FRANKLIN WIRELESS CORP

FKWL

Business Summary

Franklin Wireless Corp. operates as a leading global provider of integrated wireless solutions utilizing the latest 5G and 4G LTE technologies, including mobile hotspots, fixed wireless routers, and mobile device management (MDM) solutions, and is a leading enabler of the Digital Divide initiative with expertise in Internet of Things (IOT) and machine-to-machine (M2M) applications. The company holds a 66.3% ownership in Franklin Technology Inc. (FTI), a research and development company based in Seoul, South Korea, and a 60% ownership interest in Sigbeat Inc., based in San Diego, California, which will engage in worldwide sales, marketing, customer support and operations for telecommunications modules. Products are generally marketed and sold directly to wireless operators and indirectly through strategic partners and distributors, with primary markets in North America and Asia.

The wireless broadband data access market is highly competitive, and many competitors or potential competitors have significantly greater financial, technical, and marketing resources. To survive and be competitive, the company will need to continuously invest in research and development, sales and marketing, and customer support. The company depends on a small number of customers for a significant portion of revenues; for the year ended June 30, 2026, net revenues from the two largest customers represented 60.9% and 27.5% of consolidated net sales, respectively.

The company generates revenue from the sale of wireless access products, with one reportable segment, and revenue is recognized when control of promised goods or services is transferred to customers. Revenue from products transferred at a single point in time accounted for 99.3% of net sales for the year ended June 30, 2026, while revenue recognized over time accounted for 0.7%. The company's performance obligations are satisfied at a point in time, and the majority of revenue recognized at a point in time is for the sale of hotspot router products.

The company offers a wide variety of innovative integrated wireless solutions including 5G/4G LTE Wi-Fi Mobile Hotspots, which provide portable wireless Internet access for multiple simultaneously connected devices; 5G/4G Fixed Wireless Routers, which support both wired and wireless connectivity as a replacement for Cable or DSL service; Smart Box Solutions including 4G/5G M2M Gateways for reliable and secure machine-to-machine communication; Seiona Family Guardian Solutions with parental controls and senior care solutions in development; and JEXtream Cloud Solutions, a cloud-based telecom grade server platform for 5G devices and routers enabling enhanced remote management.

During the six months ended June 30, 2026, the company began implementing a strategic shift to reduce reliance on mobile hotspot products and increase focus on fixed wireless routers and telecommunications modules, accelerated following a significant decline in demand for certain legacy hotspot products. The company holds a 66.3% ownership in FTI and a 60% ownership interest in Sigbeat, which was formed through an Agreement for Formation of a Joint Venture Corporation on May 14, 2024, with Forge International Co., Ltd., contributing a total of $5,000,000 in capital. On December 23, 2024, and January 9, 2025, the company contributed $600,000 and $2,400,000 for Sigbeat Common Stock, respectively, and on January 16, 2025, Forge contributed $2,000,000.

Net sales decreased by $9,572,496, or 20.8%, to $36,514,405 for the year ended June 30, 2026, from $46,086,901 in the prior year. Gross profit decreased by $1,659,938, or 21.0%, to $6,255,131, and the company reported a net loss of $6,919,272, compared to a net loss of $140,429 in the prior year. Net loss attributable to Parent Company stockholders was $4,743,808, compared to $243,101 in the prior year.

Business Outlook

The company believes that revenue growth will be influenced largely by the successful maintenance of existing customers, the rate of increase in demand for wireless data products, customer acceptance of new products, new customer relationships and contracts, the ability to meet customers' demands, the ability to maintain good relationships with manufacturing partners and suppliers, and the defect rates experienced by end users of hardware and software products.

The company is accelerating its strategic focus toward commercial and industrial routers and telecommunications modules through its subsidiary, Sigbeat, which will engage in worldwide sales, marketing, customer support and operations for telecommunications modules. These product lines are in earlier stages of commercialization, and there can be no assurance regarding the timing or level of future revenues from these initiatives. The company has entered into and expects to continue to enter into new customer relationships and contracts for the supply of products, which may require significant demands on resources, resulting in increased operating, selling, and marketing expenses.

