Palo Alto Networks (PANW) 10-K: MD&A Changes Lead 10 September 2026 Filing Roundup

Forward-looking statements generally can be identified by words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potentially,” “projects,” “will,” “will be,” “will continue,” “will likely result,” “would,” and similar expressions that convey uncertainty of future events or outcomes. These forward-looking statements include, but are not limited to, statements concerning the following: • expectations regarding the cybersecurity landscape; • expectations regarding our platformization strategy and related progress and opportunities; • expectations regarding annual recurring revenue, remaining performance obligations, and product development strategy; • expectations regarding artificial intelligence; • expectations regarding our strategic partnerships; • expectations regarding drivers of and factors affecting growth in our business; • statements regarding expected profitability, trends in annual recurring revenue, trends in remaining performance obligations, our mix of product and subscription and support revenue, cost of revenue, gross margin, cash flows, operating expenses,…

Forward-looking statements generally can be identified by words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potentially,” “projects,” “will,” “will be,” “will continue,” “will likely result,” “would,” and similar expressions that convey uncertainty of future events or outcomes. These forward-looking statements include, but are not limited to, statements concerning the following: • expectations regarding the cybersecurity landscape and demand; • expectations regarding our platformization strategy and related progress and opportunities, our product development strategy, and drivers of and factors affecting growth in our business; • expectations regarding annual recurring revenue and remaining performance obligations; • expectations regarding artificial intelligence; • expectations regarding our strategic partnerships; • statements regarding expected profitability, new revenues, trends in annual recurring revenue, trends in remaining performance obligations, our mix of product and subscription and support revenue, cost of revenue, gross margin, cash flows, operating expenses, including future share-based compensation expense, income taxes, investment plans, and liquidity; • expected recurring revenues resulting from growth in our end-customers and increased adoption of our products, subscriptions and services; • the performance advantages of our products and subscription and support offerings and the potential benefits to our customers; • expectations regarding future investments in research and development and product development, customer support, in our employees and in our sales force, including expectations regarding growth in our sales headcount; • expectations that we will continue to expand our global presence; • expectations regarding our revenues, including the seasonality and cyclicality from quarter to quarter; • expectations relating to our customer financing activities; • the sufficiency of our cash flow from operations with existing cash, cash equivalents, and investments to meet our cash needs for the foreseeable future; • our ability to successfully acquire and integrate companies and assets and expectations and intentions with respect to the assets, products and technologies that we acquire; • expectations regarding the benefits and synergies from our acquisition and integration of companies, assets, and technologies, including our acquisition of CyberArk Software Ltd.; • expectations regarding contingent consideration obligations; • expectations regarding the change in fair value of our convertible senior notes and capped call transactions and its impact on us and our financial results; • statements regarding our competition, including the expanded scope of our competitors as a result of entering into new product and service categories; • the timing and amount of capital expenditures and share repurchases; • the effects of worldwide economic and geopolitical conditions, including, but not limited to, hostilities in Israel and the surrounding regions, inflation, tariff rates, interest rate levels, public or administration policies, trade regulations, trade policy, growth rates and other conditions, on our operating and financial results and performance; • expectations regarding the manufacture, delivery and cost of certain of our products; • the effects of litigation or regulatory developments involving us or affecting our industry; • our debt repayment obligations; and • other statements regarding our future operations, financial condition and prospects, and business strategies. These forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties, including those described in “Risk Factors” included in Part I, Item 1A and elsewhere in this Annual Report on Form 10-K.

We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Business General Palo Alto Networks, Inc. is a global cybersecurity provider and our vision is a world where each day is safer and more secure than the one before. We were incorporated in 2005 and are headquartered in Santa Clara, California.

We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Business General Palo Alto Networks, Inc. is a global artificial intelligence (“AI”) cybersecurity provider and our vision is a world where each day is safer and more secure than the one before. We were incorporated in 2005 and are headquartered in Santa Clara, California.

Business General Palo Alto Networks, Inc. is a global cybersecurity provider and our vision is a world where each day is safer and more secure than the one before. We were incorporated in 2005 and are headquartered in Santa Clara, California.

