures December 2029, and is payable in 84 monthly payments of $79,000, beginning January 2023, with the final payment in the amount of approximately $650,000, bearing interest at 6.5%. As of June 30, 2025 and September 30, 2024, the balance was approximately $4.1 million and $4.6 million, respectively.

Loan Covenant Compliance

As of June 30, 2025, the Company was in compliance with all covenants under its existing revolving and other loan agreements.

Note 11: Notes Payable-Related Parties

Long-term debt payable to related parties (see Note 16) as of June 30, 2025 and September 30, 2024 consisted of the following (in $000's):

	June 30, 2025		September 30, 2024
Isaac Capital Group, LLC, 12.5% interest rate, matures May 2025	$	—	$	2,000
Isaac Capital Group, LLC, 12% interest rate, matures December 2029	2,645		—
Spriggs Investments, LLC, 10% interest rate, matures July 2025	—		800
Spriggs Investments, LLC for Flooring Liquidators, 12% interest rate, matures July 2025	900		1,000
Isaac Capital Group, LLC revolver, 12% interest rate, matures April 2030	9,680		2,600
Isaac Capital Group, LLC for Flooring Liquidators, 12% interest rate, matures January 2028	5,000		5,000
Total notes payable - related parties	18,225		11,400
Less: unamortized debt issuance costs	(726)		(66)
Net amount	17,499		11,334
Less: current portion	(900)		(6,400)
Total long-term portion, related parties	$	16,599	$	4,934

Future maturities of related party notes at June 30, 2025 are as follows (in $000’s):

Twelve months ending June 30,
2026	$	900
2028	4,948
2029	1,971
2030	9,680
Total future maturities of long-term debt, related parties	$	17,499

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Note 12: Related Party Seller Notes

Seller notes as of June 30, 2025 and September 30, 2024 consisted of the following (in $000’s):

	June 30,2025		September 30,2024
Related Party Seller Notes
Seller of PMW, 8.0% interest rate, matures July 2028	$	—	$	2,500
Seller of Kinetic, 7.0% interest rate, matures September 2027	3,000		3,000
Seller of Central Steel, 8.0% interest rate, matures May 2029	1,100		1,100
Seller of Flooring Liquidators, 8.24% interest rate, matures January 2028	—		$	34,000
Seller of Flooring Liquidators, 8.24% interest rate, matures February 2028	15,000		—
Total Related Party Seller Notes	19,100		40,600
Unamortized debt premium (discount)	(886)		2,261
Net amount	18,214		42,861
Less current portion	—		(2,500)
Long-term portion of seller notes payable	$	18,214	$	40,361

Future maturities of seller notes at June 30, 2025 are as follows (in $000’s):

Twelve months ending June 30,
2027	$	3,000
2028	14,114
2029	1,100
Total	$	18,214

Note Payable to the Seller of PMW

In connection with the purchase of PMW, on July 20, 2023, the Company entered into a consulting agreement with the previous owner of PMW to serve as its part-time President and Chief Executive Officer. The consulting agreement shall terminate upon the later of (i) sellers’ receipt of earn-out payments in an aggregate amount equal to $3.0 million and (ii) the full satisfaction and payment of all amounts due and that are to become due under the seller note, unless earlier terminated in accordance with the terms set forth in the consulting agreement. Additionally, PMW entered into two seller financed loans, in the aggregate amount of $2.5 million, which are fully guaranteed by the Company (the "Seller Financed Loans"). The Seller Financed Loans bear interest at 8.0% per annum, with interest payable quarterly in arrears.

On December 24, 2024, the Company entered into a Settlement Agreement and Release (“Settlement Agreement”) to settle the Seller Financed Loans of $2.5 million, plus accrued interest of approximately $0.1 million, for approximately $1.9 million with the previous owners of PMW. The funds to settle the loans were borrowed from Isaac Capital Group, LLC (“ICG”) (see Note 16). The Company evaluated this transaction under ASC 470-50 “Debt - Modification and Extinguishment”, and concluded that, because PMW was legally released as the primary obligor, and has no other debt with these lenders, this transaction should be accounted for as a debt extinguishment. As such, the Company recorded a gain on extinguishment of debt in the amount of approximately $0.7 million. Additionally, under the Settlement Agreement, the Company was released of claims for earnout payments, as stipulated under the Stock Purchase Agreement. Consequently, the Company recorded a gain on settlement of the earnout liability in the amount of approximately $2.8 million. As of June 30, 2025 and September 30, 2024, the carrying value of the seller financed loans was $0 and $2.5 million, respectively.

Note Payable to the Sellers of Kinetic

In connection with the purchase of Kinetic, on June 28, 2022, Kinetic entered into an employment agreement with the previous owner of Kinetic to serve as its Head of Equipment Operations. The employment agreement is for an initial term of five years and shall be automatically extended in 90-day increments unless either party provides notice as required under the agreement. Additionally, Precision Marshall entered into a seller financed loan in the amount of $3.0 million with the previous owner of Kinetic. The Sellers Subordinated Acquisition Note bears interest at 7.0% per annum, with interest

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payable quarterly in arrears. The Sellers Subordinated Acquisition Note has a maturity date of September 27, 2027. As of June 30, 2025 and September 30, 2024, the remaining principal balance was $3.0 million.

Note Payable to the Seller of Central Steel

In connection with the purchase of Central Steel, on May 15, 2024 ~~(see Note 3)~~, Precision Marshall entered into an employment agreement with the previous owner of Central Steel to serve as its President. The employment agreement is for an initial term of two years and shall be deemed to be automatically extended, upon the same terms and conditions, for a period of one year, unless either party provides written notice of its or his intention not to extend the term at least 90 days prior to the end of the initial term. Additionally, Precision Marshall entered into a seller financed loan in the amount of $1.1 million with the previous owner of Central Steel (the "Sellers Subordinated Promissory Note"). The Sellers Subordinated Promissory Note bears interest at 8.0% per annum, with interest payable quarterly in arrears. The Sellers Subordinated Promissory Note has a maturity date of May 15, 2029. As of ~~June~~December 3031, 2025 and September 30, ~~2024~~2025, the remaining principal balance was $10.9 million and $1.0 million, respectively.

Note ~~Payable~~12: Stockholders’ ~~to the Seller of Flooring Liquidators~~Equity

In connection with the purchase of Flooring Liquidators, on January 18, 2023, Flooring Liquidators entered into an employment agreement with the previous owner of Flooring Liquidators to serve as its Chief Executive Officer. The employment agreement was for an initial term of five years and automatically extended in 90-day increments unless either party provides notice as required under the agreement. Additionally, Flooring Affiliated Holdings, LLC, a Company subsidiary, entered into a seller financed mezzanine loan (the "Seller Note"), which was fully guaranteed by the Company, in the amount of $34.0 million with the previous owners of Flooring Liquidators. The Seller Note bore interest at the contractual rate of 8.24% per annum, with interest payable monthly in arrears beginning on January 18, 2024. The Seller Note had a maturity date of January 18, 2028. The fair value assigned to the Seller Note, as calculated by an independent third-party firm, was $31.7 million, or a discount of $2.3 million.

On February 25, 2025, Flooring Liquidators, Flooring Affiliated Holdings, and the Company entered into a binding Memorandum of Understanding (“MOU”) with the previous owner of Flooring Liquidators under which the principal amount of the Seller Note was reduced from $34.0 million to $15.0 million. The relevant portion of the MOU was later superseded by a Second Amendment to Secured Promissory Note.The Seller Note bears interest at 8.24% per annum effective January 1, 2025, and matures in February 2028, with interest payments due monthly beginning February 28, 2025. The Company determined that the fair value of the amended Seller Note was approximately $14.0 million, or a discount of $1.0 million. In an event of default under the Seller Note, or if the Company defaults in making any payment it is required to make pursuant to the Seller Note, the note holders may revoke the principal reduction, in which case the aggregate outstanding principal balance of the Seller Note will increase by $19 million to $34.0 million.

In addition to the reduction in the principal amount of the Seller Note, the MOU provides for the following:

•An increase in the existing holdback principal amount of approximately $0.5 million to $1.5 million, and that no further claims against the holdback shall be made or permitted. Under the MOU, the holdback bears interest at 8.24% per annum effective January 1, 2025, with interest payments due monthly beginning February 28, 2025. Full payment of the holdback principal is due in August 2025.

•The previous owner’s title was revised to be Founder and Vice President, his employment was made part-time, and he resigned from each other office and as director or manager of Flooring Liquidators and each of its related entities. Mr. Kellogg's tenure at Flooring Liquidators terminated effective May 13, 2025.

The Company evaluated this transaction under ASC 470-50 “Debt - Modification and Extinguishment”, and concluded that, because the change in present value of cash flows between the original and revised debt exceeds 10%, and the debt revision does not meet the accounting requirements for troubled debt restructuring, this transaction should be accounted for as a debt extinguishment. In connection with the debt extinguishment and the increase in the holdback principal amount, the Company recorded a gain of approximately $22.8 million. As of June 30, 2025 and September 30, 2024, the carrying value of the Seller Note was approximately $14.1 million and $36.3 million, respectively

Note 13: Stockholders’ Equity

Series E Convertible Preferred Stock

As of ~~June~~each of December 3031, 2025 and September 30, ~~2024~~2025, there were 47,840 shares of Series E Convertible Preferred Stock issued and outstanding.

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Treasury Stock

As of ~~June~~each of December 3031, 2025 and September 30, ~~2024~~2025, the Company had 754,391 ~~and 694,687~~ shares of Treasury Stock~~, respectively~~. During the ~~nine~~three months ended ~~June~~December 3031, ~~2025 and~~ 2024, the Company repurchased 5915,~~704~~686 ~~and 34,351~~ shares of its common stock for approximately $~~528~~157,000, and ~~$862,000,~~the ~~respectively.~~average ~~During~~price ~~the~~paid ~~nine~~per ~~months~~share ~~ended~~was ~~June 30,~~$10.01. ~~2025~~The ~~and~~Company ~~2024,~~did ~~the~~not ~~average~~repurchase ~~price~~any ~~paid~~shares ~~per~~of ~~share~~its ~~was~~common ~~$8.85~~stock ~~and~~during ~~$25.09~~the three months ended December 31, ~~respectively~~2025.

Note 1413: Stock-Based Compensation

Our 2014 Omnibus Equity Incentive Plan (the “2014 Plan”) authorizes the issuance of distribution equivalent rights, incentive stock options, non-qualified stock options, performance stock, performance units, restricted ordinary shares, restricted stock units, stock appreciation rights, tandem stock appreciation rights and unrestricted ordinary shares to our directors, officer, employees, consultants, and advisors. The Company has reserved up to 300,000 shares of common stock for issuance under the 2014 Plan.

From time to time, the Company grants stock options to directors, officers, and employees. These awards are valued at the grant date by determining the fair value of the instruments. The value of each award is amortized on a straight-line basis over the requisite service period.

~~The following table summarizes stock option activity for the fiscal year ended September 30, 2024 and the nine months ended June 30, 2025:~~17

	Number ofShares	WeightedAverageExercisePrice		WeightedAverageRemainingContractual Life	IntrinsicValue
Outstanding at September 30, 2023	53,750	$	21.51	1.54	$	540
Granted	17,500	$	40.00
Exercised	(6,250)	$	15.00
Forfeited	(5,000)	$	40.00
Outstanding at June 30, 2024	60,000	$	26.04	1.54	$	317
Exercisable at June 30, 2024	60,000	$	26.04	1.54	$	317
Outstanding at September 30, 2024	60,000	$	26.04	1.29	$	130
Forfeited	(60,000)	$	26.04
Outstanding at June 30, 2025	0	$	—	0.00	$	—
Exercisable at June 30, 2025	0	$	—	0.00	$	—

The Company recognized compensation expense of approximately $50,000 and $0.2 million during the three months ended June 30, 2025 and 2024, respectively, and approximately $150,000 and $0.3 million during the nine months ended June 30, 2025 and 2024, related to stock option awards and restricted stock awards granted to certain employees and officers based on the grant date fair value of the awards, and the revaluation for existing options whereby the expiration date was extended.

As of June 30, 2025, the Company had approximately $0.5 million of unrecognized compensation expense associated with restricted stock awards.

Note 15: Earnings Per Share

Net income per share is calculated using the weighted average number of shares of common stock outstanding during the applicable period. Basic weighted average common shares outstanding do not include shares of restricted stock that have not yet vested, although such shares are included as outstanding shares in the Company’s Condensed Consolidated Balance Sheet. Diluted net income per share is computed using the weighted average number of common shares outstanding and if dilutive, potential common shares outstanding during the period. Potential common shares consist of the additional common shares issuable in respect of restricted share awards, stock options, and convertible preferred stock. Preferred stock dividends are subtracted from net earnings to determine the amount available to common stockholders.

