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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 ~~JANUARY 31~~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)

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 ~~March 4~~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,~~501~~294,~~904~~240 shares outstanding (excluding 5,~~061~~274,~~369~~044 treasury shares)

Table of Contents

IDT CORPORATION

TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION		4	3
Item 1.	~~Item~~Financial 1.Statements (Unaudited)	~~Financial Statements (Unaudited)~~4	3
	Condensed Consolidated Balance Sheets	~~Condensed Consolidated Balance Sheets~~4	3
	Condensed Consolidated Statements of Income	~~Condensed Consolidated Statements of Income~~5	4
	Condensed Consolidated Statements of Comprehensive Income	~~Condensed Consolidated Statements of Comprehensive Income~~6	5
	Condensed Consolidated Statements of Equity	~~Condensed Consolidated Statements of Equity~~7	6
	Condensed Consolidated Statements of Cash Flows	~~Condensed Consolidated Statements of Cash Flows~~9	8
	Notes to Condensed Consolidated Financial Statements	~~Notes to Condensed Consolidated Financial Statements~~10	9
Item 2.	~~Item~~Management’s 2.Discussion and Analysis of Financial Condition and Results of Operations	~~Management’s Discussion and Analysis of Financial Condition and Results of Operations~~32	26
Item 3.	~~Item~~Quantitative 3.and Qualitative Disclosures About Market Risks	~~Quantitative and Qualitative Disclosures About Market Risks~~43	35
Item 4.	~~Item~~Controls 4.and Procedures	~~Controls and Procedures~~43	35
PART II. OTHER INFORMATION		44	36
Item 1.	~~Item~~Legal 1.Proceedings	~~Legal Proceedings~~44	36
Item 1A.	~~Item~~Risk ~~1A.~~Factors	~~Risk Factors~~44	36
Item 2.	~~Item~~Unregistered 2.Sales of Equity Securities and Use of Proceeds	~~Unregistered Sales of Equity Securities and Use of Proceeds~~46	37
Item 3.	~~Item~~Defaults 3.Upon Senior Securities	~~Defaults Upon Senior Securities~~46	37
Item 4.	~~Item~~Mine 4.Safety Disclosures	~~Mine Safety Disclosures~~46	37
Item 5.	~~Item~~Other 5.Information	~~Other Information~~46	37
Item 6.	~~Item 6.~~Exhibits	~~Exhibits~~47	38
SIGNATURES		48	39

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)

IDT CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS

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

	January 31, 2026			July 31, 2025
	(Unaudited)			(Note 1)
	(in thousands, except per share data)
Assets
Current assets:
Cash and cash equivalents	$	210,183		$	226,505
Restricted cash and cash equivalents		126,745			115,327
Debt securities		25,607			21,649
Equity investments		10,388			5,637
Trade accounts receivable, net of allowance for credit losses of $10,190 at January 31, 2026 and $9,097 at July 31, 2025		42,717			44,932
Settlement assets, net of reserve of $1,799 at January 31, 2026 and $1,367 at July 31, 2025		69,315			28,014
Disbursement prefunding		45,598			37,097
Prepaid expenses		11,588			12,440
Other current assets		30,659			28,702
Total current assets		572,800			520,303
Property, plant, and equipment, net		40,865			38,869
Goodwill		26,639			26,488
Other intangibles, net		4,476			5,056
Equity investments		5,179			6,658
Operating lease right-of-use assets		1,455			1,878
Deferred income tax assets, net		18,678			18,790
Other assets		8,199			8,161
Total assets	$	678,291		$	626,203
Liabilities, redeemable noncontrolling interest, and equity
Current liabilities:
Trade accounts payable	$	16,648		$	19,435
Accrued expenses		90,030			97,295
Deferred revenue		27,022			27,726
Customer funds deposits		128,105			114,708
Settlement liabilities		18,547			13,922
Other current liabilities		28,059			19,910
Total current liabilities		308,411		$	292,996
Operating lease liabilities		753			1,103
Other liabilities		923			1,688
Total liabilities		310,087			295,787
Commitments and contingencies		-			-
Redeemable noncontrolling interest		11,854			11,459
Equity:
IDT Corporation stockholders’ 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 January 31, 2026 and July 31, 2025		33			33
Class B common stock, $.01 par value; authorized shares—200,000; 28,537 and 28,528 shares issued and 23,357 and 23,656 shares outstanding at January 31, 2026 and July 31, 2025, respectively		285			285
Common stock value		285			285
Additional paid-in capital		315,053			308,111
Treasury stock, at cost, consisting of 1,698 and 1,698 shares of Class A common stock and 5,179 and 4,872 shares of Class B common stock at January 31, 2026 and July 31, 2025, respectively		(158,892	)		(143,853	)
Accumulated other comprehensive loss		(14,156	)		(16,569	)
Retained earnings		197,416			157,124
Total IDT Corporation stockholders’ equity		339,739			305,131
Noncontrolling interests		16,611			13,826
Total equity		356,350			318,957
Total liabilities, redeemable noncontrolling interest, and equity	$	678,291		$	626,203

See accompanying notes to condensed consolidated financial statements.

Table of Contents

IDT CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

(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

	2026			2025			2026			2025
	Three Months Ended January 31,						Six Months Ended January 31,
	2026			2025			2026			2025
	(in thousands, except per share data)
Revenues	$	320,516		$	303,349		$	643,268		$	612,915
Direct cost of revenues		199,239			191,239			403,812			393,178
Gross profit		121,277			112,110			239,456			219,737
Operating expenses:
Selling, general and administrative (i)		78,846			70,721			152,853			141,772
Technology and development (i)		14,123			12,612			27,754			25,372
Severance		227			233			431			410
Other operating expense, net (see Note 10)		836			227			247			227
Total operating expenses		94,032			83,793			181,285			167,781
Income from operations		27,245			28,317			58,171			51,956
Interest income, net		1,640			1,354			3,348			2,782
Other income (expense), net		186			207			(281	)		(76	)
Income before income taxes		29,071			29,878			61,238			54,662
Provision for income taxes		(6,247	)		(7,665	)		(14,318	)		(13,967	)
Net income		22,824			22,213			46,920			40,695
Net income attributable to noncontrolling interests		(1,876	)		(1,944	)		(3,610	)		(3,178	)
Net income attributable to IDT Corporation	$	20,948		$	20,269		$	43,310		$	37,517
Earnings per share attributable to IDT Corporation common stockholders:
Basic	$	0.84		$	0.81		$	1.72		$	1.49
Diluted	$	0.84		$	0.80		$	1.72		$	1.48
Weighted-average number of shares used in calculation of earnings per share:
Basic		25,048			25,161			25,115			25,182
Diluted		25,055			25,324			25,124			25,343
(i) Stock-based compensation included in total operating expenses	$	4,348		$	863		$	6,362		$	1,774

See accompanying notes to condensed consolidated financial statements.

