Form 8-K

8-K — MOTORCAR PARTS OF AMERICA INC

Accession: 0001140361-26-024365

Filed: 2026-06-08

Period: 2026-06-08

CIK: 0000918251

SIC: 3714 (MOTOR VEHICLE PARTS & ACCESSORIES)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — ef20075282_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (ef20075282_ex99-1.htm)

GRAPHIC (image00001.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: ef20075282_8k.htm · Sequence: 1

false000091825100009182512026-06-082026-06-08

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): June 8, 2026

MOTORCAR PARTS OF AMERICA, INC.

(Exact name of registrant as specified in its charter)

New York

001-33861

11-2153962

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

2929 California Street, Torrance, CA

90503

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (310)

212-7910

N/A

(Former name, former address and former fiscal year, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following

provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule l4a-12 under the Exchange Act (17 CFR 240.l4a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the

Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised

financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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, par value $0.01 per share

MPAA

The Nasdaq Global Select Market

Item 2.02.

Results of Operations and Financial Condition

On June 8, 2026, Motorcar Parts of America, Inc. (the “Company”) issued a press release announcing

its earnings for the fiscal quarter and year ended March 31, 2026 which is being furnished as Exhibit 99.1. The information contained herein and in the accompanying exhibit shall not be

incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly

incorporated by specific reference to such filing. The information in this report, including the exhibit hereto, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject

to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended.

Item 9.01.

Financial Statements and Exhibits.

The following exhibit is furnished with this Current Report pursuant to Item 2.02:

(d) Exhibits

Exhibit No.

Description

99.1

Press Release, dated June 8, 2026

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

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 hereunto

duly authorized.

MOTORCAR PARTS OF AMERICA, INC.

Date: June 8, 2026

/s/ David Lee

David Lee

Chief Financial Officer

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: ef20075282_ex99-1.htm · Sequence: 2

Exhibit 99.1

NEWS RELEASE

CONTACT:

Gary S. Maier

Vice President, Corporate Communications & IR

(310) 972-5124

MOTORCAR PARTS OF AMERICA REPORTS FISCAL 2026 YEAR-END RESULTS

– Solid Fourth Quarter, Favorable Outlook;

Strong Brake-Related Product Sales Momentum within Changing Competitive Landscape –

LOS ANGELES, CA – June 8, 2026 – Motorcar Parts of America, Inc. (Nasdaq: MPAA) today reported financial results for its fiscal 2026 fourth quarter and year ended March 31 -- reflecting solid

sales, gross profit and net income for both periods.

Fourth Quarter Highlights:

•

Net sales increased 9.9 percent to $212.3 million.

•

Gross profit increased 30.9 percent to $50.4 million.

•

Gross margin increased to 23.7 percent from 19.9 percent.

•

Operating income increased 29.4 percent to $21.1 million.

•

Net income was $9.7 million compared with net loss of $722,000 in the prior year.

•

Repurchased 286,136 shares for $3.0 million at an average share price of $10.48.

Positive Future Drivers:

•

Awarded significant new business commitments and opportunities within a changing competitive landscape.

•

Increasing utilization of brake-related capacity is expected to continue to support its margin accretion.

•

Overall operating efficiencies are expected to result in continuing operating income improvement.

Three-Month Results

Net sales for the fiscal 2026

fourth quarter increased $19.2 million, or 9.9 percent, to $212.3 million from $193.1 million in the prior year. Net sales for the quarter include $19.9 million of core revenue in connection

with the realignment of inventory at certain customer distribution centers.

(more)

Motorcar Parts of America, Inc.

2-2-2

Gross profit for the fiscal 2026 fourth quarter increased $11.9 million, or 30.9 percent, to $50.4 million from $38.5 million a year earlier. Gross margin for the same period was 23.7 percent compared with 19.9 percent a year earlier. Gross margin was

impacted by non-cash expenses of 1.8 percent and one-time items of 0.3 percent as detailed in Exhibit 3. Excluding these non-cash and certain one-time cash items, gross margin increased to

25.8 percent.

Operating income for the

fiscal fourth quarter was $21.1 million compared with $16.3 million in the prior year. Operating income was impacted by non-cash expenses of $6.7 million, partially offset by one-time net benefits of $3.3 million as detailed in Exhibit 6.

Interest expense for the fiscal 2026 fourth quarter decreased by $2.3 million to $10.3 million

from $12.5 million a year ago, reflecting lower utilization of accounts receivable discount programs and lower interest rates.

