0001104659-26-070920 | 10-Q | XBRL Viewer

SEGMENT INFORMATION (Schedule of Net Sales and Service Fees by Product Category) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2026	Apr. 30, 2025	Apr. 30, 2026	Apr. 30, 2025
Revenue from External Customer [Line Items]
Net sales and service fees	$ 47,618	$ 40,867	$ 90,486	$ 87,281
Computerized Machine Tools
Revenue from External Customer [Line Items]
Net sales and service fees	38,546	31,656	72,086	69,458
Computer Control Systems and Software
Revenue from External Customer [Line Items]
Net sales and service fees	516	657	968	1,313
Service Parts
Revenue from External Customer [Line Items]
Net sales and service fees	6,246	6,231	13,109	12,095
Service Fees
Revenue from External Customer [Line Items]
Net sales and service fees	$ 2,310	$ 2,323	$ 4,323	$ 4,415

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

GENERAL	6 Months Ended
Apr. 30, 2026
GENERAL
GENERAL	1.GENERAL The unaudited Condensed Consolidated Financial Statements include the accounts of Hurco Companies, Inc. and its consolidated subsidiaries. As used in this report, the words “we”, “us”, “our”, “Hurco” and the “Company” refer to Hurco Companies, Inc. and its consolidated subsidiaries. We design, manufacture, and sell computerized (i.e., Computer Numeric Control (“CNC”)) machine tools, consisting primarily of vertical machining centers (mills) and turning centers (lathes), to companies in the metal cutting industry through a worldwide sales, service, and distribution network. Although most of our computer control systems and software products are proprietary, they predominantly use industry standard personal computer components. Our computer control systems and software products are primarily sold as integral components of our computerized machine tool products. We also provide machine tool components, automation integration equipment and solutions for job shops, software options, control upgrades, accessories and replacement parts for our products, as well as customer service, training, and applications support. The condensed consolidated financial information as of April 30, 2026, and for the three and six months ended April 30, 2026, and April 30, 2025, is unaudited. However, in our opinion, the interim data includes all adjustments, consisting only of normal recurring adjustments, necessary to present fairly our consolidated financial position, results of operations, changes in shareholders’ equity and cash flows for and at the end of the interim periods. We suggest that you read these Condensed Consolidated Financial Statements in conjunction with the financial statements and the notes thereto included in our Annual Report on Form 10-K for the year ended October 31, 2025.

GENERAL

6 Months Ended

Apr. 30, 2026

GENERAL

GENERAL

1.GENERAL

The unaudited Condensed Consolidated Financial Statements include the accounts of Hurco Companies, Inc. and its consolidated subsidiaries. As used in this report, the words “we”, “us”, “our”, “Hurco” and the “Company” refer to Hurco Companies, Inc. and its consolidated subsidiaries.

We design, manufacture, and sell computerized (i.e., Computer Numeric Control (“CNC”)) machine tools, consisting primarily of vertical machining centers (mills) and turning centers (lathes), to companies in the metal cutting industry through a worldwide sales, service, and distribution network. Although most of our computer control systems and software products are proprietary, they predominantly use industry standard personal computer components. Our computer control systems and software products are primarily sold as integral components of our computerized machine tool products. We also provide machine tool components, automation integration equipment and solutions for job shops, software options, control upgrades, accessories and replacement parts for our products, as well as customer service, training, and applications support.

The condensed consolidated financial information as of April 30, 2026, and for the three and six months ended April 30, 2026, and April 30, 2025, is unaudited. However, in our opinion, the interim data includes all adjustments, consisting only of normal recurring adjustments, necessary to present fairly our consolidated financial position, results of operations, changes in shareholders’ equity and cash flows for and at the end of the interim periods. We suggest that you read these Condensed Consolidated Financial Statements in conjunction with the financial statements and the notes thereto included in our Annual Report on Form 10-K for the year ended October 31, 2025.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Total
Balances at Oct. 31, 2024	$ 644	$ 61,500	$ 161,422	$ (16,394)	$ 207,172
Balances (in shares) at Oct. 31, 2024	6,435,624
Net Income (Loss)			(8,383)		(8,383)
Other comprehensive income (loss)				2,967	2,967
Deferred income tax valuation allowances				(175)	(175)
Stock-based compensation expense, net of taxes withheld for vested restricted shares	$ 7	692			699
Stock-based compensation expense, net of taxes withheld for vested restricted shares (in shares)	71,244
Balances at Apr. 30, 2025	$ 651	62,192	153,039	(13,602)	202,280
Balances (in shares) at Apr. 30, 2025	6,506,868
Balances at Jan. 31, 2025	$ 648	61,728	157,102	(21,335)	198,143
Balances (in shares) at Jan. 31, 2025	6,483,990
Net Income (Loss)			(4,063)		(4,063)
Other comprehensive income (loss)				7,935	7,935
Deferred income tax valuation allowances				(202)	(202)
Stock-based compensation expense, net of taxes withheld for vested restricted shares	$ 3	464			467
Stock-based compensation expense, net of taxes withheld for vested restricted shares (in shares)	22,878
Balances at Apr. 30, 2025	$ 651	62,192	153,039	(13,602)	202,280
Balances (in shares) at Apr. 30, 2025	6,506,868
Balances at Oct. 31, 2025	$ 640	60,850	146,305	(9,008)	198,787
Balances (in shares) at Oct. 31, 2025	6,402,396
Net Income (Loss)			(5,840)		(5,840)
Other comprehensive income (loss)				(1,139)	(1,139)
Deferred income tax valuation allowances				(184)	(184)
Stock-based compensation expense, net of taxes withheld for vested restricted shares	$ 8	787			795
Stock-based compensation expense, net of taxes withheld for vested restricted shares (in shares)	82,082
Balances at Apr. 30, 2026	$ 648	61,637	140,465	(10,331)	192,419
Balances (in shares) at Apr. 30, 2026	6,484,478
Balances at Jan. 31, 2026	$ 645	61,165	142,837	(9,616)	195,031
Balances (in shares) at Jan. 31, 2026	6,446,454
Net Income (Loss)			(2,372)		(2,372)
Other comprehensive income (loss)				(728)	(728)
Deferred income tax valuation allowances				13	13
Stock-based compensation expense, net of taxes withheld for vested restricted shares	$ 3	472			475
Stock-based compensation expense, net of taxes withheld for vested restricted shares (in shares)	38,024
Balances at Apr. 30, 2026	$ 648	$ 61,637	$ 140,465	$ (10,331)	$ 192,419
Balances (in shares) at Apr. 30, 2026	6,484,478

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

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+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

+ Details

GUARANTEES AND PRODUCT WARRANTIES - Additional Information (Details) $ in Millions	6 Months Ended
	Apr. 30, 2026 USD ($) item
GUARANTEES AND PRODUCT WARRANTIES
Number Of Guarantees \| item	4
Outstanding third party payment \| $	$ 0.3
Term of product warranty	1 year

ACCOUNTS RECEIVABLE	6 Months Ended
Apr. 30, 2026
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE	6. ACCOUNTS RECEIVABLE Accounts receivable is net of provision for credit losses of $1.3 million and $1.2 million as of April 30, 2026, and October 31, 2025, respectively.

ACCOUNTS RECEIVABLE

6 Months Ended

Apr. 30, 2026

ACCOUNTS RECEIVABLE

ACCOUNTS RECEIVABLE

6. ACCOUNTS RECEIVABLE

Accounts receivable is net of provision for credit losses of $1.3 million and $1.2 million as of April 30, 2026, and October 31, 2025, respectively.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Apr. 30, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

LEASES (Tables)

6 Months Ended

Apr. 30, 2026

LEASES

Schedule of supplemental cash flow information and non-cash activity related to operating leases

The following table summarizes supplemental cash flow information and non-cash activity related to operating leases for the three and six months ended April 30, 2026 and 2025 (in thousands):


		Three Months Ended April 30,				Six Months Ended April 30,
		2026		2025		2026		2025
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$	1,239	$	1,323	$	2,501	$	2,533
Non-cash information:
Right-of-use assets obtained in exchange for new operating lease liabilities	$	362	$	373	$	1,397	$	2,282

Schedule of maturities of undiscounted cash flows of lease commitments reconciled to the total lease liability

The following table summarizes the maturities of undiscounted cash flows of lease commitments reconciled to the total lease liability as of April 30, 2026 (in thousands):


Remainder of 2026	$	2,409
2027		4,111
2028		2,913
2029		905
2030		477
2031 and thereafter		559
Total		11,374
Less: Imputed interest		(633)
Present value of operating lease liabilities	$	10,741

LEASES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
LEASES (Details) - USD ($) $ in Millions	Apr. 30, 2026	Apr. 30, 2025	Apr. 30, 2026	Apr. 30, 2025
LEASES
Operating lease expense	$ 1.3	$ 1.4	$ 2.6	$ 2.7
Weighted-average remaining term	3 years		3 years
Weighted-average discount rate	3.40%		3.40%
Capitalized lease costs	$ 0.0		$ 0.0
Minimum
LEASES
Lease term (in years)	2 years		2 years
Maximum
LEASES
Lease term (in years)	5 years		5 years

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Fair value of derivative instruments (Details) - USD ($) $ in Thousands	Apr. 30, 2026	Oct. 31, 2025
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Derivative assets	$ 132	$ 263
Derivative liabilities	2,707	3,084
Designated as Hedging Instruments
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Derivative assets	43	215
Derivative liabilities	1,124	945
Not Designated as Hedging Instruments
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Derivative assets	89	48
Derivative liabilities	$ 1,583	$ 2,139