Table of Contents

IDT CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

	2026			2025			2026			2025
	Three Months Ended April 30,						Nine Months Ended April 30,
	Three Months Ended January 31,						Six Months Ended January 31,
(in thousands)	2026			2025			2026			2025
	2026			2025			2026			2025
Net Income	$	23,747		$	22,962		$	70,667		$	63,657
	(in thousands)
Net income	$	22,824		$	22,213		$	46,920		$	40,695
Other comprehensive income (loss):
Change in unrealized loss on available-for-sale securities		31(159	)		1659			8566			72131
Foreign currency translation adjustments		2,081			94			2,328			(1,529	)
Foreign currency transaction adjustments		506			(272	)		2,694			(1,801	)
Other comprehensive income (loss)		~~2,112~~347			~~110~~(213	)		2,~~413~~760			(1,~~457~~670	)
Comprehensive income		24,~~936~~094			22,~~323~~749			4973,~~333~~427			3961,~~238~~987
Comprehensive income attributable to noncontrolling interests		(1,876	)		(1,944	)		(3,610	)		(3,178	)
Less: comprehensive income attributable to noncontrolling interests		(2,134	)		(1,270	)		(5,744	)		(4,448	)
Comprehensive income attributable to IDT Corporation	$	2321,~~060~~960		$	2021,~~379~~479		$	4567,~~723~~683		$	3657,~~060~~539

See accompanying notes to condensed consolidated financial statements.

IDT CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited)

	Class A Common Stock		Class B Common Stock		Additional Paid-In Capital		Treasury Stock			Accumulated Other Comprehensive Loss			Retained Earnings			Noncontrolling Interests			Total Equity
	Three Months Ended January 31, 2026 (in thousands)
	IDT Corporation Stockholders
	Class A Common Stock		Class B Common Stock		Additional Paid-In Capital		Treasury Stock			Accumulated Other Comprehensive Loss			Retained Earnings			Noncontrolling Interests			Total Equity
BALANCE AT OCTOBER 31, 2025	$	33	$	285	$	310,126	$	(151,457	)	$	(16,268	)	$	177,972		$	15,326		$	336,017
Dividends declared ($0.06 per share)		—		—		—		—			—			(1,504	)		—			(1,504	)
Repurchases of Class B common stock through repurchase program		—		—		—		(7,435	)		—			—			—			(7,435	)
Stock issued to an executive officer for bonus payment		-		-		-		-			-			-			-			-
Stock options exercised		—		—		200		—			—			—			—			200
Stock-based compensation		—		—		4,347		—			—			—			—			4,347
Exchange of NRS shares for IDT DSUs		—		—		380		—			—			—			(380	)		—
Other comprehensive income		—		—		—		—			2,112			—			—			2,112
Net income		—		—		—		—			—			20,948			1,665			22,613
BALANCE AT JANUARY 31, 2026	$	33	$	285	$	315,053	$	(158,892	)	$	(14,156	)	$	197,416		$	16,611		$	356,350

	Six Months Ended January 31, 2026 (in thousands)
	IDT Corporation Stockholders
	Class A Common Stock		Class B Common Stock		Additional Paid-In Capital		Treasury Stock			Accumulated Other Comprehensive Loss			Retained Earnings			Noncontrolling Interests			Total Equity
BALANCE AT JULY 31, 2025	$	33	$	285	$	308,111	$	(143,853	)	$	(16,569	)	$	157,124		$	13,826		$	318,957
Dividends declared ($0.12 per share)		—		—		—		—			—			(3,018	)		—			(3,018	)
Repurchases of Class B common stock through repurchase program		—		—		—		(15,039	)		—			—			—			(15,039	)
Stock options exercised		—		—		200		—			—			—			—			200
Stock-based compensation		—		—		6,362		—			—			—			—			6,362
Distributions to noncontrolling interests		—		—		—		—			—			—			(50	)		(50	)
Exchange of NRS shares for IDT DSUs		—		—		380		—			—			—			(380	)		—
Other comprehensive income		—		—		—		—			2,413			—			—			2,413
Net income		—		—		—		—			—			43,310			3,215			46,525
BALANCE AT JANUARY 31, 2026	$	33	$	285	$	315,053	$	(158,892	)	$	(14,156	)	$	197,416		$	16,611		$	356,350

Table of Contents

IDT CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY~~—Continued~~

(Unaudited)

	Three Months Ended January 31, 2025 (in thousands)
	Three Months Ended April 30, 2026
	IDT Corporation Stockholders
	IDT Corporation Stockholders
	Class A Common Stock		Class B Common Stock		Additional Paid-In Capital		Treasury Stock			Accumulated Other Comprehensive Loss			Retained Earnings			Noncontrolling Interests			Total Equity
										Accumulated
BALANCE AT OCTOBER 31, 2024	$	33	$	282	$	305,918	$	(128,512	)	$	(19,709	)	$	102,568		$	10,568		$	271,148
	Class A		Class B		Additional					Other
Dividends declared ($0.05 per share)		—		—		—		—			—			(1,264	)		—			(1,264	)
	Common		Common		Paid-In		Treasury			Comprehensive			Retained			Noncontrolling			Total
Repurchases of Class B common stock through repurchase program		—		—		—		(8,534	)		—			—			—			(8,534	)
(in thousands)	Stock		Stock		Capital		Stock			Loss			Earnings			Interests			Equity
Restricted Class B common stock withheld for employee taxes		—		—		—		(429	)		—			—			—			(429	)
BALANCE AT JANUARY 31, 2026	$	33	$	285	$	315,053	$	(158,892	)	$	(14,156	)	$	197,416		$	16,611		$	356,350
Stock-based compensation		—		—		863		—			—			—			—			863
Dividends declared ($0.07 per share)		—		—		—		—			—			(1,745	)		—			(1,745	)
Distributions to noncontrolling interests		—		—		—		—			—			—			(50	)		(50	)
Repurchases of Class B common stock through repurchase program		—		—		—		(3,961	)		—			—			—			(3,961	)
Other comprehensive income		—		—		—		—			110			—			—			110
Shares withheld for employee taxes		—		—		—		(527	)		—			—			—			(527	)
Net income		—		—		—		—			—			20,269			1,755			22,024
Stock-based compensation		—		—		2,421		—			—			—			—			2,421
BALANCE AT JANUARY 31, 2025	$	33	$	282	$	306,781	$	(137,475	)	$	(19,599	)	$	121,573		$	12,273		$	283,868
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

