Form 8-K

8-K — Zedge, Inc.

Accession: 0001213900-26-067834

Filed: 2026-06-11

Period: 2026-06-11

CIK: 0001667313

SIC: 7372 (SERVICES-PREPACKAGED SOFTWARE)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — ea0294481-8k_zedge.htm (Primary)

EX-99.1 — EARNINGS RELEASE, DATED JUNE 11, 2026, REPORTING THE RESULTS OF OPERATIONS FOR ZEDGE, INC.'S FISCAL QUARTER ENDED APRIL 30, 2026 (ea029448101ex99-1.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K — CURRENT REPORT

8-K (Primary)

Filename: ea0294481-8k_zedge.htm · Sequence: 1

false

0001667313

2026-06-11

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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 11, 2026

Zedge, Inc.

(Exact name of registrant as specified in its

charter)

Delaware

1-37782

26-3199071

(State or other jurisdiction

of incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

1178 Broadway, Ste. 1450 (3rd

Floor)

New York, NY

10001

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including

area code: (330) 577-3424

Not Applicable

(Former name or former address, 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 (see General Instruction A.2.

below):

☐

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

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-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))

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

Title of each class

Trading Symbol

Name of each exchange on which

registered

Class B common stock, par value $0.01 per share

ZDGE

NYSE American

Indicate by check mark whether the registrant is an emerging growth

company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange

Act of 1934 (§240.12b-2 of this chapter).

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. ☐

Item 2.02.

Results of Operations and Financial Condition

On June 11, 2026, Zedge, Inc. (the “Registrant”) issued a press release

announcing its results of operations for its fiscal quarter ended April 30, 2026. A copy of the press release issued by the Registrant

concerning the foregoing results is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.

The Registrant

is furnishing the information contained in this Report, including Exhibit 99.1, pursuant to Item 2.02 of Form 8-K promulgated by the Securities

and Exchange Commission (the “SEC”). This information shall not be deemed to be “filed” with the SEC or incorporated

by reference into any other filing with the SEC unless otherwise expressly stated in such filing. In addition, this Report and the press

release contain statements intended as “forward-looking statements” that are subject to the cautionary statements about forward-looking

statements set forth in the press release.

Item 9.01

Financial Statements and Exhibits.

(d)

Exhibits.

Exhibit No.

Document

99.1

Earnings Release, dated June 11, 2026, reporting the results of operations for Zedge, Inc.’s fiscal quarter ended April 30, 2026.

104

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

SIGNATURE

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.

ZEDGE, INC.

By:

/s/ Jonathan Reich

Name:

Jonathan Reich

Title:

Chief Executive Officer

Dated: June 11, 2026

EXHIBIT INDEX

Exhibit No.

Document

99.1

Earnings Release, dated June 11, 2026, reporting the results of operations for Zedge, Inc.’s fiscal quarter ended April 30, 2026.

104

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

EX-99.1 — EARNINGS RELEASE, DATED JUNE 11, 2026, REPORTING THE RESULTS OF OPERATIONS FOR ZEDGE, INC.'S FISCAL QUARTER ENDED APRIL 30, 2026

EX-99.1

Filename: ea029448101ex99-1.htm · Sequence: 2

Exhibit 99.1

Zedge Reports Third Quarter Fiscal 2026 Results

Subscription revenue increased 32%, and active

subscriptions1 grew 41% to nearly 1.3 million

ARPMAU1 for the Zedge Marketplace

increased 21% to $0.119; Zedge Premium GTV1 increased 17%

GAAP net income of $0.9 million; free cash flow2

increased 55% year over year

DataSeeds.AI fulfilled first six-figure order,

demonstrating enterprise-scale execution capability

New York, NY – June 11, 2026: Zedge,

Inc. (NYSE AMERICAN: ZDGE), $ZDGE, a company that builds and operates creator communities serving

20 million monthly active users, today announced results for its third quarter fiscal 2026, ended April 30, 2026.