The company is working to improve and further enhance its software service offerings, including mobile device management (MDM) services, to address the shift in demand from end-users in the post-pandemic economy as remote education and work from home trends decline. The company also intends to integrate artificial intelligence (AI)-compatible hardware, though it has not commercially implemented AI technology within current products.

The company is experiencing industry-wide supply constraints and cost increases affecting certain components used in its products, including memory components and raw materials used in printed circuit boards, which may affect component availability, lead times and pricing and have resulted in increased complexity in managing production schedules and product costs. The company's ability to deliver products to customers on a timely basis is critical, particularly for Tier-1 carrier customers, who are highly sensitive to delivery timing and reliability.

For the next twelve months, the company may require in excess of $2 million for capital expenditures, software licenses and for testing and certifying new products. The company believes its balances of cash, cash equivalents, and short-term investments, which totaled $32.0 million as of June 30, 2026, along with cash generated by ongoing operations, will be sufficient to satisfy its cash requirements over the next 12 months.

The company's principal source of liquidity as of June 30, 2026, consisted of cash and cash equivalents as well as short-term investments of $31,954,396. The company believes it has sufficient available capital to cover its existing operations and obligations through at least June 30, 2026, and long-term future cash requirements will depend on numerous factors, including revenue base, profit margins, product development activities, market acceptance of products, future expansion plans and ability to control costs.

The company faces headwinds including a significant reduction in expected future demand from one of its major customers related to a legacy hotspot product, caused by difficulties working with an intermediary company regarding late payments, as well as other matters. Recent regulatory developments involving restrictions on certain foreign-manufactured telecommunications and networking equipment may affect the approval, importation, or commercialization of certain future wireless products, and the company is evaluating the applicability of these developments to its product roadmap, including upcoming consumer and enterprise networking products.

The company faces risks from geopolitical conflicts, including the ongoing conflict involving Iran and related instability in the Middle East, which may disrupt shipping routes, increase freight, fuel, insurance and other transportation costs, or cause delays in the movement of goods. Increased demand for components used in artificial intelligence and data center applications has caused certain component manufacturers to allocate production capacity toward higher-margin products, which may reduce the availability or increase the cost of components used in the company's products.

Risk Factors

The company's revenue is highly concentrated, with the two largest customers representing 60.9% and 27.5% of consolidated net sales in fiscal 2026, and one major customer discontinued a hotspot product that was expected to generate significant revenues, resulting in a significant reduction in revenues from that customer. The company faces a material litigation risk from a partially adverse judgment against FTI in a civil lawsuit brought by Partron Co., Ltd., with a total accrued litigation liability of $4,345,104 as of June 30, 2026, comprising a principal judgment award of $3,673,336 plus accrued statutory interest of $671,768, and an appeal has been filed. The company relies on a single independent company located in Asia for the manufacturing of the majority of its products, and depends on sole source suppliers for some components, exposing it to supply chain disruptions and cost increases, including increased costs for certain chipsets and constraints in the availability of raw materials used in printed circuit boards. Product deliveries are subject to long lead times, often more than 160 days, which could cause the company to lose customers and require higher levels of working capital. The company's products are subject to mandatory regulatory approvals, and recent regulatory developments involving restrictions on certain foreign-manufactured telecommunications and networking equipment could affect the approval, importation, or commercialization of certain future wireless products.

Management Priorities

Management's message emphasizes a strategic shift to reduce reliance on mobile hotspot products and increase focus on fixed wireless routers and telecommunications modules, accelerated following a significant decline in demand for certain legacy hotspot products. The company is a leading enabler of the Digital Divide initiative, and management highlights the intention to integrate AI-compatible hardware, though not yet commercially implemented. Key strategic priorities include maintaining existing customers, increasing demand for wireless data products, customer acceptance of new products, new customer relationships and contracts, and maintaining good relationships with manufacturing partners and suppliers.