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2026	Apr. 30, 2025	Apr. 30, 2026	Apr. 30, 2025
Basic
Net (loss) income	$ (2,372)	$ (4,063)	$ (5,840)	$ (8,383)
Net (loss) income applicable to common shareholders	$ (2,372)	$ (4,063)	$ (5,840)	$ (8,383)
Weighted average shares outstanding	6,473	6,500	6,449	6,479
(Loss) income per common share	$ (0.37)	$ (0.62)	$ (0.91)	$ (1.29)
Diluted
Net (loss) income	$ (2,372)	$ (4,063)	$ (5,840)	$ (8,383)
Net (loss) income applicable to common shareholders	$ (2,372)	$ (4,063)	$ (5,840)	$ (8,383)
Weighted average shares outstanding	6,473	6,500	6,449	6,479
(Loss) income per common share	$ (0.37)	$ (0.62)	$ (0.91)	$ (1.29)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Changes in components of accumulated other comprehensive loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2026	Apr. 30, 2025	Apr. 30, 2026	Apr. 30, 2025
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Beginning Balance	$ (9,616)		$ (9,008)
Other comprehensive income (loss) before reclassifications	(914)		(1,467)
Reclassifications	186	$ 285	328	$ 807
Deferred income tax valuation allowances	13	$ (202)	(184)	$ (175)
Ending Balance	(10,331)		(10,331)
Foreign Currency Translation
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Beginning Balance	(8,056)		(8,234)
Other comprehensive income (loss) before reclassifications	(725)		(547)
Ending Balance	(8,781)		(8,781)
Cash Flow Hedging
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Beginning Balance	(1,560)		(774)
Other comprehensive income (loss) before reclassifications	(189)		(920)
Reclassifications	186		328
Deferred income tax valuation allowances	13		(184)
Ending Balance	$ (1,550)		$ (1,550)

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Amount after tax, before reclassification adjustments of other comprehensive income (loss).

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+ Details

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Effect of derivative instruments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2026	Apr. 30, 2025	Apr. 30, 2026	Apr. 30, 2025
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss)	$ (189)	$ (411)	$ (920)	$ (507)
Amount of Gain (Loss) Reclassified from Other Comprehensive Income (Loss)	(186)	(285)	(328)	(807)
Designated as Hedging Instrument
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Amount of Gain (Loss) Reclassified from Other Comprehensive Income (Loss)	(186)	(285)	(328)	(807)
Designated as Hedging Instrument \| Foreign Exchange Forward \| Intercompany sales/purchases
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss)	(189)	(411)	(920)	(507)
Designated as Hedging Instrument \| Foreign Exchange Forward \| Net Investment Hedging
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss)	48	(202)	(21)	(96)
Not Designated as Hedging Instruments \| Foreign Exchange Forward \| Other Income And Expense
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Amount of Gain (Loss) Reclassified from Other Comprehensive Income (Loss)	$ (762)	$ (684)	$ (2,313)	$ (1,777)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

REVENUE RECOGNITION

6 Months Ended

Apr. 30, 2026

REVENUE RECOGNITION

REVENUE RECOGNITION

2. REVENUE RECOGNITION

We design, manufacture, and sell computerized machine tools. Our computer control systems and software products are primarily sold as integral components of our computerized machine tool products. We also provide machine tool components, automation integration equipment and solutions for job shops, software options, control upgrades, accessories, and replacement parts for our products, as well as customer service, training, and applications support.

We recognize revenues from the sale of machine tools, components and accessories and services, and reflect the consideration to which we expect to be entitled. We record revenues based on a five-step model in accordance with Financial Accounting Standards Board (“FASB”) guidance codified in Accounting Standards Codification (“ASC”) 606, “Revenue from Contracts with Customers” (“ASC 606”). In accordance with ASC 606, we have defined contracts as agreements with our customers and distributors in the form of purchase orders, packing or shipping documents, invoices, and, periodically, verbal requests for components and accessories. For each contract, we identify our performance obligations, which are delivering goods or services, determine the transaction price, allocate the contract transaction price to each of the performance obligations (when applicable), and recognize the revenue when (or as) the performance obligation to the customer is fulfilled. A good or service is transferred when the customer obtains control of that good or service. Our computerized machine tools are general purpose computer-controlled machine tools that are typically used in stand–alone operations. Prior to shipment, we test each machine to ensure the machine’s compliance with standard operating specifications. We deem that the customer obtains control upon delivery of the product and that obtaining control is not contingent upon contractual customer acceptance. Therefore, we recognize revenue from sales of our machine tool systems upon delivery of the product to the customer or distributor, which is normally at the time of shipment.

Depending upon geographic location, after shipment, a machine may be installed at the customer’s facility by a distributor, independent contractor, or by one of our service technicians. In most instances where a machine is sold through a distributor, we have no installation involvement. If sales are direct or through sales agents, we will typically complete the machine installation, which consists of the reassembly of certain parts that were removed for shipping and the re-testing of the machine to ensure that it is performing within the standard specifications. We consider the machine installation process for our 3-axis machines to be inconsequential and immaterial within the context of the contract. For our 5-axis machines that we install, we estimate the fair value of the installation performance obligation and recognize that installation revenue on a prorata basis over the period of the installation process.

From time to time, and depending upon geographic location, we may provide training or freight services. We consider these services to be immaterial within the context of the contract, as the value of these services typically does not rise to a material level as a component of the total contract value. Service fees from maintenance contracts are deferred and recognized in earnings on a prorata basis over the term of the contract and are generally sold on a stand-alone basis. Customer discounts and estimated product returns are recorded as a reduction of revenue in the same period that the related sales are recorded. We have reviewed the overall sales transactions for variable consideration and have determined that these amounts are not material.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

GUARANTEES AND PRODUCT WARRANTIES (Tables)

6 Months Ended

Apr. 30, 2026

GUARANTEES AND PRODUCT WARRANTIES

Schedule of reconciliation of the changes in our warranty estimated liability

A reconciliation of the changes in our warranty estimated liability is as follows (in thousands):


	Six Months Ended
	April 30,
	2026		2025
Balance, beginning of period	$	967	$	1,086
Provision for warranties during the period		834		818
Charges to the estimated liability		(823)		(977)
Impact of foreign currency translation		6		9
Balance, end of period	$	984	$	936

ACCOUNTS RECEIVABLE (Details) - USD ($) $ in Millions	Apr. 30, 2026	Oct. 31, 2025
ACCOUNTS RECEIVABLE
Allowance for doubtful accounts receivable	$ 1.3	$ 1.2

SEGMENT INFORMATION (Narrative) (Details)	6 Months Ended
SEGMENT INFORMATION (Narrative) (Details)	Apr. 30, 2026 segment
SEGMENT INFORMATION
Number of operating segments	1
Number of Reportable Segments	1

INVENTORIES (Tables)

6 Months Ended

Apr. 30, 2026

INVENTORIES

Schedule of inventories

Inventories, priced at the lower of cost (first-in, first-out method) or net realizable value, are summarized below (in thousands):


	April 30,		October 31,
	2026		2025
Purchased parts and sub–assemblies	$	35,322	$	35,346
Work–in–process		11,271		11,172
Finished goods		90,587		96,413
Inventories	$	137,180	$	142,931

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Apr. 30, 2026	Apr. 30, 2025	Apr. 30, 2026	Apr. 30, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ (2,372)	$ (4,063)	$ (5,840)	$ (8,383)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

EQUITY INCENTIVE PLAN - Reconciliation of restricted stock activity (Details)	6 Months Ended
	Apr. 30, 2026 $ / shares shares
Number of Shares
Unvested at beginning of period \| shares	456,496
Shares or units granted \| shares	206,042
Shares or units vested \| shares	(73,926)
Shares or units cancelled \| shares	(89,983)
Shares withheld \| shares	(16,516)
Unvested at end of period \| shares	482,113
Weighted Average Grant Date Fair Value
Unvested at beginning of period \| $ / shares	$ 21.58
Shares or units granted \| $ / shares	16.04
Shares or units vested \| $ / shares	19.39
Shares or units cancelled \| $ / shares	26.24
Shares withheld \| $ / shares	21.7
Unvested at end of period \| $ / shares	$ 18.67

DEBT AGREEMENTS (Details) $ / shares in Units, € in Millions, $ in Millions		6 Months Ended
	Jan. 05, 2026 USD ($) $ / shares	Apr. 30, 2026 USD ($)	Apr. 30, 2026 EUR (€)	Dec. 31, 2025 USD ($)	Mar. 31, 2019 USD ($)
Line of Credit Facility [Line Items]
Line of credit		$ 0.0
Line Of Credit Agreement 2018
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity		40.0
Line of credit, maximum borrowing capacity in alternative currencies		$ 20.0
Line of credit, maturity date		Dec. 31, 2025
Line Of Credit Agreement 2026
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity	$ 20.0	$ 20.0
Variable interest rate	1.50%
Stated interest rate	2.50%
Line of Credit, covenant, maximum annual share repurchase	$ 10.0
Consolidated leverage ratio	2
Consolidated EBITDA \| $ / shares	$ 1
Allowable investments in alternative investments	$ 10.0
Hurco BV [Member] \| Line Of Credit Agreement 2018
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity		20.0
SOFR \| Line Of Credit Agreement 2026
Line of Credit Facility [Line Items]
Variable interest rate	1.00%
Federal funds \| Line Of Credit Agreement 2026
Line of Credit Facility [Line Items]
Variable interest rate	0.50%
Letter of Credit [Member] \| Line Of Credit Agreement 2018
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity		$ 10.0
Letter of Credit [Member] \| Line Of Credit Agreement 2026
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity	$ 10.0
Stated interest rate	2.50%
Revolving Credit Facility [Member] \| Germany [Member]
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity \| €			€ 1.5
Taiwan credit facility [Member]
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity				$ 150.0	$ 150.0
China credit facility [Member]
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity				$ 32.5	$ 32.5

SEGMENT INFORMATION

6 Months Ended

Apr. 30, 2026

SEGMENT INFORMATION

SEGMENT INFORMATION

9. SEGMENT INFORMATION

We are organized and managed as a single operating and reportable segment: industrial automation equipment. We design, manufacture, and sell computerized (i.e., Computer Numeric Control) machine tools, consisting primarily of vertical machining centers (mills) and turning centers (lathes), to companies in the metal cutting industry through a worldwide sales, service, and distribution network. Although most of our computer control systems and software products are proprietary, they predominantly use industry standard personal computer components. Our computer control systems and software products are primarily sold as integral components of our computerized machine tool products. We also provide machine tool components, automation integration equipment and solutions for job shops, software options, control upgrades, accessories, and replacement parts for our products, as well as customer service, training, and applications support.

