Idt Corp 10-Q for FY2026 Q3

Idt Corp (IDT)

10-Q 2026-06-09 For: 2026-04-30

Added on June 10, 2026

About this 10-Q

Idt Corp filed this 10-Q on June 9, 2026, covering the quarter ended April 30, 2026 (FY2026 Q3).

Headline figures

Quarter ended April 30, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $315.71M; up 4.5% from $301.99M a year earlier
Net income: $21.61M; down 0.4% from net income of $21.69M a year earlier
Diluted EPS: $0.87; up 1.2% from $0.86 a year earlier

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Title of each class		Name of each exchange on which registered
Class B common stock, par value $.01 per share		New York Stock Exchange

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

Class A common stock, $.01 par value:	1,574,326 shares outstanding (excluding 1,698,000 treasury shares)
Class B common stock, $.01 par value:	23,294,240 shares outstanding (excluding 5,274,044 treasury shares)

PART I. FINANCIAL INFORMATION		4

Item 1.	Financial Statements (Unaudited)	4

	Condensed Consolidated Balance Sheets	4

	Condensed Consolidated Statements of Income	5

	Condensed Consolidated Statements of Comprehensive Income	6

	Condensed Consolidated Statements of Equity	7

	Condensed Consolidated Statements of Cash Flows	9

	Notes to Condensed Consolidated Financial Statements	10

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	32

Item 3.	Quantitative and Qualitative Disclosures About Market Risks	43

Item 4.	Controls and Procedures	43

PART II. OTHER INFORMATION		44

Item 1.	Legal Proceedings	44

Item 1A.	Risk Factors	44

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	46

Item 3.	Defaults Upon Senior Securities	46

Item 4.	Mine Safety Disclosures	46

Item 5.	Other Information	46

Item 6.	Exhibits	47

SIGNATURES		48

	*April 30, 2026*			*July 31, 2025*
(in thousands, except per share data)	(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	214,957		$	226,505
Restricted cash and cash equivalents		128,385			115,327
Debt securities		26,557			21,649
Equity investments		9,913			5,637
Trade accounts receivable, net of allowance for credit losses of $8,039 at April 30, 2026 and $9,097 at July 31, 2025		41,750			44,932
Settlement assets, net of reserve of $1,816 at April 30, 2026 and $1,367 at July 31, 2025		35,033			28,014
Disbursement prefunding		96,396			37,097
Prepaid expenses		8,889			12,440
Other current assets		30,829			28,702
Total current assets		592,709			520,303
Property, plant, and equipment, net		41,010			38,869
Goodwill		26,600			26,488
Other intangibles, net		4,177			5,056
Equity investments		5,879			6,658
Operating lease right-of-use assets		1,247			1,878
Deferred income tax assets, net		18,200			18,790
Other assets		8,207			8,161
Total assets	$	698,029		$	626,203

Liabilities, redeemable noncontrolling interest, and stockholders' equity
Current liabilities:
Trade accounts payable	$	15,229		$	19,435
Accrued expenses		90,548			97,295
Deferred revenue		26,207			27,726
Customer fund deposits		130,081			114,708
Settlement liabilities		17,125			13,922
Other current liabilities		28,846			19,910
Total current liabilities		308,036			292,996
Operating lease liabilities		621			1,103
Other liabilities		926			1,688
Total liabilities		309,583			295,787
Commitments and contingencies
Redeemable noncontrolling interest		12,022			11,459
Equity:
Preferred stock, $.01 par value; authorized shares - 10,000; no shares issued		-			-
Class A common stock, $.01 par value; authorized shares - 35,000; 3,272 shares issued and 1,574 shares outstanding at April 30, 2026 and July 31, 2025		33			33
Class B common stock, $.01 par value; authorized shares - 200,000; 28,564 and 28,528 shares issued and 23,294 and 23,656 shares outstanding at April 30, 2026 and July 31, 2025, respectively		285			285
Additional paid-in capital		317,474			308,111
Treasury stock, at cost, consisting of 1,698 and 1,698 shares of Class A common stock and 5,274 and 4,872 shares of Class B common stock at April 30, 2026 and July 31, 2025, respectively		(163,380	)		(143,853	)
Accumulated other comprehensive loss		(13,809	)		(16,569	)
Retained earnings		217,284			157,124
Total IDT Corporation stockholders' equity		357,887			305,131
Noncontrolling interests		18,537			13,826
Total equity		376,424			318,957
Total liabilities, redeemable noncontrolling interest, and equity	$	698,029		$	626,203

