KEQU 10-K & 10-Q changes, risk factors and insider trading
Kewaunee Scientific Corp. · Nasdaq · Laboratory Apparatus & Furniture · CIK 55529 · All filings on SEC.gov
At a glance
What changed in the latest 10-K
Risk Factors
New heading “Goodwill and other acquired intangible assets could become impaired and adversely affect our future operating results.”
New heading “Risks Related to Cybersecurity”
New heading “Our use of new and evolving technologies, such as artificial intelligence (“AI”), could adversely impact our business and financial results.”
Removed heading “We may not be able to realize the benefits anticipated as a result of the Nu Aire acquisition.”
Removed heading “We have recently acquired Nu Aire, which was not subject to rules and regulations promulgated under the Sarbanes-Oxley Act of 2002, as amended ("Sarbanes-Oxley"), and may therefore lack the internal controls that would be required of a U.S. public company, which could ultimately affect our ability to ensure compliance with the requirements of Section 404 of Sarbanes-Oxley.”
Removed heading “We have recorded goodwill and other intangible assets in connection with the Nu Aire business acquisition. Goodwill and other acquired intangible assets could become impaired and adversely affect our future operating results.”
Largest changes
“We have recorded goodwill and other intangible assets in connection with the Nu Aire business acquisition. Goodwill and other acquired intangible assets could become impaired and adversely affect our future operating results.”see in full comparison
“We have recently acquired Nu Aire, which was not subject to rules and regulations promulgated under the Sarbanes-Oxley Act of 2002, as amended ("Sarbanes-Oxley"), and may therefore lack the internal controls that would be required of a U.S. public company, which could ultimately affect our ability to ensure compliance with the requirements of Section 404 of Sarbanes-Oxley.”see in full comparison
“Goodwill and other acquired intangible assets could become impaired and adversely affect our future operating results.”see in full comparison
“Our use of new and evolving technologies, such as artificial intelligence (“AI”), could adversely impact our business and financial results.”see in full comparison
“In additional, there can be no guarantee that acquired intangible assets, particularly in-process research and development, will generate revenues or profits that we include in our forecast that is the basis for their fair value as of the acquisition date. Any such impairment charges relating to goodwill or other intangible assets could have a material impact on our operating results in future periods, and the announcement of a material impairment could have a material adverse effect on the trading price and trading volume of our common stock.”see in full comparison
“Further, there can be no guarantee that acquired intangible assets, particularly in-process research and development, will generate revenues or profits that we include in our forecast that is the basis for their fair value as of the acquisition date. Any such impairment charges relating to goodwill or other intangible assets could have a material impact on our operating results in future periods, and the announcement of a material impairment could have a material adverse effect on the trading price and trading volume of our common stock.”see in full comparison
Full comparison: every changed paragraph (37)
Goodwill and other acquired intangible assets could become impaired and adversely affect our future operating results.
Further, there can be no guarantee that acquired intangible assets, particularly in-process research and development, will generate revenues or profits that we include in our forecast that is the basis for their fair value as of the acquisition date. Any such impairment charges relating to goodwill or other intangible assets could have a material impact on our operating results in future periods, and the announcement of a material impairment could have a material adverse effect on the trading price and trading volume of our common stock.
During fiscal year 2026, 28% of our revenues were derived from sales outside of the United States. A key element of our growth strategy is to expand our worldwide customer base and our international operations. Operating in international markets requires significant resources and management attention and subjects us to regulatory, economic and political risks that are different from those in the United States. We cannot assure you that our expansion efforts into other international markets will be successful. Our experience in the United States and other international markets in which we already have a presence may not be relevant to our ability to expand in other emerging markets. Our international expansion efforts may not be successful in creating further demand for our products outside of the United States or in effectively selling our products in the international markets we enter.
International laws and regulations, construction customs, standards, techniques and methods differ from those in the United States. Significant challenges of conducting business in foreign countries include, among other factors, geopolitical tensions, local acceptance of our products, political instability, currency controls, changes in import and export regulations, changes in tariff and freight rates, and fluctuations in foreign exchange rates.
It is common in the laboratory and healthcare furniture industries for customers to require delivery at extended future dates, as products are frequently installed in buildings yet to be constructed. Since prices are normally quoted on a firm basis in the industry, we bear the burden of possible increases in labor and material costs between the quotation of an order and the delivery of the products. Our principal raw materials are steel, including stainless steel, wood, and epoxy resin. Numerous factors beyond our control, such as general economic conditions, competition, worldwide demand, labor costs, energy costs, and import duties and other trade restrictions, influence prices for our raw materials. We have not always been able, and in the future we might not be able, to increase our product prices in amounts that correspond to increases in costs of raw materials. Where we are not able to increase our prices, increases in our raw material costs will adversely affect our profitability.
The financial markets in the United States, Europe, and Asia have in the past been, and may in the future be, volatile. The tightening of credit in financial markets, worsening of economic conditions, a prolonged global, national or regional economic recession or other similar events could have a material adverse effect on the demand for our products and on our sales, pricing, and profitability. We are unable to predict the likely occurrence or duration of these adverse economic conditions and the impact these events may have on our operations and the end users who purchase our products.
Risks Related to Cybersecurity
Our use of new and evolving technologies, such as artificial intelligence (“AI”), could adversely impact our business and financial results.
We, and certain of our third-party service providers, utilize artificial intelligence-enabled software tools to support limited business functions, including administrative and analytical processes. The use of these technologies may increase risks related to inaccurate outputs, cybersecurity threats, protection of proprietary or confidential information, data privacy, intellectual property rights, and evolving regulatory requirements. In addition, certain vendors and software providers integrated into our operations may incorporate artificial intelligence technologies into their products and services without our direct control or visibility. Failures, security incidents, regulatory noncompliance, or inaccuracies associated with the use of artificial intelligence technologies by us or our third-party providers could disrupt operations, expose confidential information, result in legal or reputational harm, or otherwise adversely affect our business.
We may not be able to realize the benefits anticipated as a result of the Nu Aire acquisition.
On November 1, 2024, we completed the acquisition of Nu Aire. The success of this acquisition will depend, in part, on our ability to realize the anticipated business opportunities and growth prospects from combining Nu Aire with our existing business. Achieving those benefits depends on the timely, efficient, and successful execution of a number of post-acquisition events, including integrating the acquired business into the Company. Factors that could affect our ability to achieve these benefits include:
•Difficulties in integrating and managing personnel, financial reporting, and other systems used by the acquired business;
•The failure of the acquired business to perform in accordance with our expectations;
•Failure to achieve anticipated synergies between our business units and the business units of the acquired business;
•The loss of customers of the acquired business;
•The loss of key managers and employees of the acquired business; or
•Other material adverse events in the acquired business.
