Get notified when BNED files again. Create a free account and we'll email you the moment its next filing is analyzed.

Get filing alerts

Red 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.
NYSE: BNED Barnes & Noble Education, Inc. 10-Q

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.

Read 3 full reports/month free No card required. Takes 30 seconds.

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.

Sign up

Investing involves risk. Free stock terms apply.

Was this report useful?

Source-verified from EDGAR · Narrative written by AI · May 20, 2026 · How we verify