Universal Safety Products Inc 2026年季度报告

FORM10-Q ☒QUARTERLY REPORT PURSUANT TO SECTION13 OR 15(d)OFTHE SECURITIES EXCHANGE ACT OF 1934 OR ☐TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d)OF THESECURITIES EXCHANGE ACT OF 1934 Commission file number 001-31747 UNIVERSAL SAFETY PRODUCTS,INC.(Exact name of registrant as specified in its charter) Registrant’s telephone number, including area code:(410) 363-3000 Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d)of theSecurities Exchange Act of 1934 during the preceding 12months (or for such shorter period that the registrant wasrequired to file such reports), and (2)has been subject to such filing requirements for the past 90days. Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or forsuch shorter period that the registrant was required to submit such files). Yes☒No☐ Indicate by check mark if the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “acceleratedfiler,” “smaller reporting company,” and “emerging growth company” in Rule12b-2 of the Exchange Act. Large accelerated filer☐Non-accelerated filer☒Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transitionperiod for complying with any new or revised financial accounting standards provided pursuant to Section13(a)of theExchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act). Yes☐No☒ At February 19, 2026, the number of shares outstanding of the registrant’s common stock was 2,717,887. TABLE OF CONTENTS Part I - Financial Information Item 1.Condensed Consolidated Financial Statements:Condensed Consolidated Balance Sheet at December 31, 2025 (unaudited) and March 31,20253Condensed Consolidated Statements of Operations for the Three Months Ended December31, 2025, and 2024 (unaudited)4Condensed Consolidated Statements of Operations for the Nine Months Ended December 31,2025, and 2024 (unaudited)5Condensed Consolidated Statements of Shareholders’ Equity for the Nine Months EndedDecember 31, 2025, (unaudited)6Condensed Consolidated Statements of Shareholders’ Equity for the Nine Months EndedDecember 31, 2024, (unaudited)7Condensed Consolidated Statements of Cash Flows for the Nine Months Ended December31, 2025, and 2024 (unaudited)8Notes to Condensed Consolidated Financial Statements (unaudited)9Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations16Item 4.Controls and Procedures19Part II - Other InformationItem 1.Legal Proceedings20Item 5.Other Information20Item 6.Exhibits20Signatures21 PARTI- FINANCIAL INFORMATION UNIVERSAL SAFETY PRODUCTS, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS UNIVERSAL SAFETY PRODUCTS, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited) Three Months EndedDecember31,20252024Net sales$22,549$ 5,535,148Cost of goods sold299,5474,513,137GROSS (LOSS) PROFIT(276,998)1,022,011Selling, general and administrative expense1,896,1591,762,446Engineering and product development expense14,193130,395Operating loss(2,187,350)(870,830)Other expense:Change in fair value of derivative component of convertible debt(135,000)—Interest expense - net(78,824)(77,409)Net loss before taxes(2,401,174)(948,239)Provision for income tax benefit(114,000)(11,600)NET LOSS$(2,287,174)$(936,639)Loss per share:Basic and diluted$(0.99)$(0.40)Shares used in computing loss per share:Weighted average basic and diluted shares outstanding2,312,8872,312,887The accompanying notes are an integral part of these condensed consolidated financial statements. UNIVERSAL SAFETY PRODUCTS, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited) Nine Months Ended December31,20252024Net sales$4,606,795$17,336,933Cost of goods sold3,730,51613,229,275GROSS PROFIT876,2794,107,658Selling, general and administrative expense4,320,6494,369,219Engineering and product development expense202,882328,367Operating loss(3,647,252)(589,928)Other income (expense):Gain on sale of asset2,820,668—Change in fair value of derivative component of convertible debt(182,000)—Interest expense - net(86,049)(211,939)Net Loss before income taxes(1,094,633)(801,867)Provision for income tax expense382,000—NET LOSS$(1,476,633)$(801,867)Loss per share:Basic and diluted$(0.64)$(0.35)Shares used in computing loss per share:Weighted average basic and diluted shares outstanding2,312,8872,312,887 UNIVERSAL SAFETY PRODUCTS, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITYNIN