nrc20260630_10q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the quarterly period ended June 30, 2026

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

	For the transition period from ________ to ________

Commission File Number 001-35929

NRC Health

(Exact name of Registrant as specified in its charter)

Delaware		47-0634000
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)

	1245 Q Street, Lincoln, Nebraska 68508
	(Address of principal executive offices) (Zip Code)

	(402) 475-2525
	(Registrant’s telephone number, including area code)

Securities registered pursuant to 12(b) of the Act:

Title of Each Class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $.001 par value	NRC	The NASDAQ stock market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☒
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act.) Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock as of the latest practicable date.

Common Stock, $.001 par value, outstanding as of July 31, 2026: 22,119,566

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NRC HEALTH

FORM 10-Q INDEX

For the Quarter Ended June 30, 2026

			Page No.

PART I.	FINANCIAL INFORMATION

	Item 1.	Financial Statements	3

		Condensed Consolidated Balance Sheets	3
		Condensed Consolidated Statements of Income	4
		Condensed Consolidated Statements of Shareholders’ Equity	5
		Condensed Consolidated Statements of Cash Flows	7
		Notes to Condensed Consolidated Financial Statements	9-15

	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	16-23

	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	24

	Item 4.	Controls and Procedures	24

PART II.	OTHER INFORMATION

	Item 1.	Legal Proceedings	24

	Item 1A.	Risk Factors	24

	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	25

	Item 5.	Other Information	25

	Item 6.	Exhibits	26

	Signatures		27

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Special Note Regarding Forward-Looking Statements

Certain matters discussed in this Quarterly Report on Form 10-Q are “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can generally be identified as such because the context of the statement includes phrases such as NRC Health (“the Company,” “we,” “our,” “us” or similar terms) “believes,” “expects,” “may,” “could,” “anticipates,” “estimates,” “plans,” “creates,” “intends,” or the use of words such as “would,” “will,” “may,” “could,” “goal,” “focus,” or “should,” or other words of similar import. Similarly, statements that describe our future plans, objectives or goals are also forward-looking statements. In this Quarterly Report on Form 10-Q, statements regarding the value and utility of, and market demand for our service offerings, future opportunities for growth with respect to new and existing customers, our future ability to compete and the types of firms with which we will compete, future consolidation in the healthcare industry, future adequacy of our liquidity sources, future revenue sources, future revenue, expenses, and margins, future revenue estimates used to calculate total recurring contract value, the expected impact of economic factors, including interest rates and inflation, future capital expenditures, and the timing, amount, and sources of cash to fund such capital expenditures, future stock repurchases and dividends, the expected impact of pending claims and contingencies, the future outcome of uncertain tax positions, future non-cash charges related to executive equity awards, our future use of owned and leased real property, and the expected impact of global conflicts, among others, are forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties which could cause actual results or outcomes to differ materially from those currently anticipated. Factors that could affect actual results or outcomes include, without limitation, the following factors:

●	The possibility of non-renewal of our customer service contracts, reductions in services purchased or prices, and failure to retain key customers;

●	Our ability to compete in our markets, which are highly competitive with new market entrants and subject to consolidation among existing competitors, and the possibility of increased price pressure and expenses;

●	The possibility that our solutions and technology do not perform as expected;

●	The possibility that our acquisitions and partnerships do not achieve the increased demand/profitability expected;

●	The likelihood that a pandemic will adversely affect our operations, sales, earnings, financial condition, and liquidity;

●	The likelihood that global conflicts or tariffs will adversely affect our operations, sales, earnings, financial condition, and liquidity;

●	The effects of an economic downturn;

●	The impact of consolidation in the healthcare industry;

●	The impact of federal healthcare and budget legislation, executive orders, cost-saving measures, and other regulatory changes;

●	Our ability to attract and retain key managers and other personnel;

●	The possibility that our intellectual property and other proprietary information technology could be copied or independently developed by our competitors;

●	Our ability to maintain effective internal controls;

●	The possibility for failures or deficiencies in our information technology platform;

●	The possibility that we or our third-party providers could be subject to cyber-attacks, security breaches, or computer viruses; and

●

The factors set forth under the caption “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025, as such section may be updated or supplemented by Part II, Item 1A of our subsequently filed Quarterly Reports on Form 10-Q (including this Report) and various disclosures in our press releases, stockholder reports, and other filings with the Securities and Exchange Commission.