The process of integrating Nu Aire into our existing operations also may require additional financial resources and attention from management that would otherwise be available for ongoing development or expansion of our existing operations. Costs associated with the acquisition have included and may include in the future significant transaction, consulting, and third-party service fees as we build up internal resources and/or engage third party providers as part of the integration of Nu Aire into our operations. Further, because Nu Aire was a private company and was not subject to the requirements of Sarbanes-Oxley, the Nu Aire acquisition requires or will require us to incorporate additional internal controls for the acquired company, which may be difficult, costly, and time-consuming. Although we expect to successfully integrate Nu Aire, we may not achieve the desired net benefit in the timeframe planned if the integration process takes longer than expected or is more costly than anticipated. If the acquired company does not operate as we anticipate, it could materially impact our business, financial condition, and results of operations.
We have recently acquired Nu Aire, which was not subject to rules and regulations promulgated under the Sarbanes-Oxley Act of 2002, as amended ("Sarbanes-Oxley"), and may therefore lack the internal controls that would be required of a U.S. public company, which could ultimately affect our ability to ensure compliance with the requirements of Section 404 of Sarbanes-Oxley.
We have recently acquired Nu Aire, Inc., which was not previously subject to the rules and regulations promulgated under Sarbanes-Oxley and accordingly was not required to establish and maintain an internal control infrastructure meeting the standards promulgated under Sarbanes-Oxley. Our assessment of and conclusion on the effectiveness of our internal control over financial reporting as of April 30, 2025 does not include consideration of the controls of Nu Aire, which was acquired on November 1, 2024.
Although management will continue to review and evaluate the effectiveness of our internal controls in light of this acquisition, we cannot provide any assurances that there will be no significant deficiencies or material weaknesses in our internal control over financial reporting. Any significant deficiency or material weakness in the internal control structure of our acquired business may cause significant deficiencies or material weaknesses in our internal control over financial reporting, which could have an adverse effect on our business and our ability to comply with Section 404 of Sarbanes-Oxley.
We have recorded goodwill and other intangible assets in connection with the Nu Aire business acquisition. Goodwill and other acquired intangible assets could become impaired and adversely affect our future operating results.
In additional, there can be no guarantee that acquired intangible assets, particularly in-process research and development, will generate revenues or profits that we include in our forecast that is the basis for their fair value as of the acquisition date. Any such impairment charges relating to goodwill or other intangible assets could have a material impact on our operating results in future periods, and the announcement of a material impairment could have a material adverse effect on the trading price and trading volume of our common stock.
As of April 30, 2025, our Condensed Consolidated Balance Sheet reflected goodwill of $12.5 million and other intangible assets, net of $17.8 million.
During fiscal year 2025, 29% of our revenues were derived from sales outside of the United States. A key element of our growth strategy is to expand our worldwide customer base and our international operations. Operating in international markets requires significant resources and management attention and subjects us to regulatory, economic and political risks that are different from those in the United States. We cannot assure you that our expansion efforts into other international markets will be successful. Our experience in the United States and other international markets in which we already have a presence may not be relevant to our ability to expand in other emerging markets. Our international expansion efforts may not be successful in creating further demand for our products outside of the United States or in effectively selling our products in the international markets we enter.
It is common in the laboratory and healthcare furniture industries for customers to require delivery at extended future dates, as products are frequently installed in buildings yet to be constructed. Since prices are normally quoted on a firm basis in the industry, we bear the burden of possible increases in labor and material costs between the quotation of an order and the delivery of the products. Our principal raw materials are steel, including stainless steel, wood and epoxy resin. Numerous factors beyond our control, such as general economic conditions, competition, worldwide demand, labor costs, energy costs, and import duties and other trade restrictions, influence prices for our raw materials. We have not always been able, and in the future we might not be able, to increase our product prices in amounts that correspond to increases in costs of raw materials. Where we are not able to increase our prices, increases in our raw material costs will adversely affect our profitability.
The financial markets in the United States, Europe and Asia have in the past been, and may in the future be, volatile. The tightening of credit in financial markets, worsening of economic conditions, a prolonged global, national or regional economic recession or other similar events could have a material adverse effect on the demand for our products and on our sales, pricing and profitability. We are unable to predict the likely occurrence or duration of these adverse economic conditions and the impact these events may have on our operations and the end users who purchase our products.
International laws and regulations, construction customs, standards, techniques and methods differ from those in the United States. Significant challenges of conducting business in foreign countries include, among other factors, geopolitical tensions, local acceptance of our products, political instability, currency controls, changes in import and export regulations, changes in tariff and freight rates and fluctuations in foreign exchange rates.
We cannot predict the extent to which the U.S. or other countries will impose quotas, duties, tariffs, taxes or other similar restrictions upon the import or export of our products or raw materials in the future, nor can we predict future trade policy or the terms of any renegotiated trade agreements and their impact on our business. Changes in U.S. trade policy could result in one or more foreign governments adopting responsive trade policies making it more difficult or costly for us to import our products or raw materials from those countries. The new tariffs and other changes in U.S. trade policy during the first half of calendar year 2025 have triggered retaliatory actions by affected countries, and foreign governments have instituted or are considering imposing tariffs and trade sanctions. This, together with tariffsTariffs already imposed, or that may be imposed in the future, by the U.S.,U.S. or any retaliatory actions taken by affected foreign governments, could require us to increase prices to our customers which may reduce demand, or, if we are unable to increase prices, result in lowering our margin on products sold. The adoption and expansion of trade restrictions, the occurrence of a trade war, or other governmental action related to tariffs or trade agreements or policies has the potential to adversely impact demand for our products, our costs, our customers, our suppliers, and the U.S. economy, which in turn could have a material adverse effect on our business, financial condition and results of operations.
The trading price of our Common Stock could be subject to wide fluctuations in response to quarter-to-quarter variation in operating results, announcement of technological innovations or new products by us or our competitors, general conditions in the construction and construction materials industries, relatively low trading volume in our common stockstock, and other events or factors. In addition, in recent years, the stock market has experienced extreme price fluctuations. This volatility has had a substantial effect on the market prices of securities issued by many companies for reasons unrelated to the operating performance of those companies. Securities market fluctuations may adversely affect the market price of our common stock.
