Financial Analysis

Commitments and Contingencies Litigation Liabilities for loss contingencies arising from claims, assessments, litigation, fines, and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. The Company is involved in legal proceedings from time to time arising in the normal course of business. Management believes that the outcome of these proceedings will not have a material impact on the Companys financial condition, results of operations, or liquidity. Warranties and Indemnification The Companys subscription services are generally warranted to perform materially in accordance with the terms of the applicable customer service order under normal use and circumstances. Additionally, the Companys arrangements generally include provisions for indemnifying customers against liabilities if its subscription services infringe a third partys intellectual property rights. Furthermore, the Company may also incur liabilities if it breaches the security or confidentiality obligations in its arrangements. To date, the Company has not incurred significant costs and has not accrued a liability in the accompanying consolidated financial statements as a result of these obligations. The Company has entered into service-level agreements with some of its customers defining levels of uptime reliability and performance and permittin …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"Debt Credit Facility The Company has a credit facility that permits up to $125.3 million in term loan borrowings, all of which had been drawn as of January 31, 2026. The credit facility is secured by substantially all of the Company's assets. In February 2024, the Company entered into an amendment to the credit facility which extended the maturity date for the outstanding loan from April 1, 2025 to April 1, 2026 and made certain modifications to the financial covenants. In conjunction with this amendment, the Company issued 189,036 fully-vested warrants to purchase shares of its Class B common stock. These warrants have an exercise price of $0.01 per share and expire on February 17, 2028. In August 2024, the Company entered into an amendment to the credit facility which refinanced the existing term loans, extended the maturity date from April 1, 2026 to August 19, 2028, revised interest amounts payable in cash and payable in kind, and made certain modifications to the financial covenants. Furthermore, certain lenders participating in the credit facility were paid in full for their portion of the principal, PIK interest, and amendment fee and were replaced by new lenders who refinanced those amounts. The Company paid and subsequently refinanced the $7.0 million closing fee associated with the credit facility, resulting in no net impact to its cash balance. Additionally, the $5.0 million amendment fee from the August 2020 amendment plus $2.3 million of accrued PIK interest, to …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Equity Incentive Plans In April 2011, the Company established the 2011 Equity Incentive Plan (2011 Plan), which was amended in September 2011 to provide for the issuance of stock options and other stock-based awards. In June 2018, the Company adopted the 2018 Equity Incentive Plan (2018 Plan). The 2018 Plan provides for the grant of incentive and nonstatutory stock options, restricted stock, RSUs, stock appreciation rights, performance units, and performance shares to employees, consultants, and members of the Company's board of directors. The number of shares available for issuance under the 2018 Plan includes an annual increase on the first day of each fiscal year equal to the least of: (1) 3,500,000 shares; (2) 5% of the outstanding shares of Class A and Class B common stock as of the last day of the immediately preceding fiscal year; and (3) such other amount as the Company's board of directors may determine no later than the last day of the immediately preceding year. During the year ended January 31, 2026, the number of shares available for grant under the 2018 Plan was increased by 1,972,705 shares. As of January 31, 2026, there were 1,338,314 shares available for grant under the 2018 Plan. In connection with the IPO, the 2011 Plan was terminated. With the establishment of the 2018 Plan, the Company no longer grants equity-based awards under the 2011 Plan and any shares that expire, terminate, are forfeited or repurchased by the Company, or are withheld by the Company …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

