ALTX Faces Liquidity Squeeze Amid Rising Costs, Deferred CEO Pay

TL;DR

**ALTX is a cash-burning shell with a massive deferred CEO payout looming, making it a speculative bet on a turnaround that isn't planned.**

AI Summary

ALTEX INDUSTRIES INC (ALTX) reported a challenging fiscal year 2025, with operating activities using $99,000 cash, an increase from $78,000 in FY24. The company also used $12,000 cash to acquire 41,880 shares of its common stock in FY25, compared to $23,000 for 118,501 shares in FY24. General and administrative expenses rose significantly from $233,000 in FY24 to $320,000 in FY25, primarily due to a $94,000 bonus expense and related payroll tax liability for the president. Interest income decreased from $128,000 in FY24 to $115,000 in FY25 due to lower interest rates. The company's net oil production was 300 barrels in FY25, with an average price of $56.33 per barrel, down from $73.67 in FY24. Proved, developed oil reserves are estimated at 2,400 barrels in the Glo Field, Wyoming. A significant risk is the $1,235,000 in deferred salary and bonus payable to the president, Steven Cardin, which he can demand at any time, potentially impacting liquidity. The company anticipates continued net losses unless it invests substantially in producing oil and gas wells or other cash-generating ventures, none of which are currently planned.

Why It Matters

ALTEX INDUSTRIES INC's 10-K reveals a company struggling with negative cash flow from operations and a significant deferred compensation liability to its CEO, Steven Cardin, totaling $1,235,000. This poses a substantial liquidity risk for investors, as Mr. Cardin, who also beneficially owns 64.7% of the common stock, can demand this payment at any time. The lack of planned investments in new producing assets, coupled with declining oil prices and increased G&A expenses, suggests a challenging outlook for revenue growth and profitability, making ALTX a high-risk proposition in a competitive energy market where larger players have greater capital flexibility.

Risk Assessment

Risk Level: high — The company faces high risk due to negative cash flow from operations, using $99,000 in FY25, and a substantial accrued expense of $1,235,000 for deferred salary and bonus payable to its president, Steven Cardin, which he can demand at any time. Furthermore, the company explicitly states it is 'likely to experience net losses' unless it invests in new ventures, none of which are 'currently planned'.

Analyst Insight

Investors should exercise extreme caution and consider divesting, given the significant liquidity risk from the $1,235,000 deferred CEO compensation and the company's stated unlikelihood of revenue exceeding expenses without currently unplanned investments. The lack of a clear growth strategy and reliance on a single full-time employee further amplify the risk.

Financial Highlights

debt To Equity

N/A

revenue

$184,000

operating Margin

-53.8%

total Assets

$1,346,000

total Debt

$0

net Income

-$100,000

eps

-$0.89

gross Margin

N/A

cash Position

$111,000

revenue Growth

-60.5%

Executive Compensation

Key Numbers

• $99,000 — Cash used in operating activities (Increased from $78,000 in FY24, indicating worsening operational cash burn.)
• $1,235,000 — Accrued expenses, related party (Deferred salary and bonus payable to the president, Steven Cardin, representing a significant liquidity risk.)
• $320,000 — General and administrative expense (Increased from $233,000 in FY24, primarily due to a $94,000 bonus for the president.)
• 300 barrels — Net oil production (Reported for FY25, consistent with FY24, indicating stagnant production.)
• $56.33 — Average oil price per barrel (Decreased from $73.67 in FY24, impacting revenue.)
• 2,400 barrels — Proved, developed oil reserves (Estimated at September 30, 2025, in the Glo Field, Wyoming.)
• 64.7% — Steven Cardin's beneficial ownership (Significant control over the company's common stock.)
• 41,880 — Shares repurchased (In September 2025 at an average price of $0.29 per share.)
• $115,000 — Interest income (Decreased from $128,000 in FY24 due to lower interest rates.)
• 1 — Full-time employee (The company operates with only one full-time employee, highlighting its minimal operational footprint.)

