RCI Hospitality delays annual report, shares preliminary results

RCI Hospitality Holdings Inc. (NASDAQ: RICK) filed a Form 12b-25 notice with the SEC indicating it needs additional time to complete its Annual Report on Form 10-K for the year ended September 30, 2025.

The company reported preliminary unaudited results for the fourth quarter and fiscal year 2025. Total revenues declined to $70.9 million in the fourth quarter from $73.2 million in the prior year period, while full-year revenues decreased to $279.4 million from $295.6 million in fiscal 2024.

Nightclubs revenues remained relatively stable at $60.9 million for the fourth quarter compared to $60.6 million in the prior year. For the full year, nightclubs revenues were $242.5 million versus $243.9 million in fiscal 2024.

Bombshells revenues dropped to $9.4 million in the fourth quarter from $11.9 million in the prior year period. Full-year Bombshells revenues declined to $35.8 million from $50.6 million, reflecting the sale of five underperforming locations.

The company generated $13.7 million in operating cash flow during the fourth quarter, down from $15.7 million in the prior year. Full-year operating cash flow was $49.4 million compared to $55.9 million in fiscal 2024.

RCI reported cash and cash equivalents of $33.7 million as of September 30, 2025, up from $32.4 million a year earlier. Total debt stood at $235.8 million compared to $238.2 million in the prior year.

During the fiscal year, the company repurchased approximately 3% of its outstanding shares. In the first quarter of fiscal 2026, it acquired an additional 10% of shares, reducing the share count to 7.8 million shares outstanding as of December 12, 2025.

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