# EDGAR Filing Document

**Accession Number:** 0001173489
**File Stem:** 0001437749-26-004232
**Filing Date:** 2026-2
**Character Count:** 25592
**Document Hash:** af6aaa987ec18f141820216d4ff28527
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-26-004232.hdr.sgml**: 20260217

**ACCESSION NUMBER**: 0001437749-26-004232

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20260217

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260217

**DATE AS OF CHANGE**: 20260217

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CEVA INC
- **CENTRAL INDEX KEY:** 0001173489
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 770556376
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-49842
- **FILM NUMBER:** 26636285

**BUSINESS ADDRESS:**
- **STREET 1:** 15245 SHADY GROVE ROAD
- **STREET 2:** SUITE 400
- **CITY:** ROCKVILLE
- **STATE:** MD
- **ZIP:** 20850
- **BUSINESS PHONE:** 240-308-8328

**MAIL ADDRESS:**
- **STREET 1:** 15245 SHADY GROVE ROAD
- **STREET 2:** SUITE 400
- **CITY:** ROCKVILLE
- **STATE:** MD
- **ZIP:** 20850

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CEVA  INC
- **DATE OF NAME CHANGE:** 20031208

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PARTHUSCEVA INC
- **DATE OF NAME CHANGE:** 20021101

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CEVA INC
- **DATE OF NAME CHANGE:** 20020515

?xml version='1.0' encoding='ASCII'? ceva20260215_8k.htm

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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

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**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):** February 17, 2026

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**CEVA, INC.**

(Exact Name of Registrant as Specified in its Charter)

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---

| | | |
|:---|:---|:---|
| **Delaware** | **000-49842** | **77-0556376** |
| (State or Other Jurisdiction<br> of Incorporation) | (Commission<br> File Number) | (I.R.S. Employer<br> Identification No.) |

---

**15245 Shady Grove Road, Suite 400, Rockville, MD 20850**

(Address of Principal Executive Offices, and Zip Code)

**(240) 308-8328**

Registrant's Telephone Number, Including Area Code

**Not applicable**

(Former Name or Former Address, if Changed Since Last Report)

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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:

☐ 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:

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| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which<br> registered |
| Common Stock, $0.001 par value | CEVA | Nasdaq Global Market |

---

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. ☐

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**Item 2.02. Results of Operations and Financial Condition.**

On February 17, 2026, Ceva, Inc. (the "Company") announced its financial results for the quarter and the year ended December 31, 2025. A copy of the earnings release, dated February 17, 2026, is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The information set forth in this Item 2.02, including Exhibit 99.1, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or otherwise subject to the liabilities of that Section. The information in this Item 2.02, including Exhibit 99.1, shall not be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act except as shall be expressly set forth by specific reference in such a filing.

**Item 9.01. Financial Statements and Exhibits.** 

(d) Exhibits:

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| | |
|:---|:---|
| **Exhibit**<br> **Number** | **Description** |
| 99.1 | [Earnings release of Ceva, Inc. dated February 17, 2026](ex_920986.htm) |
| 104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |

---

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**<u>Signatures</u>**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **CEVA, INC.** | **CEVA, INC.** |
| Date: February 17, 2026 | By: | */s/ Yaniv Arieli* |
|  | Name: | Yaniv Arieli |
|  | Title: | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![logoceva1.jpg](logoceva1.jpg)

**Ceva, Inc. Announces Fourth Quarter and Full Year 2025 Financial Results**

**ROCKVILLE, MD., February 17, 2026** – Ceva, Inc. (NASDAQ: CEVA), the leading licensor of silicon and software IP for the Smart Edge, today announced its financial results for the fourth quarter and full year ended December 31, 2025.

**Fourth Quarter Highlights:\*** 

● Completed a strategic NPU licensing agreement with one of the world's leading PC OEMs, with NeuPro™ NPUs selected as foundational IP for next-generation on-device AI compute architecture

● Delivered total revenue of $31.3 million, up 10% sequentially and 7% year-over-year, representing the highest quarterly revenue in Ceva's history<sup>(1)</sup>

● Signed 18 IP licensing agreements in the quarter, reflecting strong and diversified demand across AI, connectivity and sensing

● Grew licensing and related revenue to $17.5 million, up 11%

● Increased royalty revenue to $13.8 million, up 2%, representing the strongest quarterly royalty performance in more than four years