View Source Annual Report on SEC.gov ↗

References

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[515] Item 1, Business — Our Structure
[516] Item 1, Business — Our Structure
[517] Item 1, Business — Our Structure
[518] Item 1, Business — Our Structure
[519] Item 1, Business — Our Structure
[520] Item 1, Business — Our Structure
[521] Item 1, Business — Our Structure
[522] Item 1, Business — Our Structure
[523] Item 1, Business — Our Structure
[524] Item 1, Business — Our Structure
[525] Item 1, Business — Our Structure
[526] Item 1, Business — Our Structure
[527] Item 1, Business — Our Structure
[528] Item 1, Business — Our Structure
[529] Item 1, Business — Our Structure
[530] Item 1, Business — Our Structure
[531] Item 1, Business — Our Structure
[532] Item 1, Business — Our Structure
[533] Item 1, Business — Our Structure
[534] Item 1, Business — Our Structure
[535] Item 1, Business — Our Structure
[536] Item 1, Business — Our Structure
[537] Item 1, Business — Our Structure
[538] Item 1, Business — Our Structure
[539] Item 1, Business — Our Structure
[540] Item 1, Business — Our Structure
[541] Item 1, Business — Our Structure
[542] Item 1, Business — Our Structure
[543] Item 1, Business — Our Structure
[544] Item 1, Business — Our Structure
[545] Item 1, Business — Our Structure
[546] Item 1, Business — Our Structure
[547] Item 1, Business — Our Structure
[548] Item 1, Business — Our Structure
[549] Item 1, Business — Our Structure
[550] Item 1, Business — Our Structure
[551] Item 1, Business — Our Structure
[552] Item 1, Business — Our Structure
[553] Item 1, Business — Our Structure
[554] Item 1, Business — Our Structure
[555] Item 1, Business — Our Structure
[556] Item 1, Business — Our Structure
[557] Item 1, Business — Our Structure
[558] Item 1, Business — Our Structure
[559] Item 1, Business — Our Structure
[560] Item 1, Business — Our Structure
[561] Item 1, Business — Our Structure
[562] Item 1, Business — Our Structure
[563] Item 1, Business — Our Structure
[564] Item 1, Business — Our Structure
[565] Item 1, Business — Our Structure
[566] Item 1, Business — Our Structure
[567] Item 1, Business — Our Structure
[568] Item 1, Business — Our Structure
[569] Item 1, Business — Our Structure
[570] Item 1, Business — Our Structure
[571] Item 1, Business — Our Structure
[572] Item 1, Business — Our Structure
[573] Item 1, Business — Our Structure
[574] Item 1, Business — Our Structure
[575] Item 1, Business — Our Structure
[576] Item 1, Business — Our Structure
[577] Item 1, Business — Our Structure
[578] Item 1, Business — Our Structure
[579] Item 1, Business — Our Structure
[580] Item 1, Business — Our Structure
[581] Item 1, Business — Our Structure
[582] Item 1, Business — Our Structure
[583] Item 1, Business — Our Structure
[584] Item 1, Business — Our Structure
[585] Item 1, Business — Our Structure
[586] Item 1, Business — Our Structure
[587] Item 1, Business — Our Structure
[588] Item 1, Business — Our Structure
[589] Item 1, Business — Our Structure
[590] Item 1, Business — Our Structure
[591] Item 1, Business — Our Structure
[592] Item 1, Business — Our Structure
[593] Item 1, Business — Our Structure
[594] Item 1, Business — Our Structure
[595] Item 1, Business — Our Structure
[596] Item 1, Business — Our Structure
[597] Item 1, Business — Our Structure
[598] Item 1, Business — Our Structure
[599] Item 1, Business — Our Structure
[600] Item 1, Business — Our Structure
[601] Item 1, Business — Our Structure
[602] Item 1, Business — Our Structure
[603] Item 1, Business — Our Structure
[604] Item 1, Business — Our Structure
[605] Item 1, Business — Our Structure
[606] Item 1, Business — Our Structure
[607] Item 1, Business — Our Structure
[608] Item 1, Business — Our Structure
[609] Item 1, Business — Our Structure