	Six Months Ended January 31, 2025 (in thousands)
	Nine Months Ended April 30, 2026
	IDT Corporation Stockholders
	Class A Common Stock		Class B Common Stock		Additional Paid-In Capital		Treasury Stock			Accumulated Other Comprehensive Loss			Retained Earnings			Noncontrolling Interests			Total Equity
										Accumulated
BALANCE AT JULY 31, 2024	$	33	$	282	$	303,510	$	(126,080	)	$	(18,142	)	$	86,580		$	9,472		$	255,655
	Class A		Class B		Additional					Other
BALANCE	$	33	$	282	$	303,510	$	(126,080	)	$	(18,142	)	$	86,580		$	9,472		$	255,655
	Common		Common		Paid-In		Treasury			Comprehensive			Retained			Noncontrolling			Total
Dividends declared ($0.10 per share)		—		—		—		—			—			(2,524	)		—			(2,524	)
(in thousands)	Stock		Stock		Capital		Stock			Loss			Earnings			Interests			Equity
Dividends declared		—		—		—		—			—			(2,524	)		—			(2,524	)
BALANCE AT JULY 31, 2025	$	33	$	285	$	308,111	$	(143,853	)	$	(16,569	)	$	157,124		$	13,826		$	318,957
Repurchases of Class B common stock through repurchase program		—		—		—		(9,873	)		—			—			—			(9,873	)
Dividends declared ($0.19 per share)		—		—		—		—			—			(4,763	)		—			(4,763	)
Restricted Class B common stock withheld for employee taxes		—		—		—		(1,522	)		—			—			—			(1,522	)
Repurchases of Class B common stock through repurchase program		—		—		—		(19,000	)		—			—			—			(19,000	)
Stock issued to an executive officer for bonus payment		—		—		1,824		—			—			—			—			1,824
Shares withheld for employee taxes		—		—		—		(527	)		—			—			—			(527	)
Stock-based compensation		—		—		1,447		—			—			—			—			1,447
Stock options exercised		—		—		200		—			—			—			—			200
Distributions to noncontrolling interests		—		—		—		—			—			—			(50	)		(50	)
Stock-based compensation		—		—		8,783		—			—			—			—			8,783
Other comprehensive loss		—		—		—		—			(1,457	)		—			—			(1,457	)
Distributions to noncontrolling interests		—		—		—		—			—			—			(90	)		(90	)
Net income		—		—		—		—			—			37,517			2,851			40,368
Exchange of NRS shares for IDT DSUs		—		—		380		—			—			—			(380	)		—
BALANCE AT JANUARY 31, 2025	$	33	$	282	$	306,781	$	(137,475	)	$	(19,599	)	$	121,573		$	12,273		$	283,868
Other comprehensive income		—		—		—		—			2,760			—			—			2,760
BALANCE	$	33	$	282	$	306,781	$	(137,475	)	$	(19,599	)	$	121,573		$	12,273		$	283,868
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

See accompanying notes to condensed consolidated financial statements.

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IDT CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF ~~CASH~~EQUITY—Continued ~~FLOWS (Unaudited)~~

	2026			2025
	Six Months Ended January 31,
	2026			2025
	(in thousands)
Operating activities
Net income	$	46,920		$	40,695
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		10,698			10,490
Deferred income taxes		85			12,674
Provision for credit losses and reserve for settlement assets		2,372			2,472
Stock-based compensation		6,361			1,774
Other		1,971			1,077
Changes in assets and liabilities:
Trade accounts receivable		761			(4,271	)
Prepaid expenses, other current assets, and other assets		961			311
Settlement assets and disbursement prefunding		(50,261	)		(47,262	)
Trade accounts payable, accrued expenses, settlement liabilities, other current liabilities, and other liabilities		68			(11,844	)
Customer funds deposits		9,587			15,701
Deferred revenue		(1,343	)		(1,500	)
Net cash provided by operating activities		28,180			20,317
Investing activities
Capital expenditures		(11,969	)		(10,100	)
Purchase of equity investments		(500	)		—
Purchase of convertible preferred stock in equity method investment		—			(673	)
Purchases of debt and equity securities		(26,319	)		(15,997	)
Proceeds from maturities and sales of debt and equity securities		17,354			16,751
Net cash used in investing activities		(21,434	)		(10,019	)
Financing activities
Dividends paid		(3,018	)		(2,524	)
Distributions to noncontrolling interests		(50	)		(50	)
Proceeds from borrowings under revolving credit facility		15,987			24,534
Repayment of borrowings under revolving credit facility		(15,987	)		(24,534	)
Proceeds from borrowings		125			—
Repayment of borrowings		(100	)		—
Proceeds from exercise of stock options		200			—
Repurchases of Class B common stock		(15,039	)		(11,395	)
Net cash used in financing activities		(17,882	)		(13,969	)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash and cash equivalents		6,232			(4,079	)
Net decrease in cash, cash equivalents, and restricted cash and cash equivalents		(4,904	)		(7,750	)
Cash, cash equivalents, and restricted cash and cash equivalents at beginning of period		341,832			255,456
Cash, cash equivalents, and restricted cash and cash equivalents at end of period	$	336,928		$	247,706
Supplemental Cash Flow Information
Cash paid during the period for:
Income taxes	$	7,000		$	—
Non-Cash Financing Activities
Shares of the Company’s Class B common stock issued to an executive officer for bonus payment	$	—		$	1,824
Value of the Company’s DSUs exchanged for National Retail Solutions shares	$	3,547		$	—

(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

~~NOTES TO~~ CONDENSED CONSOLIDATED ~~FINANCIAL~~ 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 ~~six~~nine months ended April ~~January 31~~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~~ 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 ~~January 31~~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 9089.09% of the equity of net2phone 2.0 and 80.2% of the equity of NRS.

Reclassifications

During the nine ~~six~~ months ended April ~~January 31~~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 “~~Prepaid~~Other ~~expenses~~current assets” was reclassified to “Trade accounts receivable,” and in the condensed consolidated statements of cash flows for the nine ~~six~~ months ended April ~~January 31~~30, 2025, $0.74 million ofpreviously ~~cash~~ reported within “Prepaid expenses, other current assets, and other assets” was reclassified to “Trade accounts receivable”.

During the nine ~~six~~ months ended April ~~January 31~~30, 2026, the Company reclassified in the condensed consolidated statement of cash flows certain amount to settlement assets and disbursement prefunding ~~disbursements,~~that ~~which~~ were previously included together with “Prepaid expenses, other current assets, and other assets.” In the condensed consolidated statements of cash flows for the nine ~~six~~ months ended April ~~January 31~~30, 2025, ~~cash provided~~$16.8 bymillion previously included within “Settlement assets and disbursement prefunding” ~~of $47.3 million,~~ was reclassified to be presented as a separate line item.

