Item 1A. Risk Factors The risk factors set forth below supplements and is intended Factors that could cause our actual results to be read differ materially from those in conjunction with this report include the risk factors previously disclosed under Part I, Item 1A Risk Factors of our 2025 10-K Report. Other than Report, as set forth below, there have been no material changes to our Risk Factors from those presented in our 2025 10-K Report. Conditions and events affecting the aviation, marine and land transportation industries can affect our business. Our business is focused on the marketing of energy and other related products and services primarily to the aviation, land and marine transportation industries, which are generally affected supplemented by economic cycles and other global events. Weak economic conditions that have a negative impact on our customers' business have in the past and may risk factors described in the future have an adverse effect on our business. Additionally, our business and that of our customers has been or may in the future be adversely impacted by political instability, terrorist activities, piracy, military action, route closures or other transportation challenges, including recent military action and route disruption at the Strait of Hormuz, terminal or pipeline capacity constraints, pandemics, natural disasters and other weather-related events that disrupt shipping, flight operations, land transportation or the demand Quarterly Report on Form 10-Q for or availability of fuel, which may negatively impact sales of our products and services. Certain of our customers are affected by variations in demand for business and leisure travel. Business travel is impacted by increased use of conferencing and collaboration technology, increased remote work and cost-driven business travel limitations, while leisure travel demand is impacted by reductions in consumer discretionary income and other economic factors. Our customers may also choose to reduce the amount of fuel they consume in their operations. For example, our customers in the shipping industry may elect to sail their vessels at reduced speeds, known as "slow steaming," to conserve fuel and reduce emissions. Our customers may also need to vary their routes as a result of geopolitical conflicts and security concerns, which may result in changes to their fuel consumption. Further, personnel or other shortages, including fuel shortages, can impact our customers ability to meet demand, which may in turn adversely affect their demand for our fuel products. Additionally, political or governmental developments or global health concerns or crises, including pandemics and climate change, in the regions in which we or our customers operate could result in social, economic or labor 35 instability. Hostilities involving Iran, including direct military actions and proxy conflicts across the Middle East, have increased geopolitical instability and the risk of disruption to global energy supply and transportation corridors. For example, since February quarter ended March 31, 2026, state actors have constrained filed with the ability of ships to pass through the Strait of Hormuz, resulting in significant fluctuations in global fuel prices. A long-term disruption or closure of the Strait of Hormuz or any other critical passageways could constrain global fuel supply, increase transportation distances and costs, and adversely affect our ability to source and deliver fuel in certain markets. Further, the conflict may provide a basis for certain business partners to assert force majeure, potentially resulting in the suspension or termination of their contractual obligations to us. Accordingly, the effects of any of the foregoing risks and uncertainties SEC on us or our customers could have a material adverse effect on our business, results of operations and financial condition. Our business may also be adversely affected by consolidation in the aviation, land or marine transportation industries, which may reduce the number of customers that purchase our products and services. Larger shipping companies and airlines often have greater leverage and have a greater ability to buy directly from major oil companies and suppliers. Accordingly, this can negatively impact our value proposition to these types of customers and increase the risk of disintermediation. Extended periods of high fuel prices can have an adverse effect on our business, results of operations and financial condition. April 24, 2026. As described above, we extend credit to many of our customers in connection with their purchase of fuel and services from us. During periods of high fuel prices, our customers may not be able to purchase the same volumes date of fuel from us because of their financial credit limits with us. An inability to purchase fuel from us or other suppliers can have an adverse impact on their business, causing them to be unable to make payments owed to us for fuel they previously purchased on credit and potentially resulting in their insolvency. In addition, high fuel prices can impact our own credit limits with our suppliers, preventing us from purchasing enough fuel to meet customer demand unless we provide additional credit support for fuel purchases, such as letters of credit, bank guarantees or prepayments, any of which could adversely impact our liquidity and increase our working capital costs. Conversely, extended periods of low fuel prices, particularly when coupled with low price volatility, can also have an adverse effect on us. This can occur due to many factors, such as reduced demand for our price risk management products and decreased sales to our customers involved in the oil exploration sector. Low fuel prices also facilitate increased competition by reducing financial barriers to entry and enabling existing, lower-capitalized competitors to conduct more business because of the lower working capital requirements. We may also experience negative results in volatile market pricing environments experiencing severe disruption. For example, in the first six months of 2022, our aviation segment was significantly and adversely affected by severe backwardation, a market condition in which oil futures forward prices trade at lower levels than the current market price. We have also seen