● 606 million units of Ceva-powered devices shipped in the quarter

● Strengthened the balance sheet through a successful follow-on offering, raising approximately $63 million net

\*Unless otherwise stated, all comparisons are to fourth quarter 2024

**Full Year 2025 Highlights:\***

● Increased total revenue to $109.6 million, up 2%

● Grew licensing revenue to $63.6 million, up 6%

● Generated royalty revenue of $46.0 million, with royalties growing each quarter sequentially throughout 2025

● Record 2.1 billion Ceva-powered devices shipped, up 6%, including record Wi-Fi shipments of 266 million units and record Cellular IoT shipments of 241 million units

● Generated 86% of total revenue from smart edge markets, reflecting market share gains by Ceva customers and positioning the company well as the industry transitions towards Physical AI

\*Unless otherwise stated, all comparisons are to full year 2024

Amir Panush, Chief Executive Officer of Ceva, commented: "2025 was a landmark year for Ceva and ended on a high note with record fourth-quarter revenue<sup>(1)</sup> and our strongest royalty quarter in more than four years. A key milestone in the quarter was a strategic NPU licensing agreement for our high-performance NeuPro NPUs with one of the world's leading PC OEMs. This win is a powerful validation of our AI strategy and reinforces our belief that dedicated NPUs will become a standard requirement across personal computing platforms and increasingly across intelligent devices.

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"Importantly, our diversified, multi-IP engagements are building a growing licensing and royalty flywheel that supports sustained value creation over time," continued Panush. "As AI increasingly moves into real-world devices, we believe the industry is entering the era of Physical AI. With leadership across connectivity, sensing and inference, record Wi-Fi and cellular IoT shipments, and more than 20 billion Ceva-powered devices shipped to date, we enter 2026 in a position of strength."

In the fourth quarter, Ceva signed 18 IP licensing agreements spanning a broad range of end markets and applications, including three NPU licenses, highlighted by a strategic agreement with one of the world's leading PC OEMs. The quarter also included AI DSP agreements for automotive ADAS and consumer electronics, Wi-Fi 7 and Bluetooth High Data Throughput connectivity licenses, and a strategic software engagement with a leading TV platform.

**Other fourth quarter financial data:\***

● GAAP gross margin was 88%, in line with last year

● GAAP operating loss was $0.4 million, as compared to a GAAP operating profit of $0.1 million

● GAAP net loss was $1.1 million, as compared to a GAAP net loss of $1.7 million

● GAAP diluted loss per share was $0.04, as compared to GAAP diluted loss per share of $0.07

● Non-GAAP gross margin was 89%, in line with last year

● Non-GAAP operating income was $5.7 million, as compared to non-GAAP operating income of $4.5 million

● Non-GAAP net income and non-GAAP diluted income per share were $4.9 million and $0.18, respectively, compared with non-GAAP net income and non-GAAP diluted income per share of $2.7 million and $0.11, respectively

\*Unless otherwise stated, all comparisons are to fourth quarter 2024

Yaniv Arieli, Chief Financial Officer of Ceva, added: "We delivered record fourth-quarter revenues and achieved 18% non-GAAP operating margins, reflecting disciplined execution and improving mix. For the full year, non-GAAP net income increased 20% year-over-year and non-GAAP diluted earnings per share grew 17%, demonstrating consistent financial progress throughout 2025. During the fourth quarter, we also strengthened our balance sheet through a successful follow-on offering, raising approximately $63 million net, enhancing our financial flexibility to support future growth initiatives."

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**Other full year 2025 financial data:\***

● GAAP operating loss was $11.3 million, as compared to a GAAP operating loss of $7.5 million

● GAAP net loss and diluted loss per share were $10.6 million and $0.44, respectively, compared to GAAP net loss and diluted loss per share of $8.8 million and $0.37, respectively

● Non-GAAP operating income was $9.9 million, compared with $10.2 million

● Non-GAAP net income and diluted earnings per share were $10.8 million and $0.42, respectively, compared to $9.0 million and $0.36

\*Unless otherwise stated, all comparisons are to full year 2024

**Ceva Conference Call**

On February 17, 2026, Ceva management will conduct a conference call at 8:30 a.m. Eastern Time to discuss the operating performance for the quarter and full year.