Business General Palo Alto Networks, Inc. is a global artificial intelligence (“AI”) cybersecurity provider and our vision is a world where each day is safer and more secure than the one before. We were incorporated in 2005 and are headquartered in Santa Clara, California.

The forward-looking statements contained herein should not be relied upon as representing our views as of any date subsequent to the filing date of this Form 10-K. BASIS OF PRE SENTATION Our fiscal year begins on July 1 and ends on June 30 with the interim quarterly reporting periods consisting of thirteen weeks. Therefore, the quarter end will not always coincide with the date of the end of the calendar month.

The forward-looking statements contained herein should not be relied upon as representing our views as of any date subsequent to the filing date of this Form 10-K. BASIS OF PRE SENTATION Through fiscal 2026, our fiscal year began on July 1 and ended on June 30, with interim quarterly reporting periods consisting of thirteen weeks. As a result, quarter-end dates did not always coincide with the end of a calendar month.

BASIS OF PRE SENTATION Our fiscal year begins on July 1 and ends on June 30 with the interim quarterly reporting periods consisting of thirteen weeks. Therefore, the quarter end will not always coincide with the date of the end of the calendar month. We refer to our fiscal years based on the calendar-year in which they end.

BASIS OF PRE SENTATION Through fiscal 2026, our fiscal year began on July 1 and ended on June 30, with interim quarterly reporting periods consisting of thirteen weeks. As a result, quarter-end dates did not always coincide with the end of a calendar month. We refer to our fiscal years based on the calendar year in which they end.

For a reconciliation of net cash provided by operating activities of continuing operations to Free cash flow, see “Non-GAAP Measures” below. Overview Discontinued Operations On October 18, 2024, the Company completed the Aviara Transaction and on December 23, 2024, the Company completed the Aviara Facility Sale. In fiscal 2023, the Company sold its NauticStar business.

For a reconciliation of net cash provided by operating activities of continuing operations to Free cash flow, see “Non-GAAP Measures” below. Overview Discontinued Operations In fiscal 2025, the Company completed the Aviara Transaction and the Aviara Facility Sale. In fiscal 2023, the Company sold its NauticStar business.

Through a collaborative network of ventures, we are advancing a diverse pipeline of products and services, including cultivated food, regenerative medicine, and cell-based ingredients. We have developed a unique three-dimensional (“3D”) technology platform for cell expansion with an industrial-scale cell manufacturing facility operated in accordance with Good Manufacturing Practice (“GMP”) standards, currently on a self-declared basis. We are utilizing our technology across the fields of regenerative medicine, immunotherapy, food tech, CDMO, and AgTech and plan to utilize it in industries and verticals that have a need for our mass scale and cost-effective cell expansion platform via partnerships, joint ventures, licensing agreements and other types of collaborations.

Overview We are a biotechnology company leveraging our proprietary 3D cell expansion platform, which is supported by an in-house, industrial-scale cell manufacturing facility and operates in accordance with Good Manufacturing Practice (“GMP”) standards on a self-declared basis. Our platform is designed to enable scalable, cost-efficient and reproducible expansion of human, plant and animal cells and supports cell-based products, services, therapeutics and related technologies across two primary application areas: (i) Human Health and Longevity and (ii) Foodtech and Bio-Farming.

Benefiting with very restricted TCR, the MAIT cells minimize their likelihood of inducing GvHD, a significant advantage over other potential allogeneic products. 4 Our Technology Our patented and validated 3D cell expansion platform is a state-of-the-art system designed to enable novel cell-based solutions. It delivers high accuracy, scalability, cost-efficiency, and consistent batch-to-batch performance.

Overview We are a biotechnology company leveraging our proprietary 3D cell expansion platform, which is supported by an in-house, industrial-scale cell manufacturing facility and operates in accordance with Good Manufacturing Practice (“GMP”) standards on a self-declared basis. Our platform is designed to enable scalable, cost-efficient and reproducible expansion of human, plant and animal cells and supports cell-based products, services, therapeutics and related technologies across two primary application areas: (i) Human Health and Longevity and (ii) Foodtech and Bio-Farming. We were incorporated in Nevada on May 11, 2001.

