false Q3 --07-31 0001005731 http://fasb.org/us-gaap/2024#OtherLiabilitiesCurrent http://fasb.org/us-gaap/2024#OtherLiabilitiesCurrent http://fasb.org/us-gaap/2024#NonoperatingIncomeExpense http://fasb.org/us-gaap/2024#NonoperatingIncomeExpense http://fasb.org/us-gaap/2024#NonoperatingIncomeExpense http://fasb.org/us-gaap/2024#NonoperatingIncomeExpense http://fasb.org/us-gaap/2024#OtherOperatingIncomeExpenseNet http://fasb.org/us-gaap/2024#OtherOperatingIncomeExpenseNet http://fasb.org/us-gaap/2024#OtherOperatingIncomeExpenseNet http://fasb.org/us-gaap/2024#OtherOperatingIncomeExpenseNet http://fasb.org/us-gaap/2024#OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax http://fasb.org/us-gaap/2024#OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax http://fasb.org/us-gaap/2024#OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax http://fasb.org/us-gaap/2024#OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax 0001005731 2024-08-01 2025-04-30 0001005731 us-gaap:CommonClassAMember 2024-08-01 2025-04-30 0001005731 us-gaap:CommonClassAMember 2025-06-04 0001005731 us-gaap:CommonClassBMember 2024-08-01 2025-04-30 0001005731 us-gaap:CommonClassBMember 2025-06-04 0001005731 2025-04-30 0001005731 2024-07-31 0001005731 us-gaap:CommonClassAMember 2025-04-30 0001005731 us-gaap:CommonClassAMember 2024-07-31 0001005731 us-gaap:CommonClassBMember 2025-04-30 0001005731 us-gaap:CommonClassBMember 2024-07-31 0001005731 2025-02-01 2025-04-30 0001005731 2024-02-01 2024-04-30 0001005731 2023-08-01 2024-04-30 0001005731 us-gaap:OperatingExpenseMember 2025-02-01 2025-04-30 0001005731 us-gaap:OperatingExpenseMember 2024-02-01 2024-04-30 0001005731 us-gaap:OperatingExpenseMember 2024-08-01 2025-04-30 0001005731 us-gaap:OperatingExpenseMember 2023-08-01 2024-04-30 0001005731 us-gaap:CommonStockMember us-gaap:CommonClassAMember 2025-01-31 0001005731 us-gaap:CommonStockMember us-gaap:CommonClassBMember 2025-01-31 0001005731 us-gaap:AdditionalPaidInCapitalMember 2025-01-31 0001005731 us-gaap:TreasuryStockCommonMember 2025-01-31 0001005731 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-01-31 0001005731 us-gaap:RetainedEarningsMember 2025-01-31 0001005731 us-gaap:NoncontrollingInterestMember 2025-01-31 0001005731 2025-01-31 0001005731 us-gaap:CommonStockMember us-gaap:CommonClassAMember 2025-02-01 2025-04-30 0001005731 us-gaap:CommonStockMember us-gaap:CommonClassBMember 2025-02-01 2025-04-30 0001005731 us-gaap:AdditionalPaidInCapitalMember 2025-02-01 2025-04-30 0001005731 us-gaap:TreasuryStockCommonMember 2025-02-01 2025-04-30 0001005731 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-02-01 2025-04-30 0001005731 us-gaap:RetainedEarningsMember 2025-02-01 2025-04-30 0001005731 us-gaap:NoncontrollingInterestMember 2025-02-01 2025-04-30 0001005731 us-gaap:CommonStockMember us-gaap:CommonClassAMember 2025-04-30 0001005731 us-gaap:CommonStockMember us-gaap:CommonClassBMember 2025-04-30 0001005731 us-gaap:AdditionalPaidInCapitalMember 2025-04-30 0001005731 us-gaap:TreasuryStockCommonMember 2025-04-30 0001005731 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-04-30 0001005731 us-gaap:RetainedEarningsMember 2025-04-30 0001005731 us-gaap:NoncontrollingInterestMember 2025-04-30 0001005731 us-gaap:CommonStockMember us-gaap:CommonClassAMember 2024-07-31 0001005731 us-gaap:CommonStockMember us-gaap:CommonClassBMember 2024-07-31 0001005731 us-gaap:AdditionalPaidInCapitalMember 2024-07-31 0001005731 us-gaap:TreasuryStockCommonMember 2024-07-31 0001005731 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-07-31 0001005731 us-gaap:RetainedEarningsMember 2024-07-31 0001005731 us-gaap:NoncontrollingInterestMember 2024-07-31 0001005731 us-gaap:CommonStockMember us-gaap:CommonClassAMember 2024-08-01 2025-04-30 0001005731 us-gaap:CommonStockMember us-gaap:CommonClassBMember 2024-08-01 2025-04-30 0001005731 us-gaap:AdditionalPaidInCapitalMember 2024-08-01 2025-04-30 0001005731 us-gaap:TreasuryStockCommonMember 2024-08-01 2025-04-30 0001005731 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-08-01 2025-04-30 0001005731 us-gaap:RetainedEarningsMember 2024-08-01 2025-04-30 0001005731 us-gaap:NoncontrollingInterestMember 2024-08-01 2025-04-30 0001005731 us-gaap:CommonStockMember us-gaap:CommonClassAMember 2024-01-31 0001005731 us-gaap:CommonStockMember us-gaap:CommonClassBMember 2024-01-31 0001005731 us-gaap:AdditionalPaidInCapitalMember 2024-01-31 0001005731 us-gaap:TreasuryStockCommonMember 2024-01-31 0001005731 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-01-31 0001005731 us-gaap:RetainedEarningsMember 2024-01-31 0001005731 us-gaap:NoncontrollingInterestMember 2024-01-31 0001005731 2024-01-31 0001005731 us-gaap:CommonStockMember us-gaap:CommonClassAMember 2024-02-01 2024-04-30 0001005731 us-gaap:CommonStockMember us-gaap:CommonClassBMember 2024-02-01 2024-04-30 0001005731 us-gaap:AdditionalPaidInCapitalMember 2024-02-01 2024-04-30 0001005731 us-gaap:TreasuryStockCommonMember 2024-02-01 2024-04-30 0001005731 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-02-01 2024-04-30 0001005731 us-gaap:RetainedEarningsMember 2024-02-01 2024-04-30 0001005731 us-gaap:NoncontrollingInterestMember 2024-02-01 2024-04-30 0001005731 us-gaap:CommonStockMember us-gaap:CommonClassAMember 2024-04-30 0001005731 us-gaap:CommonStockMember us-gaap:CommonClassBMember 2024-04-30 0001005731 us-gaap:AdditionalPaidInCapitalMember 2024-04-30 0001005731 us-gaap:TreasuryStockCommonMember 2024-04-30 0001005731 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-04-30 0001005731 us-gaap:RetainedEarningsMember 2024-04-30 0001005731 us-gaap:NoncontrollingInterestMember 2024-04-30 0001005731 2024-04-30 0001005731 us-gaap:CommonStockMember us-gaap:CommonClassAMember 2023-07-31 0001005731 us-gaap:CommonStockMember us-gaap:CommonClassBMember 2023-07-31 0001005731 us-gaap:AdditionalPaidInCapitalMember 2023-07-31 0001005731 us-gaap:TreasuryStockCommonMember 2023-07-31 0001005731 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-07-31 0001005731 us-gaap:RetainedEarningsMember 2023-07-31 0001005731 us-gaap:NoncontrollingInterestMember 2023-07-31 0001005731 2023-07-31 0001005731 us-gaap:CommonStockMember us-gaap:CommonClassAMember 2023-08-01 2024-04-30 0001005731 us-gaap:CommonStockMember us-gaap:CommonClassBMember 2023-08-01 2024-04-30 0001005731 us-gaap:AdditionalPaidInCapitalMember 2023-08-01 2024-04-30 0001005731 us-gaap:TreasuryStockCommonMember 2023-08-01 2024-04-30 0001005731 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-08-01 2024-04-30 0001005731 us-gaap:RetainedEarningsMember 2023-08-01 2024-04-30 0001005731 us-gaap:NoncontrollingInterestMember 2023-08-01 2024-04-30 0001005731 IDT:NetTwophoneTwoZeroIncMember 2025-04-30 0001005731 IDT:NationalRetailSolutionsMember 2025-04-30 0001005731 IDT:NetTwophoneTwoZeroIncMember 2024-08-01 2025-04-30 0001005731 IDT:NationalRetailSolutionsMember 2024-08-01 2025-04-30 0001005731 srt:ScenarioPreviouslyReportedMember 2024-07-31 0001005731 srt:ScenarioPreviouslyReportedMember 2023-08-01 2024-04-30 0001005731 IDT:NationalRetailSolutionsMember 2025-02-01 2025-04-30 0001005731 IDT:FintechMember 2025-02-01 2025-04-30 0001005731 IDT:Net2phoneMember 2025-02-01 2025-04-30 0001005731 IDT:TraditionalCommunicationsMember 2025-02-01 2025-04-30 0001005731 us-gaap:CorporateMember 2025-02-01 2025-04-30 0001005731 IDT:NationalRetailSolutionsMember 2024-02-01 2024-04-30 0001005731 IDT:FintechMember 2024-02-01 2024-04-30 0001005731 IDT:Net2phoneMember 2024-02-01 2024-04-30 0001005731 IDT:TraditionalCommunicationsMember 2024-02-01 2024-04-30 0001005731 us-gaap:CorporateMember 2024-02-01 2024-04-30 0001005731 IDT:NationalRetailSolutionsMember 2024-08-01 2025-04-30 0001005731 IDT:FintechMember 2024-08-01 2025-04-30 0001005731 IDT:Net2phoneMember 2024-08-01 2025-04-30 0001005731 IDT:TraditionalCommunicationsMember 2024-08-01 2025-04-30 0001005731 us-gaap:CorporateMember 2024-08-01 2025-04-30 0001005731 IDT:NationalRetailSolutionsMember 2023-08-01 2024-04-30 0001005731 IDT:FintechMember 2023-08-01 2024-04-30 0001005731 IDT:Net2phoneMember 2023-08-01 2024-04-30 0001005731 IDT:TraditionalCommunicationsMember 2023-08-01 2024-04-30 0001005731 us-gaap:CorporateMember 2023-08-01 2024-04-30 0001005731 IDT:BOSSRevolutionMoneyTransferMember IDT:FintechMember 2025-02-01 2025-04-30 0001005731 IDT:BOSSRevolutionMoneyTransferMember IDT:FintechMember 2024-02-01 2024-04-30 0001005731 IDT:BOSSRevolutionMoneyTransferMember IDT:FintechMember 2024-08-01 2025-04-30 0001005731 IDT:BOSSRevolutionMoneyTransferMember IDT:FintechMember 2023-08-01 2024-04-30 0001005731 IDT:OtherMember IDT:FintechMember 2025-02-01 2025-04-30 0001005731 IDT:OtherMember IDT:FintechMember 2024-02-01 2024-04-30 0001005731 IDT:OtherMember IDT:FintechMember 2024-08-01 2025-04-30 0001005731 IDT:OtherMember IDT:FintechMember 2023-08-01 2024-04-30 0001005731 IDT:IDTDigitalPaymentsMember IDT:TraditionalCommunicationsMember 2025-02-01 2025-04-30 0001005731 IDT:IDTDigitalPaymentsMember IDT:TraditionalCommunicationsMember 2024-02-01 2024-04-30 0001005731 IDT:IDTDigitalPaymentsMember IDT:TraditionalCommunicationsMember 2024-08-01 2025-04-30 0001005731 IDT:IDTDigitalPaymentsMember IDT:TraditionalCommunicationsMember 2023-08-01 2024-04-30 0001005731 IDT:BOSSRevolutionMember IDT:TraditionalCommunicationsMember 2025-02-01 2025-04-30 0001005731 IDT:BOSSRevolutionMember IDT:TraditionalCommunicationsMember 2024-02-01 2024-04-30 0001005731 IDT:BOSSRevolutionMember IDT:TraditionalCommunicationsMember 2024-08-01 2025-04-30 0001005731 IDT:BOSSRevolutionMember IDT:TraditionalCommunicationsMember 2023-08-01 2024-04-30 0001005731 IDT:IDTGlobalMember IDT:TraditionalCommunicationsMember 2025-02-01 2025-04-30 0001005731 IDT:IDTGlobalMember IDT:TraditionalCommunicationsMember 2024-02-01 2024-04-30 0001005731 IDT:IDTGlobalMember IDT:TraditionalCommunicationsMember 2024-08-01 2025-04-30 0001005731 IDT:IDTGlobalMember IDT:TraditionalCommunicationsMember 2023-08-01 2024-04-30 0001005731 IDT:OtherMember IDT:TraditionalCommunicationsMember 2025-02-01 2025-04-30 0001005731 IDT:OtherMember IDT:TraditionalCommunicationsMember 2024-02-01 2024-04-30 0001005731 IDT:OtherMember IDT:TraditionalCommunicationsMember 2024-08-01 2025-04-30 0001005731 IDT:OtherMember IDT:TraditionalCommunicationsMember 2023-08-01 2024-04-30 0001005731 country:US IDT:NationalRetailSolutionsMember 2025-02-01 2025-04-30 0001005731 country:US IDT:FintechMember 2025-02-01 2025-04-30 0001005731 country:US IDT:Net2phoneMember 2025-02-01 2025-04-30 0001005731 country:US IDT:TraditionalCommunicationsMember 2025-02-01 2025-04-30 0001005731 country:US 2025-02-01 2025-04-30 0001005731 country:GB IDT:NationalRetailSolutionsMember 2025-02-01 2025-04-30 0001005731 country:GB IDT:FintechMember 2025-02-01 2025-04-30 0001005731 country:GB IDT:Net2phoneMember 2025-02-01 2025-04-30 0001005731 country:GB IDT:TraditionalCommunicationsMember 2025-02-01 2025-04-30 0001005731 country:GB 2025-02-01 2025-04-30 0001005731 IDT:OthersMember IDT:NationalRetailSolutionsMember 2025-02-01 2025-04-30 0001005731 IDT:OthersMember IDT:FintechMember 2025-02-01 2025-04-30 0001005731 IDT:OthersMember IDT:Net2phoneMember 2025-02-01 2025-04-30 0001005731 IDT:OthersMember IDT:TraditionalCommunicationsMember 2025-02-01 2025-04-30 0001005731 IDT:OthersMember 2025-02-01 2025-04-30 0001005731 us-gaap:NonUsMember IDT:NationalRetailSolutionsMember 2025-02-01 2025-04-30 0001005731 us-gaap:NonUsMember IDT:FintechMember 2025-02-01 2025-04-30 0001005731 us-gaap:NonUsMember IDT:Net2phoneMember 2025-02-01 2025-04-30 0001005731 us-gaap:NonUsMember IDT:TraditionalCommunicationsMember 2025-02-01 2025-04-30 0001005731 us-gaap:NonUsMember 2025-02-01 2025-04-30 0001005731 country:US IDT:NationalRetailSolutionsMember 2024-02-01 2024-04-30 0001005731 country:US IDT:FintechMember 2024-02-01 2024-04-30 0001005731 country:US IDT:Net2phoneMember 2024-02-01 2024-04-30 0001005731 country:US IDT:TraditionalCommunicationsMember 2024-02-01 2024-04-30 0001005731 country:US 2024-02-01 2024-04-30 0001005731 country:GB IDT:NationalRetailSolutionsMember 2024-02-01 2024-04-30 0001005731 country:GB IDT:FintechMember 2024-02-01 2024-04-30 0001005731 country:GB IDT:Net2phoneMember 2024-02-01 2024-04-30 0001005731 country:GB IDT:TraditionalCommunicationsMember 2024-02-01 2024-04-30 0001005731 country:GB 2024-02-01 2024-04-30 0001005731 IDT:OthersMember IDT:NationalRetailSolutionsMember 2024-02-01 2024-04-30 0001005731 IDT:OthersMember IDT:FintechMember 2024-02-01 2024-04-30 0001005731 IDT:OthersMember IDT:Net2phoneMember 2024-02-01 2024-04-30 0001005731 IDT:OthersMember IDT:TraditionalCommunicationsMember 2024-02-01 2024-04-30 0001005731 IDT:OthersMember 2024-02-01 2024-04-30 0001005731 us-gaap:NonUsMember IDT:NationalRetailSolutionsMember 2024-02-01 2024-04-30 0001005731 us-gaap:NonUsMember IDT:FintechMember 2024-02-01 2024-04-30 0001005731 us-gaap:NonUsMember IDT:Net2phoneMember 2024-02-01 2024-04-30 0001005731 us-gaap:NonUsMember IDT:TraditionalCommunicationsMember 2024-02-01 2024-04-30 0001005731 us-gaap:NonUsMember 2024-02-01 2024-04-30 0001005731 country:US IDT:NationalRetailSolutionsMember 2024-08-01 2025-04-30 0001005731 country:US IDT:FintechMember 2024-08-01 2025-04-30 0001005731 country:US IDT:Net2phoneMember 2024-08-01 2025-04-30 0001005731 country:US IDT:TraditionalCommunicationsMember 2024-08-01 2025-04-30 0001005731 country:US 2024-08-01 2025-04-30 0001005731 country:GB IDT:NationalRetailSolutionsMember 2024-08-01 2025-04-30 0001005731 country:GB IDT:FintechMember 2024-08-01 2025-04-30 0001005731 country:GB IDT:Net2phoneMember 2024-08-01 2025-04-30 0001005731 country:GB IDT:TraditionalCommunicationsMember 2024-08-01 2025-04-30 0001005731 country:GB 2024-08-01 2025-04-30 0001005731 IDT:OthersMember IDT:NationalRetailSolutionsMember 2024-08-01 2025-04-30 0001005731 IDT:OthersMember IDT:FintechMember 2024-08-01 2025-04-30 0001005731 IDT:OthersMember IDT:Net2phoneMember 2024-08-01 2025-04-30 0001005731 IDT:OthersMember IDT:TraditionalCommunicationsMember 2024-08-01 2025-04-30 0001005731 IDT:OthersMember 2024-08-01 2025-04-30 0001005731 us-gaap:NonUsMember IDT:NationalRetailSolutionsMember 2024-08-01 2025-04-30 0001005731 us-gaap:NonUsMember IDT:FintechMember 2024-08-01 2025-04-30 0001005731 us-gaap:NonUsMember IDT:Net2phoneMember 2024-08-01 2025-04-30 0001005731 us-gaap:NonUsMember IDT:TraditionalCommunicationsMember 2024-08-01 2025-04-30 0001005731 us-gaap:NonUsMember 2024-08-01 2025-04-30 0001005731 country:US IDT:NationalRetailSolutionsMember 2023-08-01 2024-04-30 0001005731 country:US IDT:FintechMember 2023-08-01 2024-04-30 0001005731 country:US IDT:Net2phoneMember 2023-08-01 2024-04-30 0001005731 country:US IDT:TraditionalCommunicationsMember 2023-08-01 2024-04-30 0001005731 country:US 2023-08-01 2024-04-30 0001005731 country:GB IDT:NationalRetailSolutionsMember 2023-08-01 2024-04-30 0001005731 country:GB IDT:FintechMember 2023-08-01 2024-04-30 0001005731 country:GB IDT:Net2phoneMember 2023-08-01 2024-04-30 0001005731 country:GB IDT:TraditionalCommunicationsMember 2023-08-01 2024-04-30 0001005731 country:GB 2023-08-01 2024-04-30 0001005731 IDT:OthersMember IDT:NationalRetailSolutionsMember 2023-08-01 2024-04-30 0001005731 IDT:OthersMember IDT:FintechMember 2023-08-01 2024-04-30 0001005731 IDT:OthersMember IDT:Net2phoneMember 2023-08-01 2024-04-30 0001005731 IDT:OthersMember IDT:TraditionalCommunicationsMember 2023-08-01 2024-04-30 0001005731 IDT:OthersMember 2023-08-01 2024-04-30 0001005731 us-gaap:NonUsMember IDT:NationalRetailSolutionsMember 2023-08-01 2024-04-30 0001005731 us-gaap:NonUsMember IDT:FintechMember 2023-08-01 2024-04-30 0001005731 us-gaap:NonUsMember IDT:Net2phoneMember 2023-08-01 2024-04-30 0001005731 us-gaap:NonUsMember IDT:TraditionalCommunicationsMember 2023-08-01 2024-04-30 0001005731 us-gaap:NonUsMember 2023-08-01 2024-04-30 0001005731 IDT:NationalRetailSolutionsMember 2026-05-01 2025-04-30 0001005731 IDT:Net2phoneMember 2026-05-01 2025-04-30 0001005731 2026-05-01 2025-04-30 0001005731 IDT:NationalRetailSolutionsMember 2027-05-01 2025-04-30 0001005731 IDT:Net2phoneMember 2027-05-01 2025-04-30 0001005731 2027-05-01 2025-04-30 0001005731 IDT:NationalRetailSolutionsMember 2028-05-01 2025-04-30 0001005731 IDT:Net2phoneMember 2028-05-01 2025-04-30 0001005731 2028-05-01 2025-04-30 0001005731 IDT:NationalRetailSolutionsMember 2025-04-30 2025-04-30 0001005731 IDT:Net2phoneMember 2025-04-30 2025-04-30 0001005731 2025-04-30 2025-04-30 0001005731 srt:MinimumMember 2025-04-30 0001005731 srt:MaximumMember 2025-04-30 0001005731 IDT:IDTFinancialServicesGibraltarMember 2025-04-30 0001005731 IDT:IDTFinancialServicesGibraltarMember 2024-07-31 0001005731 IDT:DisbursementPaymentsVIEMember 2025-04-30 0001005731 IDT:DisbursementPaymentsVIEMember 2024-07-31 0001005731 us-gaap:FinancialInstrumentOtherMember 2025-04-30 0001005731 us-gaap:FinancialInstrumentOtherMember 2024-07-31 0001005731 us-gaap:USTreasuryBillSecuritiesMember 2025-04-30 0001005731 us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember 2025-04-30 0001005731 us-gaap:CorporateBondSecuritiesMember 2025-04-30 0001005731 us-gaap:USTreasuryBillSecuritiesMember 2024-07-31 0001005731 us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember 2024-07-31 0001005731 us-gaap:CorporateBondSecuritiesMember 2024-07-31 0001005731 IDT:GovernmentSponsoredEnterpriseNotesMember 2024-07-31 0001005731 us-gaap:CommonClassBMember IDT:ZedgeIncMember 2025-04-30 0001005731 us-gaap:CommonClassBMember IDT:ZedgeIncMember 2024-07-31 0001005731 us-gaap:CommonClassBMember IDT:RafaelHoldingsIncMember 2025-04-30 0001005731 us-gaap:CommonClassBMember IDT:RafaelHoldingsIncMember 2024-07-31 0001005731 IDT:OtherMarketableEquitySecuritiesMember 2025-04-30 0001005731 IDT:OtherMarketableEquitySecuritiesMember 2024-07-31 0001005731 us-gaap:MutualFundMember 2025-04-30 0001005731 us-gaap:MutualFundMember 2024-07-31 0001005731 IDT:SeriesCConvertiblePreferredStockMember IDT:VisaIncMember 2025-04-30 0001005731 IDT:SeriesCConvertiblePreferredStockMember IDT:VisaIncMember 2024-07-31 0001005731 IDT:SeriesAConvertiblePreferredStockMember IDT:VisaIncMember 2025-04-30 0001005731 IDT:SeriesAConvertiblePreferredStockMember IDT:VisaIncMember 2024-07-31 0001005731 us-gaap:ConvertiblePreferredStockMember 2025-04-30 0001005731 us-gaap:ConvertiblePreferredStockMember 2024-07-31 0001005731 us-gaap:HedgeFundsMember 2025-04-30 0001005731 us-gaap:HedgeFundsMember 2024-07-31 0001005731 us-gaap:OtherInvestmentsMember 2025-04-30 0001005731 us-gaap:OtherInvestmentsMember 2024-07-31 0001005731 us-gaap:CommonClassBMember IDT:ZedgeIncMember 2024-08-01 2025-04-30 0001005731 us-gaap:CommonClassBMember IDT:ZedgeIncMember 2023-08-01 2024-07-31 0001005731 us-gaap:CommonClassBMember IDT:RafaelHoldingsIncMember 2024-08-01 2025-04-30 0001005731 us-gaap:CommonClassBMember IDT:RafaelHoldingsIncMember 2023-08-01 2024-07-31 0001005731 us-gaap:CommonClassBMember IDT:RafaelHoldingsIncMember 2025-04-29 2025-04-29 0001005731 2016-06-30 0001005731 IDT:VisaSeriesAConvertibleParticipatingPreferredStockMember 2024-07-31 0001005731 IDT:VisaSeriesAConvertibleParticipatingPreferredStockMember 2024-08-31 0001005731 IDT:VisaSeriesAConvertibleParticipatingPreferredStockMember IDT:VisaClassACommonStockMember 2024-08-31 0001005731 IDT:VisaSeriesAConvertibleParticipatingPreferredStockMember IDT:VisaClassACommonStockMember 2024-08-01 2024-08-31 0001005731 IDT:RegalBancorpCommonStockMember 2023-08-01 2024-04-30 0001005731 IDT:EquityMethodInvestmentMember 2025-04-30 0001005731 IDT:EquityMethodInvestmentMember 2024-07-31 0001005731 IDT:EquityMethodInvestmentMember IDT:LoanAgreementMember 2025-02-28 0001005731 IDT:EquityMethodInvestmentMember IDT:LoanAgreementMember srt:ScenarioForecastMember 2025-02-01 2027-02-28 0001005731 IDT:EquityMethodInvestmentMember IDT:LoanAgreementMember us-gaap:RevolvingCreditFacilityMember 2025-02-27 0001005731 IDT:AdditionalEquityMethodInvestmentMember IDT:LoanAgreementMember us-gaap:RevolvingCreditFacilityMember us-gaap:SubsequentEventMember 2025-05-31 0001005731 IDT:RafaelClassBCommonStockMember 2025-02-01 2025-04-30 0001005731 IDT:RafaelClassBCommonStockMember 2024-02-01 2024-04-30 0001005731 IDT:RafaelClassBCommonStockMember 2024-08-01 2025-04-30 0001005731 IDT:RafaelClassBCommonStockMember 2023-08-01 2024-04-30 0001005731 IDT:ZedgeClassBCommonStockMember 2025-02-01 2025-04-30 0001005731 IDT:ZedgeClassBCommonStockMember 2024-02-01 2024-04-30 0001005731 IDT:ZedgeClassBCommonStockMember 2024-08-01 2025-04-30 0001005731 IDT:ZedgeClassBCommonStockMember 2023-08-01 2024-04-30 0001005731 us-gaap:EquityMethodInvesteeMember 2025-01-31 0001005731 us-gaap:EquityMethodInvesteeMember 2024-01-31 0001005731 us-gaap:EquityMethodInvesteeMember 2024-07-31 0001005731 us-gaap:EquityMethodInvesteeMember 2023-07-31 0001005731 us-gaap:EquityMethodInvesteeMember 2025-02-01 2025-04-30 0001005731 us-gaap:EquityMethodInvesteeMember 2024-02-01 2024-04-30 0001005731 us-gaap:EquityMethodInvesteeMember 2024-08-01 2025-04-30 0001005731 us-gaap:EquityMethodInvesteeMember 2023-08-01 2024-04-30 0001005731 us-gaap:EquityMethodInvesteeMember 2025-04-30 0001005731 us-gaap:EquityMethodInvesteeMember 2024-04-30 0001005731 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2025-04-30 0001005731 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2025-04-30 0001005731 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2025-04-30 0001005731 us-gaap:FairValueMeasurementsRecurringMember 2025-04-30 0001005731 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2024-07-31 0001005731 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2024-07-31 0001005731 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2024-07-31 0001005731 us-gaap:FairValueMeasurementsRecurringMember 2024-07-31 0001005731 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2025-04-30 0001005731 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2024-07-31 0001005731 us-gaap:RevolvingCreditFacilityMember IDT:TDBankMember 2021-05-17 0001005731 us-gaap:RevolvingCreditFacilityMember IDT:TDBankMember 2025-04-30 0001005731 us-gaap:RevolvingCreditFacilityMember IDT:TDBankMember 2024-07-31 0001005731 IDT:IDTTelecomMember 2024-08-01 2025-04-30 0001005731 IDT:IDTTelecomMember 2023-08-01 2024-04-30 0001005731 us-gaap:RevolvingCreditFacilityMember IDT:TDBankMember 2024-08-01 2025-04-30 0001005731 us-gaap:RevolvingCreditFacilityMember IDT:TDBankMember 2021-05-17 2021-05-17 0001005731 us-gaap:CommonClassBMember IDT:NationalRetailSolutionsMember 2021-09-28 2021-09-29 0001005731 IDT:CommonClassAandBMember 2025-03-01 2025-03-01 0001005731 IDT:CommonClassAandBMember 2025-02-28 2025-02-28 0001005731 IDT:CommonClassAandBMember 2024-08-01 2025-04-30 0001005731 IDT:CommonClassAandBMember 2023-08-01 2024-04-30 0001005731 IDT:CommonClassAandBMember us-gaap:SubsequentEventMember 2025-05-31 0001005731 IDT:CommonClassAandBMember us-gaap:SubsequentEventMember IDT:O2025M5DividendsMember 2025-05-01 2025-05-31 0001005731 us-gaap:CommonClassBMember IDT:DeferredStockUnitsMember 2024-08-01 2025-04-30 0001005731 IDT:BoardOfDirectorsMember 2022-11-30 0001005731 us-gaap:CommonClassBMember IDT:DeferredStockUnitsMember 2025-02-25 2025-02-25 0001005731 IDT:ClassBCommonStockMember IDT:NRSAndDSUMember 2024-06-01 2024-06-30 0001005731 IDT:ClassBCommonStockMember IDT:NRSAndDSUMember 2025-04-01 2025-04-30 0001005731 IDT:ClassBCommonStockMember IDT:NationalRetailSolutionsMember 2025-04-01 2025-04-30 0001005731 IDT:ClassBCommonStockMember IDT:NRSMember 2025-04-01 2025-04-30 0001005731 IDT:ClassBCommonStockMember IDT:NRSAndDSUMember 2025-04-30 0001005731 IDT:ClassBCommonStockMember 2025-04-30 0001005731 us-gaap:CommonClassBMember 2025-04-01 2025-04-30 0001005731 us-gaap:CommonClassBMember IDT:NationalRetailSolutionsMember 2024-01-01 2024-01-31 0001005731 IDT:ClassBCommonStockMember 2016-01-31 0001005731 IDT:ClassBCommonStockMember 2024-08-01 2025-04-30 0001005731 IDT:ClassBCommonStockMember 2023-08-01 2024-04-30 0001005731 IDT:ClassBCommonStockMember IDT:EmployeesMember 2024-08-01 2025-04-30 0001005731 IDT:ClassBCommonStockMember IDT:EmployeesMember 2023-08-01 2024-04-30 0001005731 IDT:AmendedAndRestatedEmploymentAgreementMember IDT:BillPereiraMember us-gaap:CommonClassBMember 2024-02-01 2024-04-30 0001005731 IDT:AmendedAndRestatedEmploymentAgreementMember IDT:BillPereiraMember us-gaap:CommonClassBMember 2024-10-01 2024-10-31 0001005731 IDT:AmendedAndRestatedEmploymentAgreementMember IDT:BillPereiraMember us-gaap:CommonClassBMember 2025-02-01 2025-04-30 0001005731 IDT:NetTwophoneTwoZeroIncMember us-gaap:CommonClassBMember 2024-01-01 2024-01-31 0001005731 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2024-07-31 0001005731 us-gaap:AccumulatedTranslationAdjustmentMember 2024-07-31 0001005731 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2024-08-01 2025-04-30 0001005731 us-gaap:AccumulatedTranslationAdjustmentMember 2024-08-01 2025-04-30 0001005731 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2025-04-30 0001005731 us-gaap:AccumulatedTranslationAdjustmentMember 2025-04-30 0001005731 IDT:FederalTelecommunicationsRelayServicesFundMember 2025-04-30 0001005731 2023-08-01 2024-07-31 iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure IDT:Integer IDT:Segments