[610] Item 1, Business — Our Structure
[611] Item 1, Business — Our Structure
[612] Item 1, Business — Our Structure
[613] Item 1, Business — Our Structure
[614] Item 1, Business — Our Structure
[615] Item 1, Business — Our Structure
[616] Item 1, Business — Our Structure
[617] Item 1, Business — Our Structure
[618] Item 1, Business — Our Structure
[619] Item 1, Business — Our Structure
[620] Item 1, Business — Our Structure
[621] Item 1, Business — Our Structure
[622] Item 1, Business — Our Structure
[623] Item 1, Business — Our Structure
[624] Item 1, Business — Our Structure
[625] Item 1, Business — Our Structure
[626] Item 1, Business — Our Structure
[627] Item 1, Business — Our Structure
[628] Item 1, Business — Our Structure
[629] Item 1, Business — Our Structure
[630] Item 1, Business — Our Structure
[631] Item 1, Business — Our Structure
[632] Item 1, Business — Our Structure
[633] Item 1, Business — Our Structure
[634] Item 1, Business — Our Structure
[635] Item 1, Business — Our Structure
[636] Item 1, Business — Our Structure
[637] Item 1, Business — Our Structure
[638] Item 1, Business — Our Structure
[639] Item 1, Business — Our Structure
[640] Item 1, Business — Our Structure
[641] Item 1, Business — Our Structure
[642] Item 1, Business — Our Structure
[643] Item 1, Business — Our Structure
[644] Item 1, Business — Our Structure
[645] Item 1, Business — Our Structure
[646] Item 1, Business — Our Structure
[647] Item 1, Business — Our Structure
[648] Item 1, Business — Our Structure
[649] Item 1, Business — Our Structure
[650] Item 1, Business — Our Structure
[651] Item 1, Business — Our Structure
[652] Item 1, Business — Our Structure
[653] Item 1, Business — Our Structure
[654] Item 1, Business — Our Structure
[655] Item 1, Business — Our Structure
[656] Item 1, Business — Our Structure
[657] Item 1, Business — Our Structure
[658] Item 1, Business — Our Structure
[659] Item 1, Business — Our Structure
[660] Item 1, Business — Our Structure
[661] Item 1, Business — Our Structure
[662] Item 1, Business — Our Structure
[663] Item 1, Business — Our Structure
[664] Item 1, Business — Our Structure
[665] Item 1, Business — Our Structure
[666] Item 1, Business — Our Structure
[667] Item 1, Business — Our Structure
[668] Item 1, Business — Our Structure
[669] Item 1, Business — Our Structure
[670] Item 1, Business — Our Structure
[671] Item 1, Business — Our Structure
[672] Item 1, Business — Our Structure
[673] Item 1, Business — Our Structure
[674] Item 1, Business — Our Structure
[675] Item 1, Business — Our Structure
[676] Item 1, Business — Our Structure
[677] Item 1, Business — Our Structure
[678] Item 1, Business — Our Structure
[679] Item 1, Business — Our Structure
[680] Item 1, Business — Our Structure
[681] Item 1, Business — Our Structure
[682] Item 1, Business — Our Structure
[683] Item 1, Business — Our Structure
[684] Item 1, Business — Our Structure
[685] Item 1, Business — Our Structure
[686] Item 1, Business — Our Structure
[687] Item 1, Business — Our Structure
[688] Item 1, Business — Our Structure
[689] Item 1, Business — Our Structure
[690] Item 1, Business — Our Structure
[691] Item 1, Business — Our Structure
[692] Item 1, Business — Our Structure
[693] Item 1, Business — Our Structure
[694] Item 1, Business — Our Structure
[695] Item 1, Business — Our Structure
[696] Item 1, Business — Our Structure
[697] Item 1, Business — Our Structure
[698] Item 1, Business — Our Structure
[699] Item 1, Business — Our Structure
[700] Item 1, Business — Our Structure
[701] Item 1, Business — Our Structure
[702] Item 1, Business — Our Structure
[703] Item 1, Business — Our Structure
[704] Item 1, Business — Our Structure
[705] Item 1, Business — Our Structure
[706] Item 1, Business — Our Structure
[707] Item 1, Business — Our Structure