The conference call will be available via the following dial in numbers:

● U.S. Participants : Dial 1-844-435-0316 (Access Code : Ceva)

● International Participants: Dial +1-412-317-6365 (Access Code: Ceva)

The conference call will also be available live via webcast at the following link: <u>https://app.webinar.net/9YBAnq6d4Rj</u>. Please go to the web site at least fifteen minutes prior to the call to register.

For those who cannot access the live broadcast, a replay will be available by dialing +1-855-669-9658 or +1-412-317-0088 (access code: 1337948) from one hour after the end of the call until 9:00 a.m. (Eastern Time) on March 17, 2026. The replay will also be available at Ceva's web site at <u>www.ceva-ip.com</u>.

(1) Excluding the Intrinsix design services business, which was divested in 2023.

**Forward Looking Statements**

This press release contains forward-looking statements that involve risks and uncertainties, as well as assumptions that if they materialize or prove incorrect, could cause the results of Ceva to differ materially from those expressed or implied by such forward-looking statements and assumptions. Forward-looking statements include statements about Ceva's positioning for future growth and to serve as a foundational technology provider for intelligent, connected devices, licensing agreement wins, future industry demand, our market position for the future and future growth in the demand of our products, our forecast of financial measures for the following quarter and 2026, our long term targets and underlying assumptions, our future investments, expectations about future market, the success of our strategies and agreements, visibility into future revenue streams, and Ceva's focus on expense management and profitability improvement. The risks, uncertainties and assumptions that could cause differing Ceva results include: the effect of intense industry competition; the ability of Ceva's technologies and products incorporating Ceva's technologies to achieve market acceptance; Ceva's ability to meet changing needs of end-users and evolving market demands; the lengthy sales cycle for IP and related solutions; Ceva's ability to diversify royalty streams and license revenues; geopolitical risks and instability, including the impact of tariffs and other trade measures and potential disruptions related to ongoing conflicts in the Middle East; and general market conditions and other risks relating to Ceva's business and industry, including, but not limited to, those that are described from time to time in our SEC filings. Ceva assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.

------

**About Ceva, Inc.**

Ceva powers the Smart Edge, bridging the digital and physical worlds to bring AI-driven products to life. Our Ceva AI fabric portfolio of silicon and software IP enables devices to Connect, Sense, and Infer – the essential capabilities for the intelligent edge. From 5G, cellular IoT, Bluetooth, Wi-Fi, and UWB connectivity to scalable Edge AI NPUs, AI DSPs, sensor fusion processors and embedded software, Ceva provides the foundational IP for devices that connect, understand their environment, and act in real time.

With more than 20 billion devices shipped and trusted by 400+ customers worldwide, Ceva is the backbone of today's most advanced smart edge products - from AI-infused wearables and IoT devices to autonomous vehicles and 5G infrastructure. Our differentiated solutions deliver seamless integration into existing design flows, total flexibility to combine solutions based on design needs and ultra-low-power performance in minimal silicon footprint, helping customers accelerate development, reduce risk, and bring innovative products to market faster. As technology evolves toward P<u>hysical AI</u>, Ceva's IP portfolio lays the foundation for systems that are always connected, contextually aware, and capable of intelligent, real-time decision-making.

Visit us at <u>www.ceva-ip.com</u> and follow us on LinkedIn, X, YouTube<u>,</u> Facebook, and Instagram.

**For more information, contact:**

Yaniv Arieli Ceva, Inc. CFO +972.9.961.3770 yaniv.arieli@ceva-ip.com Richard Kingston Ceva, Inc. VP Market Intelligence, Investor & Public Relations +1.650.220.1948 richard.kingston@ceva-ip.com

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**Ceva, Inc. AND ITS SUBSIDIARIES**

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF LOSS – U.S. GAAP

*U.S. dollars in thousands, except per share data*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Twelve months ended** | **Twelve months ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  | **Unaudited** | **Unaudited** | **Unaudited** | **Unaudited** |
| Revenues: |  |  |  |  |
| Licensing and related revenues | $17503 | $15733 | $63595 | $59999 |
| Royalties | 13788 | 13490 | 46003 | 46940 |
| Total revenues | 31291 | 29223 | 109598 | 106939 |
| Cost of revenues | 3730 | 3371 | 14158 | 12768 |
| Gross profit | 27561 | 25852 | 95440 | 94171 |
| Operating expenses: |  |  |  |  |
| Research and development, net | 18934 | 16877 | 74833 | 71616 |
| Sales and marketing | 3479 | 3625 | 13262 | 12624 |
| General and administrative | 5396 | 5126 | 18093 | 16877 |
| Amortization of intangible assets | 150 | 150 | 598 | 599 |
| Total operating expenses | 27959 | 25778 | 106786 | 101716 |
| Operating income (loss) | (398) | 74 | (11346) | (7545) |
| Financial income (loss), net | 1447 | (78) | 6913 | 4884 |
| Income (loss) associated with the remeasurement of marketable equity securities | 4 | 3 | (257) | (94) |
| Income (loss) before taxes on income | 1053 | (1) | (4690) | (2755) |
| Income tax expense | 2151 | 1735 | 5948 | 6031 |
| Net loss | (1098) | (1736) | (10638) | (8786) |
| Basic and diluted net loss per share | $(0.04) | $(0.07) | $(0.44) | $(0.37) |
| Weighted-average shares used to compute net loss per share (in thousands): |  |  |  |  |
| Basic and diluted | 25558 | 23637 | 24295 | 23613 |

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**Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures**

*U.S. Dollars in thousands, except per share amounts*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Twelve months ended** | **Twelve months ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  | **Unaudited** | **Unaudited** | **Unaudited** | **Unaudited** |
| **GAAP net loss** | $**(1098)** | $**(1736)** | $**(10638)** | $**(8786)** |
| Equity-based compensation expense included in cost of revenues | 186 | 143 | 679 | 713 |
| Equity-based compensation expense included in research and development expenses | 2771 | 2432 | 10549 | 9298 |
| Equity-based compensation expense included in sales and marketing expenses | 662 | 494 | 2397 | 1801 |
| Equity-based compensation expense included in general and administrative expenses | 2079 | 827 | 6171 | 3763 |
| Amortization of intangible assets related to acquisition of businesses | 208 | 255 | 833 | 1090 |
| Costs associated with asset acquisition | 144 | 250 | 577 | 1033 |
| Loss (Income) associated with the remeasurement of marketable equity securities | (4) | (3) | 257 | 94 |
| **Non-GAAP net income** | $4948 | $2662 | $10825 | $9006 |
| GAAP weighted-average number of Common Stock used in computation of diluted net loss per share (in thousands) | 25558 | 23637 | 24295 | 23613 |
| Weighted-average number of shares related to outstanding stock-based awards (in thousands) | 1761 | 1579 | 1726 | 1491 |
| Weighted-average number of Common Stock used in computation of diluted earnings per share, excluding the above (in thousands) | 27319 | 25216 | 26021 | 25104 |
| **GAAP diluted loss per share** | $(0.04) | $(0.07) | $(0.44) | $(0.37) |
| Equity-based compensation expense | $0.20 | $0.16 | $0.80 | $0.65 |
| Amortization of intangible assets related to acquisition of businesses | $0.01 | $0.01 | $0.03 | $0.04 |
| Costs associated with asset acquisition | $0.01 | $0.01 | $0.02 | $0.04 |
| Loss associated with the remeasurement of marketable equity securities | $0.00 | $0.00 | $0.01 | $0.00 |
| **Non-GAAP diluted earnings per share** | $0.18 | $0.11 | $0.42 | $0.36 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Twelve months ended** | **Twelve months ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  | **Unaudited** | **Unaudited** | **Unaudited** | **Unaudited** |
| **GAAP Operating income (loss)** | $(398) | $74 | $(11346) | $(7545) |
| Equity-based compensation expense included in cost of revenues | 186 | 143 | 679 | 713 |
| Equity-based compensation expense included in research and development expenses | 2771 | 2432 | 10549 | 9298 |
| Equity-based compensation expense included in sales and marketing expenses | 662 | 494 | 2397 | 1801 |
| Equity-based compensation expense included in general and administrative expenses | 2079 | 827 | 6171 | 3763 |
| Amortization of intangible assets related to acquisition of businesses | 208 | 255 | 833 | 1090 |
| Costs associated with asset acquisition | 144 | 250 | 577 | 1033 |
| **Total non-GAAP Operating Income** | $5652 | $4475 | $9860 | $10153 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Twelve months ended** | **Twelve months ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  | **Unaudited** | **Unaudited** | **Unaudited** | **Unaudited** |
| **GAAP Gross Profit** | $**27561** | $**25852** | $**95440** | $**94171** |
| **GAAP Gross Margin** | **88%** | **88%** | **87%** | **88%** |
| Equity-based compensation expense included in cost of revenues | 186 | 143 | 679 | 713 |
| Amortization of intangible assets related to acquisition of businesses | 58 | 105 | 235 | 491 |
| **Total Non-GAAP Gross profit** | **27805** | **26100** | **96354** | **95375** |
| **Non-GAAP Gross Margin** | **89%** | **89%** | **88%** | **89%** |