false Q1 --07-31 2026 0001005731 http://fasb.org/us-gaap/2025#OtherLiabilitiesCurrent http://fasb.org/us-gaap/2025#OtherLiabilitiesCurrent http://fasb.org/us-gaap/2025#NonoperatingIncomeExpense http://fasb.org/us-gaap/2025#NonoperatingIncomeExpense http://fasb.org/us-gaap/2025#OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax http://fasb.org/us-gaap/2025#OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax 0001005731 2025-08-01 2025-10-31 0001005731 us-gaap:CommonClassAMember 2025-08-01 2025-10-31 0001005731 us-gaap:CommonClassAMember 2025-12-05 0001005731 us-gaap:CommonClassBMember 2025-08-01 2025-10-31 0001005731 us-gaap:CommonClassBMember 2025-12-05 0001005731 2025-10-31 0001005731 2025-07-31 0001005731 us-gaap:CommonClassAMember 2025-10-31 0001005731 us-gaap:CommonClassAMember 2025-07-31 0001005731 us-gaap:CommonClassBMember 2025-10-31 0001005731 us-gaap:CommonClassBMember 2025-07-31 0001005731 2024-08-01 2024-10-31 0001005731 us-gaap:OperatingExpenseMember 2025-08-01 2025-10-31 0001005731 us-gaap:OperatingExpenseMember 2024-08-01 2024-10-31 0001005731 us-gaap:CommonStockMember us-gaap:CommonClassAMember 2025-07-31 0001005731 us-gaap:CommonStockMember us-gaap:CommonClassBMember 2025-07-31 0001005731 us-gaap:AdditionalPaidInCapitalMember 2025-07-31 0001005731 us-gaap:TreasuryStockCommonMember 2025-07-31 0001005731 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-07-31 0001005731 us-gaap:RetainedEarningsMember 2025-07-31 0001005731 us-gaap:NoncontrollingInterestMember 2025-07-31 0001005731 us-gaap:CommonStockMember us-gaap:CommonClassAMember 2025-08-01 2025-10-31 0001005731 us-gaap:CommonStockMember us-gaap:CommonClassBMember 2025-08-01 2025-10-31 0001005731 us-gaap:AdditionalPaidInCapitalMember 2025-08-01 2025-10-31 0001005731 us-gaap:TreasuryStockCommonMember 2025-08-01 2025-10-31 0001005731 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-08-01 2025-10-31 0001005731 us-gaap:RetainedEarningsMember 2025-08-01 2025-10-31 0001005731 us-gaap:NoncontrollingInterestMember 2025-08-01 2025-10-31 0001005731 us-gaap:CommonStockMember us-gaap:CommonClassAMember 2025-10-31 0001005731 us-gaap:CommonStockMember us-gaap:CommonClassBMember 2025-10-31 0001005731 us-gaap:AdditionalPaidInCapitalMember 2025-10-31 0001005731 us-gaap:TreasuryStockCommonMember 2025-10-31 0001005731 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-10-31 0001005731 us-gaap:RetainedEarningsMember 2025-10-31 0001005731 us-gaap:NoncontrollingInterestMember 2025-10-31 0001005731 us-gaap:CommonStockMember us-gaap:CommonClassAMember 2024-07-31 0001005731 us-gaap:CommonStockMember us-gaap:CommonClassBMember 2024-07-31 0001005731 us-gaap:AdditionalPaidInCapitalMember 2024-07-31 0001005731 us-gaap:TreasuryStockCommonMember 2024-07-31 0001005731 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-07-31 0001005731 us-gaap:RetainedEarningsMember 2024-07-31 0001005731 us-gaap:NoncontrollingInterestMember 2024-07-31 0001005731 2024-07-31 0001005731 us-gaap:CommonStockMember us-gaap:CommonClassAMember 2024-08-01 2024-10-31 0001005731 us-gaap:CommonStockMember us-gaap:CommonClassBMember 2024-08-01 2024-10-31 0001005731 us-gaap:AdditionalPaidInCapitalMember 2024-08-01 2024-10-31 0001005731 us-gaap:TreasuryStockCommonMember 2024-08-01 2024-10-31 0001005731 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-08-01 2024-10-31 0001005731 us-gaap:RetainedEarningsMember 2024-08-01 2024-10-31 0001005731 us-gaap:NoncontrollingInterestMember 2024-08-01 2024-10-31 0001005731 us-gaap:CommonStockMember us-gaap:CommonClassAMember 2024-10-31 0001005731 us-gaap:CommonStockMember us-gaap:CommonClassBMember 2024-10-31 0001005731 us-gaap:AdditionalPaidInCapitalMember 2024-10-31 0001005731 us-gaap:TreasuryStockCommonMember 2024-10-31 0001005731 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-10-31 0001005731 us-gaap:RetainedEarningsMember 2024-10-31 0001005731 us-gaap:NoncontrollingInterestMember 2024-10-31 0001005731 2024-10-31 0001005731 IDT:NetTwophoneTwoZeroIncMember 2025-10-31 0001005731 IDT:NationalRetailSolutionsMember 2025-10-31 0001005731 IDT:NetTwophoneTwoZeroIncMember 2025-08-01 2025-10-31 0001005731 IDT:NationalRetailSolutionsMember 2025-08-01 2025-10-31 0001005731 srt:ScenarioPreviouslyReportedMember 2025-07-31 0001005731 srt:RevisionOfPriorPeriodReclassificationAdjustmentMember 2025-07-31 0001005731 srt:ScenarioPreviouslyReportedMember 2025-08-01 2025-10-31 0001005731 IDT:NationalRetailSolutionsMember 2025-08-01 2025-10-31 0001005731 IDT:FintechMember 2025-08-01 2025-10-31 0001005731 IDT:Net2phoneMember 2025-08-01 2025-10-31 0001005731 IDT:TraditionalCommunicationsMember 2025-08-01 2025-10-31 0001005731 us-gaap:CorporateMember 2025-08-01 2025-10-31 0001005731 IDT:NationalRetailSolutionsMember 2024-08-01 2024-10-31 0001005731 IDT:FintechMember 2024-08-01 2024-10-31 0001005731 IDT:Net2phoneMember 2024-08-01 2024-10-31 0001005731 IDT:TraditionalCommunicationsMember 2024-08-01 2024-10-31 0001005731 us-gaap:CorporateMember 2024-08-01 2024-10-31 0001005731 IDT:BOSSRevolutionMoneyTransferMember IDT:FintechMember 2025-08-01 2025-10-31 0001005731 IDT:BOSSRevolutionMoneyTransferMember IDT:FintechMember 2024-08-01 2024-10-31 0001005731 IDT:OtherMember IDT:FintechMember 2025-08-01 2025-10-31 0001005731 IDT:OtherMember IDT:FintechMember 2024-08-01 2024-10-31 0001005731 IDT:IDTDigitalPaymentsMember IDT:TraditionalCommunicationsMember 2025-08-01 2025-10-31 0001005731 IDT:IDTDigitalPaymentsMember IDT:TraditionalCommunicationsMember 2024-08-01 2024-10-31 0001005731 IDT:BOSSRevolutionMember IDT:TraditionalCommunicationsMember 2025-08-01 2025-10-31 0001005731 IDT:BOSSRevolutionMember IDT:TraditionalCommunicationsMember 2024-08-01 2024-10-31 0001005731 IDT:IDTGlobalMember IDT:TraditionalCommunicationsMember 2025-08-01 2025-10-31 0001005731 IDT:IDTGlobalMember IDT:TraditionalCommunicationsMember 2024-08-01 2024-10-31 0001005731 IDT:OtherMember IDT:TraditionalCommunicationsMember 2025-08-01 2025-10-31 0001005731 IDT:OtherMember IDT:TraditionalCommunicationsMember 2024-08-01 2024-10-31 0001005731 country:US IDT:NationalRetailSolutionsMember 2025-08-01 2025-10-31 0001005731 country:US IDT:FintechMember 2025-08-01 2025-10-31 0001005731 country:US IDT:Net2phoneMember 2025-08-01 2025-10-31 0001005731 country:US IDT:TraditionalCommunicationsMember 2025-08-01 2025-10-31 0001005731 country:US 2025-08-01 2025-10-31 0001005731 country:GB IDT:NationalRetailSolutionsMember 2025-08-01 2025-10-31 0001005731 country:GB IDT:FintechMember 2025-08-01 2025-10-31 0001005731 country:GB IDT:Net2phoneMember 2025-08-01 2025-10-31 0001005731 country:GB IDT:TraditionalCommunicationsMember 2025-08-01 2025-10-31 0001005731 country:GB 2025-08-01 2025-10-31 0001005731 IDT:OthersMember IDT:NationalRetailSolutionsMember 2025-08-01 2025-10-31 0001005731 IDT:OthersMember IDT:FintechMember 2025-08-01 2025-10-31 0001005731 IDT:OthersMember IDT:Net2phoneMember 2025-08-01 2025-10-31 0001005731 IDT:OthersMember IDT:TraditionalCommunicationsMember 2025-08-01 2025-10-31 0001005731 IDT:OthersMember 2025-08-01 2025-10-31 0001005731 us-gaap:NonUsMember IDT:NationalRetailSolutionsMember 2025-08-01 2025-10-31 0001005731 us-gaap:NonUsMember IDT:FintechMember 2025-08-01 2025-10-31 0001005731 us-gaap:NonUsMember IDT:Net2phoneMember 2025-08-01 2025-10-31 0001005731 us-gaap:NonUsMember IDT:TraditionalCommunicationsMember 2025-08-01 2025-10-31 0001005731 us-gaap:NonUsMember 2025-08-01 2025-10-31 0001005731 country:US IDT:NationalRetailSolutionsMember 2024-08-01 2024-10-31 0001005731 country:US IDT:FintechMember 2024-08-01 2024-10-31 0001005731 country:US IDT:Net2phoneMember 2024-08-01 2024-10-31 0001005731 country:US IDT:TraditionalCommunicationsMember 2024-08-01 2024-10-31 0001005731 country:US 2024-08-01 2024-10-31 0001005731 country:GB IDT:NationalRetailSolutionsMember 2024-08-01 2024-10-31 0001005731 country:GB IDT:FintechMember 2024-08-01 2024-10-31 0001005731 country:GB IDT:Net2phoneMember 2024-08-01 2024-10-31 0001005731 country:GB IDT:TraditionalCommunicationsMember 2024-08-01 2024-10-31 0001005731 country:GB 2024-08-01 2024-10-31 0001005731 IDT:OthersMember IDT:NationalRetailSolutionsMember 2024-08-01 2024-10-31 0001005731 IDT:OthersMember IDT:FintechMember 2024-08-01 2024-10-31 0001005731 IDT:OthersMember IDT:Net2phoneMember 2024-08-01 2024-10-31 0001005731 IDT:OthersMember IDT:TraditionalCommunicationsMember 2024-08-01 2024-10-31 0001005731 IDT:OthersMember 2024-08-01 2024-10-31 0001005731 us-gaap:NonUsMember IDT:NationalRetailSolutionsMember 2024-08-01 2024-10-31 0001005731 us-gaap:NonUsMember IDT:FintechMember 2024-08-01 2024-10-31 0001005731 us-gaap:NonUsMember IDT:Net2phoneMember 2024-08-01 2024-10-31 0001005731 us-gaap:NonUsMember IDT:TraditionalCommunicationsMember 2024-08-01 2024-10-31 0001005731 us-gaap:NonUsMember 2024-08-01 2024-10-31 0001005731 IDT:NationalRetailSolutionsMember 2026-11-01 2025-10-31 0001005731 IDT:Net2phoneMember 2026-11-01 2025-10-31 0001005731 2026-11-01 2025-10-31 0001005731 IDT:NationalRetailSolutionsMember 2027-11-01 2025-10-31 0001005731 IDT:Net2phoneMember 2027-11-01 2025-10-31 0001005731 2027-11-01 2025-10-31 0001005731 IDT:NationalRetailSolutionsMember 2028-11-01 2025-10-31 0001005731 IDT:Net2phoneMember 2028-11-01 2025-10-31 0001005731 2028-11-01 2025-10-31 0001005731 IDT:NationalRetailSolutionsMember 2025-10-31 2025-10-31 0001005731 IDT:Net2phoneMember 2025-10-31 2025-10-31 0001005731 2025-10-31 2025-10-31 0001005731 srt:MinimumMember 2025-10-31 0001005731 srt:MaximumMember 2025-10-31 0001005731 IDT:IDTFinancialServicesGibraltarMember 2025-10-31 0001005731 IDT:IDTFinancialServicesGibraltarMember 2025-07-31 0001005731 IDT:DisbursementPaymentsVIEMember 2025-10-31 0001005731 IDT:DisbursementPaymentsVIEMember 2025-07-31 0001005731 us-gaap:FinancialInstrumentOtherMember 2025-10-31 0001005731 us-gaap:FinancialInstrumentOtherMember 2025-07-31 0001005731 us-gaap:USTreasuryBillSecuritiesMember 2025-10-31 0001005731 us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember 2025-10-31 0001005731 us-gaap:CorporateBondSecuritiesMember 2025-10-31 0001005731 us-gaap:USTreasuryBillSecuritiesMember 2025-07-31 0001005731 us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember 2025-07-31 0001005731 us-gaap:CorporateBondSecuritiesMember 2025-07-31 0001005731 IDT:GovernmentSponsoredEnterpriseNotesMember 2025-10-31 0001005731 IDT:GovernmentSponsoredEnterpriseNotesMember 2025-07-31 0001005731 us-gaap:CommonClassBMember IDT:ZedgeIncMember 2025-10-31 0001005731 us-gaap:CommonClassBMember IDT:ZedgeIncMember 2025-07-31 0001005731 us-gaap:CommonClassBMember IDT:RafaelHoldingsIncMember 2025-10-31 0001005731 us-gaap:CommonClassBMember IDT:RafaelHoldingsIncMember 2025-07-31 0001005731 IDT:OtherMarketableEquitySecuritiesMember 2025-10-31 0001005731 IDT:OtherMarketableEquitySecuritiesMember 2025-07-31 0001005731 us-gaap:MutualFundMember 2025-10-31 0001005731 us-gaap:MutualFundMember 2025-07-31 0001005731 IDT:SeriesCConvertiblePreferredStockMember IDT:VisaIncMember 2025-10-31 0001005731 IDT:SeriesCConvertiblePreferredStockMember IDT:VisaIncMember 2025-07-31 0001005731 us-gaap:ConvertiblePreferredStockMember 2025-10-31 0001005731 us-gaap:ConvertiblePreferredStockMember 2025-07-31 0001005731 us-gaap:HedgeFundsMember 2025-10-31 0001005731 us-gaap:HedgeFundsMember 2025-07-31 0001005731 us-gaap:OtherInvestmentsMember 2025-10-31 0001005731 us-gaap:OtherInvestmentsMember 2025-07-31 0001005731 us-gaap:CommonClassBMember IDT:ZedgeIncMember 2025-08-01 2025-10-31 0001005731 us-gaap:CommonClassBMember IDT:ZedgeIncMember 2024-08-01 2025-07-31 0001005731 us-gaap:CommonClassBMember IDT:RafaelHoldingsIncMember 2025-08-01 2025-10-31 0001005731 us-gaap:CommonClassBMember IDT:RafaelHoldingsIncMember 2024-08-01 2025-07-31 0001005731 IDT:RafaelHoldingsIncMember us-gaap:CommonClassBMember 2025-04-29 2025-04-29 0001005731 2016-06-30 0001005731 IDT:VisaSeriesAConvertibleParticipatingPreferredStockMember 2024-07-31 0001005731 IDT:VisaSeriesAConvertibleParticipatingPreferredStockMember 2024-08-31 0001005731 IDT:VisaSeriesAConvertibleParticipatingPreferredStockMember IDT:VisaClassACommonStockMember 2024-08-31 0001005731 IDT:VisaSeriesAConvertibleParticipatingPreferredStockMember IDT:VisaClassACommonStockMember 2024-08-01 2024-08-31 0001005731 IDT:EquityMethodInvestmentMember 2025-07-31 0001005731 IDT:EquityMethodInvestmentMember IDT:LoanAgreementMember 2025-02-28 0001005731 IDT:EquityMethodInvestmentMember IDT:LoanAgreementMember 2025-02-01 2025-02-28 0001005731 IDT:AdditionalEquityMethodInvestmentMember IDT:LoanAgreementMember us-gaap:RevolvingCreditFacilityMember 2025-02-28 0001005731 IDT:AdditionalEquityMethodInvestmentMember IDT:LoanAgreementMember us-gaap:RevolvingCreditFacilityMember 2025-05-31 0001005731 IDT:RafaelClassBCommonStockMember 2025-08-01 2025-10-31 0001005731 IDT:RafaelClassBCommonStockMember 2024-08-01 2024-10-31 0001005731 IDT:ZedgeClassBCommonStockMember 2025-08-01 2025-10-31 0001005731 IDT:ZedgeClassBCommonStockMember 2024-08-01 2024-10-31 0001005731 us-gaap:EquityMethodInvesteeMember 2025-07-31 0001005731 us-gaap:EquityMethodInvesteeMember 2024-07-31 0001005731 us-gaap:EquityMethodInvesteeMember 2025-08-01 2025-10-31 0001005731 us-gaap:EquityMethodInvesteeMember 2024-08-01 2024-10-31 0001005731 us-gaap:EquityMethodInvesteeMember 2025-10-31 0001005731 us-gaap:EquityMethodInvesteeMember 2024-10-31 0001005731 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2025-10-31 0001005731 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2025-10-31 0001005731 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2025-10-31 0001005731 us-gaap:FairValueMeasurementsRecurringMember 2025-10-31 0001005731 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2025-07-31 0001005731 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2025-07-31 0001005731 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2025-07-31 0001005731 us-gaap:FairValueMeasurementsRecurringMember 2025-07-31 0001005731 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2025-10-31 0001005731 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2025-07-31 0001005731 us-gaap:RevolvingCreditFacilityMember IDT:TDBankMember 2021-05-17 0001005731 IDT:IDTTelecomMember 2025-08-01 2025-10-31 0001005731 IDT:IDTTelecomMember 2024-08-01 2024-10-31 0001005731 us-gaap:CommonClassBMember IDT:NationalRetailSolutionsMember 2021-09-28 2021-09-29 0001005731 us-gaap:CommonClassBMember IDT:NationalRetailSolutionsMember 2025-08-01 2025-10-31 0001005731 us-gaap:CommonClassBMember IDT:NationalRetailSolutionsMember 2024-08-01 2024-10-31 0001005731 IDT:CommonClassAAndBMember 2025-08-01 2025-10-31 0001005731 IDT:CommonClassAAndBMember 2024-08-01 2024-10-31 0001005731 IDT:CommonClassAAndBMember us-gaap:SubsequentEventMember 2025-12-02 0001005731 IDT:ClassBCommonStockMember 2025-10-31 0001005731 IDT:ClassBCommonStockMember 2025-08-01 2025-10-31 0001005731 IDT:ClassBCommonStockMember 2024-08-01 2024-10-31 0001005731 us-gaap:CommonClassBMember 2024-08-01 2024-10-31 0001005731 us-gaap:CommonClassBMember IDT:TwoThousandTwentyFourEquityIncentivePlanMember 2025-07-31 0001005731 us-gaap:CommonClassBMember IDT:TwoThousandTwentyFourEquityIncentivePlanMember 2024-08-01 2025-07-31 0001005731 us-gaap:CommonClassBMember IDT:TwoThousandTwentyFourEquityIncentivePlanMember 2025-09-01 2025-09-30 0001005731 IDT:DeferredStockUnitsMember srt:ExecutiveOfficerMember us-gaap:CommonClassBMember 2025-09-18 2025-09-18 0001005731 IDT:DeferredStockUnitsMember srt:ExecutiveOfficerMember us-gaap:CommonClassBMember 2025-09-18 0001005731 IDT:DeferredStockUnitsMember 2025-09-18 2025-09-18 0001005731 IDT:DeferredStockUnitsMember 2025-10-31 0001005731 IDT:NationalRetailSolutionsMember IDT:NRSCommonClassBMember 2022-06-01 2022-06-30 0001005731 IDT:NationalRetailSolutionsMember us-gaap:RestrictedStockMember 2022-06-30 0001005731 IDT:NationalRetailSolutionsMember us-gaap:RestrictedStockMember 2025-10-31 0001005731 IDT:AmendedAndRestatedEmploymentAgreementMember IDT:BillPereiraMember us-gaap:CommonClassBMember 2024-10-01 2024-10-31 0001005731 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2025-07-31 0001005731 us-gaap:AccumulatedTranslationAdjustmentMember 2025-07-31 0001005731 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2025-08-01 2025-10-31 0001005731 us-gaap:AccumulatedTranslationAdjustmentMember 2025-08-01 2025-10-31 0001005731 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2025-10-31 0001005731 us-gaap:AccumulatedTranslationAdjustmentMember 2025-10-31 0001005731 IDT:FederalTelecommunicationsRelayServicesFundMember 2025-10-31 0001005731 2024-08-01 2025-07-31 iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure IDT:Segment IDT:Integer

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~~OCTOBER 3031, 2025

☐	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 ☐

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~~December 45, 2025, 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,~~655~~499,~~932~~021 shares outstanding (excluding 45,~~872~~030,~~006~~430 treasury shares)

IDT CORPORATION

TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION		3
Item 1.	Financial Statements (Unaudited)	3
	Consolidated Balance Sheets	3
	Condensed Consolidated Balance Sheets	3
	Consolidated Statements of Income	4
	Condensed Consolidated Statements of Income	4
	Consolidated Statements of Comprehensive Income	5
	Condensed Consolidated Statements of Comprehensive Income	5
	Consolidated Statements of Equity	6
	Condensed Consolidated Statements of Equity	6
	Consolidated Statements of Cash Flows	8
	Condensed Consolidated Statements of Cash Flows	7
	Notes to Consolidated Financial Statements	9
	Notes to Condensed Consolidated Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	2523
Item 3.	Quantitative and Qualitative Disclosures About Market Risks	3432
Item 4.	Controls and Procedures	3532
PART II. OTHER INFORMATION		3533
Item 1.	Legal Proceedings	3533
Item 1A.	Risk Factors	3533
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	3634
Item 3.	Defaults Upon Senior Securities	3634
Item 4.	Mine Safety Disclosures	3634
Item 5.	Other Information	3634
Item 6.	Exhibits	3634
SIGNATURES		3735

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)

IDT CORPORATION

~~CONSOLIDATED~~CONDENSED CONSOLIDATED BALANCE SHEETS

	October 31, 2025			July 31, 2025
	(Unaudited)			(Note 1)
	April 30, 2025			July 31, 2024
	(Unaudited)			(Note 1)
	(in thousands, except per share data)
Assets
Current assets:
Cash and cash equivalents	$	~~199~~189,~~948~~273		$	~~164~~226,~~557~~505
Restricted cash and cash equivalents		123,~~129~~894			90115,~~899~~327
Debt securities		1825,~~683~~186			2321,~~438~~649
Equity investments		5,~~187~~544			5,~~009~~637
Trade accounts receivable, net of allowance for credit losses of $8,416 at April 30, 2025 and $6,352 at July 31, 2024		43,084			42,215
Trade accounts receivable, net of allowance for credit losses of $9,321 at October 31, 2025 and $9,097 at July 31, 2025		42,562			44,932
Settlement assets, net of reserve of $1,869 at April 30, 2025 and $1,866 at July 31, 2024		25,160			22,186
Settlement assets, net of reserve of $1,532 at October 31, 2025 and $1,367 at July 31, 2025		46,475			28,014
Disbursement prefunding		4375,~~381~~953			3037,~~736~~097
Prepaid expenses		1312,~~837~~439			1712,~~558~~440
Other current assets		2529,~~865~~203			2528,~~927~~702
Total current assets		~~498~~550,~~274~~529			~~422~~520,~~525~~303
Property, plant, and equipment, net		3839,~~980~~765			38,~~652~~869
Goodwill		26,~~454~~548			26,~~288~~488
Other intangibles, net		54,~~372~~739			65,~~285~~056
Equity investments		64,~~904~~650			6,~~518~~658
Operating lease right-of-use assets		21,~~013~~644			31,~~273~~878
Deferred income tax assets, net		1618,~~106~~779			3518,~~008~~790
Other assets		68,~~805~~259			118,~~546~~161
Total assets	$	~~600~~654,~~908~~913		$	~~550~~626,~~095~~203
Liabilities, redeemable noncontrolling interest, and equity
Current liabilities:
Trade accounts payable	$	1714,~~250~~582		$	2419,~~773~~435
Accrued expenses		91,~~408~~871			~~103~~97,~~176~~295
Deferred revenue		2728,~~513~~627			3027,~~364~~726
Customer funds deposits		~~121~~124,~~765~~932			91114,~~893~~708
Settlement liabilities		1415,105			1213,~~764~~922
Other current liabilities		1530,~~121~~306			1619,~~374~~910
Total current liabilities		~~287~~305,~~162~~423		$	~~279~~292,~~344~~996
Operating lease liabilities		~~1,213~~904			1,~~533~~103
Other liabilities		~~1,682~~926			21,~~662~~688
Total liabilities		~~290~~307,~~057~~253			~~283~~295,~~539~~787
Commitments and contingencies		-			-
Redeemable noncontrolling interest		11,~~357~~643			1011,~~901~~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 April 30, 2025 and July 31, 2024		33			33
Class A common stock, $.01 par value; authorized shares—35,000; 3,272 shares issued and 1,574 shares outstanding at October 31, 2025 and July 31, 2025		33			33
Class B common stock, $.01 par value; authorized shares—200,000; 28,528 and 28,177 shares issued and 23,656 and 23,684 shares outstanding at April 30, 2025 and July 31, 2024, respectively		285			282
Class B common stock, $.01 par value; authorized shares—200,000; 28,529 and 28,528 shares issued and 23,499 and 23,656 shares outstanding at October 31, 2025 and July 31, 2025, respectively		285			285
Common stock		285			282
Common stock value		285			285
Additional paid-in capital		~~307~~310,~~757~~126			~~303~~308,~~510~~111
Treasury stock, at cost, consisting of 1,698 and 1,698 shares of Class A common stock and 4,872 and 4,493 shares of Class B common stock at April 30, 2025 and July 31, 2024, respectively		(143,853	)		(126,080	)
Treasury stock, at cost, consisting of 1,698 and 1,698 shares of Class A common stock and 5,030 and 4,872 shares of Class B common stock at October 31, 2025 and July 31, 2025, respectively		(151,457	)		(143,853	)
Accumulated other comprehensive loss		(1916,~~812~~268	)		(1816,~~142~~569	)
Retained earnings		~~141~~177,~~753~~972			86157,~~580~~124
Total IDT Corporation stockholders’ equity		~~286~~320,~~163~~691			~~246~~305,~~183~~131
Noncontrolling interests		1315,~~331~~326			913,~~472~~826
Total equity		~~299~~336,~~494~~017			~~255~~318,~~655~~957
Total liabilities, redeemable noncontrolling interest, and equity	$	~~600~~654,~~908~~913		$	~~550~~626,~~095~~203

See accompanying notes to the condensed consolidated financial statements.