Our chief operating decision maker ("CODM") is the President and Chief Executive Officer, who reviews financial information presented on a consolidated basis. The CODM uses consolidated sales and service fees, gross profit, operating (loss) income and net (loss) income, as shown on the Consolidated Statements of Operations, to assess financial performance and allocate resources. The consolidated financial metrics are used by the CODM to make key operating decisions, such as the allocation of capital between reinvestment in the business, the payment of dividends, and acquisitions. While the CODM receives some additional detailed financial information related to operating expenses, consolidated selling, general and administrative expenses is the significant expense he uses to manage operations. The measure of segment assets is reported on the condensed consolidated balance sheets as total consolidated assets.

The following table sets forth sales and service fees by product group and services for the three and six months ended April 30, 2026 and 2025 (in thousands):


	Three Months Ended April 30,				Six Months Ended April 30,
	2026		2025		2026		2025
Computerized Machine Tools	$	38,546	$	31,656	$	72,086	$	69,458
Computer Control Systems and Software ^†		516		657		968		1,313
Service Parts		6,246		6,231		13,109		12,095
Service Fees		2,310		2,323		4,323		4,415
Total	$	47,618	$	40,867	$	90,486	$	87,281

^† Amounts shown do not include computer control systems and software sold as an integrated component of computerized machine systems.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

LEASES - Supplemental cash flow information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2026	Apr. 30, 2025	Apr. 30, 2026	Apr. 30, 2025
LEASES
Cash paid for amounts included in the measurement of lease liabilities	$ 1,239	$ 1,323	$ 2,501	$ 2,533
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 362	$ 373	$ 1,397	$ 2,282

FINANCIAL INSTRUMENTS - Fair value hierarchy (Details) - Fair Value measurements recurring - USD ($) $ in Thousands	Apr. 30, 2026	Oct. 31, 2025
Level 1
Assets
Mutual Funds	$ 3,692	$ 3,489
Liabilities
Mutual Funds	0	0
Level 2
Assets
Derivatives	132	263
Liabilities
Derivatives	$ 2,707	$ 3,084

- Definition

Fair value portion of investment securities, including, but not limited to, marketable securities, derivative financial instruments, and investments accounted for under the equity method.

+ References + Details

LEASES

6 Months Ended

Apr. 30, 2026

LEASES

LEASES

8. LEASES

Our lease portfolio includes leased production and assembly facilities, warehouses and distribution centers, office space, vehicles, material handling equipment utilized in our production and assembly facilities, laptops and other information technology equipment, as well as other miscellaneous leased equipment. Most of the leased production and assembly facilities have lease terms ranging from two to five years, although the terms and conditions of our leases can vary significantly from lease to lease. We have assessed the specific terms and conditions of each lease to determine the amount of the lease payments and the length of the lease term, which includes the minimum period over which lease payments are required plus any renewal options that are both within our control to exercise and reasonably certain of being exercised upon lease commencement. In determining whether or not a renewal option is reasonably certain of being exercised, we assessed all relevant factors to determine if sufficient incentives exist as of lease commencement to conclude renewal is reasonably certain. There are no material residual value guarantees provided by us, nor any restrictions or covenants imposed by the leases to which we are a party. In determining the lease liability, we utilize our incremental borrowing rate to discount the future lease payments over the lease term to present value.

We record a right-of-use asset and lease liability on our Condensed Consolidated Balance Sheets for all leases that, at the commencement date, have a lease term of more than 12 months and are classified as leases under ASC 842.

We recorded total operating lease expense of $1.3 million and $1.4 million for the three months ended April 30, 2026 and 2025, respectively, and $2.6 million and $2.7 million for the six months ended April 30, 2026 and 2025, respectively, which is classified within Cost of sales and service and Selling, general and administrative expenses within the Condensed Consolidated Statements of Operations. Operating lease expense includes short-term leases and variable lease payments, which are immaterial. There were no lease costs capitalized on the Condensed Consolidated Balance Sheets as of April 30, 2026.

The following table summarizes supplemental cash flow information and non-cash activity related to operating leases for the three and six months ended April 30, 2026 and 2025 (in thousands):


		Three Months Ended April 30,				Six Months Ended April 30,
		2026		2025		2026		2025
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$	1,239	$	1,323	$	2,501	$	2,533
Non-cash information:
Right-of-use assets obtained in exchange for new operating lease liabilities	$	362	$	373	$	1,397	$	2,282

The following table summarizes the maturities of undiscounted cash flows of lease commitments reconciled to the total lease liability as of April 30, 2026 (in thousands):


Remainder of 2026	$	2,409
2027		4,111
2028		2,913
2029		905
2030		477
2031 and thereafter		559
Total		11,374
Less: Imputed interest		(633)
Present value of operating lease liabilities	$	10,741

As of April 30, 2026, the weighted-average remaining term of our lease portfolio was approximately 3.0 years and the weighted-average discount rate was approximately 3.4%.

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Apr. 30, 2026	May 31, 2026
Document And Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 30, 2026
Document Transition Report	false
Entity File Number	0-9143
Entity Registrant Name	HURCO COMPANIES, INC.
Entity Incorporation, State or Country Code	IN
Entity Tax Identification Number	35-1150732
Entity Address, Address Line One	One Technology Way
Entity Address, City or Town	Indianapolis
Entity Address, State or Province	IN
Entity Address, Postal Zip Code	46268
City Area Code	317
Local Phone Number	293-5309
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	HURC
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		6,476,322
Entity Central Index Key	0000315374
Current Fiscal Year End Date	--10-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Amendment Flag	false

GUARANTEES AND PRODUCT WARRANTIES - Reconciliation of the changes in our warranty estimated liability (Details) - USD ($) $ in Thousands	6 Months Ended
	Apr. 30, 2026	Apr. 30, 2025
GUARANTEES AND PRODUCT WARRANTIES
Balance, beginning of period	$ 967	$ 1,086
Provision for warranties during the period	834	818
Charges to the estimated liability	(823)	(977)
Impact of foreign currency translation	6	9
Balance, end of period	$ 984	$ 936

DEBT AGREEMENTS

6 Months Ended

Apr. 30, 2026

DEBT AGREEMENTS

DEBT AGREEMENTS

11. DEBT AGREEMENTS

On December 31, 2018, we and our subsidiary Hurco B.V. entered into a credit agreement with Bank of America, N.A., as the lender, which was subsequently amended on each of March 13, 2020, December 23, 2020, December 17, 2021, January 4, 2023, and December 19, 2023 (as amended, the “2018 Credit Agreement”). The 2018 Credit Agreement provided for an unsecured revolving credit and letter of credit facility in a maximum aggregate amount of $40.0 million. The 2018 Credit Agreement provided that the maximum amount of outstanding letters of credit at any one time could not exceed $10.0 million, the maximum amount of outstanding loans made to our subsidiary Hurco B.V. at any one time could not exceed $20.0 million, and the maximum amount of all outstanding loans denominated in alternative currencies at any one time could not exceed $20.0 million. The scheduled maturity date of the 2018 Credit Agreement was December 31, 2025, and on that date, the 2018 Credit Agreement terminated in accordance with its terms.

In March 2019, our wholly-owned subsidiaries in Taiwan (Hurco Manufacturing Limited (“HML”)) and China (Ningbo Hurco Machine Tool, Ltd. (“NHML”)) closed on uncommitted revolving credit facilities with maximum aggregate amounts of 150 million New Taiwan Dollars and 32.5 million Chinese Yuan, respectively. As uncommitted facilities, both the Taiwan and China credit facilities were subject to review and termination by the respective underlying lending institution from time to time. On December 31, 2025, the 150 million New Taiwan Dollars Taiwan credit facility and the 32.5 million Chinese Yuan China credit facility terminated in accordance with their terms.

On January 5, 2026, we entered into a new credit agreement with Bank of America, N.A., as the lender (the “2026 Credit Agreement”). The 2026 Credit Agreement provides for a secured revolving credit and letter of credit facility in a maximum aggregate amount of $20.0 million. The 2026 Credit Agreement provides that the maximum amount of outstanding letters of credit at any one time may not exceed $10.0 million, and the maximum amount of all outstanding loans denominated in alternative currencies at any one time may not exceed $20.0 million. Under the 2026 Credit Agreement, we are the borrower, and certain of our subsidiaries are guarantors. Our obligations under the 2026 Credit Agreement are secured by a security interest in substantially all of our personal property and substantially all of the personal property of each subsidiary guarantor. The scheduled maturity date of the 2026 Credit Agreement is December 31, 2026.

