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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED April 30, 2026

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 1-16371

IDT CORPORATION

(Exact Name of Registrant as Specified in its Charter)

Delaware

22-3415036

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification Number)

520 Broad Street, Newark, New Jersey

07102

(Address of principal executive offices)

(Zip Code)

(973) 438-1000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

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

Trading symbol: IDT

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Table of Contents

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

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

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.): Yes ☐ No ☒

As of June 1, 2026, the registrant had the following shares outstanding:

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)

Table of Contents

IDT CORPORATION

TABLE OF CONTENTS

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

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)

IDT CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

	*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

See accompanying notes to condensed consolidated financial statements.

Table of Contents

IDT CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

	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

See accompanying notes to condensed consolidated financial statements.

Table of Contents

IDT CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

	*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

See accompanying notes to condensed consolidated financial statements.

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IDT CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(Unaudited)

	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

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IDT CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY—Continued

(Unaudited)

	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

See accompanying notes to condensed consolidated financial statements.

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IDT CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Nine Months Ended April 30,
(in thousands)	2026			2025
Operating activities:
Net income	$	70,667		$	63,657
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization		16,054			15,702
Deferred income taxes		561			18,902
Provision for credit losses and reserve for settlement assets		3,466			4,465
Stock-based compensation expense		8,783			2,720
Other		1,316			1,735
Change in operating assets and liabilities:
Trade accounts receivable		934			(4,206	)
Prepaid expenses, other current assets, and other assets		4,278			7,424
Settlement assets and disbursement prefunding		(66,838	)		(16,799	)
Trade accounts payable, accrued expenses, settlement liabilities, other current liabilities, and other liabilities		(2,374	)		(19,486	)
Customer fund deposits		12,101			25,327
Deferred revenue		(2,285	)		(3,382	)
Net cash provided by operating activities		46,663			96,059
Investing activities:
Capital expenditures		(17,070	)		(15,507	)
Purchase of equity investments		(1,650	)		-
Purchase of convertible preferred stock in equity method investment		-			(926	)
Purchases of debt securities and equity securities		(42,981	)		(29,083	)
Proceeds from maturities and sales of debt and equity securities		34,607			35,005
Net cash used in investing activities		(27,094	)		(10,511	)
Financing activities:
Dividends paid		(4,763	)		(4,036	)
Distributions to noncontrolling interests		(90	)		(100	)
Proceeds from borrowings under revolving credit facility		21,421			24,551
Repayments on borrowings under revolving credit facility		(21,421	)		(24,551	)
Proceeds from borrowings		186			-
Repayments of borrowings		(100	)		-
Proceeds from exercise of stock options		200			-
Repurchases of Class B common stock		(19,527	)		(17,773	)
Net cash used in financing activities		(24,094	)		(21,909	)
Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents		6,035			3,982
Net increase in cash, cash equivalents, and restricted cash and cash equivalents		1,510			67,621
Cash, cash equivalents and restricted cash and cash equivalents, beginning of period		341,832			255,456
Cash, cash equivalents and restricted cash and cash equivalents, end of period	$	343,342		$	323,077

Supplemental cash flow information

Cash paid during the period for:
Income taxes paid	$	14,151		$	-

Non-Cash Financing Activities
Shares of the Company's Class B common stock issued to executive officer for bonus	$	-		$	1,824
Value of the Company's DSUs exchanged for National Retail Solutions shares	$	3,547		$	442

See accompanying notes to condensed consolidated financial statements.

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IDT CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Note 1—Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of IDT Corporation and its subsidiaries (the “Company” or “IDT”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended April 30, 2026 are not necessarily indicative of the results that may be expected for the fiscal year ending July 31, 2026. The balance sheet at July 31, 2025 has been derived from the Company’s audited financial statements at that date but does not include all of the information and notes required by U.S. GAAP for complete financial statements. For further information, please refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended July 31, 2025 (the “2025 Form 10-K”), as filed with the U.S. Securities and Exchange Commission (the “SEC”).