While we believe we successfully navigated the risks associated with the COVID-19 pandemic and were able to successfully maintain our business operations, the extent of the impact of future COVID-19 variations or other pandemics on our business and financial results is, by nature of this type of event, highly uncertain. The sweeping nature of pandemics makes it extremely difficult to predict how and to what extent our businessbusiness, operations, and operationsfinancial results could be affected inby thea longfuture run.occurrence of this type of event. Our workforce, and the workforce of our vendors, service providers, and counterparties, could be affected by a pandemic, which could result in an adverse impact on our ability to conduct business. No assurance can be given that the actions we take to protect our Associates and our operations will be sufficient, nor can we predict the level of disruption that could occur to our employees' ability to provide customer support and service. New processes, procedures, and controls may be required to respond to any changes in our business environment. Further, should any key employees become ill during the course of a future health event and be unable to work, our ability to operate our internal controls may be adversely impacted.
Additional factors related to major public health issues that could have material and adverse effects on our ability to successfully operate include, but are not limited to, the effectiveness of any governmental and non-governmental organizations in combating the spread and severity, including any legal and regulatory responses, a general decline in business activity, especially as it relates to our customers' expansion or consolidation activities, the destabilization or disruption of global financial markets, which could negatively impact our customer growth and access to capital, along with our customers' ability to make payments for their purchase orders, and deterioration in credit and financing conditions, which could affect our access to capital necessary to fund business operations or current investment and growth strategies.
Additional factors related to major public health issues that could have material and adverse effects on our ability to successfully operate include, but are not limited to, the following:
•The effectiveness of any governmental and non-governmental organizations in combating the spread and severity, including any legal and regulatory responses;
•A general decline in business activity, especially as it relates to our customers' expansion or consolidation activities;
•The destabilization of the financial markets, which could negatively impact our customer growth and access to capital, along with our customers' ability to make payments for their purchase orders; and
•Severe disruptions to and instability in the global financial markets, and deterioration in credit and financing conditions, which could affect our access to capital necessary to fund business operations or current investment and growth strategies.
Management's Discussion & Analysis (MD&A)
Removed heading “ACQUISITION OF NU AIRE, INC.”
Largest changes
“In November 2024, the Company took a significant step forward in its growth journey with the acquisition of Nu Aire, a pioneer in laboratory and biosafety solutions, bringing together two market leaders with complementary strengths, shared values, and a common vision for the future of laboratory innovation.”see in full comparison
“The Company's financing activities provided cash of $7,411,000 during fiscal year 2025, primarily related to the issuance of a new term loan from PNC bank in connection with the acquisition of Nu Aire, partially offset by the termination of the Company's Mid Cap Revolving Credit Facility on September 30, 2024 and the purchase of shares under the Company's share repurchase program. …”see in full comparison
“The Company's financing activities used cash of $19,326,000 during fiscal year 2026, primarily related to the completion of the Company's Seller Note Repayment, the servicing of the Company's long-term debt arrangements, and the payment of employee taxes withheld for stock-based compensation, partially offset by the entrance into the First Amendment to Loan Agreement with PNC. See Note 6, Long-term Debt and Other Credit Arrangements, for additional information regarding this Amendment and the Seller Note Repayment. …”see in full comparison
“Income tax expense was $3.3 million for fiscal year 2026, or 23.8% of pretax earnings, as compared to $3.2 million for fiscal year 2025, or 21.7% of pretax earnings. The increase in the effective tax rate was primarily attributable to higher state and local income taxes and an increase in deferred taxes on unremitted foreign earnings. These unfavorable impacts were partially offset by lower nondeductible expenses, increased tax credits, and other tax items. …”see in full comparison
The Company's operating activities provided cash of $18,633,000 in fiscal year 2026. Net cash provided by operating activities was primarily from operations and decreases in inventories of $2,316,000, decreases in receivables of $3,303,000, and the change in other, net of $1,255,000, partially offset by decreases in deferred revenue of $1,921,000 and decreases in accounts payable and accrued expenses of $5,147,000. Operating activities provided cash of $14,783,000 in fiscal year 2025. Excluding the impacts of the Nu Aire acquisition,see in full comparisonnet cash provided by operating activitiesthis was primarilyfromdriven by operations and decreases in inventories of $3,351,000, increases in deferred revenue of $765,000, increases in accounts payable and accrued expenses of $583,000, and the change in other, net of $20,000, partially offset by increases in receivables of $6,738,000.Operating activities provided cash of $19,564,000 in fiscal year 2024, primarily from operations and decreases in receivables of $741,000, decreases in inventories of $1,210,000, increases in accounts payable and accrued expenses of $691,000, and increases in deferred revenue of $277,000.
Full comparison: every changed paragraph (26)
Kewaunee Scientific Corporation is a recognized leader in the design, manufacture and installation of laboratory, healthcare and technical furniture and infrastructure products. The Company's corporate headquarters are located in Statesville, North Carolina. Sales offices are located in the United States, Spain, India, Saudi Arabia, and Singapore. Three manufacturing facilities are located in Statesville and one facility is located in Plymouth, Minnesota, with additional manufacturing capabilities in Long Lake, Minnesota, serving the domestic and international markets, and one manufacturing facility is located in Bangalore, India serving the local, Asian, and African markets. Kewaunee Scientific Corporation's website is located at www.kewaunee.com. The reference to our website does not constitute incorporation by reference of any information contained at that site.
ACQUISITION OF NU AIRE, INC.
OnIn November 1, 2024, the Company completed an acquisition of Nu Aire.Aire (the "Transaction"). The Company purchased all of the outstanding capital stock of Nu Aire for $55.0 million, subject to certain customary adjustments for debt, cash, transaction expenses, and net working capital. $23.0 million of the purchase price payable at closing of the Transaction was funded pursuant to subordinated seller notes. The remaining purchase price payable at closing of the Transaction was paid in cash, which cash was funded, in part, through a $20.0 million committed senior secured revolving line of credit facility (the "Revolving Credit Facility") and a $15.0 million term loan (the "Term Loan,Loan") provided by PNC Bank, National Association.
The acquisition of Nu Aire presentspresented a unique opportunity for the Company to combine its robust capabilities with a recognized market leader whose product portfolio and well-developed channel strategy complement the Company's existing offerings. This acquisition expandsexpanded the Company's capabilities, allowing the combined organization to better meet the diverse needs of end-users in laboratory furnishings. Additionally, Nu Aire has established distribution partners in regions where the Company hasdid not previously hadhave a presence. This move accelerates the Company's vision of becoming the market leader in the design and manufacturing of laboratory furniture and technical products essential for outfitting laboratories.