Borrowings under the 2026 Credit Agreement bear interest at floating rates based on, at our option, either (i) a rate based upon the secured overnight financing rate (“SOFR”), the Sterling Overnight Index Average Reference Rate, the Euro Interbank Offering Rate, or another alternative currency-based rate approved by the lender, depending on the term of the loan and the currency in which such loan is denominated, plus 2.50% per annum, or (ii) a base rate (which is the highest of (a) the federal funds rate plus 0.50%, (b) the prime rate or (c) the one month SOFR-based rate plus 1.00%), plus 1.50% per annum. Outstanding letters of credit will carry an annual rate of 2.50%.

The 2026 Credit Agreement contains customary affirmative and negative covenants and events of default, including covenants (1) restricting us from making certain investments, loans, advances and acquisitions (but permitting us to make investments in subsidiaries of up to $10.0 million); (2) restricting us from making certain payments, including (a) cash dividends, except that we may pay cash dividends as long as immediately before and after giving effect to such payment, the sum of the unused amount of the commitments under the 2026 Credit Agreement plus our cash on hand is not less than $10.0 million, we are in pro forma compliance with the maximum consolidated leverage ratio covenant as described below, and we are not in default before and after giving effect to such dividend payments; and (b) payments made to repurchase shares of our common stock, except that we may repurchase shares of our common stock as long as we are not in default before and after giving effect to such repurchases and the aggregate amount of payments made by us for all such repurchases during any fiscal year does not exceed $10.0 million; and (3) requiring that we maintain a maximum consolidated leverage ratio of total debt to EBITDA no greater than 2.00 to 1.00, with EBITDA defined as the greater of (i) consolidated EBITDA for the most recently completed measurement period and (ii) $1.00. We may use the proceeds from advances under the 2026 Credit Agreement for general corporate purposes.

The maximum consolidated leverage ratio covenant effectively prohibits us from borrowing any amounts under the 2026 Credit Agreement when our consolidated EBITDA for the most recently completed measurement period is negative. As of the date of this report, the most recently completed measurement period was our second fiscal quarter ended April 30, 2026, during which our consolidated EBITDA was negative. In order to borrow in compliance with the maximum consolidated leverage ratio covenant set forth above, we are effectively prohibited from borrowing under the 2026 Credit Agreement until we have positive consolidated EBITDA for our most recently completed four fiscal quarters.

As of April 30, 2026, our credit facilities consisted of a €1.5 million revolving credit facility in Germany and the $20.0 million secured revolving credit and letter of credit facility. We had no debt or borrowings outstanding under any of our credit facilities as of April 30, 2026.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Apr. 30, 2026	Apr. 30, 2025	Apr. 30, 2026	Apr. 30, 2025
INCOME TAXES
Income tax expense (benefit)	$ 775	$ 518	$ 1,236	$ 2,559
Effective tax rate			(27.00%)	(44.00%)
Valuation allowance	$ 1,200		$ 1,200

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

NEW ACCOUNTING PRONOUNCEMENTS

6 Months Ended

Apr. 30, 2026

NEW ACCOUNTING PRONOUNCEMENTS

NEW ACCOUNTING PRONOUNCEMENTS

15. NEW ACCOUNTING PRONOUNCEMENTS

In December 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to enhance the transparency and usefulness of income tax disclosures by providing incremental and disaggregated income tax disclosures pertaining to the effective tax rate reconciliation and income taxes paid by jurisdiction. This standard is effective for fiscal years beginning after December 31, 2024, with early adoption permitted. The standard allows for prospective or retrospective application upon adoption. We are currently assessing the impact this new accounting guidance will have on our consolidated financial statements and disclosures.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40), which requires companies to disclose disaggregated information about any relevant expense caption presented on the face of the income statement within continuing operations into the following required natural expense categories, as applicable: (1) purchases of inventory, (2) employee compensation, (3) depreciation, (4) intangible asset amortization, and (5) depreciation, depletion, and amortization recognized as part of oil- and gas-producing activities or other depletion expenses. This update will be effective for our fiscal year 2028 annual reporting. Early adoption is permitted. We are currently assessing the impact this new accounting guidance will have on our consolidated financial statements and disclosures.

In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements, which enables entities to apply hedge accounting to a greater number of highly effective economic hedges in the following five areas: (1) similar risk assessment for cash flow hedges, (2) hedging forecasted interest payments on choose-your-rate debt instruments, (3) cash flow hedges of nonfinancial forecasted transactions, (4) net written options as hedging instruments, and (5) foreign-currency-denominated debt instrument as hedging instrument and hedged item (dual hedge). This ASU is effective for fiscal year 2028 annual reporting. Early adoption is permitted. We are currently assessing the impact this new accounting guidance will have on our consolidated financial statements and disclosures.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

INVENTORIES (Details) - USD ($) $ in Thousands	Apr. 30, 2026	Oct. 31, 2025
INVENTORIES
Purchased parts and sub-assemblies	$ 35,322	$ 35,346
Work-in-process	11,271	11,172
Finished goods	90,587	96,413
Inventories	$ 137,180	$ 142,931

LEASES - Maturities of undiscounted cash flows of lease commitments (Details) $ in Thousands	Apr. 30, 2026 USD ($)
LEASES
Remainder of 2026	$ 2,409
2027	4,111
2028	2,913
2029	905
2030	477
2031 and thereafter	559
Total	11,374
Less: Imputed interest	(633)
Present value of operating lease liabilities	$ 10,741

INCOME TAXES

6 Months Ended

Apr. 30, 2026

INCOME TAXES

INCOME TAXES

12. INCOME TAXES

Our provision for income taxes and effective tax rate is affected by the geographic composition of pre-tax income which includes jurisdictions with differing tax rates, conditional reduced tax rates, and other events that are not consistent from period to period, such as changes in income tax laws.

We recorded income tax expense during the first six months of fiscal year 2026 of $1.2 million, compared to $2.6 million for the corresponding prior year period. Our effective tax rate for the first six months of fiscal year 2026 was (27%), compared to (44%) in the corresponding prior year period. The year-over-year change was primarily due to a $1.2 million valuation allowance recorded during the first quarter of 2025 on our Italian deferred tax assets and changes in geographic mix of income and loss that includes jurisdictions with differing tax rates. A full valuation allowance has been recorded against our Italian, U.S., and Chinese deferred tax assets as of April 30, 2026, based on our conclusion that the deferred tax assets were not more likely than not to be realized.

The Budget Reconciliation Act (H.R. 1) (“OBBB”) was signed into law on July 4, 2025. The OBBB did not have a material impact on our condensed consolidated financial statements and related disclosures as of and for the three and six months ended April 30, 2026. While further evaluation is ongoing, the OBBB is not expected to have a material impact on our consolidated financial statements and related disclosures in future years.

We file U.S. federal and state income tax returns, as well as tax returns in several foreign jurisdictions. We are currently under audit by the Internal Revenue Service (IRS) for our federal income tax return for fiscal year 2024 and our manufacturing subsidiary in Italy is under tax inspection for the fiscal year ended October 31, 2021.

- Definition

The entire disclosure for income tax.

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+ Details

SEGMENT INFORMATION (Tables)

6 Months Ended

Apr. 30, 2026

SEGMENT INFORMATION

Schedule of net sales and service fees by product category

The following table sets forth sales and service fees by product group and services for the three and six months ended April 30, 2026 and 2025 (in thousands):


	Three Months Ended April 30,				Six Months Ended April 30,
	2026		2025		2026		2025
Computerized Machine Tools	$	38,546	$	31,656	$	72,086	$	69,458
Computer Control Systems and Software ^†		516		657		968		1,313
Service Parts		6,246		6,231		13,109		12,095
Service Fees		2,310		2,323		4,323		4,415
Total	$	47,618	$	40,867	$	90,486	$	87,281

^† Amounts shown do not include computer control systems and software sold as an integrated component of computerized machine systems.

EQUITY INCENTIVE PLAN

6 Months Ended

Apr. 30, 2026

EQUITY INCENTIVE PLAN

EQUITY INCENTIVE PLAN

4. EQUITY INCENTIVE PLAN

In March 2016, we adopted the Hurco Companies, Inc. 2016 Equity Incentive Plan (as amended, the “2016 Equity Plan”), which allows us to grant awards of stock options, stock appreciation rights, restricted stock, stock units and other stock-based awards. The 2016 Equity Plan replaced the Hurco Companies, Inc. 2008 Equity Incentive Plan (the “2008 Equity Plan”) and is the only active plan under which equity awards may be made by us to our employees and non-employee directors. No further awards will be made under our 2008 Equity Plan. The total number of shares of our common stock that may be issued pursuant to awards under the 2016 Equity Plan was initially 856,048, which included 386,048 shares that remained available for future grants under the 2008 Equity Plan as of March 10, 2016, the date our shareholders approved the 2016 Equity Plan. On March 10, 2022, our shareholders approved the Amended and Restated Hurco Companies, Inc. 2016 Equity Incentive Plan, which, among other items, increased the aggregate number of shares that may be issued under the 2016 Equity Plan by 850,000 shares. On March 13, 2025, our shareholders approved an amendment to the 2016 Equity Plan, which increased the aggregate number of shares that may be issued thereunder by an additional 850,000 shares.