Jonathan Reich, Zedge’s CEO, commented:

“In our third quarter, we continued to demonstrate that the core

Zedge Marketplace business is resilient and becoming more efficient. Subscription revenue grew 32% year over year, and active subscriptions

reached nearly 1.3 million, both continuing a multi-quarter trend. ARPMAU increased 21%, and Zedge Premium GTV increased 17%, reflecting

the benefits of our ongoing focus on acquiring and retaining higher-value users. While total advertising revenue declined year over year,

that decline was entirely attributable to Emojipedia, which we are managing for overall return in light of Google’s changes to its search

results page. Within the Zedge Marketplace, advertising revenue was essentially flat year over year, a resilient result given that the

prior year benefited from a one-time integration bonus from an ad platform partner. Encouragingly, iOS revenue within the Zedge Marketplace

grew 35% year over year, reinforcing our message that, as we attract and monetize higher-value users in premium markets, the quality of

our revenue continues to improve.

“On the DataSeeds.AI

front, I am excited to report that we fulfilled our first six-figure order this quarter stemming from an existing customer relationship

with a leading technology company. At the same time, we are beginning to see interest from new prospects, which strengthens our confidence

in this offering. This milestone reflects our growing capacity to deepen customer relationships and scale production. While revenue remains

lumpy at this stage, successfully delivering projects of this size, on spec and within tight timeframes, is a necessary capability for

DataSeeds’ future growth.

“Our Innovation Team continues to advance - with four alpha products

now live, and we remain on track to achieve our goal of six alpha launches this fiscal year. Our framework remains consistent: pre-validate,

build fast, measure against clear KPIs and invest in the winners while quickly ceasing to spend on those that do not meet our criteria.

Each launch compounds the next, as reusable infrastructure and lessons from prior releases shorten our time-to-market.

“Financially, cash flow from operations increased over 40%, while

free cash flow increased 55% year over year to $1.2 million and is now up 10% year to date, and our cash and cash equivalents balance

strengthened to $19.7 million with no debt. We also increased our quarterly dividend by 25% during the quarter, opportunistically repurchased

shares when conditions warranted and invested in innovation, all without compromising our strong balance sheet. Subsequent to quarter’s

end, our board added $2 million to our existing share repurchase authorization, bringing total available capacity to approximately $2.2

million, reflecting our continued confidence in the value of our shares.”

Third Quarter Highlights (fiscal 2026 versus fiscal 2025)

● Revenue increased 3.0% to $8.0 million;

● GAAP operating income of $1.1 million, compared to $0.2 million;

● GAAP net income and diluted EPS of $0.9 million and $0.07, compared to $0.2 million and $0.01, respectively;

● Non-GAAP net income and diluted Non-GAAP EPS of $1.0 million and $0.07, compared to $0.9 million and $0.06, respectively;

● Free cash flow of $1.2 million, compared to $0.8 million;

● Adjusted EBITDA2 of $1.3 million, compared to $1.2 million;

● ARPMAU increased 21.2% to $0.119;

● Zedge Premium GTV increased 16.6%;

● Active subscriptions increased 40.6% to nearly 1.3 million;

● Deferred revenue of $6.2 million, up 25.7% year over year;

● Cash and cash equivalents were $19.7 million at quarter’s end;

● Paid a quarterly dividend of $0.02 per share.

Third Quarter Select Financial Metrics: FY26 versus FY25*

(in M except for EPS)

Q3 ’26

Q3 ’25

Change

YTD’26

YTD’25

Change

Total Revenue

$ 8.0

$ 7.8

3.0 %

$ 23.9

$ 21.9

8.8 %

Advertising Revenue

$ 5.4

$ 5.6

-4.0 %

$ 16.1

$ 15.1

6.1 %

Digital Goods and Services Revenue

$ 0.5

6.9 %

$ 1.5

$ 1.7

-12.3 %

Subscription Revenue

$ 1.7

$ 1.3

31.9 %

$ 4.8

$ 3.7

31.1 %

Other Revenue

$ 0.5

$ 0.4

4.6 %

$ 1.4

4.9 %

GAAP Operating Income (Loss)

$ 1.1

$ 0.2

571.3 %

$ (0.9 )

$ (2.5 )

