Get notified when BNED files again. Create a free account and we'll email you the moment its next filing is analyzed.
Get filing alertsRed Flags Detected
- Material Weakness (new) — Company disclosed material weaknesses in internal controls across control environment, risk assessment, information/communication, monitoring, and multiple control activities as of August 2, 2025.
- Going Concern (new) — Management affirmatively addresses going concern, stating they believe resources are adequate for the next twelve months and beyond.
BNED Q1 revenue up 9% on First Day growth; recapitalization complete but control gaps persist
Filed January 20, 2026 · Period ending August 2, 2025 · ~1 min read
Key Changes
-
high
Q1 revenue rose 9.4% to $288M driven by 40% growth in BNC First Day affordable-access programs ($114M). Net loss improved sharply to $(18)M from $(104)M prior year. Gross margin expanded 210 bps to 19.2%.
MD&A: Q1 Results verify on EDGAR → -
high
June 2024 recapitalization raised $95M equity, converted term loan debt to equity, and refinanced credit facility to $325M capacity. Immersion Corp now controls the company. 1-for-100 reverse split executed to regain NYSE compliance.
MD&A: Recapitalization verify on EDGAR → -
high
Material weaknesses disclosed across internal controls (control environment, risk assessment, monitoring, IT access). Management implementing remediation plan but controls remain ineffective as of Aug 2, 2025.
MD&A: Internal Controls verify on EDGAR →
2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
Want to see a complete report first? Today's free report (ADMT 10-K) is open in full — no account needed.
Partner
Trade BNED commission-free
Open an account, get a free stock.
Investing involves risk. Free stock terms apply.
Thanks — your feedback helps us improve report quality.
Source-verified from EDGAR · Narrative written by AI · May 20, 2026 · How we verify