Net income for the fiscal 2026 fourth quarter was $9.7 million, or $0.42 per diluted share,

compared with a net loss of $722,000, or $0.04 per share, for the prior year. Net income was impacted by non-cash expenses of $4.1 million, or $0.18 per diluted share, and benefited from one-time items of $2.5 million, or $0.11 per diluted share,

as detailed in Exhibit 1.

“Notwithstanding some head winds in fiscal 2026, including a large customer’s ordering activity, we ended the year with a strong quarter and with

significant new business commitments and opportunities which will phase in throughout fiscal 2027,” said Selwyn Joffe, chairman, president and chief executive officer.

Joffe highlighted the company’s commitment to enhancing shareholder value. He reemphasized the company’s significant new business commitments and

opportunities in North America, its focus on profitability and neutralizing working capital, and the benefits of a strong financial position.

After share repurchases of $11.4 million for fiscal 2026, the company’s revolver loan of $94.7 million less cash of $14.7 million at March 31, 2026,

resulted in net bank debt of $80.0 million. The company has $22.1 million remaining to repurchase shares under its current authorized share repurchase program. For the three years ended March 31,

2026, the company generated cash from operating activities of approximately $103.8 million.

Twelve-Month Results

Net sales for fiscal 2026

increased $32.5 million, or 4.3 percent, to $789.8 million from $757.4 million in the prior year. Net sales for fiscal 2026 reflect $35 million of core revenue in connection with the realignment of inventory at certain customer

distribution centers, and an approximately $30 million sales decrease to one of the company’s large customers.

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Motorcar Parts of America, Inc.

3-3-3

Gross profit for fiscal 2026 was $159.9 million compared with $153.8 million a year earlier and gross margin for the twelve months was 20.2 percent compared with 20.3 percent a year

earlier, impacted by items in Exhibit 4.

Operating income for fiscal

2026 was $65.8 million compared with $39.9 million in the prior year, reflecting the favorable foreign exchange impact of lease liabilities and forward contracts. Operating income was impacted by non-cash expenses of $11.6 million and the benefit of one-time items of $791,000 as detailed in Exhibit 6. Excluding

these non-cash and certain one-time cash items, operating income was $76.6 million.

Interest expense decreased by $8.9 million for the twelve months to $46.7 million

from $55.6 million a year ago, reflecting lower average outstanding balances under the company’s credit facility, lower utilization of accounts receivable

discount programs and lower interest rates.

Net income for fiscal 2026 was $12.4 million, or $0.62 per diluted share, compared with a net loss of $19.5 million, or $0.99 per share, a year ago.

Net income was impacted by non-cash expenses of $7.8 million, or $0.39 per diluted share, and benefited from one-time cash items of $593,000, or $0.03 per diluted share, as detailed in Exhibit 2.

Share Repurchase

For fiscal 2026, the company repurchased 955,608 shares for $11.4

million at an average share price of $11.88. During the fiscal 2026 fourth quarter, the company repurchased 286,136 shares for $3.0 million at an average share price of $10.48 under its current authorization program.

The company anticipates further opportunities to build shareholder value through enhanced profitability and strong cash generation.

Fiscal 2027 Guidance

Motorcar Parts of America expects net sales for the fiscal year ending March 31, 2027 to increase between 7.5 percent to 10.2 percent year-over-year

growth, reflecting the exclusion of certain non-recurring items including tariff pass-throughs due to the reduction of import tariffs, and non-recurring core revenue, representing net sales of between

$780 million to $800 million. Current guidance includes new business commitments that are expected to ramp up in the second half of the fiscal year. The timing of the ramp-up is due to customers taking advantage of liquidated inventory

purchased from a previous supplier. In addition, the company expects to add more than $100 million of additional annualized net sales by the end of fiscal 2027, which is not included in its guidance due to the uncertainty of the timing. In

summary, the company expects annualized net sales to be more than $900 million by the end of fiscal 2027. Operating income is expected to be between $86 million and $91 million, representing between 12.3 percent and 18.8 percent year-over-year

growth, and these estimates reflect the expected impact of tariffs enacted as of June 8, 2026, and do not include certain non-cash items and one-time expenses. The company estimates depreciation and amortization will be approximately $9

million. Based on the above, the company expects EBITDA to be between $95 million and $100 million.

