WINAMEDIUM SIGNALFINANCIAL10-K

WINA dramatically reduced share buyback activity from $49.1M to $2.4M while increasing dividend payments, signaling a shift in capital allocation strategy.

The company appears to be pivoting from aggressive share repurchases to higher dividend distributions, suggesting management may view the stock as less attractively valued or is prioritizing returning cash to shareholders through dividends. This capital allocation shift, combined with franchise network expansion to 1,378 stores, indicates a more conservative financial approach while maintaining growth momentum.

Comparing 2026-02-25 vs 2025-02-26View on EDGAR →
FINANCIAL ANALYSIS

The most notable financial change was the substantial reduction in share buybacks to just $2.4M while dividend payments increased to $49.1M, representing a clear shift in capital allocation priorities. Operating expenses grew modestly with SG&A rising to $28.4M, while the company maintained a solid but slightly reduced cash position of $10.3M. The overall financial picture suggests disciplined growth with conservative cash management as the franchise network expanded across all brands.

FINANCIAL STATEMENT CHANGES
Share Buybacks
Cash Flow
-95.1%
$49.1M→$2.4M

Buyback activity reduced 95.1% — capital being redeployed elsewhere or cash conservation underway.

Provision for Credit Losses
P&L
+72%
-$207K→-$58K

Credit loss provisions surged 72% — management flagging significant deterioration in loan quality ahead.

Dividends Paid
Cash Flow
+26.4%
$38.9M→$49.1M

Dividend payments increased 26.4% — management confidence in sustained cash generation.

Cash & Equivalents
Balance Sheet
-15.5%
$12.2M→$10.3M

Cash decreased 15.5% — monitor burn rate and upcoming capital needs.

SG&A Expense
P&L
+13.7%
$24.9M→$28.4M

SG&A increased modestly — likely reflects growth-related hiring or sales expansion investment.

Current Liabilities
Balance Sheet
+11.4%
$5.1M→$5.7M

Current liabilities rose 11.4% — increased short-term obligations, watch current ratio.

Accounts Receivable
Balance Sheet
+11%
$1.3M→$1.5M

Receivables grew 11% — monitor days sales outstanding for collection efficiency.

LANGUAGE CHANGES
NEW — 2026-02-25
PRIOR — 2025-02-26
ADDED
Shares of no par value Common Stock outstanding as of February 23, 2026: 3,571,861 shares.
At December 27, 2025, there were 1,378 franchises in operation in the United States and Canada and over 2,800 available territories.
Revenues from Canadian franchisees in 2025, 2024 and 2023 were approximately $7.8 million, $7.3 million and $6.8 million, respectively.
System-Wide Sales (in millions) 2023 2024 2025 Plato s Closet $ 647.6 $ 653.0 $ 675.5 Once Upon A Child 504.8 517.9 543.4 Play It Again Sports 328.2 331.9 350.0 Style Encore 59.2 59.1 61.7 Music Go Round 49.2 48.3 51.4 $ 1,589.0 $ 1,610.2 $ 1,682.0 We have developed an e-commerce platform that allows franchisees of our Music Go Round, Play It Again Sports and Style Encore brands to market and sell in-store product inventory online.
Product listings are available for in-store pickup or for shipment.
Of the 1,378 total franchised stores as of December 27, 2025, 165 were located in Canada.
In 2025 alone, stores across our five brands extended the lives of over 195 million items of clothing, toys, books, musical instruments and sports equipment.
At December 27, 2025, we had 82 signed franchise agreements, of which the majority are expected to open in 2026.
At December 27, 2025, the franchise fee for all brands was $25,000 for an initial store in the U.S.
The franchise fee in March 2026 for an initial store in Canada will be $34,200CAD, and an additional store in Canada will be $20,500CAD .
REMOVED
Shares of no par value Common Stock outstanding as of February 24, 2025: 3,539,954 shares.
At December 28, 2024, there were 1,350 franchises in operation in the United States and Canada and over 2,800 available territories.
Revenues from Canadian franchisees in 2024, 2023 and 2022 were approximately $7.3 million, $6.8 million and $6.4 million, respectively.
System-Wide Sales (in millions) 2022 2023 2024 Plato s Closet $ 638.8 $ 647.6 $ 653.0 Once Upon A Child 466.2 504.8 517.9 Play It Again Sports 324.1 328.2 331.9 Style Encore 58.1 59.2 59.1 Music Go Round 47.1 49.2 48.3 $ 1,534.3 $ 1,589.0 $ 1,610.2 We have developed an e-commerce platform that allows franchisees of our Music Go Round, Play It Again Sports and Style Encore brands to market and sell in-store product inventory online.
All product listings are available for in-store pickup, and certain products may be available for shipment.
Of the 1,350 total franchised stores as of December 28, 2024, 159 were located in Canada.
In 2024 alone, stores across our five resale brands extended the lives of over 185 million items of clothing, toys, books, musical instruments and sports equipment.
At December 28, 2024, we had 79 signed franchise agreements, of which the majority are expected to open in 2025.
At December 28, 2024, the franchise fee for all brands was $25,000 for an initial store in the U.S.
The franchise fee in March 2025 for an initial store in Canada will be $36,000CAD, and an additional store in Canada will be $21,600CAD .
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