These risks are discussed more fully below and include, but are not limited to, risks related to: ● we have a history of losses and have not generated significant revenues to date. We expect to experience future losses and do not foresee generating significant or steady revenues in the immediate future; ● we may need to raise additional capital to meet our business requirements in the future, and such capital raising may be costly or difficult to obtain and could dilute our shareholders’ ownership interests, and such offers or availability for sale of a substantial number of our common shares may cause the price of our publicly traded shares to decline; ● our independent registered public accounting firm has included an explanatory paragraph relating to our ability to continue as a going concern in its report on our audited financial…

These risks are discussed more fully below and include, but are not limited to, risks related to: ● we have a history of losses and have not generated significant revenues to date. While revenues may increase, we expect to experience future losses and do not foresee generating significant or steady revenues in the immediate future; ● we may need to raise additional capital to meet our business requirements in the future, and such capital raising may be costly or difficult to obtain and could dilute our shareholders’ ownership interests, and such offers or availability for sale of a substantial number of our common shares may cause the price of our publicly traded shares to decline; ● our independent registered public accounting firm has included an explanatory paragraph relating to our ability to continue as a going concern in its report on our audited financial statements included in this Annual Report. The financial statements have been prepared under the assumption that we will continue as a going concern and do not include any adjustments that might result if we are unable to continue as a going concern; ● we may become subject to claims by much larger and better funded competitors enforcing their IP rights against us or seeking to invalidate our IP or our rights thereto; ● there are inherent risks in the manufacturing of our product candidates, including meeting relevant high regulatory standards, the failure of which could materially and adversely affect our results of operations and the value of our business; ● if we are unable to obtain and maintain IP protection covering our products and technology, others may be able to utilize our IP, which would adversely affect our business; ● we are an international business, and we are exposed to various global and local risks that could have a material adverse effect on our financial condition and results of operations; ● the market prices of our common shares are subject to fluctuation and have been and may continue to be volatile, which could result in substantial losses for investors; ● we anticipate being subject to fluctuations in currency exchange rates because a significant portion of our business is conducted outside the United States and we are exposed to currency exchange fluctuations in other currencies such as the New Israeli Shekel (“NIS”) and the Euro; ● restrictions contained in the EIB Finance Agreement may restrict our ability to conduct certain strategic initiatives; 16 ● limitations we may face relating to the grants we have received from the IIA may impact our plans and future decisions; ● if there are significant shifts in the political, economic and military conditions in Israel and its neighboring countries, it could have a material adverse effect on our business relationships and profitability; ● it may be difficult for investors in the United States to enforce any judgments obtained against us or some of our directors or officers; ● cybersecurity incidents may have an adverse impact on our business and operations; ● recent increasing global inflation could affect our ability to purchase materials needed for manufacturing and could increase the costs of our future product; ● we have a limited operating history in the field of FoodTech, aesthetics , longevity and wellness and CDMO to date and our prospects will be dependent on our ability to meet several challenges; ● there are risks relating to our CDMO business, including financial risks associated with contracts that could be terminated, changed or delayed, risk related to products that might not gain market approval and risk related to providing timely services to customers in a highly competitive industry in which we operate; ● our FoodTech endeavors involve significant risks, including the lengthy and complex research and development process associated with cultivated meat, cultivated food and related cell-based food technologies; evolving governmental regulations applicable to cultivated meat, cell-based food products and related technologies; potential changes in consumer preferences and acceptance of such products; and the fact that our business and market potential in these areas, including cultivated meat, cell-based coffee and other FoodTech applications, remain unproven, with limited visibility into market, regulatory and consumer trends that may emerge and affect our business; ● our longevity, wellness and aesthetics products may not achieve market acceptance, and we have limited operating and commercialization history in this business.

Risk Factors.” GOVERNANCE Protecting our customers’ data is a top priority for our board of directors and management team. Our risk management team, integrated into our CIS function, is led by our CISO.

