Quarterly ResultJul 9, 2026, 08:07 AM
Northern Technologies Reports Q3 Net Loss; Receives Debt Waiver
AI Summary
Northern Technologies International Corp (NTIC) reported a net loss attributable to the company of $(0.26) million for the third quarter ended May 31, 2026, a decrease from a net income of $0.12 million in the same period last year, despite an increase in net sales to $24.22 million. The company also reported a year-to-date net loss of $(0.06) million. NTIC was not in compliance with its Fixed Charge Coverage Ratio covenant, reporting 0.68 to 1.00 against a required 1.25 to 1.00, but secured a waiver from JPMorgan Chase Bank, N.A. on July 7, 2026.
Key Highlights
- Reported a net loss attributable to NTIC of $(0.26) million for Q3 2026, down from $0.12 million net income in Q3 2025.
- Net sales increased to $24.22 million for Q3 2026, up from $21.51 million in Q3 2025.
- Year-to-date net loss attributable to NTIC was $(0.06) million, compared to $1.12 million net income in the prior year.
- Fixed Charge Coverage Ratio was 0.68 to 1.00 as of May 31, 2026, below the required 1.25 to 1.00.
- Obtained a waiver from JPMorgan Chase Bank, N.A. on July 7, 2026, for the Fixed Charge Coverage Ratio non-compliance.
- Reclassified $0.87 million of net book value to assets held for sale during Q3 2026.
- Outstanding line of credit increased to $11.76 million as of May 31, 2026, from $9.33 million in August 2025.
Price Impact
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