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Motorcar Parts of America, Inc.

4-4-4

Use of Non-GAAP Measure

This press release includes the following non-GAAP measure – EBITDA, which is not a measure of financial performance under GAAP

and should not be considered as an alternative to net income as a measure of financial performance. The company believes this non-GAAP measure, when considered together with the corresponding GAAP measures, provides useful information to

investors and management regarding financial and business trends relating to the company’s results of operations. However, this non-GAAP measure has significant limitations in that it does not reflect all the costs and other items associated with

the operation of the company’s business as determined in accordance with GAAP. In addition, the company’s non-GAAP measures may be calculated differently and are therefore not comparable to similar measures by other companies. Therefore,

investors should consider non-GAAP measures in addition to, and not as a substitute for, or superior to, measures of financial performance in accordance with GAAP. For a definition and reconciliation of EBITDA to net income, its corresponding

GAAP measure, see the financial tables included in this press release. Also, refer to our Form 8-K to which this release is attached, and other filings we make with the SEC, for further information regarding this measure.

Earnings Conference Call and Webcast

Selwyn Joffe, chairman, president and chief executive officer, and David Lee, chief financial officer, will host an investor

conference call today at 10:00 a.m. Pacific time to discuss the company’s financial results and operations. The call will be open to all interested investors either through a live audio webcast at www.motorcarparts.com

or live by calling (888) 440-5584 (domestic) or (646) 960-0457 (international). For those who are not available to listen to the live broadcast, the call will be archived on Motorcar Parts of America’s website www.motorcarparts.com. A telephone playback of the conference call will also be available from approximately 1:00 p.m. Pacific time on June 8, 2026 through 8:59 p.m. Pacific time on June 15, 2026 by calling (800)

770-2030 (domestic) or (609) 800-9909 (toll) and using access code: 1545314.

About Motorcar Parts of America, Inc.

Motorcar Parts of America, Inc. is a remanufacturer, manufacturer, and distributor of

automotive aftermarket parts -- including alternators, starters, wheel bearings and hub assemblies, brake calipers, brake pads, brake rotors, brake master cylinders, brake power boosters, and diagnostic testing equipment utilized in imported

and domestic passenger vehicles, light trucks, and heavy-duty applications. Its products are sold to automotive retail outlets and the professional repair market throughout the United States, Canada, and Mexico, with facilities located in

California, New York, Mexico, Malaysia, China and India, and administrative offices located in California, Tennessee, Mexico, Singapore, Malaysia, and Canada. In addition, the company’s electrical vehicle subsidiary designs and manufactures

testing solutions for performance, endurance, and production of multiple components in the electric power train – providing simulation, emulation, and production applications for the electrification of both automotive and aerospace industries,

including electric vehicle charging systems. Additional information is available at www.motorcarparts.com.

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Motorcar Parts of America, Inc.

5-5-5

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for certain forward-looking statements. The

statements contained in this press release that are not historical facts are forward-looking statements based on the company’s current expectations and beliefs concerning future developments and their potential effects on the company. These

forward-looking statements involve significant risks and uncertainties (some of which are beyond the control of the company) and are subject to change based upon various factors. Reference is also made to the Risk Factors set forth in the

company’s Form 10-K Annual Report filed with the Securities and Exchange Commission (SEC) in June 2026 and in its Forms 10-Q filed with the SEC for additional risks and uncertainties facing the company. The company undertakes no obligation to

publicly update or revise any forward-looking statements, whether as the result of new information, future events or otherwise.

# # #

(Financial tables follow)

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MOTORCAR PARTS OF AMERICA, INC. AND SUBSIDIARIES

Consolidated Statements of Operations

Three Months Ended March 31,

Year Ended March 31,

2026

2025

2026

2025

Net sales

212,275,000

193,105,000

789,806,000

757,354,000

Cost of goods sold

161,896,000

154,610,000

629,905,000

603,526,000

Gross profit

50,379,000

38,495,000

159,901,000

153,828,000

Operating expenses:

General and administrative

18,209,000

16,113,000

63,303,000

64,047,000

Sales and marketing

6,120,000

5,657,000

25,491,000

22,561,000

Research and development

3,502,000

3,521,000

14,196,000

11,405,000

Foreign exchange impact of lease liabilities and forward contracts

1,487,000

(3,074,000

)

(8,924,000

)