Sales for fiscal year 20252026 were $240.5$282.0 million, an increase compared to fiscal year 20242025 sales of $203.8$240.5 million. DomesticLPG Segment sales for fiscal year 20252026 were $179.4$214.9 million, an increase of 30.7%19.8% compared to fiscal year 20242025 sales of $137.2$179.4 million. The increase in DomesticLPG sales was predominantly related to the acquisition of Nu Aire on November 1, 2024. International Segment sales for fiscal year 20252026 were $61.1$67.1 million, aan decreaseincrease of 8.2%9.9% from fiscal year 20242025 sales of $66.5$61.1 million. International sales decreasedincreased when compared to the prior year period primarily due to the delivery of projects in India that had experienced customer site delays in India which pushed out the timingprior of deliveries.year.
Our order backlog was $165.9 million at April 30, 2026, as compared to $214.6 million at April 30, 2025. LPG order backlog was $118.8 million on April 30, 2026, as compared to $123.9 million on April 30, 2025. International order backlog was $47.1 million on April 30, 2026, as compared to $90.7 million on April 30, 2025.
Gross profit represented 28.5% and 28.6% of sales in fiscal years 2026 and 2025, respectively. Gross profit margin remained relatively consistent with the prior year, reflecting offsetting changes in margin performance across our LPG and International operations.
Our order backlog was $214.6 million at April 30, 2025, as compared to $155.6 million at April 30, 2024.
Gross profit represented 28.6% and 25.5% of sales in fiscal years 2025 and 2024, respectively. The increase in gross profit margin percentage is primarily attributable to our Domestic operations. The acquisition of Nu Aire on November 1, 2024, combined with improved manufacturing productivity and effective cost-containment measures, contributed significantly to this improvement.
Operating expenses were $51.1$63.7 million and $33.8$51.1 million in fiscal years 20252026 and 2024,2025, respectively, and 21.2%22.6% and 16.6%21.2% of sales, respectively. The increase in operating expenses in fiscal year 20252026 as compared to fiscal year 20242025 was largely attributable to our acquisition of Nu Aire. Other significant factors were increases in professional and consulting fees of $2,097,000, increases in SG&A wages of $1,443,000$1,034,000, andincreases anto increasebad in international operatingdebt expenses of $1,412,000. The$275,000, increases to corporate governance costs of $229,000, offset by decreases in consulting and professional fees of $522,000. The increases in corporate governance costs for the year were primarily attributed to costs associated with the acquisition and integration of Nu Aire and costs incurred related to Sarbanes-Oxley 404(b) compliance readiness.
Pension expense was $0 and $4,177,000 in fiscal years 2025 and 2024, respectively. The decrease in pension expense was due to the Company successfully annuitizing its pension obligation during fiscal year 2024, which had been in a frozen state since 2005. Terminating the pension resulted in a one-time expense during the prior fiscal year of $4,019,000 for accounting losses that were being amortized from the Balance Sheet based on an annual evaluation of the pension plan. By annuitizing the pension obligation, the Company eliminated all future responsibility for the plan and future administrative costs associated with maintaining and managing the pension plan.
Other income, net was $240,000$880,000 and $814,000$240,000 in fiscal years 20252026 and 2024,2025, respectively. TheOther decreaseincome, innet other income in fiscalincreased year 2025over wasyear primarilyas duea toresult lower interest earned on international cash balances andof the acceleration of deferred financing costs related to the payoff of the Company'ssecured revolving line of credit initially up to $15.0 million (the "Mid Cap Revolving Credit Facility,Facility") and fixed asset disposal activity incurred in fiscal year 2025, partially offset by higherlower interest income earned on increased domestic cash balances.balances during fiscal year 2026.
Interest expense was $3,214,000$3,862,000 and $1,799,000$3,214,000 in fiscal years 20252026 and 2024,2025, respectively. The increase in interest expense for fiscal year 20252026 was primarily dueattributable to elevateda borrowingfull levels.year of interest on the borrowings incurred in connection with the Nu Aire acquisition, which closed on November 1, 2024, compared to a partial-year impact in fiscal year 2025. This was partially offset by a decrease in interest expense related to debt repayments made during fiscal year 2026.
Income tax expense was $3.3 million for fiscal year 2026, or 23.8% of pretax earnings, as compared to $3.2 million for fiscal year 2025, or 21.7% of pretax earnings. The increase in the effective tax rate was primarily attributable to higher state and local income taxes and an increase in deferred taxes on unremitted foreign earnings. These unfavorable impacts were partially offset by lower nondeductible expenses, increased tax credits, and other tax items. At April 30, 2026, the Company has an LPG-related valuation allowance of $637,000 associated with certain federal tax credits, compared to $808,000 at April 30, 2025. The decrease was primarily attributable to the write-off of state tax credits that were fully reserved through a valuation allowance. See Note 8, Income Taxes for additional information.
Income tax expense was $3.2 million for fiscal year 2025, or 21.7% of pretax earnings, as compared to an income tax benefit of $5.9 million for fiscal year 2024, or 45.3% of pretax earnings. The income tax expense for fiscal year 2025 reflects the impact of foreign operations, which are taxed at different rates than the US tax rate of 21%, combined with the expected current year tax expense for the Company's Domestic operations. At April 30, 2025, the Company has a Domestic valuation allowance of $808,000 for specific federal and st ate tax credits, unchanged from the valuation allowance balance at April 30, 2024. See Note 8, Income Taxes for additional information.
Our principal sources of liquidity have historically been funds generated from operating activities, supplemented as needed by borrowings under our previous Mid Cap Revolving Credit Facility (as defined below).Facility. The Company terminated the Mid Cap Revolving Credit Facility on September 30, 2024. In conjunction with the Nu Aire Acquisition (see Note 4, Nu Aire Acquisition for additional details), the Company entered into a newthe Revolving Credit Facility with PNC, which is available on an ongoing basis to supplement our sources of liquidity as needed. Additionally, certain machinery and equipment are financed by non-cancelable operating and financing leases. We believe that these sources of funds will be sufficient to support ongoing business requirements, including capital expenditures, through fiscal year 2026.2027.
(1)Excludes accrued PIK Interest of $935,000 as of April 30, 2025. All unpaid accrued PIK Interest will become due and payable on November 1, 2027, along with the outstanding principal balance.
The Company's operating activities provided cash of $18,633,000 in fiscal year 2026. Net cash provided by operating activities was primarily from operations and decreases in inventories of $2,316,000, decreases in receivables of $3,303,000, and the change in other, net of $1,255,000, partially offset by decreases in deferred revenue of $1,921,000 and decreases in accounts payable and accrued expenses of $5,147,000. Operating activities provided cash of $14,783,000 in fiscal year 2025. Excluding the impacts of the Nu Aire acquisition, net cash provided by operating activitiesthis was primarily fromdriven by operations and decreases in inventories of $3,351,000, increases in deferred revenue of $765,000, increases in accounts payable and accrued expenses of $583,000, and the change in other, net of $20,000, partially offset by increases in receivables of $6,738,000. Operating activities provided cash of $19,564,000 in fiscal year 2024, primarily from operations and decreases in receivables of $741,000, decreases in inventories of $1,210,000, increases in accounts payable and accrued expenses of $691,000, and increases in deferred revenue of $277,000.