64.1 %

Operating Margin

13.4 %

2.1 %

11.4 %

-3.8 %

-11.5 %

7.7 %

GAAP Net Income (Loss)

$ 0.9

$ 0.2

400.5 %

$ (0.6 )

$ (1.8 )

68.7 %

GAAP Diluted EPS (Loss per share)

$ 0.07

$ 0.01

600.0 %

$ (0.05 )

$ (0.13 )

61.5 %

Non-GAAP Net Income

$ 1.0

$ 0.9

12.0 %

$ 2.6

$ 0.6

322.6 %

Non- GAAP Diluted EPS

$ 0.07

$ 0.06

17.7 %

$ 0.20

$ 0.04

342.1 %

Cash Flow from Operations

$ 1.2

$ 0.9

40.3 %

$ 2.9

$ 2.7

5.7 %

Free Cash Flow

$ 1.2

$ 0.8

54.9 %

$ 2.6

$ 2.4

9.7 %

Adjusted EBITDA

$ 1.3

$ 1.2

1.0 %

$ 3.6

$ 1.5

146.6 %

Shares Repurchased

0.08

0.22

0.33

0.68

nm = not measurable/meaningful

* percentages are based off of actuals versus the rounded

numbers in the table

Select Zedge Marketplace Metrics: FY26 versus FY25*

(in MM except for ARPMAU and where noted)

Q3 ’26

Q3 ’25

Change

MAU

19.6

22.1

-11.3 %

Well-Developed Markets

4.3

5.2

-17.3 %

Emerging Markets

15.3

16.9

-9.5 %

Active Subscriptions (in 000s)

1,260

896

40.6 %

ARPMAU

$ 0.119

$ 0.099

21.2 %

Zedge Premium - Gross Transaction Value (GTV)

$ 0.72

$ 0.61

16.6 %

* percentages are based off of actuals versus the rounded

numbers in the table

Non-GAAP and Supplemental Metrics (Please see our 10-Q for

full explanation of these terms)

1 We use the following supplemental business metrics in this release

because we believe they are useful in evaluating Zedge’s operational performance.

Monthly active users, or MAU, captures the number of unique users

that used our Zedge App during the previous 30 days of the relevant period, is useful for evaluating consumer engagement with our App,

which correlates to advertising revenue as more users drive more ad impressions.

Zedge Premium Gross Transaction Value, or GTV, is the total dollar

amount of transactions conducted through Zedge Premium. As Zedge Premium is an internal focus for growth, we believe this metric will

help investors evaluate our progress in growing this part of our business.

Average Revenue Per Monthly Active User for our Zedge Marketplace,

or ARPMAU, is useful in evaluating how well we monetize our user base.

An Active Subscription is a subscription that has commenced and

not been canceled, including paused subscriptions and subscriptions in free trials, grace periods, or account hold. This is important

because it is a source of recurring revenue.

2 Throughout this release, Non-GAAP Net Income, Non-GAAP EPS, Free

Cash Flow (FCF) and Adjusted EBITDA are non-GAAP financial measures intended to provide useful information that supplements Zedge’s

results in accordance with GAAP. Please refer to the Reconciliation of Non-GAAP Financial Measures at the end of this release for an explanation

of Zedge’s formulations of Non-GAAP Net Income, Non-GAAP EPS, Free Cash Flow and Adjusted EBITDA and reconciliations to the most

directly comparable GAAP measures.

Trended Financial Information*

(in M except for EPS, ARPMAU, Paid Subscriptions)

Q125

Q225

Q325

Q425

Q126

Q226

Q326

FY24

FY25

YTD FY26

Total Revenue

$ 7.2

$ 7.0

$ 7.8

$ 7.5

$ 7.6

$ 8.3

$ 8.0

$ 30.1

$ 29.4

$ 23.9

Advertising Revenue

$ 4.9

$ 4.7

$ 5.6

$ 5.2

$ 5.6

$ 5.4

$ 21.0

$ 20.3

$ 16.1

Digital Goods and Services Revenue

$ 0.6

$ 0.5

$ 3.5

$ 2.2

$ 1.5

Subscription Revenue

$ 1.2

$ 1.3

$ 1.4

$ 1.5

$ 1.6

$ 1.7

$ 4.3

$ 5.1

$ 4.8

Other Revenue

$ 0.5

$ 0.4

$ 0.5

$ 1.2

$ 1.8

$ 1.4

GAAP Operating Income (Loss)