Shareholders, potential investors, and other readers are urged to consider these and other factors in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included are only made as of the date of this Quarterly Report on Form 10-Q and we undertake no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances, except as required by the federal securities laws.

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PART I – Financial Information

ITEM 1. Financial Statements

NRC HEALTH

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share amounts and par value)

	June 30, 2026			December 31, 2025
	(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	3,327		$	4,139
Trade accounts receivable, less allowance for credit losses of $80 and $80, respectively		9,324			11,108
Prepaid expenses		5,399			3,914
Income taxes receivable		4,325			528
Other current assets		431			520
Total current assets		22,806			20,209

Property and equipment, net		39,497			40,474
Intangible assets, net		2,103			2,227
Goodwill		66,152			66,152
Deferred contract costs, net		2,930			2,498
Other noncurrent assets		2,664			3,318
Total assets	$	136,152		$	134,878
Liabilities and Shareholders’ Equity
Current liabilities:
Current portion of notes payable, net of unamortized debt issuance costs	$	4,016		$	4,014
Accounts payable		1,326			1,169
Accrued wages and bonuses		5,355			7,218
Accrued expenses		3,664			2,897
Dividends payable		3,542			3,625
Deferred revenue		16,716			16,201
Income taxes payable		-			550
Other current liabilities		400			946
Total current liabilities		35,019			36,620

Notes payable, net of current portion and unamortized debt issuance costs		86,012			75,021
Deferred income taxes		5,999			5,984
Other long-term liabilities		2,573			3,263
Total liabilities		129,603			120,888

Shareholders’ equity:
Preferred stock, $0.01 par value, authorized 2,000,000 shares, none issued		-			-
Common stock, $0.001 par value; authorized 110,000,000 shares, issued 31,975,649 in 2026 and 31,966,504 in 2025, outstanding 22,139,315 in 2026 and 22,637,252 in 2025		32			32
Additional paid-in capital		192,998			183,880
Retained earnings (accumulated deficit)		(24,507	)		(17,298	)
Treasury stock, at cost; 9,836,334 and 9,329,252 Common shares in 2026 and 2025, respectively		(161,974	)		(152,624	)
Total shareholders’ equity		6,549			13,990
Total liabilities and shareholders’ equity	$	136,152		$	134,878

See accompanying notes to condensed consolidated financial statements.

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NRC HEALTH

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except for per share amounts, unaudited)

	Three months ended June 30,						Six months ended June 30,
	2026			2025			2026			2025

Revenue	$	35,392		$	34,038		$	70,195		$	67,588

Operating expenses:
Direct		13,564			12,974			27,210			26,031
Selling, general, and administrative		22,945			17,734			36,364			28,089
Depreciation and amortization		2,121			1,742			4,290			3,284
Total operating expenses		38,630			32,450			67,864			57,404

Operating income (loss)		(3,238	)		1,588			2,331			10,184

Other income (expense):
Interest income		20			21			55			41
Interest expense		(1,321	)		(1,032	)		(2,576	)		(1,932	)
Other, net		2			4			32			11
Total other expense		(1,299	)		(1,007	)		(2,489	)		(1,880	)

Income (loss) before income taxes		(4,537	)		581			(158	)		8,304

Provision for income taxes		(1,254	)		687			(97	)		2,623

Net income (loss)	$	(3,283	)	$	(106	)	$	(61	)	$	5,681

Earnings (loss) per share of common stock:
Basic	$	(0.15	)	$	(0.01	)	$	(0.01	)	$	0.25
Diluted	$	(0.15	)	$	(0.01	)	$	(0.01	)	$	0.25

Weighted average shares and share equivalents outstanding:
Basic		22,009			22,658			21,905			22,814
Diluted		22,009			22,658			21,905			22,820

See accompanying notes to condensed consolidated financial statements.