	Three Months Ended April 30,						Nine Months Ended April 30,
(in thousands, except per share amounts)	2026			2025			2026			2025
Revenues	$	315,713		$	301,985		$	958,981		$	914,901
Direct cost of revenues		193,210			190,023			597,022			583,201

Gross profit		122,503			111,962			361,959			331,700
Operating expenses:
Selling, general, and administrative (i)		78,843			72,267			231,696			214,039
Technology and development (i)		13,944			12,744			41,698			38,115
Severance		107			190			538			600
Other operating (income) expense, net (see Note 11)		(180	)		175			67			403

Total operating expenses		92,714			85,376			273,999			253,157

Income from operations		29,789			26,586			87,960			78,543
Interest income		1,561			1,566			4,909			4,347
Other income, net		904			2,608			623			2,533

Income before income taxes		32,254			30,760			93,492			85,423
Provision for income taxes		(8,507	)		(7,798	)		(22,825	)		(21,766	)

Net income		23,747			22,962			70,667			63,657
Net income attributable to noncontrolling interests		(2,134	)		(1,270	)		(5,744	)		(4,448	)

Net income attributable to IDT Corporation	$	21,613		$	21,692		$	64,923		$	59,209

Earnings per share attributable to IDT Corporation common stockholders:
Basic	$	0.87		$	0.86		$	2.59		$	2.35
Diluted	$	0.87		$	0.86		$	2.59		$	2.34
Weighted-average number of shares used in calculation of earnings per share:
Basic		24,893			25,165			25,041			25,177
Diluted		24,915			25,249			25,054			25,312

(i) Stock-based compensation included in total operating expenses	$	2,420		$	946		$	8,783		$	2,720

	*Three Months Ended April 30,*						*Nine Months Ended April 30,*
(in thousands)	*2026*			*2025*			*2026*			*2025*
Net Income	$	23,747		$	22,962		$	70,667		$	63,657
Other comprehensive income (loss):
Change in unrealized loss on available-for-sale securities		(159	)		59			66			131
Foreign currency transaction adjustments		506			(272	)		2,694			(1,801	)

Other comprehensive income (loss)		347			(213	)		2,760			(1,670	)

Comprehensive income		24,094			22,749			73,427			61,987
Less: comprehensive income attributable to noncontrolling interests		(2,134	)		(1,270	)		(5,744	)		(4,448	)

Comprehensive income attributable to IDT Corporation	$	21,960		$	21,479		$	67,683		$	57,539

	Three Months Ended April 30, 2026
	IDT Corporation Stockholders
										Accumulated
	*Class A*		*Class B*		*Additional*					*Other*
	*Common*		*Common*		*Paid-In*		*Treasury*			*Comprehensive*			*Retained*			*Noncontrolling*			*Total*
(in thousands)	*Stock*		*Stock*		*Capital*		*Stock*			*Loss*			*Earnings*			*Interests*			*Equity*
BALANCE AT JANUARY 31, 2026	$	33	$	285	$	315,053	$	(158,892	)	$	(14,156	)	$	197,416		$	16,611		$	356,350
Dividends declared ($0.07 per share)		—		—		—		—			—			(1,745	)		—			(1,745	)
Repurchases of Class B common stock through repurchase program		—		—		—		(3,961	)		—			—			—			(3,961	)
Shares withheld for employee taxes		—		—		—		(527	)		—			—			—			(527	)
Stock-based compensation		—		—		2,421		—			—			—			—			2,421
Distributions to noncontrolling interests																	(40	)		(40	)
Other comprehensive income		—		—		—		—			347			—			—			347
Net income		—		—		—		—			—			21,613			1,966			23,579
BALANCE AT APRIL 30, 2026	$	33	$	285	$	317,474	$	(163,380	)	$	(13,809	)	$	217,284		$	18,537		$	376,424