$ (0.5 )

$ (2.2 )

$ 0.2

$ (0.7 )

$ 0.9

$ (2.9 )

$ 1.1

$ (11.8 )

$ (3.2 )

$ (0.9 )

GAAP Net Income (Loss)

$ (0.3 )

$ (1.7 )

$ 0.2

$ (0.6 )

$ 0.8

$ (2.3 )

$ 0.9

$ (9.2 )

$ (2.4 )

$ (0.6 )

GAAP Diluted EPS (Loss per share)

$ (0.02 )

$ (0.12 )

$ 0.01

$ (0.04 )

$ 0.06

$ (0.18 )

$ 0.07

$ (0.65 )

$ (0.17 )

$ (0.05 )

Non GAAP Net Income (Loss)

$ (0.0 )

$ (0.2 )

$ 0.9

$ 0.1

$ 0.9

$ 0.8

$ 1.0

$ 1.8

$ 0.7

$ 2.6

Non-GAAP Diluted EPS (Loss per share)

$ (0.00 )

$ (0.01 )

$ 0.06

$ 0.00

$ 0.07

$ 0.06

$ 0.07

$ 0.13

$ 0.05

$ 0.20

Cash Flow from Operations

$ 1.2

$ 0.7

$ 0.9

$ 0.7

$ 0.8

$ 0.9

$ 1.2

$ 5.9

$ 3.4

$ 2.9

Free Cash Flow

$ 1.0

$ 0.6

$ 0.8

$ 0.5

$ 0.6

$ 0.8

$ 1.2

$ 4.7

$ 2.9

$ 2.6

Adjusted EBITDA

$ 0.3

$ (0.1 )

$ 1.2

$ 0.3

$ 1.2

$ 1.1

$ 1.3

$ 4.7

$ 1.8

$ 3.6

Adjusted EBITDA Margin

4.0 %

-1.1 %

16.1 %

4.1 %

15.6 %

13.9 %

15.8 %

15.6 %

6.0 %

15.1 %

MAU

25.0

24.7

22.1

23.2

22.2

20.4

19.6

Well-developed Markets

5.5

5.6

5.2

5.4

4.9

4.8

4.3

Emerging Markets

19.5

19.1

16.9

17.8

17.3

15.6

15.3

Active Subscriptions (in 000s)

698

791

896

984

1,075

1,175

1,260

ARPMAU

$ 0.077

$ 0.078

$ 0.099

$ 0.093

$ 0.099

$ 0.115

$ 0.119

Zedge Premium – GTV

$ 0.68

$ 0.61

$ 0.64

$ 0.66

$ 0.79

$ 0.72

$ 2.15

$ 2.62

$ 2.16

Shares Repurchased

0.22

0.24

0.22

0.64

0.24

0.01

0.08

0.21

1.32

0.33

nm = not measurable/meaningful

* numbers may not add due to rounding

Earnings Announcement and Supplemental Information

Management

will host an earnings conference call today at 4:30 pm Eastern to discuss its earnings results, outlook, and strategy, followed by a Q&A

session with investors.

Live Call-in Info:

Toll Free: 888-506-0062

International: 973-528-0011

Participant Access Code: 184704

Webcast

URL: https://www.webcaster5.com/Webcast/Page/2205/53991

Replay:

Toll Free: 877-481-4010

International: 919-882-2331

Replay Passcode: 53991

About Zedge

Zedge builds

and operates creator communities that serve 20 million monthly active users across its platforms. Zedge Marketplace, our flagship platform,

is a leading marketplace for mobile personalization content that powers a vibrant creator ecosystem including a full generative AI creation

suite. DataSeeds.AI is our B2B business, delivering managed, multimodal datasets that are ethically sourced, rights-cleared, built to

spec and delivered at scale to frontier AI developers. The content foundation for DataSeeds.AI is supplied by Zedge’s proprietary creator

communities, including Zedge Marketplace contributors and photo competition community GuruShots, the world’s most popular photo

competition game, which is supplemented by crowdsourced content. For more information please visit: investor.zedge.net