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NRC HEALTH

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(In thousands except share and per share amounts, unaudited)

	Common Stock		Additional Paid-in Capital		Retained Earnings (Deficit)			Treasury Stock			Total
Balances at December 31, 2025	$	32	$	183,880	$	(17,298	)	$	(152,624	)	$	13,990
Purchase of 109,701 shares treasury stock		-		-		-			(1,858	)		(1,858	)
Issuance of 9,145 shares of common stock for the exercise of stock options		-		139		-			-			139
Non-cash stock compensation expense		-		1,608		-			-			1,608
Dividends declared of $0.16 per share of common stock		-		-		(3,606	)		-			(3,606	)
Net income		-		-		3,222			-			3,222
Balances at March 31, 2026	$	32	$	185,627	$	(17,682	)	$	(154,482	)	$	13,495
Purchase of 397,381 shares treasury stock		-		-		-			(7,492	)		(7,492	)
Non-cash stock compensation expense		-		7,371		-			-			7,371
Dividends declared of $0.16 per share of common stock		-		-		(3,542	)		-			(3,542	)
Net loss		-		-		(3,283	)		-			(3,283	)
Balances at June 30, 2026	$	32	$	192,998	$	(24,507	)	$	(161,974	)	$	6,549

See accompanying notes to condensed consolidated financial statements.

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NRC HEALTH

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(In thousands except share and per share amounts, unaudited)

	Common Stock		Additional Paid-in Capital			Retained Earnings (Deficit)			Treasury Stock			Total
Balances at December 31, 2024	$	31	$	180,249		$	(17,064	)	$	(131,932	)	$	31,284
Purchase of 307,709 shares treasury stock		-		-			-			(4,967	)		(4,967	)
Issuance of 10,014 shares of common stock for the exercise of stock options		-		132			-			-			132
Non-cash stock compensation expense		-		171			-			-			171
Dividends declared of $0.12 per share of common stock		-		-			(2,735	)		-			(2,735	)
Net income		-		-			5,787			-			5,787
Balances at March 31, 2025	$	31	$	180,552		$	(14,012	)	$	(136,899	)	$	29,672
Purchase of 381,736 shares treasury stock		-		-			-			(5,769	)		(5,769	)
Issuance of 700,000 shares of nonvested stock		1		(1	)		-			-			-
Non-cash stock compensation expense		-		307			-			-			307
Dividends declared of $0.12 per share of common stock		-		-			(2,776	)		-			(2,776	)
Net loss		-		-			(106	)		-			(106	)
Balances at June 30, 2025	$	32	$	180,858		$	(16,894	)	$	(142,668	)	$	21,328

See accompanying notes to condensed consolidated financial statements.

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NRC HEALTH

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands, unaudited)

	Six months ended
	June 30,
	2026			2025
Cash flows from operating activities:
Net income (loss)	$	(61	)	$	5,681
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		4,290			3,284
Deferred income tax expense (benefit)		(36	)		(32	)
Reserve for uncertain tax positions		(4	)		149
Non-cash share-based compensation expense		8,979			478
Change in fair value of contingent consideration		-			82
Loss on extinguishment of debt		-			67
Amortization of debt issuance costs		54			47
Net changes in assets and liabilities:
Trade accounts receivable		1,784			(1,362	)
Prepaid expenses and other current and long-term assets		(1,297	)		(2,814	)
Deferred contract costs, net		(433	)		(11	)
Operating lease assets and liabilities, net		(31	)		(53	)
Accounts payable		223			157
Accrued expenses, wages, and bonuses		(1,009	)		668
Income taxes receivable and payable		(4,347	)		(651	)
Deferred revenue		454			(183	)
Net cash provided by operating activities		8,566			5,507

Cash flows from investing activities:
Capital expenditures		(3,158	)		(5,996	)
Net cash used in investing activities		(3,158	)		(5,996	)

Cash flows from financing activities:
Borrowings on notes payable		-			47,681
Payments on notes payable		(2,061	)		(29,446	)
Borrowings on revolving loan		22,000			28,000
Payments on revolving loan		(9,000	)		(28,003	)
Payment of debt issuance costs		-			(135	)
Payments on finance lease obligations		(5	)		(5	)
Proceeds from the exercise of share-based awards		139			132
Payment of acquisition contingent consideration		(484	)		(280	)
Repurchase of shares for treasury		(9,578	)		(10,910	)
Payment of dividends on common stock		(7,231	)		(5,504	)
Net cash provided by (used in) financing activities		(6,220	)		1,530

Change in cash and cash equivalents		(812	)		1,041
Cash and cash equivalents at beginning of period		4,139			4,233
Cash and cash equivalents at end of period	$	3,327		$	5,274

See accompanying notes to condensed consolidated financial statements.