	*Nine Months Ended April 30, 2026*
	*IDT Corporation Stockholders*
										*Accumulated*
	*Class A*		*Class B*		*Additional*					*Other*
	*Common*		*Common*		*Paid-In*		*Treasury*			*Comprehensive*			*Retained*			*Noncontrolling*			*Total*
(in thousands)	*Stock*		*Stock*		*Capital*		*Stock*			*Loss*			*Earnings*			*Interests*			*Equity*
BALANCE AT JULY 31, 2025	$	33	$	285	$	308,111	$	(143,853	)	$	(16,569	)	$	157,124		$	13,826		$	318,957
Dividends declared ($0.19 per share)		—		—		—		—			—			(4,763	)		—			(4,763	)
Repurchases of Class B common stock through repurchase program		—		—		—		(19,000	)		—			—			—			(19,000	)
Shares withheld for employee taxes		—		—		—		(527	)		—			—			—			(527	)
Stock options exercised		—		—		200		—			—			—			—			200
Stock-based compensation		—		—		8,783		—			—			—			—			8,783
Distributions to noncontrolling interests		—		—		—		—			—			—			(90	)		(90	)
Exchange of NRS shares for IDT DSUs		—		—		380		—			—			—			(380	)		—
Other comprehensive income		—		—		—		—			2,760			—			—			2,760
Net income		—		—		—		—			—			64,923			5,181			70,104
BALANCE AT APRIL 30, 2026	$	33	$	285	$	317,474	$	(163,380	)	$	(13,809	)	$	217,284		$	18,537		$	376,424

	Three Months Ended April 30, 2025
	IDT Corporation Stockholders
										Accumulated
	*Class A*		*Class B*		*Additional*					*Other*
	*Common*		*Common*		*Paid-In*		*Treasury*			*Comprehensive*			*Retained*			*Noncontrolling*			*Total*
(in thousands)	*Stock*		*Stock*		*Capital*		*Stock*			*Loss*			*Earnings*			*Interests*			*Equity*
BALANCE AT JANUARY 31, 2025	$	33	$	282	$	306,781	$	(137,475	)	$	(19,599	)	$	121,573		$	12,273		$	283,868
Dividends declared ($0.06 per share)		—		—		—		—			—			(1,512	)		—			(1,512	)
Repurchases of Class B common stock through repurchase program		—		—		—		(224	)		—			—			—			(224	)
Restricted Class B common stock purchased from employees		—		—		—		(6,154	)		—			—			—			(6,154	)
Exchange of National Retail Solutions shares for IDT Class B common stock		—		—		33		—			—			—			(33	)		—
Stock-based compensation		—		3		943		—			—			—			—			946
Distributions to noncontrolling interests		—		—		—		—			—			—			(50	)		(50	)
Other comprehensive loss		—		—		—		—			(213	)		—			—			(213	)
Net income		—		—		—		—			—			21,692			1,141			22,833
BALANCE AT APRIL 30, 2025	$	33	$	285	$	307,757	$	(143,853	)	$	(19,812	)	$	141,753		$	13,331		$	299,494

	Nine Months Ended April 30, 2025
	IDT Corporation Stockholders
										Accumulated
	*Class A*		*Class B*		*Additional*					*Other*
	*Common*		*Common*		*Paid-In*		*Treasury*			*Comprehensive*			*Retained*			*Noncontrolling*			*Total*
(in thousands)	*Stock*		*Stock*		*Capital*		*Stock*			*Loss*			*Earnings*			*Interests*			*Equity*
BALANCE AT JULY 31, 2024	$	33	$	282	$	303,510	$	(126,080	)	$	(18,142	)	$	86,580		$	9,472		$	255,655
Dividends declared ($0.16 per share)		—		—		—		—			—			(4,036	)		—			(4,036	)
Repurchases of Class B common stock through repurchase program		—		—		—		(10,097	)		—			—			—			(10,097	)
Restricted Class B common stock purchased from employees		—		—		—		(7,676	)		—			—			—			(7,676	)
Exchange of National Retail Solutions shares for IDT Class B common stock		—		—		33		—			—			—			(33	)		—
Stock issued to an executive officer for bonus payment		—		—		1,824		—			—			—			—			1,824
Stock-based compensation		—		3		2,390		—			—			—			—			2,393
Distributions to noncontrolling interests		—		—		—		—			—			—			(100	)		(100	)
Other comprehensive loss		—		—		—		—			(1,670	)		—			—			(1,670	)
Net income		—		—		—		—			—			59,209			3,992			63,201
BALANCE AT APRIL 30, 2025	$	33	$	285	$	307,757	$	(143,853	)	$	(19,812	)	$	141,753		$	13,331		$	299,494