IDT CORPORATION

~~CONSOLIDATED~~CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

2025

2024

~~2025~~

~~2024~~

Three Months Ended April 30,

Nine Months Ended April 30,

Three Months Ended October 31,

2025

2024

~~2025~~

~~2024~~

(in thousands, except per share data)

Revenues

~~301~~322,~~985~~752

~~299~~309,~~643~~566

~~914,901~~

~~896,946~~

Direct cost of revenues

~~190~~204,~~023~~573

~~202~~201,~~599~~939

~~583,201~~

~~608,982~~

Gross profit

~~111~~118,~~962~~179

97107,~~044~~627

~~331,700~~

~~287,964~~

Operating expenses:

Operating expenses (gain):

Selling, general and administrative (i)

7274,~~267~~007

6871,~~962~~051

~~214,039~~

~~200,685~~

Technology and development (i)

1213,~~744~~631

12,~~640~~759

~~38,115~~

~~37,975~~

Severance

~~190~~204

~~779~~177

~~600~~

~~1,648~~

Other operating expense, net (see Note 10)

175

3,231

403

3,041

Other operating income, net (see Note 10)

(589

)

—

Total operating expenses

8587,~~376~~253

8583,~~612~~987

~~253,157~~

~~243,349~~

Income from operations

2630,~~586~~926

1123,~~432~~640

~~78,543~~

~~44,615~~

Interest income, net

1,~~566~~708

1,~~162~~428

~~4,347~~

~~3,201~~

Other income (expense), net

2,608

(3,273

)

2,533

(6,326

)

Other expense, net

(467

)

(283

)

Income before income taxes

3032,~~760~~167

924,~~321~~785

~~85,423~~

~~41,490~~

Provision for income taxes

(78,~~798~~071

)

(26,~~979~~302

)

~~(21,766~~

)

~~(10,918~~

)

Net income

2224,~~962~~096

618,~~342~~483

~~63,657~~

~~30,572~~

Net income attributable to noncontrolling interests

(1,~~270~~734

)

(~~791~~1,234

)

~~(4,448~~

)

~~(2,937~~

)

Net income attributable to IDT Corporation

2122,~~692~~362

517,~~551~~249

~~59,209~~

~~27,635~~

Earnings per share attributable to IDT Corporation common stockholders:

Basic

0.8689

0.2268

~~2.35~~

~~1.10~~

Diluted

0.8689

0.2268

~~2.34~~

~~1.09~~

Weighted-average number of shares used in calculation of earnings per share:

Basic

25,~~165~~183

25,~~345~~204

~~25,177~~

~~25,233~~

Diluted

25,~~249~~193

25,~~516~~363

~~25,312~~

~~25,380~~

(i) Stock-based compensation included in total operating expenses

946

2,118

2,720

5,375

(i) Stock-based compensation included in total operating expenses:

2,015

912

See accompanying notes to the condensed consolidated financial statements.

IDT CORPORATION

~~CONSOLIDATED~~CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

	2025			2024			~~2025~~			~~2024~~
	Three Months Ended April 30,						Nine Months Ended April 30,
	Three Months Ended October 31,
	2025			2024			~~2025~~			~~2024~~
	(in thousands)
Net income	$	2224,~~962~~096		$	618,~~342~~483		$	~~63,657~~		$	~~30,572~~
Other comprehensive (loss) income:
Other comprehensive income (loss):
Change in unrealized loss on available-for-sale securities		5954			~~(127~~56	)		~~131~~			77
Foreign currency translation adjustments		~~(272~~247	)		~~160~~(1,623	)		~~(1,801~~	)		~~(128~~	)
Other comprehensive (loss) income		(213	)		33			(1,670	)		(51	)
Other comprehensive income (loss)		301			(1,567	)
Comprehensive income		2224,~~749~~397			616,~~375~~916			~~61,987~~			~~30,521~~
Comprehensive income attributable to noncontrolling interests		(1,~~270~~734	)		(~~791~~1,234	)		~~(4,448~~	)		~~(2,937~~	)
Comprehensive income attributable to IDT Corporation	$	2122,~~479~~663		$	515,~~584~~682		$	~~57,539~~		$	~~27,584~~

See accompanying notes to the condensed consolidated financial statements.

IDT CORPORATION

~~CONSOLIDATED~~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 April 30, 2025 (in thousands)
	Three Months Ended October 31, 2025 (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 JANUARY 31, 2025	$	33	$	282	$	306,781	$	(137,475	)	$	(19,599	)	$	121,573		$	12,273		$	283,868
BALANCE AT JULY 31, 2025	$	33	$	285	$	308,111	$	(143,853	)	$	(16,569	)	$	157,124		$	13,826		$	318,957
Dividends declared ($0.06 per share)		—		—		—		—			—			(1,~~512~~514	)		—			(1,~~512~~514	)
Exercise of stock options
Repurchases of Class B common stock through repurchase program		—		—		—		(7,604	)		—			—			—			(7,604	)
Repurchases of Class B common stock through repurchase program		—		—		—		(224	)		—			—			—			(224	)
Stock issued to an executive officer for bonus payment		-		-		-		-			-			-			-			-
Restricted Class B common stock purchased from employees		—		—		—		(6,154	)		—			—			—			(6,154	)
Stock-based compensation		—		—		2,015		—			—			—			—			2,015
Exchange of National Retail Solutions shares for Class B common stock		—		—		33		—			—			—			(33	)		—
Restricted net2phone common stock purchased from employees
Stock issued to an executive officer for bonus payment
Business acquisition holdback payment
Stock-based compensation		—		3		943		—			—			—			—			946
Distributions to noncontrolling interests		—		—		—		—			—			—			(50	)		(50	)
Other comprehensive loss		—		—		—		—			(213	)		—			—			(213	)
Other comprehensive income		—		—		—		—			301			—			—			301
Net income		—		—		—		—			—			2122,~~692~~362			1,~~141~~550			2223,~~833~~912
BALANCE AT APRIL 30, 2025	$	33	$	285	$	307,757	$	(143,853	)	$	(19,812	)	$	141,753		$	13,331		$	299,494
BALANCE AT OCTOBER 31, 2025	$	33	$	285	$	310,126	$	(151,457	)	$	(16,268	)	$	177,972		$	15,326		$	336,017

	Nine Months Ended April 30, 2025 (in thousands)
	Three Months Ended October 31, 2024 (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, 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	)
BALANCE	$	33	$	282	$	303,510	$	(126,080	)	$	(18,142	)	$	86,580		$	9,472		$	255,655
Repurchases of Class B common stock through repurchase program		—		—		—		(10,097	)		—			—			—			(10,097	)
Dividends declared ($0.05 per share)		—		—		—		—			—			(1,261	)		—			(1,261	)
Restricted Class B common stock purchased from employees		—		—		—		(7,676	)		—			—			—			(7,676	)
Dividends declared		—		—		—		—			—			(1,261	)		—			(1,261	)
Exchange of National Retail Solutions shares for Class B common stock		—		—		33		—			—			—			(33	)		—
Repurchases of Class B common stock through repurchase program		—		—		—		(1,339	)		—			—			—			(1,339	)
Restricted Class B common stock purchased from employees		—		—		—		(1,093	)		—			—			—			(1,093	)
Stock issued to an executive officer for bonus payment		—		—		1,824		—			—			—			—			1,824
Stock-based compensation		—		3—		~~2,390~~584		—			—			—			—			~~2,393~~584
Distributions to noncontrolling interests		—		—		—		—			—			—			(100	)		(100	)
Other comprehensive loss		—		—		—		—			(1,567	)		—			—			(1,567	)
Other comprehensive loss		—		—		—		—			(1,670	)		—			—			(1,670	)
Net income		—		—		—		—			—			17,249			1,096			18,345
Net income		—		—		—		—			—			59,209			3,992			63,201
BALANCE AT OCTOBER 31, 2024	$	33	$	282	$	305,918	$	(128,512	)	$	(19,709	)	$	102,568		$	10,568		$	271,148
BALANCE AT APRIL 30, 2025	$	33	$	285	$	307,757	$	(143,853	)	$	(19,812	)	$	141,753		$	13,331		$	299,494
BALANCE	$	33	$	282	$	305,918	$	(128,512	)	$	(19,709	)	$	102,568		$	10,568		$	271,148

See accompanying notes to the condensed consolidated financial statements.

IDT CORPORATION

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

(Unaudited)

	2025			2024
	Three Months Ended October 31,
	2025			2024
	(in thousands)
Operating activities
Net income	$	24,096		$	18,483
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization		5,305			5,241
Deferred income taxes		11			5,485
Provision for credit losses, doubtful accounts receivable, and reserve for settlement assets		929			1,002
Stock-based compensation		2,015			912
Other		1,449			692
Changes in assets and liabilities:
Trade accounts receivable		1,270			689
Settlement assets, disbursement prefunding, prepaid expenses, other current assets, and other assets		(56,416	)		(21,269	)
Trade accounts payable, accrued expenses, settlement liabilities, other current liabilities, and other liabilities		(350	)		(12,771	)
Customer funds deposits		10,608			2,810
Deferred revenue		944			(1,110	)

Net cash (used in) provided by operating activities		(10,139	)		164
Investing activities
Capital expenditures		(5,821	)		(5,278	)
Purchase of convertible preferred stock in equity method investment		—			(673	)
Purchases of debt securities and equity investments		(16,061	)		(12,669	)
Proceeds from maturities and sales of debt securities and redemption of equity investments		12,684			9,878

Net cash used in investing activities		(9,198	)		(8,742	)
Financing activities
Dividends paid		(1,514	)		(1,261	)
Distributions to noncontrolling interests		(50	)		—
Proceeds from borrowings under revolving credit facility		12,713			14,243
Repayment of borrowings under revolving credit facility		(12,713	)		(14,243	)
Repurchases of Class B common stock		(7,604	)		(2,432	)

Net cash used in financing activities		(9,168	)		(3,693	)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash and cash equivalents		(160	)		28

Net decrease in cash, cash equivalents, and restricted cash and cash equivalents		(28,665	)		(12,243	)
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	$	313,167		$	243,213

Supplemental Schedule of Non-Cash Financing Activities
Shares of the Company’s Class B common stock issued to an executive officer for bonus payment	$	—		$	1,824

	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 April 30, 2024 (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 JANUARY 31, 2024	$	33	$	281	$	300,631	$	(118,631	)	$	(17,276	)	$	46,746		$	8,103		$	219,887
Dividends declared ($0.05 per share)		—		—		—		—			—			(1,269	)		—			(1,269	)
Repurchases of Class B common stock through repurchase program		—		—		—		(2,520	)		—			—			—			(2,520	)
Restricted Class B common stock purchased from employees		—		—		—		(1,517	)		—			—			—			(1,517	)
Stock issued to an executive officer for bonus payment		—		—		1,495		—			—			—			—			1,495
Business acquisition holdback payment		—		—		100		—			—			—			—			100
Stock-based compensation		—		1		829		—			—			—			—			830
Distributions to noncontrolling interests		—		—		—		—			—			—			(3	)		(3	)
Other comprehensive income		—		—		—		—			33			—			—			33
Net income		—		—		—		—			—			5,551			693			6,244
BALANCE AT APRIL 30, 2024	$	33	$	282	$	303,055	$	(122,668	)	$	(17,243	)	$	51,028		$	8,793		$	223,280

See accompanying notes to the condensed consolidated financial statements.

	Nine Months Ended April 30, 2024 (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, 2023	$	33	$	279	$	301,408		$	(115,461	)	$	(17,192	)	$	24,662		$	6,267		$	199,996
Balance	$	33	$	279	$	301,408		$	(115,461	)	$	(17,192	)	$	24,662		$	6,267		$	199,996
Dividends declared ($0.05 per share)		—		—		—			—			—			(1,269	)		—			(1,269	)
Dividends declared		—		—		—			—			—			(1,269	)		—			(1,269	)
Exercise of stock options		—		—		172			—			—			—			—			172
Repurchases of Class B common stock through repurchase program		—		—		—			(5,675	)		—			—			—			(5,675	)
Restricted Class B common stock purchased from employees		—		—		—			(1,532	)		—			—			—			(1,532	)
Restricted net2phone common stock purchased from employees		—		—		(3,611	)		—			—			—			53			(3,558	)
Exchange of National Retail Solutions shares for Class B common stock		—		2		81			—			—			—			(83	)		—
Stock issued to an executive officer for bonus payment		—		—		1,495			—			—			—			—			1,495
Business acquisition holdback payment		—		—		100			—			—			—			—			100
Stock-based compensation		—		1		3,410			—			—			—			—			3,411
Distributions to noncontrolling interests		—		—		—			—			—			—			(62	)		(62	)
Other comprehensive loss		—		—		—			—			(51	)		—			—			(51	)
Other comprehensive income (loss)		—		—		—			—			(51	)		—			—			(51	)
Net income		—		—		—			—			—			27,635			2,618			30,253
BALANCE AT APRIL 30, 2024	$	33	$	282	$	303,055		$	(122,668	)	$	(17,243	)	$	51,028		$	8,793		$	223,280
Balance	$	33	$	282	$	303,055		$	(122,668	)	$	(17,243	)	$	51,028		$	8,793		$	223,280

See accompanying notes to consolidated financial statements.

IDT CORPORATION

~~CONSOLIDATED~~NOTES ~~STATEMENTS~~TO OFCONDENSED ~~CASH~~CONSOLIDATED ~~FLOWS~~FINANCIAL ~~(Unaudited)~~STATEMENTS

	2025			2024
	Nine Months Ended April 30,
	2025			2024
	(in thousands)
Operating activities
Net income	$	63,657		$	30,572
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		15,702			15,256
Deferred income taxes		18,902			8,830
Provision for credit losses, doubtful accounts receivable, and reserve for settlement assets		4,465			3,010
Stock-based compensation		2,720			5,375
Other		1,735			4,065
Change in assets and liabilities:
Trade accounts receivable		(4,649	)		(9,000	)
Settlement assets, disbursement prefunding, prepaid expenses, other current assets, and other assets		(8,932	)		6,797
Trade accounts payable, accrued expenses, settlement liabilities, other current liabilities, and other liabilities		(19,486	)		(10,467	)
Customer funds deposits		25,327			1,243
Deferred revenue		(3,382	)		(2,903	)
Net cash provided by operating activities		96,059			52,778
Investing activities
Capital expenditures		(15,507	)		(13,621	)
Purchase of convertible preferred stock in equity method investment		(926	)		(1,513	)
Purchases of debt securities and equity investments		(29,083	)		(27,593	)
Proceeds from maturities and sales of debt securities and redemptions of equity investments		35,005			41,527
Net cash used in investing activities		(10,511	)		(1,200	)
Financing activities
Dividends paid		(4,036	)		(1,269	)
Distributions to noncontrolling interests		(100	)		(62	)
Proceeds from borrowings under revolving credit facility		24,551			32,864
Repayment of borrowings under revolving credit facility.		(24,551	)		(32,864	)
Purchase of restricted shares of net2phone common stock		—			(3,558	)
Proceeds from exercise of stock options		—			172
Repurchases of Class B common stock		(17,773	)		(7,207	)
Net cash used in financing activities		(21,909	)		(11,924	)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash and cash equivalents		3,982			(5,632	)
Net increase in cash, cash equivalents, and restricted cash and cash equivalents		67,621			34,022
Cash, cash equivalents, and restricted cash and cash equivalents at beginning of period		255,456			198,823
Cash, cash equivalents, and restricted cash and cash equivalents at end of period	$	323,077		$	232,845
Supplemental schedule of non-cash financing activities
Shares of the Company’s Class B common stock issued to executive officers for bonus payments	$	1,824		$	1,495
Value of the Company’s Class B common stock exchanged for National Retail Solutions shares	$	442		$	6,254
Shares of the Company’s Class B common stock issued for business acquisition	$	—		$	100

See accompanying notes to consolidated financial statements.

IDT CORPORATION

NOTES TO 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~~October 3031, 2025 are not necessarily indicative of the results that may be expected for the fiscal year ending July 31, ~~2025~~2026. The balance sheet at July 31, ~~2024~~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, ~~2024~~2025, 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 ~~2025~~2026 refers to the fiscal year ending July 31, ~~2025~~2026).

As of ~~April~~October 3031, 2025, 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 81.6% of the outstanding shares of National Retail Solutions (“NRS”). On a fully diluted basis assuming all the vesting criteria related to various rights granted have been met, the Company would own 90.21% of the equity of net2phone 2.0 and 79.5% of the equity of NRS.

Reclassifications

~~From~~During ~~and~~the ~~after~~three ~~August~~months 1ended October 31, ~~2024~~2025, the Company reclassified certain ~~customer~~prepaid ~~funds~~expenses ~~for~~to ~~pending~~accounts ~~money transfers in its consolidated financial statements~~receivable. In the condensed consolidated balance sheet at July 31, ~~2024~~2025, $82.9 1 million previously included in “~~Settlement~~Prepaid ~~liabilities~~expenses” was reclassified to “~~Customer~~Trade ~~funds~~accounts ~~deposits~~receivable,” and in the condensed consolidated statements of cash flows infor the ~~nine~~three months ended ~~April~~October 3031, 2024, cash provided by “~~Trade~~Settlement assets, ~~accounts~~disbursement ~~payable~~prefunding, ~~accrued~~prepaid expenses, ~~settlement liabilities,~~ other current ~~liabilities~~assets, and other ~~liabilities~~assets” of $10.79 million , was reclassified to cash provided by “~~Customer~~Trade ~~funds~~Accounts ~~deposits~~Receivable”. ~~These~~The corresponding amounts ~~were~~in prior periods were reclassified to conform to the current year’s presentation.

Recently Adopted Accounting Standard

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 fiscal 2026 Form 10-K, 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.

Note 2—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; and (ii) other, significantly smaller, financial services businesses, including a variable interest entity (“VIE”) that processes disbursement payments (the “Disbursement Payments VIE”),(iii) ~~and~~ IDT Financial Services Limited (“IDT Financial Services”), a Gibraltar-based bank and (iv) IDT Services Limited (“IDTS”), a Malta-based electronic money institution.

~~The net2phone segment is comprised of net2phone’s integrated cloud communications and contact center services.~~8

The net2phone ~~Traditional Communications~~ segment ~~includes:~~is ~~(i)~~an ~~IDT~~AI ~~Digital~~powered ~~Payments,~~business ~~which~~communications ~~enables~~solutions ~~customers~~provider tofocused ~~transfer~~on ~~airtime~~optimizing ~~and~~customer ~~bundles~~interactions, ofwith a ~~airtime,~~focus ~~messaging,~~on small enterprise and ~~data~~mid-market tocustomers ~~international~~across North and ~~domestic~~South ~~mobile~~America. ~~accounts;~~net2phone’s ~~(ii)~~key ~~BOSS~~offerings ~~Revolution,~~include: anUNITE ~~international long~~-~~distance calling~~ ~~service~~an ~~marketed~~AI-powered ~~primarily~~communications toplatform; ~~immigrant~~uContact ~~communities~~– inan ~~the~~omnichannel ~~United~~contact ~~States~~center ~~and Canada~~platform; ~~and~~AI ~~(iii)~~Agent ~~IDT~~– ~~Global,~~an aagentic ~~wholesale~~AI ~~provider of international~~service ~~voice~~that ~~and~~automates ~~SMS~~customer ~~termination~~interactions; and ~~outsourced~~Coach ~~traffic~~AI ~~management~~– ~~solutions~~a toprovider ~~telecoms~~of ~~worldwide. Traditional Communications also includes other small businesses and offerings including early~~real-~~stage~~time ~~business~~agent ~~initiatives~~guidance and ~~mature businesses in harvest mode~~conversational intelligence.

The ~~Company’s~~Traditional ~~reportable~~Communications ~~segments~~segment ~~are~~includes: ~~distinguished~~(i) byIDT ~~types~~Digital ~~of service~~Payments, ~~customers,~~which ~~and~~enables ~~methods~~customers ~~used~~ to ~~provide~~transfer ~~their~~airtime ~~services.~~and ~~The operating~~bundles ~~results~~ of ~~these~~airtime, messaging, ~~business~~and ~~segments~~data ~~are~~to ~~regularly~~international ~~reviewed~~and bydomestic ~~the~~mobile ~~Company’s~~accounts: ~~chief~~(ii) ~~operating~~BOSS ~~decision~~Revolution, ~~maker.~~an ~~The~~international ~~accounting policies~~long-distance ofcalling ~~the~~service marketed ~~segments~~primarily ~~are~~to ~~the~~immigrant ~~same~~communities asin the ~~accounting~~United ~~policies~~States ofand ~~the~~Canada; ~~Company~~and as(iii) IDT Global, a ~~whole.~~wholesale ~~There~~provider ~~are~~of nointernational voice ~~significant~~and ~~asymmetrical~~SMS ~~allocations~~ termination and outsourced traffic management solutions to ~~segments~~telecoms worldwide. ~~The~~Traditional ~~Company~~Communications ~~evaluates~~also ~~the~~includes other ~~performance~~small ofbusinesses ~~its~~and ~~business~~offerings ~~segments~~including ~~based~~early-stage ~~primarily~~business oninitiatives ~~income~~and ~~(loss)~~mature ~~from~~businesses ~~operations~~in harvest mode.

9The 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.

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)	National Retail Solutions			Fintech			net2phone			Traditional Communications			Corporate			Total
Three Months Ended April 30, 2025
Three Months Ended October 31, 2025
Revenues	$	3137,~~145~~083		$	3842,~~619~~729		$	2123,~~990~~454		$	~~210~~219,~~231~~486		$	—		$	~~301~~322,~~985~~752
Income (loss) from operations		6,167			4,311			1,372			17,348			(2,612	)		26,586
Direct cost of revenues		(3,621	)		(17,193	)		(4,718	)		(179,041	)		—			(204,573	)
Depreciation and amortization		(1,038	)		(703	)		(1,605	)		(1,852	)		(14	)		(5,212	)
Selling, general and administrative expense		(21,865	)		(16,663	)		(13,750	)		(19,036	)		(2,693	)		(74,007	)
Three Months Ended April 30, 2024
Technology and development expense		(2,655	)		(2,476	)		(3,031	)		(5,469	)		—			(13,631	)
Revenues	$	25,712		$	31,526		$	20,677		$	221,728		$	—		$	299,643
Other segment items		(33	)		(11	)		(14	)		(95	)		537			385
Income (loss) from operations	$	48,~~768~~909		$	~~(553~~6,386	)	$	~~476~~1,941		$	1215,~~467~~845		$	(52,~~726~~157	)	$	1130,~~432~~926
Depreciation and amortization	$	(~~819~~1,138	)	$	(~~723~~743	)	$	(1,~~574~~648	)	$	(1,~~978~~775	)	$	(172	)	$	(5,~~111~~305	)
Nine Months Ended April 30, 2025
Capital expenditures	$	(1,628	)	$	(815	)	$	(1,777	)	$	(1,544	)	$	(57	)	$	(5,821	)
Revenues	$	94,483		$	112,527		$	65,099		$	642,792		$	—		$	914,901
Three Months Ended October 31, 2024
Income (loss) from operations		21,907			10,644			3,476			51,088			(8,572	)		78,543
Revenues	$	30,362		$	37,070		$	21,620		$	220,514		$	—		$	309,566
Depreciation and amortization		(2,993	)		(2,195	)		(4,738	)		(5,729	)		(47	)		(15,702	)
Direct cost of revenues		(2,726	)		(15,502	)		(4,544	)		(179,167	)		—			(201,939	)
Nine Months Ended April 30, 2024
Selling, general and administrative expense		(19,017	)		(16,055	)		(13,143	)		(19,978	)		(2,858	)		(71,051	)
Revenues	$	74,930		$	86,076		$	60,957		$	674,983		$	—		$	896,946
Technology and development expense		(1,999	)		(2,277	)		(2,954	)		(5,508	)		(21	)		(12,759	)
Income (loss) from operations		15,578			(2,673	)		836			42,491			(11,617	)		44,615
Other segment items		—			(7	)		20			(190	)		—			(177	)
Depreciation and amortization		(2,330	)		(2,141	)		(4,565	)		(6,155	)		(65	)		(15,256	)
Income (loss) from operations	$	6,620		$	3,229		$	999		$	15,671		$	(2,879	)	$	23,640
Depreciation and amortization	$	960		$	735		$	1,557		$	1,972		$	17		$	5,241
Capital expenditures	$	1,233		$	1,060		$	1,622		$	1,363		$	—		$	5,278

Note 3—Revenue Recognition

The Company earns revenue from contracts with customers, primarily through the provision of retail telecommunications and payment offerings, as well as wholesale international voice and SMS termination services. ~~BOSS Money,~~ NRS, and net2phone are technology-driven, synergistic businesses that leverage the Company’s core assets. ~~BOSS~~NRS ~~Money’s~~generates revenue primarily from point-of-sale terminal sales, payment processing, software subscriptions, advertising, and ~~NRS’~~data ~~revenues~~services, which are ~~primarily~~generally recognized at a point in time, when control of the goods or ~~and~~services ~~net2phone’s~~transfers, ~~revenue~~except isfor ~~mainly~~subscription services that are recognized over time. ~~Traditional~~net2phone ~~Communications’~~earns ~~offerings~~revenue ~~are~~primarily ~~mostly~~from ~~minute~~cloud-based communications, ~~paid-voice~~ unified communications ~~services~~as a service (“UCaaS”), and ~~revenue~~contact iscenter ~~primarily~~as ~~recognized~~a atservice a(“CCaaS”) ~~point~~solutions, which inare recognized over time. ~~The~~as ~~Company’s~~services ~~most~~are ~~significant~~provided. ~~revenue~~BOSS ~~streams are~~Money ~~from~~and IDT Digital Payments, ~~BOSS~~revenues ~~Revolution,~~are ~~and~~recognized ~~IDT~~at ~~Global.~~a ~~IDT~~point ~~Digital~~in ~~Payments~~time when ~~and~~transactions ~~BOSS~~are ~~Revolution~~completed. ~~are~~Traditional ~~sold~~Communications ~~direct~~offerings consist primarily of minute-tobased, paid-~~consumer~~voice services, with revenue ~~and~~recognized ~~through~~at ~~distributors~~a ~~and~~point ~~retailers~~in time as usage occurs.