The Compensation Committee of our Board of Directors has the authority to determine the officers, directors, and key employees who will be granted awards under the 2016 Equity Plan; designate the number of shares subject to each award; determine the terms and conditions upon which awards will be granted; and prescribe the form and terms of award agreements. We have granted restricted shares and performance stock units under the 2016 Equity Plan that are currently outstanding. The market value of a share of our common stock, for purposes of the 2016 Equity Plan, is the closing sale price as reported by the Nasdaq Global Select Market on the date in question or, if not a trading day, on the last preceding trading date.

On March 12, 2026, the Compensation Committee granted a total of 38,024 shares of time-based restricted stock to our non-employee directors. The restricted shares vest in full one year from the date of grant provided the recipient remains on the board of directors through that date. The grant date fair value of the restricted shares was based on the closing sales price of our common stock on the grant date, which was $14.725 per share.

On January 6, 2026, the Compensation Committee approved a long-term incentive compensation arrangement for our executive officers in the form of time-based restricted shares and performance stock units (“PSUs”), which will be payable in shares of our common stock if earned and vested. The awards were approximately 45% time-based vesting and approximately 55% performance-based vesting. The three-year performance period for the PSUs is fiscal year 2026 through fiscal year 2028.

On that date, the Compensation Committee granted a total of 66,491 shares of time-based restricted stock to our executive officers. The restricted shares vest in thirds over three years from the date of grant provided the recipient continues service with the company through that date. The grant date fair value of the restricted shares was based upon the closing sales price of our common stock on the date of grant, which was $16.29 per share.

On January 6, 2026, the Compensation Committee also granted a total target number of 44,327 PSUs to our executive officers designated as “PSU – NI”. These PSUs were weighted as approximately 30% of the overall 2026 executive long-term incentive compensation arrangement and will vest and be paid based upon the achievement of pre-established goals related to our average net income over the three-year period of fiscal years 2026-2028. Participants will have the ability to earn between 50% of the target number of the PSUs – NI for achieving threshold performance and 200% of the target number of the PSUs – NI for achieving maximum performance. The grant date fair value of the PSUs – NI was based on the closing sales price of our common stock on the grant date, which was $16.29 per PSU.

On January 6, 2026, the Compensation Committee also granted a total target number of 36,940 PSUs to our executive officers designated as “PSU – FCF”. These PSUs were weighted as approximately 25% of the overall 2026 executive long-term incentive compensation arrangement and will vest and be paid based upon the achievement of pre-established goals related to our average free cash flow over the three-year period of fiscal years 2026-2028. Participants will have the ability to earn between 50% of the target number of the PSUs – FCF for achieving threshold performance and 200% of the target number of the PSUs – FCF for achieving maximum performance. The grant date fair value of the PSUs – FCF was based on the closing sales price of our common stock on the grant date, which was $16.29 per PSU.

On November 12, 2025, the Compensation Committee granted a total of 20,260 shares of time-based restricted stock to our non-executive employees. The restricted shares vest in thirds over three years from the date of grant provided the recipient continues service with the company through that date. The grant date fair value of the restricted shares was based upon the closing sales price of our common stock on the date of grant, which was $16.65 per share.

A reconciliation of our restricted stock and PSU activity and related information for the six-month period ended April 30, 2026 is as follows:


		Weighted Average Grant
	Number of Shares	Date Fair Value
Unvested at October 31, 2025	456,496	$	21.58
Shares or units granted	206,042		16.04
Shares or units vested	(73,926)		19.39
Shares or units cancelled	(89,983)		26.24
Shares withheld	(16,516)		21.70
Unvested at April 30, 2026	482,113	$	18.67

During the first six months of each of fiscal years 2026 and 2025, we recorded approximately $1.1 million of stock-based compensation expense related to grants under the 2016 Equity Plan. As of April 30, 2026, there was an estimated $3.6 million of total unrecognized stock-based compensation cost that we expect to recognize by the end of the first quarter of fiscal year 2029.

FINANCIAL INSTRUMENTS - Additional Information (Details) - USD ($) $ in Millions	Apr. 30, 2026	Oct. 31, 2025
FINANCIAL INSTRUMENTS
Notional amount of contracts	$ 97.4	$ 91.0

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2026	Apr. 30, 2025	Apr. 30, 2026	Apr. 30, 2025
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Sales and service fees	$ 47,618	$ 40,867	$ 90,486	$ 87,281
Cost of sales and service	37,287	33,038	72,217	71,162
Gross profit	10,331	7,829	18,269	16,119
Selling, general and administrative expenses	11,130	10,897	22,238	21,279
Operating (loss) income	(799)	(3,068)	(3,969)	(5,160)
Interest expense	30	4	36	62
Interest income	71	87	113	181
Investment income, net	4	12	109	173
Other income (expense), net	(843)	(572)	(821)	(956)
(Loss) income before income taxes	(1,597)	(3,545)	(4,604)	(5,824)
Provision (benefit) for income taxes	775	518	1,236	2,559
Net (loss) income	$ (2,372)	$ (4,063)	$ (5,840)	$ (8,383)
(Loss) income per common share	$ (0.37)	$ (0.62)	$ (0.91)	$ (1.29)
(Loss) income per common share	$ (0.37)	$ (0.62)	$ (0.91)	$ (1.29)
Weighted average common shares outstanding - basic	6,473	6,500	6,449	6,479
Weighted average common shares outstanding - diluted	6,473	6,500	6,449	6,479

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2026	Apr. 30, 2025	Apr. 30, 2026	Apr. 30, 2025
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Gain) / loss on derivative instruments reclassified into operations, tax	$ 55	$ 86	$ 98	$ 242
Gain / (loss) on derivative instruments, tax	$ (57)	$ (123)	$ (276)	$ (152)

INVENTORIES

6 Months Ended

Apr. 30, 2026

INVENTORIES

INVENTORIES

7. INVENTORIES

Inventories, priced at the lower of cost (first-in, first-out method) or net realizable value, are summarized below (in thousands):


	April 30,		October 31,
	2026		2025
Purchased parts and sub–assemblies	$	35,322	$	35,346
Work–in–process		11,271		11,172
Finished goods		90,587		96,413
Inventories	$	137,180	$	142,931

EARNINGS PER SHARE

6 Months Ended

Apr. 30, 2026

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE

5. EARNINGS (LOSS) PER SHARE

Per share results have been computed based on the average number of common shares outstanding over the period in question. The computation of basic and diluted net income (loss) per share is determined using net income (loss) applicable to common shareholders as the numerator and the number of shares outstanding as the denominator as follows (in thousands, except per share amounts):


	Three Months Ended								Six Months Ended
	April 30,								April 30,
	2026				2025				2026				2025
	Basic		Diluted		Basic		Diluted		Basic		Diluted		Basic		Diluted
Net (loss) income	$	(2,372)	$	(2,372)	$	(4,063)	$	(4,063)	$	(5,840)	$	(5,840)	$	(8,383)	$	(8,383)
Undistributed earnings allocated to participating shares		—		—		—		—		—		—		—		—
Net (loss) income applicable to common shareholders	$	(2,372)	$	(2,372)	$	(4,063)	$	(4,063)	$	(5,840)	$	(5,840)	$	(8,383)	$	(8,383)

Weighted average shares outstanding		6,473		6,473		6,500		6,500		6,449		6,449		6,479		6,479
Stock options and contingently issuable securities		—		—		—		—		—		—		—		—
		6,473		6,473		6,500		6,500		6,449		6,449		6,479		6,479
(Loss) income per share	$	(0.37)	$	(0.37)	$	(0.62)	$	(0.62)	$	(0.91)	$	(0.91)	$	(1.29)	$	(1.29)

For the three and six months ended April 30, 2026 and April 30, 2025, there were an immaterial number of stock options and contingently issuable securities that were excluded from the diluted loss per share calculation because they were anti-dilutive due to the net loss in those periods.

CONTINGENCIES AND LITIGATION

6 Months Ended

Apr. 30, 2026

CONTINGENCIES AND LITIGATION

CONTINGENCIES AND LITIGATION

14. CONTINGENCIES AND LITIGATION

From time to time, we are involved in various claims and lawsuits arising in the normal course of business. Pursuant to applicable accounting rules, we accrue the minimum liability for each known claim when the estimated outcome is a range of possible loss and no one amount within that range is more likely than another. We maintain insurance policies for such matters, and we record insurance recoveries when we determine such recovery to be probable. We do not expect any of these claims, individually or in the aggregate, to have a material adverse effect on our consolidated financial position or results of operations. We believe that the ultimate resolution of claims for any losses will not exceed our insurance policy coverages.

