Company: KEQU
Filing Date: 2025-07-02
Form Type: 10-K
Source: 0000055529-25-000026
Chunk: 73

Company: KEWAUNEE SCIENTIFIC CORP /DE/
Filing Date: 2025-07-02
Form: 10-K
Item: Item 1A
Chunk 73
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. dollars and other currencies, including Indian rupees, Singapore dollars, Canadian dollars, and other currencies. For fiscal year 2025, 23% of net sales were derived in currencies other than U.S. dollars. We incur expenses in currencies other than U.S. dollars relating to specific contracts with customers and for our operations outside the U.S.

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Over the long term, net sales to international markets may increase as a percentage of total net sales and, consequently, a greater portion of our business could be denominated in foreign currencies. As a result, operating results may become more subject to fluctuations based upon changes in the exchange rates of certain currencies in relation to the U.S. dollar. To the extent we engage in international sales denominated in U.S. dollars, an increase in the value of the U.S. dollar relative to foreign currencies could make our products less competitive in international markets. This effect is also impacted by costs of raw materials from international sources and costs of our sales, service, and manufacturing locations outside the U.S.

We have foreign currency cash accounts to operate our global business. These accounts are impacted by changes in foreign currency rates. Cash balances at April 30, 2025 of $8.4 million were held by our subsidiaries and denominated in currencies other than U.S. dollars. 

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Item 8. Financial Statements and Supplementary Data

PageConsolidated Financial StatementsReport of Independent Registered Public Accounting Firm (Forvis Mazars, LLP, Atlanta, GA, PCAOB Firm No. 686)22Consolidated Statements of Operations—Years ended April 30, 2025 and 202424Consolidated Statements of Comprehensive Income—Years ended April 30, 2025 and 202425Consolidated Statements of Stockholders' Equity—Years ended April 30, 2025 and 202426Consolidated Balance Sheets—April 30, 2025 and 202427Consolidated Statements of Cash Flows—Years ended April 30, 2025 and 202428Notes to Consolidated Financial Statements30

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Report Of Independent Registered Public Accounting Firm

To the Stockholders and the Board of Directors of Kewaunee Scientific Corporation

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated balance sheets of Kewaunee Scientific Corporation (the “Company”) as of April 30, 2025 and 2024, the related consolidated statements of operations, comprehensive income