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The following table summarizes stock option activity for the fiscal year ended September 30, 2025 and the three months ended December 31, 2025:


	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Intrinsic Value
Outstanding at September 30, 2024	60,000	$	26.04	1.29	$	130
Forfeited	(35,000)	$	37.50
Outstanding at December 31, 2024	25,000	$	10.00	0.04	$	—
Exercisable at December 31, 2024	25,000	$	10.00	0.04	$	—

Outstanding at September 30, 2025	0	$	—	0	$	—
Outstanding at December 31, 2025	0	$	—	0	$	—
Exercisable at December 31, 2025	0	$	—	0	$	—

The Company recognized compensation expense of approximately $51,000 during the three months ended December 31, 2025 and 2024 related to restricted stock awards granted to certain employees and officers based on the grant date fair value of the awards, and the revaluation for existing options whereby the expiration date was extended.

As of December 31, 2025, the Company had approximately $0.4 million of unrecognized compensation expense associated with restricted stock awards.

Note 14: Earnings Per Share

Net income per share is calculated using the weighted average number of shares of common stock outstanding during the applicable period. Basic weighted average common shares outstanding do not include shares of restricted stock that have not yet vested, although such shares are included as outstanding shares in the Company’s Unaudited Condensed Consolidated Balance Sheet. Diluted net income per share is computed using the weighted average number of common shares outstanding and, when dilutive, potential common shares outstanding during the period. Diluted earnings per common share (“EPS”) reflects the impact of common shares issuable from stock options and restricted stock units under the treasury stock method, as well as shares issuable upon the conversion of debt and convertible preferred stock under the if‑converted method. Preferred stock dividends are subtracted from net earnings to determine the amount available to common stockholders.

The following table presents the computation of basic and diluted net earnings per share (in $000's):

	Three Months Ended June 30,				Nine Months Ended June 30,
	Three Months Ended December 31,
	2025		2024		~~2025~~		~~2024~~
Basic
Net income (loss)	$	5,388	$	(2,855)	$	21,746	$	(6,818)
Net (loss) income	$	(64)	$	492
Weighted average common shares outstanding	3,~~081~~071,~~970~~656		3,~~140~~124,~~191~~581		~~3,101,646~~		~~3,153,034~~
Basic earnings (loss) per share	$	1.75	$	(0.91)	$	7.01	$	(2.16)
Basic (loss) earnings per share	$	(0.02)	$	0.16
Diluted
Net income (loss) applicable to common stock	$	5,388	$	(2,855)	$	21,746	$	(6,818)
Net (loss) income applicable to common stock	$	(64)	$	492
Weighted average common shares outstanding	3,081,970		3,140,191		3,101,646		3,153,034
Net (loss) income applicable for diluted earnings per share	$	(64)	$	492
Add: Restricted stock units	29,116		—		29,116		—
Weighted average common shares outstanding	3,071,656		3,124,581
Add: ICG convertible debt	1,245,030		—		1,245,030		—
Add: Series E Preferred Stock	—		239
Add: Series E Preferred Stock	239		—		239		—
Assumed weighted average common shares outstanding	3,071,656		3,124,820
Assumed weighted average common shares outstanding	4,356,355		3,140,191		4,376,031		3,153,034
Diluted (loss) earnings per share	$	(0.02)	$	0.16
Diluted earnings (loss) per share	$	1.24	$	(0.91)	$	4.97	$	(2.16)

Basic ~~earnings per common share ("~~EPS") is computed by dividing net income by the weighted average number of shares of ~~common~~Common ~~stock~~Stock outstanding for the period. Diluted EPS is computed by dividing net income by the sum of the weighted average number of shares of ~~common~~Common ~~stock~~Stock outstanding and the effect of dilutive securities. No diluted EPS computation was made for the three and nine months ended June 30, 2024, as the Company recorded a net loss. Had the Company calculated diluted EPS for the three and nine months ended June 30, 2024, the total assumed weighted average common shares outstanding would have been 3,155,546 and 3,168,619, respectively, and there would have been 35,000 options to purchase shares of common stock that were anti-dilutive.

~~Note 16: Related Party Transactions~~18

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months ended December 31, 2025, as the Company recorded a net loss. Had the Company calculated diluted EPS for the three months ended December 31, 2025, the total assumed weighted average common shares outstanding would have been 4,641,850 and included 29,110 restricted stock units and approximately 1.5 million shares issuable upon the conversion of debt.

Note 15: Related Party Transactions

Transactions with Isaac Capital Group, LLC

Jon Isaac, the Company’s President and Chief Executive Officer, is the President and sole member of ICG, and ~~accordingly~~therefore has sole voting and dispositive power over the shares of the Company held by ICG. If ICG were to convert all of its outstanding convertible debt (see below), it would beneficially control approximately 67.5% of the outstanding voting power of the Company.

ICG Term Loan

During 2015, Marquis entered into a mezzanine loan in the amount of up to $7.0 million (the “ICF Loan”) with Isaac Capital Fund I, LLC (“ICF”), a private lender whose managing member is Jon Isaac. On July 10, 2020, (i) ICF released and discharged Marquis from all obligations under the loan, (ii) ICF assigned all of its rights and obligations under the instruments, documents, and agreements with respect to the ICF Loan to ICG, of which Jon Isaac, the Company’s President and Chief Executive Officer, is the sole member, and (iii) Live Ventures borrowed $2.0 million (the “ICG Loan”) from ICG. The ICG Loan accrued interest at 12.5% and matured in May 2025. As of June 30, 2025 and September 30, 2024, the outstanding balance on this note was $0 and $2.0 million, respectively.

ICG Revolving Promissory Note

On April 9, 2020, the Company, ~~as borrower,~~ entered into an unsecured revolving line of credit promissory note whereby ICG agreed to provide the Company with a $1.0 million revolving credit facility (the “ICG Revolver”). On June 23, 2022, ~~the~~as ~~amount~~amended by unanimous consent of ~~available~~the ~~revolving~~Board ~~credit~~of ~~under~~Directors, the facility was increased to $6.0 million. No other terms of the ~~Note~~note were changed. On April 1, 2023, the Company entered into the ~~Second~~First Amendment of the ICG Revolver that extended the maturity ~~date~~ to April 8, 2024, and increased the interest rate from 10.0% to 12.0% per annum, and decreased the amount of available revolving credit under the facility to $1.0 million. On January 11, 2024, the Company entered into the Third Amendment of the ICG Revolver that extended the maturity date to April 8, 2025 and increased the amount of available revolving credit under the facility to $5.0 million.

25On April 8, 2025, the Company entered into the Fourth Amendment to the ICG Revolver, which (i) extended the maturity date to April 8, 2030, (ii) increased the amount of available revolving credit under the facility to $12.0 million, and (iii) established a Fixed Conversion Price of $7.85 per share for obligations outstanding under the ICG Revolver, exercisable at the discretion of Mr. Isaac. The Company evaluated the amendment under ASC 470-50 and concluded that the transaction represented an extinguishment of the existing debt given that the amendment introduced a substantive conversion feature. Management assessed the fair value of the amended instrument as of the amendment date. That assessment indicated that the fair value of the amended note, inclusive of the conversion feature, exceeded the fair value of the note without the conversion feature by approximately $6.0 million, which was treated as a non-cash capital contribution from the lender for accounting purposes because the lender was the majority shareholder of the Company. Accordingly, the Company recorded the excess as a distribution from Retained Earnings, with a corresponding credit to Additional Paid-In Capital, which is presented on the Condensed Consolidated Statements of Changes in Stockholders’ Equity as an “In-Substance Distribution”.

~~Table~~As of ~~Contents~~December 31, 2025, Jon Isaac, through ICG, had the contractual right to acquire up to 1,540,832 shares of the Company’s common stock, based on the outstanding balance of the debt as of that date. As of December 31, 2025, no obligations under the ICG Revolver have been converted into the Company’s common stock. As of December 31, 2025 and September 30, 2025, the outstanding balance on this note was approximately $12.0 million and $11.6 million, respectively.

On Apr 8, 2025, the Company entered into the Fourth Amendment to the ICG Revolver, which (i) extended the maturity date to April 8, 2030, (ii) increased the maximum credit amount under the facility to $12.0 million, and (iii) established a Fixed Conversion Price of $7.85 per share for obligations outstanding under the ICG Revolver. The Company evaluated the amendment under ASC 470-50 and concluded that the transaction represented an extinguishment of the existing debt given that the amendment introduced a substantive conversion feature. Management assessed that the fair value of the amended instrument as of the amendment date. That assessment indicated that the fair value of the amended note, inclusive of the conversion feature, exceeded the fair value of the note without the conversion feature by approximately $6.0 million, which was treated as a non-cash capital contribution from the lender for accounting purposes because the lender was the majority shareholder of the Company. Accordingly, the Company recorded the excess as a distribution from Retained Earnings, with a corresponding credit to Additional Paid-In Capital, which is presented on the Condensed Consolidated Statements Of Changes In Stockholders’ Equity as an “In-Substance Distribution”.

As of June 30, 2025, Jon Isaac had the contractual right to acquire up to 1,245,030 shares of the Company’s common stock pursuant to the amended terms of the ICG Revolving Promissory Note (the “ICG Revolver”), as discussed below, based on the outstanding balance of the debt as of that date. As of June 30, 2025, no obligations under the ICG Revolver have been converted into the Company’s common stock. As of June 30, 2025 and September 30, 2024, the outstanding balance on the ICG Revolver was $9.7 million and $2.6 million, respectively.

ICG Flooring Liquidators Note

On January 18, 2023, in connection with the acquisition of Flooring Liquidators, Flooring Affiliated Holdings, LLC, a wholly-owned subsidiary of the Company, as borrower, entered into a promissory note for the benefit of ICG in the amount of $5.0 million (“ICG Flooring Liquidators Loan”). The ICG Flooring Liquidators Loan matures on January 18, 2028, and bears interest at 12% per annum. Interest is payable in arrears on the last day of each calendar month. The note is fully guaranteed by the Company. As of ~~June~~December 31, 2025 and September 30, 2025, the outstanding balance on this ~~loan~~note was $5.0 million.

ICG PMW Note

On ~~Dec~~December 14, 2024, in connection with the Settlement Agreement of the PMW Seller Financed Loans ~~(see Note 12)~~, the Company, as borrower, entered into a promissory note for the benefit of ICG in the amount of approximately $2.6 million (“ICG PMW Note”). The Company received proceeds of approximately $1.9 million from ICG, which was used to settle the loans plus accrued interest. The $0.7 million discount is being accreted to interest expense using the effective interest rate method, as required by U.S. GAAP, over the term of the note. The ICG PMW Note matures on Dec 17, 2029, and bears interest at the contractual rate of 12.0% per annum. Interest is payable in arrears on the first business day of each month commencing on January 2, 2025. As of June 30, 2025, the balance on this loan was approximately $2.6 million.

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using the effective interest rate method, as required by U.S. GAAP, over the term of the note. The ICG PMW Note matures on December 17, 2029, and bears interest at the contractual rate of 12.0% per annum. Interest is payable in arrears on the first business day of each month commencing on January 2, 2025. As of December 31, 2025 and September 30, 2025, the balance on this loan was approximately $2.6 million.

Transactions with Vintage Stock CEO

Rodney Spriggs, the President and Chief Executive Officer of Vintage Stock, a wholly owned subsidiary of the Company, is the sole member of Spriggs Investments, LLC (“Spriggs Investments”).

Spriggs Promissory Note I

On July 10, 2020, the Company executed a promissory note (the “Spriggs Promissory Note I”) in favor of Spriggs Investments that memorializes a loan by Spriggs Investments to the Company in the initial principal amount of $2.0 million (the “Spriggs Loan I”). The Spriggs Loan I originally matured on July 10, 2022; however, the maturity date was extended to July 10, 2023. The Spriggs Promissory Note I bears simple interest at a rate of 10.0% per annum. On January 19, 2023, the Company entered into a modification agreement of the Spriggs Loan I. Under the modification agreement, the Spriggs Promissory Note I will bear interest at a rate of 12.0% per annum, and the maturity date was extended to July 31, 2024. On February 29, 2024, the Company entered into a loan modification agreement of the Spriggs Loan I. Under the loan modification agreement, the Company was required to make a principal payment of $600,000 to Spriggs Investments within five business days following the effective date of the loan modification agreement, and make principal payments of not less than $300,000 each 90-day period thereafter, beginning on April 1, 2024, until the Spriggs Promissory Note I is fully repaid. Further, under the loan modification agreement, the maturity date of the Spriggs Promissory Note I was extended to July 31, 2025. All monthly payments under the original Spriggs Promissory Note I remain in effect through the maturity date as amended. As of June 30, 2025 and September 30, 2024, the principal amount owed was $0 and $0.8 million, respectively.

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Spriggs Promissory Note II

On January 19, 2023, in connection with the acquisition of Flooring Liquidators, the Company executed a promissory note in favor of Spriggs Investments in the initial principal amount of $1.0 million (the “Spriggs Loan II”). The Spriggs Loan II matures on July 31, 2024, and bears interest at a rate of 12.0% per annum. On February 29, 2024, the Company entered into a loan modification agreement of the Spriggs Loan II. Under the loan modification agreement, upon full principal repayment of the Spriggs Promissory Note I ~~(see above)~~, the Company will make principal payments of not less than $300,000, per each 90-day period, until the Spriggs Loan II is fully repaid. Further, under the loan modification agreement, the maturity date of the Spriggs Loan II was extended to July 31, 2025. On July 30, 2025, the Company entered into a loan modification agreement of the Spriggs Loan II that extends the maturity date to July 31, 2026. All monthly payments under the original Spriggs Loan II remain in effect through the maturity date as amended. As of ~~June~~December 3031, 2025 and September 30, ~~2024~~2025, the principal amount owed was $0.98 million ~~and $1~~.~~0 million, respectively.~~

Transactions with ALT5 Sigma Corporation, formerly JanOne Inc.

