Retractable Technologies Inc 10-Q for FY2025 Q2

Retractable Technologies Inc (RVP)

10-Q 2025-08-14 For: 2025-06-30

Added on April 06, 2026

About this 10-Q

Retractable Technologies Inc filed this 10-Q on August 14, 2025, covering the quarter ended June 30, 2025 (FY2025 Q2).

Headline figures

Quarter ended June 30, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $10.45M; up 73.2% from $6.03M a year earlier
Net loss: $87.47K; compared with a net loss of $14.16M a year earlier
Diluted EPS: $0.00; compared with -$0.48 a year earlier

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →


Texas		75-2599762
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

511 Lobo Lane
Little Elm, Texas		75068-5295
(Address of principal executive offices)		(Zip Code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	RVP	NYSE American


Large accelerated filer	☐	Accelerated filer	☐

Non-accelerated filer	☑	Smaller reporting company	☑
		Emerging growth company	☐


	PART I – FINANCIAL INFORMATION

Item 1.	Financial Statements	1
	CONDENSED BALANCE SHEETS	1
	CONDENSED STATEMENTS OF OPERATIONS	2
	CONDENSED STATEMENTS OF CASH FLOWS	3
	CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY	4
	NOTES TO CONDENSED FINANCIAL STATEMENTS	5
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	16
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	22
Item 4.	Controls and Procedures	22

	PART II—OTHER INFORMATION

Item 1.	Legal Proceedings	23
Item 1A.	Risk Factors	23
Item 5.	Other Information	23
Item 6.	Exhibits	23
SIGNATURES		24


	June 30, 2025		December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	3,044,986	$	4,235,388
Accounts receivable, net		8,085,890		7,786,697
Investments in debt and equity securities, at fair value		30,009,302		40,328,308
Inventories		20,449,860		19,189,753
Income taxes receivable		662,429		978,851
Other current assets		744,351		753,062
Total current assets		62,996,818		73,272,059

Property, plant, and equipment, net		84,012,319		87,348,518
Other assets		81,269		103,625
Total assets	$	147,090,406	$	160,724,202

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	4,060,355	$	4,290,588
Current portion of long-term debt		349,962		332,480
Accrued compensation		1,029,652		1,073,357
Dividends payable		1,417,437		1,417,437
Accrued royalties to shareholder		831,209		789,358
Other accrued liabilities		1,294,852		873,254
Income taxes payable		3,628		4,442
Total current liabilities		8,987,095		8,780,916

Other long-term liabilities		60,918,499		63,872,553
Long-term debt, net of current maturities		717,530		900,042
Total liabilities		70,623,124		73,553,511

Commitments and contingencies – see Note 8

Stockholders’ equity:
Preferred stock, $1 par value:
Class B; authorized: 5,000,000 shares
Series II, Class B		156,200		156,200
Series III, Class B		74,245		74,245
Common Stock, no par value		—		—
Additional paid-in capital		73,160,333		73,160,333
Retained earnings		15,965,182		26,668,591
Common stock in treasury – at cost		(12,888,678)		(12,888,678)
Total stockholders’ equity		76,467,282		87,170,691
Total liabilities and stockholders’ equity	$	147,090,406	$	160,724,202


	Three Months		Three Months		Six Months		Six Months
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Sales, net	$	10,445,733	$	6,029,364	$	18,740,906	$	13,628,727
Cost of sales:
Cost of manufactured product		9,721,614		5,853,085		17,312,277		10,902,131
Royalty expense to shareholder		831,209		596,203		1,537,630		1,245,591
Total cost of sales		10,552,823		6,449,288		18,849,907		12,147,722
Gross profit (loss)		(107,090)		(419,924)		(109,001)		1,481,005

Operating expenses:
Sales and marketing		1,661,743		1,474,600		3,263,551		2,909,342
Research and development		160,049		199,093		351,241		341,355
General and administrative		3,201,955		3,669,189		6,083,798		6,979,251
Total operating expenses		5,023,747		5,342,882		9,698,590		10,229,948
Loss from operations		(5,130,837)		(5,762,806)		(9,807,591)		(8,748,943)

Other income - TIA		1,471,235		1,475,075		2,954,054		2,959,695
Unrealized gain (loss) on debt and equity securities		1,555,676		(1,779,814)		(5,600,837)		(47,165)
Litigation proceeds		1,900,000		—		1,900,000		—
Interest and other income		140,526		244,518		299,472		561,839
Interest expense		(22,257)		(31,817)		(45,710)		(65,300)
Loss before income taxes		(85,657)		(5,854,844)		(10,300,612)		(5,339,874)
Provision for income taxes		1,814		8,309,796		287,575		8,395,382
Net loss		(87,471)		(14,164,640)		(10,588,187)		(13,735,256)
Preferred Stock dividend requirements		(57,611)		(57,611)		(115,222)		(115,222)
Net loss applicable to common shareholders	$	(145,082)	$	(14,222,251)	$	(10,703,409)	$	(13,850,478)