The Company’s fiscal year ends on July 31 of each calendar year. Each reference below to a fiscal year refers to the fiscal year ending in the calendar year indicated (e.g., fiscal 2026 refers to the fiscal year ending July 31, 2026).

As of April 30, 2026, the Company owned 94.0% of the outstanding shares of its subsidiary, net2phone 2.0, Inc. (“net2phone 2.0”), which owns and operates the net2phone segment, and 82.3% of the outstanding shares of National Retail Solutions, Inc. (“NRS”). On a fully diluted basis, assuming all the vesting criteria related to various rights granted have been met, the Company would own 89.9% of the equity of net2phone 2.0 and 80.2% of the equity of NRS.

Reclassifications

During the nine months ended April 30, 2026, the Company reclassified certain prepaid expenses to trade accounts receivable. Accordingly, in the condensed consolidated balance sheet at July 31, 2025, $2.1 million previously reported within “Other current assets” was reclassified to “Trade accounts receivable,” and in the condensed consolidated statements of cash flows for the nine months ended April 30, 2025, $0.4 million previously reported within “Prepaid expenses, other current assets, and other assets” was reclassified to “Trade accounts receivable”.

During the nine months ended April 30, 2026, the Company reclassified in the condensed consolidated statement of cash flows certain amount to settlement assets and disbursement prefunding that were previously included together with “Prepaid expenses, other current assets, and other assets.” In the condensed consolidated statements of cash flows for the nine months ended April 30, 2025, $16.8 million previously included within “Settlement assets and disbursement prefunding” was reclassified to be presented as a separate line item.

Recently Adopted Accounting Standards

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures, which enhances income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This guidance also includes certain other amendments to improve the effectiveness of income tax disclosures.

The adoption of this update will be applied on a prospective basis and will require the Company to expand its income tax disclosures beginning with its Annual Report on Form 10-K for fiscal year ending July 31, 2026, which includes further disaggregation of the income tax expense into federal, state, and foreign categories, enhanced detail in the effective tax rate reconciliation, and disclosure of income taxes paid by significant jurisdictions.

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In July 2025, the FASB issued ASU 2025-05 – Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which amends ASC 326-20 to provide a practical expedient related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606. The amendments are effective for annual and interim reporting periods beginning on August 1, 2026. The practical expedient in ASU 2025-05 allows the Company to simplify estimating expected credit losses for current accounts receivable and contract assets by assuming that current conditions as of the balance sheet date will not change over the asset's remaining life. This aims to reduce the complexity and cost of developing forecasts for these assets under the CECL model for ASC 606-related transactions. This amendment does not have an impact on the Company's current estimation process. The Company elected to early adopt the practical expedient during the nine months ended April 30, 2026. The adoption did not have a material impact on the Company’s condensed consolidated financial statements.

Note 2—Business Combination

On April 16, 2026, NRS entered into an asset purchase agreement (the “Agreement”) to acquire certain assets and assume certain liabilities of Oncore Digital, Inc. and its wholly owned subsidiaries (“the Acquired Business”). The Acquired Business is a digital media brokerage operation engaged in digital advertising and monetization. The acquisition closed on May 1, 2026. In connection with the transaction, the Acquired Business was contributed to a newly formed entity (“NRS OnCore”), in which the sellers retained a 20% noncontrolling interest and NRS obtained an 80% controlling interest. As a result, NRS consolidates NRS OnCore under the voting interest model. The aggregate preliminary purchase consideration, which is subject to finalization, is currently estimated to be approximately $4.8 million, consisting of $3.3 million in cash and shares of IDT Class B common stock with an aggregate value of $1.5 million, subject to customary post-closing adjustments, as well as contingent earnouts upon certain milestones being achieved. The Company has determined that the acquired set represents a business and is accounting for the transaction as a business combination under ASC 805, Business Combinations. The acquired assets consist primarily of customer relationships and vendor relationships, and the assumed liabilities include certain operating liabilities. The Company is in the process of determining the fair value of the assets acquired and liabilities assumed, including the allocation of the purchase price to identifiable intangible assets and goodwill. The acquisition will integrate OnCore's ad tech, demand, and publisher network with NRS' screen network and first-party transaction data to form a more uniform offering.