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NRC HEALTH

CONSOLIDATED STATEMENTS OF CASH FLOWS, Continued

(In thousands)

	Six months ended
	June 30,
	2026		2025
Supplemental disclosure of cash paid for:
Interest expense, net of capitalized amounts	$	2,514	$	1,740
Income taxes			$	3,156
Income taxes (federal)	$	3,760
Income taxes (state and local)	$	539
Supplemental disclosure of non-cash investing and financing activities:
Purchase of property and equipment in accounts payable and accrued expenses	$	378	$	2,607
Repurchase of shares for treasury in accounts payable and accrued expenses	$	-	$	138
New debt issued to existing lender	$	-	$	34,396
Debt extinguished using proceeds from new debt	$	-	$	62,076
Noncash borrowings on long-term debt for accrued interest and debt issuance costs	$	-	$	351

See accompanying notes to condensed consolidated financial statements.

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NRC HEALTH

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(1)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

Our condensed consolidated balance sheet at December 31, 2025, was derived from our audited consolidated balance sheet as of that date. All other financial statements contained herein are unaudited and, in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) that we consider necessary for a fair presentation of financial position, results of operations and cash flows in accordance with accounting principles generally accepted in the United States.

Information and footnote disclosures included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto that are included in our Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission (the “SEC”) on March 5, 2026.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Deferred Contract Costs

We defer incremental costs of obtaining customer contracts. These costs are amortized over the estimated term of the contract, including renewals, which generally ranges from three to five years. We deferred incremental costs of obtaining a contract of $166,000 and $304,000 in the three-month periods ended June 30, 2026, and 2025, respectively and $1.1 million and $658,000 in the six-month periods ended June 30, 2026, and 2025, respectively. Deferred contract costs, net of accumulated amortization was $2.9 million and $2.5 million at June 30, 2026, and December 31, 2025, respectively. Total amortization by expense classification for the periods ended June 30, 2026, and 2025 was as follows (in thousands):

	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Direct expenses	$	103	$	70	$	135	$	103
Selling, general, and administrative expenses		256		199		496		542
Total amortization	$	359	$	269	$	631	$	645

Commitments and Contingencies

There were no material changes to the Company’s commitments, contingencies, or legal proceedings from those disclosed in the Company’s Annual Report on Form 10‑K for the year ended December 31, 2025.

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Recent Accounting Pronouncements Not Yet Adopted

We monitor recently issued accounting pronouncements to assess their potential impact on our consolidated financial statements and related disclosures. The following Accounting Standards Updates (“ASUs”) have been issued but not yet adopted. The Company has evaluated or is currently evaluating each standard to determine the impact of adoption.

In February 2024, the FASB issued ASU 2024-03, which provides improvements to the disclosure requirements for expenses. The update primarily impacts disclosures by requiring entities to provide additional detail about the natural classification of significant expenses that are included in relevant income statement line items. ASU 2024-03 is effective for the Company for annual reporting periods beginning after December 15, 2026, and interim periods thereafter. The Company does not expect the adoption of this standard to have a material impact on its consolidated financial position or results of operations, but it will result in expanded expense disclosures beginning with the Company’s annual financial statements for the year ending December 31, 2027.

In September 2025, the FASB issued ASU 2025-06, which provides targeted improvements to the accounting for internal-use software. The update replaces the current project stage model with a principles-based framework and requires capitalization to begin when management authorizes and commits funding, and project completion is probable. ASU 2025-06 is effective for the Company for annual reporting periods beginning after December 15, 2027, including interim periods within those years. The Company is currently evaluating the effect of adopting this standard, and the impact is not yet known or reasonably estimable. The Company will determine the transition method for adoption and does not plan to adopt before the effective date.

(2)

CONTRACTS WITH CUSTOMERS

We derive a majority of our revenue from renewable subscription‑based service agreements with our customers. These arrangements represent a single promise to stand ready to provide services over the contractual term and are recognized ratably as the related services are provided. As a result, the significant majority of our revenue is recognized over time.