EQUITY INCENTIVE PLAN - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions						6 Months Ended
	Mar. 12, 2026	Jan. 06, 2026	Nov. 12, 2025	Mar. 13, 2025	Mar. 10, 2022	Apr. 30, 2026	Apr. 30, 2025	Oct. 31, 2025	Mar. 10, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted						206,042
Grant date fair value of restricted stock						$ 18.67		$ 21.58
Unrecognized Stock-based compensation expense						$ 3.6
2016 Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total number of shares of common stock that may be issued as awards under 2016 Plan									856,048
Number of Shares Available for Grant under the 2008 Plan									386,048
Number of additional shares authorized				850,000	850,000
Stock-based compensation expense						$ 1.1	$ 1.1
2008 Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted						0
Time Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted	38,024	66,491	20,260
Grant date fair value of restricted stock	$ 14.725	$ 16.29	$ 16.65
Percentage of incentive compensation arrangement		45.00%
Vesting period	1 year	3 years	3 years
Performance Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of incentive compensation arrangement		55.00%
Vesting period		3 years
Performance Based \| PSU TSR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted		44,327
Grant date fair value of restricted stock		$ 16.29
Percentage of incentive compensation arrangement		30.00%
Vesting period		3 years
Performance Based \| PSU TSR \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target number of shares to be earned		200.00%
Performance Based \| PSU TSR \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target number of shares to be earned		50.00%
Performance Based \| PSU ROIC
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted		36,940
Grant date fair value of restricted stock		$ 16.29
Percentage of incentive compensation arrangement		25.00%
Vesting period		3 years
Performance Based \| PSU ROIC \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target number of shares to be earned		200.00%
Performance Based \| PSU ROIC \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target number of shares to be earned		50.00%

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Additional Information (Details) $ in Thousands, € in Millions	1 Months Ended	3 Months Ended	6 Months Ended
	Nov. 30, 2025 EUR (€)	Apr. 30, 2026 USD ($)	Apr. 30, 2026 USD ($)	Oct. 31, 2025 USD ($)
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Notional principal of foreign exchange contracts		$ 97,400	$ 97,400	$ 91,000
Gains or (losses) from hedges deemed ineffective		0
Designated as Hedging Instrument
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Cash flow hedges deferred			900
Unrealized gain (loss), net of tax, to be reclassified in next 12 months		800	800
Forward Contracts \| Designated as Hedging Instrument
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Derivative maturity date	November 2026
Notional principal of foreign exchange contracts \| €	€ 3.0
Realized gain, net of tax, recorded as cumulative translation adjustments in Accumulated Other Comprehensive Loss		1,000	1,000
Unrealized gain, net of tax, recorded as cumulative translation adjustments in Accumulated Other Comprehensive Loss			100
Euros \| Designated as Hedging Instrument
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Notional principal of foreign exchange contracts		8,500	8,500
Pounds Sterling \| Designated as Hedging Instrument
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Notional principal of foreign exchange contracts		5,900	5,900
New Taiwan Dollars \| Designated as Hedging Instrument
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Notional principal of foreign exchange contracts		21,700	$ 21,700
Forward Contracts Denominated In Euros Pounds Sterling And New Taiwan \| Designated as Hedging Instrument
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Derivative maturity date			May 2026 through April 2027
Forward Contracts Denominated In Euros Pounds Sterling And New Taiwan \| Not Designated as Hedging Instruments
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Derivative maturity date			May 2026 through February 2027
Notional principal of foreign exchange contracts		$ 55,500	$ 55,500

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

6 Months Ended

Apr. 30, 2026

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

3. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

We are exposed to certain market risks relating to our ongoing business operations, including foreign currency risk, interest rate risk and credit risk. We manage our exposure to these and other market risks through regular operating and financing activities. Currently, the only risk that we manage through the use of derivative instruments is foreign currency risk, for which we enter into derivative instruments in the form of foreign currency forward exchange contracts with a major financial institution.

We enter into these forward exchange contracts to reduce the potential effects of foreign exchange rate movements on our net equity investment in one of our foreign subsidiaries, to reduce the impact on gross profit and net earnings from sales and purchases denominated in foreign currencies, and to reduce the impact on our net earnings of foreign currency fluctuations on receivables and payables denominated in foreign currencies that are different than the subsidiaries’ functional currency. We are primarily exposed to foreign currency exchange rate risk with respect to transactions and net assets denominated in Euros, Pounds Sterling, Indian Rupee, Singapore Dollars, Chinese Yuan, Polish Zloty, and New Taiwan Dollars. We record all derivative instruments as assets or liabilities at fair value.

Derivatives Designated as Hedging Instruments

We enter into foreign currency forward exchange contracts periodically to hedge certain forecasted inter-company sales and purchases denominated in the following foreign currencies: the Pound Sterling, Euro and New Taiwan Dollar. The purpose of these instruments is to mitigate the risk that the U.S. dollar net cash inflows and outflows resulting from sales and purchases denominated in foreign currencies will be adversely affected by changes in exchange rates. These forward contracts have been designated as cash flow hedge instruments and are recorded in the Condensed Consolidated Balance Sheets at fair value in Derivative assets and Derivative liabilities. The effective portion of the gains and losses resulting from the changes in the fair value of these hedge contracts is deferred in Accumulated other comprehensive loss and recognized as an adjustment to Cost of sales and service in the period that the corresponding inventory sold that is the subject of the related hedge contract is recognized, thereby providing an offsetting economic impact against the corresponding change in the U.S. dollar value of the inter-company sale or purchase being hedged. The ineffective portion of gains and losses resulting from the changes in the fair value of these hedge contracts is immediately reported in Other income (expense), net. We perform quarterly assessments of hedge effectiveness by verifying and documenting the critical terms of the hedge instrument and determining that forecasted transactions have not changed significantly. We also assess on a quarterly basis whether there have been adverse developments regarding the risk of a counterparty default.

We had forward contracts outstanding as of April 30, 2026, denominated in Euros, Pounds Sterling, and New Taiwan Dollars with set maturity dates ranging from May 2026 through April 2027. The contract amounts, expressed at forward rates in U.S. dollars at April 30, 2026, were $8.5 million for Euros, $5.9 million for Pounds Sterling, and $21.7 million for New Taiwan Dollars. At April 30, 2026, we had $0.9 million of realized loss, net of tax, related to cash flow hedges deferred in Accumulated other comprehensive loss. Included in this amount was $0.8 million of unrealized loss, net of tax, related to cash flow hedge instruments that remain subject to currency fluctuation risk. The majority of these deferred losses will be recorded as an adjustment to Cost of sales and service in periods through April 2027, when the corresponding inventory that is the subject of the related hedge contracts is sold, as described above.

We are also exposed to foreign currency exchange risk related to our investment in net assets in foreign countries. To manage this risk, we entered into a forward contract with a notional amount of €3.0 million in November 2025. We designated this forward contract as a hedge of our net investment in Euro denominated assets. We selected the forward method under FASB guidance related to the accounting for derivative instruments and hedging activities. The forward method requires all changes in the fair value of the contract to be reported as a cumulative translation adjustment in Accumulated other comprehensive loss, net of tax, in the same manner as the underlying hedged net assets. This forward contract matures in November 2026. As of April 30, 2026, we had a realized gain of $1.0 million and an unrealized loss of less than $0.1 million, net of tax, recorded as cumulative translation adjustments in Accumulated other comprehensive loss related to this forward contract.

Derivatives Not Designated as Hedging Instruments

We also enter into foreign currency forward exchange contracts to protect against the effects of foreign currency fluctuations on inter-company receivables, payables and loans denominated in foreign currencies. These derivative instruments are not designated as hedges under FASB guidance and, as a result, changes in their fair value are reported currently in Other income (expense), net in the Condensed Consolidated Statements of Operations consistent with the transaction gain or loss on the related receivables and payables denominated in foreign currencies.

We had forward contracts outstanding as of April 30, 2026, denominated in Euros, Pounds Sterling, and New Taiwan Dollars with set maturity dates ranging from May 2026 through February 2027. The contract amounts, expressed at forward rates in U.S. dollars at April 30, 2026, totaled $55.5 million.

Fair Value of Derivative Instruments

We recognize the fair value of derivative instruments as assets and liabilities on a gross basis on our Condensed Consolidated Balance Sheets. As of April 30, 2026, and October 31, 2025, all derivative instruments were recorded at fair value on our Condensed Consolidated Balance Sheets as follows (in thousands):


	April 30, 2026			October 31, 2025
	Balance Sheet	Fair		Balance Sheet	Fair
Derivatives	Location	Value		Location	Value
Designated as Hedging Instruments:
Foreign exchange forward contracts	Derivative assets	$	43	Derivative assets	$	215
Foreign exchange forward contracts	Derivative liabilities	$	1,124	Derivative liabilities	$	945

Not Designated as Hedging Instruments:
Foreign exchange forward contracts	Derivative assets	$	89	Derivative assets	$	48
Foreign exchange forward contracts	Derivative liabilities	$	1,583	Derivative liabilities	$	2,139

Effect of Derivative Instruments on the Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Changes in Shareholders’ Equity and Condensed Consolidated Statements of Operations

Derivative instruments had the following effects on our Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Changes in Shareholders’ Equity, and Condensed Consolidated Statements of Operations, net of tax, during the three months ended April 30, 2026 and 2025 (in thousands):

Location of Gain

Amount of Gain

Amount of Gain (Loss)

(Loss) Reclassified

Recognized in Other

from Other

Comprehensive

Derivatives

Income (Loss)

Three Months Ended

April 30,

 

2026

2025

2026

2025

Designated as Hedging Instruments:

(Effective portion)

Foreign exchange forward contracts
– Intercompany sales/purchases

(189)

(411)

Cost of sales and service

(186)

(285)

Foreign exchange forward contract
– Net investment

(202)

We did not recognize any gains or losses as a result of hedges deemed ineffective for either of the three months ended April 30, 2026 or 2025. We recognized the following gains and losses in our Condensed Consolidated Statements of Operations during the three months ended April 30, 2026 and 2025, on derivative instruments not designated as hedging instruments (in thousands):


	Location of Gain
	(Loss) Recognized	Amount of Gain (Loss)
Derivatives	in Operations	Recognized in Operations
		Three Months Ended
		April 30,
		2026		2025
Not Designated as Hedging Instruments:
Foreign exchange forward contracts	Other expense, net	$	(762)	$	(684)