"Fair Value Measurements Assets Measured at Fair Value on a Recurring Basis Financial instruments recorded at fair value in the financial statements are categorized as follows: Level 1: Observable inputs that reflect quoted prices for identical assets or liabilities in active markets. Level 2: Observable inputs, other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3: Unobservable inputs reflecting management's assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available. The following tables summarize the assets measured at fair value on a recurring basis as of January 31, 2025 and January 31, 2026 by level within the fair value hierarchy (in thousands): January 31, 2025 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 15,056 $ $ $ 15,056 Financial liability: Warrant liability $ $ $ 11,208 $ 11,208 January 31, 2026 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 5,491 $ $ $ 5,491 Financial liability: Warrant liability $ $ $ 9,249 $ 9,249 Level 3 instruments consisted of a liability related to warrants to purchase Class B common stock, which were issued in connection with the credit …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Income Taxes Loss before income tax provision consisted of the following (in thousands): Year Ended January 31, 2024 2025 2026 United States $ (76,870) $ (82,941) $ (62,018) Foreign 2,558 2,216 4,435 Total $ (74,312) $ (80,725) $ (57,583) The components of the income tax provision were as follows (in thousands): Year Ended January 31, 2024 2025 2026 Current income provision: State $ 81 $ 92 $ 118 Foreign 884 868 948 965 960 1,066 Deferred income tax provision: Foreign 292 250 693 Provision for income taxes $ 1,257 $ 1,210 $ 1,759 The Company adopted ASU 2023-09 prospectively, and the below table is in accordance with the new guidance. Total income tax expense during the year ended January 31, 2026 differed from the amounts computed by applying the U.S. federal income tax rate to income before income tax expense as a result of the following (in thousands): Year Ended January 31, 2026 Tax benefit at U.S. federal statutory rate $ (12,092) 21 % State income taxes, net of federal tax benefit (1) (384) 1 Foreign taxes: Japan 778 (1) Other jurisdictions 441 (1) Non-deductible expenses 280 Stock-based compensation 4,589 (8) Officer compensation 1,593 (3) Research and development credits (1,643) 3 Changes in unrecognized tax benefits 411 (1) Change in valuation allowance 7,875 (14) Other (88) Provision for income taxes $ 1,759 (3) % (1) State taxes in Utah and California made up the majority of the tax effect in this category. Total income tax expense during the years ended January 31 …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Leases The Company leases office space under non-cancelable operating leases with various expiration dates through 2028. These leases require monthly lease payments that may be subject to annual increases throughout the lease term. Components of lease expense are summarized as follows (in thousands): Year Ended January 31, 2024 2025 2026 Operating lease expense $ 6,131 $ 5,999 $ 7,281 Short-term lease expense 1,522 1,177 649 Total lease expense $ 7,653 $ 7,176 $ 7,930 Sublease income $ 1,765 $ 931 $ 1,228 Lease term and discount rate information are summarized as follows: As of January 31, 2026 Weighted average remaining lease term (years) 1.8 Weighted average discount rate 12.7% Maturities of lease liabilities as of January 31, 2026 were as follows (in thousands): Year Ending January 31: 2027 $ 8,556 2028 4,819 2029 1,246 Total lease payments 14,621 Less imputed interest (1,473) Present value of lease liabilities $ 13,148 Cash paid for operating leases was $7.1 million, $7.2 million and $7.2 million,during the years ended January 31, 2024, 2025 and 2026, respectively, and was included in net cash used in operating activities in the consolidated statements of cash flows. The Company has entered into sublease agreements with various expiration dates through 2027. Under these agreements, the Company expects to receive sublease income of approximately $1.7 million as of January 31, 2026.

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Recent Accounting Pronouncements In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which requires disclosures of disaggregated income taxes paid and the effective tax rate reconciliation. For public business entities, this ASU is effective for annual reporting periods beginning after December 15, 2024 on a retrospective or prospective basis. The Company has adopted this standard effective for the annual reporting period ending January 31, 2026. The adoption did not have a material impact on the Company's consolidated financial statements and related disclosures. In November 2024, the FASB issued ASU No. 2024-03, Income StatementReporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disaggregated disclosures of relevant income statement expenses to improve financial reporting by enhancing transparency in the notes to the financial statements, specifically regarding expense categories. For public business entities, this ASU is effective for annual reporting periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. The Company is currently evaluating the impact of adopting ASU 2024-03. In July 2025, the FASB issued ASU No. 2025-05, Financial InstrumentsCredit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical exped …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Employee Benefit Plan The Company has a defined contribution retirement savings plan qualified under Section 401(k) of the Internal Revenue Code (IRC), which is a pretax savings plan covering substantially all employees. Employees are eligible to participate beginning on the first day of the month following their first 30 days of employment. A portion of individual employee contributions are matched up to a certain percentage of the their pretax salary. The Company recorded expenses for contributions to its retirement savings plan of $4.3 million, $4.0 million and $3.8 million during the years ended January 31, 2024, 2025 and 2026, respectively.