Note 3—Business Segment Information

The Company has four reportable business segments, NRS, Fintech, net2phone, and Traditional Communications.

The NRS segment is an operator of a nationwide point-of-sale (“POS”) network providing independent retailers with POS equipment, store management software, electronic payment processing, and other ancillary merchant services. NRS’ POS platform provides marketers with digital out-of-home advertising and transaction data.

The Fintech segment is comprised of: (i) BOSS Money, a provider of international money remittance and related value/payment transfer services; (ii) IDT Financial Services Limited (“IDT Financial Services”), a Gibraltar-based bank; (iii) IDT Services Limited (“IDTS”), a Malta-based electronic money institution; and (iv) other, significantly smaller, financial services businesses, including a variable interest entity (“VIE”) that processes disbursement payments (the “Disbursement Payments VIE”).

The net2phone segment is an AI-powered business communications solutions provider focused on optimizing customer interactions, with a focus on small enterprise and mid-market customers across North and South America. net2phone’s key offerings include: UNITE - an AI-powered communications platform; uContact – an omnichannel contact center platform; AI Agent – an agentic AI service that automates customer interactions; and Coach AI – a provider of real-time agent guidance and conversational intelligence.

The Traditional Communications segment includes: (i) IDT Digital Payments, which enables customers to transfer airtime and bundles of airtime, messaging, and data to international and domestic mobile accounts; (ii) IDT Global, a wholesale provider of international voice and SMS termination and outsourced traffic management solutions to telecoms worldwide; and (iii) BOSS Revolution, an international long-distance calling service marketed primarily to immigrant communities in the United States and Canada. Traditional Communications also includes other small businesses and offerings including early-stage business initiatives and mature businesses in harvest mode.

The Company’s reportable segments are distinguished by types of service, customers, and methods used to provide their services. The operating results of these business segments are regularly reviewed by the Company’s chief operating decision maker (“CODM”), which is a group of the Company’s executives that includes the Chairman of the Board of Directors, Chief Executive Officer, Chief Operating Officer, and Chief Financial Officer. The Company’s CODM uses actual and budgeted income (loss) from operations to evaluate the performance of the business segments and allocate resources, including capital allocations, primarily by monitoring actual results compared to prior periods and expected results. The accounting policies of the segments are the same as the accounting policies of the Company as a whole. There are no significant asymmetrical allocations to segments. The Company evaluates the performance of its business segments based primarily on income (loss) from operations.

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Corporate costs mainly include compensation, consulting fees, treasury, tax and accounting services, human resources, corporate purchasing, corporate governance including Board of Directors’ fees, internal and external audit, investor relations, corporate insurance, corporate legal, and other corporate-related general and administrative expenses. Corporate does not generate any revenues, nor does it incur any direct cost of revenues.

Operating results for the business segments of the Company are included in the tables below. The significant expense categories align with the segment-level information that is regularly provided to the CODM. The significant expense categories include depreciation and amortization. Other segment items, which is the difference between segment revenues less the segment expenses disclosed and segment income (loss) from operations, includes severance expense and other operating expense, net. The reconciliation of the total income (loss) from operations to income before income taxes is reflected in the condensed consolidated statements of income.

Operating results for the business segments of the Company were as follows:

(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

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(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

Note 4—Revenue Recognition

The Company earns revenue from contracts with customers primarily through the provision of retail telecommunications, mobile top-up, payment offerings, as well as wholesale international voice and SMS termination services. NRS generates revenue primarily from point-of-sale ("POS") terminal sales, Software as a Service ("SaaS") plans, payment processing, digital advertising, and data and analytics services, which are generally recognized at a point in time when control of the goods or services transfers, except for subscription services that are recognized over time. net2phone earns revenue primarily from cloud-based communications, unified communications as a service (“UCaaS”), contact center as a service (“CCaaS”) solution and AI Agent and Coach solutions, which are recognized over time as services are provided. BOSS Money and IDT Digital Payments revenues are recognized at a point in time when transactions are completed. Traditional Communications offerings consist primarily of minute-based, paid-voice services, with revenue recognized at a point in time as usage occurs.