Tony Isaac, a member of the Company'’s board of directors, and the father of the Company'’s President and Chief Executive Officer, Jon Isaac, iscurrently serves as the Interim Chief Executive Officer, President, and a director of ALT5 Sigma Corporation (“ALT5”), formerly JanOne Inc.

Lease Agreement

Customer Connexx LLC, formerly a subsidiary of ALT5, previously rented approximately 9,900 square feet of office space from the Company at its Las Vegas office, which totals 16,500 square feet. ALT5 paid the Company $2859,000 and $3527,000 in rent and other reimbursed expenses for three months ended ~~June~~December 3031, 2025 and 2024, respectively~~, and $86,000 and $109,000 for the nine months ended June 30, 2025 and 2024, respectively~~.

Transactions with Spyglass Estate Planning, LLC

Jon Isaac, the Company's President and Chief Executive Officer, is the sole member of Spyglass Estate Planning, LLC (“Spyglass”).

Building Leases

On July 1, 2022, in connection with its acquisition of certain assets and intellectual property of Better Backers, Inc., Marquis entered into two building leases with Spyglass. The building leases are for 20 years with two options to renew for an additional five years each. The provisions of the lease agreements include an initial 24-month month-to-month rental period, during which the lessee may cancel with 90-day notice, followed by a 20-year lease term with two five-year renewal options. The Company has evaluated each lease and determined the rental amounts to be at market rates.

Seller Notes

The Company routinely enters into related-party seller notes in conjunction with its acquisitions. See Note 1211 for the details related to existing seller notes.

Note 1716: Commitments and Contingencies

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Litigation

SEC Investigation

On February 21, 2018, the Company received a subpoena from the SEC and a letter from the SEC stating that it was conducting an investigation. The subpoena requested documents and information concerning, among other things, the restatement of the Company’s financial statements for the quarterly periods ended December 31, 2016, March 31, 2017, and June 30, 2017, the acquisition of Marquis Industries, Inc., Vintage Stock, Inc., and ApplianceSmart, Inc., and the change in auditors. On August 12, 2020, three of the Company’s corporate executive officers (together, the “Executives”) each received a “Wells Notice” from the Staff of the SEC relating to the Company’s SEC investigation. On October 7, 2020, the Company received a “Wells Notice” from the Staff of the SEC relating to the SEC investigation. The Wells Notices related to, among other things, the Company’s reporting of its financial performance for its fiscal year ended September 30, 2016, certain disclosures related to executive compensation, and its previous acquisition of ApplianceSmart, Inc. A Wells Notice is neither a formal charge of wrongdoing nor a final determination that the recipient has violated any law. The Wells Notices informed the Company and the Executives that the SEC Staff had made a preliminary determination to recommend that the SEC file an enforcement action against the Company and each of the Executives to allege certain violations of the federal securities laws. On October 1, 2018, the Company received a letter from the SEC requesting information regarding a potential violation of Section 13(a) of the Securities Exchange Act of 1934, based upon the timing of the Company’s Form 8-K filed on February 14, 2018. The Company cooperated fully with the SEC inquiry and provided a response to the SEC on October 26, 2018.

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law. The Wells Notices informed the Company and the Executives that the SEC Staff had made a preliminary determination to recommend that the SEC file an enforcement action against the Company and each of the Executives to allege certain violations of the federal securities laws. On October 1, 2018, the Company received a letter from the SEC requesting information regarding a potential violation of Section 13(a) of the Securities Exchange Act of 1934, based upon the timing of the Company’s Form 8-K filed on February 14, 2018. The Company cooperated fully with the SEC inquiry and provided a response to the SEC on October 26, 2018.

On August 2, 2021, the SEC filed a civil Complaint in the United States District Court for the District of Nevada naming the Company and two of its executive officers – Jon Isaac, the Company’s current President and Chief Executive Officer, and Virland Johnson, the Company’s former Chief Financial Officer, as defendants (collectively, the “Company Defendants”) as well as certain other related third parties (the “SEC Complaint”). The SEC Complaint alleges various financial, disclosure, and reporting violations related to income and earnings per share data, purported undisclosed stock promotion and trading, purported inaccurate disclosure regarding beneficial ownership of common stock, and undisclosed executive compensation from 2016 through 2018. The violations are brought under Section 10(b) of the Exchange Act and Rule 10b-5; Sections 13(a), 13(b)(2)(B) and 13(b)(5) of the Exchange Act and Rules 12b-20, 13a-1, 13a-14, 13a-13, 13b2-1, 13b2-2; Section 14(a) of the Exchange Act and Rule 14a-3; and Section 17(a) of the Securities Act of 1933. The SEC seeks permanent injunctions against the Company Defendants, permanent officer-and-director bars, disgorgement of profits, and civil penalties. The foregoing is only a general summary of the SEC Complaint, which may be accessed on the SEC’s website at www.sec.gov/litigation/litreleases/2021/lr25155.htm.

On October 1, 2021, the Company Defendants and third-party defendants moved to dismiss the SEC complaint. On September 7, 2022, the court denied the Company Defendants’ Motion to Dismiss, but granted one of the third-party defendant’s Motions to Dismiss, granting the SEC leave to file an Amended Complaint. On September 21, 2022, the SEC filed an Amended Complaint to which the Company Defendants filed an Answer on October 11, 2022, denying liability. The court subsequently entered a discovery scheduling order and the parties exchanged initial disclosures. The parties participated in a mediation in June 2023. The mediation was not successful. Fact discovery was completed on May 20, 2024. The parties completed expert discovery in September 2024 and filed cross Motions for Summary Judgment in October 2024. WeThe ~~expect~~court ithas ~~will~~not ~~take~~ruled aon ~~number~~the ofmotions ~~months~~ for ~~the~~summary ~~court~~judgment toand ~~rule on~~ the ~~motions,~~case ~~during~~is ~~which~~on ~~time~~hold ~~much~~until of the ~~activity~~motions inare ~~the~~ruled ~~case will be on pause~~upon.

Sieggreen Class Action

On August 13, 2021, Daniel E. Sieggreen, individually and on behalf of all others similarly situated claimants (the "Plaintiff"), filed a class action Complaint for violation of federal securities laws in the United States District Court for the District of Nevada, naming the Company, Jon Isaac, the Company's current President and Chief Executive Officer, and Virland Johnson, the Company's former Chief Financial Officer, as defendants (collectively, the "Company Defendants"). The allegations asserted are similar to those in the SEC Complaint. Among other sought relief, the complaint seeks damages in connection with the purchases and sales of the Company’s securities between December 28, 2016 and August 3, 2021. As of December 17, 2021, the judge granted a stipulation to stay proceedings pending the resolutions of the Motions to Dismiss in the SEC Complaint. On February 1, 2023, the final Motion to Dismiss relating to the SEC Complaint was denied, which was subsequently noticed in the Sieggreen action on February 2, 2023. Plaintiff filed an Amended Complaint on March 6, 2023. On May 5, 2023, the Company Defendants filed a Motion to Dismiss the Amended Complaint. The Motion to Dismiss was heard and granted with Leave to Amend on September 30, 2024. The Second Amended Complaint was filed on October 31, 2024. We filed a Motion to Dismiss the Second Amended Complaint on December 16, 2024 and the briefing is complete. AOn ~~hearing~~September on30, 2025, the Court denied the motion ~~has~~to ~~not~~dismiss ~~been~~the ~~set.~~

~~Holdback Matter~~21

On October 10, 2022, a representative for the former shareholders of Precision Industries, Inc. filed a civil complaint in the Court of Chancery of the State of Delaware. The complaint alleged that the Company violated the terms of an agreement and plan of merger dated July 14, 2020, by failing to pay the shareholders a certain indemnity holdback of $2,500,000. The Chancery Court dismissed that action for lack of jurisdiction. On January 12, 2023, the representative re-filed the same action in the United States District Court for the Western District of Pennsylvania. On October 26, 2023, the Company counterclaimed against the representative and all represented shareholders for fraudulently misrepresenting the seller’s inventory and accounting methodology and asserting damages in excess of $4,500,000. On April 10, 2024, the District Court dismissed the individual shareholders, leaving intact the Company's misrepresentation claims against the shareholder representative. The Court denied the plaintiff's Motion for Leave to Amend to assert statute of limitations defenses. On May 2, 2025, the parties entered into a Settlement and Release agreement whereby the Company agreed to pay the shareholder representative $850,000 in four installments, with the last installment due on December 15, 2025. Subject to the terms of the Settlement and Release Agreement, each party shall be deemed to have released the other party from any and all liabilities, obligations, actions, suits, judgments, claims, causes of action, and demands arising from, in connection with or related to the claims asserted. In connection with the Settlement and Release Agreement, the Company recorded a

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~~gain~~Second inAmended ~~the amount of approximately $1~~Complaint.~~3 million~~ ~~for~~The ~~the~~Company ~~nine~~filed ~~months~~its ~~ended~~response ~~June~~on 30December 1, 2025, ~~net~~and offact ~~related~~and ~~expenses~~expert ~~incurred,~~discovery ~~related~~is scheduled to ~~the~~conclude ~~balance~~by ofJune ~~the~~29, ~~indemnity holdback amount~~2027.

Wage and Hour Matter

On July 27, 2022, Irma Sanchez, a former employee of Elite Builder Services, Inc. (“Elite Builders”), filed a class action Complaint against Elite Builders in the Superior Court of California, County of Alameda, which case was transferred to Stanislaus Count. The Complaint alleges that Elite Builders failed to pay all minimum and overtime wages, failed to provide lawful meal periods and rest breaks, failed to provide accurate itemized wage statements, and failed to pay all wages due upon separation as required by California law. The Complaint was later amended as a matter of right on October 4, 2022. ~~Further,~~ Ms. Sanchez ~~has~~also ~~put~~notified the Labor & Workforce Development Agency onof ~~notice~~her intent to exhaust administrative remedies and ~~enable~~pursue ~~her to bring an~~ additional ~~claim~~claims under the California Labor Code Private Attorneys General Act (“PAGA”), which permits anemployees ~~employee~~ to assert aclaims ~~claim~~ for ~~violations of~~ certain ~~California~~ Labor Code ~~provisions~~violations on behalf of all aggrieved employees to recover statutory penalties. The parties agreed to mediation and ~~have~~ exchanged materials ~~relevant~~in topreparation. aHowever, opposing counsel has repeatedly postponed mediation ~~that~~following ~~will~~an beinitial ~~held~~request inand ~~the~~missed ~~Fall~~a ofkey ~~2025~~deadline to compel discovery. As of now, no mediation has been scheduled.

General

The Company is involved in various claims and lawsuits arising in the normal course of business. The ultimate results of claims and litigation cannot be predicted with certainty. The Company currently believes that the ultimate outcome of such lawsuits and proceedings will not, individually, or in the aggregate, have a material adverse effect on our condensed consolidated financial position, results of operations or cash flows. As applicable, liabilities pertaining to these matters, that are probable and estimable, have been accrued.

Note 1817: Segment Reporting

~~The~~Live ~~Company~~Ventures Incorporated is a diversified holding company that acquires and operates inbusinesses ~~five~~across ~~operating~~industries ~~segments~~with ~~which~~a ~~are~~demonstrated ~~characterized~~history ~~as:~~of ~~(1)~~earnings power. In accordance with ASC 280, Segment Reporting, the Company has identified four reportable segments: Retail-Entertainment, ~~(2)~~ Retail-Flooring, ~~(3)~~ Flooring Manufacturing, ~~(4)~~and Steel Manufacturing,. ~~and~~This segmentation reflects how the Chief Operating Decision Maker (5“CODM”), ~~Corporate~~consisting ~~and~~of ~~Other.~~the ~~The~~Company’s ~~Retail-Entertainment~~Chief ~~segment~~Executive ~~consists~~Officer ofand ~~Vintage~~Chief ~~Stock;~~Financial ~~the~~Officer, ~~Retail-Flooring~~evaluates ~~segment~~financial ~~consists~~performance ofand ~~Flooring~~allocates ~~Liquidators;~~resources across the ~~Flooring~~Company’s ~~Manufacturing~~operations. ~~segment~~The ~~consists~~Corporate ofand ~~Marquis;~~Other ~~and~~segment does not meet the ~~Steel~~criteria ~~Manufacturing~~to ~~segment~~be ~~consists~~presented ofas ~~Precision~~a ~~Marshall~~reportable ~~and~~segment ~~Kinetic~~under ASC 280.