Forward-Looking Statements

All statements above that are not purely about

historical facts, including, but not limited to, those in which we use the words “believe,” “anticipate,” “expect,”

“plan,” “intend,” “estimate,” “target” and similar expressions, are forward-looking statements

within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current

judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements

due to numerous important factors. Our filings with the SEC provide detailed information on such statements and risks and should be consulted

along with this release. To the extent permitted under applicable law, we assume no obligation to update any forward-looking statements.

Contact:

Brian Siegel, IRC, MBA

Senior Managing Director

Hayden IR

(346) 396-8696

brian@haydenir.com

ir@zedge.net

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except par value

data)

April

30,

July

31,

2026

2025

(Unaudited)

Assets

Current

assets:

Cash

and cash equivalents

$ 19,692

$ 18,609

Trade

accounts receivable

3,908

3,164

Prepaid

expenses and other current assets

799

671

Total

Current assets

24,399

22,444

Property

and equipment, net

1,224

1,290

Intangible

assets, net

1,065

4,922

Goodwill

2,138

1,931

Deferred

tax assets, net

5,041

4,823

Other

assets

437

244

Total

assets

$ 34,304

$ 35,654

Liabilities

and stockholders’ equity

Current

liabilities:

Trade

accounts payable

$ 1,258

$ 1,471

Accrued

expenses and other current liabilities

2,178

2,867

Deferred

revenues

4,159

3,425

Total

Current liabilities

7,595

7,763

Deferred

revenues--non-current

1,998

1,937

Other

liabilities

153

Total

liabilities

9,746

9,753

Commitments

and contingencies (Note 9)

Stockholders’

equity:

Preferred

stock, $.01 par value; authorized shares—2,400; no shares issued and outstanding

Class A

common stock, $.01 par value; authorized shares—2,600; 525 shares issued and outstanding at April 30, 2026 and July 31, 2025

Class

B common stock, $.01 par value; authorized shares—40,000; 15,238 shares issued and 12,523 outstanding at April 30, 2026 and

15,073 shares issued and 12,692 shares outstanding at July 31, 2025

152

151

Additional

paid-in capital

49,676

49,768

Accumulated

other comprehensive loss

(1,057 )

(1,509 )

Accumulated

deficit

(16,080 )

(15,505 )

Treasury

stock, 2,715 shares at April 30, 2026 and 2,381 shares at July 31, 2025, at cost

(8,138 )

(7,009 )

Total

stockholders’ equity

24,558

25,901

Total

liabilities and stockholders’ equity

$ 34,304

$ 35,654

ZEDGE, INC.

CONDENSED CONSOLIDATED STATEMENTS

OF OPERATIONS AND COMPREHENSIVE LOSS

(in thousands, except per share

data)

(unaudited)

Three Months Ended

Nine Months Ended

April 30,

2026

2025

2026

2025

Revenues

$ 7,992

$ 7,757

$ 23,856

$ 21,930

Costs and expenses:

Direct cost of revenues (excluding amortization of capitalized software and technology development costs which is included below)

550

452

1,651

1,360

Selling, general and administrative

6,235

6,343

18,848

20,278

Depreciation and amortization

133

225

536

924

Impairment of intangible assets

3,570

Restructuring charges

577

1,058

Impairment of capitalized software and technology development costs

145

827

Income (loss) from operations

1,074

160

(894 )

(2,517 )

Interest and other income, net

135

154

403

507

Net loss resulting from foreign exchange transactions

(26 )

(41 )

(211 )

(141 )

Income (loss) before income taxes

1,183

273

(702 )

(2,151 )

Income tax expense (benefit)

257

(127 )

(318 )

Net income (loss)

$ 926

$ 185

$ (575 )

$ (1,833 )

Other comprehensive income:

Changes in foreign currency translation adjustment

117

448

452

287

Total other comprehensive income

117

448

452

287

Total comprehensive income (loss)

$ 1,043

$ 633

$ (123 )

$ (1,546 )

Income (loss) per share attributable to Zedge, Inc. common stockholders:

Basic

$ 0.07

$ 0.01

$ (0.04 )

$ (0.13 )

Diluted

$ 0.07

$ 0.01

$ (0.04 )

$ (0.13 )

Weighted-average number of shares used in calculation of income (loss) per share:

Basic

13,002

13,720

12,992

13,835

Diluted

13,272

13,940

12,992

13,835

ZEDGE, INC.

