Company: LDWY
Filing Date: 2025-08-28
Form Type: 10-KT
Source: 0001558370-25-011807
Chunk: 28

Company: LENDWAY, INC.
Filing Date: 2025-08-28
Form: 10-KT
Chunk 28
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 (loss) attributable to noncontrolling interest | ​ |                  |    473,000 | ​ |             |   -270,000 | ​ |                                       |    743,000 | ​ |       ​ | ​ |
| Net income (loss) attributable to Lendway, Inc.                 | ​ | $                |  1,496,000 | ​ | $           | -1,678,000 | ​ | $                                     |  3,174,000 | ​ |       ​ | ​ |

Revenue, Net.Revenue, net for the six months ended June 30, 2025 and 2024 was $35,622,000 and $24,953,000, respectively. The increase is primarily due to the timing of the acquisition. Revenues in the six months ended June 30, 2025 reflect a full six months compared to 2024 which includes the period from the acquisition date of February 22, 2024 (“the acquisition date”) through June 30, 2024 (the “acquisition period”). Revenue also increased due to stronger Mother’s Day sales. The first and second calendar quarters are normally the strongest sales quarters for Bloomia with the first calendar quarter benefiting from Valentine’s Day, Easter season, Mother’s Day and the start of the Spring season. Gross Profit.Gross profit for the six months ended June 30, 2025 and 2024 was $9,280,000, or 26.1% as a percentage of revenue, and $5,650,000, or 22.6% as a percentage of revenue, respectively. Cost of goods sold includes rent for the production facility and depreciation related to production. The increase in gross profit is primarily due to a one-time amortization charge related to inventory written up to fair value upon acquisition of $1,522,000 that decreased gross profit for the six months ended June 30, 2024, partially offset by an increase in bulb costs. Operating Expenses Sales, general and administrative.Sales, general and administrative expenses for the six months ended June 30, 2025 and 2024 were $5,363,000 and $7,129,000, respectively. The decrease was primarily due to the acquisition costs of $1,542,000 in the six months ended June 30, 2024 offset by a shorter acquisition period in 2024.

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Interest Expense and Income.Interest expense, net, for the six months ended June