The ~~following~~CODM ~~tables~~regularly ~~summarize~~evaluates segment ~~information~~performance using revenue, gross profit, gross profit margin, income (inloss) ~~$000's~~before income taxes, and Adjusted Earnings Before Interest, Income Taxes, Depreciation and Amortization (“Adjusted EBITDA”):. These measures are used to allocate the Company’s resources and assess operating effectiveness.

	For the Three Months Ended June 30,				For the Nine Months Ended June 30,
	2025		2024		2025		2024
Revenues
Retail-Entertainment	$	19,017	$	16,503	$	58,758	$	53,930
Retail-Flooring	30,373		36,981		89,519		103,332
Flooring Manufacturing	29,487		31,264		85,302		94,689
Steel Manufacturing	33,645		39,047		97,402		107,889
Corporate & Other	8		83		70		257
Total revenues	$	112,530	$	123,878	$	331,051	$	360,097
Gross profit
Retail-Entertainment	$	10,926	$	9,552	$	33,877	$	30,916
Retail-Flooring	10,768		13,525		31,986		38,259
Flooring Manufacturing	8,816		7,731		22,532		22,913
Steel Manufacturing	7,772		6,161		20,342		16,513
Corporate & Other	5		76		60		238
Total gross profit	$	38,287	$	37,045	$	108,797	$	108,839
Operating income (loss)
Retail-Entertainment	$	2,318	$	1,332	$	8,223	$	6,305
Retail-Flooring	(733)		(1,498)		(5,648)		(4,433)

Adjusted EBITDA is a non-GAAP financial measure defined as net income (loss) before interest expense, interest income, income taxes, depreciation, amortization, stock-based compensation, and other non-cash or nonrecurring charges. The CODM considers Adjusted EBITDA a key indicator of the Company’s operational strength and performance, including its ability to fund acquisitions, support capital expenditures, and service debt. It is used to evaluate operating results, perform analytical comparisons, and identify strategies to improve performance.

29To preserve the integrity of each operating segment’s standalone financial results, all intercompany eliminations, including sales, cost of goods sold, inventory profit, and intercompany management fees are reported under Intercompany Eliminations. Total assets are not utilized by the CODM in evaluating segment performance or allocating resources. Accordingly, asset information is excluded from the Company’s segment reporting disclosures. Discrete financial information is provided for each reportable segment, including comparisons of actual results to the prior period and current period forecast.

The following is a description of each of the Company’s reportable segments:

•The Retail–Entertainment segment, which includes Vintage Stock, offers a wide range of entertainment products, both new and pre-owned, including movies, video games, and music. It also sells ancillary items such as books, comics, toys, and collectibles, all within a single retail footprint.

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Flooring Manufacturing	4,135		1,856		5,536		4,779
Steel Manufacturing	2,277		1,370		5,639		3,225
Corporate & Other	6		(1,929)		(2,893)		(6,042)
Total operating income	$	8,003	$	1,131	$	10,857	$	3,834
Depreciation and amortization
Retail-Entertainment	$	250	$	208	$	755	$	700
Retail-Flooring	1,316		1,304		3,951		3,931
Flooring Manufacturing	943		1,036		2,814		3,148
Steel Manufacturing	2,033		1,796		5,827		5,040
Corporate & Other	4		5		15		13
Total depreciation and amortization	$	4,546	$	4,349	$	13,362	$	12,832
Interest expense
Retail-Entertainment	$	—	$	41	$	39	$	278
Retail-Flooring	901		1,277		3,354		3,751
Flooring Manufacturing	1,092		1,126		3,336		3,126
Steel Manufacturing	1,429		1,577		4,200		4,756
Corporate & Other	432		212		1,020		652
Total interest expense	$	3,854	$	4,233	$	11,949	$	12,563
Net income (loss) before provision for income taxes
Retail-Entertainment	$	2,323	$	1,327	$	8,700	$	6,282
Retail-Flooring	(209)		(3,223)		14,843		(9,338)
Flooring Manufacturing	2,926		635		1,833		1,297
Steel Manufacturing	2,056		(1,105)		5,186		(3,180)
Corporate & Other	359		(1,457)		(1,431)		(4,288)
Total net income (loss) before provision for income taxes	$	7,455	$	(3,823)	$	29,131	$	(9,227)

•The Retail–Flooring segment, which includes Flooring Liquidators, operates 25 warehouse-format stores and a design center across four states. It serves as a leading retailer and installer of flooring, carpeting, and countertops for consumers, builders, and contractors in California and Nevada.

~~Note~~•The ~~19: Subsequent~~Flooring ~~Events~~Manufacturing segment, which includes Marquis, is a vertically integrated manufacturer and distributor of carpet and hard surface flooring products, serving residential, niche commercial, and hospitality end markets.

•The Steel Manufacturing segment includes:

•Precision Marshall, which supplies over 500 steel distributors with Deluxe Alloy Plate, Deluxe Tool Steel Plate, Precision Ground Flat Stock, and Drill Rod.

•Kinetic, a recognized brand in industrial knives and hardened wear products for the tissue, metals, and wood industries, offering in-house grinding, machining, and heat-treating capabilities.

•PMW, which provides metal forming, assembly, and finishing solutions across industries such as appliance, automotive, hardware, electrical, electronics, and medical devices.

•Central Steel, which manufactures specialized fabricated metal products primarily for data centers, including cable racks, auxiliary framing, hardware, insulation products, and network bays.

This segmentation aligns with the internal reporting structure used by the CODM to evaluate performance and guide strategic decision-making. The CODM does not review any measures of significant segment expenses beyond those reflected in the tables below (in $000’s):


Three Months Ended December 31, 2025	Retail-Entertainment			Retail-Flooring		Flooring Manufacturing			Steel Manufacturing		Total Reportable Segments		Corporate and Other		Intercompany Eliminations		Total
Revenue		$	23,621	$	25,327		$	28,861	$	31,862	$	109,671	$	7	$	(1,134)	$	108,544
Cost of revenue		10,048		17,301			21,636		25,514		74,499		5		(1,313)		73,191
Gross profit		13,573		8,026			7,225		6,348		35,172		2		179		35,353
Gross profit percentage		57.5%		31.7%			25.0%		19.9%		32.1%		—%		—%		32.6%
Operating expenses:
General and administrative expenses		8,732		11,483			1,383		4,597		26,195		1,168		479		27,842
Sales and marketing expenses		175		231			3,517		131		4,054		6		—		4,060
Total operating expenses		8,907		11,714			4,900		4,728		30,249		1,174		479		31,902
Operating income (loss)		4,666		(3,688)			2,325		1,620		4,923		(1,172)		(300)		$	3,451
Other income (expense):
Interest expense, net		11		(904)			(938)		(1,229)		(3,060)		(501)		—		(3,561)
Other income (expense), net		22		38			9		(53)		16		5		—		21
Total income (expense), net		33		(866)			(929)		(1,282)		(3,044)		(496)		—		(3,540)
Income (loss) before income taxes		$	4,699	$	(4,554)		$	1,396	$	338	$	1,879	$	(1,668)	$	(300)	$	(89)

Adjusted EBITDA		Retail-Entertainment		Retail-Flooring			Flooring Manufacturing		Steel Manufacturing		Total Reportable Segments		Corporate and Other		Intercompany Eliminations		Total
Income (loss) before income taxes		$	4,699	$	(4,554)		$	1,396	$	338	$	1,879	$	(1,668)	$	(300)	$	(89)
Interest expense, net		(11)		904			938		1,229		3,060		501		—		3,561
Depreciation and amortization		279		1,299			941		1,403		3,922		4		—		3,926

Other adjustments		—		50			—		344		394		—		—		394
Adjusted EBITDA		$	4,967	$	(2,301)		$	3,275	$	3,314	$	9,255	$	(1,163)	$	(300)	$	7,792

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Three Months Ended December 31, 2024	Retail-Entertainment			Retail-Flooring		Flooring Manufacturing			Steel Manufacturing		Total Reportable Segments		Corporate and Other		Intercompany Eliminations		Total
Revenue		$	21,274	$	31,747		$	29,168	$	33,287	$	115,476	$	56	$	(4,024)	$	111,508
Cost of revenue		9,230		19,944			22,913		27,310		79,397		5		(3,256)		76,146
Gross profit		12,044		11,803			6,255		5,977		36,079		51		(768)		35,362
Gross profit percentage		56.6%		37.2%			21.4%		18.0%		31.2%		—%		—%		31.7%
Operating expenses:
General and administrative expenses		8,480		13,709			1,634		4,646		28,469		1,602		—		30,071
Sales and marketing expenses		157		267			3,970		129		4,523		6		—		4,529
Total operating expenses		8,637		13,976			5,604		4,775		32,992		1,608		—		34,600
Operating income (loss)		3,407		(2,173)			651		1,202		3,087		(1,557)		(768)		$	762
Other income (expense):
Interest expense, net		(39)		(1,320)			(1,115)		(1,457)		(3,931)		(231)		—		(4,162)
Other income, net		150		26			47		3,532		3,755		218		—		3,973
Total income (expense), net		111		(1,294)			(1,068)		2,075		(176)		(13)		—		(189)
Income (loss) before income taxes		$	3,518	$	(3,467)		$	(417)	$	3,277	$	2,911	$	(1,570)	$	(768)	$	573

Adjusted EBITDA		Retail-Entertainment		Retail-Flooring			Flooring Manufacturing		Steel Manufacturing		Total Reportable Segments		Corporate and Other		Intercompany Eliminations		Total
Income (loss) before income taxes		$	3,518	$	(3,467)		$	(417)	$	3,277	$	2,911	$	(1,570)	$	(768)	$	573
Interest expense, net		39		1,320			1,115		1,457		3,931		231		—		4,162
Depreciation and amortization		253		1,314			935		1,909		4,411		5		(1)		4,415

Other adjustments		—		50			—		(3,456)		(3,406)		—		—		(3,406)
Adjusted EBITDA		$	3,810	$	(783)		$	1,633	$	3,187	$	7,847	$	(1,334)	$	(769)	$	5,744

Note 18: Subsequent Events

The Company has evaluated subsequent events through the filing of this Form 10-Q, and determined that there have been no events that have occurred that would require adjustments to disclosures in its condensed consolidated financial statements.

3024

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

For a description of our significant accounting policies and an understanding of the significant factors that influenced our performance during the three ~~and nine~~ months ended ~~June~~December 3031, 2025, this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” (hereafter referred to as “MD&A”) should be read in conjunction with the condensed consolidated financial statements, including the related notes, appearing in Part I, Item 1 of this Quarterly Report on Form 10-Q, as well as our Annual Report on Form 10-K for the fiscal year ended September 30, ~~2024~~2025 (the “~~2024~~2025 Form 10-K”).

Note about Forward-Looking Statements

This Quarterly Report on Form 10-Q includes statements that constitute “forward-looking statements.” These forward-looking statements are often characterized by the terms “may,” “believes,” “projects,” “intends,” “plans,” “expects,” or “anticipates,” and do not reflect historical facts.

Specific forward-looking statements contained in this portion of the Quarterly Report include, but are not limited to: (i) statements that are based on current projections and expectations about the markets in which we operate, (ii) statements about current projections and expectations of general economic conditions, (iii) statements about specific industry projections and expectations of economic activity, (iv) statements relating to our future operations, prospects, results, and performance, (v) statements that the cash on hand and additional cash generated from operations together with potential sources of cash through issuance of debt or equity will provide the Company with sufficient liquidity for the next 12 months, and (vi) statements that the outcome of pending legal proceedings will not have a material adverse effect on business, financial position and results of operations, cash flow or liquidity.

Forward-looking statements involve risks, uncertainties, and other factors, which may cause our actual results, performance, or achievements to be materially different from those expressed or implied by such forward-looking statements. Factors and risks that could affect our results, future performance and capital requirements and cause them to materially differ from those contained in the forward-looking statements include those identified in our ~~2024~~2025 Form 10-K under Item 1A “Risk Factors” and Part II, Item 1A. "Risk Factors" below, as well as other factors that we are currently unable to identify or quantify, but that may exist in the future.

In addition, the foregoing factors may generally affect our business, results of operations, and financial position. Forward-looking statements speak only as of the date the statements were made. We do not undertake and specifically decline any obligation to update any forward-looking statements except as required by federal securities laws. Any information contained on our website www.liveventures.com or any other websites referenced in this Quarterly Report are not incorporated into and should not be deemed a part of this Quarterly Report.

Our Company

Live Ventures Incorporated is a holding company of diversified businesses, which, together with our subsidiaries, we refer to as the “Company”, “Live Ventures”, “we”, “us” or “our”. We acquire and operate companies in various industries that have historically demonstrated a strong history of earnings power. We currently have five segments to our business: Retail-Entertainment, Retail-Flooring, Flooring Manufacturing, Steel Manufacturing, and Corporate and Other.

Under the Live Ventures brand, we seek opportunities to acquire profitable and well-managed companies. We work closely with consultants who help us identify target companies that fit within the criteria we have established for opportunities that will provide synergies with our businesses.

Our principal offices are located at ~~325~~8548 E.Rozita ~~Warm~~Lee ~~Springs Road~~Ave., Suite ~~102~~305, Las Vegas, Nevada ~~89119~~89113, our telephone number is (702) 939-0231, and our corporate website (which does not form part of this Quarterly Report on Form 10-Q) is located at www.liveventures.com. Our common stock trades on the Nasdaq Capital Market under the symbol “LIVE”.

