BNED Q3 net income $7.1M vs loss, revenue up 2%, BNC First Day revenues +21%

Barnes & Noble Education, Inc.

2025-Q3 EPS reported -$1.81 revenue$1,331,878,000

Net income of $7.1M ($0.23/share) vs loss of $(9.9M) last year; Adjusted EBITDA $27.4M (+30% YoY).
Revenue $466.3M (+2.1%); BNC First Day program revenues rose 21% to $222M; 191 stores using First Day Complete.
Total debt reduced to $141.2M from $254.3M; raised $80M in ATM equity offerings; net working capital improved to positive $223.3M.
Non-cash $7.6M restructuring gain and $10.7M tax provision from LIFO to FIFO change, expected to reduce long-term tax liabilities.
Opened new campus stores; secured commitments for future openings; management optimistic for free cash flow in next fiscal year.

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