[708] Item 1, Business — Our Structure
[709] Item 1, Business — Our Structure
[710] Item 1, Business — Our Structure
[711] Item 1, Business — Our Structure
[712] Item 1, Business — Our Structure
[713] Item 1, Business — Our Structure
[714] Item 1, Business — Our Structure
[715] Item 1, Business — Our Structure
[716] Item 1, Business — Our Structure
[717] Item 1, Business — Our Structure
[718] Item 1, Business — Our Structure
[719] Item 1, Business — Our Structure
[720] Item 1, Business — Our Structure
[721] Item 1, Business — Our Structure
[722] Item 1, Business — Our Structure
[723] Item 1, Business — Our Structure
[724] Item 1, Business — Our Structure
[725] Item 1, Business — Our Structure
[726] Item 1, Business — Our Structure
[727] Item 1, Business — Our Structure
[728] Item 1, Business — Our Structure
[729] Item 1, Business — Our Structure
[730] Item 1, Business — Our Structure
[731] Item 1, Business — Our Structure
[732] Item 1, Business — Our Structure
[733] Item 1, Business — Our Structure
[734] Item 1, Business — Our Structure
[735] Item 1, Business — Our Structure
[736] Item 1, Business — Our Structure
[737] Item 1, Business — Our Structure
[738] Item 1, Business — Our Structure
[739] Item 1, Business — Our Structure
[740] Item 1, Business — Our Structure
[741] Item 1, Business — Our Structure
[742] Item 1, Business — Our Structure
[743] Item 1, Business — Our Structure
[744] Item 1, Business — Our Structure
[745] Item 1, Business — Our Structure
[746] Item 1, Business — Our Structure
[747] Item 1, Business — Our Structure
[748] Item 1, Business — Our Structure
[749] Item 1, Business — Our Structure
[750] Item 1, Business — Our Structure
[751] Item 1, Business — Our Structure
[752] Item 1, Business — Our Structure
[753] Item 1, Business — Our Structure
[754] Item 1, Business — Our Structure
[755] Item 1, Business — Our Structure
[756] Item 1, Business — Our Structure
[757] Item 1, Business — Our Structure
[758] Item 1, Business — Our Structure
[759] Item 1, Business — Our Structure
[760] Item 1, Business — Our Structure
[761] Item 1, Business — Our Structure
[762] Item 1, Business — Our Structure
[763] Item 1, Business — Our Structure
[764] Item 1, Business — Our Structure
[765] Item 1, Business — Our Structure
[766] Item 1, Business — Our Structure
[767] Item 1, Business — Our Structure
[768] Item 1, Business — Our Structure
[769] Item 1, Business — Our Structure
[770] Item 1, Business — Our Structure
[771] Item 1, Business — Our Structure
[772] Item 1, Business — Our Structure
[773] Item 1, Business — Our Structure
[774] Item 1, Business — Our Structure
[775] Item 1, Business — Our Structure
[776] Item 1, Business — Our Structure
[777] Item 1, Business — Our Structure
[778] Item 1, Business — Our Structure
[779] Item 1, Business — Our Structure
[780] Item 1, Business — Our Structure
[781] Item 1, Business — Our Structure
[782] Item 1, Business — Our Structure
[783] Item 1, Business — Our Structure
[784] Item 1, Business — Our Structure
[785] Item 1, Business — Our Structure
[786] Item 1, Business — Our Structure
[787] Item 1, Business — Our Structure
[788] Item 1, Business — Our Structure
[789] Item 1, Business — Our Structure
[790] Item 1, Business — Our Structure
[791] Item 1, Business — Our Structure
[792] Item 1, Business — Our Structure
[793] Item 1, Business — Our Structure
[794] Item 1, Business — Our Structure
[795] Item 1, Business — Our Structure
[796] Item 1, Business — Our Structure
[797] Item 1, Business — Our Structure
[798] Item 1, Business — Our Structure
[799] Item 1, Business — Our Structure
[800] Item 1, Business — Our Structure
[801] Item 1, Business — Our Structure
[802] Item 1, Business — Our Structure
[803] Item 1, Business — Our Structure
[804] Item 1, Business — Our Structure
[805] Item 1, Business — Our Structure
