Risk factors

No new risks were added; three risks covering joint ventures, Irish tax, and defined-benefit pensions were dropped.

New risk focuses on U.S. administration changes to tariffs, export controls and technology-transfer rules.

Risk 6 now emphasizes geopolitical conflict and potential expansion into new locations, while dropping the detail about offshore cash in Malaysia and China.

International growth is now framed around dependence on larger regional licensees and key company-owned markets, with elevated costs and market-specific risks.

Fiscal 2025 net loss widened to $61.1 million; accumulated deficit rose to $112.1 million.

Spire added information-technology integration and credit-rating risks to acquisitions and investments.

Fiscal 2025 softened home demand despite Federal Reserve rate cuts, while mortgage rates remained elevated for a prolonged period.

Disney added litigation exposure spanning securities, antitrust, intellectual property, labor, privacy and other disputes, citing a securities class action seeking unspecified damages.

EZCORP issued $300 million of 7.375% senior notes due 2032, adding debt and potential constraints on financing and cash use.

COVID-era supply shortages and pandemic impacts are no longer listed as standalone risks.

All stores are leased; escalating rents and future lease terms could raise occupancy costs or force closures in desirable locations.

The TVA Board lost its quorum on April 1, 2025, leaving three members against the five needed to act.