---

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Twelve months ended** | **Twelve months ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  | **Unaudited** | **Unaudited** | **Unaudited** | **Unaudited** |
| **GAAP Operating Expenses** | **27959** | **25778** | **106786** | **101716** |
| Equity-based compensation expense included in research and development expenses | 2771 | 2432 | 10549 | 9298 |
| Equity-based compensation expense included in sales and marketing expenses | 662 | 494 | 2397 | 1801 |
| Equity-based compensation expense included in general and administrative expenses | 2079 | 827 | 6171 | 3763 |
| Amortization of intangible assets related to acquisition of businesses | 150 | 150 | 598 | 599 |
| Costs associated with asset acquisition | 144 | 250 | 577 | 1033 |
| **Total non-GAAP Operating Expenses** | $22153 | $21625 | $86494 | $85222 |

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**Ceva, Inc. AND ITS SUBSIDIARIES**

INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

*(U.S. Dollars in thousands)*

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| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024 (\*)** |
|  | **Unaudited** | **Unaudited** |
| **ASSETS** |  |  |
| Current assets: |  |  |
| Cash and cash equivalents | $40586 | $18498 |
| Marketable securities and short-term bank deposits | 181397 | 145146 |
| Trade receivables, net | 19495 | 15969 |
| Unbilled receivables | 29860 | 21240 |
| Prepaid expenses and other current assets | 13498 | 15488 |
| Total current assets | 284836 | 216341 |
| Long-term assets: |  |  |
| Severance pay fund | 7530 | 7161 |
| Deferred tax assets, net | 257 | 1456 |
| Property and equipment, net | 7054 | 6877 |
| Operating lease right-of-use assets | 17486 | 5811 |
| Investment in marketable equity securities | 55 | 312 |
| Goodwill | 58308 | 58308 |
| Intangible assets, net | 1044 | 1877 |
| Other long-term assets | 11686 | 10805 |
| Total assets | $388256 | $308948 |
| **LIABILITIES AND STOCKHOLDERS**' **EQUITY** |  |  |
| Current liabilities: |  |  |
| Trade payables | $2418 | $1125 |
| Deferred revenues | 3496 | 3599 |
| Accrued expenses and other payables | 21026 | 23207 |
| Operating lease liabilities | 1743 | 2598 |
| Total current liabilities | 28683 | 30529 |
| Long-term liabilities: |  |  |
| Accrued severance pay | 7690 | 7365 |
| Operating lease liabilities | 14388 | 2963 |
| Other accrued liabilities | 1037 | 1535 |
| Total liabilities | 51798 | 42392 |
| Stockholders' equity: |  |  |
| Common stock | 28 | 24 |
| Additional paid in-capital | 337966 | 259891 |
| Treasury stock | (1591) | (3222) |
| Accumulated other comprehensive income (loss) | 79 | (1330) |
| Retained earnings (accumulated deficit) | (24) | 11193 |
| Total stockholders' equity | 336458 | 266556 |
| Total liabilities and stockholders' equity | $388256 | $308948 |

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(\*) Derived from audited financial statements.

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The Company believes that the reconciliation of financial measures in the press release is useful to investors in analyzing the results for the quarters ended December 31, 2025 and 2024 because the exclusion of the applicable expenses may provide a meaningful analysis of the Company's core operating results and comparison of quarterly results. Further, the Company believes it is useful for investors to understand how the expenses associated with the application of FASB ASC No. 718 are reflected on its statements of income. The reconciliation of financial measures should be reviewed in addition to and in conjunction with results presented in accordance with GAAP and are intended to provide additional insight into the Company's operations that, when viewed with its GAAP results and the accompanying reconciliation, offer a more complete understanding of factors and trends affecting the Company's business. The reconciliation of financial measures should not be viewed as a substitute for the Company's reported GAAP results.