15,892,000

Total operating expenses

29,318,000

22,217,000

94,066,000

113,905,000

Operating income

21,061,000

16,278,000

65,835,000

39,923,000

Other expenses:

Interest expense, net

10,284,000

12,546,000

46,696,000

55,550,000

Change in fair value of compound net derivative liability

(1,270,000

)

2,520,000

(1,130,000

)

60,000

Total other expenses

9,014,000

15,066,000

45,566,000

55,610,000

Income (loss) before income tax expense

12,047,000

1,212,000

20,269,000

(15,687,000

)

Income tax expense

2,323,000

1,934,000

7,875,000

3,783,000

Net income (loss)

9,724,000

(722,000

)

12,394,000

(19,470,000

)

Basic net income (loss) per share

0.51

(0.04

)

0.64

(0.99

)

Diluted net income (loss) per share

0.42

(0.04

)

0.62

(0.99

)

Weighted average number of shares outstanding:

Basic

19,080,145

19,519,836

19,304,105

19,685,322

Diluted

22,482,230

19,519,836

19,979,070

19,685,322

MOTORCAR PARTS OF AMERICA, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

March 31, 2026

March 31, 2025

ASSETS

Current assets:

Cash and cash equivalents

14,650,000

9,429,000

Short-term investments

2,028,000

1,881,000

Accounts receivable — net

112,614,000

91,064,000

Inventory — net

380,603,000

341,209,000

Inventory unreturned

16,438,000

18,460,000

Contract assets

34,552,000

29,606,000

Income tax receivable

5,241,000

4,208,000

Prepaid expenses and other current assets

17,856,000

15,614,000

Total current assets

583,982,000

511,471,000

Plant and equipment — net

30,739,000

31,990,000

Operating lease assets

63,103,000

66,603,000

Deferred income taxes

4,039,000

4,569,000

Long-term contract assets

331,221,000

336,268,000

Goodwill

3,205,000

Intangible assets — net

235,000

552,000

Other assets

2,913,000

2,978,000

TOTAL ASSETS

1,019,437,000

957,636,000

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Accounts payable

167,229,000

141,906,000

Accrued liabilities

33,270,000

30,211,000

Customer finished goods returns accrual

29,923,000

34,411,000

Contract liabilities

61,201,000

38,158,000

Revolving loan

94,668,000

90,787,000

Other current liabilities

4,348,000

5,570,000

Operating lease liabilities

8,957,000

9,982,000

Total current liabilities

399,596,000

351,025,000

Convertible notes, related party

38,993,000

35,207,000

Contract liabilities, less current portion

249,108,000

241,404,000

Deferred income taxes

425,000

362,000

Operating lease liabilities, less current portion

56,969,000

65,308,000

Other liabilities

8,336,000

6,631,000

Total liabilities

753,427,000

699,937,000

Commitments and contingencies

Shareholders’ equity:

Preferred stock; par value $.01 per share, 5,000,000 shares authorized; none issued

Series A junior participating preferred stock; par value $.01 per share, 20,000 shares authorized; none issued

Common stock; par value $.01 per share, 50,000,000 shares authorized;18,924,818 and 19,435,706 shares issued and outstanding at March 31,

2026 and 2025, respectively

189,000

194,000

Additional paid-in capital

226,709,000

234,413,000

Retained earnings

32,427,000

20,033,000

Accumulated other comprehensive income

6,685,000

3,059,000

Total shareholders’ equity

266,010,000

257,699,000

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

1,019,437,000

957,636,000

Additional Information and Non-GAAP Financial Measures

To supplement the consolidated financial statements presented in accordance with U.S. generally accepted accounting principles (“GAAP”), the company has included the

following additional information and non-GAAP financial measures for the three and twelve months ended March 31, 2026 and 2025. Among other things, the company uses such additional information and non-GAAP adjusted financial measures in addition

to and together with corresponding GAAP measures to help analyze the performance of its business.

The company believes this information helps provide a more complete understanding of the company’s results of operations and the factors and trends affecting the

company’s business. However, this information should be considered as a supplement to, and not as a substitute for, or superior to, information contained in the company’s financial statements prepared in accordance with GAAP. In addition, the

company’s non-GAAP measures may be calculated differently and are therefore not comparable to similar measures by other companies.

The company defines EBITDA as earnings before interest, taxes, depreciation, and amortization. A reconciliation of EBITDA to net income is provided below along with

information regarding such items.