Risk Factors.” Cybersecurity Risk Management Processes Integrated [Flag] true Cybersecurity Risk Management Processes Integrated [Text Block] Protecting our business information, intellectual property, customer and employee data, and technology systems is crucial for our business continuity, regulatory compliance, and stakeholder trust. We have implemented enterprise cybersecurity risk mitigation and governance processes, detailed in our Information Security Protection Program (Security Plan).

Our risk management team, integrated into our CIS function, is led by our CISO. This team brings together extensive experience in information security, governance, and compliance, covering areas such as engineering, architecture, cybersecurity, and privacy. They are responsible for defining the program, overseeing cybersecurity governance, and gathering insights to assess, identify, and manage cybersecurity threats, their severity, and mitigations.

Risk Factors.” Cybersecurity Risk Management Processes Integrated [Flag] true Cybersecurity Risk Management Processes Integrated [Text Block] Protecting our business information, intellectual property, customer and employee data, and technology systems is crucial for our business continuity, regulatory compliance, and stakeholder trust. We have implemented enterprise cybersecurity risk mitigation and governance processes, detailed in our Information Security Protection Program (Security Plan). Our strategy is guided by the Security Plan’s principles, which involve monitoring threats and vulnerabilities, assessing and monitoring related controls, and supporting the Chief Information Security Officer (CISO).

BUSINESS ​ Overview ​ eGain automates customer experience with an AI knowledge hub solution. We sell our SaaS solution to enterprises who want to improve customer experience while reducing cost, by using AI to synthesize and deliver trusted, consumable answers from a knowledge hub.

BUSINESS ​ Overview ​ eGain powers AI-driven knowledge management for the enterprise. We sell our SaaS platform to enterprises that want to deliver trusted, consumable answers to customers, employees, and AI agents — aiming to reduce cost and improve outcomes across knowledge-intensive workflow.

Risk Factors, of this Form 10-K for a discussion of other uncertainties, risks and assumptions associated with these statements. Alliance is a leading global wholesaler and a key player in the entertainment industry, boasts a diverse portfolio of owned brands, including Critics’ Choice, Collectors’ Choice, Movies Unlimited, Heartland Music, DeepDiscount, popmarket, blowitoutahere, Fulfillment Express, importCDs GamerCandy, WowHD, and others. As a leading global wholesaler, direct-to-consumer (“DTC”) distributor, and e- commerce provider, Alliance operates as the vital link between renowned international manufacturers of entertainment content, such as Universal Pictures, Warner Brothers Home Video, Walt Disney Studios, Sony Pictures, Lionsgate, Paramount, Universal Music Group, Sony Music, Warner Music Group, Microsoft, Nintendo, Take Two, Electronic Arts, Ubisoft, Square Enix, and others.

Risk Factors, of this Form 10-K for a discussion of other uncertainties, risks and assumptions associated with these statements. Alliance is a leading global wholesaler and a key player in the entertainment industry, with a diverse portfolio of owned brands and e-commerce properties, including DeepDiscount, Movies Unlimited, importCDs, WowHD, CD WOW, popmarket, blowitoutahere, Handmade by Robots, Vinyl Unlimited, Collectors Choice Vinyl, Heartland Music, Alliance Authentic , Fulfillment Express, Critics’ Choice, and other consumer-facing brands and specialty marketplaces. As a leading global wholesaler, direct-to-consumer (“DTC”) distributor, and e-commerce provider, Alliance serves as a key distribution partner between leading entertainment content and consumer product manufacturers, including Universal Pictures, Nintendo, Warner Bros.

Alliance is a leading global wholesaler and a key player in the entertainment industry, boasts a diverse portfolio of owned brands, including Critics’ Choice, Collectors’ Choice, Movies Unlimited, Heartland Music, DeepDiscount, popmarket, blowitoutahere, Fulfillment Express, importCDs GamerCandy, WowHD, and others. As a leading global wholesaler, direct-to-consumer (“DTC”) distributor, and e- commerce provider, Alliance operates as the vital link between renowned international manufacturers of entertainment content, such as Universal Pictures, Warner Brothers Home Video, Walt Disney Studios, Sony Pictures, Lionsgate, Paramount, Universal Music Group, Sony Music, Warner Music Group, Microsoft, Nintendo, Take Two, Electronic Arts, Ubisoft, Square Enix, and others. This pivotal role extends to connecting these manufacturers with top-tier retail partners both domestically and internationally.

