Company: NGVC
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001437749-25-037556
Chunk: 1

Company: Natural Grocers by Vitamin Cottage, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 1A
Chunk 1
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, or cyber-attacks against our information systems or those of third parties, such as our suppliers and payment processors, could negatively impact our operations or expose us to litigation and reputational harm;

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			Claims under our self-insurance program may differ from our estimates, which could negatively impact our results of operations;

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			If we are unable to protect our intellectual property rights, our ability to compete and the value of our brand could be harmed;

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			Energy costs are a significant component of our operating expenses and increasing energy costs, unless offset by more efficient usage or other operational responses, may impact our profitability;

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			Legal proceedings and adverse tax changes or examinations could adversely affect our business, financial condition and results of operations; and

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			Failure to maintain effective internal control over financial reporting could lead to material misstatements in our financial statements, in which case investors may lose confidence in the accuracy and completeness of our financial reports and the market price of our common stock may decline.

Risks related to government regulations and policies 

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			New or increased tariffs on the foreign-sourced goods that we sell or the foreign-sourced materials incorporated into such goods could have a material adverse effect on our business, financial condition and results of operations.

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			Regulatory requirements imposed on us or our suppliers could change, increasing our costs and a failure to comply could adversely affect our business, results of operations and financial condition;

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			The activities of our NHCs and our nutrition education services may be impacted by government regulation or an inability to secure adequate liability insurance;

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			The products we sell could suffer from real or perceived quality or food safety concerns and may cause unexpected side effects, illness, injury or death that could result in their discontinuance or expose us to lawsuits, any of which could result in unexpected costs and damage to our reputation; and

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			Our political advocacy activities may reduce our customer count and sales.

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Risks related to our indebtedness and liquidity

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			Our credit facility could limit our operational flexibility;

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			We may be unable to generate sufficient cash flow, which could adversely impact our business and we may need to raise additional capital through debt or equity financing; and

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			Our share repurchase program may adversely affect our liquidity and cause fluctuations in our stock