Disaggregated Revenues

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

2025

2024

~~2025~~

~~2024~~

Three Months Ended April 30,

Nine Months Ended April 30,

Three Months Ended October 31,

2025

2024

~~2025~~

~~2024~~

(in thousands)

National Retail Solutions

3137,~~145~~083

2530,~~712~~362

~~94,483~~

~~74,930~~

BOSS Money

3438,~~411~~295

2733,~~593~~693

~~101,608~~

~~76,871~~

Other

4,~~208~~434

3,~~933~~377

~~10,919~~

~~9,205~~

Total Fintech

3842,~~619~~729

3137,~~526~~070

~~112,527~~

~~86,076~~

net2phone

2123,~~990~~454

2021,~~677~~620

~~65,099~~

~~60,957~~

IDT Digital Payments

~~102~~107,~~620~~081

~~101~~105,~~608~~119

~~309,333~~

~~301,313~~

BOSS Revolution

5146,~~733~~983

6356,~~196~~842

~~161,882~~

~~201,021~~

IDT Global

5059,~~044~~573

5052,~~067~~375

~~153,701~~

~~150,843~~

Other

5,~~834~~849

6,~~857~~178

~~17,876~~

~~21,806~~

Total Traditional Communications

~~210~~219,~~231~~486

~~221~~220,~~728~~514

~~642,792~~

~~674,983~~

Total

~~301~~322,~~985~~752

~~299~~309,~~643~~566

~~914,901~~

~~896,946~~

Revenues

~~301~~322,~~985~~752

~~299~~309,~~643~~566

~~914,901~~

~~896,946~~

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

(in thousands)

National Retail Solutions

Fintech

net2phone

Traditional Communications

Total

Three Months Ended April 30, 2025

Three Months Ended October 31, 2025

United States

3137,~~145~~083

3741,~~278~~085

1213,~~758~~557

~~157~~161,~~577~~815

~~238~~253,~~758~~540

Outside the United States:

United Kingdom

—

4544,~~858~~074

Other

—

1,~~341~~644

9,~~232~~897

613,~~796~~597

1725,~~369~~138

Total outside the United States

—

1,~~341~~644

9,~~232~~897

5257,~~654~~671

6369,~~227~~212

Total

3137,~~145~~083

3842,~~619~~729

2123,~~990~~454

~~210~~219,~~231~~486

~~301~~322,~~985~~752

(in thousands)

National Retail Solutions

Fintech

net2phone

Traditional Communications

Total

Three Months Ended April 30, 2024

Three Months Ended October 31, 2024

United States

2530,~~712~~362

3035,~~469~~889

1112,~~330~~293

~~166~~165,~~093~~221

~~233~~243,~~604~~765

Outside the United States:

United Kingdom

—

4847,~~441~~957

Other

—

1,~~057~~181

9,~~347~~327

7,~~194~~336

17,~~598~~844

Total outside the United States

—

1,~~057~~181

9,~~347~~327

55,~~635~~293

6665,~~039~~801

Total

2530,~~712~~362

3137,~~526~~070

2021,~~677~~620

~~221~~220,~~728~~514

~~299~~309,~~643~~566

(in thousands)	National Retail Solutions		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

(in thousands)	National Retail Solutions		Fintech		net2phone		Traditional Communications		Total
Nine Months Ended April 30, 2024
United States	$	74,930	$	83,204	$	32,718	$	492,935	$	683,787
Outside the United States:
United Kingdom		—		—		—		157,673		157,673
Other		—		2,872		28,239		24,375		55,486
Total outside the United States		—		2,872		28,239		182,048		213,159
Total	$	74,930	$	86,076	$	60,957	$	674,983	$	896,946

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~~October 3031, 2025. The table excludes contracts that had an original expected duration of one year or less.

(in thousands)

National Retail Solutions

net2phone

Total

Twelve-month period ending April 30:

Twelve-month period ending October 31:

20261

810,~~713~~033

4145,~~738~~029

5055,~~451~~062

20271

7,~~279~~862

2224,~~163~~864

2932,~~442~~726

Thereafter0

7,~~391~~084

89,~~340~~507

1516,~~731~~591

Total0

2324,~~383~~979

7279,~~241~~400

95104,~~624~~379

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 record a contract ~~asset~~ 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. 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”.

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

	2025		2024		~~2025~~		~~2024~~
	Three Months Ended April 30,				Nine Months Ended April 30,
	Three Months Ended October 31,
	2025		2024		~~2025~~		~~2024~~
	(in thousands)
Revenue recognized in the period from amounts included in the contract liability balance at the beginning of the period	$	12,180	$	15,231	$	17,801	$	20,477
Revenue recognized	$	11,540	$	13,600

Receivables and contract balances from contracts with customers during the three months ended October 31, 2025 and 2024 were as follows:

(in thousands)	Account Receivables, net				Deferred Revenue
	2025		2024		2025		2024
Beginning of period	$	44,932	$	42,215	$	27,726	$	30,364
End of period	$	42,562	$	41,566	$	28,627	$	29,321

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:

	April 30, 2025		July 31, 2024
	October 31, 2025		July 31, 2025
	(in thousands)
Deferred customer contract acquisition costs included in “Other current assets”	$	6,~~543~~781	$	46,~~823~~547
Deferred customer contract acquisition costs included in “Other assets”		4,~~782~~881		4,~~276~~789
Total	$	11,~~325~~662	$	911,~~099~~336

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

	2025		2024		~~2025~~		~~2024~~
	Three Months Ended April 30,				Nine Months Ended April 30,
	Three Months Ended October 31,
	2025		2024		~~2025~~		~~2024~~
	(in thousands)
Amortization of deferred customer contract acquisition costs	$	1,401	$	1,167	$	4,334	$	3,576
Amortization	$	1,395	$	1,498

Note 4—Leases

The Company’s leases primarily consist of operating leases for office space. These leases have remaining terms offrom less than one ~~year~~ 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.

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

2025

2024

~~2025~~

~~2024~~

Three Months Ended April 30,

Nine Months Ended April 30,

Three Months Ended October 31,

2025

2024

~~2025~~

~~2024~~

(in thousands)

Operating lease cost

~~588~~534

~~746~~601

~~1,779~~

~~2,238~~

Short-term lease cost

~~300~~288

~~311~~258

~~806~~

~~770~~

Total lease cost

~~888~~822

~~1,057~~859

~~2,585~~

~~3,008~~

Cash paid for amounts included in the measurement of lease liabilities:

Operating cash flows from operating leases

~~611~~263

~~738~~614

~~1,838~~

~~2,253~~

Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases

~~611~~263

~~738~~614

~~1,838~~

~~2,253~~

Schedule of Supplemental Disclosure Related Weighted Average Operating ~~Leases~~Lease

	April 30, 2025			July 31, 2024
	October 31, 2025			July 31, 2025
Weighted-average remaining lease term-operating leases		2.86 years			2.67 years
Weighted-average discount rate-operating leases		5.6	%		5.62	%

In the ~~nine~~three months ended ~~April~~October 3031, 2025 and 2024, the Company obtained right-of-use assets of ~~$0.4 million~~ nil and $0.9 4 million, respectively, in exchange for new operating lease liabilities.

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

	April 30, 2025		July 31, 2024
	October 31, 2025		July 31, 2025
	(in thousands)
Operating lease liabilities included in “Other current liabilities”	$	~~875~~806	$	~~1,866~~842
Operating lease liabilities included in noncurrent liabilities		~~1,213~~904		1,~~533~~103
Total	$	21,~~088~~710	$	31,~~399~~945

Future minimum maturities of operating lease liabilities were as follows:

(in thousands)
Twelve-month period ending April 30:
Twelve-month period ending October 31:
2026	$	~~966~~880
2027		~~679~~558
2028		~~327~~201
2029		~~192~~189
2030		~~112~~22
Thereafter		—
Total lease payments		21,~~276~~850
Less imputed interest		(~~188~~140	)
Total operating lease liabilities	$	21,~~088~~710

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 ~~consolidated~~condensed consolidated balance sheets that ~~equal~~equals the total of the same amounts reported in the condensed consolidated statements of cash flows:

	April 30, 2025		July 31, 2024
	October 31, 2025		July 31, 2025
	(in thousands)
Cash and cash equivalents	$	~~199~~189,~~948~~273	$	~~164~~226,~~557~~505
Restricted cash and cash equivalents		123,~~129~~894		90115,~~899~~327
Total cash, cash equivalents, and restricted cash and cash equivalents	$	~~323~~313,~~077~~167	$	~~255~~341,~~456~~832

Restricted cash and cash equivalents included the following:

	April 30, 2025		July 31, 2024
	October 31, 2025		July 31, 2025
	(in thousands)
IDT Financial Services (Gibraltar)	$	~~110~~104,~~373~~956	$	83104,~~284~~161
Disbursement Payments VIE		12,597		7,426
Disbursement payments VIE		18,750		11,000
Other		~~159~~188		~~189~~166
Total restricted cash and cash equivalents	$	123,~~129~~894	$	90115,~~899~~327

Certain of the electronic money financial services regulations in Gibraltar require IDT Financial Services to safeguard cash held for ~~customer~~ 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:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
April 30, 2025:
October 31, 2025:
U.S. Treasury bills and notes	$	1315,~~833~~876	$	—	$	(3121	)	$	1315,~~802~~855
Government sponsored enterprise notes		16,~~617~~218		—2		—(1	)		16,~~617~~219
Corporate bonds		3,~~482~~263		25		(~~220~~156	)		3,~~264~~112
Total	$	1825,~~932~~357	$	27	$	(~~251~~178	)	$	1825,~~683~~186
July 31, 2024:
July 31, 2025:
U.S. Treasury bills and notes	$	1612,~~641~~953	$	10—	$	(6627	)	$	1612,~~585~~926
Government sponsored enterprise notes		35,~~356~~554		—		(34	)		35,~~353~~550
Corporate bonds		3,~~821~~367		12		(~~322~~196	)		3,~~500~~173
Total	$	2321,~~818~~874	$	112	$	(~~391~~227	)	$	2321,~~438~~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~~October 3031, 2025, 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~~October 3031, 2025 and July 31, ~~2024~~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.

Proceeds from maturities and sales of debt securities and redemptions of equity investments were $1812.37 million and $109.39 million in the three months ended ~~April~~October 3031, 2025 and 2024, ~~respectively, and $35.0~~ ~~million and $41.5 million in the nine months ended April 30, 2025 and 2024,~~ respectively. ~~In the three and nine months ended April 30, 2025, the realized gains and realized losses from sales of debt securities were not significant.~~ There were no realized gains or realized losses from sales of debt securities in the three ~~and nine~~ months ended ~~April~~October 3031, ~~2024.~~ ~~The Company uses the specific~~2025 ~~identification method in computing the realized gains~~ and ~~realized losses on the sales of debt securities~~2024.

~~The contractual maturities of the Company’s available-for-sale debt securities at April 30, 2025 were as follows:~~13

The contractual maturities of the Company’s available-for-sale debt securities at October 31, 2025 were as follows:

	Fair Value
	(in thousands)
Within one year	$	1522,~~585~~553
After one year through five years		2,~~592~~312
After five years through ten years		~~477~~310
After ten years		2911
Total	$	1825,~~683~~186

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

	Unrealized Losses		Fair Value
	(in thousands)
April 30, 2025:
October 31, 2025:
U.S. Treasury bills and notes	$	3121	$	1215,~~455~~505
Corporate bonds		220		3,062
Government sponsored enterprise notes		1		2,702
Total	$	251	$	15,517
Corporate bonds		156		2,890
July 31, 2024:
Total	$	178	$	21,097
U.S. Treasury bills and notes	$	66	$	12,936
July 31, 2025:
Government sponsored enterprise notes		3		2,634
U.S. Treasury bills and notes	$	27	$	12,926
Corporate bonds		322		3,310
Government sponsored enterprise notes		4		5,550
Total	$	391	$	18,880
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:

	Unrealized Losses		Fair Value
	(in thousands)
April 30, 2025:
October 31, 2025:
U.S. Treasury bills and notes	$	1615	$	~~271~~333
Corporate bonds		~~218~~156		2,~~984~~822
Total	$	~~234~~171	$	3,~~255~~155
July 31, 2024:
July 31, 2025:
U.S. Treasury bills and notes	$	6019	$	~~4,827~~329
Corporate bonds		~~307~~195		32,~~209~~967
Total	$	~~367~~214	$	83,~~036~~296

Note 7—Equity Investments

Equity investments consist of the following:

Schedule of Equity Investments

	April 30, 2025		July 31, 2024
	October 31, 2025		July 31, 2025
	(in thousands)
Zedge, Inc. Class B common stock, 42,282 shares at April 30, 2025 and July 31, 2024	$	102	$	153
Zedge, Inc. Class B common stock, 42,282 shares at October 31, 2025 and July 31, 2025	$	107	$	170
Rafael Holdings, Inc. (“Rafael”) Class B common stock, 278,810 shares at April 30, 2025 and July 31, 2024		441		416
Rafael Holdings, Inc. Class B common stock, 446,932 shares at October 31, 2025 and July 31, 2025		608		755
Other marketable equity securities		~~106~~134		70146
Fixed income mutual funds		4,~~538~~695		4,~~370~~566
Current equity investments	$	5,~~187~~544	$	5,~~009~~637
Visa Inc. Series C Convertible Participating Preferred Stock (“Visa Series C Preferred”)	$	~~902~~381	$	~~695~~902
Visa Inc. Series A Convertible Participating Preferred Stock (“Visa Series A Preferred”)		—		877
Convertible preferred stock—equity method investment		—		—
Convertible preferred stock—equity method investment		258		1,338
Hedge funds		3,044		3,031
Hedge funds		3,019		2,883
Other		1,225		2,725
Other		2,725		725
Noncurrent equity investments	$	4,650	$	6,658
Noncurrent equity investments	$	6,904	$	6,518

Howard S. 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. and the Chairman of the Board of Directors, Executive Chairman, Chief Executive Officer, and President of Rafael.14

InHoward Jonas, ~~June~~the ~~2025,~~Chairman ~~pursuant~~of tothe ~~Rafael~~Company and the Chairman of the Company’s ~~rights offering~~Board ~~that~~of ~~was~~Directors ~~announced~~is onalso ~~April~~the ~~29,~~Vice-Chairman ~~2025,~~of the ~~Company~~Board of ~~purchased~~Directors ~~168~~of Zedge,~~122~~ ~~shares~~Inc. (“Zedge”) and the Chairman of ~~Rafael~~the ~~Class~~Board Bof ~~common~~Directors, ~~stock~~Executive ~~for~~Chairman, anChief ~~aggregate~~Executive Officer and President of Rafael Holdings, $0Inc.2 ~~million~~(“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.

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:

	2025			2024			~~2025~~		~~2024~~
	Three Months Ended April 30,						Nine Months Ended April 30,
	Three Months Ended October 31,
	2025			2024			~~2025~~		~~2024~~
	(in thousands)
Balance, beginning of period	$	1,~~161~~171		$	~~1,719~~964		$	~~964~~	$	~~1,632~~
Adjustment for observable transactions involving a similar investment from the same issuer		10(521	)		~~(25~~63	)		~~207~~		~~162~~
Upward adjustment		—			—			—		130
Balance, end of the period	$	650		$	1,027
Redemption		—			—			—		(230	)
Impairments		—			—			—		—
Balance, end of the period	$	1,171		$	1,694		$	1,171	$	1,694

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 addition, in the nine months ended April 30, 2024, in connection with the acquisition of Regal Bancorp by SR Bancorp, the Company received cash of $0.2 million in exchange for shares of Regal Bancorp common stock it held.

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

	2025			2024			~~2025~~		~~2024~~
	Three Months Ended April 30,						Nine Months Ended April 30,
	Three Months Ended October 31,
	2025			2024			~~2025~~		~~2024~~
	(in thousands)
Net gains (losses) recognized during the period on equity investments	$	359		$	(78	)	$	1,133	$	(280	)
Net (losses) gains recognized during the period on equity investments	$	(269	)	$	378
Less: net gains recognized during the period on equity investments sold during the period		—			—			—		130
Plus: net loss recognized during the period on equity investment sold during the period		—			2
Unrealized gains (losses) recognized during the period on equity investments still held at the reporting date	$	359		$	(78	)	$	1,133	$	(410	)
Unrealized (losses) gains recognized during the period on equity investments still held at the reporting date	$	(269	)	$	380

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

	2025			2024			~~2025~~			~~2024~~
	Three Months Ended April 30,						Nine Months Ended April 30,
	Three Months Ended October 31,
	2025			2024			~~2025~~			~~2024~~
	(in thousands)
Unrealized (losses) gains recognized during the period on equity investments:
Rafael Class B common stock	$	(~~134~~147	)	$	~~(61~~100	)	$	25		$	~~(115~~	)
Zedge Class B common stock	$	(1263	)	$	(3623	)	$	~~(51~~	)	$	13
Equity securities unrealized gain loss	$	(1263	)	$	(3623	)	$	~~(51~~	)	$	13

Equity Method Investment

The Company has an investment in shares of convertible preferred stock of a communications company (the equity method investee, or “EMI”). As of both ~~April~~October 3031, 2025 and July 31, ~~2024~~2025, the Company’s ownership was 33.4% of the EMI’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 the EMI but does not have a controlling interest.

The Company determined that on the dates of the acquisitions of the EMI’s shares, there were differences between its investment in the EMI and its proportional interest in the equity of the EMI of an aggregate of $8.2 million, which represented the share of the EMI’s ~~customer~~ customer list on the dates of the acquisitions attributed to the Company’s interest in the EMI. 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 17).

16In the three months ended October 31, 2025, no additional shares of the EMI’s convertible preferred stock were purchased. In the three months ended October 31, 2024, each of the EMI’s shareholders, including the Company, purchased additional shares of the EMI’s convertible preferred stock.

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

	2025			2024			~~2025~~			~~2024~~
	Three Months Ended April 30,						Nine Months Ended April 30,
	Three Months Ended October 31,
	2025			2024			~~2025~~			~~2024~~
	(in thousands)
Balance, beginning of period	$	~~752~~(397	)	$	1,~~932~~338		$	~~1,338~~		$	~~2,784~~
Purchase of convertible preferred stock		~~253~~—			~~504~~673			~~926~~			~~1,513~~
Equity in the net loss of investee		(~~405~~64	)		(~~529~~438	)		~~(978~~	)		~~(1,704~~	)
Amortization of equity method basis difference		(~~342~~343	)		(342	)		~~(1,028~~	)		~~(1,028~~	)
Balance, end of the period	$	258		$	1,565		$	258		$	1,565
Balance, end of period	$	(804	)	$	1,231

In February 2025, the Company entered into a loan agreement with the EMI for providing the EMI with a revolving credit facility. The aggregate ~~principal~~ principal amount available under the facility is $2.0 million. The loans will incur interest at 12% per annum payable semiannually and are due and payable in February 2027. In February 2025, the Company loaned the EMI $0.5 million under the revolving credit facility. In May 2025, the Company loaned the EMI an additional $0.4 million for an aggregate of $1.9 million under the revolving credit facility.

Note 8—Fair Value Measurements

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

	Level 1 (1)		Level 2 (2)		Level 3 (3)			Total
	(in thousands)
April 30, 2025
October 31, 2025
Debt securities	$	1315,~~802~~855	$	49,~~881~~331	$	—		$	1825,~~683~~186
Equity investments included in current assets		5,~~187~~544		—		—			5,~~187~~544
Equity investments included in noncurrent assets		—		—		381			381
Total	$	21,399	$	9,331	$	381		$	31,111
Acquisition consideration included in:
Other current liabilities	$	—	$	—	$	(343	)	$	(343	)
Other noncurrent liabilities		—		—		(267	)		(267	)
Total	$	—	$	—	$	(610	)	$	(610	)
July 31, 2025
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,~~989~~563	$	711,~~381~~223	$	902		$	2730,~~272~~688
Acquisition consideration included in:
Other current liabilities	$	—	$	—	$	~~(296~~—	)	$	~~(296~~—	)
Other noncurrent liabilities		—		—		(610	)		(610	)
Total	$	—	$	—	$	(~~906~~610	)	$	(~~906~~610	)
July 31, 2024
Debt securities	$	16,585	$	6,853	$	—		$	23,438
Equity investments included in current assets		5,009		—		—			5,009
Equity investments included in noncurrent assets		—		1,377		695			2,072
Total	$	21,594	$	8,230	$	695		$	30,519
Acquisition consideration included in:
Other current liabilities	$	—	$	—	$	(222	)	$	(222	)
Other noncurrent liabilities		—		—		(684	)		(684	)
Total	$	—	$	—	$	(906	)	$	(906	)

(1)

– quoted prices in active markets for identical assets or liabilities

(2)

– observable inputs other than quoted prices in active markets for identical assets and liabilities

(3)

– no observable pricing inputs in the market

At October ~~April 30~~31, 2025 and July 31, ~~2024~~2025, the Company had $3.0 million ~~and $2.9 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.

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):

	2025			2024			~~2025~~		~~2024~~
	Three Months Ended April 30,						Nine Months Ended April 30,
	Three Months Ended October 31,
	2025			2024			~~2025~~		~~2024~~
	(in thousands)
Balance, beginning of period	$	~~892~~902		$	~~1,450~~695		$	~~695~~	$	~~1,263~~
Total gains (losses) included in “Other income (expense), net”		10			(25	)		207		162
Total gain (loss) included in “Other expense, net”		(521	)		63
Balance, end of period	$	~~902~~381		$	~~1,425~~758		$	~~902~~	$	~~1,425~~
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the period	$	—		$	—		$	—	$	—

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

	2025		2024			~~2025~~		~~2024~~
	Three Months Ended April 30,					Nine Months Ended April 30,
	Three Months Ended October 31,
	2025		2024			~~2025~~		~~2024~~
	(in thousands)
Balance, beginning of period	$	~~906~~610	$	~~4,517~~906		$	~~906~~	$	~~4,805~~
Payments		—		~~(1,650~~—	)		—		~~(1,864~~	)
Total (gains) losses included in:
Total gain included in “Foreign currency translation adjustment”		—		—
“Other operating expense, net”		—		—			—		(73	)
Balance, end of period	$	610	$	906
Interest expense included in “Interest income, net”		—		45			—		45
Change in unrealized gains or losses for the period included in earnings for liabilities held at the end of the period	$	—	$	—
“Foreign currency translation adjustment”		—		—			—		(1	)
Balance, end of period	$	906	$	2,912		$	906	$	2,912
Change in unrealized gains or losses for the period included in earnings for liabilities held at the end of the period	$	—	$	—		$	—	$	—

In the nine months ended April 30, 2024, the Company paid an aggregate of $1.9 million in contingent consideration related to a prior acquisition, which included 2,679 shares of the Company’s Class B common stock with an issue date value of $0.1 million. In addition, in the nine months ended April 30, 2024, the Company recorded a gain on the write-off of a contingent consideration payment obligation, which was included in “Other operating expense, net” in the accompanying consolidated statements of income.17

Fair Value of Other Financial Instruments

The estimated fair value of the Company’s other financial instruments was determined using available market information or other appropriate valuation methodologies. However, considerable judgment is required in interpreting these data to develop estimates of fair value. Consequently, the estimates are not necessarily indicative of the amounts that could be realized or would be paid in a current market exchange.

Cash and cash equivalents, restricted cash and cash equivalents, settlement assets, disbursement prefunding, other current assets, ~~customer~~ customer funds deposits, settlement liabilities, and other current liabilities. At ~~April~~October 3031, 2025 and July 31, ~~2024~~2025, the carrying ~~amount~~ amount of these assets and liabilities approximated fair value because of the short period of time to maturity. The fair value estimates ~~for~~ for cash, cash equivalents, and restricted cash and cash equivalents were classified as Level 1 and settlement assets, disbursement prefunding, other current assets, customer funds deposits, settlement liabilities, and other current liabilities were classified as Level 2 of the fair value hierarchy.

Other assets and other liabilities. At ~~April~~October 3031, 2025 and July 31, ~~2024~~2025, the carrying amount of these assets and liabilities approximated fair value. The fair values were estimated based on the Company’s assumptions, which were classified as Level 3 of the fair value hierarchy.

Note 9—Variable Interest Entity

The Company is the primary beneficiary of the Disbursement Payments VIE. The Company ~~determined~~consolidates ~~that,~~the ~~effective~~Disbursement ~~May~~Payments ~~31,~~VIE ~~2021,~~because it has ~~had~~ the power to direct the activities of the ~~Disbursement Payments~~ VIE that most significantly impact its economic performance, and ~~the Company~~ has the obligation to absorb losses of and the right to receive benefits from the Disbursement Payments VIE that could potentially be significant to it. ~~As a result, the Company consolidates the Disbursement Payments VIE.~~ The Company does not currently own any interest in the Disbursement Payments VIE and thus the net income incurred by the Disbursement Payments VIE ~~was~~ was attributed to noncontrolling interests in the accompanying condensed consolidated statements of income.

The Disbursement Payments VIE’s net income and aggregate funding provided by ~~(repaid to)~~ the Company were as follows:

	2025		2024			~~2025~~		~~2024~~
	Three Months Ended April 30,					Nine Months Ended April 30,
	Three Months Ended October 31,
	2025		2024			~~2025~~		~~2024~~
	(in thousands)
Net income of the Disbursement Payments VIE	$	187	$	301		$	537	$	275
Net income of the VIE	$	343	$	338
Aggregate funding provided by (repaid to) the Company, net	$	109	$	(110	)	$	368	$	127
Aggregate funding provided by the Company, net	$	132	$	55

The Disbursement Payments VIE’s summarized condensed consolidated balance sheet amounts are as follows:

	April 30, 2025		July 31, 2024
	October 31, 2025		July 31, 2025
	(in thousands)
Assets:
Cash and equivalents	$	23,~~913~~515	$	23,~~626~~116
Restricted cash		1218,~~597~~750		711,~~426~~000
Trade accounts receivable, net		~~176~~567		74244
Disbursement prefunding		13,~~425~~246		21,~~587~~400
Prepaid expenses		~~233~~611		~~258~~431
Other current assets		~~238~~197		~~294~~224
Property, plant, and equipment, net		~~195~~205		~~179~~204
Other intangibles, net		~~470~~394		~~584~~432
Total assets	$	1827,~~247~~485	$	1417,~~028~~051
Liabilities and noncontrolling interests:
Trade accounts payable	$	—79	$	427
Accrued expenses		~~209~~419		~~124~~159
Customer funds deposits		1220,~~421~~343		910,~~195~~701
Due to the Company		~~609~~861		~~241~~729
Accumulated other comprehensive income		3463		2758
Noncontrolling interests		45,~~974~~720		45,~~437~~377
Total liabilities and noncontrolling interests	$	1827,~~247~~485	$	1417,~~028~~051

The Disbursement Payments VIE’s assets may only be used to settle the Disbursement Payments VIE’s obligations and may not be used for other consolidated entities. The Disbursement Payments VIE’s liabilities are non-recourse to the general credit of the Company’s other consolidated entities.

Note 10—Other Operating ~~Expense~~Income, Net

The following table summarizes the other operating ~~(expense) gain~~income, net by business segment:

Schedule of Other Operating ~~(Expense) Gain~~Income, Net

	~~2025~~	2025		~~2024~~	2024		~~2025~~			~~2024~~
	Three Months Ended April 30,						Nine Months Ended April 30,
		Three Months Ended October 31,
	~~2025~~	2025		~~2024~~	2024		~~2025~~			~~2024~~
	~~(in thousands)~~	(in thousands)
Corporate—Straight Path Communications Inc. class action legal fees	$	—(524	)	$	~~(3,157~~—	)	$	(7	)	$	~~(5,921~~	)
Corporate—Straight Path Communications Inc. class action insurance claims		—1,237			—			—			~~2,869~~
Corporate—other		—			—			—			12
Corporate—NRS legal fees		(176	)		—
Fintech—write-off of intangible asset		—			(74	)		—			(74	)
Telecom - other		52
net2phone—write-off of equipment		(212	)		—			(400	)		—
Total	$	589		$	—
net2phone—write-off of contingent consideration liability		—			—			—			73
Traditional Communications—other		37			—			4			—
Total other operating expense, net	$	(175	)	$	(3,231	)	$	(403	)	$	(3,041	)

Straight Path Communications Inc. Class Action

As ~~discussed~~ disclosed in Note 16, the Company ~~(as~~and ~~well as~~ other ~~defendants)~~parties ~~was~~were named in a putative class action onand ~~behalf~~derivative ofcomplaint ~~the~~related ~~stockholders~~to ~~of the Company’s former subsidiary,~~ Straight Path Communications Inc. ~~(“Straight~~filed ~~Path”).~~in ~~The Company incurred legal fees and recorded offsetting gains from insurance claims related to this action. In fiscal 2024,~~ the ~~Company received the final payment from its insurance policy for these claims. On October 3, 2023, the~~ Court of Chancery of the State of Delaware. The Court dismissed all claims against the Company, and found that, contrary to the plaintiffs’ allegations, the class suffered no damages. OnThe ~~January~~plaintiffs ~~14, 2025, the plaintiff~~ filed aan ~~notice of~~ appeal ~~of the Final Order and Judgment~~ to which the ~~Supreme~~Company ~~Court~~answered. Oral ofargument ~~the~~was ~~State~~held ofon ~~Delaware~~October to22, ~~appeal the~~2025 ~~Final Order~~ and ~~Judgment.~~on OnDecember ~~April 22~~3, 2025, the ~~Company~~Delaware ~~filed~~Supreme ~~its~~Court ~~answering~~affirmed ~~brief to~~ the ~~appeal.~~favorable ~~The~~decision ~~Supreme~~of the Court of Chancery that dismissed all claims against the ~~State~~Company ofand ~~Delaware has~~found ~~scheduled~~that ~~oral~~Plaintiff ~~argument~~and ~~for~~the ~~July~~class ~~2025~~suffered no damages.

Write-off of Contingent Consideration Liability

In the nine months ended April 30, 2024, the Company recognized a gain on the write-off of a contingent consideration payment obligation in its net2phone segment.