Key Players & Entities

• ALTEX INDUSTRIES INC (company) — registrant
• Steven Cardin (person) — Chairman, CEO, Director, Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer
• Altex Oil Corporation (company) — operating subsidiary
• Jeffrey Chernow (person) — Director
• Stephen Fante (person) — Director
• SEC (regulator) — filing oversight
• Delaware (regulator) — state of incorporation
• NASDAQ (regulator) — independence standards reference

FAQ

Risk Factors

• Significant Deferred Salary and Bonus Payable to President [high — financial]: The company has $1,235,000 in deferred salary and bonus payable to President Steven Cardin as of September 30, 2025. This amount includes $1,175,000 in salary and bonus and $60,000 in related payroll taxes. Mr. Cardin can demand payment of this liability at any time, posing a significant liquidity risk.
• Dependence on Third-Party Operators [medium — operational]: AOC's oil and gas interests are operated by others, meaning the company relies on third-party operators for information and operational continuity. There is no assurance that this information is complete, accurate, or current. If a purchasing refinery or pipeline is taken out of service, production could halt.
• Negative Cash Flow from Operations [high — financial]: Operating activities used $99,000 cash in FY25, an increase from $78,000 in FY24. The company anticipates continued negative cash flow unless it invests in producing oil and gas wells or other cash-generating ventures, which are not currently planned.
• Volatile Oil and Gas Prices [medium — market]: The average oil price per barrel decreased from $73.67 in FY24 to $56.33 in FY25. Fluctuations in oil and gas prices can materially impact the company's revenue and profitability.
• Limited Operational Footprint [low — operational]: The company operates with only one full-time employee, indicating a very small operational scale. This could limit its capacity to manage operations, respond to market changes, or undertake new ventures effectively.
• Share Repurchases Impacting Cash [low — financial]: The company used $12,000 cash to acquire 41,880 shares of its common stock in FY25, compared to $23,000 for 118,501 shares in FY24. While the amount spent decreased, these repurchases further reduce available cash for operations or investment.

Industry Context

Altex Industries operates in the oil and gas sector, which is characterized by significant competition and price volatility. The industry is subject to extensive federal, state, and local regulations concerning environmental protection and production. Companies rely on third-party operators for production, which introduces operational risks and information asymmetry.

Regulatory Implications

The company is subject to federal, state, and local laws and regulations related to the environment, including pollutant control and remediation. While Altex believes it has no material environmental liability due to not owning working interests, ongoing compliance and potential future regulatory changes remain a consideration.

What Investors Should Do

1. Monitor liquidity closely
2. Assess the viability of future investments
3. Evaluate the impact of oil price volatility
4. Understand the concentration of control

Key Dates

• 2025-09-30: End of Fiscal Year 2025 — Reporting period for the 10-K, showing increased cash burn from operations and significant deferred compensation.
• 2025-11-28: Stock Ownership Date — Steven Cardin beneficially owns 64.7% of the company's common stock, indicating significant control.
• 2025-09-30: Share Repurchase — Company acquired 41,880 shares for $12,000, reducing cash.
• 2024-09-30: End of Fiscal Year 2024 — Previous year's financial data for comparison, showing lower cash burn and higher oil prices.
• 2021-10-01: Employment Agreement Renewal with Steven Cardin — Established terms for salary, bonus, and deferred compensation, leading to the current significant liability.

Glossary

Accrued expenses, related party

Expenses that have been incurred but not yet paid, specifically related to transactions with individuals or entities connected to the company, such as officers or directors. (Highlights the $1,235,000 owed to President Steven Cardin, a major liquidity concern.)

Working interest

An ownership interest in the oil and gas produced from a property, which includes the right to receive a share of the revenue and the obligation to pay a share of the costs and liabilities associated with the property. (The company states it does not own any working interests, mitigating direct environmental liability but also limiting direct control over production.)

Asset retirement obligation (ARO)

A legal obligation associated with the retirement of tangible long-lived assets, such as plugging and abandoning oil and gas wells. (The company does not believe it has material exposure to AROs due to not owning working interests.)

Deferred compensation

Compensation earned by an employee in one period but paid in a future period, often at the employee's election. (Applies to the $1,175,000 in salary and bonus owed to Steven Cardin that he has elected to defer.)

Proved, developed oil reserves

Estimates of crude oil that geological and engineering data demonstrate with reasonable certainty to be recoverable in future periods from known reservoirs under existing economic and operating conditions. (The company has 2,400 barrels of such reserves in the Glo Field, Wyoming, indicating a small, known resource base.)

Year-Over-Year Comparison

Fiscal year 2025 saw a worsening cash burn from operations, increasing to $99,000 from $78,000 in FY24. Revenue likely decreased significantly due to the $525,000 gain from asset sales in FY24 not recurring, and lower average oil prices ($56.33 vs $73.67). General and administrative expenses rose substantially due to a $94,000 bonus for the president, increasing the deferred compensation liability. Interest income also declined due to lower rates.