Alliance is a leading global wholesaler and a key player in the entertainment industry, with a diverse portfolio of owned brands and e-commerce properties, including DeepDiscount, Movies Unlimited, importCDs, WowHD, CD WOW, popmarket, blowitoutahere, Handmade by Robots, Vinyl Unlimited, Collectors Choice Vinyl, Heartland Music, Alliance Authentic , Fulfillment Express, Critics’ Choice, and other consumer-facing brands and specialty marketplaces. As a leading global wholesaler, direct-to-consumer (“DTC”) distributor, and e-commerce provider, Alliance serves as a key distribution partner between leading entertainment content and consumer product manufacturers, including Universal Pictures, Nintendo, Warner Bros. Home Entertainment, Sony Pictures, Paramount, Studio Distribution Services, Universal Music Group, Sony Music Entertainment, Warner Music Group, Microsoft, The Orchard, Allied Vaughn, Music Video Distribution, Lionsgate, and others, including a broad network of retailers and consumers.

Home Video, Walt Disney Studios, Sony Pictures, Lionsgate, Paramount Pictures, Universal Music Group, Sony Music, Warner Music Group, Microsoft, Nintendo, Take-Two, Electronic Arts, Ubisoft, and Square Enix with leading retailers such as Walmart, Amazon, Best Buy, Barnes & Noble, Wayfair, Costco, Dell, Verizon, Kohl’s, Target, and Shopify. Through its multi-channel distribution model, the Company serves more than 35,000 retail locations and over 200 online storefronts across more than 70 countries. The Company’s operations are supported by advanced warehouse automation and scalable logistics infrastructure, enabling Alliance to offer a broad product selection, high in-stock availability, and fast fulfillment across over 340,000 SKUs.

Home Video, Walt Disney Studios, Sony Pictures, Lionsgate, Paramount Pictures, Universal Music Group, Sony Music, Warner Music Group, Microsoft, Nintendo, Take-Two, Electronic Arts, Ubisoft, and Square Enix with leading retailers such as Walmart, Amazon, Best Buy, Barnes & Noble, Wayfair, Costco, Dell, Verizon, Kohl’s, Target, and Shopify. Through its multi-channel distribution model, the Company serves more than 35,000 retail locations and approximately 200 online storefronts across more than 75 countries. The Company’s operations are supported by advanced warehouse automation and scalable logistics infrastructure, enabling Alliance to offer a broad product selection, high in-stock availability, and fast fulfillment across over 340,000 SKUs.

BUSINESS Company Overview ibex delivers innovative business process outsourcing (“BPO”), smart digital marketing, online acquisition technology, and end-to-end customer engagement solutions to help companies acquire, engage, and retain valuable customers. We combine our strong heritage of delivering leading customer experience (“CX”) operations, services and solutions that span omnichannel customer engagement and support, digital marketing and customer experience management to help our clients measure customer sentiment and deliver a superior CX to their end-customers.

BUSINESS Company Overview ibex delivers end-to-end customer engagement, innovative business process outsourcing (“BPO”), smart digital marketing, online acquisition technology, and Artificial Intelligence (“AI”) solutions to help companies acquire, engage, and retain valuable customers. We combine our strong heritage of delivering leading customer experience (“CX”), services and solutions that span omnichannels to help our clients measure customer sentiment and deliver a superior experiences to their end-customers.

BUSINESS Company Overview ibex delivers innovative business process outsourcing (“BPO”), smart digital marketing, online acquisition technology, and end-to-end customer engagement solutions to help companies acquire, engage, and retain valuable customers. We combine our strong heritage of delivering leading customer experience (“CX”) operations, services and solutions that span omnichannel customer engagement and support, digital marketing and customer experience management to help our clients measure customer sentiment and deliver a superior CX to their end-customers. Leveraging our proprietary technology platform, company culture and operational excellence, ibex helps more than 140 clients create innovative and differentiated customer experiences to help increase loyalty, enhance brand awareness and drive revenue in an era of rapid change and digital transformation.