The following table presents the changes in the components of Accumulated other comprehensive loss, net of tax, for the three months ended April 30, 2026 (in thousands):


	Foreign Currency		Cash Flow
	Translation		Hedges		Total
Balance, January 31, 2026	$	(8,056)	$	(1,560)	$	(9,616)
Other comprehensive income (loss) before reclassifications		(725)		(189)		(914)
Reclassifications		—		186		186
Deferred income tax valuation allowances		—		13		13
Balance, April 30, 2026	$	(8,781)	$	(1,550)	$	(10,331)

Derivative instruments had the following effects on our Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Changes in Shareholders’ Equity, and Condensed Consolidated Statements of Operations, net of tax, during the six months ended April 30, 2026 and 2025 (in thousands):

Location of Gain

Amount of Gain

Amount of Gain (Loss)

(Loss) Reclassified

Recognized in Other

from Other

Comprehensive

Income (Loss)

Six Months Ended

April 30,

Derivatives

 

2026

2025

2026

2025

 

Designated as Hedging Instruments:

(Effective Portion)

Foreign exchange forward contracts
– Intercompany sales/purchases

(920)

(507)

Cost of sales and service

(328)

(807)

Foreign exchange forward contract
– Net investment

(21)

(96)

We did not recognize any gains or losses as a result of hedges deemed ineffective for either of the six months ended April 30, 2026 or 2025. We recognized the following gains and losses in our Condensed Consolidated Statements of Operations during the six months ended April 30, 2026 and 2025, on derivative instruments not designated as hedging instruments (in thousands):


	Location of Gain
	(Loss) Recognized	Amount of Gain (Loss)
Derivatives	in Operations	Recognized in Operations
		Six Months Ended
		April 30,
Derivatives		2026		2025
Not Designated as Hedging Instruments:
Foreign exchange forward contracts	Other expense, net	$	(2,313)	$	(1,777)

The following table presents the changes in the components of Accumulated other comprehensive loss, net of tax, for the six months ended April 30, 2026 (in thousands):


	Foreign Currency		Cash Flow
	Translation		Hedges
	Foreign		Cash
	Currency		Flow
	Translation		Hedges		Total
Balance, October 31, 2025	$	(8,234)	$	(774)	$	(9,008)
Other comprehensive income (loss) before reclassifications		(547)		(920)		(1,467)
Reclassifications		—		328		328
Deferred income tax valuation allowances		—		(184)		(184)
Balance, April 30, 2026	$	(8,781)	$	(1,550)	$	(10,331)

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 815
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-URI https://asc.fasb.org/1943274/2147480434/815-10-50-5C

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2026	Apr. 30, 2025	Apr. 30, 2026	Apr. 30, 2025
Cash flows from operating activities:
Net (loss) income	$ (2,372)	$ (4,063)	$ (5,840)	$ (8,383)
Adjustments to reconcile net (loss) income to net cash provided by (used for) operating activities:
Provision for doubtful accounts	90		19	(9)
Deferred income taxes	(1,018)	(1,287)	(2,186)	(2,377)
Deferred income tax valuation allowance	980	1,270	2,122	3,655
Equity in (income) loss of affiliates	(20)	(44)	(130)	(131)
Foreign currency (gain) loss	32	(348)	(1,592)	(547)
Unrealized (gain) loss on derivatives	(288)	(1,155)	(604)	(101)
Depreciation and amortization	517	648	1,086	1,358
Stock-based compensation	475	467	1,066	1,051
Change in assets and liabilities:
(Increase) decrease in accounts receivable	(1,937)	3,855	(279)	11,392
(Increase) decrease in inventories	3,133	371	6,194	9,632
(Increase) decrease in prepaid and other assets	520	269	(1,485)	(1,367)
Increase (decrease) in accounts payable	(966)	509	929	(1,385)
Increase (decrease) in customer deposits	2,375	219	3,081	(740)
Increase (decrease) in accrued expenses	(79)	(257)	(202)	(173)
Increase (decrease) in accrued payroll and employee benefits	1,044	698	(160)	(822)
Increase (decrease) in accrued income tax	(632)	365	(421)	970
Net change in deferred tax assets and liabilities	142	47	266	125
Net change in derivative assets and liabilities	(119)	(272)	(280)	(234)
Other	261	(295)	(62)	(580)
Net cash provided by (used for) operating activities	2,138	997	1,522	11,334
Cash flows from investing activities:
Proceeds from sale of property and equipment	151		151	176
Purchase of property and equipment	(178)	(308)	(249)	(401)
Software development costs	(550)	(492)	(1,089)	(955)
Cash received from sale of a business			1,165
Net cash provided by (used for) investing activities	(577)	(800)	(22)	(1,180)
Cash flows from financing activities:
Taxes paid related to net settlement of restricted shares			(271)	(352)
Net cash provided by (used for) financing activities			(271)	(352)
Effect of exchange rate changes on cash and cash equivalents	483	1,790	113	675
Net increase (decrease) in cash and cash equivalents	2,044	1,987	1,342	10,477
Cash and cash equivalents at beginning of period	48,011	41,820	48,713	33,330
Cash and cash equivalents at end of period	50,055	43,807	50,055	43,807
Cash paid for:
Income taxes, net	$ 548	$ 723	$ 863	$ 773

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Apr. 30, 2026	Oct. 31, 2025
CONDENSED CONSOLIDATED BALANCE SHEETS
Preferred stock, no par value	$ 0	$ 0
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Common Stock, No Par Value	$ 0	$ 0
Common stock, stated value per share	$ 0.10	$ 0.10
Common stock, shares authorized	12,500,000	12,500,000
Common stock, shares issued	6,675,629	6,569,224
Common stock, shares outstanding	6,484,478	6,402,396

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2026	Apr. 30, 2025	Apr. 30, 2026	Apr. 30, 2025
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net (loss) income	$ (2,372)	$ (4,063)	$ (5,840)	$ (8,383)
Other comprehensive (loss) income:
Translation (loss) gain of foreign currency financial statements	(725)	8,061	(547)	2,667
(Gain) / loss on derivative instruments reclassified into operations, net of tax (expense)/ benefit of $55, $86, $98 and $242, respectively	186	285	328	807
Gain / (loss) on derivative instruments, net of tax expense (benefit) of ($57), ($123), ($276) and ($152), respectively	(189)	(411)	(920)	(507)
Total other comprehensive (loss) income	(728)	7,935	(1,139)	2,967
Comprehensive (loss) income	$ (3,100)	$ 3,872	$ (6,979)	$ (5,416)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

EARNINGS PER SHARE (Tables)

6 Months Ended

Apr. 30, 2026

EARNINGS (LOSS) PER SHARE

Schedule of computation of basic and diluted net income (loss) per share

The computation of basic and diluted net income (loss) per share is determined using net income (loss) applicable to common shareholders as the numerator and the number of shares outstanding as the denominator as follows (in thousands, except per share amounts):


	Three Months Ended								Six Months Ended
	April 30,								April 30,
	2026				2025				2026				2025
	Basic		Diluted		Basic		Diluted		Basic		Diluted		Basic		Diluted
Net (loss) income	$	(2,372)	$	(2,372)	$	(4,063)	$	(4,063)	$	(5,840)	$	(5,840)	$	(8,383)	$	(8,383)
Undistributed earnings allocated to participating shares		—		—		—		—		—		—		—		—
Net (loss) income applicable to common shareholders	$	(2,372)	$	(2,372)	$	(4,063)	$	(4,063)	$	(5,840)	$	(5,840)	$	(8,383)	$	(8,383)

Weighted average shares outstanding		6,473		6,473		6,500		6,500		6,449		6,449		6,479		6,479
Stock options and contingently issuable securities		—		—		—		—		—		—		—		—
		6,473		6,473		6,500		6,500		6,449		6,449		6,479		6,479
(Loss) income per share	$	(0.37)	$	(0.37)	$	(0.62)	$	(0.62)	$	(0.91)	$	(0.91)	$	(1.29)	$	(1.29)

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

6 Months Ended

Apr. 30, 2026

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

Schedule of fair value of derivative instruments

As of April 30, 2026, and October 31, 2025, all derivative instruments were recorded at fair value on our Condensed Consolidated Balance Sheets as follows (in thousands):


	April 30, 2026			October 31, 2025
	Balance Sheet	Fair		Balance Sheet	Fair
Derivatives	Location	Value		Location	Value
Designated as Hedging Instruments:
Foreign exchange forward contracts	Derivative assets	$	43	Derivative assets	$	215
Foreign exchange forward contracts	Derivative liabilities	$	1,124	Derivative liabilities	$	945

Not Designated as Hedging Instruments:
Foreign exchange forward contracts	Derivative assets	$	89	Derivative assets	$	48
Foreign exchange forward contracts	Derivative liabilities	$	1,583	Derivative liabilities	$	2,139

Schedule of effect of derivative instruments on the balance sheets, statements of changes in shareholders' equity and statements of operations

Location of Gain

Amount of Gain

Amount of Gain (Loss)

(Loss) Reclassified

Recognized in Other

from Other

Comprehensive

Derivatives

Income (Loss)

Three Months Ended

April 30,

 

2026

2025

2026

2025

Designated as Hedging Instruments:

(Effective portion)

Foreign exchange forward contracts
– Intercompany sales/purchases

(189)

(411)

Cost of sales and service

(186)

(285)

Foreign exchange forward contract
– Net investment

(202)

Derivative instruments had the following effects on our Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Changes in Shareholders’ Equity, and Condensed Consolidated Statements of Operations, net of tax, during the six months ended April 30, 2026 and 2025 (in thousands):