Key Financial Figures

• $0.01 — (g) of the Act: Common Stock, par value $0.01 per share Indicate by check mark if th
• $56.33 — il (Bbls) Gas (Mcf) 2025 300 400 $56.33 $2.79 $0.00 2024 300 400 $73.67
• $2.79 — s) Gas (Mcf) 2025 300 400 $56.33 $2.79 $0.00 2024 300 400 $73.67 $2.22
• $0.00 — (Mcf) 2025 300 400 $56.33 $2.79 $0.00 2024 300 400 $73.67 $2.22 $0.00
• $73.67 — $56.33 $2.79 $0.00 2024 300 400 $73.67 $2.22 $0.00 2023 400 500 $69.76
• $2.22 — $2.79 $0.00 2024 300 400 $73.67 $2.22 $0.00 2023 400 500 $69.76 $5.27
• $69.76 — $73.67 $2.22 $0.00 2023 400 500 $69.76 $5.27 $0.00 Item 3. Legal Proceeding
• $5.27 — $2.22 $0.00 2023 400 500 $69.76 $5.27 $0.00 Item 3. Legal Proceedings. No
• $0.29 — 25 through September 30, 2025 41,880 $0.29 -- -- Total 41,880 $0.29 -- --
• $99,000 — ion In FY25 operating activities used $99,000 cash, and the Company used $12,000 cash
• $12,000 — used $99,000 cash, and the Company used $12,000 cash to acquire 41,880 shares of its co
• $78,000 — tock. In FY24 operating activities used $78,000 cash, and the Company used $23,000 to a
• $23,000 — used $78,000 cash, and the Company used $23,000 to acquire 118,501 shares of its common
• $525,000 — gas, and mineral interests in Utah for $525,000 cash. Consequently, cash balances decre
• $111,000 — . Consequently, cash balances decreased $111,000 in FY25 and increased $424,000 in FY24.

Filing Documents

• altx-20250930_10k.htm (10-K) — 270KB
• altx_ex31.htm (EX-31) — 8KB
• altx_ex32.htm (EX-32) — 3KB
• 0001096906-25-001949.txt ( ) — 2027KB
• altx-20250930_cal.xml (EX-101.CAL) — 22KB
• altx-20250930_def.xml (EX-101.DEF) — 32KB
• altx-20250930_lab.xml (EX-101.LAB) — 137KB
• altx-20250930_pre.xml (EX-101.PRE) — 124KB
• altx-20250930.xsd (EX-101.SCH) — 34KB
• altx-20250930_10k_htm.xml (XML) — 183KB

Business

Item 1. Business. Altex Industries, Inc. (or the "Registrant" or the "Company," each of which terms, when used herein, refer to Altex Industries, Inc. and/or its subsidiary) is a holding company with one full-time employee that was incorporated in Delaware in 1985. Through its operating subsidiary, AOC, the Company currently owns interests in onshore oil and gas properties, has bought and sold producing oil and gas properties, and, to a lesser extent, has participated in the drilling of exploratory and development wells, and in recompletions of existing wells. All of AOC's interests are in properties operated by others. An interest owner in a property not operated by that interest owner must rely on information regarding the property provided by the operator, even though there can be no assurance that such information is complete, accurate, or current. In addition, an owner of a working interest in a property is potentially responsible for 100% of all liabilities associated with that property, regardless of the size of the working interest actually owned. The operators of producing properties in which AOC has an interest sell produced oil and gas to refiners, pipeline operators, and processing plants. If a refinery, pipeline, or processing plant that purchases such production were taken out of service, the operator could be forced to halt the production that is purchased by such refinery, pipeline, or plant. Although many entities produce oil and gas, competitive factors play a material role in AOC's production operations only to the extent that such factors affect demand for and prices of oil and gas and demand for, supply of, and prices of oilfield services. The sale of oil and gas is regulated by Federal, state, and local agencies, and AOC is also subject to Federal, state, and local laws and regulations relating to the environment. These laws and regulations generally provide for control of pollutants released into the environment and require responsible

Risk Factors

Item 1A. Risk Factors. Not applicable.

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments. Not applicable.

Cybersecurity

Item 1C. Cybersecurity. The Company implemented commercially available defenses against cybersecurity threats when it began relying on the internet 30 years ago. The Company does not have formal processes for identifying cybersecurity risks associated with third-party service providers. A successful attack on the Company could result in a delay in required filings with the SEC and in financial losses from attacks on bank accounts. The board of directors relies on the Company's president to identify material risks and to implement reasonable defenses. The president informs the board about such risks. The president receives direct and immediate notification of cybersecurity incidents and personally monitors the prevention, detection, mitigation, and remediation of cybersecurity incidents. The president does not have formal training in cybersecurity.