Note 11—Revolving Credit Facility

~~The Company’s subsidiary,~~ IDT Telecom, Inc. (“IDT Telecom”), ~~entered into~~ a ~~credit~~subsidiary ~~agreement, dated as~~ of ~~May~~the 17Company, ~~2021, with~~maintains ~~TD Bank, N.A. for~~ a ~~revolving credit facility for up to a maximum principal amount of~~ $25.0 million. Asrevolving ofcredit ~~July~~facility ~~15,~~with ~~2024 and July 28, 2023, IDT Telecom and~~ TD Bank, N.A. ~~amended certain terms of the credit agreement. IDT Telecom may use the proceeds to finance working~~maturing ~~capital~~on ~~requirements~~May ~~and for certain closing costs of the facility. At April 30~~16, ~~2025 and July 31, 2024, there were no amounts outstanding under this facility~~2026. ~~In the nine months ended April 30, 2025 and 2024, IDT Telecom borrowed and repaid an aggregate of $24.6 million and $32.9 million, respectively, under the facility.~~ The revolving credit facility is secured by primarily all of IDT Telecom’s assets. ~~The~~and ~~principal outstanding~~ bears interest ~~per annum~~ at the secured overnight financing rate ~~published~~(“SOFR”) byplus ~~the~~a ~~Federal~~margin ~~Reserve Bank~~ of ~~New~~125-175 ~~York plus 10~~ basis points, ~~plus~~ depending ~~upon~~on ~~IDT~~leverage. ~~Telecom’s~~At ~~leverage~~October ~~ratio~~31, as2025 ~~computed~~and ~~for~~July 31, ~~the~~2025, ~~most~~there ~~recent~~were ~~fiscal~~no ~~quarter, 125~~amounts tooutstanding ~~175~~under ~~basis~~this ~~points~~facility. ~~Interest~~During isthe ~~payable~~three ~~monthly,~~months ~~and~~ended ~~all~~October ~~outstanding~~31, ~~principal~~2025 and ~~any accrued and unpaid interest is due on May 16~~2024, ~~2026.~~ IDT Telecom borrowed ~~pays~~and arepaid ~~quarterly~~$12.7 ~~unused~~million ~~commitment~~and ~~fee of 10 basis points on the average daily balance of the unused portion of the~~ $2514.0 2 million, ~~commitment~~respectively. IDT Telecom is required to comply with various affirmative and negative covenants as well as maintain certain targets based on financial ratios during the term of the revolving credit facility. As of ~~April~~October 3031, 2025 and July 31, ~~2024~~2025, IDT Telecom was in compliance with all of the covenants.

Note 12—Redeemable Noncontrolling Interest

On September 29, 2021, NRS sold shares of its Class B common stock representing 2.5% of its outstanding capital stock on a fully diluted basis to Alta Fox Opportunities Fund LP (“Alta Fox”) for cash of $10 million. Alta Fox has the right to request that NRS redeem all or any portion of the NRS common shares that it purchased at the per share purchase price during a period of 182 days following the fifth anniversary of this transaction. The redemption right shall terminate upon the consummation of (i) a sale of NRS or its assets for cash or securities that are listed on a national securities exchange, (ii) a public offering of NRS’ securities, or (iii) a distribution of NRS’ capital stock following which NRS’ common shares are listed on a national securities exchange.

The shares of NRS’ Class B common stock sold to Alta Fox have been classified as mezzanine equity in the accompanying condensed consolidated balance sheets because they may be redeemed at the option of Alta Fox, although the shares are not mandatorily redeemable. The carrying amount of the shares includes the noncontrolling interest in the net income of NRS. The net income attributable to the mezzanine equity’s noncontrolling interest during the periods were as follows:

	2025		2024		~~2025~~		~~2024~~
	Three Months Ended April 30,				Nine Months Ended April 30,
	Three Months Ended October 31,
	2025		2024		~~2025~~		~~2024~~
	(in thousands)
Net income of NRS attributable to the mezzanine equity’s noncontrolling interest	$	~~129~~184	$	98138	$	~~456~~	$	~~319~~

Note 13—Equity

Dividend Payments

In ~~March 2025,~~ the ~~Company’s~~three ~~Board of Directors increased the Company’s quarterly cash dividend on the Company’s Class A and Class B common stock to $0.06 per share from $0.05 per share. In the nine~~ months ended ~~April~~October 3031, 2025 and 2024, the Company paid ~~aggregate~~ a cash ~~dividends~~dividend of $0.16 06 and $0.05 per share, respectively, on the Company’s Class A and Class B common stock. In the ~~nine~~ three months ended ~~April~~October 3031, 2025 and 2024, the Company paid aggregate cash dividends of $41.0 5 million and $1.3 million, respectively.

InOn ~~May~~December 2, 2025, ~~the~~The Company’s Board of Directors declared a cash dividend on ~~the~~our ~~Company’s~~ Class A and Class B common stock of $0.06 per share payable on or about ~~June 18~~December 23, 2025 to stockholders of record as of the close of business on ~~June~~December 915, 2025.

Deferred Stock Units Equity Incentive Program

On November 30, 2022, the Company adopted an equity incentive program (under its 2015 Stock Option and Incentive Plan) in the form of grants of deferred stock units (“DSUs”) that, upon vesting, entitled the grantees to receive shares of the Company’s Class B common stock. The number of shares issuable on each vesting date varies between 50% to 200% of the number of DSUs that vested on that vesting date, depending on the market price for the underlying Class B common stock on the vesting date relative to the base price approved by the Compensation Committee of the Company’s Board of Directors of $25.45 per share (which was based on the market price at the time of the initial grants under this program). On February 25, 2025, in accordance with the program and based on certain elections made by grantees, the Company issued 276,960 shares of its Class B common stock for vested DSUs.

Exchange of NRS Equity for Shares of the Company’s Class B Common Stock and Cash

In June 2024, the Company initiated a tender offer to purchase 10% of each qualified holder’s outstanding DSUs that are to be settled in shares of NRS common stock (“NRS DSUs”) in exchange for cash or shares (depending on the number of NRS DSUs held by each holder) of the Company’s Class B common stock. In July 2024, certain qualified holders tendered and sold NRS DSUs to the Company, and, as a condition of the tender offer, each NRS DSU seller granted to the Company an option, exercisable in the Company’s sole discretion for a period of one year, to purchase additional NRS DSUs at the same purchase price. In addition, in July 2024, certain holders of shares of NRS’ Class B common stock sold shares to the Company, and, each of these sellers granted to the Company an option, exercisable in the Company’s sole discretion for a period of one year, to purchase additional shares of NRS’ Class B common stock with the purchase price to be paid in shares of the Company’s Class B common stock with a value based on an average closing price of the Company’s Class B common stock at the time of the exercise notice.

In April 2025, the Company exercised its rights and purchased an aggregate of 209,317 additional NRS DSUs and 142,500 additional shares of NRS’ Class B common stock. The NRS DSUs and shares represented an aggregate of 0.2% of NRS’ outstanding capital stock on a fully diluted basis. The NRS DSUs and shares were exchanged for an aggregate of 17,584 shares of the Company’s Class B common stock that were issued in April 2025, and cash of $0.1 million, with an aggregate value of $1.0 million based on agreed-upon valuations of the NRS DSUs and NRS Class B common stock and the average price of the Company’s Class B common stock during the 10 days immediately before the notice of the additional exercise. The Company accounted for the exchange of NRS’ Class B common stock for shares of the Company’s Class B common stock as an equity transaction and recorded a decrease in “Noncontrolling interests” and an increase in “Additional paid-in capital” of $33,000, based on the carrying amount of the 0.1% noncontrolling interest in NRS. The Company accounted for the exchange of NRS’ DSUs for shares of the Company’s Class B common stock and cash as compensation expense and recorded stock-based compensation expense of $0.5 million based on the closing price of the shares of the Company’s Class B common stock on the date prior to the date that the shares were issued plus the cash paid.

In January 2024, three management employees of NRS exchanged shares of NRS’ Class B common stock that they held for shares of the Company’s Class B common stock with an equal value. The NRS shares in the exchange represented an aggregate of 1.25% of NRS’ outstanding shares (1.21% on a fully diluted basis), which were exchanged for an aggregate of 192,433 shares of the Company’s Class B common stock. The Company accounted for the exchange as an equity transaction and recorded a decrease in “Noncontrolling interests” and an increase in “Additional paid-in capital” of $0.1 million, based on the carrying amount of the 1.25% noncontrolling interest in NRS.

Stock Repurchases

The Company has an existing stock repurchase program authorized by its Board of Directors for the repurchase of shares of the Company’s Class B common stock. In January 2016, the Board of Directors authorized the repurchase of up to 8.0 million shares in the aggregate. In the ~~nine~~three months ended October ~~April 30~~31, 2025, the Company repurchased ~~221~~158,~~823~~ 424 shares of its Class B common stock for an aggregate purchase price of $107.1 6 million. In the ~~nine~~three months ended ~~April~~October 3031, 2024, the Company repurchased ~~204~~37,~~107~~ 714 shares of its Class B common stock for an aggregate purchase price of $51.7 3 million. At ~~April~~October 3031, 2025, 4.2 0 million shares remained available for repurchase under the ~~stock~~ stock repurchase program.

InShares ~~the~~Withheld nine months ended April 30, 2025 and 2024, the Company paid $7.7 million and $1.5 million, respectively, to repurchase 157,180 and 41,994 shares, respectively, of the Company’s Class B common stock that were tendered by employees of the Company to satisfy the employees’ tax withholding obligations in connection with the vesting of DSUs, the lapsing of restrictions on restricted stock and shares issued for ~~bonus~~Employee ~~payments.~~Taxes ~~Such shares were repurchased by the Company based on their fair market value as of the close of business on the trading day immediately prior to the vesting date.~~

In the three months ended October 31, 2025 and 2024, the Company withheld nil and 24,290 shares, valued at nil and $1.1 million, respectively, of the Company’s Class B common stock from employees to satisfy the employees’ tax withholding obligations in connection with the vesting of deferred stock units (“DSUs”) and the lapsing of restrictions on restricted stock. The value of the shares is based on the fair market value as of the close of business on the trading day immediately prior to the vesting date. These shares are not repurchased under the Company’s share repurchase program.

2024 Equity Incentive Plan

The 2024 Equity Incentive Plan is intended to provide incentives to officers, employees, directors, and consultants of the Company, including stock options, stock appreciation rights, DSUs, and restricted stock. At July 31, 2025, the Company had 250,000 shares of Class B common stock reserved for the grant of awards under the 2024 Equity Incentive Plan, and 23,934 shares were available for future grants. In September 2025, the Company’s Board of Director’s approved an amendment to the Company’s 2024 Equity Incentive Plan to increase the number of shares of the Company’s Class B common stock available for the grant of awards thereunder by an additional 175,000 shares, subject to approval by the Company’s stockholders at its annual meeting in December 2025.

2025 Equity Growth Program

On September 18, 2025, the Company granted 109,975 DSUs to certain of its executive officers and other employees under the 2025 Equity Growth Program (under its 2024 Equity Incentive Plan). The DSU’s which convert into Class B common stock upon vesting, are scheduled to vest in three substantially equal installments in February 2026, 2027, and 2028, subject to continued service. The number of shares issuable on each vesting date will vary based on the market price of Class B common stock relative to the grant price, ranging from 50% to 267%, and up to 400% for certain executive officers. Grantees may elect to defer vesting to the next scheduled vesting date for some or all DSU’s. The Company estimated that the fair value of the DSUs on the date of grant was $13.3 million, which is being recognized on a graded vesting basis over the requisite service periods ending in February 2028. The Company used a risk neutral Monte Carlo simulation method in its valuation of the DSUs, which simulated the range of possible future values of the Company’s Class B common stock over the life of the DSUs. The weighted average grant date fair value per DSU was $120.70. At October 31, 2025, there was $11.9 million of total unrecognized compensation cost related to non-vested DSUs.

NRS Restricted Common Stock

Effective as of June 30, 2022, restricted shares of NRS’ Class B common stock representing 1.2% of its outstanding capital stock on a fully diluted basis were granted to certain NRS employees. The restrictions on the shares will lapse in three installments, the first was on June 1, 2024, and the others are June 1, 2026, and June 1, 2027. The estimated fair value of the restricted shares on the grant date was $3.3 million, which is recognized over the vesting period. At October 31, 2025, unrecognized compensation cost related to NRS’ non-vested Class B common stock was $1.1 million. The unrecognized compensation cost is expected to be recognized over the remaining vesting period that ends in fiscal 2027.

Amended and Restated Employment Agreement with Abilio (“Bill”) Pereira

On December 21, 2023, the Company entered into an Amended and Restated Employment Agreement with Bill Pereira, the Company’s ~~President~~ President and Chief Operating Officer. The agreement provides for, among other things, certain equity grants and a contingent bonus subject to the completion of certain financial milestones as set forth in the agreement. In ~~fiscal~~October 2024, ~~two of these milestones were achieved, for which~~ the Company issued to Mr. Pereira 39,155 shares of its Class B common stock ~~in the three months ended April 30, 2024~~ with an issue date value ~~of $1.5~~ ~~million, and the Company issued to Mr. Pereira 39,155 shares~~ of ~~its Class B common stock in the three months ended October 31, 2024 with an issue date value of~~ $1.8 million. ~~In the three months ended April 30, 2025, the Company accrued $1.0 million~~ in connection with the achievement of anone ~~additional~~of ~~milestone~~these milestones.

~~Restricted net2phone 2.0 Common Stock Repurchased from Employees~~20

InNote ~~January~~14— ~~2024,~~Earnings ~~the~~Per ~~restrictions~~Share lapsed on the 0.5 million restricted shares of net2phone 2.0 Class B common stock that were granted in December 2020 to each of Howard S. Jonas and Shmuel Jonas, the Company’s Chief Executive Officer. In addition, in January 2024, Bill Pereira was granted 50,000 shares of net2phone 2.0 Class B common stock in connection with the agreement described above. The Company repurchased a portion of these shares representing an aggregate of 4.5% of the outstanding shares of net2phone 2.0 with an aggregate fair value of $3.6 million to satisfy the grantees’ tax withholding obligations in connection with the lapsing of restrictions on restricted stock or the grant of shares. The fair value per share of the net2phone 2.0 Class B common stock was based on a valuation of the business enterprise using a market approach and income approach. The Company recorded an increase in “Noncontrolling interests” of $53,000 and a decrease in “Additional paid-in capital” of $3.61 million for the purchase of the shares.

Note 14—Earnings Per Share

Basic earnings per share is computed by dividing net income attributable to all classes of common stockholders of the Company by the weighted average number of shares of all classes of common stock outstanding during the applicable period. Diluted earnings per share is computed in the same manner as basic earnings per share, except that the number of shares is increased to include restricted stock still subject to risk of forfeiture and to assume exercise of potentially dilutive stock options using the treasury stock method, unless the effect of such increase is anti-dilutive.

The weighted-average number of shares used in the calculation of basic and diluted earnings per share attributable to the Company’s common stockholders consists of the following:

2025

2024

~~2025~~

~~2024~~

Three Months Ended April 30,

Nine Months Ended April 30,

Three Months Ended October 31,

2025

2024

~~2025~~

~~2024~~

(in thousands)

Basic weighted-average number of shares

25,~~165~~183

25,~~345~~204

~~25,177~~

~~25,233~~

Effect of dilutive securities:

Stock options

—

Non-vested restricted Class B common stock

8410

~~171~~159

~~135~~

~~146~~

Diluted weighted-average number of shares

25,~~249~~193

25,~~516~~363

~~25,312~~

~~25,380~~

There were no shares excluded from the calculation of diluted earnings per share in the three ~~and nine~~ months ended ~~April~~October 3031, 2025 and 2024.

Note 15—Accumulated Other Comprehensive Loss

The accumulated balances for each classification of other comprehensive income (loss) were as follows:

Schedule of Accumulated Balances for Each Classification of Other Comprehensive Income (Loss)

	Unrealized Loss on Available-for-Sale Securities			Foreign Currency Translation			Accumulated Other Comprehensive Loss
	(in thousands)
Balance, July 31, 2024	$	(380	)	$	(17,762	)	$	(18,142	)
Balance, July 31, 2025	$	(225	)	$	(16,344	)	$	(16,569	)
Other comprehensive income (loss) attributable to IDT Corporation		131			(1,801	)		(1,670	)
Other comprehensive income attributable to IDT Corporation		54			247			301
Balance, April 30, 2025	$	(249	)	$	(19,563	)	$	(19,812	)
Balance, October 31, 2025	$	(171	)	$	(16,097	)	$	(16,268	)

Note 16—Commitments and Contingencies

Legal Proceedings

~~On July~~As 5,disclosed ~~2017,~~in ~~plaintiff~~our ~~JDS1,~~Annual ~~LLC,~~Report on ~~behalf of itself and all other similarly situated stockholders of Straight Path, and derivatively~~ onForm ~~behalf~~10-K offor ~~Straight Path as nominal defendant, filed a putative class action and derivative complaint in~~ the ~~Court~~fiscal ofyear ~~Chancery~~ended ofJuly ~~the State of Delaware (the “Court of Chancery”) against the Company~~31, ~~The Patrick Henry Trust (a trust formed by Howard S. Jonas that held record and beneficial ownership of certain shares of Straight Path he formerly held)~~2025, ~~Howard S. Jonas, and each of Straight Path’s directors. The complaint alleged that~~ the Company ~~aided~~ and ~~abetted~~other ~~Straight~~parties ~~Path~~were ~~Chairman~~named ~~of the Board and Chief Executive Officer Davidi Jonas, and Howard S. Jonas~~ in ~~his~~a ~~capacity~~putative asclass ~~controlling~~action ~~stockholder of Straight Path, in breaching their fiduciary duties~~and toderivative ~~Straight~~complaint ~~Path in connection with the settlement of claims between Straight Path and the Company~~ related to ~~potential indemnification claims concerning~~ Straight Path’s ~~obligations under the Consent Decree it entered into with the Federal~~ Communications ~~Commission (“FCC”), as well as the sale of Straight Path’s subsidiary Straight Path IP Group,~~ Inc. tofiled ~~the Company~~ in ~~connection with that settlement. That action was consolidated with a similar action that was initiated by The Arbitrage Fund. The Plaintiffs sought, among other things, (i) a declaration that~~ the ~~action~~Court ~~may~~of beChancery maintained as a class action or in the alternative, that demand on the Straight Path Board is excused; (ii) that the term sheet is invalid; (iii) awarding damages for the unfair price stockholders received in the merger between Straight Path and Verizon Communications Inc. for their shares of ~~Straight Path’s Class B common stock; and (iv) ordering Howard S. Jonas, Davidi Jonas, and~~ the ~~Company~~State ~~to disgorge any profits for the benefit~~ of ~~the class Plaintiffs~~Delaware. ~~On August 28, 2017, the Plaintiffs filed an amended complaint.~~ The ~~trial was held in August and December 2022, and closing arguments were presented~~ ~~on May 3, 2023. On October 3, 2023, the~~ Court ofdismissed ~~Chancery issued a Memorandum Decision (the “Post-Trial Decision”) dismissing~~ all claims against the Company, and ~~finding~~found that, contrary to the plaintiffs’ allegations, the class suffered no damages. OnThe ~~July 22,~~plaintiffs ~~2024,~~filed ~~oral~~an ~~argument~~appeal ~~was~~to ~~held~~which in the ~~Court~~Company ~~of Chancery on the plaintiff’s post-trial application for attorney’s fees~~answered. On ~~October~~Oral ~~29,~~argument ~~2024, the Court of Chancery issued a Memorandum Opinion denying plaintiff’s request for attorney’s fees (the~~was ~~“Attorney’s~~held ~~Fee~~on ~~Decision”).~~October ~~On December 16~~22, ~~2024,~~2025 ~~the Court of Chancery issued a Final Order~~ and ~~Judgment,~~on ~~embodying the~~December ~~Post-Trial Decision and Attorney’s Fee Decision. On January 14~~3, 2025, the ~~plaintiff~~Delaware ~~filed~~Supreme aCourt ~~notice~~affirmed ~~of appeal of~~ the ~~Final~~favorable ~~Order and~~decision ~~Judgment~~of to the ~~Supreme~~ Court of Chancery ~~the~~that ~~State~~dismissed ofall ~~Delaware~~claims toagainst ~~appeal~~ the ~~Final~~Company ~~Order~~ and ~~Judgment.~~found Onthat ~~April~~Plaintiff ~~22,~~and ~~2025,~~ the ~~Company~~class ~~filed~~suffered ~~its~~no ~~answering brief to the appeal~~damages. ~~The Supreme Court of the State of Delaware has scheduled oral argument for July 2025.~~

2221

In addition to the foregoing, the Company is subject to other legal proceedings that have arisen in the ordinary course of business and have not been finally adjudicated. Although there can be no assurance in this regard, the Company believes that none of the other legal proceedings to which the Company is a party will have a material adverse effect on the Company’s results of operations, cash flows, or financial condition.

Sales Tax Contingency

On June 21, 2018, the United States Supreme Court rendered a decision in South Dakota v. Wayfair, Inc., holding that a state may require a remote seller with no physical presence in the state to collect and remit sales tax on goods and services provided to purchasers in the state, overturning certain existing court precedent. It is possible that one or more jurisdictions may assert that the Company has liability for periods for which it has not collected sales, use or other similar taxes, and if such an assertion or assertions were successful it could materially and adversely affect the Company’s business, financial position, and operating results. One or more jurisdictions may change their laws or policies to apply their sales, use or other similar taxes to the Company’s operations, and if such changes were made it could materially and adversely affect the Company’s business, financial position, and operating results.

Regulatory Fees Audit

The Company’s 2017 FCC Form 499-A, which reported its calendar year 2016 revenue, was audited by the Universal Service Administrative Company (“USAC”). The USAC’s final decision imposed a $2.9 million charge on the Company for the Federal Telecommunications Relay Service (“TRS”) Fund. The Company has appealed the USAC’s final decision to the FCC and does not intend to remit payment for the TRS Fund fees unless and until a negative decision on its appeal has been issued. The Company has made certain changes to its filing policies and procedures for years that remain potentially under audit. At ~~April~~October 3031, 2025 and July 31, ~~2024~~2025, the Company’s accrued expenses included $2118.3 7 million and $2521.9 1 million, respectively, for FCC-related regulatory fees for the year covered by the audit, as well as prior and subsequent years.

Purchase Commitments

At ~~April~~October 3031, 2025, the Company had purchase commitments of $1613.0 3 million primarily for equipment and services.

Performance Bonds

The Company has performance bonds issued through third parties for the benefit of various states in order to comply with the states’ financial requirements for money remittance licenses and telecommunications resellers. At ~~April~~October 3031, 2025 and July 31, ~~2024~~2025, the Company had aggregate performance bonds outstanding of $3433.98 million and $3233.48 million, respectively.

Note 17—Other ~~Income (~~Expense), Net

Other ~~income (~~expense), net consists of the following:

Schedule of Other ~~Income~~ (Expense) Income, Net

	2025			2024			~~2025~~			~~2024~~
	Three Months Ended April 30,						Nine Months Ended April 30,
	Three Months Ended October 31,
	2025			2024			~~2025~~			~~2024~~
	(in thousands)
Foreign currency transaction gains (losses)	$	~~2,925~~113		$	~~(2,302~~135	)	$	~~3,344~~		$	~~(3,291~~	)
Equity in net loss of investee		(~~747~~406	)		(~~871~~780	)		~~(2,006~~	)		~~(2,732~~	)
Gains (losses) on investments, net		359			(78	)		1,133			(280	)
Gains (losses) on investments		(257	)		378
Other		7183			(2216	)		62			~~(23~~	)
Total other income (expense), net	$	2,608		$	(3,273	)	$	2,533		$	(6,326	)
Total	$	(467	)	$	(283	)

Note 18—Income Taxes

AsThe ~~of April 30, 2025, the~~ Company’s ~~best~~income ~~estimate~~tax ofexpense in the ~~effective~~three ~~tax~~months ~~rate~~ended ~~expected~~October to31, be2025 ~~applicable~~was ~~for~~based ~~fiscal~~on ~~2025~~an ~~was~~effective tax rate of 25.51% ~~compared~~ compared to 2825.24% for atfiscal ~~July 31, 2024~~2025. The change in the estimated effective tax rate was mainly due to differences in the amount of taxable income ~~earned~~ earned in the various taxing jurisdictions.

23Note 19—Recently Issued Accounting Standards Not Yet Adopted

~~Note~~In ~~19—Defined~~September ~~Contribution~~2025, ~~Plan~~the FASB issued ASU 2025-06 – Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which simplifies the capitalization guidance by removing the requirement to allocate costs to defined development stages and relocate guidance for website development costs into Subtopic 350-40. The amendments in this Update are effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, with early adoption permitted. The amendments in this Update permit an entity to apply the new guidance using a prospective, retrospective, or modified transition approach. The Company is currently in the process of evaluating the effects of this pronouncement on its consolidated financial statements.

The Company maintains a 401(k) Plan available to all U.S.-based employees meeting certain eligibility criteria. The plan permits participants to contribute up to the maximum amount allowed by law. The plan provides for discretionary matching contributions that vest over the first five years of employment. The Company contributed cash of $1.1 million in the three and nine months ended April 30, 2025 and 2024 to the Company’s 401(k) Plan for matching contributions.22

Note 20—Recently Issued Accounting Standards Not Yet Adopted

In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40), to improve the disclosures about an entity’s expenses including more detailed information about the types of expenses in commonly presented expense captions. At each interim and annual reporting period, entities will disclose in tabular format disaggregating information about prescribed categories underlying relevant income statement captions, as well as the total amount of selling expense and a description of the composition of its selling expense. The Company will adopt the amendments in this ASU for its fiscal year beginning on August 1, 2027. The Company is evaluating the impact that this ASU will have on its consolidated financial statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures, primarily related to the rate reconciliation and income taxes paid disclosures as well as certain other amendments to income tax disclosures. Entities will be required on an annual basis to consistently categorize and provide greater disaggregation of rate reconciliation information and further disaggregate their income taxes paid. The Company will adopt the amendments in this ASU for its fiscal year beginning on August 1, 2025. The amendments in this ASU should be applied on a prospective basis, although retrospective application is permitted. The Company is evaluating the impact that this ASU will have on its consolidated financial statements.

In December 2023, the FASB issued ASU No. 2023-08, Intangibles-Goodwill and Other-Crypto Assets (Subtopic 350-60), Accounting for and Disclosure of Crypto Assets, that changes the accounting for crypto assets from a cost-less-impairment model to fair value, with changes recognized in net income each reporting period. The ASU also requires enhanced disclosures including, among other things, the name, cost basis, fair value, and number of units for each significant holding, and a rollforward of annual activity including additions, dispositions, gains, and losses. The Company will adopt the amendments in this ASU for its fiscal year beginning on August 1, 2025. The ASU requires a cumulative-effect adjustment to the opening balance of retained earnings as of adoption. The Company is evaluating the impact that this ASU will have on its consolidated financial statements.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following information should be read in conjunction with the accompanying condensed consolidated financial statements and the associated ~~notes~~ notes thereto of this Quarterly Report, and the audited consolidated financial statements and the notes thereto and our Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in our Annual Report on Form 10-K for the fiscal year ended July 31, ~~2024~~2025 ~~(or our 2024 Form 10-K)~~ as filed with the U.S. Securities and Exchange Commission (or SEC).

As used below, unless the context otherwise requires, the terms “the Company,” “IDT,” “we,” “us,” and “our” refer to IDT Corporation, a Delaware corporation, its predecessor, International Discount Telecommunications, Corp., a New York corporation, and their subsidiaries, collectively.

Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements that contain the words “believes,” “anticipates,” “expects,” “plans,” “intends,” and similar words and phrases. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the results projected in any forward-looking statement. In addition to the factors specifically noted in the forward-looking statements, other important factors, risks, and uncertainties that could result in those differences include, but are not limited to, those discussed under Item 1A to Part I “Risk Factors” in our ~~2024~~2025 Form 10-K ~~and Item 1A to Part II “Risk Factors” of this Quarterly Report~~. The forward-looking statements are made as of the date of this report and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Investors should consult all of the information set forth in this report and the other information set forth from time to time in our reports filed with the SEC pursuant to the Securities Act of 1933 and the Securities Exchange Act of 1934, including our ~~2024~~2025 Form 10-K.