(in thousands)	*NRS*			*Fintech*			*net2phone*			*Traditional Communications*			*Corporate*			*Total*
Three Months Ended April 30, 2026
Revenues	$	38,000		$	45,004		$	24,368		$	208,341		$	-		$	315,713
Direct cost of revenues		(3,730	)		(16,740	)		(4,723	)		(168,017	)		-			(193,210	)
Selling, general and administrative		(23,374	)		(20,158	)		(14,147	)		(17,934	)		(3,230	)		(78,843	)
Technology and development		(2,745	)		(2,545	)		(3,060	)		(5,593	)		(1	)		(13,944	)
Other segment items		31			(10	)		(26	)		(130	)		208			73
Income (loss) from operations	$	8,182		$	5,551		$	2,412		$	16,667		$	(3,023	)	$	29,789

Depreciation and amortization	$	1,202		$	677		$	1,711		$	1,761		$	4		$	5,355

Capital expenditures	$	777		$	1,010		$	1,844		$	1,422		$	48		$	5,101

Three Months Ended April 30, 2025
Revenues	$	31,145		$	38,619		$	21,990		$	210,231		$	-		$	301,985
Direct cost of revenues		(2,705	)		(16,030	)		(4,483	)		(166,805	)		-			(190,023	)
Selling, general and administrative		(20,010	)		(16,045	)		(13,006	)		(20,548	)		(2,658	)		(72,267	)
Technology and development		(2,264	)		(2,220	)		(2,917	)		(5,391	)		48			(12,744	)
Other segment items		1			(13	)		(212	)		(139	)		(2	)		(365	)
Income (loss) from operations	$	6,167		$	4,311		$	1,372		$	17,348		$	(2,612	)	$	26,586

Depreciation and amortization	$	1,038		$	703		$	1,605		$	1,852		$	14		$	5,212

Capital expenditures	$	1,897		$	842		$	1,416		$	1,251		$	-		$	5,406

(in thousands)	NRS			Fintech			net2phone			Traditional Communications			Corporate			Total
Nine Months Ended April 30, 2026
Revenues	$	114,421		$	128,918		$	71,717		$	643,925		$	-		$	958,981
Direct cost of revenues		(10,407	)		(50,157	)		(14,046	)		(522,412	)		-			(597,022	)
Selling, general and administrative		(68,746	)		(55,035	)		(41,847	)		(57,313	)		(8,755	)		(231,696	)
Technology and development		(7,947	)		(7,688	)		(9,165	)		(16,895	)		(3	)		(41,698	)
Other segment items		(14	)		(21	)		(141	)		(510	)		81			(605	)
Income (loss) from operations	$	27,307		$	16,017		$	6,518		$	46,795		$	(8,677	)	$	87,960

Depreciation and amortization	$	3,527		$	2,179		$	5,029		$	5,311		$	8		$	16,054

Capital expenditures	$	4,119		$	2,877		$	5,360		$	4,626		$	88		$	17,070

Nine Months Ended April 30, 2025
Revenues	$	94,483		$	112,527		$	65,099		$	642,792		$	-		$	914,901
Direct cost of revenues		(8,138	)		(46,673	)		(13,501	)		(514,889	)		-			(583,201	)
Selling, general and administrative		(58,017	)		(48,391	)		(39,100	)		(59,965	)		(8,566	)		(214,039	)
Technology and development		(6,414	)		(6,806	)		(8,640	)		(16,254	)		(1	)		(38,115	)
Other segment items		(7	)		(13	)		(382	)		(596	)		(5	)		(1,003	)
Income (loss) from operations	$	21,907		$	10,644		$	3,476		$	51,088		$	(8,572	)	$	78,543