The Company's financing activities used cash of $19,326,000 during fiscal year 2026, primarily related to the completion of the Company's Seller Note Repayment, the servicing of the Company's long-term debt arrangements, and the payment of employee taxes withheld for stock-based compensation, partially offset by the entrance into the First Amendment to Loan Agreement with PNC. See Note 6, Long-term Debt and Other Credit Arrangements, for additional information regarding this Amendment and the Seller Note Repayment. The Company's financing activities provided cash of $7,411,000 during fiscal year 2025, primarily related to the issuance of a new term loan from PNC bank in connection with the acquisition of Nu Aire, partially offset by the termination of the Company's Mid Cap Revolving Credit Facility on September 30, 2024 and the purchase of shares under the Company's share repurchase program.
The Company's financing activities provided cash of $7,411,000 during fiscal year 2025, primarily related to the issuance of a new term loan from PNC bank in connection with the acquisition of Nu Aire, partially offset by the termination of the Company's Mid Cap Revolving Credit Facility on September 30, 2024 and the purchase of shares under the Company's share repurchase program. See Note 6, Long-term Debt and Other Credit Arrangements, for additional information regarding the new term loan and see Note 10, Stockholder's Equity, for additional information on the Company's share repurchase program. The Company's financing activities used cash of $3,014,000 during fiscal year 2024 as a result of the net decrease in short-term borrowings of $488,000, repayments on our financing liability of $642,000, and the repurchase of outstanding shares as part of our announced share repurchase program for $1,998,000, partially offset by net proceeds from long-term debt of $114,000.
The Company's investing activities used cash of $3,937,000 in fiscal year 2026, all of which was related to capital expenditures. The Company's investing activities used cash of $30,901,000 in fiscal year 2025, of which $28,735,000 related to the acquisition of Nu Aire, net of cash acquired and $2,166,000 was used for capital expenditures. The Company's investing activities used cash of $4,373,000 in fiscal year 2024, of which the full amount related to capital expenditures. Capital expenditures in fiscal year 20252026 were funded primarily by operations and from financing activities. Fiscal year 20262027 capital expenditures are anticipated to be approximately $7.0$6.0 million. The fiscal year 20262027 expenditures are expected to be funded primarily by operating activities, supplemented as needed by borrowings under our revolving credit facility.
Working capital was $57.0 million at April 30, 2026, down from $64.7 million at April 30, 2025, up from $56.0 million at April 30, 2024, and the ratio of current assets to current liabilities was 2.2-to-1.0 at April 30, 2025,2026, downunchanged from a ratio of 2.4-to-1.02.2-to-1.0 at April 30, 2024.2025.
Kewaunee's fiscal year 2026 results highlight the meaningful progress the Company has made on its strategic priorities, particularly in light of the challenging operating environment in which these results were delivered. Kewaunee continued to invest in the Corporate platform required to scale as a public company and accelerate the Company's organic and inorganic growth strategy. The Company also made significant progress in its integration of Nu Aire, positioning the business for improved performance as life sciences market conditions recover, while also strengthening Kewaunee's balance sheet through the servicing and repayment of acquisition-related debt.
Entering fiscal year 2027, the Company remains focused on disciplined capital allocation, operational execution, and serving our customers with excellence.
In November 2024, the Company took a significant step forward in its growth journey with the acquisition of Nu Aire, a pioneer in laboratory and biosafety solutions, bringing together two market leaders with complementary strengths, shared values, and a common vision for the future of laboratory innovation.
Kewaunee's fiscal year 2025 results are a testament to the consistent execution and dedication of the Company's global team, as well as the Company's strong relationships with its dealers and distribution channel partners, who bring our solutions to customers across multiple end markets. The Company's strong global management team, healthy backlog, improved manufacturing capabilities, and end-use markets that continue to prioritize investment in projects that require the products Kewaunee designs and manufactures, positions the Company well.
What changed in the latest 10-Q
Risk Factors
The business, financial condition and operating results of the Company can be affected by a number of factors, whether currently known or unknown, including but not limited to those described in Part I, Item 1A of the Company's 2026 Annual Report on Form 10-K under the heading "Risk Factors," any one or more of which could, directly or indirectly, cause the Company's actual financial condition and operating results to vary materially from its past, or from anticipated future, financial condition and operating results. Any of these factors, in whole or in part, could materially and adversely affect the Company's business, financial condition, operating results, and stock price. There have been no material changes to the Company's risk factors from those set forth in the Company's Annual Report on Form 10-K for the year ended April 30, 2026 as filed with the SEC on June 26, 2026 beyond those set forth below.
Full comparison: every changed paragraph (1)
The business, financial condition and operating results of the Company can be affected by a number of factors, whether currently known or unknown, including but not limited to those described in Part I, Item 1A of the Company's 20252026 Annual Report on Form 10-K under the heading "Risk Factors," any one or more of which could, directly or indirectly, cause the Company's actual financial condition and operating results to vary materially from its past, or from anticipated future, financial condition and operating results. Any of these factors, in whole or in part, could materially and adversely affect the Company's business, financial condition, operating results, and stock price. There have been no material changes to the Company's risk factors from those set forth in the Company's Annual Report on Form 10-K for the year ended April 30, 20252026 as filed with the SEC on JulyJune 2,26, 20252026 beyond those set forth below.
Management's Discussion & Analysis (MD&A)
Largest changes
Our principal sources of liquidity have historically been funds generated from operating activities, supplemented as needed by borrowings under oursee in full comparisonpreviousactiveMidrevolvingCapcreditRevolvingfacility,Credit Facility. The Company terminatedcurrently theMid Cap Revolving Credit Facility on September 30, 2024. In conjunction with the Nu Aire acquisition (see Note C, Nu Aire Acquisition for additional details), the Company entered into a newRevolving Credit Facility withPNC, which is available on an ongoing basis to supplement our sources of liquidity as needed.PNC. Additionally, certain machinery and equipment are financed by non-cancellable operating and financing leases. The Company believes that these sources will be sufficient to support ongoing business requirements in the current fiscal year, including capital expenditures.
