Educational Development Corp 2026年季度报告

FORM 10-Q (Mark One)☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended November 30, 2025 OR ☐TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period fromto. Commission file number: 000-04957 EDUCATIONAL DEVELOPMENT CORPORATION(Exact name of registrant as specified in its charter) Delaware73-0750007(State or other jurisdiction of(I.R.S. Employer 5402 South 122nd East Ave, Tulsa, Oklahoma74146(Address of principal executive offices)(Zip Code) Registrant’s telephone number, including area code(918) 622-4522 Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1) has filed all reports to be filed by Section 13 or 15(d) of the Securities Exchange Actof 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) hasbeen subject to such filing requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§229.405 of this chapter) during the preceding 12 months (or for such shorter period that theregistrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See definitions of “large accelerated filer”, “accelerated filer”, “smaller reportingcompany” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Accelerated filer☐Smaller reporting company☒Emerging Growth Company☐ Large accelerated filer☐ Non-accelerated filer☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with 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 Rule 12b-2 of the Exchange Act). Yes☐No☒ As of January 8, 2026, there were 8,511,364 shares of Educational Development Corporation Common Stock, $0.20 par valueoutstanding. TABLE OF CONTENTS PARTI.FINANCIALINFORMATIONItem 1.Financial Statements 1Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations17Item 3.Quantitative and Qualitative Disclosures About Market Risk24Item 4.Controls and Procedures24 PARTII.OTHERINFORMATIONItem 1.Legal Proceedings 25Item 1A.Risk Factors25Item 2.Unregistered Sales of Equity Securities and Use of Proceeds25Item 3.Defaults Upon Senior Securities25Item 4.Mine Safety Disclosures25Item 5.Other Information25Item 6.Exhibits26Signatures28 CAUTIONARY REMARKS REGARDING FORWARD-LOOKING STATEMENTS The information discussed in this Quarterly Report on Form 10-Q includes“forward-looking statements.”These forward-looking statements are identified by their use of terms and phrases such as“may,” “expect,” “estimate,” “project,” “plan,” “believe,”“intend,” “achievable,” “anticipate,” “continue,” “potential,” “should,” “could,”and similar terms and phrases. Although we believethat the expectations reflected in these forward-looking statements are reasonable, they do involve certain assumptions, risks anduncertainties and we can give no assurance that such expectations or assumptions will be achieved. Known and unknown risks,uncertainties and other factors may cause our actual results, performance or achievements to be materially different from any futureresults, performance or achievements expressed or implied by forward-looking statements. Factors that could cause or contribute tosuch differences include, but are not limited to, ●our success in recruiting and retaining new brand partners,●our ability to locate and procure desired books,●product and supplier concentrations,●our relationship with our primary supplier and the related distribution requirements and contractual limitations,●adverse publicity associated with our Company or the industry,●our ability to ship timely,●changes to our primary sales channels, including social media and party plan platforms,●changing consumer preferences and demands,●cybersecurity threats and incidents,●changes in macroeconomic conditions in international trade including recently announced and potential future tariffs,●legal matters,●reliance on information technology infrastructure,●our ability to obtain adequate financing for working capital and capital expenditures,●economic and competitive conditions, regulatory changes and other uncertainties, as well as●those factors discussed below and elsewhere in our Annual Report on Form 10-K for the year ended February 28, 2025and in this Quarterly Report on Form 10-Q, all of which are difficult to predict. In light of these risks, uncertainties and assu