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Deferred Revenue and Performance Obligations Deferred Revenue Significant changes in the Company's deferred revenue balance for the years ended January 31, 2024, 2025 and 2026 were as follows (in thousands): Balance as of January 31, 2023 $ 185,882 Revenue recognized that was included in the deferred revenue balance at the beginning of the period (184,029) Increase due to billings excluding amounts recognized as revenue during the period 186,133 Balance as of January 31, 2024 187,986 Revenue recognized that was included in the deferred revenue balance at the beginning of the period (186,502) Increase due to billings excluding amounts recognized as revenue during the period 179,620 Balance as of January 31, 2025 181,104 Revenue recognized that was included in the deferred revenue balance at the beginning of the period (170,732) Increase due to billings excluding amounts recognized as revenue during the period 170,537 Balance as of January 31, 2026 $ 180,909 Unbilled Receivables The timing of revenue recognition may differ from the timing of invoicing to customers, and these timing differences result in unbilled receivables. Unbilled receivables are recorded when there is an unconditional right to payment and invoicing has not yet occurred. As of January 31, 2025 and January 31, 2026, unbilled receivables were $0.9 million and $2.8 million, respectively. Unbilled receivables are included in accounts receivable, net on the Company's condensed consolidated balance sheets. Transac …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Summary of Significant Accounting Policies Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and money market funds. The fair value of cash equivalents approximated their carrying value as of January 31, 2025 and January 31, 2026. Accounts Receivable Accounts receivable are recorded at the invoiced amount (net of allowance), do not require collateral, and do not bear interest. The Companys payment terms generally provide that customers pay within 30 days of the invoice date. Included in accounts receivable are unbilled receivables, which are amounts that have not yet been invoiced to the customers as of the balance sheet date but are contractually owed to the Company from its customers. The Company maintains an allowance for doubtful accounts and expected credit losses for amounts the Company does not expect to collect. In establishing the required allowance, management considers historical losses, current market conditions, customers financial condition and credit quality, the age of the receivables, and current payment patterns. Account balances are written off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. Changes in the Company's allowance for doubtful accounts for the years ended January 31, 2024, 2025 and 2026 were as follows (in thousands): Balance as of January 31, 2023 $ 2,084 Additions 7,977 Write-offs (6,350) Balance as of January 31, 2024 3,711 Additions 6,528 W …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

Stockholders' Deficit Preferred Stock The Company's Board of Directors has the authority, without further action by the Company's stockholders, to issue up to 10,000,000 shares of preferred stock in one or more series and to fix the rights, preferences, and privileges thereof, including voting rights. As of January 31, 2025 and January 31, 2026, no shares of preferred stock were issued and outstanding. Common Stock The Company has two classes of common stock, Class A and Class B. Each share of Class A common stock is entitled to 40 votes per share and is convertible at any time into one share of Class B common stock. Each share of Class A common stock will convert automatically into one share of Class B common stock upon any transfer, whether or not for value. Each share of Class B common stock is entitled to one vote per share. Holders of Class A common stock and Class B common stock vote together as a single class on all matters (including the election of directors) submitted to a vote of stockholders, unless otherwise required by law or the Company's certificate of incorporation. Subject to preferences that may be applicable to any then-outstanding preferred stock, holders of Class A common stock and Class B common stock are entitled to receive dividends, if any, as may be declared by the Company's board of directors. At January 31, 2025 and 2026, there were 3,263,659 shares of Class A common stock authorized, issued and outstanding. At January 31, 2025 and 2026, there wer …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Subsequent Events On February 19, 2026, the Company's Board of Directors announced that it had initiated a formal process to explore strategic alternatives to maximize shareholder value. As part of this process, the Board is evaluating potential strategic alternatives that may include, but are not limited to, a strategic investment, sale, strategic business combination, or other transaction. The Board has engaged Jefferies LLC as its financial advisor and Goodwin Procter LLP as its legal advisor in connection with this process. There can be no assurance that this process will result in any specific outcome or transaction, or that any transaction, if pursued, will be completed on favorable terms, or at all. The Board has not set a timetable for completion of the evaluation process. As of the date these financial statements were issued, no transaction has been entered into and the financial impact of any potential transaction, if any, cannot be estimated at this time.