[806] Item 1, Business — Our Structure
[807] Item 1, Business — Our Structure
[808] Item 1, Business — Our Structure
[809] Item 1, Business — Our Structure
[810] Item 1, Business — Our Structure
[811] Item 1, Business — Our Structure
[812] Item 1, Business — Our Structure
[813] Item 1, Business — Our Structure
[814] Item 1, Business — Our Structure
[815] Item 1, Business — Our Structure
[816] Item 1, Business — Our Structure
[817] Item 1, Business — Our Structure
[818] Item 1, Business — Our Structure
[819] Item 1, Business — Our Structure
[820] Item 1, Business — Our Structure
[821] Item 1, Business — Our Structure
[822] Item 1, Business — Our Structure
[823] Item 1, Business — Our Structure
[824] Item 1, Business — Our Structure
[825] Item 1, Business — Our Structure
[826] Item 1, Business — Our Structure
[827] Item 1, Business — Our Structure
[828] Item 1, Business — Our Structure
[829] Item 1, Business — Our Structure
[830] Item 1, Business — Our Structure
[831] Item 1, Business — Our Structure
[832] Item 1, Business — Our Structure
[833] Item 1, Business — Our Structure
[834] Item 1, Business — Our Structure
[835] Item 1, Business — Our Structure
[836] Item 1, Business — Our Structure
[837] Item 1, Business — Our Structure
[838] Item 1, Business — Our Structure
[839] Item 1, Business — Our Structure
[840] Item 1, Business — Our Structure
[841] Item 1, Business — Our Structure
[842] Item 1, Business — Our Structure
[843] Item 1, Business — Our Structure
[844] Item 1, Business — Our Structure
[845] Item 1, Business — Our Structure
[846] Item 1, Business — Our Structure
[847] Item 1, Business — Our Structure
[848] Item 1, Business — Our Structure
[849] Item 1, Business — Our Structure
[850] Item 1, Business — Our Structure
[851] Item 1, Business — Our Structure
[852] Item 1, Business — Our Structure
[853] Item 1, Business — Our Structure
[854] Item 1, Business — Our Structure
[855] Item 1, Business — Our Structure
[856] Item 1, Business — Our Structure
[857] Item 1, Business — Our Structure
[858] Item 1, Business — Our Structure
[859] Item 1, Business — Our Structure
[860] Item 1, Business — Our Structure
[861] Item 1, Business — Our Structure
[862] Item 1, Business — Our Structure
[863] Item 1, Business — Our Structure
[864] Item 1, Business — Our Structure
[865] Item 1, Business — Our Structure
[866] Item 1, Business — Our Structure
[867] Item 1, Business — Our Structure
[868] Item 1, Business — Our Structure
[869] Item 1, Business — Our Structure
[870] Item 1, Business — Our Structure
[871] Item 1, Business — Our Structure
[872] Item 1, Business — Our Structure
[873] Item 1, Business — Our Structure
[874] Item 1, Business — Our Structure
[875] Item 1, Business — Our Structure
[876] Item 1, Business — Our Structure
[877] Item 1, Business — Our Structure
[878] Item 1, Business — Our Structure
[879] Item 1, Business — Our Structure
[880] Item 1, Business — Our Structure
[881] Item 1, Business — Our Structure
[882] Item 1, Business — Our Structure
[883] Item 1, Business — Our Structure
[884] Item 1, Business — Our Structure
[885] Item 1, Business — Our Structure
[886] Item 1, Business — Our Structure
[887] Item 1, Business — Our Structure
[888] Item 1, Business — Our Structure
[889] Item 1, Business — Our Structure
[890] Item 1, Business — Our Structure
[891] Item 1, Business — Our Structure
[892] Item 1, Business — Our Structure
[893] Item 1, Business — Our Structure
[894] Item 1, Business — Our Structure
[895] Item 1, Business — Our Structure
[896] Item 1, Business — Our Structure
[897] Item 1, Business — Our Structure
[898] Item 1, Business — Our Structure
[899] Item 1, Business — Our Structure
[900] Item 1, Business — Our Structure
[901] Item 1, Business — Our Structure
[902] Item 1, Business — Our Structure
[903] Item 1, Business — Our Structure