Recently Issued Accounting Standards Not Yet Adopted

In ~~November~~September ~~2024~~2025, the ~~Financial Accounting Standards Board, or~~ FASB, issued ~~Accounting~~ASU ~~Standards~~2025-06 ~~Update,~~– orIntangibles ~~ASU,~~– ~~No.~~Goodwill ~~2024-03,~~and ~~Income Statement-Reporting~~Other ~~Comprehensive~~– ~~Income~~Internal-~~Expense~~Use ~~Disaggregation~~Software ~~Disclosures~~ (Subtopic ~~220~~ 350-40),: toTargeted ~~improve~~Improvements to the ~~disclosures~~Accounting ~~about~~for ~~an entity’s~~Internal-Use ~~expenses~~Software, ~~including~~which ~~more~~simplifies ~~detailed information about~~ the ~~types~~capitalization ofguidance ~~expenses~~by inremoving all ~~commonly~~references ~~presented~~to ~~expense~~software ~~captions.~~development Atproject ~~each interim~~stages ~~and~~so ~~annual~~that ~~reporting~~the ~~period,~~guidance ~~entities~~is ~~will~~neutral ~~disclose~~to indifferent ~~tabular~~software ~~format~~development ~~disaggregating~~methods. ~~information about prescribed categories~~The ~~underlying~~amendments ~~relevant~~in ~~income~~this ~~statement~~ASU ~~captions,~~are aseffective ~~well~~for asannual ~~the~~reporting ~~total~~periods ~~amount~~beginning ofafter ~~selling~~December ~~expense~~15, 2027, and ainterim ~~description~~reporting ofperiods ~~the~~within those ~~composition~~annual ~~of its~~reporting ~~selling~~periods, ~~expense.~~with Weearly ~~will~~adoption ~~adopt~~permitted. ~~the~~The amendments in this ~~ASU~~update ~~for~~permit ~~our~~an ~~fiscal~~entity ~~year~~to ~~beginning~~apply onthe ~~August~~new 1guidance using a prospective, ~~2027~~retrospective or modified transition approach. We are ~~evaluating~~currently in the ~~impact~~ ~~that~~process ~~this~~of ~~ASU~~evaluating ~~will~~the ~~have~~effects of this pronouncement on our consolidated financial statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures, primarily related to the rate reconciliation and income taxes paid disclosures as well as certain other amendments to income tax disclosures. Entities will be required on an annual basis to consistently categorize and provide greater disaggregation of rate reconciliation information and further disaggregate their income taxes paid. We will adopt the amendments in this ASU for our fiscal year beginning on August 1, 2025. The amendments in this ASU should be applied on a prospective basis, although retrospective application is permitted. We are evaluating the impact that this ASU will have on our consolidated financial statements.

In December 2023, the FASB issued ASU No. 2023-08, Intangibles-Goodwill and Other-Crypto Assets (Subtopic 350-60), Accounting for and Disclosure of Crypto Assets, that changes the accounting for crypto assets from a cost-less-impairment model to fair value, with changes recognized in net income each reporting period. The ASU also requires enhanced disclosures including, among other things, the name, cost basis, fair value, and number of units for each significant holding, and a rollforward of annual activity including additions, dispositions, gains, and losses. We will adopt the amendments in this ASU for our fiscal year beginning on August 1, 2025. The ASU requires a cumulative-effect adjustment to the opening balance of retained earnings as of adoption. We are evaluating the impact that this ASU will have on our consolidated financial statements.

Results of Operations

We evaluate the performance of our business segments based primarily on income (loss) from operations. Accordingly, the income and expense line items below income (loss) from operations are only included in our discussion of the consolidated results of operations.

As of ~~April~~October 3031, 2025, we owned 94.0% of the outstanding shares of our subsidiary, net2phone 2.0, Inc., or net2phone 2.0, which owns and operates the net2phone segment, and 81.6% of the outstanding shares of National Retail Solutions, or NRS. On a fully diluted basis assuming all the vesting criteria related to various rights granted have been met, we would own 90.21% of the equity of net2phone 2.0 and 79.5% of the equity of NRS.

Explanation of Performance Metrics

Our results of operations discussion include the following performance metrics:

● for NRS, active point-of-sale, or POS, terminals, payment processing accounts, recurring revenue, and monthly average recurring revenue, per terminal; ● for ~~net2phone~~the BOSS Money business within the Fintech segment: digital and retail transactions, ~~seats~~digital and ~~subscription~~retail revenue, ~~and~~average ●BOSS ~~for~~Money ~~Traditional~~revenue ~~Communications~~per transaction, ~~minutes~~and ofsend ~~use.~~volume;

~~NRS uses~~● ~~two~~for ~~key~~net2phone, ~~metrics~~seats ~~to measure the size of its customer base: active POS terminals~~ and ~~payment~~subscription processing accounts. Active POS terminals are the number of POS terminals that have completed at least one transaction in the calendar month. It excludes POS terminals that have not been fully installed by the end of the month. Payment processing accounts are accounts that can generate revenue.; It excludes accounts that have been approved but not activated. NRS’ recurring revenue is NRS’ revenue in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP, excluding its revenue from POS terminal sales.and

~~net2phone’s cloud~~● ~~communications~~for ~~offerings~~Traditional ~~are priced on a per-seat basis~~Communications, ~~with~~minutes ~~customers paying based on the number~~ of ~~users in their organization~~use. ~~net2phone’s subscription revenue is its revenue in accordance with U.S. GAAP excluding its equipment revenue and revenue generated by a legacy SIP trunking offering in Brazil.~~

NRS uses four key metrics to measure the size of its customer base, including two that are non-GAAP measures: active POS terminals and payment processing accounts. Active POS terminals are the number of POS terminals that have completed at least one transaction in the calendar month. It excludes POS terminals that have not been fully installed by the end of the month. Payment processing accounts are accounts that can generate revenue. It excludes accounts that have been approved but not activated. In addition to the foregoing, NRS uses recurring revenue as a performance metric, which consist of NRS’ revenue in accordance with U.S. GAAP, excluding its revenue from POS terminal sales and monthly average recurring revenue per terminal.

For BOSS Money’s remittance business within the Fintech segment, we track transaction volumes as a key performance metric because they reflect customer engagement and underlying demand for our remittance services. Transaction volumes generally correlate with revenue, as each completed transaction generates a fee that varies by method of funding and payout destination.

net2phone’s UNITE (UCaaS), uContact (CCaaS) and Coach offerings are priced on a per-seat basis, with customers paying based on the number of users in their organization. net2phone AI is priced according to interaction credits, a usage-based criterion. net2phone’s subscription revenue is its revenue in accordance with U.S. GAAP excluding its equipment revenue and revenue generated by a legacy SIP trunking offering in Brazil.

The trends and comparisons between periods for the number of active POS terminals, payment processing accounts, seats served, recurring revenue, and subscription revenue are used in the analysis of NRS’ or net2phone’s revenues and direct cost of revenues and are strong indications of the top-line growth and performance of the business.

Minutes of use is a nonfinancial metric that measures aggregate customer usage during a reporting period. Minutes of use is an important factor in BOSS Revolution’s and IDT Global’s revenue recognition since satisfaction of our performance obligation occurs when the customer uses our service. Minutes of use trends and comparisons between periods are used in the analysis of revenues and direct cost of revenues.

Three ~~and Nine~~ Months Ended ~~April~~October 3031, 2025 Compared to Three ~~and Nine~~ Months Ended ~~April~~October 3031, 2024

National Retail Solutions Segment

NRS, which represented 1011.35% and 89.68% of our total revenues in the three months ended ~~April~~October 3031, 2025 and 2024, respectively, ~~and~~is ~~10.3%~~an ~~and~~operator ~~8.4%~~ of ~~our~~a ~~total~~POS ~~revenues~~network operating in the ~~nine~~U.S. ~~months ended April 30, 2025~~ and ~~2024,~~Canada ~~respectively,~~that isprovides ~~an operator of a nationwide POS network providing~~ independent retailers with POS equipment, store management software, electronic payment processing, and other ancillary merchant services. NRS’ POS platform also provides marketers with digital out-of-home advertising and transaction data.

	Three months ended April 30,						Change						Nine months ended April 30,						Change
	Three months ended October 31,						Change
	2025			2024			$/#			%			~~2025~~			~~2024~~			~~$/#~~			%
	(in millions)
Revenues:
Recurring	$	2935.43		$	2428.09		$	56.4			22.91	%	$	~~90.0~~		$	~~70.2~~		$	~~19.8~~			~~28.2~~	%
Other		1.78			1.75			—0.3			(220.90	)		~~4.5~~			~~4.7~~			~~(0.2~~	)		~~(4.6~~	)
Total revenues		3137.1			2530.74			56.47			2122.10			~~94.5~~			~~74.9~~			~~19.6~~			~~26.1~~
Direct cost of revenues		(23.76	)		(32.68	)		(0.98	)		~~(24~~29.3	)		~~(8.2~~	)		~~(9.5~~	)		~~(1.3~~	)		~~(14.7~~	)
Gross profit		2833.45			2227.16			65.39			2821.43			~~86.3~~			~~65.4~~			~~20.9~~			~~32.0~~
Selling, general and administrative		(2021.09	)		(1519.60	)		4(2.49	)		2715.81			~~(58.0~~	)		~~(44.5~~	)		~~13.5~~			~~30.4~~
Technology and development		(2.27	)		(12.70	)		(0.57	)		32.58			~~(6.4~~	)		~~(5.3~~	)		~~1.1~~			~~20.7~~
Income from operations	$	68.29		$	46.86		$	12.43			2935.32	%	$	~~21.9~~		$	~~15.6~~		$	~~6.3~~			~~40.6~~	%
Gross margin percentage		9190.32	%		8691.10	%		5(0.28	)%					~~91.4~~	%		~~87.3~~	%		~~4.1~~	%

	April 30,				Change
	October 31,				Change
	2025		2024		#		%
	(in thousands)
Active POS terminals		3537.69		3033.31		54.38		1814.5	%
Payment processing accounts		2527.53		1922.57		64.06		3120.3	%

26Revenues. Revenues increased in the three months ended October 31, 2025 compared to the comparable period in fiscal 2025. This increase was driven primarily by continued growth of $6.3 million in recurring revenue, reflecting the expansion of NRS’ retailer network, increased penetration of payment processing services, and increased software revenue per terminal as retailers increasingly adopted premium software as a service (SaaS) features and functionalities.

~~Revenues.~~Direct Cost of Revenues. Direct cost of revenues increased in the three ~~and nine~~ months ended ~~April~~October 3031, 2025 compared to the ~~similar~~comparable period ~~periods~~ in fiscal ~~2024~~2025. The increase was driven primarily by ~~revenue~~higher ~~growth~~direct ~~from~~costs associated with NRS’ ~~merchant services~~operations, asincluding increased ~~well~~costs asrelated ~~the~~to ~~expansion~~POS ofterminal ~~NRS’~~sales ~~POS~~and ~~network~~merchant services.

~~Direct~~Selling, ~~Cost~~General ofand ~~Revenues~~Administrative. ~~Direct~~Selling, ~~cost~~general ofand ~~revenues~~administrative ~~decreased~~expense increased in the three ~~and nine~~ months ended ~~April 30~~October 31, 2025 compared to the ~~similar~~comparable ~~periods~~ period in fiscal ~~2024~~2025. ~~primarily~~The ~~due~~increase towas ~~the~~primarily ~~decreases~~driven inby ~~the~~increases ~~direct~~in personnel-related costs and other operating expenses supporting NRS’ continued growth. As a percentage of NRS’ ~~POS~~revenue, ~~terminal~~NRS’ ~~sales~~selling, general and administrative expense decreased to 59.0% from 62.6% in the three months ended October 31, 2025 and 2024, respectively.

Selling, General and Administrative. Selling, general and administrative expense increased in the three and nine months ended April 30, 2025 compared to the similar periods in fiscal 2024 primarily due to increases in sales commissions, bad debt expense, employee compensation, and stock-based compensation. The increase in bad debt expense was related to a large programmatic advertising partner. As a percentage of NRS’ revenue, NRS’ selling, general and administrative expense increased to 64.2% from 60.9% in the three months ended April 30, 2025 and 2024, respectively, and increased to 61.4% from 59.4% in the nine months ended April 30, 2025 and 2024, respectively.24

Technology and Development. Technology and development expense increased in the three ~~and nine~~ months ended ~~April~~October 3031, 2025 compared to the ~~similar~~comparable ~~periods~~period in fiscal ~~2024~~2025. The increase was primarily ~~due~~driven by general ongoing business investments to ~~increases~~develop inpremium ~~employee~~software ~~compensation~~services ~~and~~provided ~~depreciation~~through ~~and~~the ~~amortization~~NRS ~~expense~~platform, ~~partially~~and ~~offset by~~in aother ~~decrease~~development inand ~~consulting~~operations ~~expense~~supporting our business platforms.

Fintech Segment

Fintech, which represented 1213.82% and 1012.50% of our total revenues in the three months ended ~~April~~October 3031, 2025 and 2024, respectively, ~~and 12.3% and 9.6% of our total revenues in the nine months ended April 30, 2025 and 2024, respectively,~~ is comprised of: (i) BOSS Money, a provider of international money remittance and related value/payment transfer services; and (ii) other, significantly smaller, financial services businesses, including a variable interest entity~~, or~~ (“VIE”), that processes disbursement payments, which orwe refer to as the Disbursement Payments VIE, ~~and~~ (iii)IDT Financial Services Limited, or IDT Financial Services, a Gibraltar-based bank and (iv) IDT Services Limited (“IDTS”), a Malta-based electronic money institution.

	Three months ended April 30,						Change						Nine months ended April 30,						Change
	Three months ended October 31,						Change
	2025			2024			$/#			%			~~2025~~			~~2024~~			~~$/#~~			%
	(in millions)
Revenues:
BOSS Money	$	3438.43		$	2733.67		$	64.86			2413.76	%	$	~~101.6~~		$	~~76.9~~		$	~~24.7~~			~~32.2~~	%
Other		4.24			3.94			01.30			729.04			~~10.9~~			~~9.2~~			~~1.7~~			~~18.6~~
Total revenues		3842.67			3137.51			75.16			2215.51			~~112.5~~			~~86.1~~			~~26.4~~			~~30.7~~
Direct cost of revenues		(1617.02	)		(1415.25	)		(1.87	)		1210.69			~~(46.7~~	)		~~(37.9~~	)		~~8.8~~			~~23.3~~
Gross profit		2225.65			1721.36			5.3.9			3018.61			~~65.8~~			~~48.2~~			~~17.6~~			~~36.6~~
Selling, general and administrative		(16.17	)		(1516.31	)		(0.86	)		53.25			~~(48.4~~	)		~~(43.7~~	)		~~4.7~~			~~10.6~~
Technology and development		(2.25	)		(2.53	)		(0.32	)		~~(11~~7.97	)		~~(6.8~~	)		~~(7.1~~	)		~~(0.3~~	)		~~(4.0~~	)
Other operating expense		—			(0.1	)		(0.1	)		(100.0	)		—			(0.1	)		(0.1	)		(100.0	)
Income (loss) from operations	$	6.4		$	3.2		$	3.2			98.7	%
Income (loss) from operations	$	4.3		$	(0.6	)	$	4.9			879.3	%	$	10.6		$	(2.7	)	$	13.3			498.2	%
Gross margin percentage		59.7	%		58.2	%		1.5	%
Gross margin percentage		58.5	%		54.9	%		3.6	%					58.5	%		56.0	%		2.5	%

Revenues. Revenues from BOSS Money increased in the three ~~and nine~~ months ended ~~April~~October 3031, 2025 compared to the ~~similar~~comparable ~~periods~~period in fiscal ~~2024~~2025. This increase was primarily ~~because~~driven by higher digital transaction volume of ~~increased transactions~~6.6 atmillion, from 5.4 million, initiated on the BOSS Money, ~~which~~and ~~included~~BOSS ~~increases~~Revolution inCalling ~~both~~apps. ~~its~~BOSS ~~digital~~Money continued to benefit from cross-marketing to BOSS Revolution and ~~retail~~IDT ~~channel~~Digital ~~transactions~~Payments.

Direct Cost of Revenues. Direct cost of revenues increased in the three ~~and nine~~ months ended ~~April~~October 3031, 2025 compared to the ~~similar~~comparable ~~periods~~period in fiscal ~~2024~~2025 primarily due to an increase in BOSS Money’s direct cost of revenues. However, ~~which~~gross ~~reflected~~profit ~~the~~margin ~~increase~~increased inas BOSS Money’s ~~revenue~~recent growth enabled it to negotiate volume-based reductions in certain per transaction costs including fees paid to disbursement agents.

Selling, General and Administrative. Selling, general and administrative expense increased in the three ~~and nine~~ months ended ~~April~~October 3031, 2025 compared to the ~~similar~~comparable ~~periods~~period in fiscal ~~2024~~2025. ~~primarily~~The ~~due~~modest toincrease ~~increases~~primarily inreflected higher debit and credit card processing charges, ~~employee compensation,~~ and ~~bank~~other ~~fees.~~operating ~~The~~costs ~~increase~~associated inwith ~~card~~growth ~~processing~~in ~~charges was the result of increased credit and debit card transactions through our~~ BOSS Money’s app and ~~other~~ digital ~~channels~~transaction activity. As a percentage of Fintech’s revenue, Fintech’s selling, general and administrative expense decreased to 4139.50% from 4843.43% in the three months ended ~~April~~October 3031, 2025 and 2024, respectively. The decrease reflects, ~~and~~in topart, ~~43.0%~~the efficiencies derived from ~~50.8%~~BOSS inMoney’s ~~the~~ongoing integration of AI and ~~nine~~machine ~~months~~learning ~~ended~~in ~~April~~its ~~30,~~workflows ~~2025~~to enhance customer service and ~~2024~~to prevent potential chargebacks, ~~respectively~~among other priorities.

27Technology and Development. Technology and development expense increased slightly in the three months ended October 31, 2025 compared to the comparable period in fiscal 2025. The increase primarily reflected higher depreciation and amortization expense, partially offset by lower employee compensation and other development-related costs.

Technology and Development. Technology and development expense decreased in the three and nine months ended April 30, 2025 compared to the similar periods in fiscal 2024 primarily due to decreases in employee compensation expense.25

net2phone Segment

The net2phone segment, which represented 7.3% and 67.90% of our total revenues in the three months ended ~~April~~October 3031, 2025 and 2024, respectively, ~~and~~is ~~7.1%~~comprised ~~and 6.8%~~ of ~~our~~net2phone’s ~~total~~communications ~~revenues in the nine months ended April 30, 2025~~ and ~~2024,~~workflow ~~respectively,~~solutions isincluding ~~comprised~~its ofUCaaS net2phone~~’s integrated~~ ~~cloud~~AI ~~communications~~ and ~~contact~~Coach ~~center services~~solutions.

	Three months ended April 30,						Change						Nine months ended April 30,						Change
	Three months ended October 31,						Change
	2025			2024			$/#			%			~~2025~~			~~2024~~			~~$/#~~			%
	(in millions)
Revenues:
Subscription	$	2123.50		$	2021.10		$	12.40			79.45	%	$	~~63.5~~		$	~~57.9~~		$	~~5.6~~			~~9.8~~	%
Other		0.54			0.6			(0.12	)		(2533.93	)		~~1.6~~			~~3.1~~			~~(1.5~~	)		~~(48.6~~	)
Total revenues		2223.04			2021.76			1.38			68.43			~~65.1~~			~~61.0~~			~~4.1~~			~~6.8~~
Direct cost of revenues		(4.57	)		(4.35	)		(0.2	)		4.28			~~(13.5~~	)		~~(12.7~~	)		~~0.8~~			~~6.3~~
Gross profit		1718.57			1617.41			1.16			6.9.3			~~51.6~~			~~48.3~~			~~3.3~~			~~6.9~~
Selling, general and administrative		(13.08	)		(13.01	)		—(0.7	)		(05.30	)		~~(39.1~~	)		~~(39.5~~	)		~~(0.4~~	)		~~(0.9~~	)
Technology and development		(23.90	)		(23.80	)		~~0.1~~—			41.80			~~(8.6~~	)		~~(8.0~~	)		~~0.6~~			~~8.6~~
Severance		—			(0.1	)		(0.1	)		(100.0	)		—			(0.1	)		(0.1	)		(100.0	)
Income (loss) from operations	$	1.9		$	1.0		$	.9			88.7	%
Other operating (expense) gain, net		(0.2	)		—			0.2			nm			(0.4	)		0.1			0.5			647.7
Gross margin percentage		79.8	%		79.0	%		0.8	%
Income from operations	$	1.4		$	0.5		$	0.9			188.0	%	$	3.5		$	0.8		$	2.7			315.6	%
Gross margin percentage		79.6	%		79.2	%		0.4	%					79.3	%		79.2	%		0.1%

nm—not meaningful

	October 31,				Change
	2025		2024		#		%
	(in thousands)
Seats served		432		406		26		6.4	%

	April 30,				Change
	2025		2024		#		%
		(in thousands)
Seats served		415		384		31		8	%

Revenues. net2phone’s revenues increased in the three months ended October 31, 2025 compared to the comparable period in fiscal 2025 primarily due to sales in its UCaaS and CCaas services revenue, reflecting an increase in seats served during the period.

Direct Cost of Revenues. ~~net2phone’s~~ Direct cost of revenues increased in the three ~~and nine~~ months ended ~~April~~October 3031, 2025 compared to the ~~similar~~comparable period ~~periods~~ in fiscal ~~2024~~ ~~driven~~2025 primarily bydue ~~the~~to ~~growth~~higher inrevenues, ~~subscription~~net2phone’s ~~revenue,~~continued focus ~~most~~on ~~significantly~~mid-sized inbusinesses, ~~the~~multi-channel ~~U.S.~~strategies, and ~~from~~localized ~~its~~offerings ~~contact~~supported ~~center~~revenue ~~services,~~growth ~~which~~that ~~reflected~~ exceeded the increase in ~~seats~~direct ~~served~~cost atof ~~April 30, 2025 compared to April 30, 2024~~revenues.

~~Direct~~Selling, ~~Cost~~General ofand ~~Revenues~~Administrative. ~~Direct~~Selling, ~~cost~~general ofand ~~revenues~~administrative expense increased in the three ~~and nine~~ months ended ~~April~~October 3031, 2025 compared to the ~~similar~~comparable ~~periods~~ period in fiscal ~~2024~~2025. This increase was primarily ~~due~~driven toby ~~the~~higher ~~increase~~sales incommissions ~~revenues~~and depreciation and amortization, ~~with~~partially ~~the~~offset ~~largest~~by ~~increase~~decreases in ~~the~~marketing, ~~U.S.~~consulting ~~market~~and bad debt expenses. As a percentage of net2phone’s revenues, ~~revenue~~net2phone’s ~~growth exceeded~~selling, ~~the~~general ~~increase~~and administrative expense decreased to 58.6% from 60.8% in ~~direct~~the ~~cost~~three ofmonths ~~revenues~~ended October 31, 2025 and 2024, respectively.

~~Selling,~~Technology ~~General~~ and ~~Administrative~~Development. ~~Selling,~~Technology ~~general~~ and ~~administrative~~development expense ~~slightly~~for ~~decreased in~~ the ~~three~~current ~~and~~quarter ~~nine~~remained ~~months~~flat ~~ended April 30, 2025~~ compared to the ~~similar~~comparable period ~~periods~~ in fiscal ~~2024~~2025. ~~primarily~~While ~~due~~certain tocosts, ~~decreases~~including inemployee ~~marketing~~compensation, ~~expense~~software licenses and ~~bad debt expense~~maintenance, ~~partially~~cloud ~~offset~~services, byand ~~increases~~depreciation inand ~~sales~~amortization ~~commissions.~~increased, Asthese awere ~~percentage~~largely offset ofby ~~net2phone’s~~disciplined ~~revenues,~~cost ~~net2phone’s selling,~~management ~~general~~ and ~~administrative expense decreased to 59.1% from 63.1% in~~ the ~~three~~timing ~~months~~of ~~ended~~project-related ~~April 30~~expenditures, ~~2025~~resulting ~~and~~in ~~2024, respectively,~~overall ~~and~~flat toexpenses ~~60.1%~~for ~~from 64.7% in~~ the ~~nine months ended April 30, 2025 and 2024, respectively~~period.

Technology and Development. Technology and development expense increased in the three and nine months ended April 30, 2025 compared to the similar periods in fiscal 2024 primarily due to increases in employee compensation and cloud services expenses.26

Other Operating (Expense) Gain, net. In the three and nine months ended April 30, 2025, net2phone recorded expense of $0.2 million and $0.4 million, respectively, for equipment that was taken out of service. In the nine months ended April 30, 2024, net2phone recognized a gain of $0.1 million on the write-off of a contingent consideration payment obligation.

Traditional Communications Segment

The Traditional Communications segment, which represented 6968.60% and 7471.02% of our total revenues in the three months ended ~~April~~October 3031, 2025 and 2024, respectively, ~~and 70.3% and 75.2% of our total revenues in the nine months ended April 30, 2025 and 2024, respectively,~~ 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 Revolution, an international long-distance calling service marketed primarily to immigrant communities in the United States and Canada; and (iii) IDT Global, a wholesale provider of international voice and SMS termination and outsourced traffic management solutions to telecoms worldwide. Traditional Communications also includes other small businesses and offerings including early-stage business initiatives and mature businesses in harvest mode.

Traditional Communications’ most significant revenue streams are from IDT Digital Payments, BOSS Revolution, and IDT Global. IDT Digital ~~Payments~~ Payments and BOSS Revolution are sold directly to consumers and through the BOSS Money and BOSS Revolution apps as well as through distributors and retailers. We receive payments for BOSS Revolution, ~~traditional calling cards,~~ and IDT Digital Payments prior to providing the services. We recognize the revenue when services are provided to the customer. Traditional Communications’ revenues tend to be somewhat seasonal, with the second fiscal quarter (which contains Christmas and New Year’s Day) and the fourth fiscal quarter (which contains Mother’s Day and Father’s Day) typically showing higher minute volumes.

	Three months ended April 30,						Change						Nine months ended April 30,						Change
	Three months ended October 31,						Change
	2025			2024			$/#			%			~~2025~~			~~2024~~			~~$/#~~			%
	(in millions)
Revenues:
IDT Digital Payments	$	~~102~~107.61		$	~~101~~105.61		$	12.0			1.09	%	$	~~309.3~~		$	~~301.3~~		$	~~8.0~~			~~2.7~~	%
BOSS Revolution		5147.70			6356.28			(119.58	)		(1817.13	)		~~161.9~~			~~201.1~~			~~(39.2~~	)		~~(19.5~~	)
IDT Global		5059.16			5052.14			—7.2			—13.7			~~153.7~~			~~150.8~~			~~2.9~~			~~1.9~~
Other		5.8			6.82			(1.0.4	)		(146.95	)		~~17.9~~			~~21.8~~			~~(3.9~~	)		~~(18.0~~	)
Total revenues		~~210~~219.25			~~221~~220.75			(111.50	)		(50.25	)		~~642.8~~			~~675.0~~			~~(32.2~~	)		~~(4.8~~	)
Direct cost of revenues		(~~166~~179.80	)		(~~180~~179.52	)		~~(13~~0.72	)		(70.61	)		~~(514.9~~	)		~~(548.9~~	)		~~(34.0~~	)		~~(6.2~~	)
Gross profit		4340.45			41.23			2(0.28	)		5(2.30	)		~~127.9~~			~~126.1~~			~~1.8~~			~~1.4~~
Selling, general and administrative		(2019.50	)		(2219.79	)		(20.29	)		(94.53	)		~~(60.0~~	)		~~(64.7~~	)		~~(4.7~~	)		~~(7.3~~	)
Technology and development		(5.45	)		(5.65	)		~~(0.2~~—	)		~~(4.3~~—	)		~~(16.2~~	)		~~(17.6~~	)		~~(1.4~~	)		~~(7.7~~	)
Severance		(0.21	)		(0.42	)		(0.21	)		~~(58~~50.10	)		~~(0.6~~	)		~~(1.3~~	)		~~(0.7~~	)		~~(53.5~~	)
Income from operations	$	17.3		$	12.5		$	4.8			39.2	%	$	51.1		$	42.5		$	8.6			20.2	%
Other segment items		(0.1	)		—			(0.1	)		—
Gross margin percentage		20.7	%		18.6	%		2.1	%					19.9	%		18.7	%		1.2	%
Income from operations	$	15.8		$	15.7		$	0.1			0.4	%
Minutes of use:
Gross margin percentage		18.4	%		18.8	%		(0.4	)%
BOSS Revolution		310			418			(108	)		(26.0	)%		1,011			1,372			(361	)		(26.3	)%
Minutes of use:
IDT Global		1,407			1,400			7			0.5			4,195			4,239			(44	)		(1.0	)
BOSS Revolution		269			364			(95.0	)		(26.1	)%
IDT Global		1,553			1,437			116			8.1	%

Revenues. Revenues from IDT Digital Payments increased in the three and nine months ended April 30, 2025 compared to the similar periods in fiscal 2024 primarily due to increases in revenues from the direct-to-consumer and enterprise and wholesale channels, partially offset by a decrease in revenues from the retail channel.27

Revenues ~~and~~. ~~minutes~~Revenues offor the ~~use~~Traditional ~~from~~Communications ~~BOSS~~segment ~~Revolution~~ decreased slightly in the three ~~and nine~~ months ended ~~April~~October 3031, 2025 compared to the ~~similar~~comparable period ~~periods~~ in fiscal ~~2024~~2025. ~~BOSS~~This ~~Revolution~~decrease ~~continues~~was todriven beprimarily ~~impacted~~ by ~~persistent~~BOSS Revolution, ~~market~~reflecting industry-wide trends, including the proliferation of unlimited calling plans ~~offered~~and byover-the-top ~~wireless~~voice ~~carriers~~ and ~~mobile~~messaging ~~virtual~~services. ~~network~~This ~~operators,~~decrease ~~and~~was ~~the~~partially ~~increasing~~offset ~~penetration~~by ofan increase ~~free~~in ~~and~~revenue ~~paid~~in ~~over-the-top voice,~~IDT ~~video~~Digital ~~conferencing,~~Payments and ~~messaging~~IDT ~~services~~Global. Revenues from Other offerings decreased slightly.