Basic loss per share	$	(0.00)	$	(0.48)	$	(0.36)	$	(0.46)

Diluted loss per share	$	(0.00)	$	(0.48)	$	(0.36)	$	(0.46)

Weighted average common shares outstanding:
Basic		29,937,159		29,937,159		29,937,159		29,937,159
Diluted		29,937,159		29,937,159		29,937,159		29,937,159


	Six Months		Six Months
	Ended		Ended
	June 30, 2025		June 30, 2024
Cash flows from operating activities
Net loss	$	(10,588,187)	$	(13,735,256)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		3,755,483		3,776,694
Net unrealized loss on investments		5,600,837		47,165
Bond amortization		(531)		(505)
Deferred taxes		—		8,392,031
Provision for credit losses		88,872		427,487
Net realizable value inventory adjustment		616,740		1,872
Other income - TIA		(2,954,054)		(2,959,695)
(Increase) decrease in operating assets:
Accounts receivable		(388,065)		5,554,005
Inventories		(1,876,847)		(4,438,769)
Other current assets		8,711		75,333
Income taxes receivable		316,422		76,960
Other assets		22,356		26,082
Increase (decrease) in operating liabilities:
Accounts payable		(230,233)		(1,664,967)
Accrued liabilities		419,744		(302,198)
Income taxes payable		(814)		(1,491)
Net cash used in operating activities		(5,209,566)		(4,725,252)

Cash flows from investing activities
Purchase of property, plant, and equipment		(419,284)		(348,100)
Purchase of debt and equity securities		(281,300)		(476,946)
Proceeds from the sales of debt and equity securities		5,000,000		—
Net cash from (used in) investing activities		4,299,416		(825,046)

Cash flows from financing activities
Repayments of long-term debt		(165,030)		(148,963)
Payment of preferred stock dividends		(115,222)		(115,222)
Net cash used in financing activities		(280,252)		(264,185)

Net decrease in cash and cash equivalents		(1,190,402)		(5,814,483)
Cash and cash equivalents at:
Beginning of period		4,235,388		12,667,550
End of period	$	3,044,986	$	6,853,067

Supplemental schedule of cash flow information:
Interest paid	$	45,764	$	65,300
Income taxes paid	$	7,381		—

Supplemental schedule of noncash investing and financing activities:
Preferred dividends declared, not paid	$	57,611	$	57,611


			Series II		Series III
			Class B		Class B		Additional				Treasury
	Common		Preferred		Preferred		Paid-In		Retained		Stock –
	Stock		Stock		Stock		Capital		Earnings		at cost		Total
Balance at March 31, 2025	$	—	$	156,200	$	74,245	$	73,160,333	$	16,110,264	$	(12,888,678)	$	76,612,364
Dividends		—		—		—		—		(57,611)		—		(57,611)
Net loss		—		—		—		—		(87,471)		—		(87,471)
Balance at June 30, 2025	$	—	$	156,200	$	74,245	$	73,160,333	$	15,965,182	$	(12,888,678)	$	76,467,282


Production equipment		3 to 13 years
Office furniture and equipment		3 to 10 years
Buildings		39 years
Building improvements		5 to 15 years


	Three Months Ended			Three Months Ended			Six Months Ended			Six Months Ended
	June 30, 2025			June 30, 2024			June 30, 2025			June 30, 2024
Number of significant customers		3			4			3			3
Aggregate dollar amount of net sales to significant customers	$	6.0	million	$	3.8	million	$	10.3	million	$	7.3	million
Percentage of net sales to significant customers		57.2%			63.0%			55.0%			53.6%


	For the three months ended June 30, 2025:
			Blood						Total
			Collection		EasyPoint^®		Other		Product
Geographic Segment	Syringes		Products		Needles		Products		Sales
U.S. sales	$	4,859,995		294,829		3,325,272		9,581		8,489,677
North and South America sales (excluding U.S.)		973,020		—		772,416		—		1,745,436
Other international sales		95,514		7,948		97,608		9,550		210,620
Total	$	5,928,529	$	302,777	$	4,195,296	$	19,131	$	10,445,733