Retail-Entertainment Segment

Our Retail-Entertainment Segment is composed of Vintage Stock, Inc., doing business as Vintage Stock, V-Stock, Movie Trading Company and EntertainMart (collectively, “Vintage Stock”).

31Vintage Stock is an award-winning specialty entertainment retailer that offers a large selection of entertainment products, including new and pre-owned movies, video games and music products, as well as ancillary products, such as books,

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Vintage Stock is an award-winning specialty entertainment retailer that offers a large selection of entertainment products, including new and pre-owned movies, video games and music products, as well as ancillary products, such as books, comics, toys and collectibles, in a single location. With its integrated buy-sell-trade business model, Vintage Stock buys, sells and trades new and pre-owned movies, music, video games, electronics and collectibles through 7273 retail locations strategically positioned across Alabama, Arkansas, Colorado, Idaho, Illinois, Kansas, Missouri, Montana, Nebraska, New Mexico, Oklahoma, Tennessee, Texas, and Utah.

Retail-Flooring Segment

Our Retail-Flooring Segment is composed of Flooring Liquidators, Inc. (“Flooring Liquidators”).

Flooring Liquidators is a leading retailer and installer of flooring, carpeting, and countertops to consumers, builders, and contractors in California and Nevada, operating 2725 warehouse-format stores and a design center. Over the years, the company has established a strong reputation for innovation, efficiency, and service in the home renovation and improvement market. Flooring Liquidators serves retail and builder customers through two businesses: retail customers through its Flooring Liquidators retail stores, and builder and contractor customers through Elite Builder Services, Inc.

Flooring Manufacturing Segment

Our Flooring Manufacturing segment is comprised of Marquis Industries, Inc. (“Marquis”).

Marquis is a leading carpet manufacturer and distributor of carpet and hard-surface flooring products. Over the last decade, Marquis has been an innovator and leader in the value-oriented polyester carpet sector, which is currently the market’s fastest-growing fiber category. Marquis focuses on the residential, niche commercial, and hospitality end-markets and serves thousands of customers.

Since commencing operations in 1995, Marquis has built a strong reputation for outstanding value, styling, and customer service. Its innovation has yielded products and technologies that differentiate its brands in the flooring marketplace. Marquis’s state-of-the-art operations enable high quality products, unique customization, and ~~exceptionally~~ short lead-times. Furthermore, the Company has recently invested in additional capacity to grow several attractive lines of business, including printed carpet and yarn extrusion.

Steel Manufacturing Segment

Our Steel Manufacturing segment is comprised of Precision Metal Works, Inc. (“PMW”), Precision Industries, Inc. (“Precision Marshall”), and its wholly-owned ~~subsidiary~~subsidiaries The Kinetic Co., Inc. (“Kinetic”), ~~Precision Metal Works, Inc. (“PMW”),~~ and Central Steel Fabricators, LLC. ("Central Steel").

Precision Marshall is the North American leader in providing and manufacturing, pre-finished de-carb free tool and die steel. For over 75 years, Precision Marshall has served steel distributors through quick and accurate service. Precision Marshall has led the industry with exemplary availability and value-added processing that saves distributors time and processing costs.

~~Founded in 1948,~~ Precision Marshall ~~“The~~is ~~Deluxe~~the ~~Company”~~North ~~has~~American ~~built~~leader ain ~~reputation~~providing ofand ~~high~~manufacturing ~~integrity,~~pre-finished ~~speed~~de-carb offree ~~service~~tool and ~~doing~~die ~~things~~steel. ~~the~~For ~~“Deluxe~~over ~~Way”.~~75 ~~The~~years, ~~term~~Precision ~~Deluxe~~Marshall ~~refers~~has toserved ~~all~~steel ~~aspects~~distributors ofthrough ~~the~~quick ~~product~~ and ~~customer~~accurate service. toPrecision beMarshall ~~head~~has ~~and~~led ~~shoulders above~~ the ~~rest.~~industry ~~From~~with ~~order~~exemplary ~~entry~~availability ~~to packaging~~ and ~~delivery,~~value-added ~~Precision~~processing ~~Marshall~~that ~~makes~~saves itdistributors ~~easy~~time ~~to do business~~ and ~~backs~~processing ~~all products and service with a guarantee~~costs.

Founded in 1948, Precision Marshall “The Deluxe Company” has built a reputation of high integrity, speed of service, and doing things the “Deluxe Way”. The term Deluxe refers to all aspects of the product and customer service to be head and shoulders above the rest. From order entry to packaging and delivery, Precision Marshall makes it easy to do business and backs all products and service with a guarantee.

Precision Marshall provides four key products to over 500 steel distributors in four product categories: Deluxe Alloy Plate, Deluxe Tool Steel Plate, Precision Ground Flat Stock, and Drill Rod. With over 5,000 distinct size grade combinations in stock every day, Precision Marshall arms tool steel distributors with deep inventory availability and same day shipment to their place of business or often ships direct to their customer saving time and handling.

On June 28, 2022, Precision Marshall acquired Kinetic. Kinetic is a highly recognizable and regarded brand name in the production of industrial knives and hardened wear products for the tissue, metals, and wood industries and is known as a one-stop shop for in-house grinding, machining, and heat-treating. Kinetic is headquartered in Greendale, Wisconsin. Kinetic manufactures more than 90 types of knives and numerous associated parts with modifications and customizations available to each. Kinetic employs approximately 100 non-union employees.

On July 20, 2023, we acquired PMW. Founded nearly 76 years ago in 1947 in Louisville, Kentucky, PMW manufactures and supplies highly engineered parts and components across 400,000 square feet of manufacturing space. PMW offers 26

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On July 20, 2023, Live acquired PMW. Founded in 1947 in Louisville, Kentucky, PMW manufactures and supplies highly engineered parts and components across 400,000 square feet of manufacturing space. PMW offers world-class metal forming, assembly, and finishing solutions across diverse industries, including appliance, automotive, hardware, electrical, electronic, medical products, and devices.

On May 17, 2024, Precision Marshall acquired Central Steel. Founded in 1969 in Chicago, Illinois, Central Steel is a manufacturer of specialized fabricated metal products. Central Steel offers over 2,300 unique products to more than 500 customers. Its extensive product line, primarily for data centers, includes cable racks, auxiliary framing, hardware, insulation products, and network bays.

Corporate and Other Segment

Our Corporate and Other segment consists of certain corporate general and administrative costs, and operations of certain legacy products and service offerings for which we are no longer accepting new customers.

Intercompany Eliminations

Intercompany eliminations include the elimination of intercompany sales, cost of goods sold, profit in inventory, and intercompany accounts payable and receivable in consolidation. Segment results are presented before these eliminations.

Critical Accounting Policies

Our unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP"”). Preparation of these statements requires us to make judgments and estimates. Some accounting policies have a significant and material impact on amounts reported in these financial statements. Estimates and assumptions are based on management's experience and other information available prior to the issuance of our financial statements. Our actual realized results may differ materially from management’s initial estimates as reported. Our critical and significant accounting policies include Trade ~~and Other~~ Receivables, Inventories, Goodwill, Revenue Recognition, Fair Value Measurements, and Income Taxes. For a summary of our significant accounting policies and the means by which we develop estimates thereon, see Part II, Item 8 – Financial ~~Statements~~Statement –and ~~Notes~~Supplementary toData ~~unaudited~~- ~~condensed~~Notes ~~consolidated~~to ~~financial~~Consolidated ~~statements~~Financial Statements Note 2 – ~~summary~~Summary of ~~significant~~Significant ~~accounting~~Accounting ~~policies~~Policies in our ~~2024~~2025 Form 10-K.

Adjusted EBITDA

We evaluate the performance of our operations based on financial measures such as “Adjusted EBITDA”, which is a non-U.S. GAAP financial measure. We define Adjusted EBITDA as net income (loss) before interest expense, interest income, income taxes, depreciation, amortization, stock-based compensation, and other non-cash or nonrecurring charges. We believe that Adjusted EBITDA is an important indicator of the operational strength and performance of the business, including the business’ ability to fund acquisitions and other capital expenditures, and to service its debt. Additionally, this measure is used by management to evaluate operating results and perform analytical comparisons and identify strategies to improve performance. Adjusted EBITDA is also a measure that is customarily used by financial analysts to evaluate a company's financial performance, subject to certain adjustments. Adjusted EBITDA does not represent cash flows from operations, as defined by U.S. GAAP, and should not be construed as an alternative to net income or loss and is ~~not~~ indicative neither of our results of operations, ornor of cash flows available to fund all our cash needs. It is, however, a measurement that the Company believes is useful to investors in analyzing its operating performance. Accordingly, Adjusted EBITDA should be considered in addition to, but not as a substitute for, net income, cash flow provided by operating activities, and other measures of financial performance prepared in accordance with U.S. GAAP. As companies often define non-U.S. GAAP financial measures differently, Adjusted EBITDA, as calculated by the Company, should not be compared to any similarly titled measures reported by other companies.

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Results of Operations Three Months Ended ~~June~~December 3031, 2025 and 2024 (In $000’s)

The following table sets forth certain statement of income items and as a percentage of revenue, for the three months ended ~~June~~December 3031, 2025 and 2024 (in $000’s):

	Three Months EndedJune 30, 2025					Three Months EndedJune 30, 2024
	Three Months EndedDecember 31, 2025					Three Months EndedDecember 31, 2024
				% of TotalRevenue					% of TotalRevenue
Selected Data
Revenue	$	~~112~~108,~~530~~544				$	~~123~~111,~~878~~508
Gross profit	38,287			34.0	%	37,045			29.9	%
Gross Profit	35,353			32.6	%	35,362			31.7	%
General and administrative expenses	2627,~~275~~842			2325.37	%	30,~~062~~071			2427.30	%
Sales and marketing expenses	4,~~009~~060			3.67	%	54,~~852~~529			4.71	%
Interest expense, net	3,~~854~~561			3.43	%	4,~~233~~162			3.47	%
Income (loss) before provision for income taxes	7,455			6.6	%	(3,823)			(3.1	%)
(Loss) income before provision for income taxes	(89)			(0.1	%)	573			0.5	%
Provision for (benefit from) income taxes	2,067			1.8	%	(968)			(0.8	%)
(Benefit) provision for income taxes	(25)			—	%	81			0.1	%
Net income (loss)	$	5,388		4.8	%	$	(2,855)		(2.3	%)
Net (loss) income	$	(64)		(0.1	%)	$	492		0.4	%
Adjusted EBITDA (a)
Retail-Entertainment	$	24,~~573~~967				$	13,~~575~~810
Retail-Flooring	~~590~~(2,301)					(~~258~~783)
Flooring Manufacturing	43,~~960~~275					21,~~797~~633
Steel Manufacturing	43,~~271~~314					3,~~102~~187
Corporate & Other	~~794~~(1,163)					(1,~~093~~334)
Total Adjusted EBITDA	$	13,188				$	6,123
Intercompany Eliminations	(300)					(769)
Total Adjusted EBITDA	$	7,792				$	5,744
Adjusted EBITDA as a percentage of revenue
Retail-Entertainment	1321.50		%			917.59		%
Retail-Flooring	1.(9.1		%)			(02.75		%)
Flooring Manufacturing	1611.83		%			85.96		%
Steel Manufacturing	1210.74		%			7.9.6		%
Corporate & Other	N/A					N/A
Consolidated adjusted EBITDA as a percentage of revenue	11.7		%			4.9		%
Intercompany Eliminations	N/A					N/A
Consolidated adjusted EBITDA as a percentage of revenue	7.2		%			5.2		%

(a)See reconciliation of net income to Adjusted EBITDA below.