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Commitments and Contingencies Litigation Liabilities for loss contingencies arising from claims, assessments, litigation, fines, and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. The Company is involved in legal proceedings from time to time arising in the normal course of business. Management believes that the outcome of these proceedings will not have a material impact on the Company's financial condition, results of operations, or liquidity. Warranties and Indemnification The Companys subscription services are generally warranted to perform materially in accordance with the terms of the applicable customer service order under normal use and circumstances. Additionally, the Companys arrangements generally include provisions for indemnifying customers against liabilities if its subscription services infringe a third partys intellectual property rights. Furthermore, the Company may also incur liabilities if it breaches the security or confidentiality obligations in its arrangements. To date, the Company has not incurred significant costs and has not accrued a liability in the accompanying condensed consolidated financial statements as a result of these obligations. The Company has entered into service-level agreements with some of its customers defining levels of uptime reliability and performance an …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"Debt Credit Facility The Company has a credit facility that permits up to $125.3 million in term loan borrowings, all of which had been drawn as of April 30, 2026. The credit facility is secured by substantially all of the Company's assets. In February 2024, the Company entered into an amendment to the credit facility which extended the maturity date for the outstanding loan from April 1, 2025 to April 1, 2026 and made certain modifications to the financial covenants. In conjunction with this amendment, the Company issued 189,036 fully-vested warrants to purchase shares of its Class B common stock. These warrants have an exercise price of $0.01 per share and expire on February 17, 2028. In August 2024, the Company entered into an amendment to the credit facility which refinanced the existing term loans, extended the maturity date from April 1, 2026 to August 19, 2028, revised interest amounts payable in cash and payable in kind, and made certain modifications to the financial covenants. Furthermore, certain lenders participating in the credit facility were paid in full for their portion of the principal, PIK interest, and amendment fee and were replaced by new lenders who refinanced those amounts. The Company paid and subsequently refinanced the $7.0 million closing fee associated with the credit facility, resulting in no net impact to its cash balance. Additionally, the $5.0 million amendment fee from the August 2020 amendment plus $2.3 million of accrued PIK interest, tota …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Equity Incentive Plans In April 2011, the Company established the 2011 Equity Incentive Plan (2011 Plan), which was amended in September 2011 to provide for the issuance of stock options and other stock-based awards. In June 2018, the Company adopted the 2018 Equity Incentive Plan (2018 Plan). The 2018 Plan provides for the grant of incentive and nonstatutory stock options, restricted stock, RSUs, stock appreciation rights, performance units, and performance shares to employees, consultants, and members of the Company's board of directors. The number of shares available for issuance under the 2018 Plan includes an annual increase on the first day of each fiscal year equal to the least of: (1) 3,500,000 shares; (2) 5% of the outstanding shares of Class A and Class B common stock as of the last day of the immediately preceding fiscal year; and (3) such other amount as the Company's board of directors may determine no later than the last day of the immediately preceding year. During the three months ended April 30, 2026, the number of shares available for grant under the 2018 Plan was increased by 2,122,510 shares. As of April 30, 2026, there were 1,520,889 shares available for grant under the 2018 Plan. In connection with the IPO, the 2011 Plan was terminated. With the establishment of the 2018 Plan, the Company no longer grants equity-based awards under the 2011 Plan and any shares that expire, terminate, are forfeited or repurchased by the Company, or are withheld by the Comp …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

"Fair Value Measurements Assets Measured at Fair Value on a Recurring Basis Financial instruments recorded at fair value in the financial statements are categorized as follows: Level 1: Observable inputs that reflect quoted prices for identical assets or liabilities in active markets. Level 2: Observable inputs, other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3: Unobservable inputs reflecting management's assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available. The following tables summarize the assets measured at fair value on a recurring basis as of January 31, 2026 and April 30, 2026 by level within the fair value hierarchy (in thousands): January 31, 2026 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 5,491 $ $ $ 5,491 Financial liability: Warrant liability $ $ $ 9,249 $ 9,249 April 30, 2026 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 5,691 $ $ $ 5,691 Financial liability: Warrant liability $ $ $ 7,166 $ 7,166 Level 3 instruments consisted of a liability related to warrants to purchase Class B common stock, which were issued in connection with the credit facilit …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Income Taxes The Company calculated the year-to-date income tax provision by applying the estimated annual effective tax rate to the year-to-date pre-tax income for each applicable jurisdiction and adjusted for discrete tax items in the period. The Company's tax expense was $0.2 million and $0.4 million for the three months ended April 30, 2025 and 2026, respectively. The income tax for these periods was primarily attributable to foreign and state taxes. For the periods presented, the difference between the U.S. statutory rate and the Company's effective tax rate is primarily due to the full valuation allowance on its U.S. tax assets. The effective tax rate is also impacted by earnings realized in foreign jurisdictions.

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Leases The Company leases office space under non-cancelable operating leases with various expiration dates through 2028. These leases require monthly lease payments that may be subject to annual increases throughout the lease term. Components of lease expense are summarized as follows (in thousands): Three Months Ended April 30, 2025 2026 Operating lease expense $ 1,440 $ 1,816 Short-term lease expense 286 205 Total lease expense $ 1,726 $ 2,021 Sublease income $ 306 $ 306 Lease term and discount rate information are summarized as follows: As of April 30, 2026 Weighted average remaining lease term (years) 1.6 Weighted average discount rate 12.8% Maturities of lease liabilities as of April 30, 2026 were as follows (in thousands): Year Ending January 31: 2027 $ 6,390 2028 4,764 2029 1,214 Total lease payments 12,368 Less imputed interest (1,109) Present value of lease liabilities $ 11,259 Cash paid for operating leases was $1.6 million and $2.5 million during the three months ended April 30, 2025 and 2026, respectively, and was included in net cash used in operating activities in the condensed consolidated statements of cash flows. The Company has entered into sublease agreements with various expiration dates through 2027. Under these agreements, the Company expects to receive sublease income of approximately $1.5 million as of April 30, 2026.