~~Revenues~~Direct ~~from~~Cost ~~IDT~~of Global were substantially unchanged in the three months ended April 30, 2025 compared to the similar period in fiscal 2024, and revenues slightly increased in the nine months ended April 30, 2025 compared to the similar period in fiscal 2024Revenues. ~~IDT Global’s~~Direct ~~minutes~~cost of ~~use~~revenues decreased slightly ~~increased~~ in the three months ended ~~April~~October 3031, 2025 compared to the ~~similar period in fiscal~~comparable ~~2024, and minutes of use decreased in the nine months ended April 30, 2025 compared to the similar~~ period in fiscal ~~2024. IDT Global mitigated the impacts of the ongoing industry-wide declines in paid-minute voice through a traffic mix shift to higher margin routes and new service offerings. However~~2025, weprimarily ~~expect~~due ~~IDT Global~~ to ~~continue~~decreased ~~to be adversely impacted by these trends, and~~ minutes of use and ~~revenues~~associated ~~will~~costs ~~likely~~in ~~continue~~BOSS ~~to decline from quarter-to-quarter, as we seek to maximize economics rather than necessarily sustain minutes of use or revenues~~Revolution.

29Selling, General and Administrative. Selling, general and administrative expense decreased in the three months ended October 31, 2025 compared to the comparable period in fiscal 2025. The decrease was primarily due to lower sales commissions and debit and credit processing charges, partially offset by higher bad debt expense. As a percentage of Traditional Communications’ revenue, Traditional Communications’ selling, general and administrative expense decreased to 8.7% from 9.1% in the three months ended October 31, 2025 and 2024, respectively.

~~Direct~~Technology ~~Cost~~and ~~of Revenues~~Development. ~~Direct~~Technology ~~cost~~and ofdevelopment ~~revenues~~expense ~~decreased~~remained flat in the three ~~and nine~~ months ended ~~April~~October 3031, 2025 compared to the comparable ~~similar~~period ~~periods~~ in fiscal ~~2024~~2025. ~~primarily~~Modest ~~due~~increases toin ~~the~~certain operating costs were offset by decreases in ~~BOSS~~employee ~~Revolution’s~~compensation, cloud ~~minutes~~services, ofand ~~use~~depreciation and ~~direct~~amortization ~~cost~~expense, ofresulting ~~revenues~~in overall flat expenses for the period.

Selling, General and Administrative. Selling, general and administrative expense decreased in the three and nine months ended April 30, 2025 compared to the similar periods in fiscal 2024 primarily due to decreases in stock-based compensation, sales commissions, and debit and credit card processing charges, partially offset by an increase in legal fees. As a percentage of Traditional Communications’ revenue, Traditional Communications’ selling, general and administrative expense decreased to 9.8% from 10.2% in the three months ended April 30, 2025 and 2024, respectively, and decreased to 9.3% from 9.6% in the nine months ended April 30, 2025 and 2024, respectively.28

Severance Expense. In the three months ended April 30, 2025 and 2024, Traditional Communications incurred severance expense of $0.2 million and $0.4 million, respectively, and in the nine months ended April 30, 2025 and 2024, Traditional Communications incurred severance expense of $0.6 million and $1.3 million, respectively.

Corporate

	Three months ended April 30,						Change						Nine months ended April 30,						Change
	Three months ended October 31,						Change
	2025			2024			$			%			~~2025~~			~~2024~~			$			%
	(in millions)
General and administrative	$	(2.67	)	$	(2.39	)	$	(0.32	)		(157.61	)%	$	~~(8.6~~	)	$	~~(8.3~~	)	$	~~(0.3~~	)		~~(3.2~~	%
Severance		—			(0.2	)		0.2			100.0			—			(0.3	)		0.3			100.0
Other operating income, net		0.5			—			0.5			—
Other operating expense, net		—			(3.2	)		3.2			100.0			—			(3.0	)		3.0			99.8
Loss from operations	$	(2.2	)	$	(2.9	)	$	0.7			(25.6	)%
Loss from operations	$	(2.6	)	$	(5.7	)	$	3.1			54.4	%	$	(8.6	)	$	(11.6	)	$	3.0			26.2	%

General and Administrative. Corporate general and administrative expense ~~increased~~decreased in the three ~~and nine~~ months ended ~~April~~October 3031, 2025 compared to the ~~similar~~comparable ~~periods~~period in fiscal ~~2024~~2025. This decrease primarily ~~because~~reflects oflower employee-related ancosts ~~increase~~and inreduced ~~employee~~overhead ~~compensation~~expenses during the quarter. As a percentage of our consolidated revenues, Corporate general and administrative expense was 0.~~9% and 0.~~8% ~~in the three months ended April 30, 2025~~ and ~~2024, respectively, and~~ 0.9% ~~and 0.9%~~ in the three ~~nine~~ months ended ~~April~~October 3031, 2025 and 2024,. respectively.

Other Operating ~~Expense~~Income, net. AsOther ~~discussed~~operating inincome ~~Note 16 to the Consolidated Financial Statements included~~ in ~~Item 1 to Part I of this Quarterly Report, we (as well as other defendants) were named in a class action on behalf of~~ the ~~stockholders of our former subsidiary, Straight Path Communications Inc., or Straight Path. We incurred legal fees of nil and $3.2 million in the~~ three months ended ~~April~~October 3031, 2025 ~~and 2024,~~consists ~~respectively, and $7,000 and $5.9 million in the nine months ended April 30, 2025 and 2024, respectively, related to this action.~~primarily ~~Also,~~of ~~we recorded offsetting gains from~~ insurance ~~claims~~proceeds ~~for~~in ~~this~~excess ~~matter~~ of ~~nil~~related ~~and~~legal ~~nil in the three months ended April 30, 2025 and 2024, respectively, and nil and $2~~fees.9 ~~million~~Management inviews ~~the nine months ended April 30, 2025 and 2024, respectively. In fiscal 2024, we received the final payment from our insurance policy for~~ these ~~claims.~~proceeds ~~On October 3, 2023, the Court of Chancery of the State of Delaware dismissed all claims against us,~~ and ~~found~~charges ~~that,~~as ~~contrary~~non-core ~~to the plaintiffs’ allegations, the class suffered no damages. On January 14, 2025, the plaintiff filed a notice of appeal of the Final Order~~ and ~~Judgment~~related to ~~the Supreme Court of the State of Delaware to appeal the Final~~occasional ~~Order~~corporate-level ~~and~~expenses ~~Judgment.~~that Onare ~~April~~not ~~22,~~expected ~~2025, we filed our answering brief~~ to ~~the~~recur ~~appeal~~regularly. ~~The Supreme Court of the State of Delaware has scheduled oral argument for July 2025.~~

Consolidated

The following is a discussion of our consolidated stock-based compensation expense, and our consolidated income and expense line items below income from operations.

30Stock-Based Compensation Expense. Total stock-based compensation expense included in consolidated selling, general and administrative expense and technology and development expense was $2.0 million and $0.9 million in the three months ended October 31, 2025 and 2024, respectively. The increase primarily reflects the expense recognized during the period related to DSU’s granted to executive officers and employees under the Company’s long-term incentive programs. As of October 31, 2025, there was $11.9 million of total unrecognized compensation cost related to non-vested DSUs, which is being recognized on a graded vesting basis over the requisite service periods that end in February 2028.

~~Stock-Based~~Effective ~~Compensation~~as ~~Expense.~~of ~~Total~~June ~~stock-based~~30, ~~compensation~~2022, ~~expense~~restricted ~~included~~shares inof ~~consolidated~~NRS’ ~~selling,~~Class ~~general~~B ~~and~~common ~~administrative~~stock ~~expense and~~were ~~technology~~granted ~~and~~to ~~development~~certain ~~expense~~NRS ~~was $0~~employees.9 ~~million~~The ~~and~~restrictions ~~$2.1~~on the ~~million~~shares lapse in ~~the~~ three ~~months ended April 30~~installments, ~~2025 and 2024, respectively, and $2.7 million and $5.4 million in~~ the ~~nine~~first ~~months~~was ~~ended~~on ~~April~~June 301, ~~2025 and~~ 2024, ~~respectively.~~and ~~The~~the ~~decrease~~others inare ~~stock-based~~June ~~compensation expense was primarily due to a decrease in expense related to certain equity grants made in fiscal 2024 to Bill Pereira~~1, ~~our~~2026 ~~President~~ and ~~Chief~~June ~~Operating Officer~~1, ~~and~~2027. aAs ~~decrease in stock-based compensation expense from the grant~~ of ~~deferred~~October ~~stock units~~31, ~~or DSUs~~2025, ~~that~~unrecognized ~~entitle~~compensation ~~the~~cost ~~grantees~~related to ~~receive~~NRS’ ~~shares~~non-vested ~~of our~~ Class B common stock. Aswas ofan ~~April~~aggregate ~~30,~~of ~~2025, there was~~ $01.51 million. ~~of total~~ The unrecognized compensation cost ~~related~~is expected to ~~non-vested~~be ~~DSUs, which is being~~ recognized ~~on a graded vesting basis~~ over the ~~requisite~~remaining ~~service~~vesting ~~periods~~period that ~~end~~ends in ~~October~~fiscal 2027.

OnAs ~~February~~of 25October 31, 2025, inthere ~~accordance~~was ~~with~~an ~~the~~aggregate ~~program~~of ~~and~~$12.5 ~~based~~million onin ~~certain~~unrecognized ~~elections~~compensation ~~made~~cost byrelated ~~grantees~~to non-vested stock options, weDSUs, and ~~issued~~restricted ~~276~~stock,~~960~~ ~~shares~~which ofis ~~our~~expected ~~Class B~~to ~~common~~be ~~stock~~recognized ~~for~~over ~~vested~~the ~~DSUs~~remaining vesting periods that end in fiscal 2028.

Effective as of June 30, 2022, restricted shares of NRS’ Class B common stock were granted to certain NRS employees. The restrictions on the shares lapse in three installments, the first was on June 1, 2024, and the others are June 1, 2026 and June 1, 2027. As of April 30, 2025, unrecognized compensation cost related to NRS’ non-vested Class B common stock was an aggregate of $1.4 million. The unrecognized compensation cost is expected to be recognized over the remaining vesting period that ends in fiscal 2027.

	Three months ended October 31,						Change
	2025			2024			$			%
	(in millions)
Income from operations	$	30.9		$	23.6		$	7.3			30.8	%
Interest income, net		1.7			1.5			0.2			13.9
Other expense, net		(0.5	)		(0.3	)		(0.2	)		(65.0	)
Provision for income taxes		(8.1	)		(6.3	)		(1.8	)		(28.1	)

Net income		24.0			18.5			5.5			29.7
Net income attributable to noncontrolling interests		(1.7	)		(1.3	)		(0.4	)		(33.4	)

Net income attributable to IDT Corporation	$	22.3		$	17.2		$	5.1			29.4	%

As of April 30, 2025, there was an aggregate of $0.6 million in unrecognized compensation cost related to non-vested stock options and restricted stock, which is expected to be recognized over the remaining vesting periods that end in fiscal 2028.29

	Three months ended April 30,						Change						Nine months ended April 30,						Change
	2025			2024			$			%			2025			2024			$			%
	(in millions)
Income from operations	$	26.6		$	11.4		$	15.2			132.6	%	$	78.5		$	44.6		$	33.9			76.0	%
Interest income, net		1.6			1.3			0.3			34.8			4.3			3.1			1.2			35.8
Other income (expense), net		2.6			(3.3	)		5.9			179.7			2.5			(6.3	)		8.8			140.0
Provision for income taxes		(7.8	)		(3.0	)		(4.8	)		(161.8	)		(21.7	)		(10.9	)		(10.8	)		(99.4	)
Net income		23.0			6.4			16.6			262.1			63.6			30.5			33.1			108.2
Net income attributable to noncontrolling interests		(1.3	)		(0.8	)		(0.5	)		(60.6	)		(4.4	)		(2.9	)		(1.5	)		(51.4	)
Net income attributable to IDT Corporation	$	21.7		$	5.6		$	16.1			290.8	%	$	59.2		$	27.6		$	31.6			114.3	%

Other Expense, net. Other expense, net consists of the following:

Other Income (Expense), net. Other income (expense), net consists of the following:

	Three months ended October 31,
	2025			2024
	(in millions)
Foreign currency transaction gains (losses)	$	0.1		$	0.1
Equity in the net loss of investee		(0.4	)		(0.8	)
Gains (losses) on investments		(0.3	)		0.4
Other		0.1			—

Total	$	(0.5	)	$	(0.3	)

	Three months ended April 30,						Nine months ended April 30,
	2025			2024			2025			2024
	(in millions)
Foreign currency transaction gains (losses)	$	2.9		$	(2.3	)	$	3.3		$	(3.3	)
Equity in the net loss of investee		(0.7	)		(0.9	)		(2.0	)		(2.7	)
Gains (losses) on investments, net		0.3			(0.1	)		1.1			(0.3	)
Other		0.1			—			0.1			—
Total	$	2.6		$	(3.3	)	$	2.5		$	(6.3	)

We have an investment in shares of convertible preferred stock of a communications company (the equity method investee, or EMI). As of both October 31, 2025 and 2024, our ownership was 33.4% respectively of the EMI’s outstanding shares on an as converted basis. We account for this investment using the equity method since we can exercise significant influence over the operating and financial policies of the EMI but do not have a controlling interest. We determined that on the dates of the acquisitions of the EMI’s shares, there were differences between our investment in the EMI and our proportional interest in the equity of the EMI of an aggregate of $8.2 million, which represented the share of the EMI’s customer list on the dates of the acquisitions attributed to our interest in the EMI. These basis differences are being amortized over the 6-year estimated life of the customer list. “Equity in the net loss of investee” includes the amortization of equity method basis difference.

WeProvision have an investment in shares of convertible preferred stock of a communications company (the equity method investee, or EMI). As of both April 30, 2025 and 2024, our ownership was 33.4% of the EMI’s outstanding shares on an as converted basis. We account for ~~this investment~~Income ~~using the equity method since we can exercise significant influence over the operating and financial policies of the EMI but do not have a controlling interest~~Taxes. WeThe ~~determined~~change ~~that on the dates of the acquisitions of the EMI’s shares, there were differences between our investment~~ in ~~the~~income ~~EMI~~tax ~~and~~expense ~~our proportional interest~~ in the ~~equity~~three ofmonths ~~the~~ended ~~EMI~~October ~~of an aggregate of $8.2 million~~31, ~~which~~2025 ~~represented the~~compared ~~share~~to of the ~~EMI’s~~comparable ~~customer~~period in ~~list~~fiscal on2025 ~~the~~was ~~dates~~primarily ofdue ~~the acquisitions attributed~~ to ~~our~~differences ~~interest~~ in the ~~EMI.~~amount ~~These basis differences are being amortized over the 6-year estimated life~~ of ~~the~~taxable ~~customer~~income ~~list.~~earned ~~“Equity~~ in the ~~net~~various ~~loss~~taxing ~~of investee” includes the amortization of equity method basis difference~~jurisdictions.

~~Provision~~Net ~~for~~ Income ~~Taxes~~Attributable to Noncontrolling Interests. The change in the net income ~~tax~~attributable ~~expense~~to noncontrolling interests in the three ~~and nine~~ months ended ~~April~~October 3031, 2025 compared to the ~~similar~~comparable ~~periods~~ period in fiscal ~~2024~~2025 was primarily due to ~~differences~~increases in ~~the~~net ~~amount~~income ofattributable to ~~taxable~~the ~~income~~noncontrolling ~~earned~~interests in ~~the~~NRS ~~various~~and ~~taxing~~the ~~jurisdictions~~VIE.

Net Income Attributable to Noncontrolling Interests. The change in the net income attributable to noncontrolling interests in the three and nine months ended April 30, 2025 compared to the similar periods in fiscal 2024 was primarily due to increases in net income attributable to the noncontrolling interests in net2phone 2.0, NRS, and Sochitel.

Liquidity and Capital Resources

As of the date of this Quarterly Report, we expect our cash flow from operations and the balance of cash, cash equivalents, debt securities, and current equity investments that we held on ~~April~~October 3031, 2025 will be sufficient to meet our currently anticipated working capital ~~and~~ and capital expenditure requirements during the twelve-month period ending ~~April~~October 3031, 2026.

At ~~April~~October 3031, 2025, we had cash, cash equivalents, debt securities, and current equity investments of $~~223~~220.80 million and working capital (current assets in excess of current liabilities) of $~~211~~245.1 million.

Contractual Obligations and Commitments

The following table includes our anticipated material cash requirements from contractual obligations and other commitments at ~~April~~October 3031, 2025:

Payments Due by Period (in millions)	Total		Less than 1 year		1–3 years		4–5 years		After 5 years
Purchase commitments	$	1613.03	$	43.58	$	8.85	$	21.70	$	—
Connectivity obligations under service agreements		1.85		1.02		0.83		—		—
Operating leases including short-term leases		3.0.6		10.65		10.1		~~0.3~~—		—
Total (1)	$	2015.84	$	75.15	$	108.79	$	31.0	$	—

(1) The above table does not include up to $10 million for the potential redemption of shares of NRS’ Class B common stock, an aggregate of $3433.97 million in performance bonds, and up to $23.70 million for potential contingent consideration payments related to a business acquisition, due to the uncertainty of the amount and/or timing of any such payments.

Consolidated Financial Condition

	Nine months ended April 30,
	Three months ended October 31,
	2025			2024
	(in millions)
Cash flows provided by (used in):
Operating activities	$	96(10.1	)	$	520.72
Investing activities		(109.52	)		(18.27	)
Financing activities		(~~21.~~9.2	)		(113.97	)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash and cash equivalents		3(0.92	)		~~(5.6~~—	)
Increase in cash, cash equivalents, and restricted cash and cash equivalents	$	67.6		$	34.0
(Decrease) increase in cash, cash equivalents, and restricted cash and cash equivalents	$	(28.7	)	$	(12.2	)

Operating Activities

Our cash flow from operations varies significantly from quarter to quarter and from year to year, depending on our operating results and the timing of operating cash receipts and payments,. ~~generally~~During ~~trade~~the ~~accounts~~three ~~receivable~~months ~~and~~ended ~~trade~~October ~~accounts~~31, ~~payable.~~2025, ~~The increase in~~ net cash ~~provided~~used byin operating activities was to $9610.1 million ~~in the nine months ended April 30~~, ~~2025~~which ~~from~~includes ~~$52.7 in~~ the ~~nine~~impact ~~months~~of ~~ended~~settlement ~~April 30,~~assets ~~2024~~and ~~predominantly~~disbursements ~~reflects the timing of disbursement~~ prefunding ~~payments~~and tocustomer ~~cover~~fund ~~anticipated BOSS Money weekly remittance activity~~deposits.

~~Gross~~Settlement ~~trade~~assets ~~accounts~~and ~~receivable~~disbursements prefunding increased to $5118.5 million atand ~~April~~$38.9 30million, ~~2025~~respectively, ~~from~~during ~~$48.6~~the ~~million~~three atmonths ~~July~~ended October 31, 2025. ~~2024~~The ~~primarily~~increase ~~due~~in tosettlement ~~amounts~~assets ~~billed~~reflects a higher level of funds provided by customers for pending money-remittances at BOSS Money and for pending purchases of goods and services on IDT Digital Payments’ prepaid platform. The increase in ~~the~~disbursement ~~nine~~prefunding reflects ~~months~~higher ~~ended~~levels ~~April~~of 30funds pre-paid to disbursement partners to fulfill expected customer remittance obligations at BOSS Money, ~~2025~~and ~~that~~higher ~~were~~levels ~~greater~~of ~~than~~pre-payments made ~~collections~~to ~~during~~providers ~~the~~of ~~period~~goods and services to fulfill expected customer purchases of goods and services obligations at IDT Digital Payments.

~~Deferred~~Each ~~revenue~~week, ~~arises~~IDT ~~from~~prefunds ~~sales~~BOSS ofMoney ~~prepaid~~disbursement ~~products~~partners ~~and~~for ~~varies~~remittances ~~from~~expected ~~period~~during tothe ~~period~~upcoming ~~depending~~weekend. onAs a result, Friday is typically the ~~mix~~day ~~and~~with the ~~timing~~lowest ofcash ~~revenues.~~balance ~~Deferred revenue~~after ~~decreased~~prefunding todisbursements ~~$27~~for the upcoming weekend.5 ~~million~~Wednesday atis ~~April~~typically ~~30,~~the ~~2025~~day with the highest cash balances after collecting cash from ~~$30.4~~retailers ~~million~~for atremittances ~~July~~originated ~~31,~~during ~~2024~~the ~~primarily~~preceding ~~due~~weekend tobut ~~decreases~~before inprefunding disbursements ~~BOSS~~for ~~Revolution~~the upcoming weekend. This weekly cycle constitutes a significant use of the Company’s working capital, and, as ~~traditional~~such, ~~calling~~the ~~cards’~~day ~~deferred~~of ~~revenue~~the ~~balances~~week on which the quarter ends can have significant impacts on working capital levels.

32Customer fund deposits increased $10.2 million during the three months ended October 31, 2025, reflecting balances held on behalf of customers across our prepaid, digital payments, and disbursements programs. These balances are supported by restricted cash and cash equivalents held by IDT Financial Services and our Disbursement Payments VIE.

Customer funds deposits liabilities increased to $121.8 million at April 30, 2025 from $91.9 million at July 31, 2024. Our restricted cash and cash equivalents included an aggregate of $123.0 million and $90.7 million at April 30, 2025 and July 31, 2024, respectively, held by IDT Financial Services and the Disbursement Payments VIE for these customer funds.

In September 2017, we and certain of our subsidiaries were certified by the New Jersey Economic Development Authority, or NJEDA, as having met the requirements of the Grow New Jersey Assistance Act Tax Credit Program. The program provides for credits against a corporation’s New Jersey corporate business tax liability for maintaining a minimum number of employees in New Jersey, and that tax credits may be sold subject to certain conditions. On June 5, 2023, we received a 2019 tax credit certificate for $1.8 million from the NJEDA. In August 2023, we sold the certificate for cash of $1.6 million.

On June 21, 2018, the United States Supreme Court rendered a decision in South Dakota v. Wayfair, Inc., holding that a state may require a remote seller with no physical presence in the state to collect and remit sales tax on goods and services provided to purchasers in the state, overturning certain existing court precedent. It is possible that one or more jurisdictions may assert that we have liability for periods for which we have not collected sales, use or other similar taxes, and if such an assertion or assertions were successful it could materially and adversely affect our business, financial position, and operating results. One or more jurisdictions may change their laws or policies to apply their sales, use or other similar taxes to our operations, and if such changes were made it could materially and adversely affect our business, financial position, and operating results.

As discussed in Note 16 to the Condensed Consolidated Financial Statements included in Item 1 to Part I of this Quarterly Report, we ~~(as~~and ~~well as~~ other ~~defendants)~~ ~~were~~parties were named in a putative class action onand ~~behalf~~derivative ofcomplaint ~~the~~related ~~stockholders~~to ~~of our former subsidiary,~~ Straight Path. OnCommunications ~~October~~Inc. 3,filed ~~2023,~~in the Court of Chancery of the State of Delaware. The Court dismissed all claims against us, and found that, contrary to the ~~plaintiff~~plaintiffs’s allegations, ~~the~~ the class suffered no damages. OnThe ~~January~~plaintiffs ~~14, 2025, the plaintiff~~ filed aan ~~notice of~~ appeal ~~of the Final Order and Judgment~~ to ~~the~~which ~~Supreme Court~~we ofanswered. ~~the~~Oral ~~State~~argument ofwas ~~Delaware~~held toon ~~appeal~~October 22, ~~the~~2025 ~~Final Order~~ and ~~Judgment.~~on December ~~On April 22~~3, 2025, wethe ~~filed~~Delaware ~~our~~Supreme ~~answering~~Court ~~brief~~affirmed to the ~~appeal.~~favorable ~~The~~decision ~~Supreme~~of the Court of ~~the~~Chancery ~~State~~that ofdismissed ~~Delaware~~all ~~has~~claims ~~scheduled~~against ~~oral~~us ~~argument~~and ~~for~~found ~~July~~that ~~2025~~Plaintiff and the class suffered no damages.

As of July 31, 2025, we fully utilized our remaining U.S. federal net operating loss carryforwards and, as a result, starting with fiscal 2026 we have become subject to U.S. federal income tax. We anticipate, based on current tax rates, that our federal cash taxes liability will approximate 21% of our estimated full-year pretax income.

Investing Activities

~~Our~~During ~~capital expenditures were $15.5 million and $13.6 million in~~ the ~~nine~~three months ended ~~April~~October 3031, 2025, ~~and~~we ~~2024,~~deployed ~~respectively~~$5.3 million for capital expenditures. We currently anticipate that total capital expenditures in the twelve-month period ending ~~April~~October 3031, 2026 will be $1820 million to $2122 million. We expect to fund our capital expenditures with our net cash provided by operating activities and cash, cash equivalents, debt securities, and ~~current~~ current equity investments on hand.

In the nine months ended April 30, 2025 and 2024, each of the EMI’s shareholders, including us, purchased additional shares of the EMI’s convertible preferred stock. We paid an aggregate of $0.9 million and $1.5 million in the nine months ended April 30, 2025 and 2024, respectively, to purchase additional shares. In addition, in February 2025, we entered into a loan agreement with the EMI for a revolving credit facility. The aggregate principal amount available under the facility is $2.0 million. The loans will incur interest at 12% per annum payable semiannually and are due and payable in February 2027. In February 2025, we loaned the EMI $0.5 million under the revolving credit facility. In May 2025, we loaned the EMI an additional $0.4 million under the revolving credit facility.31

~~Purchases~~In ofFebruary ~~debt~~2025, ~~securities~~we ~~and~~entered ~~equity~~into ~~investments~~a ~~were~~loan ~~$29~~agreement with the EMI for a revolving credit facility.1 ~~million~~The ~~and~~aggregate principal amount available under the facility is $272.60 million. inThe ~~the~~loans ~~nine~~will ~~months~~incur ~~ended~~interest ~~April~~at ~~30,~~12% ~~2025~~per annum payable semiannually and ~~2024~~are due and payable in February 2027. In February 2025, ~~respectively~~the Company loaned the EMI $0. ~~Proceeds~~5 ~~from~~million ~~maturities~~under ~~and~~the ~~sales~~revolving ofcredit ~~debt~~facility. ~~securities~~In ~~and~~May ~~redemptions~~2025, ofthe ~~equity~~Company ~~investments~~loaned the ~~were~~EMI an additional $~~35.~~0.4 million ~~and~~for an aggregate of $411.59 million inunder the ~~nine~~ revolving credit facility. In both the three months ended October ~~April 30~~31, 2025 and 2024, ~~respectively~~each of the EMI’s shareholders, including us, purchased additional shares of the EMI’s convertible preferred stock.

For the three months ended October 31, 2025, purchases of debt securities and equity investments were $16.1 million and proceeds from maturities and sales of debt securities and redemptions of equity investments were $12.7 million.

Financing Activities

In ~~March 2025, our Board of Directors increased our quarterly cash dividend on our Class A and Class B common stock to $0.06 per share from $0.05 per share. In~~ the ~~nine~~three months ended ~~April~~October 3031, 2025 ~~and 2024~~, we paid ~~aggregate~~a cash ~~dividends~~dividend of $0.1606 ~~and $0.05~~ per share, ~~respectively,~~ on our Class A and Class B common stock. In the ~~nine~~ three months ended ~~April~~October 3031, 2025 ~~and 2024~~, we paid aggregate cash dividends of $~~4.0 million and $~~1.35 million~~, respectively~~. ~~In May 2025, our Board of Directors declared a cash dividend on our Class A and Class B common stock of $0.06 per share payable on or about June 18, 2025 to stockholders of record on June 9, 2025.~~

WeOn ~~distributed~~December ~~cash~~2, 2025, our Board of ~~$0.1~~Directors ~~million~~declared a cash dividend on our Class A and Class B common stock of $~~62,000~~0.06 inper ~~the~~share ~~nine~~payable on ~~months~~or ~~ended~~about ~~April~~December 3023, 2025 ~~and~~to ~~2024,~~stockholders ~~respectively,~~of torecord ~~the~~as ~~noncontrolling~~of ~~interests in~~the ~~certain~~close of ~~our~~business ~~subsidiaries~~on December 15, 2025.