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The following table sets forth revenue by segment (in $000’'s):

	For the Three Months Ended June 30, 2025				For the Three Months Ended June 30, 2024
	For the Three Months Ended December 31, 2025				For the Three Months Ended December 31, 2024
	NetRevenue		% ofTotalRevenue		NetRevenue		% ofTotalRevenue
Revenue
Retail-Entertainment	$	1923,~~017~~621	1621.98	%	$	1621,~~503~~274	1319.31	%
Retail-Flooring	3025,~~373~~327		2723.03	%	3631,~~981~~747		2928.95	%
Flooring Manufacturing	2928,~~487~~861		26.26	%	3129,~~264~~168		2526.2	%
Steel Manufacturing	3331,~~645~~862		29.93	%	3933,~~047~~287		3129.59	%
Corporate & Other	87		—	%	8356		0.1	%
Total Revenue	$	112,530	100.0	%	$	123,878	100.0	%
Intercompany Eliminations	(1,134)		(1.0	%)	(4,024)		(3.6	%)
Total Revenue	$	108,544	100.0	%	$	111,508	100.0	%

The following table sets forth gross profit earned by segment and gross profit as a percentage of total revenue for each segment (in $000’'s):

	For the Three Months Ended June 30, 2025				For the Three Months Ended June 30, 2024
	For the Three Months Ended December 31, 2025				For the Three Months Ended December 31, 2024
	GrossProfit		GrossProfit % of Total Revenue		GrossProfit		GrossProfit % of Total Revenue
Gross Profit
Retail-Entertainment	$	1013,~~926~~573	912.75	%	$	912,~~552~~044	710.78	%
Retail-Flooring	108,~~768~~026		97.64	%	1311,~~525~~803		10.96	%
Flooring Manufacturing	87,~~816~~225		76.87	%	76,~~731~~255		65.26	%
Steel Manufacturing	76,~~772~~348		65.98	%	65,~~161~~977		5.04	%
Corporate & Other	52		—	%	7651		~~0.1~~—	%
Total Gross Profit	$	38,287	34.0	%	$	37,045	29.9	%
Intercompany Eliminations	$	179	0.2	%	$	(768)	(0.7	%)
Total Gross Profit	$	35,353	32.6	%	$	35,362	31.7	%

Revenue

Revenue decreased approximately $~~11.~~3.0 million, or 9.2.7%, to approximately $~~112~~108.5 million for the ~~quarter~~three months ended ~~June~~December 3031, 2025, compared to revenue of approximately $~~123~~111.95 million infor the ~~prior-year~~three ~~period~~months ended December 31, 2024. The decrease is primarily ~~attributable~~reflects toan approximately $7.1 million decline in the Retail-Flooring and Steel Manufacturing segments, ~~which~~partially ~~decreased~~offset by an approximately $124.01 million aggregate increase in the Retail-Entertainment and Flooring Manufacturing segments, net of intercompany sales eliminations.

Gross Profit

Gross profit was 34approximately $35.0%4 million for the three months ended ~~June~~December 3031, 2025, asessentially unchanged compared to ~~29.9% for~~ the three months ended ~~June~~December 3031, 2024. ~~The~~However, ~~increase~~gross ~~was~~margin ~~primarily~~increased ~~driven~~ by ~~higher~~90 ~~margins~~basis inpoints ~~our~~to ~~Steel Manufacturing segment~~32.6%, ~~reflecting~~as ~~improved~~compared ~~efficiencies~~to ~~and~~31.7% in the ~~May~~prior-year ~~2024~~period. ~~acquisition~~The ofgross ~~Central~~margin ~~Steel,~~improvement ~~which~~was ~~has~~attributable ~~historically~~to ~~generated~~higher ~~stronger~~ margins. ~~Additionally,~~in ~~our~~the Flooring Manufacturing segment ~~contributed~~due to ~~the~~improved ~~increase~~efficiencies ~~through~~and a favorable product mix, improved efficiencies in the Steel Manufacturing segment, and a ~~more~~ favorable product mix in the Retail Entertainment segment, partially offset by lower gross margins in the Retail-Flooring segment.

General and Administrative Expense

General and Administrative expenses decreased by 127.64% to approximately $2627.38 million for the three months ended ~~June~~December 3031, 2025, as compared to the three months ended ~~June~~December 3031, 2024. The decrease iswas driven primarily ~~due~~by ~~to targeted cost reduction initiatives in our Retail-Flooring segment.~~

~~Sales and Marketing Expense~~29

Sales and marketing expense decreased by 31.5% to approximately $4.0 million for the three months ended June 30, 2025, as compared to the three months ended June 30, 2024, primarily due to reduced sales and marketing activities in our Retail-Flooring and Flooring Manufacturing segments.

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~~Interest~~targeted ~~Expense~~cost‑reduction initiatives in our Retail‑Flooring segment, ~~net~~including lower compensation expense and reduced professional fees.

Interest expense, net, decreased by approximately 9.0% to approximately $3.9 million for the three months ended June 30, 2025, as compared to the three months ended June 30, 2024 due to lower average debt balances.

Results of Operations Nine Months Ended June 30, 2025 and 2024

The following table sets forth certain statement of income items and as a percentage of revenue, for the nine months ended June 30, 2025 and 2024 (in $000’s):

	For the Nine Months Ended June 30, 2025					For the Nine Months Ended June 30, 2024
				% of TotalRevenue					% of TotalRevenue
Statement of Income Data:
Revenue	$	331,051				$	360,097
Gross profit	108,797			32.9	%	108,839			30.2	%
General and administrative expenses	84,667			25.6	%	87,565			24.3	%
Sales and marketing expenses	13,273			4.0	%	17,440			4.8	%
Interest expense, net	11,949			3.6	%	12,563			3.5	%
Income (loss) before provision for income taxes	29,131			8.8	%	(9,227)			(2.6	%)
Provision for (benefit from) income taxes	7,385			2.2	%	(2,409)			(0.7	%)
Net income (loss)	$	21,746		6.6	%	$	(6,818)		(1.9	%)
Adjusted EBITDA (a)
Retail-Entertainment	$	9,139				$	7,441
Retail-Flooring	(2,159)					(803)
Flooring Manufacturing	7,983					7,571
Steel Manufacturing	10,814					8,235
Corporate & Other	(398)					(3,169)
Total Adjusted EBITDA	$	25,379				$	19,275
Adjusted EBITDA as a percentage of revenue
Retail-Entertainment	15.6		%			13.8		%
Retail-Flooring	(2.4		%)			(0.8		%)
Flooring Manufacturing	9.4		%			8.0		%
Steel Manufacturing	11.1		%			7.6		%
Corporate & Other	N/A					N/A
Consolidated adjusted EBITDA as a percentage of revenue	7.7		%			5.4		%

(a)See reconciliation of net income to Adjusted EBITDA below.

The following table sets forth revenue by segment (in $000’s):

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	For the Nine Months Ended June 30, 2025				For the Nine Months Ended June 30, 2024
	NetRevenue		% ofTotal Revenue		NetRevenue		% of TotalRevenue
Revenue
Retail-Entertainment	$	58,758	17.7	%	$	53,930	15.0	%
Retail-Flooring	89,519		27.0	%	103,332		28.7	%
Flooring Manufacturing	85,302		25.8	%	94,689		26.3	%
Steel Manufacturing	97,402		29.4	%	107,889		30.0	%
Corporate & other	70		—	%	257		0.1	%
Total Revenue	$	331,051	100.0	%	$	360,097	100.0	%

The following table sets forth gross profit earned by segment and gross profit as a percentage of total revenue for each segment (in $000’s):

	For the Nine Months Ended June 30, 2025					For the Nine Months Ended June 30, 2024
	GrossProfit		GrossProfit % of Total Revenue			GrossProfit		GrossProfit % of Total Revenue
Gross Profit
Retail-Entertainment	$	33,877	10.2	%		$	30,916	8.6	%
Retail-Flooring	31,986		9.7	%		38,259		10.6	%
Flooring Manufacturing	22,532		6.8	%		22,913		6.4	%
Steel Manufacturing	20,342		6.1	%		16,513		4.6	%
Corporate & other	60		—	%		238		0.1	%
Total Gross Profit	$	108,797	32.9	%	0.328641206339809	$	108,839	30.2	%

Revenue

Revenue decreased approximately $29.0 million, or 8.1%, to approximately $331.1 million for the nine months ended June 30, 2025, compared to revenue of approximately $360.1 million in the prior-year period. The decrease is attributable to the Flooring Manufacturing, Retail-Flooring, and Steel Manufacturing segments, which decreased by approximately $33.7 million in the aggregate, partially offset by an increase of approximately $4.8 million in the Retail-Entertainment segment.

Gross Profit

Gross profit was 32.9% for nine months ended June 30, 2025 as compared to 30.2% for the nine months ended June 30, 2024. The increase was primarily attributable to increased margins in our Steel Manufacturing segment primarily due to improved efficiencies, as well as the acquisition of Central Steel during May 2024, which has historically generated higher margins.

General and Administrative Expense

General and Administrative expenses decreased by 3.3% to approximately $84.7 million for the nine months ended June 30, 2025 and 2024, respectively. The decrease is primarily due to targeted cost reduction initiatives in our Retail-Flooring segment.

Sales and Marketing Expense

Sales and marketing expense decreased by 2310.94% to approximately $134.31 million for the ~~nine~~three months ended ~~June 30~~December 31, 2025, as compared to the ~~nine~~three months ended ~~June 30~~December 31, 2024, primarily due to reduced sales and marketing activities in our ~~Retail-~~Flooring ~~and Flooring~~ Manufacturing ~~segments~~segment.

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Interest Expense, net

Interest expense, net, decreased by approximately ~~4.9% to approximately~~ $110.96 million for the ~~nine~~three months ended ~~June 30~~December 31, 2025 ~~and~~as ~~2024,~~compared ~~respectively~~to the three months ended December 31, 2024 due to lower average debt balances.

Results of Operations by Segment for the Three Months Ended ~~June~~December 3031, 2025 and 2024

For the Three Months Ended June 30, 2025

For the Three Months Ended June 30, 2024

For the Three Months Ended December 31, 2025

For the Three Months Ended December 31, 2024

Retail-Entertainment

Retail-Flooring

FlooringManufacturing

SteelManufacturing

Corporate& Other

~~Total~~I/C Eliminations

~~Retail-Entertainment~~Total

Retail-~~Flooring~~Entertainment

~~FlooringManufacturing~~Retail-Flooring

~~SteelManufacturing~~FlooringManufacturing

~~Corporate& Other~~SteelManufacturing

~~Total~~Corporate& Other

I/C Eliminations

Total

Revenue

1923,~~017~~621

3025,~~373~~327

2928,~~487~~861

3331,~~645~~862

~~112~~(1,~~530~~134)

16108,~~503~~544

3621,~~981~~274

31,~~264~~747

3929,~~047~~168

8333,287

~~123,878~~56

(4,024)

111,508

Cost of Revenue

810,~~091~~048

1917,~~605~~301

2021,~~671~~636

25,~~873~~514

74(1,~~243~~313)

673,~~951~~191

239,~~456~~230

2319,~~533~~944

3222,~~886~~913

727,310

~~86,833~~5

(3,256)

76,146

Gross Profit

1013,~~926~~573

108,~~768~~026

87,~~816~~225

76,~~772~~348

~~38,287~~179

935,~~552~~353

1312,~~525~~044

711,~~731~~803

6,~~161~~255

765,977

~~37,045~~51

(768)

35,362

General and Administrative Expense

8,~~444~~732

11,~~533~~483

~~964~~1,383

54,~~342~~597

~~(8)~~1,168

~~26,275~~479

827,~~043~~842

138,~~760~~480

113,~~662~~709

41,~~596~~634

24,~~001~~646

301,~~062~~602

—

30,071

Selling and Marketing Expense

~~164~~175

~~(32)~~231

3,~~717~~517

~~153~~131

~~4,009~~—

~~177~~4,060

~~1,263~~157

~~4,213~~267

~~195~~3,970

4129

~~5,852~~6

—

4,529

Operating Income (Loss)

24,~~318~~666

(~~733~~3,688)

42,~~135~~325

21,~~277~~620

6(1,172)

~~8,003~~(300)

13,~~332~~451

(13,~~498)~~407

1(2,~~856~~173)

~~1,370~~651

(1,~~929)~~202

(1,~~131~~557)

(768)

762

Retail-Entertainment Segment

The Retail-Entertainment segment revenue for the quarter ended ~~June~~December 3031, 2025, was approximately $1923.06 million, an increase of approximately $2.53 million, or 1511.20%, compared to approximately $1621.53 million in the prior-year period. ~~Revenue~~The ~~increased~~revenue ~~primarily~~growth ~~due~~was todriven ~~changes~~by instrong ~~product~~consumer ~~mix~~demand ~~toward~~across ~~new~~all ~~products,~~product ~~which typically have higher selling prices~~lines. ~~The~~Gross ~~increase~~margin infor the ~~sales~~quarter ofincreased ~~new products with lower margins contributed~~ to ~~a slight decrease in gross margin to~~ 57.5% ~~for the quarter ended June 30~~, ~~2025,~~ compared to 5756.96% ~~for~~in the prior-year period, reflecting a shift in sales mix toward higher‑margin product lines. Operating income for the quarter ended ~~June~~December 3031, 2025, was approximately $24.37 million, compared to approximately $1.3.4 million in the prior-year period. Strong revenue growth and disciplined management of general and administrative expenses have driven the continued improvement in operating results.

Retail-Flooring Segment

~~The~~ Retail- Flooring segment revenue for the quarter ended ~~June~~December 3031, 2025, was approximately $3025.43 million, representing a decrease of approximately $6.64 million, or 1720.92%, compared to approximately $3731.07 million in the prior-year period. The decrease in revenue ~~was~~is primarily ~~attributable~~due to changes in store locations from the ~~disposition~~prior-year ofperiod, ~~certain~~including ~~Johnson~~two ~~stores~~store closures and three new store openings late in ~~May~~the ~~2024~~fiscal first quarter of 2026 that had not yet materially contributed to revenue, as well as ~~decreased~~continued ~~demand~~softness ~~due~~in tothe ~~broader~~housing ~~economic conditions~~market. Gross margin for the quarter ~~ended June 30, 2025,~~ was 3531.57%, compared to 3637.62% ~~for~~in the prior-year period. The decrease in gross margin ~~was~~is primarily ~~driven~~due byto a ~~change~~greater inmix of aged inventory sold during the seasonally slower period and a less favorable overall product mix. Operating loss for the quarter ended ~~June~~December 3031, 2025, was approximately $03.7 million, compared to an operating loss of approximately $12.52 million in the prior-year period. The ~~decrease~~increased ~~in operating~~ loss iswas ~~attributable~~driven tomainly by lower ~~general~~revenue and ~~administrative~~gross ~~expenses~~margin, ~~and~~partially ~~sales~~offset ~~and~~by ~~marketing~~reduced operating expenses asresulting afrom ~~result~~cost-reduction ofinitiatives ~~targeted~~implemented ~~cost~~in ~~reduction~~fiscal ~~initiatives.~~year 2025.