BUSINESS Company Overview ibex delivers end-to-end customer engagement, innovative business process outsourcing (“BPO”), smart digital marketing, online acquisition technology, and Artificial Intelligence (“AI”) solutions to help companies acquire, engage, and retain valuable customers. We combine our strong heritage of delivering leading customer experience (“CX”), services and solutions that span omnichannels to help our clients measure customer sentiment and deliver a superior experiences to their end-customers. Leveraging our proprietary technology platform, company culture and operational excellence, ibex helps approximately 140 clients create innovative and differentiated customer experiences to help increase loyalty, enhance brand awareness and drive revenue in an era of rapid change and digital transformation.

Geographic Information See Note 19 to the Company’s consolidated financial statements for information about Company’s geographic operations. RIS K FACTORS Summary of Risk Factors The following summary provides an overview of the material risks we are exposed to in the normal course business. This risk factor summary does not contain all of the information that may be important to you, and you should read these together with the more detailed discussion of risks set forth following this section, as well as elsewhere in this report under the heading “ Management’s Discussion and Analysis of Financial Condition and Results of Operations. ” Additional risks beyond those summarized below, or discussed elsewhere in “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” may apply to our activities or operations as currently conducted or as we may conduct…

RISK FACTORS Summary of Risk Factors The following summary provides an overview of the material risks we are exposed to in the normal course of business. This risk factor summary does not contain all of the risk related information that may be important to you, and you should read these together with the more detailed discussion of risks set forth following this section, as well as elsewhere in this report under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Additional risks beyond those summarized below, or discussed elsewhere in “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” may apply to our activities or operations as currently conducted or as we may conduct them in the future, or to the markets in which we currently operate or may in the future operate. • Preferences and perceptions regarding ownership of precious metals may change. • We may not be successful in responding to changing market realities, particularly in our direct-to-consumer business. • Our business is heavily dependent on our ability to obtain financing, and the failure to renew or replace our credit facility and other financing products could limit our ability to conduct our business and have other adverse consequences. • We provide a variety of financing alternatives to our customers, and there is no assurance that the methods we use to minimize losses on the credit we extend will be sufficient. • Liquidity constraints may limit our ability to grow our business. • Interruptions in the supply of coin and bullion products that we sell or silver for our minting operations could result in our inability to satisfy our customers and could result in loss of sales. • We are dependent on key management, particularly our CEO, Mr.

RIS K FACTORS Summary of Risk Factors The following summary provides an overview of the material risks we are exposed to in the normal course business. This risk factor summary does not contain all of the information that may be important to you, and you should read these together with the more detailed discussion of risks set forth following this section, as well as elsewhere in this report under the heading “ Management’s Discussion and Analysis of Financial Condition and Results of Operations. ” Additional risks beyond those summarized below, or discussed elsewhere in “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” may apply to our activities or operations as currently conducted or as we may conduct them in the future, or to the markets in which we currently operate or may in the…

RISK FACTORS Summary of Risk Factors The following summary provides an overview of the material risks we are exposed to in the normal course of business. This risk factor summary does not contain all of the risk related information that may be important to you, and you should read these together with the more detailed discussion of risks set forth following this section, as well as elsewhere in this report under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Additional risks beyond those summarized below, or discussed elsewhere in “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” may apply to our activities or operations as currently conducted or as we may conduct them in the future, or to the markets in which we currently operate or may in the future operate. • Preferences and perceptions regarding ownership of precious metals may change. • We may not be successful in responding to changing market realities, particularly in our direct-to-consumer business. • Our business is heavily dependent on our ability to obtain financing, and the failure to renew or replace our credit facility and other financing products could limit our ability to conduct our business and have other adverse consequences. • We provide a variety of financing alternatives to our customers, and there is no assurance that the methods we use to minimize losses on the credit we extend will be sufficient. • Liquidity constraints may limit our ability to grow our business. • Interruptions in the supply of coin and bullion products that we sell or silver for our minting operations could result in our inability to satisfy our customers and could result in loss of sales. • We are dependent on key management, particularly our CEO, Mr. Gregory Roberts. • We are dependent on our computer systems for executing trades and conducting our direct-to-consumer business, and breaches, damage and malfunctions affecting these systems could interrupt our ability to conduct our business. • We are incorporating AI technologies into our processes and these technologies may present business, compliance, and reputational risks. • Because our business is dependent on the volatility and pricing of precious metals, we are likely to be influenced by world events more than businesses in other economic sectors.

