February 2026 · $ actual
Detailed Income Statement
All Subsidiaries
| Account | Current Month | Year to Date | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Actual | Forecast | Prior Year | $ Var Fcst | $ Var PY | Actual | Forecast | Prior Year | $ Var Fcst | $ Var PY | |
| Gross Revenue | 2,001,661 | 2,399,361 | 1,629,147 | (397,700) | 372,514 | 3,821,171 | 4,515,597 | 3,005,776 | (694,426) | 815,395 |
| Net Sales | 2,001,661 | 2,399,361 | 1,629,147 | (397,700) | 372,514 | 3,821,171 | 4,515,597 | 3,005,776 | (694,426) | 815,395 |
| Std Cost of Goods Sold | 667,120 | 806,186 | 556,741 | (139,066) | 110,379 | 1,273,532 | 1,517,242 | 1,027,187 | (243,710) | 246,345 |
| Standard Margin66.7% to NS | 1,334,541 | 1,593,175 | 1,072,406 | (258,634) | 262,135 | 2,547,639 | 2,998,355 | 1,978,589 | (450,716) | 569,050 |
| Labor / DL Variance | 133,492 | 141,820 | 118,339 | (8,328) | 15,153 | 254,836 | 266,905 | 218,335 | (12,069) | 36,501 |
| Overhead | 166,208 | 172,940 | 151,002 | (6,732) | 15,206 | 317,291 | 325,473 | 278,599 | (8,182) | 38,692 |
| Freight In | 30,968 | 28,400 | 26,115 | 2,568 | 4,853 | 59,118 | 53,449 | 48,182 | 5,669 | 10,936 |
| Freight Out | 55,304 | 51,900 | 47,338 | 3,404 | 7,966 | 105,575 | 97,676 | 87,339 | 7,899 | 18,236 |
| Other COGS | 26,384 | 22,700 | 19,806 | 3,684 | 6,578 | 50,367 | 42,721 | 36,542 | 7,646 | 13,825 |
| OH Absorption | (69,819) | (55,400) | (48,212) | (14,419) | (21,607) | (133,284) | (104,263) | (88,951) | (29,021) | (44,333) |
| Indirect Cost of Sales | 342,537 | 362,360 | 314,388 | (19,823) | 28,149 | 653,903 | 681,962 | 580,046 | (28,059) | 73,857 |
| Gross Margin49.6% to NS | 992,004 | 1,230,815 | 758,018 | (238,811) | 233,986 | 1,893,736 | 2,316,394 | 1,398,543 | (422,658) | 495,193 |
| Selling & Marketing | 169,476 | 178,200 | 151,640 | (8,724) | 17,836 | 323,530 | 335,372 | 279,776 | (11,842) | 43,754 |
| G&A | 400,570 | 419,300 | 380,226 | (18,730) | 20,344 | 764,688 | 789,123 | 701,517 | (24,435) | 63,171 |
| Total SG&A & Other | 570,046 | 597,500 | 531,866 | (27,454) | 38,180 | 1,088,218 | 1,124,495 | 981,293 | (36,277) | 106,925 |
| Operating Income21.1% to NS | 421,958 | 633,315 | 226,152 | (211,357) | 195,806 | 805,518 | 1,191,899 | 417,250 | (386,381) | 388,268 |
| Amortization | 334,933 | 334,933 | 334,933 | 0 | 0 | 639,387 | 630,344 | 617,951 | 9,043 | 21,436 |
| Interest | 120,996 | 126,400 | 138,711 | (5,404) | (17,715) | 230,981 | 237,885 | 255,922 | (6,904) | (24,941) |
| Mgmt/BOD Fees | 40,000 | 40,000 | 40,000 | 0 | 0 | 76,360 | 75,280 | 73,800 | 1,080 | 2,560 |
| Non-Recurring | 81,044 | 34,000 | 62,118 | 47,044 | 18,926 | 154,713 | 63,988 | 114,608 | 90,725 | 40,105 |
| Net Income | (155,014) | 97,982 | (349,610) | (252,996) | 194,596 | (295,922) | 184,402 | (645,030) | (480,324) | 349,108 |
| Depreciation | 19,994 | 19,800 | 18,402 | 194 | 1,592 | 38,169 | 37,264 | 33,952 | 905 | 4,217 |
| Total Addbacks | 596,966 | 435,133 | 507,368 | 161,833 | 89,598 | 1,139,608 | 818,920 | 936,094 | 320,688 | 203,514 |
| Adjusted EBITDA22.1% to NS | 441,951 | 533,315 | 420,051 | (91,364) | 21,900 | 843,684 | 1,003,699 | 774,994 | (160,015) | 68,690 |
Net income to Adjusted EBITDA
Adjusted EBITDA Bridge
($155.0K)
Net Income
$20.0K
Depreciation
$334.9K
Amortization
$121.0K
Interest
$40.0K
Mgmt/BOD Fees
$81.0K
Non-Recurring
$442.0K
Adjusted EBITDA
Percent of net sales
Margin Trend — 24 months
TTM, indirect method
Rolling Cash Flow
$1.0M
Beginning Cash
$897.1K
Operating
($34.5K)
Investing
($67.5K)
Financing
$1.8M
Ending Cash
As of Feb 28, 2026
Balance Sheet Summary
Assets
Cash$1.8M
Net AR$3.2M
Inventory$8.0M
Prepaid$373.8K
Total Current Assets$13.4M
Liabilities & Working Capital
AP$1.2M
Accrued Liabilities$1.2M
Total Current Liabilities$2.4M
Net Working Capital$11.0M
Approved addbacks
EBITDA Addback Detail
| Category | MTD | TTM |
|---|---|---|
| Mgmt/BOD Fees | $40.0K | $480.0K |
| Professional Fees (Legal/Audit/Consulting) | $26.4K | $318.9K |
| Human Capital Costs | $14.8K | $191.2K |
| Deal Costs | $9.2K | $143.7K |
| System Implementation | $18.6K | $264.5K |
| DOT Compliance | $3.1K | $38.4K |
| Texas Start-up Costs | $7.9K | $112.6K |
| BOD Meeting Expenses | $1.0K | $21.8K |
| Total | $121.0K | $1.6M |
Full precision MTD total: $121,040
DSO
51 days
vs Target+3 d
DPO
64 days
vs Target+4 d
Cash on Hand
$3.0M
vs Target$542.0K
Revolver Availability
$3.4M
vs Target$400.0K
February 2026
Cash flow bridge
Indirect method
Statement view
Cash flow summary
MTD / YTD
| Activity | Month | YTD | PY YTD |
|---|---|---|---|
| Operating Cash Flow | $373.9K | $812.4K | $486.1K |
| Investing Cash Flow | ($96.3K) | ($184.9K) | ($252.4K) |
| Financing Cash Flow | ($119.6K) | ($241.5K) | ($196.8K) |
| Net Change in Cash | $158.0K | $386.0K | $36.9K |
Working capital released $360.4K in February as inventory drew down for the first month in five.
13-week outlook
Projected cash position
Rolling forecast
Payables
AP aging
2.5% past 60
Trailing 12 months
Cash and revolver balance
Bank + GL
Revolver paid down $2.9M over 12 monthsMinimum cash covenant $1.5M