CONDENSED CONSOLIDATED STATEMENTS

OF CASH FLOWS

(in thousands)

(unaudited)

Nine Months Ended

April 30,

2026

2025

Operating activities

Net loss

$ (575 )

$ (1,833 )

Adjustments to reconcile net loss to net cash provided by operating activities:

Depreciation

Amortization of intangible assets

286

335

Amortization of capitalized software and technology development costs

207

541

Stock-based compensation

457

1,308

Impairment charge of capitalized software and technology development costs

145

827

Impairment charge of intangible assets

3,570

Deferred income taxes

(218 )

(184 )

Change in assets and liabilities:

Trade accounts receivable

(744 )

Prepaid expenses and other current assets

(128 )

(353 )

Other assets

(42 )

(54 )

Trade accounts payable and accrued expenses

(892 )

229

Deferred revenues

795

1,797

Net cash provided by operating activities

2,904

2,748

Investing activities

Capitalized software and technology development costs

(278 )

(329 )

Purchase of property and equipment

(26 )

(49 )

Net cash used in investing activities

(304 )

(378 )

Financing activities

Purchase of treasury stock in connection with share buyback program and stock awards vesting

(1,129 )

(2,030 )

Payment of cash dividends

(677 )

Proceeds from exercise of stock options

129

Net cash used in financing activities

(1,677 )

(2,030 )

Effect of exchange rate changes on cash and cash equivalents

160

Net increase in cash and cash equivalents

1,083

435

Cash and cash equivalents at beginning of period

18,609

19,998

Cash and cash equivalents at end of period

$ 19,692

$ 20,433

Supplemental cash flow information:

Cash paid for income taxes

$ 176

$ 194

Non-cash operating and financing activities:

ROU assets obtained in exchange for lease liabilities

$ 286

$ 111

Use of Non-GAAP Measures and Key Performance Indcators (KPI)

Adjusted EBITDA, defined as earnings (loss)

before interest, taxes, depreciation and amortization, stock compensation expense, transaction-related expenses and other

non-recurring expenses, Free Cash Flow, a common metric used by investors for valuation, and non-GAAP net income (loss) and EPS (or

loss per share) (which adjust out stock compensation expense, transaction-related expenses and other non-recurring expenses from

GAAP net income (loss) and EPS (loss per share)), represent measures that we believe are customarily used by investors and analysts

to evaluate the financial performance of companies in addition to the GAAP measures we present. Our management also believes these

measures are useful in evaluating our core operating results. However, these are not measures of financial performance under GAAP

and should not be considered an alternative to net income or operating income/margin as an indicator of our operating performance or

to net cash provided by operating activities as a measure of our liquidity. Numbers in the following reconciliation tables may not

add due to rounding.

Reconciliation of Adjusted EBITDA to Net Income (Loss)

Q125

Q225

Q325

Q425

Q126

Q226

Q326

FY24

FY25

YTD FY26

Net Income (Loss)

$ (0.3 )

$ (1.7 )

$ 0.2

$ (0.6 )

$ 0.8

$ (2.3 )

$ 0.9

($ 9.2 )

($ 2.4 )

$ (0.6 )

Excluding:

Interest and other income (expense), net

$ (0.2 )

$ (0.1 )

$ (0.6 )

$ (0.7 )

$ (0.4 )

Income tax expense (benefit)

$ 0.0

$ (0.5 )

$ 0.1

$ (0.0 )

$ 0.2

$ (0.6 )

$ 0.3

$ (2.2 )

$ (0.3 )

$ (0.1 )