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Disaggregated Revenues

The following table shows the Company’s revenues disaggregated by business segment and service offered to customers:

	*Three Months Ended April 30,*				*Nine Months Ended April 30,*
(in thousands)	*2026*		*2025*		*2026*		*2025*
NRS	$	38,000	$	31,145	$	114,421	$	94,483

Fintech
Boss Money		39,665		34,411		114,224		101,608
Other		5,339		4,208		14,694		10,919
Total Fintech		45,004		38,619		128,918		112,527

net2phone		24,368		21,990		71,717		65,099

Traditional Communications
IDT Digital Payments		103,855		102,620		315,294		309,333
IDT Global		55,610		50,044		175,393		153,701
BOSS Revolution		43,393		51,733		136,115		161,882
Other		5,483		5,834		17,123		17,876
Total Traditional Communications		208,341		210,231		643,925		642,792

Total	$	315,713	$	301,985	$	958,981	$	914,901

The following table shows the Company’s revenues disaggregated by geographic region, which is determined based on selling location:

(in thousands)

NRS

Fintech

net2phone

Traditional Communications

Total

Three Months Ended April 30, 2026

United States

37,951

43,230

13,851

156,238

251,270

Outside the United States:

United Kingdom

38,369

Other

1,774

10,517

13,734

26,074

Total outside the United States

1,774

10,517

52,103

64,443

Total

$38,000

$45,004

$24,368

$208,341

$315,713

(in thousands)	*NRS*		*Fintech*		*net2phone*		*Traditional Communications*		*Total*
Three Months Ended April 30, 2025
United States	$	31,145	$	37,278	$	12,758	$	157,577	$	238,758
Outside the United States:
United Kingdom		-		-		-		45,858		45,858
Other		-		1,341		9,232		6,796		17,369

Total outside the United States		-		1,341		9,232		52,654		63,227

Total	$	31,145	$	38,619	$	21,990	$	210,231	$	301,985

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(in thousands)

NRS

Fintech

net2phone

Traditional Communications

Total

Nine Months Ended April 30, 2026

United States

114,271

124,098

41,136

482,872

762,377

Outside the United States:

United Kingdom

120,211

Other

150

4,820

30,581

40,842

76,393

Total outside the United States

150

4,820

30,581

161,053

196,604

Total

114,421

128,918

71,717

643,925

958,981

(in thousands)	*NRS*		*Fintech*		*net2phone*		*Traditional Communications*		*Total*
Nine Months Ended April 30, 2025
United States	$	94,483	$	108,786	$	37,534	$	481,752	$	722,555
Outside the United States:
United Kingdom		-		-		-		139,604		139,604
Other		-		3,741		27,565		21,436		52,742

Total outside the United States		-		3,741		27,565		161,040		192,346

Total	$	94,483	$	112,527	$	65,099	$	642,792	$	914,901

Remaining Performance Obligations

The following table includes revenue by business segment expected to be recognized in the future from performance obligations that were unsatisfied or partially unsatisfied as of April 30, 2026. The table excludes contracts that had an original expected duration of one year or less.

(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

Accounts Receivable and Contract Balances

The timing of revenue recognition may differ from the time of billing to the Company’s customers. Trade accounts receivable in the Company’s condensed consolidated balance sheets represent unconditional rights to consideration. The Company records a contract asset when revenue is recognized in advance of its right to bill and receive consideration. The Company has not currently identified any contract assets.

Contract liabilities arise when the Company receives consideration or bills its customers prior to providing the goods or services promised in the contract. The Company’s contract liability balance is primarily payments received for BOSS Revolution prepaid products and services. Contract liabilities are recognized as revenue when services are provided to the customer. The contract liability balances are presented in the Company’s condensed consolidated balance sheets as “Deferred revenue.”