~~Our subsidiary,~~ IDT Telecom, Inc., or (“IDT Telecom”), ~~entered into~~ a ~~credit~~subsidiary ~~agreement, dated as~~ of ~~May~~the 17Company, ~~2021,~~maintains ~~with TD Bank, N.A. for~~ a ~~revolving credit facility for up to a maximum principal amount of~~ $25.0 million. Asrevolving ofcredit ~~July~~facility ~~15,~~with ~~2024 and July 28, 2023, IDT Telecom and~~ TD Bank, N.A. ~~amended~~maturing ~~certain~~on ~~terms~~May ~~of the credit agreement. IDT Telecom may use the proceeds to finance working capital requirements and for certain closing costs of the facility. At April 30~~16, ~~2025 and July 31, 2024, there were no amounts outstanding under this facility~~2026. ~~In the nine months ended April 30, 2025 and 2024, IDT Telecom borrowed and repaid an aggregate of $24.6 million and $32.9 million, respectively, under the facility.~~ The revolving credit facility is secured by primarily all of IDT Telecom’s assets. ~~The~~and ~~principal outstanding~~ bears interest ~~per annum~~ at the secured overnight financing rate ~~published~~(“SOFR”) byplus ~~the~~a ~~Federal~~margin ~~Reserve Bank~~ of ~~New~~125-175 ~~York plus 10~~ basis points, ~~plus~~ depending ~~upon~~on ~~IDT Telecom’s~~ leverage. ~~ratio~~At asOctober 31, ~~computed~~2025 ~~for~~and ~~the~~July ~~most~~31, ~~recent fiscal quarter~~2025, ~~125~~there towere ~~175~~no ~~basis~~amounts ~~points. Interest is payable monthly, and all~~ outstanding ~~principal~~under ~~and~~this ~~any~~facility. ~~accrued~~During ~~and~~the ~~unpaid~~three ~~interest~~months isended ~~due~~October on31, ~~May~~2025 16and 2024, ~~2026.~~ IDT Telecom ~~pays~~borrowed aand ~~quarterly unused~~repaid ~~commitment fee of 10 basis points on the average daily balance of the unused portion of the~~ $2512.07 million ~~commitment. IDT Telecom is required to comply with various affirmative~~ and ~~negative covenants as well as maintain certain targets based on financial ratios during the term of the revolving credit facility~~$14.2 ~~As of April 30~~million, ~~2025, IDT Telecom was in compliance with all of the covenants~~respectively.

33We have an existing stock repurchase program authorized by our Board of Directors for the repurchase of shares of our Class B common stock. In January 2016, the Board of Directors authorized the repurchase of up to 8.0 million shares in the aggregate. In the three months ended October 31, 2025, we repurchased 158,424 shares of our Class B common stock for an aggregate purchase price of $7.6 million. In the three months ended October 31, 2024, we repurchased 37,714 shares of our Class B common stock for an aggregate purchase price of $1.3 million. At October 31, 2025, 4.0 million shares remained available for repurchase under the stock repurchase program.

In ~~January~~the ~~2024,~~three ~~the~~months ~~restrictions~~ended ~~lapsed~~October on31, ~~the~~2025 ~~0.5~~and ~~million~~2024, ~~restricted~~the ~~shares~~Company ofwithheld ~~net2phone~~nil ~~2.0~~and ~~Class~~24,290 Bshares, ~~common~~valued ~~stock~~at ~~that~~nil ~~were~~and ~~granted~~$1.1 inmillion, ~~December~~respectively, ~~2020~~of tothe ~~each~~Company’s ofClass ~~Howard~~B S.common ~~Jonas~~stock ~~and~~from ~~Shmuel~~employees ~~Jonas,~~to ~~our~~satisfy ~~Chief~~the ~~Executive~~employees’ ~~Officer,~~tax ~~and~~withholding ~~Bill~~obligations in ~~Pereira~~connection ~~was~~with ~~granted~~the ~~50,000~~vesting ~~shares~~ of ~~net2phone~~ ~~2.0~~deferred ~~Class B common~~ stock. Weunits ~~repurchased~~(“DSUs”)and athe ~~portion~~lapsing of ~~these~~restrictions ~~shares~~on ~~representing~~restricted anstock. ~~aggregate~~The value of ~~4.5% of~~ the ~~outstanding~~ shares of ~~net2phone~~is ~~2.0~~based ~~with~~on anthe ~~aggregate~~ fair market value as of ~~$3.6~~the ~~million~~close toof ~~satisfy~~business on the ~~grantees’~~trading ~~tax~~day ~~withholding~~immediately ~~obligations~~prior into ~~connection with~~ the ~~lapsing~~vesting ofdate. These ~~restrictions~~shares onare ~~restricted~~not ~~stock~~repurchased orunder the ~~grant~~Company’s ofshare ~~shares~~repurchase program.

In the nine months ended April 30, 2024, we received cash from the exercise of stock options of $0.2 million for which we issued 12,500 shares of our Class B common stock. There were no stock option exercises in the nine months ended April 30, 2025.

We have an existing stock repurchase program authorized by our Board of Directors for the repurchase of shares of our Class B common stock. In January 2016, the Board of Directors authorized the repurchase of up to 8.0 million shares in the aggregate. In the nine months ended April 30, 2025, we repurchased 221,823 shares of our Class B common stock for an aggregate purchase price of $10.1 million. In the nine months ended April 30, 2024, we repurchased 204,107 shares of our Class B common stock for an aggregate purchase price of $5.7 million. At April 30, 2025, 4.2 million shares remained available for repurchase under the stock repurchase program.

In the nine months ended April 30, 2025 and 2024, we paid $7.7 million and $1.5 million, respectively, to repurchase 157,180 and 41,994 shares, respectively, of our Class B common stock that were tendered by employees of ours to satisfy the employees’ tax withholding obligations in connection with the vesting of DSUs, the lapsing of restrictions on restricted stock, and shares issued for bonus payments. Such shares were repurchased by us based on their fair market value as of the close of business on the trading day immediately prior to the vesting date.

Other Sources and Uses of Resources

From time to time, we consider spin-offs and other potential dispositions of certain of our subsidiaries. A spin-off may include the contribution of a significant amount of cash, cash equivalents, debt securities, and/or equity securities to the subsidiary prior to the spin-off, which would reduce our capital resources. There is no assurance that a transaction will be completed.

We intend to, where appropriate, make strategic investments and acquisitions to complement, expand, and/or enter into new businesses. In considering acquisitions and investments, we search for opportunities to profitably grow our existing businesses and/or to add qualitatively to the range and diversification of businesses in our portfolio. We cannot guarantee that we will be presented with acquisition opportunities that meet our return-on-investment criteria, or that our efforts to make acquisitions that meet our criteria will be successful.

Item 3. Quantitative and Qualitative Disclosures About Market Risks

Foreign Currency Risk

Revenues from our international operations were 21% ~~and 22%~~ of our consolidated revenues in both the three months ended ~~April~~October 3031, 2025 and 2024, ~~respectively,~~ ~~and 21% and 24% of our consolidated revenues in the nine months ended April 30, 2025 and 2024,~~ respectively. A significant portion of our revenues is in currencies other than the U.S. Dollar. Our foreign currency exchange risk is somewhat mitigated by our ability to offset a portion of these non-U.S. Dollar-denominated revenues with operating expenses that are paid in the same currencies. While the impact from fluctuations in foreign exchange rates affects our revenues and expenses denominated in foreign currencies, the net amount of our exposure to foreign currency exchange rate changes at the end of each reporting period is generally not material.

Investment Risk

We hold a portion of our assets in debt and equity securities, including hedge funds, for strategic and speculative purposes. At ~~April 30,~~October 31, 2025 and July 31, ~~2024~~2025, the value of our debt and equity security holdings was an aggregate of $3035.84 million and $3533.09 million, respectively, which represented 5% and 65% of our total assets at ~~April~~October 3031, 2025 and July 31, ~~2024~~2025, respectively. Investments in debt and equity securities carry a degree of risk and depend to a great extent on correct assessments of the future course of price movements of securities and other instruments. There can be no assurance that our investment managers will be able to accurately predict these price movements. The securities markets have in recent years been characterized by great volatility and unpredictability. Accordingly, the value of our investments may go down as well as up and we may not receive the amounts originally invested upon redemption.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures. Our Chief Executive Officer and Chief Financial Officer have evaluated the effectiveness of of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended), as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were effective as of ~~April~~October 3031, 2025.

Changes in Internal Control over Financial Reporting. There were no changes in our internal control over financial reporting during the ~~fiscal~~ fiscal quarter ended ~~April~~October 3031, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control ~~over~~ over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

Legal proceedings in which we are involved are described in Note 16 to the Condensed Consolidated Financial Statements included in Item 1 to Part I of this Quarterly Report.

Item 1A. Risk Factors

~~Except as~~Important ~~set~~risk ~~forth~~factors ~~below~~that could affect our operations and financial performance, ~~there~~or ~~are~~that nocould ~~material~~cause ~~changes~~results ~~from~~or ~~the~~events ~~risk~~to ~~factors~~differ ~~previously~~from ~~disclosed~~current expectations, are described in “Part I, Item 1A to– ~~Part~~Risk IFactors” ofare our ~~2024~~Annual Report on Form 10-K. for the fiscal year ended July 31, 2025, as supplemented by the information set forth below:

~~Global~~An emerging component of our growth strategy involves ~~and~~the ~~regional~~adoption, ~~economic~~integration, ~~conditions~~and ~~could~~effective ~~materially~~utilization ~~adversely~~of ~~affect~~AI technologies across our ~~business~~products, ~~results~~services, ofand internal operations, ~~financial~~which introduces ~~condition,~~significant and ~~growth~~evolving risks.

We ~~have~~ ~~international~~currently ~~operations~~incorporate ~~with~~AI ~~revenues~~into ~~outside~~certain ~~the~~existing and ~~United~~planned ~~States~~products, ~~representing~~as awell ~~significant~~as ~~amount of~~ our ~~total~~internal ~~revenues~~operations. AsFor ~~a result~~example, ~~our~~ ~~operations~~some ~~and~~of ~~performance~~our ~~depend~~marketing, ~~significantly~~customer onservice ~~global~~ and ~~regional~~anti-fraud ~~economic~~efforts are ~~conditions.~~currently ~~Adverse~~enhanced ~~macroeconomic~~by ~~conditions,~~AI. ~~including inflation~~Further, ~~slower~~our ~~growth,~~internal ortechnology ~~recession,~~development ~~new~~efforts orare ~~increased~~utilizing ~~tariffs~~AI orin ~~excise~~expanding ~~taxes~~ways, and other ~~barriers~~internal operational tofunctions ~~trade,~~are ~~changes~~beginning to ~~fiscal~~use ~~and~~AI ~~monetary policy,~~to ~~tighter~~improve ~~credit,~~effectiveness ~~higher~~and ~~interest~~efficiency. ~~rates~~Achieving consistent, ~~high unemployment~~secure, and ~~currency~~compliant ~~fluctuations~~AI adoption ~~could~~across ~~materially~~departments—including ~~adversely~~Product ~~affect~~& ~~demand for~~Engineering, ~~our~~Marketing, ~~products~~Trust ~~and~~& ~~services~~Safety, ~~our~~Customer ~~operating~~Support, ~~costs~~Finance, orand ~~our~~Legal/Compliance—requires ongoing ~~profitability.~~investment Inin ~~addition~~training, ~~consumer~~governance, ~~confidence~~ and ~~spending~~change ~~could~~management. beFailure ~~adversely~~by ~~affected~~any infunction ~~response~~ to ~~financial~~adopt ~~market volatility,~~or ~~negative~~appropriately ~~financial~~use ~~news,~~these ~~conditions~~tools inor failure ~~the~~to ~~real~~monitor ~~estate~~ and ~~mortgage~~control ~~markets,~~the ~~declines~~results inof ~~income~~the oradoption ~~asset~~of ~~values,~~the ~~changes to~~tools ~~fuel~~could ~~and~~reduce ~~other~~profitability, ~~energy costs~~productivity, ~~labor~~impair ~~and~~product ~~healthcare costs~~quality, or ~~and~~cause ~~other~~compliance ~~economic~~or ~~factors~~security issues.

~~Changes~~AI technologies are complex, resource-intensive, and torapidly ~~rates~~evolving. byMarket ~~our~~demand ~~suppliers~~and acceptance of AI-driven customer-facing offerings, such as n2p AI Agent and ~~increasing~~n2p ~~regulatory~~Coach ~~charges~~AI, ~~tariffs~~remain oruncertain, and ~~excise~~our ~~taxes~~product development efforts may ~~require~~not usachieve towidespread ~~raise~~adoption ~~prices~~or may be outpaced by competitors. Competitors with greater financial, technical, data, or ~~absorb~~distribution ~~the~~resources ~~costs~~may gain an advantage in attracting and retaining AI talent and in acquiring training data and compute capacity, which could ~~adversely~~ ~~affect~~impair our ~~financial~~ability ~~result~~to ~~and~~maintain ~~business~~competitive AI capabilities. If our AI solutions, or those of others in our industry, draw controversy due to their perceived or actual societal impact—such as generating biased, harmful, or misleading content—we may experience brand or reputational harm, competitive harm, or legal liability, which could slow user adoption of our products.

~~Our upstream~~The ~~carriers,~~use ~~suppliers~~of ~~and~~AI ~~vendors~~also ~~may~~raises ~~increase~~ethical, ~~their prices thus directly impacting our direct cost of revenues~~reputational, ~~which would affect~~and ~~our~~legal ~~earnings~~concerns. ~~Future~~AI-based ~~changes~~or inAI-enhanced ~~tariffs~~systems bycan ~~regulatory~~generate ~~agencies~~ or ~~application~~amplify ofcontent ~~tariff~~that ~~requirements~~is toinaccurate, ~~currently~~misleading, ~~un-tariffed~~biased, ~~products~~discriminatory, harmful, or ~~services~~otherwise ~~could~~controversial, ~~affect~~or ~~the~~be ~~price~~misused ~~and~~by ~~sales~~third ofparties. If our ~~products~~AI ~~for~~tools aproduce, ~~certain~~or ~~set~~are ofperceived ~~customers.~~to ~~Changes~~produce, insuch ~~our~~outputs, or ~~underlying~~if ~~direct~~we ~~costs~~fail ~~of revenues~~to ~~may~~implement ~~cause~~adequate ushuman tooversight, ~~increase~~testing, ~~the~~and ~~rates~~safeguards we(including ~~charge~~data ~~our~~governance, ~~customers~~evaluation, ~~which~~and ~~could~~post-deployment monitoring), ~~make~~our usbrand ~~less~~and competitive ~~and~~standing ~~impact~~could ~~our~~be ~~sales~~harmed and ~~retention of~~we ~~existing~~could ~~customers.~~face ~~Currently~~complaints, ~~pending~~investigations, ~~legislation~~or inlitigation. ~~the~~Potential litigation ~~United~~or ~~States~~government ~~that~~regulation ~~has~~related ~~been~~to ~~passed~~AI bymay increase the ~~House~~burden and cost of ~~Representatives~~research and ~~requires approval~~development, byfurther ~~the~~subjecting ~~Senate~~us to ~~and~~reputational ~~the~~harm, ~~President~~competitive ~~would~~harm, ~~impose~~or alegal ~~five~~liability. ~~percent~~Failure ~~excise~~to ~~tax~~address onperceived ~~certain~~or ~~remittance~~actual ~~transfers~~technical, ~~including~~legal, ~~those~~compliance, ~~by non-U.S.~~privacy, ~~citizens.~~security, ~~The~~or ~~imposition~~ethical ofissues ~~these~~could orundermine ~~similar~~public ~~excise~~confidence ~~taxes~~in ~~could~~AI, ~~adversely~~slowing ~~affect~~customer adoption of our ~~business~~AI-driven products and ~~financial condition~~services.

~~Changes in~~Laws ~~national~~and ~~policy,~~regulations ~~governmental~~focused ~~actions~~on ~~related~~the ~~to tariffs or~~development, ~~international trade agreements~~use, and asprovision ~~well~~of asAI ~~shifts~~technologies inand ~~social, political,~~other ~~regulatory,~~digital products and ~~economic~~services ~~conditions~~are orproliferating ~~laws~~in ~~and~~many ~~policies~~jurisdictions ~~governing~~around ~~foreign~~the ~~trade,~~world. ~~manufacturing~~Staying compliant with evolving laws, ~~development~~regulations, and ~~investment in~~industry ~~the~~standards ~~regions~~pertaining ~~where~~to weAI ~~operate,~~may ~~can~~impose ~~significantly~~significant ~~impact~~operational ~~our~~costs ~~business.~~and ~~Such~~constrain our ~~changes~~ability ~~could lead~~ to ~~negative~~develop, ~~sentiments~~deploy, ~~towards~~or ~~us,~~employ ~~potentially depressing~~AI ~~economic~~technologies ~~activity~~profitably or ~~restricting~~at ~~access~~all. Failing to ~~suppliers~~adapt orappropriately ~~customers~~to ~~and~~this ~~thereby~~evolving ~~have~~regulatory environment acould ~~material~~result ~~adverse~~in ~~effect~~legal onliability, ~~our~~regulatory ~~business~~actions, ~~results~~ ofmonetary ~~operations,~~penalties and ~~outlook~~damage to our brand and reputation.

~~In January 2025~~Operationally, ~~the~~AI ~~global~~models ~~tariff~~depend ~~landscape~~on ~~began to quickly change with~~ the ~~United States implementing tariffs on goods from various foreign countries~~quality, ~~either generally or with respect to certain products~~provenance, and ~~certain~~security of ~~those~~data ~~foreign~~and ~~countries implementing rebalancing tariffs~~ on ~~goods~~reliable ~~from~~third-party ~~the~~infrastructure. ~~United~~Inadequate, ~~States~~outdated, ~~either~~biased, ~~generally~~ or ~~with~~compromised ~~respect~~datasets tocan ~~certain~~produce ~~products. In certain circumstances~~flawed ~~the~~outputs ~~United States~~ and ~~certain~~“model ~~foreign~~drift.” ~~countries~~Our ~~temporarily~~reliance ~~suspended tariffs they~~on ~~had~~third-party ~~recently~~models, ~~implemented~~APIs, ~~either in whole or in part. Since then~~datasets, ~~the~~and ~~United~~cloud ~~States~~providers ~~has~~exposes ~~continued~~us to ~~impose tariffs on imported goods~~outages, ~~and affected countries have often~~ ~~responded~~cost ~~by imposing tariffs on U.S. goods. In April 2025~~volatility, ~~the~~performance U.S. announced a baseline tariff of 10% on goods from all countries and instituted additional individualized reciprocal tariffs for countries with which the United States has significant trade deficits. The United States continues to implement newdegradation, ~~reinstated~~ or ~~adjusted tariffs,~~changes ~~and~~in welicensing ~~expect~~or ~~that~~acceptable-use itterms, ~~will~~which ~~continue~~could ~~with this~~disrupt ~~practice.~~our ~~Foreign~~operations ~~countries~~if ~~subject to~~ these services ~~U.S. tariffs continue~~become tounavailable ~~implement new, reinstated~~ or ~~adjusted~~are ~~rebalancing tariffs, and~~no welonger ~~expect~~offered ~~that~~on ~~foreign~~commercially ~~countries~~reasonable ~~will continue with that practice~~terms.

~~The U.S. tariffs and~~Integrating ~~rebalancing tariffs that~~AI ~~were~~introduces ~~recently~~new ~~enacted~~cybersecurity ~~or that may be enacted have contributed to uncertainty~~risks, ~~about~~including ~~current~~prompt-injection, ~~global~~data ~~economic~~exfiltration, ~~conditions.~~model ~~Sustained~~poisoning, ~~uncertainty could result in a global economic slowdown~~ and ~~long~~supply-~~term~~chain ~~changes to global trade. Such changes could lead to negative sentiments towards us~~vulnerabilities, ~~potentially~~as ~~depressing~~well ~~economic~~as ~~activity~~the orrisk ~~restricting~~that ~~access~~employees ~~to suppliers~~inadvertently orinput ~~customers~~confidential ~~and~~or ~~thereby~~personal ~~have~~data ainto ~~material~~external ~~adverse effect on our business, results of operations, and outlook~~systems.

~~Changes~~Intellectual property ownership surrounding AI technologies tohas ~~immigrant~~not ~~populations~~been ~~could~~fully ~~negatively~~addressed ~~impact~~by ~~certain~~U.S. or foreign courts or federal, state or foreign laws, nor by international legal frameworks. Our ongoing development and use of generative AI tools may result in copyright infringement claims, disputes over ownership and licensing, and potential patent infringement claims, among other things. These legal challenges could be costly to defend against, leading to substantial financial obligations and reputational damage. The evolving regulatory environment and uncertain legal precedents in this field further increase our ~~businesses~~exposure to litigation risks, which could materially affect our business, financial condition, and results of operations.

~~Certain of our businesses~~Additionally, ~~particularly~~laws ~~Boss Money~~ and ~~Boss~~regulations ~~Revolution,~~focused ~~rely in large part~~ on ~~immigrant communities in~~ the development ~~United States~~ and ~~elsewhere.~~ ~~Migration~~use of ~~immigrants~~AI ~~and~~are ~~their~~proliferating ~~spending~~globally ~~patterns~~and ~~are~~continue ~~affected~~to byevolve (~~among~~for ~~other~~example, ~~factors)~~comprehensive ~~overall~~AI ~~economic~~frameworks ~~conditions,~~in the ~~availability~~ ofEU ~~job~~and ~~opportunities,~~emerging federal ~~changes in immigration laws~~ and ~~their~~state ~~enforcement,~~guidance ~~including~~in the ~~potential~~United ~~for~~States). ~~large~~Compliance ~~scale~~may ~~deportations, restrictions~~require onsignificant ~~immigration~~documentation, transparency and ~~travel~~record-keeping, ~~and~~risk assessments, ~~political~~model orgovernance, ~~other~~content ~~events~~provenance ~~(such~~or ~~as civil unrest~~watermarking, ~~war,~~impact ~~terrorism~~assessments, ~~natural~~vendor ~~disasters~~oversight, orand ~~public health~~restrictions ~~emergencies~~on orcertain ~~epidemics)~~use cases. ~~that~~Noncompliance ~~would~~could ~~make~~result itin ~~more~~investigations, ~~difficult~~fines, ~~for~~injunctions, ~~workers~~remediation toobligations, ~~migrate~~ or ~~work~~other ~~outside~~sanctions. ofCross-border ~~the their countries of origin.~~data ~~Changes~~transfer torules, ~~these~~sanctions, ~~factors~~and ~~could~~export ~~materially~~controls ~~and~~may ~~adversely~~ affect ~~our~~access ~~business~~to datasets, ~~financial condition~~models, ~~results~~or ofcompute ~~operations,~~resources ~~and~~in ~~cash~~some ~~flows~~jurisdictions.

We may incur costs in complying with, or face exposure from the failure to comply with, laws, regulation or initiatives regarding greenhouse gas emissions or reporting of our direct and indirect emissions. 33

~~Several~~Further, ~~states~~our ~~have~~use ~~either~~of ~~passed (California)~~generative orAI ~~are~~in ~~drafting~~aspects ~~(e.g.~~of ~~Washington,~~our platforms ~~New~~may ~~York,~~present ~~Illinois,~~risks and ~~Minnesota)~~challenges ~~what~~that iscould ~~being~~increase ~~referred to~~ as ~~“sustainability~~AI ~~legislation.” This~~solutions ~~class~~become ofmore ~~legislation~~prevalent. ~~generally~~AI ~~requires~~algorithms ~~companies~~may ~~generating~~be ~~certain~~flawed. ~~levels~~Datasets may inbe ~~annual~~insufficient ~~revenue~~or ~~(either~~contain ~~globally~~biased orinformation. inThese ~~the~~deficiencies ~~relevant state)~~ and ~~who~~other ~~have~~failures aof ~~presence~~AI insystems ~~the~~could ~~relevant~~have ~~state~~negative toimpacts ~~report data~~ on our ~~the~~users’ ~~impact~~experience ofand ~~the~~subject ~~company~~us onto ~~the~~competitive ~~environment~~harm, ~~including~~regulatory asaction, tolegal ~~direct~~ liability, and ~~indirect~~brand ~~greenhouse gas emissions~~ or ~~other~~reputational ~~factors believed to impact climate~~harm. ~~Each~~ ~~company~~Contractual indemnities ~~that~~from ~~meets~~vendors ~~the~~may ~~requirements will~~ be ~~required~~unavailable toor ~~report~~insufficient. ~~the~~We ~~data to a state regulator and~~ may also beface ~~required~~claims related to ~~post~~privacy (including the ~~data~~processing ~~online.~~of ~~Significant monetary penalties may~~personal ~~apply~~or tobiometric ~~companies~~information), ~~that~~publicity ~~fail~~rights, todeceptive ~~report~~practices, inor acontent ~~timely~~moderation ~~manner~~failures. WeDefending ~~believe~~such ~~that~~claims wecan ~~will~~ be ~~required to report under the California legislation,~~costly and ~~may also be subject to other states’ legislation~~time-consuming, ifcould ~~passed. We~~require ~~are~~changes ~~currently evaluating the resources necessary~~ to ~~comply with~~our ~~the~~products ~~law.~~or ~~While~~processes, ~~barring~~and ~~unforeseen~~could ~~circumstances,~~harm weour ~~anticipate~~reputation ~~meeting~~and ~~the~~financial ~~requirements in a timely manner, there can be no assurance that we will do so~~results.

~~In addition~~Finally, ~~many~~AI-related ~~foreign~~development ~~jurisdictions have enacted laws~~ and ~~regulations~~inference ~~mandating~~can increase ~~certain~~energy ~~reporting~~consumption ~~related~~and tocosts, ~~direct~~ and ~~indirect~~investor ~~greenhouse~~or ~~gas~~regulatory ~~emission~~focus byon ~~businesses~~sustainability ~~operating in~~may ~~those~~impose ~~areas~~additional constraints. ~~Our~~If ~~costs~~we fail to ~~comply~~implement ~~with~~robust ~~any~~AI ~~legislation~~governance, ~~regulations~~align oremployee ~~initiatives~~practices ~~may~~with beour ~~significant~~policies, ~~and~~maintain wesufficient ~~could~~human beoversight, ~~exposed~~and tocontinuously ~~fines~~evaluate and ~~penalties~~improve ~~and~~our ~~other~~systems, ~~negative~~the ~~impacts~~risks ondescribed ~~our~~above ~~businesses~~could ifmaterially weand doadversely ~~not~~affect ~~comply~~our ~~with~~business, ~~the~~financial ~~laws~~condition, ~~and~~results ~~regulations~~of operations, ~~that~~and ~~apply to us~~reputation.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

The following table provides information with respect to purchases by us of our shares during the ~~third~~first quarter of fiscal ~~2025~~2026:

	Total Number of Shares Purchased (1)		Average Price per Share		Total Number of Shares Purchased as part of Publicly Announced Plans or Programs		Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (2)
February 1-28, 2025		123,512	$	49.08		1,473		4,185,261
August 1–31, 2025		—	$	—		—		4,181,963
March 1–31, 2025		3,298	$	46.91		3,298		4,181,963
September 1–30, 2025		—	$	—		—		4,181,963
April 1–30, 2025		3,119	$	51.43		—		4,181,963
October 1–31, 2025		158,424	$	48.00		158,424		4,023,539
Total		~~129~~158,~~929~~424	$	4948.0900		4158,~~771~~424

(1)

Total number of shares purchased includes shares of our Class B common stock that were purchased under our repurchase program, as well as shares of our Class B common stock that were ~~tendered~~withheld ~~by employees of ours~~ to satisfy ~~the~~employee ~~employees’~~ tax withholding obligations ~~in connection with the vesting of deferred stock units and the lapsing of restrictions on restricted stock~~. ~~Shares tendered by employees were repurchased by us based on their fair market value as of the close of business on the trading day immediately prior to the vesting date.~~

(2)

On January 22, 2016, our Board of Directors approved a stock repurchase program to purchase up to 8.0 million shares of our Class B common stock.

Item 3. Defaults Upon Senior Securities

None

Item 4. Mine Safety Disclosures

Not applicable

Item 5. Other Information

None

Item 6. Exhibits

Exhibit Number		Description

31.1*		Certification of Chief Executive Officer pursuant to 17 CFR 240.13a-14(a), as adopted pursuant to §302 of the Sarbanes-Oxley Act of 2002.

31.2*		Certification of Chief Financial Officer pursuant to 17 CFR 240.13a-14(a), as adopted pursuant to §302 of the Sarbanes-Oxley Act of 2002.

32.1*		Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002.

32.2*		Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002.

101.SCH*		Inline XBRL Taxonomy Extension Schema Document

101.CAL*		Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB*		Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase Document

104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

*	Filed herewith.

3634

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	IDT CORPORATION
June 9, 2025	By:	/s/ SHMUEL JONAS
December 10, 2025	By:	/s/ SHMUEL JONAS
		Shmuel Jonas Chief Executive Officer
		Shmuel Jonas
June 9, 2025	By:	/s/ MARCELO FISCHER
		Chief Executive Officer
		Marcelo Fischer Chief Financial Officer
December 10, 2025	By:	/s/ MARCELO FISCHER
		Marcelo Fischer
		Chief Financial Officer

3735

Filing Compare · IDT CORP