Items Impacting Net Income for the Three Months Ended March 31, 2026 and 2025

Exhibit 1

Three Months Ended March 31,

2026

2025

Per Diluted

GAAP net income (loss)

9,724,000

0.42

(722,000

)

(0.04

)

Non-cash items impacting net income

Core and finished goods premium amortization

3,086,000

0.14

2,725,000

0.14

Revaluation - cores on customers’ shelves

785,000

0.03

489,000

0.03

Share-based compensation expenses

1,317,000

0.06

868,000

0.04

Foreign exchange impact of lease liabilities and forward contracts

1,487,000

0.07

(3,074,000

)

(0.16

)

Change in fair value of compound net derivative liability

(1,270,000

)

(0.06

)

2,520,000

0.13

Tax effect (a)

(1,351,000

)

(0.06

)

(882,000

)

(0.05

)

Total non-cash items impacting net income

4,054,000

0.18

2,646,000

0.14

Cash items impacting net income

Transition expenses and severance (b)

3,235,000

0.14

160,000

0.01

Net tariff costs paid for products sold before price increases were effective

4,607,000

0.24

Gain due to realignment of inventory at customer distribution centers

(6,547,000

)

(0.29

)

Tax effect (a)

828,000

0.04

(1,192,000

)

(0.06

)

Total cash items impacting net income

(2,484,000

)

(0.11

)

3,575,000

0.18

(a)

Tax effect is calculated by applying an income tax rate of 25.0% to items listed above; this rate may differ from the period’s actual income tax rate.

(b)

For the three months ended March 31, 2026, consists of $2,571,000 impacting gross profit and $664,000 included in operating expenses.

For the three months ended March 31, 2025, consists of $160,000 included in operating expenses.

Items Impacting Net Income for the Twelve Months Ended March 31, 2026 and 2025

Exhibit 2

Twelve Months Ended March 31,

2026

2025

Per Diluted

GAAP net income (loss)

12,394,000

0.62

(19,470,000

)

(0.99

)

Non-cash items impacting net income

Core and finished goods premium amortization

11,901,000

0.60

10,738,000

0.55

Revaluation - cores on customers’ shelves

3,590,000

0.18

2,805,000

0.14

Share-based compensation expenses

5,635,000

0.28

3,877,000

0.20

Foreign exchange impact of lease liabilities and forward contracts

(8,924,000

)

(0.45

)

15,892,000

0.81

Gain due to realignment of inventory at customer distribution centers

(643,000

)

(0.03

)

Change in fair value of compound net derivative liability

(1,130,000

)

(0.06

)

60,000

0.00

Tax effect (a)

(2,607,000

)

(0.13

)

(8,343,000

)

(0.42

)

Total non-cash items impacting net income

7,822,000

0.39

25,029,000

1.27

Cash items impacting net income

Transition expenses and severance (b)

3,632,000

0.18

4,598,000

0.23

Net tariff costs paid for products sold before price increases were effective

2,124,000

0.11

4,607,000

0.23

Gain due to realignment of inventory at customer distribution centers

(6,547,000

)

(0.33

)

Tax effect (a)

198,000

0.01

(2,301,000

)

(0.12

)

Total cash items impacting net income

(593,000

)

(0.03

)

6,904,000

0.35

(a)

Tax effect is calculated by applying an income tax rate of 25.0% to items listed above; this rate may differ from the period’s actual income tax rate.

(b)

For the twelve months ended March 31, 2026, consists of $2,571,000 impacting gross profit and $1,061,000 included in operating expenses.

For the twelve months ended March 31, 2025, consists of $1,298,000 impacting gross profit and $3,300,000 included in operating expenses.

Items Impacting Gross Profit for the Three Months Ended March 31, 2026 and 2025

Exhibit 3

Three Months Ended March 31,

2026

2025

Gross

Margin

Gross

Margin

GAAP gross profit

50,379,000

23.7

38,495,000

19.9

Non-cash items impacting gross profit

Core and finished goods premium amortization

3,086,000

1.5

2,725,000

1.4

Revaluation - cores on customers’ shelves

785,000

0.4

489,000

0.3

Total non-cash items impacting gross profit

3,871,000

1.8

3,214,000

1.7

Cash items impacting gross profit

Transition expenses and severance

2,571,000

1.2

Net tariff costs paid for products sold before price increases were effective

4,607,000

2.4

Gain due to realignment of inventory at customer distribution centers (a)

