revenue $392.9M, net income $6.8M. Revenue +11% as subscription margin improves, but net income falls 27% on non-operating factors

Filed August 5, 2026 · Period ending June 30, 2026 · Compared to 10-Q Aug 7, 2025 · ~2 min read

Key Changes

• high

  Operating income rose 176% to $6.4M, but net income fell 27% to $6.8M — the earnings decline came from below-the-line items, not operations. Prior-year other income included a $7.8M one-time Baystride gain; current period shows higher FX losses and lower interest expense.

  MD&A: Operating Results & Other Income verify on EDGAR →
• high

  Pets Best relationship (30% of total revenue) will terminate after Q3 2028. Enrollment expected to decline as Pets Best transitions to other underwriters. Company does not control roll-off timing, creating revenue uncertainty.

  Risk Factors & MD&A: Other Business Segment verify on EDGAR →
• high

  Board authorized new $100M share repurchase program with no expiration date, replacing prior program that expired May 2026. No shares repurchased in current period; timing depends on PNC Facility compliance and market conditions.

  MD&A: Capital Allocation & Notes verify on EDGAR →