Investor Relations
Financials
v3.25.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2025
Sep. 30, 2024
Assets    
Cash $ 6,931 $ 4,601
Trade receivables, net of allowance for doubtful accounts of $2.1 million at March 31, 2025 and $1.5 million at September 30, 2024 41,205 46,861
Inventories, net 122,304 126,350
Prepaid expenses and other current assets 3,754 4,123
Total current assets 174,194 181,935
Property and equipment, net 80,540 82,869
Right of use asset - operating leases 53,547 55,701
Deposits and other assets 1,557 787
Intangible assets, net 22,591 25,103
Goodwill 61,152 61,152
Total assets 393,581 407,547
Liabilities:    
Accounts payable 28,368 31,002
Accrued liabilities 31,164 31,740
Income taxes payable 211 948
Current portion of lease obligations - operating leases 13,203 12,885
Current portion of lease obligations - finance leases 553 368
Total current liabilities 124,992 129,659
Lease obligation long term - operating leases 44,942 50,111
Lease obligation long term - finance leases 42,236 41,677
Deferred tax liability 10,607 6,267
Other non-current obligations 3,149 6,655
Total liabilities 304,650 334,658
Commitments and contingencies
Stockholders' equity:    
Common stock, $0.001 par value, 10,000,000 shares authorized, 3,084,351 and 3,131,360 shares issued and outstanding at March 31, 2025 and September 30, 2024, respectively 2 2
Paid in capital 69,792 69,692
Treasury stock common 741,696 and 694,687 shares as of March 31, 2025 and September 30, 2024, respectively (9,488) (9,072)
Retained earnings 28,632 12,274
Total stockholders' equity 88,931 72,889
Total liabilities and stockholders' equity 393,581 407,547
Series E Convertible Preferred Stock    
Stockholders' equity:    
Series E convertible preferred stock, $0.001 par value, 200,000 shares authorized, 47,840 shares issued and outstanding at March 31, 2025 and September 30, 2024, with a liquidation preference of $0.30 per share outstanding 0 0
Treasury stock Series E preferred 80,000 shares as of March 31, 2025 and September 30, 2024 (7) (7)
Nonrelated Party    
Liabilities:    
Current portion of long-term debt and noted payable related parties 41,423 43,816
Long-term debt, net of current portion 53,687 54,994
Related Party    
Liabilities:    
Current portion of long-term debt and noted payable related parties 10,070 6,400
Long-term debt, net of current portion 6,894 4,934
Related Party | Seller Notes    
Liabilities:    
Current portion of seller notes - related parties 0 2,500
Seller notes - related parties $ 18,143 $ 40,361

Source

v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2025
Mar. 31, 2024
Income Statement [Abstract]        
Revenue $ 107,013 $ 118,626 $ 218,521 $ 236,219
Cost of revenue 71,865 83,159 148,011 164,425
Gross profit 35,148 35,467 70,510 71,794
Operating expenses:        
General and administrative expenses 28,321 29,824 58,392 57,503
Sales and marketing expenses 4,735 6,481 9,264 11,588
Total operating expenses 33,056 36,305 67,656 69,091
Operating income (loss) 2,092 (838) 2,854 2,703
Other expense:        
Interest expense, net (3,933) (4,167) (8,095) (8,330)
Gain on extinguishment of debt 0 0 713 0
Gain on settlement of earnout liability 0 0 2,840 0
Gain on modification of seller note 22,784 0 22,784 0
Other income 160 507 580 223
Total other income (expense), net 19,011 (3,660) 18,822 (8,107)
Income (loss) before provision for income taxes 21,103 (4,498) 21,676 (5,404)
Provision for (benefit from) income taxes 5,237 (1,217) 5,318 (1,441)
Net income (loss) $ 15,866 $ (3,281) $ 16,358 $ (3,963)
Income (loss) per share:        
Basic (in usd per share) $ 5.10 $ (1.04) $ 5.25 $ (1.25)
Diluted (in usd per share) $ 5.05 $ (1.04) $ 5.20 $ (1.25)
Weighted average common shares outstanding:        
Basic (in shares) 3,109,362 3,154,771 3,113,864 3,159,180
Diluted (in shares) 3,138,711 3,154,771 3,143,213 3,159,180

Source

v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
6 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating Activities:    
Net income (loss) $ 16,358 $ (3,963)
Adjustments to reconcile net income (loss) to net cash provided by operating activities, net of acquisition:    
Depreciation and amortization 8,816 8,483
Gain on extinguishment of debt (713) 0
Amortization of seller note discount 1,048 1,355
Loss on disposal of fixed assets 339 0
Gain on settlement of earnout liability (2,840) 0
Gain on modification of debt (22,784) 0
Amortization of debt issuance cost 81 43
Stock based compensation expense 100 100
Amortization of right-of-use assets 2,087 2,008
Change in deferred income taxes 4,340 (2,829)
Change in reserve for uncollectible accounts 580 (449)
Change in reserve for obsolete inventory (202) 1,557
Changes in assets and liabilities, net of acquisitions:    
Trade receivables 5,075 (2,357)
Inventories 4,248 469
Income taxes payable/receivable (737) 1,438
Prepaid expenses and other current assets 371 791
Deposits and other assets (769) (295)
Accounts payable (2,636) (2,511)
Accrued liabilities (3,131) (1,709)
Net cash provided by operating activities 9,631 2,131
Investing Activities:    
Acquisition of CRO 0 (1,034)
Acquisition of Johnson 0 (500)
Purchase of property and equipment (4,314) (3,373)
Net cash used in investing activities (4,314) (4,907)
Financing Activities:    
Net (payments) borrowings under revolver loans (1,348) 7,731
Proceeds from issuance of notes payable 496 227
Proceeds from issuance of related party notes payable 1,932 1,000
Payments on related party notes payable (600) (600)
Net borrowings under related party revolver loans 4,270 0
Purchase of common treasury stock (416) (405)
Payments on financing leases (2,005) (1,638)
Net cash (used in) provided by financing activities (2,987) 2,956
Change in cash 2,330 180
Cash, beginning of period 4,601 4,309
Cash, end of period 6,931 4,489
Supplemental cash flow disclosures:    
Interest paid 6,903 6,665
Income taxes received, net 0 106
Income taxes paid, net 1,740 0
PMW Acquisition    
Noncash financing and investing activities:    
PMW goodwill adjustment 0 233
CRO Acquisition    
Noncash financing and investing activities:    
Noncash items related to acquisition 0 725
Johnson Acquisition    
Noncash financing and investing activities:    
Noncash items related to acquisition 0 1,501
Nonrelated Party    
Financing Activities:    
Payments on notes payable and cash paid for settlement of seller notes (3,384) (3,359)
Related Party    
Financing Activities:    
Payments on notes payable and cash paid for settlement of seller notes $ (1,932) $ 0

Source