Our investment in SGB expands our direct-to-consumer footprint in the international market. Through its website, SilverGoldBull.com, SGB offers a variety of products from gold, silver, platinum, and palladium bars, coins and rounds, as well as certified coins from mints around the world. SGI, which we acquired in February 2025, is the parent company of Stack’s Bowers Galleries, one of the world’s largest rare coin and currency auction houses and a leading wholesale and retail dealer specializing in numismatic and bullion products.

This section discusses new accounting pronouncements, dates of implementation, and their expected impact on our accompanying consolidated financial statements. EXECUTIVE OVERVIEW Our Business Founded in 1965, Gold.com offers comprehensive solutions for all aspects of the precious metals (gold, silver, platinum, and palladium) and collectibles (including rare coins and currency) value chains. Our vertically integrated platform combines market expertise with state-of-the-art logistics, financing, and minting capabilities to serve customers, collectors, and institutional clients globally.

Cybersecurity Risk Management Third Party Engaged [Flag] true Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true Material Cybersecurity Incident Material Impact or Reasonably Likely Material Impact [Text Block] As of the date of this report, the Company has not experienced any material cybersecurity events. Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false Cybersecurity Risk Role of Management [Text Block] Governance The Audit Committee of the Board of Director’s has the responsibility of overseeing the Company’s cybersecurity risks. The Chief Financial Officer provides periodic updates to the Board of Director’s regarding actions taken to mitigate the Company’s exposure and protection to cybersecurity risks.

Risk Factors “The Company’s information technology systems may be negatively affected by cybersecurity threats.” Cybersecurity Risk Management Third Party Engaged [Flag] true Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false Cybersecurity Risk Board of Directors Oversight [Text Block] The Audit Committee of the Board of Director’s has the responsibility of overseeing the Company’s cybersecurity risks. The Chief Financial Officer provides periodic updates to the Board of Director’s regarding actions taken to mitigate the Company’s exposure and protection to cybersecurity risks.

This ensures the highest level of management are informed of potential risks associated with cybersecurity that could have a material and adverse effect on the Company. Cybersecurity Risk Board of Directors Oversight [Text Block] The Audit Committee of the Board of Director’s has the responsibility of overseeing the Company’s cybersecurity risks. Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] The Audit Committee of the Board of Director’s has the responsibility of overseeing the Company’s cybersecurity risks.

This includes safeguards implemented by the Company, such as a multi-factor authentication process for remote access to systems; restricted firewall settings; network monitoring, email phishing tests, and enhancing the Company’s backup recovery strategy, among others. Cybersecurity Risk Role of Management [Text Block] Governance The Audit Committee of the Board of Director’s has the responsibility of overseeing the Company’s cybersecurity risks. The Chief Financial Officer provides periodic updates to the Board of Director’s regarding actions taken to mitigate the Company’s exposure and protection to cybersecurity risks.

In such applications, one or more electric motors are used for propulsion. Most electric motors currently used for electric mobility employ high energy permanent magnets 4 due to their high efficiency and small size. The magnetic material is usually sintered neodymium–iron–boron (NdFeB) made or processed in China.

In such applications, one or more electric motors are used for propulsion. Most electric motors currently used for electric mobility employ high energy rare earth permanent magnets 4 due to their high efficiency and small size. The magnetic material is usually sintered neodymium–iron–boron (NdFeB) made or processed in China.