Virco Mfg Corp 2025年季度报告

FORM 10-Q OR Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities ExchangeAct of 1934 during the preceding 12months (or for such shorter period that the registrant was required to file such reports), and (2)has beensubject to such filing requirements for the past 90days.YesNo Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every InteractiveData File required to be submitted and posted pursuant to Rule405 of RegulationS-T during the preceding 12months (or for such shorterperiod that the registrant was required to submit and post such files).YesNo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reportingcompany. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule12b-2 of the ExchangeAct.: Largeacceleratedfiler☐Non-accelerated filer☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complyingwith any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act).Yes☐No The number of shares outstanding for each of the registrant’s classes of common stock, as of the latest practicable date:Common Stock, $.01 par value — 15,761,141 shares as of December 8, 2025. TABLE OF CONTENTS Part I. Financial InformationItem 1. Financial StatementsUnaudited condensed consolidated balance sheets - October31, 2025, January 31, 2025 and October31, 2024Unaudited condensed consolidated statements ofoperations - Three and nine months ended October31, 2025 and 2024Unaudited condensed consolidated statements of comprehensive(loss) income - Three and nine months ended October31,2025 and 2024Unaudited condensed consolidated statements of cash flows - Nine months ended October31, 2025 and 2024Unaudited condensed consolidated statements of changes in stockholders' equity - Three and nine months ended October31, 2025 and 2024Notes to unaudited condensed consolidated financial statements - October31, 2025Item2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsItem3. Quantitative and Qualitative Disclosures about Market RiskItem4. Controls and ProceduresPart II. Other InformationItem1. Legal ProceedingsItem1A. Risk FactorsItem2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity SecuritiesItem3. Defaults Upon Senior SecuritiesItem4. Mine Safety DisclosuresItem5. Other InformationItem6. Exhibits Virco Mfg. Corporation Unaudited Condensed Consolidated Balance Sheets Virco Mfg. Corporation Virco Mfg. Corporation Virco Mfg. Corporation Unaudited Condensed Consolidated Statements of Comprehensive (Loss) Income Virco Mfg. Corporation VIRCO MFG. CORPORATION Notes to Unaudited Condensed Consolidated Financial Statements October31, 2025 Note 1. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principlesgenerally accepted in the United States (U.S. GAAP) for interim financial information and pursuant to the rules and regulations of theSecurities and Exchange Commission. Accordingly, they do not include all of the information and notes required by generally acceptedaccounting principles for complete financial statements and are presented in accordance with the requirements of Form 10-Q and Rule 10-01of Regulation S-X. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidatedfinancial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended January31, 2025(“Form10-K”).In the opinion of management, all adjustments considered necessary for a fair presentation have been included. Operatingresults for the three and nine months ended October31, 2025 are not necessarily indicative of the results that may be expected for the fiscalyear ending January31, 2026. The balance sheet at January31, 2025 has been derived from the audited consolidated financial statements atthat date, but does not include all of the information and notes required by accounting principles generally accepted in the United States forcomplete financial statements. All references to the “Company”, “we” and “our” refer to Virco Mfg. Corporation and its subsidiaries. Note 2. Seasonality and Management Use of Estimates The market for educational furniture is marked by extreme seasonality, with approximately 50% of the Company’s total sales typicallyoccurring from June to August each year, the Company’s peak season. Hence, the Company typically builds and carries significant amoun