(6,547,000

)

-0.9

Total cash items impacting gross profit

(3,976,000

)

0.3

4,607,000

2.4

(a)

gross margin reflecting impact to net sales and cost of goods sold

Items Impacting Gross Profit for the Twelve Months Ended March 31, 2026 and 2025

Exhibit 4

Twelve Months Ended March 31,

2026

2025

Gross

Margin

Gross

Margin

GAAP gross profit

159,901,000

20.2

153,828,000

20.3

Non-cash items impacting gross profit

Core and finished goods premium amortization

11,901,000

1.5

10,738,000

1.4

Revaluation - cores on customers’ shelves

3,590,000

0.5

2,805,000

0.4

Gain due to realignment of inventory at customer distribution centers (a)

(643,000

)

0.3

Total non-cash items impacting gross profit

14,848,000

2.3

13,543,000

1.8

Cash items impacting gross profit

Transition expenses and severance

2,571,000

0.3

1,298,000

0.2

Net tariff costs paid for products sold before price increases were effective

2,124,000

0.3

4,607,000

0.6

Gain due to realignment of inventory at customer distribution centers (a)

(6,547,000

)

-0.3

Total cash items impacting gross profit

(1,852,000

)

0.3

5,905,000

0.8

(a)

gross margin reflecting impact to net sales and cost of goods sold

Items Impacting EBITDA for the Three and Twelve Months Ended March 31, 2026 and 2025

Exhibit 5

Three Months Ended March 31,

Twelve Months Ended March 31,

2026

2025

2026

2025

GAAP net income (loss)

9,724,000

(722,000

)

12,394,000

(19,470,000

)

Interest expense, net

10,284,000

12,546,000

46,696,000

55,550,000

Income tax expense

2,323,000

1,934,000

7,875,000

3,783,000

Depreciation and amortization

2,283,000

2,538,000

9,464,000

10,400,000

EBITDA

24,614,000

16,296,000

76,429,000

50,263,000

Non-cash items impacting EBITDA

Core and finished goods premium amortization

3,086,000

2,725,000

11,901,000

10,738,000

Revaluation - cores on customers’ shelves

785,000

489,000

3,590,000

2,805,000

Share-based compensation expenses

1,317,000

868,000

5,635,000

3,877,000

Foreign exchange impact of lease liabilities and forward contracts

1,487,000

(3,074,000

)

(8,924,000

)

15,892,000

Gain due to realignment of inventory at customer distribution centers

(643,000

)

Change in fair value of compound net derivative liability

(1,270,000

)

2,520,000

(1,130,000

)

60,000

Total non-cash items impacting EBITDA

5,405,000

3,528,000

10,429,000

33,372,000

Cash items impacting EBITDA

Transition expenses and severance

3,235,000

160,000

3,632,000

4,598,000

Net tariff costs paid for products sold before price increases were effective

4,607,000

2,124,000

4,607,000

Gain due to realignment of inventory at customer distribution centers

(6,547,000

)

(6,547,000

)

Total cash items impacting EBITDA

(3,312,000

)

4,767,000

(791,000

)

9,205,000

Items Impacting Operating Income for the Three and Twelve Months Ended March 31, 2026 and 2025

Exhibit 6

Three Months Ended March 31,

Twelve Months Ended March 31,

2026

2025

2026

2025

GAAP operating income

21,061,000

16,278,000

65,835,000

39,923,000

Non-cash items impacting operating income

Core and finished goods premium amortization

3,086,000

2,725,000

11,901,000

10,738,000

Revaluation - cores on customers’ shelves

785,000

489,000

3,590,000

2,805,000

Share-based compensation expenses

1,317,000

868,000

5,635,000

3,877,000

Foreign exchange impact of lease liabilities and forward contracts

1,487,000

(3,074,000

)

(8,924,000

)

15,892,000

Gain due to realignment of inventory at customer distribution centers

(643,000

)

Total non-cash items impacting operating income

6,675,000

1,008,000

11,559,000

33,312,000

Cash items impacting operating income

Transition expenses and severance

3,235,000

160,000

3,632,000

4,598,000

Net tariff costs paid for products sold before price increases were effective

4,607,000

2,124,000

4,607,000

Gain due to realignment of inventory at customer distribution centers

(6,547,000

)

(6,547,000

)

Total cash items impacting operating income

(3,312,000

)

4,767,000

(791,000

)

9,205,000

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