“The acquisition of Nu Aire presents a unique opportunity for the Company to combine its robust capabilities with a recognized market leader whose product portfolio and well-developed channel strategy complement the Company’s existing offerings. This acquisition expands the Company’s capabilities, allowing the combined organization to better meet the diverse needs of end-users in laboratory furnishings. Additionally, Nu Aire has established distribution partners in regions where the Company has not previously had a presence. …”see in full comparison
Sales for the quarter weresee in full comparison$69,399,000,$66,320,000,anaincreasedecrease from sales of$67,167,000$71,104,000 in the comparable period of the prior year.DomesticLPG sales for the quarter were$50,953,000,$50,868,000, down2.0%6.4% when compared to sales of$51,976,000$54,352,000 in the comparable period of the prior year.DomesticThe decrease in LPG salesremainedprimarilyrelativelyreflectedflatlowerwhendemandcompared toin thepriordomesticyear.laboratory construction market, most notably in the life sciences market. International sales for the quarter were$18,446,000,$15,452,000,updown21.4%7.8% when compared to sales of$15,191,000$16,752,000 in the comparable period of the prior year. International salesincreaseddecreased when compared to the prior year period due tohighersofterbillings,marketprincipallyconditions in India, partially offset by increased activity across theIndianbroadermarket.Asia-Pacific region.
The gross profit margin for the three months endedsee in full comparisonJanuaryJuly 31, 2026 was26.7%29.6% of sales, as compared to27.4%29.4% of sales in the comparable quarterof the prior year. The gross profit margin for the nine months ended January 31, 2026 was 28.1% of sales, as compared to 27.4% of sales in the comparable periodof the prior year. The change in gross profit margin percentage for theninethree months endedJanuaryJuly 31, 2026 was primarily driven bytheimprovedacquisitionmarginofperformanceNu Aire on November 1, 2024. Additionally, domestic segment profitability inwithin thethreeInternationalmonths ended January 31, 2026 was impacted by lower manufacturing volumes across the laboratory construction portion of the business as well as changes in product mix.segment.
see in full comparisonNon-controllingInterestinterestsexpenserelatedwasto the Company's subsidiaries not 100% owned by the Company decreased net earnings by $384,000 and $543,000$626,000 for the threeand ninemonths endedJanuaryJuly 31, 2026,respectively,as compared to$29,000 and $81,000, respectively,$1,058,000 for the comparable period of the prior year. The change inthe net earnings attributable to the non-controllinginterestin the current periodexpense was due to changes inearningsthe(losses)levels ofthebanksubsidiariesandinothertheborrowingsrelatedandperiod.interest rates.
“Income tax expense of $528,000 and income tax benefit of $108,000 were recorded for the three months ended January 31, 2026 and 2025, respectively. Income tax expense of $2,204,000 and $1,000,000 were recorded for the nine months ended January 31, 2026 and 2025, respectively. The effective income tax rate for the three and nine months ended January 31, 2026 was 32.9% and 24.6%, respectively, as compared to (8.5)% and 13.1% for the three and nine months ended January 31, 2025, respectively. …”see in full comparison
Full comparison: every changed paragraph (25)
The Company's 20252026 Annual Report on Form 10-K contains management's discussion and analysis of the Company's financial condition and results of operations as of and for the fiscal year ended April 30, 2025.2026. The following discussion and analysis describes material changes in the Company's financial condition since April 30, 2025.2026. The analysis of results of operations compares the three and nine months ended JanuaryJuly 31, 2026 with the comparable period of the prior year.
Acquisition of Nu Aire, Inc.
On November 1, 2024, the Company completed an acquisition of Nu Aire. The Company purchased all of the outstanding capital stock of Nu Aire for $55.0 million, subject to certain customary adjustments for debt, cash, transaction expenses and net working capital. $23.0 million of the purchase price payable at closing of the Transaction was funded pursuant to subordinated seller notes. The remaining purchase price payable at closing of the Transaction was paid in cash, which cash was funded, in part, through the Revolving Credit Facility and Term Loan, provided to the Company by PNC Bank, National Association.
Nu Aire is renowned for its manufacturing of biological safety cabinets, airflow products, CO2 incubators, ultralow freezers, animal handling equipment, pharmacy compounding isolators, and related parts and accessories. Their products serve a diverse range of industries, including life sciences, healthcare, pharmacy, education, food and beverage, and industrial sectors.
The acquisition of Nu Aire presents a unique opportunity for the Company to combine its robust capabilities with a recognized market leader whose product portfolio and well-developed channel strategy complement the Company’s existing offerings. This acquisition expands the Company’s capabilities, allowing the combined organization to better meet the diverse needs of end-users in laboratory furnishings. Additionally, Nu Aire has established distribution partners in regions where the Company has not previously had a presence. This move accelerates the Company’s vision of becoming the market leader in the design and manufacturing of laboratory furniture and technical products essential for outfitting laboratories.
Sales for the quarter were $69,399,000,$66,320,000, ana increasedecrease from sales of $67,167,000$71,104,000 in the comparable period of the prior year. DomesticLPG sales for the quarter were $50,953,000,$50,868,000, down 2.0%6.4% when compared to sales of $51,976,000$54,352,000 in the comparable period of the prior year. DomesticThe decrease in LPG sales remainedprimarily relativelyreflected flatlower whendemand compared toin the priordomestic year.laboratory construction market, most notably in the life sciences market. International sales for the quarter were $18,446,000,$15,452,000, updown 21.4%7.8% when compared to sales of $15,191,000$16,752,000 in the comparable period of the prior year. International sales increaseddecreased when compared to the prior year period due to highersofter billings,market principallyconditions in India, partially offset by increased activity across the Indianbroader market.Asia-Pacific region.
Sales for the nine months ended January 31, 2026 were $210,599,000, an increase from sales of $163,324,000 in the comparable period of the prior year. Domestic sales for the period were $160,529,000, up 29.6% from sales of $123,908,000 in the comparable period of the prior year. The increase in Domestic sales was due to the acquisition of Nu Aire, as discussed above, which was included in the prior year comparable results for only a portion of the nine month period. International sales for the period were $50,070,000, up 27.0% from sales of $39,416,000 in the comparable period of the prior year. The increase in International sales was primarily driven by increased billings, as noted above.
The Company's order backlog was $183.2$169.0 million at JanuaryJuly 31, 2026, as compared to $221.6$205.0 million at JanuaryJuly 31, 2025, and $214.6$165.9 million at April 30, 2025.2026.
The gross profit margin for the three months ended JanuaryJuly 31, 2026 was 26.7%29.6% of sales, as compared to 27.4%29.4% of sales in the comparable quarter of the prior year. The gross profit margin for the nine months ended January 31, 2026 was 28.1% of sales, as compared to 27.4% of sales in the comparable period of the prior year. The change in gross profit margin percentage for the ninethree months ended JanuaryJuly 31, 2026 was primarily driven by theimproved acquisitionmargin ofperformance Nu Aire on November 1, 2024. Additionally, domestic segment profitability inwithin the threeInternational months ended January 31, 2026 was impacted by lower manufacturing volumes across the laboratory construction portion of the business as well as changes in product mix.segment.