Recently Adopted Accounting ~~Standard~~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.

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 for Private Companies and Certain Not-for-Profit Entities (PCC), 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 early adopted this practical expedient during the six months ended January 31, 2026. The adoption did not have a material impact on the Company’s condensed consolidated financial statements.10

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~~Note 2—Business~~In July ~~Segment~~2025, ~~Information~~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) ~~other, significantly smaller, financial services businesses, including a variable interest entity (“VIE”) that processes disbursement payments (the “Disbursement Payments VIE”), (iii)~~ IDT Financial Services Limited (“IDT Financial Services”), a Gibraltar-based bank; ~~and~~ (iviii) 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) ~~BOSS~~IDT ~~Revolution~~Global, ana ~~international~~wholesale ~~long-distance~~provider ~~calling~~of ~~service~~international ~~marketed~~voice ~~primarily~~and ~~to immigrant~~SMS ~~communities~~termination inand ~~the~~outsourced ~~United~~traffic ~~States~~management ~~and~~solutions ~~Canada~~to telecoms worldwide; and (iii) ~~IDT~~BOSS ~~Global~~Revolution, aan ~~wholesale~~international ~~provider~~long-distance ofcalling ~~international~~service ~~voice~~marketed ~~and~~primarily ~~SMS~~to ~~termination and~~immigrant ~~outsourced~~communities ~~traffic~~in ~~management~~the ~~solutions~~United toStates ~~telecoms~~and ~~worldwide~~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:

Schedule of Operating Results of Business Segments

(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

(in thousands)	National Retail Solutions			Fintech			net2phone			Traditional Communications			Corporate			Total
Three Months Ended January 31, 2026
Revenues	$	39,338		$	41,185		$	23,895		$	216,098		$	—		$	320,516
Direct cost of revenues		(3,056	)		(16,225	)		(4,605	)		(175,353	)		—			(199,239	)
Selling, general and administrative expense		(23,507	)		(18,214	)		(13,949	)		(20,343	)		(2,833	)		(78,846	)
Technology and development expense		(2,548	)		(2,667	)		(3,074	)		(5,833	)		(1	)		(14,123	)
Other segment items		(12	)		—			(102	)		(285	)		(664	)		(1,063	)
Income (loss) from operations	$	10,215		$	4,079		$	2,165		$	14,284		$	(3,498	)	$	27,245
Depreciation and amortization	$	1,187		$	759		$	1,670		$	1,776		$	1		$	5,393
Capital expenditures	$	1,714		$	1,052		$	1,739		$	1,643		$	—		$	6,148
Three Months Ended January 31, 2025
Revenues	$	32,976		$	36,839		$	21,488		$	212,046		$	—		$	303,349
Direct cost of revenues		(2,708	)		(15,140	)		(4,475	)		(168,916	)		—			(191,239	)
Selling, general and administrative expense		(18,990	)		(16,291	)		(12,951	)		(19,440	)		(3,049	)		(70,721	)
Technology and development expense		(2,151	)		(2,309	)		(2,770	)		(5,357	)		(25	)		(12,612	)
Other segment items		—			(2	)		(188	)		(264	)		(6	)		(460	)
Income (loss) from operations	$	9,127		$	3,097		$	1,104		$	18,069		$	(3,080	)	$	28,317
Depreciation and amortization	$	995		$	758		$	1,575		$	1,905		$	16		$	5,249
Capital expenditures	$	934		$	820		$	1,824		$	1,245		$	—		$	4,823

(in thousands)	National Retail Solutions			Fintech			net2phone			Traditional Communications			Corporate			Total
Six Months Ended January 31, 2026
Revenues	$	76,421		$	83,914		$	47,349		$	435,584		$	—		$	643,268
Direct cost of revenues		(6,677	)		(33,418	)		(9,323	)		(354,394	)		—			(403,812	)
Selling, general and administrative expense		(45,372	)		(34,877	)		(27,699	)		(39,379	)		(5,526	)		(152,853	)
Technology and development expense		(5,203	)		(5,143	)		(6,105	)		(11,302	)		(1	)		(27,754	)
Other segment items		(45	)		(11	)		(116	)		(380	)		(126	)		(678	)
Income (loss) from operations	$	19,124		$	10,465		$	4,106		$	30,129		$	(5,653	)	$	58,171
Depreciation and amortization	$	2,235		$	1,502		$	3,317		$	3,551		$	3		$	10,698
Capital expenditures	$	3,342		$	1,867		$	3,516		$	3,204		$	40		$	11,969
Six Months Ended January 31, 2025
Revenues	$	63,338		$	73,909		$	43,108		$	432,560		$	—		$	612,915
Direct cost of revenues		(5,433	)		(30,643	)		(9,019	)		(348,083	)		—			(393,178	)
Selling, general and administrative expense		(38,007	)		(32,346	)		(26,094	)		(39,417	)		(5,908	)		(141,772	)
Technology and development expense		(4,150	)		(4,587	)		(5,723	)		(10,865	)		(47	)		(25,372	)
Other segment items		(8	)		—			(169	)		(455	)		(5	)		(637	)
Income (loss) from operations	$	15,740		$	6,333		$	2,103		$	33,740		$	(5,960	)	$	51,956
Depreciation and amortization	$	1,955		$	1,492		$	3,133		$	3,877		$	33		$	10,490
Capital expenditures	$	2,167		$	1,880		$	3,445		$	2,608		$	—		$	10,100

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Note 3—Revenue Recognition

(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

~~The Company~~Note ~~earns~~4—Revenue ~~revenue~~Recognition from contracts with customers primarily through the provision of retail telecommunications and payment offerings, as well as wholesale international voice and SMS termination services. NRS and net2phone are technology-driven, synergistic businesses that leverage the Company’s core assets. NRS generates revenue primarily from point-of-sale terminal sales, payment processing, software subscriptions, advertising, and data 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”), and contact center as a service (“CCaaS”) solution, 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.

11The 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.