Location of Gain

Amount of Gain

Amount of Gain (Loss)

(Loss) Reclassified

Recognized in Other

from Other

Comprehensive

Income (Loss)

Six Months Ended

April 30,

Derivatives

 

2026

2025

2026

2025

 

Designated as Hedging Instruments:

(Effective Portion)

Foreign exchange forward contracts
– Intercompany sales/purchases

(920)

(507)

Cost of sales and service

(328)

(807)

Foreign exchange forward contract
– Net investment

(21)

(96)

Schedule of derivative instruments not designated as hedging instruments

We recognized the following gains and losses in our Condensed Consolidated Statements of Operations during the three months ended April 30, 2026 and 2025, on derivative instruments not designated as hedging instruments (in thousands):


	Location of Gain
	(Loss) Recognized	Amount of Gain (Loss)
Derivatives	in Operations	Recognized in Operations
		Three Months Ended
		April 30,
		2026		2025
Not Designated as Hedging Instruments:
Foreign exchange forward contracts	Other expense, net	$	(762)	$	(684)

We recognized the following gains and losses in our Condensed Consolidated Statements of Operations during the six months ended April 30, 2026 and 2025, on derivative instruments not designated as hedging instruments (in thousands):

Schedule of changes in the components of accumulated other comprehensive loss, net of tax

The following table presents the changes in the components of Accumulated other comprehensive loss, net of tax, for the three months ended April 30, 2026 (in thousands):


	Foreign Currency		Cash Flow
	Translation		Hedges		Total
Balance, January 31, 2026	$	(8,056)	$	(1,560)	$	(9,616)
Other comprehensive income (loss) before reclassifications		(725)		(189)		(914)
Reclassifications		—		186		186
Deferred income tax valuation allowances		—		13		13
Balance, April 30, 2026	$	(8,781)	$	(1,550)	$	(10,331)

The following table presents the changes in the components of Accumulated other comprehensive loss, net of tax, for the six months ended April 30, 2026 (in thousands):


	Foreign Currency		Cash Flow
	Translation		Hedges
	Foreign		Cash
	Currency		Flow
	Translation		Hedges		Total
Balance, October 31, 2025	$	(8,234)	$	(774)	$	(9,008)
Other comprehensive income (loss) before reclassifications		(547)		(920)		(1,467)
Reclassifications		—		328		328
Deferred income tax valuation allowances		—		(184)		(184)
Balance, April 30, 2026	$	(8,781)	$	(1,550)	$	(10,331)

GUARANTEES AND PRODUCT WARRANTIES

6 Months Ended

Apr. 30, 2026

GUARANTEES AND PRODUCT WARRANTIES

GUARANTEES AND PRODUCT WARRANTIES

10. GUARANTEES AND PRODUCT WARRANTIES

From time to time, our subsidiaries guarantee third party payment obligations in connection with the sale of machines to customers that use financing. We follow FASB guidance for accounting for guarantees (codified in ASC 460). As of April 30, 2026, we had four outstanding third party payment guarantees totaling approximately $0.3 million. The terms of these guarantees are consistent with the underlying customer financing terms. Upon shipment of a machine, the customer assumes the risk of ownership. The customer does not obtain title, however, until it has paid for the machine. A retention of title clause allows us to recover the machine if the customer defaults on the financing. We accrue liabilities under these guarantees at fair value, which amounts are insignificant.

We provide warranties on our products with respect to defects in material and workmanship. The terms of these warranties are generally one year for machines and shorter periods for service parts. We recognize an estimated liability with respect to this obligation at the time of product sale, with subsequent warranty claims recorded against the estimated liability. The amount of the warranty estimated liability is determined based on historical trend experience and any known warranty issues that could cause future warranty costs to differ from historical experience.

A reconciliation of the changes in our warranty estimated liability is as follows (in thousands):


	Six Months Ended
	April 30,
	2026		2025
Balance, beginning of period	$	967	$	1,086
Provision for warranties during the period		834		818
Charges to the estimated liability		(823)		(977)
Impact of foreign currency translation		6		9
Balance, end of period	$	984	$	936

The year-over-year increase in our warranty estimated liability was primarily due to increased shipments of 5-axis and larger, higher- performance vertical milling machines.

EQUITY INCENTIVE PLAN (Tables)

6 Months Ended

Apr. 30, 2026

EQUITY INCENTIVE PLAN

Schedule of reconciliation of our restricted stock and PSU activity and related information


		Weighted Average Grant
	Number of Shares	Date Fair Value
Unvested at October 31, 2025	456,496	$	21.58
Shares or units granted	206,042		16.04
Shares or units vested	(73,926)		19.39
Shares or units cancelled	(89,983)		26.24
Shares withheld	(16,516)		21.70
Unvested at April 30, 2026	482,113	$	18.67

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Apr. 30, 2026	Oct. 31, 2025
Current assets:
Cash and cash equivalents	$ 50,055	$ 48,713
Accounts receivable, net	27,552	27,928
Inventories	137,180	142,931
Derivative assets	132	263
Prepaid and other assets	6,450	5,243
Total current assets	221,369	225,078
Property and equipment:
Land	1,046	1,046
Building	7,381	7,381
Machinery and equipment	24,261	26,061
Leasehold improvements	4,269	4,569
Property and equipment, gross	36,957	39,057
Less accumulated depreciation and amortization	(29,601)	(31,083)
Total property and equipment, net	7,356	7,974
Non-current assets:
Software development costs, less accumulated amortization	8,827	8,090
Intangible assets, net	379	627
Operating lease - right of use assets, net	10,353	11,560
Deferred income taxes	816	794
Investments	9,170	9,005
Other assets	1,217	1,170
Total non-current assets	30,762	31,246
Total assets	259,487	264,298
Current liabilities:
Accounts payable	26,632	26,074
Customer deposits	7,801	4,788
Derivative liabilities	2,707	3,084
Operating lease liabilities	4,281	4,374
Accrued payroll and employee benefits	7,309	7,474
Accrued income taxes	1,048	1,472
Accrued expenses	3,664	3,790
Accrued warranty expenses	984	967
Total current liabilities	54,426	52,023
Non-current liabilities:
Deferred income taxes	27	38
Operating lease liabilities	6,460	7,560
Deferred credits and other	6,155	5,890
Total non-current liabilities	12,642	13,488
Commitment and contingencies
Shareholders' equity:
Preferred stock: no par value per share, 1,000,000 shares authorized; no shares issued	0	0
Common stock: no par value, $.10 stated value per share, 12,500,000 shares authorized; 6,675,629 and 6,569,224 shares issued and 6,484,478 and 6,402,396 shares outstanding, as of April 30, 2026 and October 31, 2025, respectively	648	640
Additional paid-in capital	61,637	60,850
Retained earnings	140,465	146,305
Accumulated other comprehensive loss	(10,331)	(9,008)
Total shareholders' equity	192,419	198,787
Total liabilities and shareholders' equity	$ 259,487	$ 264,298

FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Apr. 30, 2026

FINANCIAL INSTRUMENTS

Schedule of fair value hierarchy for financial assets and liabilities measured at fair value

In accordance with this guidance, the following table represents the fair value hierarchy for our financial assets and liabilities measured at fair value as of April 30, 2026, and October 31, 2025 (in thousands):


	Assets				Liabilities
	April 30, 2026		October 31, 2025		April 30, 2026		October 31, 2025
Level 1
Mutual Funds	$	3,692	$	3,489	$	—	$	—

Level 2
Derivatives	$	132	$	263	$	2,707	$	3,084

FINANCIAL INSTRUMENTS

6 Months Ended

Apr. 30, 2026

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS

13. FINANCIAL INSTRUMENTS

FASB fair value guidance establishes a three-tier fair value hierarchy, which categorizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs, such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exist, therefore requiring an entity to develop its own assumptions.

The carrying amounts for cash and cash equivalents approximate their fair values due to the short maturity of these instruments, and such instruments meet the Level 1 criteria of the three–tier fair value hierarchy discussed above. The carrying amount of short-term debt approximates fair value due to the variable rate of the interest and the short-term nature of the instrument.


	Assets				Liabilities
	April 30, 2026		October 31, 2025		April 30, 2026		October 31, 2025
Level 1
Mutual Funds	$	3,692	$	3,489	$	—	$	—

Level 2
Derivatives	$	132	$	263	$	2,707	$	3,084

Included in Level 1 assets are mutual fund investments under a nonqualified deferred compensation plan. We estimate the fair value of these investments on a recurring basis using market prices that are readily available.

Included in Level 2 fair value measurements are derivative assets and liabilities related to gains and losses on foreign currency forward exchange contracts entered into with a third party. We estimate the fair value of these derivatives on a recurring basis using foreign currency exchange rates obtained from active markets. Derivative instruments are reported in the accompanying Condensed Consolidated Financial Statements at fair value. We have derivative financial instruments in the form of foreign currency forward exchange contracts as described in Note 3 of Notes to Condensed Consolidated Financial Statements. The U.S. dollar equivalent notional amounts of these contracts were $97.4 million and $91.0 million at April 30, 2026, and October 31, 2025, respectively.

The fair value of our foreign currency forward exchange contracts and the related currency positions are subject to offsetting market risk resulting from foreign currency exchange rate volatility. The counterparties to the forward exchange contracts are substantial and creditworthy financial institutions. We do not consider either the risk of counterparties’ non-performance or the economic consequences of counterparties’ non-performance to be material risks.