Depreciation and amortization	$	2,993		$	2,195		$	4,738		$	5,729		$	47		$	15,702

Capital expenditures	$	4,064		$	2,722		$	4,862		$	3,859		$	-		$	15,507

	*Accounts Receivable*				*Deferred Revenue*
(in thousands)	*2026*		2025		*2026*		2025
Beginning of period	$	44,932	$	42,215	$	27,726	$	30,364
End of period	$	41,750	$	43,084	$	26,207	$	27,513

	*April 30, 2026*			*July 31, 2025*
Weighted-average remaining lease term - operating leases (years)		2.3			2.7
Weighted-average discount rate - operating leases		5.7	%		5.2	%

(in thousands)	*NRS*		*net2phone*		*Total*
Twelve-month period ending April 30,
2027	$	10,360	$	44,654	$	55,014
2028		7,987		24,629		32,616
Thereafter		6,921		8,713		15,634
Total	$	25,268	$	77,996	$	103,264

(in thousands)	*April 30, 2026*		*July 31, 2025*
Deferred customer contract acquisition costs included in "Other current assets"	$	7,132	$	6,547
Deferred customer contract acquisition costs included in "Other assets"		4,812		4,789
Total	$	11,944	$	11,336


(in thousands)
Twelve-month period ending April 30,
2027	$	805
2028		373
2029		191
2030		111
Thereafter		-
Total lease payments		1,480
Less imputed interest		(102	)
Total operating lease liabilities	$	1,378

(in thousands)	*Amortized Cost*		*Gross Unrealized Gains*		*Gross Unrealized Losses*			*Fair Value*
April 30, 2026
U.S. Treasury bills and notes	$	15,799	$	-	$	(15	)	$	15,784
Government sponsored enterprise notes		8,000		-		(10	)		7,990
Corporate bonds		2,917		3		(137	)		2,783
Total	$	26,716	$	3	$	(162	)	$	26,557

July 31, 2025
U.S. Treasury bills and notes	$	12,953	$	-	$	(27	)	$	12,926
Government sponsored enterprise notes		5,554		-		(4	)		5,550
Corporate bonds		3,367		2		(196	)		3,173
Total	$	21,874	$	2	$	(227	)	$	21,649

(in thousands)	*Fair Value*
Within one year	$	24,512
After one year to five years		1,796
After five years to ten years		239
After ten years		10
Total	$	26,557

(in thousands)	*Unrealized Losses*			*Fair Value*
April 30, 2026
U.S. Treasury bills and notes	$	(15	)	$	15,784
Government sponsored enterprise notes		(10	)		7,990
Corporate bonds		(137	)		2,783
Total	$	(162	)	$	26,557

July 31, 2025
U.S. Treasury bills and notes	$	(27	)	$	12,926
Government sponsored enterprise notes		(4	)		5,550
Corporate bonds		(196	)		2,976
Total	$	(227	)	$	21,452

(in thousands)	Unrealized Losses			Fair Value
April 30, 2026
U.S. Treasury bills and notes	$	(9	)	$	337
Corporate bonds		(136	)		2,462
Total	$	(145	)	$	2,799

July 31, 2025
U.S. Treasury bills and notes	$	(19	)	$	329
Corporate bonds		(195	)		2,967
Total	$	(214	)	$	3,296

	*April 30, 2026*
(in thousands)	*Level 1*		*Level 2*		*Level 3*			*Total*
Assets:
Debt securities	$	15,784	$	10,773	$	-		$	26,557
Equity investments in current assets		9,913		-		-			9,913
Equity investments in noncurrent assets		-		500		346			846
Total	$	25,697	$	11,273	$	346		$	37,316

Acquisition consideration included in:
Other current liabilities	$	-	$	-	$	(343	)	$	(343	)
Other noncurrent liabilities		-		-		(267	)		(267	)
Total	$	-	$	-	$	(610	)	$	(610	)