Table of Contents

Disaggregated Revenues

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

Schedule of 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

	2026		2025		2026		2025
	Three Months Ended January 31,				Six Months Ended January 31,
	2026		2025		2026		2025
	(in thousands)
National Retail Solutions	$	39,338	$	32,976	$	76,421	$	63,338
BOSS Money		36,264		33,505		74,559		67,198
Other		4,921		3,334		9,355		6,711
Total Fintech		41,185		36,839		83,914		73,909
net2phone		23,895		21,488		47,349		43,108
IDT Digital Payments		104,358		101,594		211,439		206,712
BOSS Revolution		45,738		53,307		92,721		110,150
IDT Global		60,210		51,281		119,783		103,657
Other		5,792		5,864		11,641		12,041
Total Traditional Communications		216,098		212,046		435,584		432,560
Total	$	320,516	$	303,349	$	643,268	$	612,915
Revenues	$	320,516	$	303,349	$	643,268	$	612,915

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

Schedule of Revenues Disaggregated by Geographic Region

(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)	~~National Retail Solutions~~NRS		Fintech		net2phone		Traditional Communications		Total
Three Months Ended January 31, 2026
Three Months Ended April 30, 2025
United States	$	3931,~~338~~145	$	3937,~~682~~278	$	1312,~~728~~758	$	~~156~~157,~~779~~577	$	~~249~~238,~~527~~758
Outside the United States:
United Kingdom		—-		—-		—-		4445,~~808~~858		4445,~~808~~858
Other		—-		1,~~503~~341		109,~~167~~232		146,~~511~~796		2617,~~181~~369
Total outside the United States		—		1,503		10,167		59,319		70,989

Total	$	39,338	$	41,185	$	23,895	$	216,098	$	320,516
Total outside the United States		-		1,341		9,232		52,654		63,227

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

(in thousands)	National Retail Solutions		Fintech		net2phone		Traditional Communications		Total
Three Months Ended January 31, 2025
United States	$	32,976	$	35,620	$	12,483	$	158,953	$	240,032
Outside the United States:
United Kingdom		—		—		—		45,789		45,789
Other		—		1,219		9,005		7,304		17,528
Total outside the United States		—		1,219		9,005		53,093		63,317
Total	$	32,976	$	36,839	$	21,488	$	212,046	$	303,349

(in thousands)	National Retail Solutions		Fintech		net2phone		Traditional Communications		Total
Six Months Ended January 31, 2026
United States	$	76,421	$	80,767	$	27,285	$	318,594	$	503,067
Outside the United States:
United Kingdom		—		—		—		88,882		88,882
Other		—		3,147		20,064		28,108		51,319
Total outside the United States		—		3,147		20,064		116,990		140,201
Total	$	76,421	$	83,914	$	47,349	$	435,584	$	643,268

Table of Contents

(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)	~~National Retail Solutions~~NRS		Fintech		net2phone		Traditional Communications		Total
Six Months Ended January 31, 2025
Nine Months Ended April 30, 2025
United States	$	6394,~~338~~483	$	71108,~~509~~786	$	2437,~~776~~534	$	~~324~~481,~~174~~752	$	~~483~~722,~~797~~555
Outside the United States:
United Kingdom		—-		—-		—-		93139,~~746~~604		93139,~~746~~604
Other		—-		23,~~400~~741		1827,~~332~~565		1421,~~640~~436		3552,~~372~~742
Total outside the United States		—		2,400		18,332		108,386		129,118

Total	$	63,338	$	73,909	$	43,108	$	432,560	$	612,915
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 ~~January 31~~30, 2026. The table excludes contracts that had an original expected duration of one year or less.

Schedule of Estimated Revenue by Business Segment

(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

(in thousands)	National Retail Solutions		net2phone		Total
Twelve-month period ending January 31:
20271	$	8,611	$	43,027	$	51,638
20281		6,322		23,799		30,121
Thereafter0		4,129		8,464		12,593
Total0	$	19,062	$	75,290	$	94,352

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 ~~would~~records ~~record~~ 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 ~~prepaid~~ 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”.”

Table of Contents

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:

Schedule of Information About Contract Liabilities

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

	2026		2025		2026		2025
	Three Months Ended January 31,				Six Months Ended January 31,
	2026		2025		2026		2025
	(in thousands)
Revenue recognized	$	11,378	$	12,936	$	13,294	$	17,123

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

Receivables and contract balances from contracts with customers during the six months ended January 31, 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

Schedule of Receivables Contract from Customer

(in thousands)	Account Receivables, net				Deferred Revenue
	2026		2025		2026		2025
Beginning of period	$	44,932	$	42,215	$	27,726	$	30,364
End of period	$	42,717	$	45,127	$	27,022	$	28,384

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:

Schedule of Deferred Customer Contract Acquisition Costs

(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

	January 31, 2026		July 31, 2025
	(in thousands)
Deferred customer contract acquisition costs included in “Other current assets”	$	7,027	$	6,547
Deferred customer contract acquisition costs included in “Other assets”		4,869		4,789
Total	$	11,896	$	11,336

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

Schedule of Amortization of Deferred Customer Contract Acquisition Costs

	*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

	2026		2025		2026		2025
	Three Months Ended January 31,				Six Months Ended January 31,
	2026		2025		2026		2025
	(in thousands)
Amortization of deferred customer contract acquisition costs	$	1,377	$	1,435	$	2,772	$	2,933

~~Note 4—Leases~~Table of Contents

~~The Company’s~~Note ~~leases~~5—Leases primarily consist of operating leases for office space. These leases have remaining terms 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. The Company has concluded that it is not reasonably certain that it would exercise any of these options.

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:

Schedule of Supplemental Disclosures Related to the Company’s Operating Leases

	*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

	2026			2025			2026		2025
	April 30, 2026			July 31, 2025
	Three Months Ended January 31,						Six Months Ended January 31,
Weighted-average remaining lease term - operating leases (years)		2.3			2.7
	2026			2025			2026		2025
Weighted-average discount rate - operating leases		5.7	%		5.2	%
	(in thousands)
Operating lease cost	$	546		$	590		$	1,080	$	1,191
Short-term lease cost		230			249			231		506
Total lease cost	$	776		$	839		$	1,311	$	1,697
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	249		$	613		$	514	$	1,227
Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases	$	249		$	613		$	514	$	1,227

~~Schedule~~ In the nine months ended April 30, 2026 and 2025, the Company obtained right-of-use ~~Supplemental~~assets ~~Disclosure~~of $0.1 million ~~Related~~and $0.4 million, ~~Weighted~~respectively, ~~Average~~in ~~Operating~~exchange ~~Lease~~for new operating lease liabilities.