Flooring Manufacturing Segment

The Flooring Manufacturing segment revenue for the quarter ended ~~June~~December 3031, 2025, was approximately $2928.59 million, a decrease of approximately $10.83 million, or 51.71%, compared to approximately $3129.32 million in the prior-year period. The decrease in revenue was primarily due to ~~reduced~~lower ~~consumer~~sales ~~demand,~~to ~~as a result of~~ the ~~ongoing~~Retail-Flooring ~~weakness~~segment. inNet ~~the~~of ~~housing~~intercompany ~~market~~sales ~~and~~eliminations, ~~uncertainty~~revenue ~~about~~increased ~~the~~approximately ~~current economic outlook~~$2.0 ~~Gross~~million ~~margin was 29.9% for the quarter ended June 30, 2025,~~ compared to ~~24.7% for~~ the prior-year period. ~~The~~Gross ~~increase in gross~~ margin ~~was primarily due to changes in product mix. Operating income~~ for the quarter ~~ended~~increased ~~June~~to ~~30, 2025, was approximately $4~~25.~~1 million~~0%, compared to ~~approximately $1~~21.94% ~~million~~for in the prior-year period. The ~~improvement~~increase in ~~operating~~gross ~~income~~margin is ~~attributable~~primarily due to ~~lower~~a ~~general~~change ~~and administrative expenses and sales and marketing expenses. .~~

~~Steel Manufacturing Segment~~30

The Steel Manufacturing segment revenue for the quarter ended June 30, 2025, was approximately $33.6 million, a decrease of approximately $5.4 million, or 13.8%, compared to approximately $39.0 million in the prior-year period. The decline was primarily driven by lower sales volumes at certain business units, partially offset by incremental revenue of $5.0 million at Central Steel Fabricators, LLC (“Central Steel”), which was acquired in May 2024. Gross margin was 23.1% for the quarter ended June 30, 2025, compared to 15.8% for the prior-year period. The increase in gross margin was primarily due to strategic price increases as well as the acquisition of Central Steel, which has historically generated higher margins. Operating income for the quarter ended June 30, 2025, was approximately $2.3 million, compared to approximately $1.4 million in the prior-year period.

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~~Corporate~~in product mix toward carpet, which typically has higher gross margins, combined with improved operational efficiencies. Operating income for the quarter ended December 31, 2025, was approximately $2.3 million, compared to an operating income of approximately $0.7 million for the prior-year period. The increase in operating income was primarily due to improved gross margins and ~~Other~~lower ~~Segment~~operating expenses resulting from cost-reduction initiatives.

The Corporate and Other segment operating income for the quarter ended June 30, 2025, was approximately $6,000 compared to an operating loss of $1.9 million in the prior-year period. The change in operating income is due to the reallocation of certain costs from the Corporate holding company level to the segment level, along with a reduction in expenses as compared to the prior-year period.

Results of Operations by Segment for the Nine Months Ended June 30, 2025 and 2024

	For the Nine Months Ended June 30, 2025												For the Nine Months Ended June 30, 2024
	Retail-Entertainment		Retail-Flooring		FlooringManufacturing		SteelManufacturing		Corporate& Other		Total		Retail-Entertainment		Retail-Flooring		FlooringManufacturing		SteelManufacturing		Corporate& Other		Total
Revenue	$	58,758	$	89,519	$	85,302	$	97,402	$	70	$	331,051	$	53,930	$	103,332	$	94,689	$	107,889	$	257	$	360,097
Cost of Revenue	24,881		57,533		62,770		77,060		10		222,254		23,014		65,073		71,776		91,376		19		251,258
Gross Profit	33,877		31,986		22,532		20,342		60		108,797		30,916		38,259		22,913		16,513		238		108,839
General and Administrative Expense	25,179		37,326		4,927		14,300		2,935		84,667		24,117		39,251		5,133		12,801		6,263		87,565
Selling and Marketing Expense	475		308		12,069		403		18		13,273		494		3,441		13,001		487		17		17,440
Operating Income (Loss)	$	8,223	$	(5,648)	$	5,536	$	5,639	$	(2,893)	$	10,857	$	6,305	$	(4,433)	$	4,779	$	3,225	$	(6,042)	$	3,834

Retail-Entertainment Segment

The Retail-Entertainment segment revenue for the nine months ended June 30, 2025, was approximately $58.8 million, an increase of approximately $4.8 million, or 9.0%, compared to approximately $53.9 million in the prior-year period. Revenue increased primarily due to changes in product mix toward new products, which typically have higher selling prices. For the nine months ended June 30, 2025, there was a slight increase in gross margin to 57.7%, compared to 57.3% for the prior-year period. Operating income for the nine months ended June 30, 2025, was approximately $8.2 million, compared to approximately $6.3 million in the prior-year period.

Retail-Flooring Segment

The Retail-Flooring segment revenue for the nine months ended June 30, 2025, was approximately $89.5 million, a decrease of approximately $13.8 million, or 13.4%, compared to approximately $103.3 million in the prior-year period. The decrease was primarily attributable to the disposition of certain Johnson stores in May 2024, as well as decreased demand due to broader economic conditions. Gross margin for the nine months ended June 30, 2025, was 35.7%, compared to 37.0% for the prior-year period. The decrease in gross margin was primarily driven by a change in product mix. Operating loss for the nine months ended June 30, 2025, was approximately $5.6 million, compared to an operating loss of approximately $4.4 million for the prior-year period. The increase in operating loss was primarily due to the decrease in revenues and gross margin, partially offset by cost reduction initiatives implemented during the second quarter of fiscal 2025.

Flooring Manufacturing Segment

The Flooring Manufacturing segment revenue for the nine months ended June 30, 2025, was approximately $85.3 million, a decrease of approximately $9.4 million, or 9.9%, compared to approximately $94.7 million in the prior-year period. The decrease in revenue was primarily due to reduced consumer demand as a result of the ongoing weakness in the housing market and uncertainty about the current economic outlook. Gross margin was 26.4% for the nine months ended June 30, 2025, compared to 24.2% for the prior-year period. The increase in gross margin was primarily due to changes in product mix. Operating income for the nine months ended June 30, 2025, was approximately $5.5 million, compared to approximately $4.8 million for the prior-year period.

Steel Manufacturing Segment

The Steel Manufacturing segment revenue for the ~~nine~~quarter ~~months~~ ended ~~June~~December 3031, 2025, was approximately $9731.49 million, a decrease of approximately $101.54 million, or 94.73%, compared to approximately $~~107~~33.93 million in the prior-year period. The ~~decline~~revenue decrease was primarily driven by lower sales volumes atin ~~certain~~the ~~business~~metal ~~units~~forming, ~~partially~~assembly, ~~offset~~and byfinishing ~~incremental~~solutions ~~revenue~~business. Net of ~~$11.9~~intercompany ~~million~~sales ateliminations, ~~Central~~revenue ~~Steel,~~decreased ~~which~~approximately ~~was~~$0.7 ~~acquired~~million incompared ~~May~~to ~~2024~~the prior-year period. Gross margin was 2019.9% for the ~~nine~~quarter, ~~months~~compared to 18.0% for the prior-year period. The increase in gross margin was primarily due to strategic price increases and improved operational efficiencies. Operating income for the quarter ended ~~June~~December 3031, 2025, was approximately $1.6 million, compared to 15approximately $1.3%2 ~~for~~million in the prior-year period. The increase in ~~gross~~operating ~~margin~~income was primarily due to ~~strategic~~improved ~~price~~gross margins.

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increases, as well as the acquisition of Central Steel. Operating income for the nine months ended June 30, 2025, was approximately $5.6 million, compared to approximately $3.2 million in the prior-year period.

Corporate and Other Segment

The Corporate and Other segment operating loss was approximately $21.92 million and $61.06 million for the ~~nine~~quarters ~~months~~ ended ~~June~~December 3031, 2025, and 2024, respectively. The ~~change~~decrease in operating loss is primarily due to ~~the reallocation of certain costs from the Corporate holding company level to the segment level in the fiscal third quarter of fiscal year 2025, as well as~~ a reduction in corporate expenses, asincluding ~~compared~~compensation toand ~~the~~professional ~~prior-year period~~fees.

Intercompany Eliminations

Intercompany eliminations represent intercompany activity, including sales, cost of goods sold, and inventory profit, that is removed in consolidation. Segment results are presented prior to these eliminations.

Adjusted EBITDA Reconciliation

The following table presents a reconciliation of net income to Adjusted EBITDA for the three ~~and nine~~ months ended ~~June~~December 3031, 2025 and 2024 (in $000'’s):

	For the Three Months Ended				~~For the Nine Months Ended~~
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
	December 31, 2025		December 31, 2024
Net income (loss)	$	~~5,388~~(64)	$	~~(2,855)~~492	$	~~21,746~~	$	~~(6,818)~~
Depreciation and amortization	43,~~546~~926		4,~~349~~415		~~13,362~~		~~12,832~~
Stock-based compensation	5051		~~174~~51		~~150~~		~~274~~
Interest expense, net	3,~~854~~561		4,~~233~~162		~~11,949~~		~~12,563~~
Income tax expense (benefit)	2,067		(968)		7,385		(2,409)
Income tax (benefit) expense	(25)		81
Gain on extinguishment of debt	—		—		(713)		—
Debt issuance costs	59		—
Gain on modification of seller note	—		—		(22,784)		—
Gain on extinguishment of debt	—		(713)
Gain on settlement of earnout liability	—		—(2,840)		~~(2,840)~~		—
Gain on settlement of holdback	(1,282)		—		(1,186)		—
Other nonrecurring charges	284		96
Gain on receipt of ERC credits	(1,469)		—		(1,824)		—
Adjusted EBITDA	$	7,792	$	5,744
Acquisition costs	—		889		—		1,762
Debt acquisition costs	—		—		—		183
Disposition of Johnson	—		301		—		301
Other non-recurring charges	34		—		134		587
Adjusted EBITDA	$	13,188	$	6,123	$	25,379	$	19,275

Adjusted EBITDA ~~for~~increased ~~the~~by ~~quarter ended June 30, 2025 was~~ approximately $~~13.~~2.0 million, anor ~~increase~~35.7%, offor ~~approximately~~the ~~$7.1~~three ~~million,~~months orended ~~115.4%~~December 31, 2025, as compared to the prior year period. The increase iswas primarily due to ~~decreases~~an overall increase in operating ~~expenses~~income, ~~due~~as todiscussed ~~targeted cost reduction initiatives~~above.

Adjusted EBITDA for the nine months ended June 30, 2025 was approximately $25.4 million, an increase of approximately $6.1 million, or 31.7%, compared to the prior year period. The increase is primarily due to decreases in operating expenses due to targeted cost reduction initiatives.

Liquidity and Capital Resources

As of ~~June~~December 3031, 2025, we had total cash on hand of approximately $715.61 million and approximately $2923.56 million of available borrowing under our revolving credit facilities. As we continue to pursue acquisitions and other strategic transactions to expand and grow our business, we regularly monitor capital market conditions and may raise additional funds through borrowings or public or private sales of debt or equity securities. The amount, nature, and timing of any borrowings or sales of debt or equity securities will depend on our operating performance and other circumstances; our then-current commitments and obligations; the amount, nature and timing of our capital requirements; any limitations imposed by our current credit arrangements; and overall market conditions.

Based on our current operating plans, we believe that available cash balances, cash generated from our operating activities, and funds available under our asset-based revolver lines of credit will provide sufficient liquidity to do the following: fund 31

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~~our~~funds ~~operations;~~through ~~pay~~borrowings ~~our~~or ~~scheduled~~public ~~loan~~or ~~payments;~~private ~~ability~~sales toof ~~repurchase~~debt ~~shares~~or ~~under~~equity ~~our~~securities. ~~share~~The ~~buyback~~amount, ~~program;~~nature, and, ~~pay~~timing ~~dividends~~of any borrowings or sales of debt or equity securities will depend on our ~~shares~~operating ofperformance ~~Series~~and Eother ~~Preferred~~circumstances; ~~Stock~~our asthen-current ~~declared~~commitments byand obligations; the ~~Board~~amount, nature and timing of ~~Directors,~~our ~~for~~capital atrequirements; ~~least~~any ~~the~~limitations ~~next~~imposed 12by ~~months~~our current credit arrangements; and overall market conditions.