Depreciation and amortization

$ 0.4

$ 0.3

$ 0.2

$ 0.1

$ 2.5

$ 1.1

$ 0.5

EBITDA

$ (0.1 )

$ (2.0 )

$ 0.3

$ (0.5 )

$ 1.1

$ (2.8 )

$ 1.2

$ (9.5 )

$ (2.2 )

$ (0.6 )

Adjustments:

Asset impairments and restructuring charges

$ 0.0

$ 1.3

$ 0.6

$ 0.0

$ 3.7

$ 0.0

$ 12.0

$ 2.5

$ 3.7

Stock-based compensation

$ 0.4

$ 0.6

$ 0.3

$ 0.1

$ 0.3

$ 0.1

$ 2.1

$ 1.4

$ 0.5

Expenses related to restructuring activities and business combination

$ 0.0

$ 0.1

$ 0.0

$ 0.2

$ 0.1

$ 0.0

Adjusted EBITDA

$ 0.3

$ (0.1 )

$ 1.2

$ 0.3

$ 1.2

$ 1.1

$ 1.3

$ 4.7

$ 1.8

$ 3.6

* numbers may not add due to rounding

Reconciliation of GAAP Net Income (Loss) to Non-GAAP Net Income

Q125

Q225

Q325

Q425

Q126

Q226

Q326

FY24

FY25

YTD FY26

GAAP Net Income (Loss)

$ (0.3 )

$ (1.7 )

$ 0.2

($ 0.6 )

$ 0.8

$ (2.3 )

$ 0.9

$ (9.2 )

$ (2.4 )

$ (0.6 )

Adjustments:

Asset impairments and restructuring charges

$ 0.0

$ 1.3

$ 0.6

$ 0.0

$ 3.7

$ 0.0

$ 12.0

$ 2.5

$ 3.7

Stock-based compensation

$ 0.4

$ 0.6

$ 0.3

$ 0.1

$ 0.3

$ 0.1

$ 2.1

$ 1.4

$ 0.5

Expenses related to restructuring activities and business combination

$ 0.0

$ 0.1

$ 0.0

$ 0.2

$ 0.1

$ 0.0

Income tax effect on non-GAAP items

$ (0.1 )

$ (0.4 )

$ (0.2 )

$ (0.0 )

$ (0.9 )

$ (0.0 )

$ (3.3 )

$ (0.9 )

$ (1.0 )

Non-GAAP Net Income (Loss)

$ (0.0 )

$ (0.2 )

$ 0.9

$ 0.1

$ 0.9

$ 0.8

$ 1.0

$ 1.8

$ 0.7

$ 2.6

Non-GAAP basic EPS (loss per share)

$ (0.00 )

$ (0.01 )

$ 0.06

$ 0.00

$ 0.07

$ 0.06

$ 0.08

$ 0.13

$ 0.05

$ 0.20

Non-GAAP diluted EPS (loss per share)

$ (0.00 )

$ (0.01 )

$ 0.06

$ 0.00

$ 0.07

$ 0.06

$ 0.07

$ 0.13

$ 0.05

$ 0.20

Weighted average shares used to compute Non-GAAP basic earnings per share

14.1

13.9

13.7

13.4

13.0

14.1

13.7

13.0

Weighted average shares used to compute Non-GAAP diluted earnings per share

14.1

13.9

13.4

13.3

13.0

13.3

14.1

13.7

13.3

* numbers may not add due to rounding

Free Cash Flow Calculation

Q125

Q225

Q325

Q425

Q126

Q226

Q326

FY24

FY25

YTD FY26

Cash Flow from Operations

$ 1.2

$ 0.7

$ 0.9

$ 0.7

$ 0.8

$ 0.9

$ 1.2

$ 5.9

$ 3.4

$ 2.9

Capital Expenditures

$ 0.2

$ 0.1

$ 0.2

$ 0.1

$ 0.0

$ 1.2

$ 0.5

$ 0.3

Free Cash Flow

$ 1.0

$ 0.6

$ 0.8

$ 0.5

$ 0.6

$ 0.8

$ 1.2

$ 4.7

$ 2.9

$ 2.6

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