	January 31, 2026			July 31, 2025
Weighted-average remaining lease term-operating leases		2.4 years			2.7 years
Weighted-average discount rate-operating leases		5.7	%		5.2	%

In the six months ended January 31, 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:

Schedule of Aggregate Operating Lease Liability

(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

	January 31, 2026		July 31, 2025
	(in thousands)
Operating lease liabilities included in “Other current liabilities”	$	881	$	842
Operating lease liabilities included in noncurrent liabilities		753		1,103
Total	$	1,634	$	1,945

14Table of Contents

Future minimum maturities of operating lease liabilities were as follows:

Schedule of Future Minimum Maturities of Operating Lease Liabilities


(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

(in thousands)
Twelve-month period ending January 31,:
2027	$	909
2028		490
2029		197
2030		164
2031		—
Thereafter		—
Total lease payments		1,760
Less imputed interest		(126	)
Total operating lease liabilities	$	1,634

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

Note 5—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:

Schedule of Cash, Cash Equivalents, and Restricted Cash and Cash Equivalents

(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

	January 31, 2026		July 31, 2025
	(in thousands)
Cash and cash equivalents	$	210,183	$	226,505
Restricted cash and cash equivalents		126,745		115,327
Total cash, cash equivalents, and restricted cash and cash equivalents	$	336,928	$	341,832

~~Restricted cash~~Table ~~and~~of ~~cash~~Contents ~~equivalents included the following:~~

~~Schedule~~ Certain of ~~Restricted~~the ~~Cash~~electronic ~~And~~money ~~Cash~~financial ~~Equivalents~~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.

	January 31, 2026		July 31, 2025
	(in thousands)
IDT Financial Services (Gibraltar)	$	111,420	$	104,161
Disbursement payments VIE		15,145		11,000
Other		180		166
Total restricted cash and cash equivalents	$	126,745	$	115,327

Note 7—Debt Securities

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 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. In addition, the Disbursement Payments VIE is contractually required to use customer funds only for the customers’ pending money disbursements.

Note 6—Debt Securities

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

Schedule of Available-for-sale 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		3		(137	)		2,783
Total	$	26,716	$	3	$	(162	)	$	26,557

July 31, 2025
U.S. Treasury bills and notes	$	12,953	$	-	$	(27	)	$	12,926
Government sponsored enterprise notes		5,554		-		(4	)		5,550
Corporate bonds		3,367		2		(196	)		3,173
Total	$	21,874	$	2	$	(227	)	$	21,649

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
January 31, 2026:
U.S. Treasury bills and notes	$	16,369	$	1	$	(14	)	$	16,356
Government sponsored enterprise notes		6,259		1		—			6,260
Corporate bonds		3,119		5		(133	)		2,991
Total	$	25,747	$	7	$	(147	)	$	25,607
July 31, 2025:
U.S. Treasury bills and notes	$	12,953	$	—	$	(27	)	$	12,926
Government sponsored enterprise notes		5,554		—		(4	)		5,550
Corporate bonds		3,367		2		(196	)		3,173
Total	$	21,874	$	2	$	(227	)	$	21,649

The gross unrealized losses in the table above are recorded in “Accumulated other comprehensive loss” in the condensed consolidated balance sheets. As of April 30, 2026, the Company determined that the unrealized losses were due to changes in interest rates or market liquidity and were not due to credit losses. In addition, as of April 30, 2026 and July 31, 2025, the Company did not intend to sell any of the securities with unrealized losses, and it is not more likely than not that the Company will be required to sell any of these securities before recovery of the unrealized losses, which may be at maturity.

~~The~~Proceeds ~~gross~~from ~~unrealized losses~~maturities inand ~~the~~sales ~~table~~of ~~above~~debt ~~are~~securities ~~recorded~~and inredemptions ~~“Accumulated other comprehensive loss” in the condensed consolidated balance sheets. As~~ of ~~January~~equity ~~31,~~investments ~~2026, the Company determined that the unrealized losses~~ were $34.6 million ~~due to changes in interest rates or market liquidity~~ and ~~were~~ ~~not due to credit losses~~$35.0 Inmillion ~~addition,~~in asthe nine ofmonths ~~January~~ended April 3130, 2026 and ~~July 31,~~ 2025, ~~the~~respectively. ~~Company~~Realized ~~did~~gains ~~not~~or ~~intend~~realized tolosses ~~sell~~from ~~any~~sales of ~~the~~debt securities ~~with~~ ~~unrealized~~were ~~losses, and it is~~ not ~~more~~material ~~likely~~in ~~than not that~~ the nine ~~Company~~months ~~will~~ended April ~~be required to sell any of these securities before recovery of the unrealized losses~~30, ~~which~~2026 ~~may~~and ~~be at maturity~~2025.

~~Proceeds~~The ~~from~~ contractual maturities ~~and sales~~ of ~~debt securities and redemptions of equity investments were $17.4 million and $16.8 million in~~ the ~~six~~Company’s ~~months~~available-for-sale ~~ended January 31, 2026 and 2025, respectively. There were no realized gains or realized losses from sales of~~ debt securities inat April ~~the six months ended January 31~~30, 2026 were ~~and~~as ~~2025.~~follows:

The contractual maturities of the Company’s available-for-sale debt securities at January 31, 2026 were as follows:

(in thousands)	*Fair Value*
Within one year	$	24,512
After one year to five years		1,796
After five years to ten years		239
After ten years		10
Total	$	26,557

~~Schedule of Contractual Maturities of Available-for-sale Debt Securities~~19

	Fair Value
	(in thousands)
Within one year	$	23,108
After one year through five years		2,177
After five years through ten years		312
After ten years		10
Total	$	25,607

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The following table includes the fair value of the Company’s available-for-sale debt securities that were in an unrealized loss position:

Schedule of Available-for-sale Securities, Unrealized Loss Position

(in thousands)	*Unrealized Losses*			*Fair Value*
April 30, 2026
U.S. Treasury bills and notes	$	(15	)	$	15,784
Government sponsored enterprise notes		(10	)		7,990
Corporate bonds		(137	)		2,783
Total	$	(162	)	$	26,557

July 31, 2025
U.S. Treasury bills and notes	$	(27	)	$	12,926
Government sponsored enterprise notes		(4	)		5,550
Corporate bonds		(196	)		2,976
Total	$	(227	)	$	21,452

	Unrealized Losses		Fair Value
	(in thousands)
January 31, 2026:
U.S. Treasury bills and notes	$	14	$	16,356
Government sponsored enterprise notes		—		6,259
Corporate bonds		133		2,992
Total	$	147	$	25,607
July 31, 2025:
U.S. Treasury bills and notes	$	27	$	12,926
Government sponsored enterprise notes		4		5,550
Corporate bonds		196		2,976
Total	$	227	$	21,452

The following available-for-sale debt securities included in the table above were in a continuous unrealized loss position for 12 months or longer:

Schedule of Continuous Unrealized Loss Position for 12 Months or Longer

(in thousands)	Unrealized Losses			Fair Value
April 30, 2026
U.S. Treasury bills and notes	$	(9	)	$	337
Corporate bonds		(136	)		2,462
Total	$	(145	)	$	2,799