Based on our current operating plans, we believe that available cash balances, cash generated from our operating activities and funds available under our asset-based revolver lines of credit will provide sufficient liquidity to do the following for at least the next 12 months: fund our operations; pay our scheduled loan payments; repurchase shares under our share buyback program; and, pay dividends on our shares of Series E Preferred Stock as declared by the Board of Directors.

Working Capital

We had working capital of approximately $6669.61 million as of ~~June~~December 3031, 2025, as compared to working capital of approximately $5262.31 million as of September 30, ~~2024;~~2025, an increase of approximately $147.30 million. The increase iswas primarily ~~related~~driven toby ~~decreases~~an aggregate decrease in current liabilities of approximately $9.2 million, reflecting reductions in the current portion of long-‑term debt, the current portion of lease obligations, and accrued liabilities, as well as an increase in accounts payable,. These changes were partially offset by ~~reduced~~an ~~trade~~aggregate ~~accounts~~decrease ~~receivable~~in ~~due~~current toassets ~~decreased~~of ~~revenue~~approximately $2.2 million, ~~and~~driven aby ~~decrease~~decreases in ~~inventory~~trade ~~purchases~~receivables ~~for~~and ~~the period~~inventories.

Cash Flows from Operating Activities

The Company’s cash, as of ~~June~~December 3031, 2025, was approximately $715.61 million compared to approximately $48.68 million as of September 30, ~~2024~~2025, an increase of approximately $36.03 million. Net cash provided by operations was approximately $~~21.~~9.8 million ~~and~~for the three months ended December 31, 2025, as compared to net cash provided by operations of approximately $~~13.~~9.4 million for the ~~nine~~three months ended ~~June~~December 3031, ~~2025 and~~ 2024~~, respectively~~. The increase was primarily driven by ~~higher~~changes ~~operating~~related ~~income,~~to ~~improved~~the ~~collections~~settlement of ~~accounts~~the ~~receivable~~earnout liability and the gain on extinguishment of debt recognized during the three months ended December 31, 2024, and reflects a ~~reduction~~decrease in ~~inventory~~the amortization of the seller note discount, ~~partially~~decreases ~~offset~~in bythe ~~payments~~changes ofin accounts ~~payable~~receivable, inventories, and accrued liabilities, and an increase in the changes in deposits and other assets and accounts payable.

Our primary sources of cash inflows are from customer receipts from sales on account, and factored accounts receivable proceeds~~, receipts for securities sales commissions, and net remittances from directory services customers processed in the form of ACH billings~~. Our most significant cash outflows include payments for raw materials and general operating expenses, including payroll costs and general and administrative expenses that typically occur within close proximity of expense recognition.

Cash Flows from Investing Activities

Our cash flows used in investing activities of approximately $51.83 million for the ~~nine~~three months ended ~~June~~December 3031, 2025, ~~consisted of purchases of property~~ and ~~equipment. Our cash flows used in investing activities of~~ approximately $181.08 million for the ~~nine~~three months ended ~~June~~December 3031, 2024, consisted of the ~~acquisitions of CRO by Flooring Liquidators, Johnson by CRO, Central Steel by Precision Marshall, Midwest Grinding by Kinetic, and~~ purchases of property and equipment.

Cash Flows from Financing Activities

Our cash flows used in financing activities of approximately $132.12 million during the ~~nine~~three months ended ~~June~~December 3031, 2025 consisted of ~~net~~ payments ~~under revolver loans of approximately $9.3 million, payments~~ on notes payable of approximately $56.26 million, ~~payments~~net ofborrowings ~~related~~under ~~party~~revolver ~~notes~~loans ~~payable~~ of approximately $23.9 million, payments for finance leases of approximately $21.71 million, ~~cash~~payments ~~paid~~ for ~~the~~debt ~~settlement~~issuance ofcosts ~~seller notes~~ of approximately $10.97 million, and ~~purchases~~payments ofon ~~treasury~~seller ~~stock~~notes of approximately $~~0.5 million~~70,000, partially offset by ~~net borrowings under related party revolver loans of approximately $7.1 million,~~ proceeds from the issuance of ~~related party~~ notes payable of approximately $1.9.8 million, and ~~proceeds~~net ~~from~~borrowings ~~the~~under ~~issuance~~related ofparty ~~notes~~revolver ~~payable~~loans of approximately $0.54 million.

Our cash flows ~~provided~~used byin financing activities of approximately $4.58 million during the ~~nine~~three months ended ~~June~~December 3031, 2024 consisted of ~~proceeds~~net ~~from~~borrowings ~~failed~~under ~~sales~~revolver ~~and~~loans ~~leaseback transactions~~ of approximately $73.91 million, ~~proceeds~~cash ~~from~~paid for the ~~issuance~~settlement of seller notes ~~payable~~ of ~~approximately~~ $21.79 million, ~~net~~payments ~~borrowings~~on ~~under~~notes ~~revolver~~payable ~~loans~~ of approximately $21.08 million, ~~and~~payments ~~net~~for ~~borrowings~~finance ~~under~~leases ~~related party revolver loans~~ of approximately $1.30 million, ~~partially offset by~~ payments on related party notes payable of approximately $50.13 million, ~~payments~~and ~~for~~purchases ~~finance~~of ~~leases~~treasury stock of approximately $20.52 million, ~~payments~~partially offset by proceeds from the issuance of related party notes payable of approximately $01.9 million, and ~~purchases~~net ofborrowings ~~treasury~~under ~~stock~~related party revolver loans of approximately $01.96 million.

Currently, we are not issuing common shares for liquidity purposes. We prefer to use asset-based lending arrangements and mezzanine financing together with Company provided capital to finance acquisitions and have done so historically. Occasionally, as our Company history has demonstrated, we will issue stock and derivative instruments linked to stock for services or debt settlement.

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Future Sources of Cash; New Products and Services

We may require additional debt financing or capital to finance new acquisitions, refinance existing indebtedness or other strategic investments in our business. Other sources of financing may include stock issuances and additional loans; or other forms of financing. Any financing obtained by us may further dilute or otherwise impair the ownership interest of our existing stockholders.

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

As of ~~June~~December 3031, 2025, we did not participate in any market risk-sensitive commodity instruments for which fair value disclosure would be required. We believe we are not subject in any material way to other forms of market risk, such as foreign currency exchange risk or foreign customer purchases or commodity price risk. ~~We believe we are not subject in any material way to other forms of market risk, such as foreign currency exchange risk or foreign customer purchases or commodity price risk.~~

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Control and Procedures. We carried out an evaluation, under the supervision, and with the participation of our management, including our principal executive officer and principal financial officer, of the effectiveness of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)). Based upon that evaluation, ~~we concluded that,~~ as of ~~June~~December 3031, 2025, ~~the~~we ~~period~~concluded ~~covered~~that inthe ~~this~~Company's ~~report~~disclosure, ~~our disclosure~~ controls, and procedures were ~~not~~ effective ~~due to the material weakness in internal control over financial reporting further described below~~.

Despite the identified material weakness, management concluded that the consolidated financial statements included in this Quarterly Report on Form 10-Q present fairly, in all material respects, the financial position, results of operations and cash flows for the periods disclosed in conformity with U.S. generally accepted accounting principles.

Management’s Report on Internal Control Over Financial Reporting. Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)). Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

The Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, does not expect that the Company’s disclosure controls and procedures or the Company’s internal control over financial reporting will prevent or detect all errors and all fraud. A control system, regardless of how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system will be met. These inherent limitations include the following: ~~judgements~~judgments in decision-making can be faulty, and control and process breakdowns can occur because of simple errors or mistakes, controls can be circumvented by individuals, acting alone or in collusion with each other, or by management override. The design of any system of controls is based in part on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with policies or procedures. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected.

Our management assessed the design and effectiveness of our internal control over financial reporting as of ~~June~~December 3031, 2025. In making this assessment, we used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission ~~(“COSO”)~~ of 2013 regarding Internal Control – Integrated Framework. Based on our assessment using those criteria, as of December 31, 2025, our management concluded that our internal controls over financial reporting were ~~ineffective as of June 30, 2025~~effective. ~~Management noted the following deficiency that management believes to be a material weakness:~~

~~•Lack~~There ofwere ~~sufficient~~no ~~controls~~changes ~~around~~in ~~the~~our internal control over financial reporting ~~and~~that ~~consolidation~~occurred ~~process~~during the three months ended December 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

In response to the above identified weakness in our internal control over financial reporting, we plan to improve the control policies and procedures over financial reporting and consolidation processes. We expect to conclude these remediation initiatives during the fiscal year ended September 30, 2025. We continue to evaluate testing of our internal control policies and procedures, including assessing internal and external resources that may be available to complete these tasks, but do not know when these tasks will be completed.33

A material weakness (within the meaning of PCAOB Auditing Standard No. 5) is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control over financial reporting that is less severe

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than a material weakness, yet important enough to merit attention by those responsible for oversight of the company’s financial reporting.

There were no changes in our internal control over financial reporting that occurred during the nine months ended June 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II – OTHER INFORMATION

ITEM 1. Legal Proceedings

The information in response to this item is included in Note 1716, Commitments and Contingencies, to the Consolidated Financial Statements included in Part I, Item 1, of this Form 10-Q. Please also refer to “Item 3. Legal Proceedings” in our ~~2024~~2025 Form 10-K for information regarding material pending legal proceedings. Except as set forth herein, and therein, there have been no new material legal proceedings and no material developments in the legal proceedings previously disclosed.

ITEM 1A. Risk Factors

None.

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds

On June 4, 2024, , the Company announced a $10 million common stock repurchase program, which was amended on June 2, 2025 to extend its term ~~until~~through May 31, 2028, unless extended, canceled, or modified by the Company's Board of Directors. During the three months ended ~~June~~December 3031, 2025, the Company made no repurchases. As of December 31, 2025, the ~~following~~maximum ~~repurchases:~~amount that may be purchased by the Company under the announced Plan was approximately $9.5 million.

Month	Number of Shares Purchased	Average Purchase Price Paid		Number of Shares Purchased as Part of a Publicly Announced Plan or Program	Maximum Amount that May be Purchased Under the Announced Plan or Program
April 2025	7,549	$	8.50	7,549	$	9,515,346
May 2025	—	$	—	—	$	9,515,346
June 2025	5,146	$	9.31	5,146	$	9,467,429
Totals	12,695	$	8.83	12,695	$	9,467,429

ITEM 3. Defaults Upon Senior Securities

None.

ITEM 4. Mine Safety Disclosures

None.

ITEM 5. Other Information

None.

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ITEM 6. Exhibits

The following exhibits are filed with or incorporated by reference into this Quarterly Report.

Exhibit Number

Exhibit Description

Form

File Number

Exhibit Number

Filing Date

3.1

Amended and Restated Articles of Incorporation

8-K

001-33937

3.1

08/15/07

3.2

Certificate of Change

8-K

001-33937

3.1

09/07/10

3.3

Certificate of Correction

8-K

001-33937

3.1

03/11/13

3.4

Certificate of Change

10-Q

001-33937

3.1

02/14/14

3.5

Articles of Merger

8-K

001-33937

3.1.4

10/08/15

3.6

Certificate of Change

8-K

001-33937

3.1.5

11/25/16

3.7

Certificate of Designation for Series B Convertible Preferred Stock filed with Secretary of State for the State of Nevada on December 23, 2016, and effective as of December 27, 2016

10-K

001-33937

3.1.6

12/29/16

3.8

Bylaws

10-Q

001-33937

3.8

08/14/18

10.141

Fourth Amendment to ICG Promissory Note dated April 9, 2020, and as Amended June 23, 2022, April 1, 2023, January 11, 2024, and April 8, 2025.

10.142

Loan and Security Agreement by and Among Precision Industries, Inc., Central Steel Fabricators, LLC, The Kinetic Co., Inc., and Precision Affiliated Holdings LLC, dated December 30, 2025.

10.143

Fourth Amendment to Loan and Security Agreement by and among Flooring Affiliated Holdings, LLC, Flooring Liquidators, Inc., Elite Builder Services, Inc., CRO Affiliated, LLC, Floorable, LLC, Rocky Mountain Wholesale Flooring, Inc., and Eclipse Business Capital LLC, dated January 8, 2026.

10.144

Third Amendment to Credit Agreement by and between Vintage Stock, Inc. and Bank Midwest, a division of NBH BANK, dated October 17, 2025.

31.1

Certification of the President and Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2

Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1

Certification of the President and Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.2

Certification of the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS

Inline XBRL Instance Document

101.SCH

Inline XBRL Taxonomy Extension Schema Document

101.CAL

Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF

Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB

Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE

Inline XBRL Taxonomy Extension Presentation Linkbase Document

104

Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)

_________________________

*Filed herewith

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† Indicates a management contract or compensatory plan or arrangement.

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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.

			Live Ventures Incorporated
Dated: August 8, 2025			/s/ Jon Isaac
Dated: February 12, 2026			/s/ Jon Isaac
			President and Chief Executive Officer
			(Principal Executive Officer)
Dated: August 8, 2025			/s/ David Verret
Dated: February 12, 2026			/s/ David Verret
			Chief Financial Officer
			(Principal Financial Officer)

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Filing Compare · LIVE VENTURES Inc