[904] Item 1, Business — Our Structure
[905] Item 1, Business — Our Structure
[906] Item 1, Business — Our Structure
[907] Item 1, Business — Our Structure
[908] Item 1, Business — Our Structure
[909] Item 1, Business — Our Structure
[910] Item 1, Business — Our Structure
[911] Item 1, Business — Our Structure
[912] Item 1, Business — Our Structure
[913] Item 1, Business — Our Structure
[914] Item 1, Business — Our Structure
[915] Item 1, Business — Our Structure
[916] Item 1, Business — Our Structure
[917] Item 1, Business — Our Structure
[918] Item 1, Business — Our Structure
[919] Item 1, Business — Our Structure
[920] Item 1, Business — Our Structure
[921] Item 1, Business — Our Structure
[922] Item 1, Business — Our Structure
[923] Item 1, Business — Our Structure
[924] Item 1, Business — Our Structure
[925] Item 1, Business — Our Structure
[926] Item 1, Business — Our Structure
[927] Item 1, Business — Our Structure
[928] Item 1, Business — Our Structure
[929] Item 1, Business — Our Structure
[930] Item 1, Business — Our Structure
[931] Item 1, Business — Our Structure
[932] Item 1, Business — Our Structure
[933] Item 1, Business — Our Structure
[934] Item 1, Business — Our Structure
[935] Item 1, Business — Our Structure
[936] Item 1, Business — Our Structure
[937] Item 1, Business — Our Structure
[938] Item 1, Business — Our Structure
[939] Item 1, Business — Our Structure
[940] Item 1, Business — Our Structure
[941] Item 1, Business — Our Structure
[942] Item 1, Business — Our Structure
[943] Item 1, Business — Our Structure
[944] Item 1, Business — Our Structure
[945] Item 1, Business — Our Structure
[946] Item 1, Business — Our Structure
[947] Item 1, Business — Our Structure
[948] Item 1, Business — Our Structure
[949] Item 1, Business — Our Structure
[950] Item 1, Business — Our Structure
[951] Item 1, Business — Our Structure
[952] Item 1, Business — Our Structure
[953] Item 1, Business — Our Structure
[954] Item 1, Business — Our Structure
[955] Item 1, Business — Our Structure
[956] Item 1, Business — Our Structure
[957] Item 1, Business — Our Structure
[958] Item 1, Business — Our Structure
[959] Item 1, Business — Our Structure
[960] Item 1, Business — Our Structure
[961] Item 1, Business — Our Structure
[962] Item 1, Business — Our Structure
[963] Item 1, Business — Our Structure
[964] Item 1, Business — Our Structure
[965] Item 1, Business — Our Structure
[966] Item 1, Business — Our Structure
[967] Item 1, Business — Our Structure
[968] Item 1, Business — Our Structure
[969] Item 1, Business — Our Structure
[970] Item 1, Business — Our Structure
[971] Item 1, Business — Our Structure
[972] Item 1, Business — Our Structure
[973] Item 1, Business — Our Structure
[974] Item 1, Business — Our Structure
[975] Item 1, Business — Our Structure
[976] Item 1, Business — Our Structure
[977] Item 1, Business — Our Structure
[978] Item 1, Business — Our Structure
[979] Item 1, Business — Our Structure
[980] Item 1, Business — Our Structure
[981] Item 1, Business — Our Structure
[982] Item 1, Business — Our Structure
[983] Item 1, Business — Our Structure
[984] Item 1, Business — Our Structure
[985] Item 1, Business — Our Structure
[986] Item 1, Business — Our Structure
[987] Item 1, Business — Our Structure
[988] Item 1, Business — Our Structure
[989] Item 1, Business — Our Structure
[990] Item 1, Business — Our Structure
[991] Item 1, Business — Our Structure
[992] Item 1, Business — Our Structure
[993] Item 1, Business — Our Structure
[994] Item 1, Business — Our Structure
[995] Item 1, Business — Our Structure
[996] Item 1, Business — Our Structure
[997] Item 1, Business — Our Structure
[998] Item 1, Business — Our Structure
[999] Item 1, Business — Our Structure
[1000] Item 1, Business — Our Structure

Analysis on 9/28/2026