Operating expenses for the three months ended January 31, 2026 were $15,963,000, or 23.0% of sales, as compared to $16,129,000, or 24.0% of sales, in the comparable period of the prior year. Operating expenses for the nine months ended January 31, 2026 were $47,696,000, or 22.6% of sales, as compared to $35,560,000, or 21.8% of sales, in the comparable period of the prior year. Operating expenses for the three months ended January 31, 2026 remained relatively flat. The increase in operating expenses for the nine months ended January 31, 2026 was primarily due to the acquisition of Nu Aire. The increase in operating expenses was also impacted by increases in SG&A wages, benefits, incentive and stock-based compensation of $1,008,000 and international operating expenses of $682,000, partially offset by decreases in consulting and professional fees of $1,106,000.
InterestOperating expense was $1,112,000 and $3,231,000expenses for the three and nine months ended JanuaryJuly 31, 2026,2026 respectively,were $16,481,000, or 24.9% of sales, as compared to $1,137,000$16,120,000, andor $2,051,00022.7% forof sales, in the comparable periodsperiod of the prior year. TheOperating changesexpenses in interest expense were due to changes infor the levelsthree ofmonths bankended andJuly other31, borrowings2026 andremained interestrelatively rates.flat.
Income tax expense of $528,000 and income tax benefit of $108,000 were recorded for the three months ended January 31, 2026 and 2025, respectively. Income tax expense of $2,204,000 and $1,000,000 were recorded for the nine months ended January 31, 2026 and 2025, respectively. The effective income tax rate for the three and nine months ended January 31, 2026 was 32.9% and 24.6%, respectively, as compared to (8.5)% and 13.1% for the three and nine months ended January 31, 2025, respectively. The effective tax rate for the current three and nine month periods reflects the impact of foreign operations which are taxed at different rates than the U.S. tax rate of 21%, combined with expected current year tax expense for the Company's domestic operations. In addition, the income tax expense recorded for the nine months ended January 31, 2026 was favorably impacted by a discrete tax benefit of $303,000 resulting from the issuance of stock through the vesting of restricted stock units during the first quarter. The comparable prior year period also included a one-time tax benefit related to the remeasurement of deferred tax assets following the Nu Aire acquisition. The acquisition changed the Company's weighted average state tax rate, resulting in a favorable deferred tax assets adjustment. On July 4, 2025, the U.S. government enacted Public Law No. 119-21, commonly known as the One Big Beautiful Bill Act ("OBBBA"), which includes a broad range of tax reform provisions affecting businesses. Since OBBBA was enacted on July 4, 2025, the Company has evaluated its provisions and reflected the impact of the bonus amortization acceleration under Section 174 of the Internal Revenue Code in its income tax provision for the nine months ended January 31, 2026. The enactment impacts the Company's effective tax rate and deferred tax balances for the period. The Company continues to evaluate other provisions of the legislation; however, no additional material impacts have been identified as of January 31, 2026. See Note N, Income Taxes, of the Notes to Condensed Consolidated Financial Statements for additional information.
Non-controllingInterest interestsexpense relatedwas to the Company's subsidiaries not 100% owned by the Company decreased net earnings by $384,000 and $543,000$626,000 for the three and nine months ended JanuaryJuly 31, 2026, respectively, as compared to $29,000 and $81,000, respectively,$1,058,000 for the comparable period of the prior year. The change in the net earnings attributable to the non-controlling interest in the current periodexpense was due to changes in earningsthe (losses)levels of thebank subsidiariesand inother theborrowings relatedand period.interest rates.
Income tax expense of $717,000 and $761,000 were recorded for the three months ended July 31, 2026 and 2025, respectively. The effective income tax rate for the three months ended July 31, 2026 was 28.0%, as compared to 19.4% for the three months ended July 31, 2025. The effective tax rate for the current three month period reflects the mix of domestic and foreign earnings, which are subject to different tax rates, a discrete benefit resulting from the vesting of restricted stock units, and additional expense associated with the Company's indefinite reinvestment assertion for Kewaunee Labway India Pvt. Ltd. See Note M, Income Taxes, of the Notes to Condensed Consolidated Financial Statements for additional information.
Non-controlling interests related to the Company's subsidiaries not 100% owned by the Company decreased net earnings by $137,000 for the three months ended July 31, 2026, as compared to $66,000 for the comparable period of the prior year. The change in the net earnings attributable to the non-controlling interest in the current period was due to changes in earnings (losses) of the subsidiaries in the related period.
Net earnings was $692,000,$1,706,000, or $0.23$0.58 per diluted share, for the three months ended JanuaryJuly 31, 2026, compared to net earnings of $1,354,000,$3,093,000, or $0.45$1.04 per diluted share, in the prior year period. Net earnings was $6,230,000, or $2.09 per diluted share, for the nine months ended January 31, 2026, compared to net earnings of $6,555,000, or $2.20 per diluted share, in the prior year period.
Our principal sources of liquidity have historically been funds generated from operating activities, supplemented as needed by borrowings under our previousactive Midrevolving Capcredit Revolvingfacility, Credit Facility. The Company terminatedcurrently the Mid Cap Revolving Credit Facility on September 30, 2024. In conjunction with the Nu Aire acquisition (see Note C, Nu Aire Acquisition for additional details), the Company entered into a new Revolving Credit Facility with PNC, which is available on an ongoing basis to supplement our sources of liquidity as needed.PNC. Additionally, certain machinery and equipment are financed by non-cancellable operating and financing leases. The Company believes that these sources will be sufficient to support ongoing business requirements in the current fiscal year, including capital expenditures.
The Company had working capital of $54,793,000$56,716,000 at JanuaryJuly 31, 2026, compared to $64,651,000$57,046,000 at April 30, 2025.2026. The ratio of current assets to current liabilities was 2.1-to-1.02.2-to-1.0 at JanuaryJuly 31, 2026, compared to 2.2-to-1.0 at April 30, 2025.2026.
The Company's operating activities provided cash of $13,173,000$1,976,000 during the ninethree months ended JanuaryJuly 31, 2026. Net cash provided by operating activities was primarily driven by operations and decreases in receivables of $8.2$0.5 million, decreases in inventories of $0.7 million, and increases in deferred revenue of $1.0 million, partially offset by decreases in accounts payable and other accrued expenses of $5.4$3.0 million, and decreasesa change in deferredother, revenuenet of $2.0$1.2 million. During the ninethree months ended JanuaryJuly 31, 2026, the Company used net cash of $3,009,000$772,000 in investing activities related to capital expenditures. The Company's financing activities used net cash of $16,376,000$2,499,000 during the ninethree months ended JanuaryJuly 31, 2026, primarily related to the servicing of the Company's long-term debt arrangementsarrangements, the repurchase of shares of the Company's common stock, and the payment of employee taxes withheld for stock-based compensation. Additionally, on December 4, 2025, the Company entered into a First Amendment to Loan Agreement with PNC and completed the Seller Note Repayment. See Note H, Long-term Debt and Other Credit Arrangements, for more details.