	July 31, 2025
(in thousands)	Level 1		Level 2		Level 3			Total
Assets:
Debt securities	$	12,926	$	8,723	$	-		$	21,649
Equity investments in current assets		5,637		-		-			5,637
Equity investments in noncurrent assets		-		2,500		902			3,402
Total	$	18,563	$	11,223	$	902		$	30,688

Acquisition consideration included in:
Other current liabilities	$	-	$	-	$	-		$	-
Other noncurrent liabilities		-		-		(610	)		(610	)
Total	$	-	$	-	$	(610	)	$	(610	)

(in thousands)	*Unrealized Loss on AFS Securities*			*Foreign Currency Translation*			*Accumulated Other Comprehensive Loss*
Balance, July 31, 2025	$	(225	)	$	(16,344	)	$	(16,569	)
Other comprehensive income attributable to IDT Corporation		66			2,694			2,760
Balance, April 30, 2026	$	(159	)	$	(13,650	)	$	(13,809	)

	Three Months Ended April 30,						Change						Nine Months Ended April 30,						Change
(in millions)	2026			2025			$/#			%			2026			2025			$/#			%
Revenues:
Recurring	$	36.0		$	29.4		$	6.6			22.4	%	$	108.7		$	90.0		$	18.7			20.8	%
Other		2.0			1.7			0.3			17.6			5.7			4.5			1.2			26.7
Total revenues		38.0			31.1			6.9			22.2			114.4			94.5			19.9			21.1
Direct cost of revenues		(3.7	)		(2.7	)		(1.0	)		37.04			(10.4	)		(8.2	)		(2.2	)		26.9
Gross profit		34.3			28.4			5.9			20.8			104.0			86.3			17.7			20.5
Selling, general and administrative		(23.4	)		(20.0	)		(3.4	)		17.0			(68.7	)		(58.0	)		(10.7	)		18.5
Technology and development		(2.7	)		(2.2	)		(0.5	)		24.8			(7.9	)		(6.4	)		(1.5	)		24.2
Income from operations	$	8.2		$	6.2		$	2.0			31.5	%	$	27.3		$	21.9		$	5.4			24.7	%
Gross margin		90.3	%		91.3	%		(1.1	)%					90.9	%		91.3	%		(0.4	)%

	April 30,				Change
(in thousands)	2026		2025		#		%
Active POS terminals		39.3		35.6		3.7		10.4	%
Payment processing accounts		29.2		25.5		3.7		14.5	%

(in millions)	Total		Less than 1 year		1 - 3 years		4 - 5 years		After 5 years
Payments Due by Period:
Purchase commitments	$	11.5	$	4.5	$	7.0	$	-	$	-
Connectivity obligations under service agreements		1.1		0.9		0.2		-		-
Operating leases including short-term leases		2.4		1.5		0.8		0.1		-

Total (1)	$	15.0	$	6.9	$	8.0	$	0.1	$	-

	Total Number of Shares Purchased (1)		Average Price per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs		Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (2)
February 1 - February 28		30,939	$	47.54		20,087		3,854,343
March 1 - March 31		63,566	$	47.42		63,566		3,790,777
April 1 - April 30		-	$	-		-		-

Total		94,505	$	47.46		83,653

Exhibit Number	Description

31.1*	Certification of Chief Executive Officer pursuant to 17 CFR 240.13a-14(a), as adopted pursuant to §302 of the Sarbanes-Oxley Act of 2002.

31.2*	Certification of Chief Financial Officer pursuant to 17 CFR 240.13a-14(a), as adopted pursuant to §302 of the Sarbanes-Oxley Act of 2002.

32.1*	Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002.

32.2*	Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002.

101.SCH*	Inline XBRL Taxonomy Extension Schema Document

101.CAL*	Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF*	Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB*	Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE*	Inline XBRL Taxonomy Extension Presentation Linkbase Document

104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

	IDT CORPORATION

June 9, 2026	By:	/s/ SHMUEL JONAS
		Shmuel Jonas Chief Executive Officer

June 9, 2026	By:	/s/ MARCELO FISCHER
		Marcelo Fischer Chief Financial Officer