Revenue recognized over time totaled $32.9 million and $31.2 million for the three months ended June 30, 2026, and 2025, respectively and $66.1 million and $62.3 million for the six months ended June 30, 2026, and 2025, respectively. Revenue associated with performance obligations satisfied at a point in time, including one‑time specified services, as well as revenue from fixed, non‑subscription and unit‑priced service arrangements, was not material for either period.

Total revenue for the three months ended June 30, 2026, was $35.4 million, compared to $34.0 million for the three months ended June 30, 2025. Total revenue for the six months ended June 30, 2026, was $70.2 million compared to $67.6 million for the six months ended June 30, 2025. The increases were primarily attributable to growth in subscription‑based services.

Our revenue recognition patterns during the quarter are consistent with those disclosed in our Annual Report on Form 10‑K for the year ended December 31, 2025.

The following table provides information about receivables, contract assets, and contract liabilities from contracts with customers (in thousands):

	June 30, 2026		December 31, 2025
Trade accounts receivables	$	9,324	$	11,108
Contract assets included in other current assets	$	40	$	132

Deferred revenue, current portion	$	16,716	$	16,201
Noncurrent deferred revenue included in other long-term liabilities	$	12	$	74

Deferred revenue increased by $0.5 million primarily due to new billings exceeding revenue recognized during the period.

We have elected to apply the practical expedient to not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. Total remaining contract revenue for contracts with original duration of greater than one year expected to be recognized in the future related to performance obligations that are unsatisfied at June 30, 2026, approximated $188.3 million, of which $44.8 million is expected to be recognized during the remainder of 2026, with the balance recognized thereafter.

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(3)

INCOME TAXES

The effective tax rate was 28% and 61% for the three and six-month periods ended June 30, 2026, respectively, compared with 118% and 32% for the corresponding periods in 2025. The change in the three and six-month periods was primarily driven by changes in the impact of nondeductible executive compensation under IRC Section 162(m).

(4)

NOTES PAYABLE

Our long‑term debt consists of amounts outstanding under the Credit Agreement entered into in February 2025, as described in the Company’s Annual Report on Form 10‑K for the year ended December 31, 2025. There were no amendments, modifications, or new debt issuances during the three and six-month periods ended June 30, 2026. Our long-term debt consists of the following (in thousands):

	June 30, 2026			December 31, 2025
Delayed Draw Term Loan	$	77,345		$	79,406
Revolving Loan		13,000			-
Less: current portion		(4,016	)		(4,014	)
Less: unamortized debt issuance costs		(317	)		(371	)
Notes payable, net of current portion	$	86,012		$	75,021

As of June 30, 2026, we were in compliance with all financial covenants.

(5)

SHARE-BASED COMPENSATION

Our 2025 Omnibus Incentive Plan (the “2025 Omnibus Incentive Plan”), which became effective on May 7, 2025, provides for the granting of equity-based awards, as described in our Annual Report on Form 10-K for the year ended December 31, 2025. At June 30, 2026, 3.9 million shares of common stock were available for issuance pursuant to future grants under the plan.

Service-Based Stock Option Awards

We grant stock options to directors and select executives with vesting based on specified service periods. Vesting terms vary with each grant and option awards are generally five to ten years following the date of grant. We recognize compensation expense on a straight-line basis over the service period specified in the award. We granted 17,638 and 11,021 service-based stock option awards during the six-month periods ended June 30, 2026, and 2025, respectively.

The fair value of service-based stock options granted in 2026 was estimated using a Black-Scholes valuation model with the following weighted average assumptions:

	2026
Expected dividend yield at date of grant		3.49	%
Expected stock price volatility		34.51	%
Risk-free interest rate		3.85	%
Expected life of options (in years)		5.0

The risk-free interest rate assumptions were based on the U.S. Treasury yield curve in effect at the time of the grant. The expected volatility was based on historical monthly price changes of our stock based on the expected life of the options at the date of grant. The expected life of options is the average number of years we estimate that options will be outstanding. We consider groups of associates that have similar historical exercise behavior separately for valuation purposes.

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The following table summarizes service-based stock option activity for the six-month period ended June 30, 2026:

	Number of Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Terms (Years)	Aggregate Intrinsic Value (In thousands)
Outstanding at December 31, 2025		608,782	$	27.52
Granted		17,638	$	22.01
Exercised		9,145	$	15.23
Expired		6,839	$	65.80