July 31, 2025
U.S. Treasury bills and notes	$	(19	)	$	329
Corporate bonds		(195	)		2,967
Total	$	(214	)	$	3,296

	Unrealized Losses		Fair Value
	(in thousands)
January 31, 2026:
U.S. Treasury bills and notes	$	11	$	335
Corporate bonds		132		2,668
Total	$	143	$	3,003
July 31, 2025:
U.S. Treasury bills and notes	$	19	$	329
Corporate bonds		195		2,967
Total	$	214	$	3,296

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Note 7 8—Equity Investments

Equity investments consist of the following:

Schedule of Equity Investments

(in thousands)	*April 30, 2026*		*July 31, 2025*
Zedge, Inc. Class B common stock, 42,282 shares at April 30, 2026 and July 31, 2025	$	141	$	170
Rafael Holdings, Inc. Class B common stock, 446,932 shares at April 30, 2026 and July 31, 2025		568		755
Other marketable equity securities		6,385		146
Fixed income mutual funds		2,819		4,566
Current equity investments	$	9,913	$	5,637

Visa Inc. Series C Convertible Participating Preferred Stock ("Visa Series C Preferred")	$	346	$	902
Hedge funds		4,156		3,031
Other		1,377		2,725
Noncurrent equity investments	$	5,879	$	6,658

	January 31, 2026		July 31, 2025
	(in thousands)
Zedge, Inc. Class B common stock, 42,282 shares at January 31, 2026 and July 31, 2025	$	131	$	170
Rafael Holdings, Inc. Class B common stock, 446,932 shares at January 31, 2026 and July 31, 2025		518		755
Other marketable equity securities		5,024		146
Fixed income mutual funds		4,715		4,566
Current equity investments	$	10,388	$	5,637
Visa Inc. Series C Convertible Participating Preferred Stock (“Visa Series C Preferred”)	$	338	$	902
Convertible preferred stock—equity method investment		1		—
Hedge funds		3,116		3,031
Other		1,724		2,725
Noncurrent equity investments	$	5,179	$	6,658

Howard Jonas, the Chairman of the Company and the Chairman of the Company’s Board of Directors is also the Vice-Chairman of the Board of Directors of Zedge, Inc. (“Zedge”) and the Chairman of the Board of Directors, Executive Chairman, Chief Executive Officer and President of Rafael Holdings, Inc. (“Rafael”).

In June 2025, pursuant to a Rafael rights offering, the Company purchased 168,122 shares of Rafael Class B common stock for an aggregate of $0.2 million.

In June 2016, upon the acquisition of Visa Europe Limited by Visa, Inc. (“Visa”), IDT Financial Services received 1,830 shares of Visa Series C Preferred among other consideration. In July 2024, in connection with Visa’s mandatory release assessment, the Company received 33 shares of Visa’s Series A Preferred. In August 2024, the 33 shares of Visa Series A Preferred were converted into 3,300 shares of Visa Class A common stock, which the Company sold for $0.9 million.

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The changes in the carrying value of the Company’s equity investments without readily determinable fair values for which the Company elected the measurement alternative was as follows:

Schedule of Carrying Value of Equity Investments

	Three Months Ended April 30,				Nine Months Ended April 30,
(in thousands)	2026		2025		2026			2025
Balance, beginning of period	$	1,104	$	1,161	$	1,171		$	964
Adjustment for observable transactions involving a similar investment from the same issuer		8		10		(559	)		207
Upward adjustment		-		-		-			-
Purchase		150		-		650			-
Redemptions		-		-		-			-
Impairments		-		-		-			-
Balance, end of period	$	1,262	$	1,171	$	1,262		$	1,171

	Three Months Ended January 31,					Six Months Ended January 31,
	2026			2025		2026			2025
	(in thousands)
Balance, beginning of period	$	650		$	1,027	$	1,171		$	964
Adjustment for observable transactions involving a similar investment from the same issuer		(45	)		134		(566	)		197
Upward adjustment		—			—		—			—
Purchase		500			—		500			—
Redemption		—			—		—			—
Impairments		—			—		—			—
Balance, end of the period	$	1,105		$	1,161	$	1,105		$	1,161

The Company adjusted the carrying value of the shares of Visa Series C Preferred it held based on the fair value of Visa Class A common stock, including a discount for lack of current marketability, which is classified as “Adjustment for observable transactions involving a similar investment from the same issuer” in the table above. The Certificate of Designation with respect to the shares of Visa Series C Preferred restricts the transferability of the shares, there is no public market for the shares, and none is expected to develop. The shares become fully convertible into shares of Visa Class A common stock in June 2028.

In January 2026, the Company acquired an equity interest in a privately-owned Israeli company, for total consideration of $1.0 million, consisting of $500,000 paid at closing and an additional $500,000 payable upon the successful launch of the investee’s mobile application. The investment is accounted for under the measurement alternative in accordance with ASC 321, Investments—Equity Securities, because the investment does not have a readily determinable fair value and the Company does not have significant influence over the investee.

Unrealized (losses) gains for all equity investments measured at fair value included the following:

Schedule of Unrealized Gains (losses) Gains for All Equity Investments

	*Three Months Ended April 30,*				*Nine Months Ended April 30,*
(in thousands)	*2026*		*2025*		*2026*		*2025*
Net gains recognized during the period on equity investments	$	1,275	$	359	$	838	$	1,133
Less: net gains (losses) recognized during the period on equity investments sold during the period		-		-		-		-
Unrealized gains recognized during the period on equity investments still held at the reporting date	$	1,275	$	359	$	838	$	1,133

	Three Months Ended January 31,					Six Months Ended January 31,
	2026			2025		2026			2025
	(in thousands)
Net (losses) gains recognized during the period on equity investments	$	(180	)	$	396	$	(437	)	$	774
Less: net gains recognized during the period on equity investments sold during the period		—			—		—			—
Unrealized (losses) gains recognized during the period on equity investments still held at the reporting date	$	(180	)	$	396	$	(437	)	$	774

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The unrealized (losses) gains and for all equity investments measured at fair value in the table above included the following:

	Three Months Ended January 31,						Six Months Ended January 31,
	Three Months Ended April 30,						Nine Months Ended April 30,
	2026			2025			2026			2025
(in thousands)	2026			2025			2026			2025
	(in thousands)
Unrealized gains (losses) recognized on equity investments:
Unrealized (losses) gains recognized during the period on equity investments:
Rafael Class B common stock	$	50		$	(134	)	$	(187	)	$	25
Rafael Class B common stock	$	(90	)	$	58		$	(237	)	$	158

Zedge Class B common stock	$	259		$	(1512	)	$	(3829	)	$	(3851	)
Equity securities unrealized gain loss	$	25		$	(15	)	$	(38	)	$	(38	)

Equity Method Investment

The Company has an investment in shares of convertible preferred stock of MarketSpark, Inc., a communications company (“MarketSpark”). As of both April ~~January 31~~30, 2026 and July 31, 2025, the Company’s ownership was 33.4% of MarketSpark’s outstanding shares on an as converted basis. The Company accounts for this investment using the equity method since the Company can exercise significant influence over the operating and financial policies of MarketSpark but does not have a controlling interest.