	For the six months ended June 30, 2025:
			Blood						Total
			Collection		EasyPoint^®		Other		Product
Geographic Segment	Syringes		Products		Needles		Products		Sales
U.S. sales	$	10,998,270		638,662		4,267,790		17,265		15,921,987
North and South America sales (excluding U.S.)		1,526,520		—		772,416		—		2,298,936
Other international sales		363,878		7,947		138,608		9,550		519,983
Total	$	12,888,668	$	646,609	$	5,178,814	$	26,815	$	18,740,906


	For the six months ended June 30, 2024:
			Blood						Total
			Collection		EasyPoint^®		Other		Product
Geographic Segment	Syringes		Products		Needles		Products		Sales
U.S. sales	$	10,185,082		700,998		755,432		13,226	$	11,654,738
North and South America sales (excluding U.S.)		755,537		96		59,040		6,240		820,913
Other international sales		828,612		143,860		174,704		5,900		1,153,076
Total	$	11,769,231	$	844,954	$	989,176	$	25,366	$	13,628,727


	June 30, 2025		December 31, 2024
Raw materials	$	3,887,907	$	3,980,650
Finished goods		16,561,953		15,209,103
	$	20,449,860	$	19,189,753


	June 30, 2025
	Level 1		Level 2		Level 3		Total
Equity securities	$	23,799,692	$	—	$	—	$	23,799,692
Mutual funds		5,568,505		—		—		5,568,505
Municipal bonds		641,105		—		—		641,105
	$	30,009,302	$	—	$	—	$	30,009,302


	Six Months Ended		Six Months Ended
	June 30, 2025		June 30, 2024
U.S. statutory federal tax rate	21.0	%	21.0	%
State tax, net of federal tax	(2.1)	%	(0.1)	%
Change in valuation allowance	(21.3)	%	(177.6)	%
Section 162(m); Limit on Compensation	(0.2)	%	(0.2)	%
Other	(0.2)	%	(0.1)	%
Return-to-provision and other	—	%	(0.2)	%
Effective tax rate	(2.8)	%	(157.2)	%


Exhibit No.		Description of Document

31.1		Certification of Principal Executive Officer

31.2		Certification of Principal Financial Officer

32		Certification Pursuant to 18 U.S.C. Section 1350

101		The following materials from Retractable Technologies, Inc.’s Form 10-Q for the period ended June 30, 2025, formatted in inline XBRL (eXtensible Business Reporting Language): (i) Condensed Balance Sheets as of June 30, 2025 and December 31, 2024, (ii) Condensed Statements of Operations for the three and six months ended June 30, 2025 and 2024, (iii) Condensed Statements of Cash Flows for the six months ended June 30, 2025 and 2024, (iv) Condensed Statement of Changes in Stockholders’ Equity for the three and six months ended June 30, 2025 and 2024; and (v) Notes to Condensed Financial Statements

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

DATE: August 14, 2025	RETRACTABLE TECHNOLOGIES, INC.
	(Registrant)


	By:	/s/ John W. Fort III
		JOHN W. FORT III VICE PRESIDENT, CHIEF FINANCIAL OFFICER, AND CHIEF ACCOUNTING OFFICER


	June 30, 2025
			Cumulative Unrealized				Aggregate
	Cost		Gains		Losses		Fair Value
Equity securities	$	24,310,505		—		(510,813)		23,799,692
Mutual funds		5,521,185		47,320		—		5,568,505
Municipal bonds		636,980		4,125		—		641,105
	$	30,468,670	$	51,445	$	(510,813)	$	30,009,302


	June 30, 2025		December 31, 2024
Prepayments from customers	$	750,186	$	376,565
Accrued professional fees		188,717		221,475
Current portion – preferred stock repurchase		6,000		6,000
Other accrued expenses		349,949		269,214
Total	$	1,294,852	$	873,254


	June 30, 2025		December 31, 2024
Long-lived assets
U.S.	$	80,195,985	$	83,373,876
International		3,816,334		3,974,642
Total	$	84,012,319	$	87,348,518

Date: August 14, 2025

/s/ Thomas J. Shaw
THOMAS J. SHAW
PRESIDENT, CHAIRMAN, AND
CHIEF EXECUTIVE OFFICER

Date: August 14, 2025

/s/ John W. Fort III
JOHN W. FORT III
VICE PRESIDENT,
CHIEF FINANCIAL OFFICER,
AND CHIEF ACCOUNTING OFFICER

Date:	August 14, 2025	/s/ Thomas J. Shaw

		THOMAS J. SHAW PRESIDENT, CHAIRMAN, AND CHIEF EXECUTIVE OFFICER

		/s/ John W. Fort III

		JOHN W. FORT III VICE PRESIDENT, CHIEF FINANCIAL OFFICER, AND CHIEF ACCOUNTING OFFICER