Kewaunee's first quarter results for fiscal year 2027 align with the expectations previously communicated regarding the ongoing impact of broad geopolitical and economic uncertainty on project award and release timelines. While these conditions may continue to influence the timing of project activity, the Company continues to experience healthy customer engagement and opportunity levels, and quoting activity remains strong across its markets.
Kewaunee continues to execute its strategy in these challenging market conditions, strengthening the Company’s competitive position through the strength of its brands, the breadth of its capabilities, and its commitment to delivering exceptional value and service to its customers.
While remaining attentive to near-term market conditions, the Company continues to focus on the long term through operational improvement initiatives, enhancement of its commercial capabilities, and disciplined execution of its customer-focused strategy. Management believes these efforts position the Company well as quoting activity converts into project awards and releases.
Kewaunee's third quarter results for fiscal year 2026 align with the expectations previously communicated regarding volatility in project delivery timeliness and with historical trends, whereby the Company's third quarters are often impacted by the holiday schedule in the United States, a general slowdown of construction schedules in the winter months, and customers looking to wrap up construction projects prior to calendar year-end. This trend was further exacerbated by significant geopolitical and economic uncertainty. However, the softness of the construction-related portion of Kewaunee's business has been offset by the addition of Nu Aire's end-user containment products, validating the Company's ongoing growth and diversification strategy.
The Company remains committed to its focus on growth and continuing strategic investments in the people, processes, and technology that will support and enable this growth in a sustainable manner.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 Certain statements in this document constitute "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Reform Act"). All statements other than statements of historical fact included in this AnnualQuarterly Report, including statements regarding the Company's future financial condition, results of operations, business operations and business prospects, are forward-looking statements. Words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "predict," "believe" and similar words, expressions and variations of these words and expressions are intended to identify forward-looking statements. Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions, and other important factors that could significantly impact results or achievements expressed or implied by such forward-looking statements. Such factors, risks, uncertainties and assumptions include, but are not limited to: our ability to realize the benefits anticipated as a result of the Nu Aire acquisition; competitive and general economic conditions, including disruptions from government mandates, both domestically and internationally, as well as supplier constraints and other supply disruptions; changes in customer demands; technological changes in our operations or in our industry; dependence on customers’ required delivery schedules; risks related to fluctuations in the Company’s operating results from quarter to quarter; risks related to international operations, including foreign currency fluctuations; changes in the legal and regulatory environment; changes in raw materials and commodity costs; acts of terrorism, war, governmental action, natural disasters and other Force Majeure events. The cautionary statements made pursuant to the Reform Act herein and elsewhere by us should not be construed as exhaustive. We cannot always predict what factors would cause actual results to differ materially from those indicated by the forward-looking statements. Over time, our actual results, performance, or achievements will likely differ from the anticipated results, performance or achievements that are expressed or implied by our forward-looking statements, and such difference might be significant and harmful to our stockholders' interest. Many important factors that could cause such differences are described under the caption "Risk Factors" in Item 1A in the Company's 20252026 Annual Report on Form 10-K and in Item 1A of Part II in this Quarterly Report on Form 10-Q, which you should review carefully. These forward-looking statements speak only as of the date of this document. The Company assumes no obligation, and expressly disclaims any obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise.
KEQU insider buying and selling (Form 4)
Since 2026-04-11, insiders reported open-market purchases in 0 Form 4 filings and open-market sales in 0 filings. Totals add up every open-market (code P and S) line in those filings, using the prices reported in the filings. Awards, option exercises, tax withholding and gifts are listed below but not counted.
| Trade date | Insider | Transaction | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-06-30 | Phillips Elizabeth D |
Shares withheld for tax | 793 | $36.25 | $28.7K |
| 2026-06-30 | Phillips Elizabeth D |
Disposition to issuer | 4,995 | $36.25 | $181.1K |
| 2026-06-30 | Phillips Elizabeth D |
Option exercise | 6,656 | — | — |
| 2026-06-30 | Ranade Mandar |
Option exercise | 7,227 | — | — |
| 2026-06-30 | Ranade Mandar |
Disposition to issuer | 1,800 | $36.25 | $65.2K |
| 2026-06-30 | Ranade Mandar |
Shares withheld for tax | 1,877 | $36.25 | $68.0K |
| 2026-06-30 | Noble Ryan S. |
Option exercise | 7,206 | — | — |
| 2026-06-30 | Noble Ryan S. |
Shares withheld for tax | 1,809 | $36.25 | $65.6K |
| 2026-06-30 | Noble Ryan S. |
Disposition to issuer | 3,000 | $36.25 | $108.8K |
| 2026-06-30 | Batdorff Douglas J. |
Disposition to issuer | 5,609 | $36.25 | $203.3K |
| 2026-06-30 | Batdorff Douglas J. |
Shares withheld for tax | 851 | $36.25 | $30.8K |
| 2026-06-30 | Batdorff Douglas J. |
Option exercise | 7,451 | — | — |
| 2026-06-30 | Gardner Donald T. Iii |
Shares withheld for tax | 4,027 | $36.25 | $146.0K |
| 2026-06-30 | Gardner Donald T. Iii |
Option exercise | 21,265 | — | — |
| 2026-06-30 | Gardner Donald T. Iii |
Disposition to issuer | 12,000 | $36.25 | $435.0K |
| 2026-06-30 | Hull Thomas David Iii |
Disposition to issuer | 17,000 | $36.25 | $616.2K |
| 2026-06-30 | Hull Thomas David Iii |
Shares withheld for tax | 16,243 | $36.25 | $588.8K |
| 2026-06-30 | Hull Thomas David Iii |
Option exercise | 54,388 | — | — |
| 2026-05-01 | Campbell John Jette |
Grant/award | 2,013 | — | — |
| 2026-05-01 | Gehl Keith M |
Grant/award | 2,013 | — | — |
Well-known investors holding KEQU (13F)
| Investor | Quarter | Shares | Reported value | % of their 13F | Change vs prior quarter |
|---|---|---|---|---|---|
| Renaissance Technologies | 2026-06-30 | 95,311 | $3.4M | 0.0% | Reduced 3% |