LesseeOperatingLeasesTextBlock

Recent Accounting Pronouncement s In November 2024, the FASB issued ASU No. 2024-03, Income StatementReporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disaggregated disclosures of relevant income statement expenses to improve financial reporting by enhancing transparency in the notes to the financial statements, specifically regarding expense categories. For public business entities, this ASU is effective for annual reporting periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. The Company is currently evaluating the impact of adopting ASU 2024-03. In September 2025, the FASB issued ASU No. 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which removes developmental stage-based framework and replaces them with a more principles-based model. Under this ASU, capitalization of internal-use software costs begins when management authorizes commits to funding the project and it is probable that the project will be completed and the software will be used as intended. ASU 2025-06 also aligns disclosure requirements with those in ASC 360-10 for property, plant, and equipment. The amendments in this Update are effective for all entities for annual reporting periods beginning after December 15, 2027 and interim reporting periods within those annua …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Deferred Revenue and Performance Obligations Deferred Revenue Significant changes in the Company's deferred revenue balance for the three months ended April 30, 2026 were as follows (in thousands): Balance as of January 31, 2026 $ 180,909 Revenue recognized that was included in the deferred revenue balance at the beginning of the period (69,941) Increase due to billings excluding amounts recognized as revenue during the period 50,968 Balance as of April 30, 2026 $ 161,936 Unbilled Receivables The timing of revenue recognition may differ from the timing of invoicing to customers, and these timing differences result in unbilled receivables. Unbilled receivables are recorded when there is an unconditional right to payment and invoicing has not yet occurred. As of January 31, 2026 and April 30, 2026, unbilled receivables were $2.8 million and $3.6 million, respectively. Unbilled receivables are included in accounts receivable, net on the Company's condensed consolidated balance sheets. Transaction Price Allocated to Remaining Performance Obligations Transaction price allocated to remaining performance obligations represents the remaining amount of revenue the Company expects to recognize from existing non-cancelable contracts, whether billed or unbilled. As of April 30, 2026, approximately $412.9 million of revenue was expected to be recognized from remaining performance obligations for subscription contracts. The Company expects to recognize approximately $222.2 million of this …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Summary of Significant Accounting Policies Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and money market funds. The fair value of cash equivalents approximated their carrying value as of January 31, 2026 and April 30, 2026. Accounts Receivable Accounts receivable are recorded at the invoiced amount (net of allowance), do not require collateral, and do not bear interest. The Companys payment terms generally provide that customers pay within 30 days of the invoice date. Included in accounts receivable are unbilled receivables, which are amounts that have not yet been invoiced to the customers as of the balance sheet date but are contractually owed to the Company from its customers. The Company maintains an allowance for doubtful accounts and expected credit losses for amounts the Company does not expect to collect. In establishing the required allowance, management considers historical losses, current market conditions, customers financial condition and credit quality, the age of the receivables, and current payment patterns. Account balances are written off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. Contract Acquisition Costs Contract acquisition costs, net are stated at cost net of accumulated amortization and primarily consist of deferred sales commissions, which are considered incremental and recoverable costs of obtaining a contract with a customer. Contract acq …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

Stockholders' Deficit Preferred Stock The Company's Board of Directors has the authority, without further action by the Company's stockholders, to issue up to 10,000,000 shares of preferred stock in one or more series and to fix the rights, preferences, and privileges thereof, including voting rights. As of January 31, 2026 and April 30, 2026, no shares of preferred stock were issued and outstanding. Common Stock The Company has two classes of common stock, Class A and Class B. Each share of Class A common stock is entitled to 40 votes per share and is convertible at any time into one share of Class B common stock. Each share of Class A common stock will convert automatically into one share of Class B common stock upon any transfer, whether or not for value. Each share of Class B common stock is entitled to one vote per share. Holders of Class A common stock and Class B common stock vote together as a single class on all matters (including the election of directors) submitted to a vote of stockholders, unless otherwise required by law or the Company's certificate of incorporation. Subject to preferences that may be applicable to any then-outstanding preferred stock, holders of Class A common stock and Class B common stock are entitled to receive dividends, if any, as may be declared by the Company's board of directors. At January 31, 2026 and April 30, 2026, there were 3,263,659 shares of Class A common stock authorized, issued and outstanding. At January 31, 2026 and April 3 …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing