$REF

Reformation Inc.

CIK:0001787117|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2026	Jun. 28, 2025	Jun. 27, 2026	Jun. 28, 2025
Income Statement [Abstract]
Revenue	$ 155,233	$ 125,073	$ 267,533	$ 211,164
Cost of goods sold	51,761	44,507	85,064	78,720
Gross profit	103,472	80,566	182,469	132,444
Operating expenses
Marketing expenses	14,490	11,250	23,942	19,792
Selling, general and administrative expense	69,958	56,728	152,342	103,971
Total operating expenses	84,448	67,978	176,284	123,763
Income from operations	19,024	12,588	6,185	8,681
Other (expense) income
Interest expense	(3,543)	(4,035)	(6,814)	(8,187)
Interest income	185	414	498	1,069
Other income, net	1,439	308	1,183	235
Total other (expense) income	(1,919)	(3,313)	(5,133)	(6,883)
Income before income taxes	17,105	9,275	1,052	1,798
Income tax provision	4,697	2,360	792	434
Net income	12,408	6,915	260	1,364
Other comprehensive income (loss), net of tax
Foreign currency translation (loss) gain, net of tax	(380)	562	(562)	703
Total comprehensive income (loss)	$ 12,028	$ 7,477	$ (302)	$ 2,067
Earnings per share
Basic (in USD per share)	$ 0.25	$ 0.14	$ 0.01	$ 0.03
Diluted (in USD per share)	$ 0.23	$ 0.13	$ 0	$ 0.03
Weighted-average shares used in per share calculation
Basic (in shares)	49,792,130	49,784,463	49,790,125	49,784,463
Diluted (in shares)	52,948,297	51,273,182	52,051,023	51,247,897

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 27, 2026	Jun. 28, 2025
Cash flows from operating activities
Net income	$ 260	$ 1,364
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Depreciation of property and equipment	7,988	5,458
Change in operating lease right-of-use assets	10,545	8,820
Amortization of definite-lived intangible assets	419	419
Amortization of debt issuance costs	551	565
Deferred income taxes	498	(473)
Stock-based compensation expense	24,378	568
Other	0	45
Increase (decrease) in cash due to changes in operating assets and liabilities
Accounts receivable	(309)	(4,748)
IEEPA tariff receivable	(10,921)	0
Inventories	(21,248)	(12,947)
Prepaid expenses and other current assets	(6,785)	(2,987)
Other noncurrent assets	(286)	(1,803)
Accounts payable	(1,254)	(5,194)
Accrued expenses and other current liabilities	3,633	5,080
Operating lease liabilities	(9,337)	(9,250)
Deferred revenue	1,370	755
Other noncurrent liabilities	524	118
Net cash provided by (used in) operating activities	26	(14,210)
Cash flows from investing activities
Purchases of property and equipment	(13,216)	(21,060)
Net cash used in investing activities	(13,216)	(21,060)
Cash flows from financing activities
Proceeds from exercise of stock options	50	0
Proceeds from term loan, net of lender fees	89,211	0
Repayments on term loan	(4,125)	(2,023)
Payment of debt issuance costs	(209)	0
Payments of stock issuance costs	1,038	0
Payment of dividends declared	(59,066)	0
Net cash provided by (used in) financing activities	24,823	(2,023)
Effect of exchange rate changes on cash and cash equivalents	(479)	777
Net change in cash and cash equivalents	11,154	(36,516)
Cash and cash equivalents
Beginning of the period	65,473	87,678
End of the period	76,627	51,162
Cash paid during the year for
Income taxes, net of refunds	4,148	4,593
Interest	6,133	6,992
Noncash financing and investing activities
Recapitalization dividend payable	29,056	0
Purchase of property and equipment included in accounts payable and accrued expenses and other current liabilities	927	1,913
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	$ 19,986	$ 39,683

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 27, 2026	Dec. 27, 2025
Assets
Cash and cash equivalents	$ 76,627	$ 65,473
Accounts receivable, net	18,584	18,407
IEEPA tariff receivable	10,921	0
Inventories	81,766	60,640
Prepaid expenses and other current assets	22,861	16,393
Total current assets	210,759	160,913
Property and equipment, net	89,225	83,346
Right-of-use assets	176,941	167,695
Intangible assets, net	977	1,396
Trade name	309,100	309,100
Goodwill	209,421	209,421
Other noncurrent assets	8,733	5,996
Total assets	1,005,156	937,867
Liabilities
Accounts payable	6,303	7,656
Accrued expenses and other current liabilities	72,285	66,828
Recapitalization dividend payable	29,056	0
Current lease liabilities	16,835	16,670
Current portion of long-term debt	1,606	8,250
Deferred revenue	7,601	6,740
Total current liabilities	133,686	106,144
Long-term debt, net of current portion	239,923	147,724
Noncurrent lease liabilities	176,948	166,837
Deferred income tax liabilities	68,568	68,072
Deferred revenue, net of current portion	3,548	3,064
Other noncurrent liabilities	5,754	5,229
Total liabilities	628,427	497,070
Commitments and contingencies (Note 14)
Stockholders' equity
Common stock, $0.0001 par value; 107,025,000 shares authorized as of June 27, 2026 and December 27, 2025; 49,793,037 and 49,784,379 shares issued and outstanding as of June 27, 2026 and December 27, 2025, respectively	5	5
Additional paid-in capital	375,957	358,274
Retained earnings	1,304	82,493
Accumulated other comprehensive (loss) income	(537)	25
Total stockholders' equity	376,729	440,797
Total liabilities and stockholders' equity	$ 1,005,156	$ 937,867