Company: NOTV
Filing Date: 2025-12-05
Form Type: 10-K
Source: 0001628280-25-055483
Chunk: 154

Company: Inotiv, Inc.
Filing Date: 2025-12-05
Form: 10-K
Item: Item 1
Chunk 154
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 ended September 30, 2025, compared to the twelve months ended September 30, 2024, was primarily driven by decreases in compensation and benefits expense, legal fees and stock-based compensation expense, among other individually immaterial items, partially offset by an increase in information technology expenses associated with the 2025 Cybersecurity Incident.

Other Expense

Other expense increased by $12,512 for fiscal year 2025 compared to fiscal year 2024. The increase was primarily driven by an increase of $9,709 in interest expense as a result of additional second lien debt incurred in September 2024 and periodic draws on our revolving credit facility, as well as foreign exchange rate losses.

Income Taxes

Our effective income tax rates for fiscal 2025 and fiscal 2024 were 21.8% and 16.7%, respectively. The income tax benefit recorded for fiscal 2025 and fiscal 2024 was $19,143 and $21,875, respectively. For fiscal year 2025, the benefit from income taxes primarily related to deferred tax benefits on the pre-tax loss and a decrease in valuation allowances as a result of changes in U.S. federal tax regulation, partially offset by unfavorable permanent items. The benefit from income taxes for fiscal year 2024 primarily related to deferred tax benefits on the pre-tax loss, partially offset by unfavorable permanent items related to the Resolution and Plea Agreements, an increase in valuation allowances and other permanent items. 

Consolidated Net Loss

As a result of the above described factors, we had a consolidated net loss of $68,625 for the twelve months ended September 30, 2025, as compared to a consolidated net loss of $108,885 for the twelve months ended September 30, 2024.

Liquidity and Capital Resources

During the fiscal year ended September 30, 2025, revenue and operating loss were $513,024 and $30,902, respectively, as compared to $490,739 and $86,406, respectively, in the fiscal year ended September 30, 2024. Despite these results, the Company had negative operating cash flows, operating losses and net losses. As of September 30, 2025, the Company has cash and cash equivalents of $21,741 and access to a $15,000 revolver, which had a $3,000 balance outstanding as of September 30, 2025. The Company was in compliance with its financial covenants under its Credit Agreement