backwardation during the first half of 2026 as a result of the hostilities in Iran and resulting spike in global fuel prices, and it is uncertain whether and to what extent such backwardation will continue. Our efforts to limit our exposure to this type of market risk may not be fully effective. Finally, we maintain fuel inventories for competitive and logistical reasons. Significant variations in the market prices of products held in our inventories may require us to record inventory valuation charges. Our inventory is principally valued using the weighted average cost methodology and is stated at the lower of average cost or net realizable value. Hedging transactions we undertake to limit the financial effects of commodity price fluctuations may not be fully effective. Accordingly, if the market value of our inventory is less than our average cost and to the extent our hedges are not effective at mitigating the impacts of price fluctuations, we may be required to record a write-down of inventory Quarterly Report on hand and incur a non-cash charge or suffer losses as fuel is sold, which can adversely impact our earnings. Changes in the market prices of energy and commodities may Form 10-Q, there have a been no material adverse effect on our business. Energy and commodity prices and supply are volatile and can be impacted by many factors beyond our control, including: expectations about future supply and demand for petroleum products and availability of alternatives, including the technological developments necessary changes to create alternatives; oil production levels set and maintained by the Organization of the Petroleum Exporting Countries ("OPEC") as well as non-OPEC countries; global economic and political conditions that impact or create uncertainty in the global energy markets, such as the ongoing military conflicts in Eastern Europe and the Middle East, and uncertainty in Venezuela, and threatened or actual acts of terrorism, war or civil unrest; the risk of disruption to production, refining, storage or transportation infrastructure, including ports, terminals, refineries, pipelines and shipping lanes, factors disclosed in geopolitically sensitive regions; the imposition of tariffs in the U.S. our 2025 10-K Report and retaliatory tariffs and trade measures in response thereto; laws, regulations or taxes related to environmental matters, including those mandating or incentivizing alternative energy sources, such as the E.U.'s sustainable aviation fuel mandate on fuel supplied at E.U. airports, or otherwise addressing 36 global climate change; energy conservation efforts and technological advances affecting energy consumption or supply; regulatory changes in commodities markets; and extreme weather and other natural disasters, which may be exacerbated supplemented by climate change. Hostilities involving Iran, including direct military actions and proxy conflicts across the Middle East, have led to increased global fuel prices and volatility due to heightened risks to oil production, refining and transportation, including disruptions to key shipping routes. Future fuel price movements remain uncertain and could be affected by further escalation or deescalation of the conflict, changes in supply and demand, and the stability of key transportation routes and energy infrastructure. As risk factors described above, we extend credit to many of our customers in connection with their purchase of fuel and services from us. During periods of high fuel prices, our customers may not be able to purchase the same volumes of fuel from us because of their financial credit limits with us. An inability to purchase fuel from us or other suppliers can have an adverse impact Quarterly Report on their business, causing them to be unable to make payments owed to us Form 10-Q for fuel they previously purchased on credit and potentially resulting in their insolvency. In addition, high fuel prices can impact our own credit limits with our suppliers, preventing us from purchasing enough fuel to meet customer demand unless we provide additional credit support for fuel purchases, such as letters of credit, bank guarantees or prepayments, any of which could adversely impact our liquidity and increase our working capital costs. Conversely, extended periods of low fuel prices, particularly when coupled with low price volatility, can also have an adverse effect on us. This can occur due to many factors, such as reduced demand for our price risk management products and decreased sales to our customers involved in the oil exploration sector. Low fuel prices also facilitate increased competition by reducing financial barriers to entry and enabling existing, lower-capitalized competitors to conduct more business because of the lower working capital requirements. We may also experience negative results in volatile market pricing environments experiencing severe disruption. For example, in the first six months of 2022, our aviation segment was significantly and adversely affected by severe backwardation, a market condition in which oil futures forward prices trade at lower levels than the current market price. We have also seen backwardation during the first half of 2026 as a result of the hostilities in Iran and resulting spike in global fuel prices, and it is uncertain whether and to what extent such backwardation will continue. Our efforts to limit our exposure to this type of market risk may not be fully effective. Finally, we maintain fuel inventories for competitive and logistical reasons. Significant variations in the market prices of products held in our inventories may require us to record inventory valuation charges. Our inventory is principally valued using the weighted average cost methodology and is stated at the lower of average cost or net realizable value. Hedging transactions we undertake to limit the financial effects of commodity price fluctuations may not be fully effective. Accordingly, if the market value of our inventory is less than our average cost and to the extent our hedges are not effective at mitigating the impacts of price fluctuations, we may be required to record a write-down of inventory on hand and incur a non-cash charge or suffer losses as fuel is sold, which can adversely impact our earnings. quarter ended March 31, 2026.