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The following table presents revenue recognized during the period from amounts included in the Company’s contract liability balance at the beginning of the period:

Three Months Ended April 30,

Nine Months Ended April 30,

(in thousands)

2026

2025

2026

2025

Revenue recognized

9,962

12,180

13,916

17,801

Receivables and contract balances from contracts with customers during the nine months ended April 30, 2026 and 2025 were as follows:

	*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

Deferred Customer Contract Acquisition and Fulfillment Costs

The Company recognizes as an asset its incremental costs of obtaining a contract with a customer that it expects to recover. The Company’s incremental costs of obtaining a contract with a customer are sales commissions paid to employees and third parties on sales to end users. If the amortization period were one year or less for the asset that would be recognized from deferring these costs, the Company applies the practical expedient whereby the Company charges these costs to expense when incurred.

The Company’s costs to fulfill its contracts do not meet the criteria to be recognized as an asset, therefore these costs are charged to expense as incurred.

The Company’s deferred customer contract acquisition costs were as follows:

(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

The Company’s amortization of deferred customer contract acquisition costs during the periods were as follows:

	*Three Months Ended April 30,*				*Nine Months Ended April 30,*
(in thousands)	*2026*		*2025*		*2026*		*2025*
Amortization of deferred customer contract acquisition costs	$	1,353	$	1,401	$	4,126	$	4,334

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Note 5—Leases

The Company’s leases primarily consist of operating leases for office space. These leases have remaining terms ranging from less than one year to approximately five years. Certain of these leases contain renewal options that may be exercised and/or options to terminate the lease prior to expiration. The Company has concluded that it is not reasonably certain that it would exercise any of these options.

Supplemental disclosures related to the Company’s operating leases were as follows:

	*Three Months Ended April 30,*				*Nine Months Ended April 30,*
(in thousands)	*2026*		*2025*		*2026*		*2025*
Operating lease cost	$	239	$	588	$	764	$	1,779
Short-term lease cost		638		300		1,423		806

Total lease cost	$	877	$	888	$	2,187	$	2,585

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	245	$	611	$	759	$	1,838

	*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 the nine months ended April 30, 2026 and 2025, the Company obtained right-of-use assets of $0.1 million and $0.4 million, respectively, in exchange for new operating lease liabilities.

The Company’s aggregate operating lease liability was as follows:

(in thousands)	*April 30, 2026*		*July 31, 2025*
Operating lease liabilities included in "Other current liabilities"	$	757	$	842
Operating lease liabilities included in noncurrent liabilities		621		1,103
Total	$	1,378	$	1,945

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Future minimum maturities of operating lease liabilities were as follows:


(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

Note 6—Cash, Cash Equivalents, and Restricted Cash and Cash Equivalents

The following table provides a reconciliation of cash, cash equivalents, and restricted cash and cash equivalents reported in the condensed consolidated balance sheets that equal the total of the same amounts reported in the condensed consolidated statements of cash flows:

(in thousands)	*April 30, 2026*		*July 31, 2025*
Cash and cash equivalents	$	214,957	$	226,505

Restricted cash and cash equivalents:
IDT Financial Services (Gibraltar)		105,665		104,161
Disbursement Payments VIE		21,878		11,000
Other		843		166
Total restricted cash and cash equivalents	$	128,385	$	115,327

Total cash, cash equivalents, and restricted cash and cash equivalents	$	343,342	$	341,832

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Certain of the electronic money financial services regulations in Gibraltar require IDT Financial Services to safeguard cash held for customer deposits, segregate cash held for customer deposits from any other cash that IDT Financial Services holds and utilize the cash only for the intended payment transaction. In addition, the Disbursement Payments VIE is contractually required to use customer funds only for the customers’ pending money disbursements. IDTS is subject to similar regulatory obligations under the Maltese financial services regulations, which also mandate the safeguard of electronic money, the segregation of the cash held for customer deposits from any other cash that IDTS holds and utilize the cash only for the intended payment transaction.

Note 7—Debt Securities

The following is a summary of available-for-sale debt securities:

(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

IDT CORP 10-Q