The Company determined that on the dates of the acquisitions of MarketSpark’s shares, there were differences between its investment in MarketSpark and its proportional interest in the equity of MarketSpark of an aggregate of $8.2 million, which represented the share of MarketSpark’s customer list on the dates of the acquisitions attributed to the Company’s interest in MarketSpark. These basis differences are being amortized over the 6-year estimated life of the customer list. In the accompanying condensed consolidated statements of income, amortization of equity method basis difference is included in the equity in the net loss of investee, which is recorded in “Other income ~~(expense)~~, net” (see Note 1718).

The following table summarizes the change in the balance of the Company’s equity method investment:

Summary of Changes in Equity Method Investments

	*Three Months Ended April 30,*						*Nine Months Ended April 30,*
(in thousands)	*2026*			*2025*			*2026*			*2025*
Balance, beginning of period	$	(1,227	)	$	752		$	(397	)	$	1,338
Purchase of convertible preferred stock		-			253			-			926
Equity in the net loss of MarketSpark		2			(405	)		(143	)		(978	)
Amortization of equity method basis difference		(342	)		(342	)		(1,027	)		(1,028	)
Balance, end of period	$	(1,567	)	$	258		$	(1,567	)	$	258

	Three Months Ended January 31,						Six Months Ended January 31,
	2026			2025			2026			2025
	(in thousands)
Balance, beginning of period	$	(804	)	$	1,231		$	(397	)	$	1,338
Purchase of convertible preferred stock		—			—			—			673
Equity in the net loss of investee		(81	)		(137	)		(145	)		(574	)
Amortization of equity method basis difference		(341	)		(342	)		(684	)		(685	)
Balance, end of the period	$	(1,226	)	$	752		$	(1,226	)	$	752

In February 2025, the Company entered into a loan agreement with MarketSpark to provide a revolving credit facility with an aggregate principal amount of up to $2.0 million. Borrowings under the facility bear interest at 12% per annum payable semiannually, and are due and payable in February 2027. In February 2025, the Company loaned MarketSpark $0.5 million under the revolving credit facility. In May 2025, June 2025 and July 2025, the Company loaned MarketSpark an additional aggregate amount of $1.4 million. As of April 30, 2026, $1.9 million of principal was outstanding under the revolving credit facility.

In February 2025, the Company entered into a loan agreement with MarketSpark to provide a revolving credit facility with an aggregate principal amount of up to $2.0 million. Borrowings under the facility bear interest at 12% per annum payable semiannually, and are due and payable in February 2027. In February 2025, the Company loaned MarketSpark $0.5 million under the revolving credit facility. In May 2025, June 2025 and July 2025, the Company loaned MarketSpark an additional aggregate amount of $1.4 million. As of January 31, 2026, $1.9 million of principal was outstanding under the revolving credit facility.

Because the Company has committed to provide up to $2.0 million in funding to MarketSpark under the revolving credit facility described above, the Company continues to recognize its share of MarketSpark’s losses even after the carrying value of its investment has been reduced to zero, up to the amount of its funding commitment.

~~Note 8—Fair Value Measurements~~23

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Note 9—Fair Value Measurements

The following table presents the balance of assets and liabilities measured at fair value on a recurring basis:

Schedule of Balance of Assets Measured at Fair Value on a Recurring Basis

	*April 30, 2026*
(in thousands)	*Level 1*		*Level 2*		*Level 3*			*Total*
Assets:
Debt securities	$	15,784	$	10,773	$	-		$	26,557
Equity investments in current assets		9,913		-		-			9,913
Equity investments in noncurrent assets		-		500		346			846
Total	$	25,697	$	11,273	$	346		$	37,316

Acquisition consideration included in:
Other current liabilities	$	-	$	-	$	(343	)	$	(343	)
Other noncurrent liabilities		-		-		(267	)		(267	)
Total	$	-	$	-	$	(610	)	$	(610	)

	Level 1 (1)		Level 2 (2)		Level 3 (3)			Total
	July 31, 2025
(in thousands)	~~(in~~Level ~~thousands)~~1		Level 2		Level 3			Total
January 31, 2026
Assets:
Debt securities	$	1612,~~356~~926	$	98,~~251~~723	$	—-		$	2521,~~607~~649
Equity investments included in current assets		10,388		—		—			10,388
Equity investments in current assets		5,637		-		-			5,637
Equity investments included in noncurrent assets		—		—		338			338
Equity investments in noncurrent assets		-		2,500		902			3,402
Total	$	2618,~~744~~563	$	911,~~251~~223	$	~~338~~902		$	3630,~~333~~688
Acquisition consideration included in:

Other current liabilities	$	—	$	—	$	(343	)	$	(343	)
Acquisition consideration included in:
Other noncurrent liabilities		—		—		(267	)		(267	)
Other current liabilities	$	-	$	-	$	-		$	-
Total	$	—	$	—	$	(610	)	$	(610	)
Other noncurrent liabilities		-		-		(610	)		(610	)
July 31, 2025
Total	$	-	$	-	$	(610	)	$	(610	)
Debt securities	$	12,926	$	8,723	$	—		$	21,649
Equity investments included in current assets		5,637		—		—			5,637
Equity investments included in noncurrent assets		—		2,500		902			3,402
Total	$	18,563	$	11,223	$	902		$	30,688
Acquisition consideration included in:
Other current liabilities	$	—	$	—	$	—		$	—
Other noncurrent liabilities		—		—		(610	)		(610	)
Total	$	—	$	—	$	(610	)	$	(610	)

(Level 1) – quoted prices in active markets for identical assets or liabilities

(Level 2) – observable inputs other than quoted prices in active markets for identical assets and liabilities

(Level 3) – no observable pricing inputs in the market

At ~~January~~ April 3130, 2026 and July 31, 2025, the Company had $34.12 million and $3.0 million, respectively, in investments in hedge funds, which were included in noncurrent “Equity investments” in the accompanying condensed consolidated balance sheets. The Company’s investments in hedge funds were accounted for using the equity method, therefore they were not measured at fair value.

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The following table summarizes the change in the balance of the Company’s assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3):

Filing Compare · IDT CORP