Properties

Item 2. Properties. The Company's estimated reserves at September 30, 2025, are 2,400 barrels of proved, developed oil reserves associated with the Company's 4.4% override in the Glo Field in Campbell County, Wyoming. The reserve estimate is prepared by the Company's registered professional petroleum engineer; management supplies the engineer with ownership and revenue data and reviews the reserve estimate for reasonableness. All the Company's interests in oil and gas properties are non-working interests. The Company did not participate in the drilling of any wells during the year ended September 30, 2024 (FY24) or the year ended September 30, 2025 (FY25). At November 28, 2025, the Company was not engaged in any oil and gas operations. The Company owns very small mineral interests in Utah. All the Company's production is located in Utah and Wyoming. Production Net Production Average Price Average Production Cost Per Equivalent Barrel Fiscal Year Oil (Bbls) Gas (Mcf) Oil (Bbls) Gas (Mcf) 2025 300 400 $56.33 $2.79 $0.00 2024 300 400 $73.67 $2.22 $0.00 2023 400 500 $69.76 $5.27 $0.00

Legal Proceedings

Item 3. Legal Proceedings. None.

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. Not applicable. PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. The Company's common stock is traded on the OTC Pink Limited Market under the symbol ALTX. At November 28, 2025, there were approximately 3,400 holders of record of the Company's common stock, excluding entities whose stock is held by clearing agencies. The Company has not paid a dividend during the last two fiscal years. The Company has no plan or program for the purchase of shares, and, except for Mr. Cardin's employment agreement, the Company has no compensation plans under which equity securities of the registrant are authorized for issuance. Issuer Purchases of Equity Securities Period (a) Total number of shares (or units) purchased (b) Average price paid per share (or unit) (c) Total number of shares (or units) purchased as part of publicly announced plans or programs (d) Maximum number (or approximate dollar value) of shares (or units) that may yet be purchased under the plans or programs July 1, 2025 Through July 31, 2025 -- -- -- -- August 1, 2025 through August 31, 2025 -- -- -- -- September 1, 2025 through September 30, 2025 41,880 $0.29 -- -- Total 41,880 $0.29 -- --

Reserved

Item 6. Reserved. Not applicable.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations Financial Condition In FY25 operating activities used $99,000 cash, and the Company used $12,000 cash to acquire 41,880 shares of its common stock. In FY24 operating activities used $78,000 cash, and the Company used $23,000 to acquire 118,501 shares of its common stock. In FY24 the Company sold certain oil, gas, and mineral interests in Utah for $525,000 cash. Consequently, cash balances decreased $111,000 in FY25 and increased $424,000 in FY24. At September 30, 2025, accrued expenses, related party, of $1,235,000 consists of $1,175,000 in salary and bonus payable to the Company's president, pursuant to his employment agreement, that the president has elected to defer, as well as $60,000 in related accrued payroll tax. At September 30, 2024, accrued expenses, related party, of $1,141,000 consists of $1,087,000 in salary and bonus payable to the Company's president, pursuant to his employment agreement, that the president has elected to defer, as well as $54,000 in related accrued payroll tax. The Company's president may require the Company to pay the unpaid salary and payroll tax liability at any time. The Company is likely to experience negative cash flow from operations unless the Company invests in interests in producing oil and gas wells or in another venture that produces sufficient cash flow from operations. With the exception of capital expenditures related to production acquisitions or drilling or recompletion activities or an investment in another venture that produces cash flow from operations, none of which are currently planned, the cash flows that could result from such acquisitions, activities, or investments, and the possibility of a material change in the current level of interest rates or of oil and gas prices, the Company knows of no trends or demands, commitments, events or uncertainties that will result in or that are reasonably likely to result in

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk. Not applicable.

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data. The consolidated financial statements follow the signature page.

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure. None.

Controls and Procedures

Item 9A. Controls and Procedures The Company maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in the Company's Exchange Act reports is recorded, processed, summarized, and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to the Company's management, including its Principal Executive Officer and Principal Financial Officer as appropriate, to allow timely decisions regarding required disclosure. Management necessarily applied its judgment in assessing the costs and benefits of such controls and procedures which, by their nature, can provide only reasonable assurance regarding management's control objectives. As of the end of the period covered by the report, the Company carried out an evaluation, under the supervision and with the participation of the Company's management, including the Company's Principal Executive Officer and Principal Financial Officer, of the effectiveness of the design and operation of the Company's disclosure controls and procedures pursuant to Exchange Act Rule 13a-14. Based upon the foregoing, the Company's Principal Executive Officer and Principal Financial Officer concluded that the Company's disclosure controls and procedures are effective in timely alerting them to material information relating to the Company (including its consolidated subsidiary) required to be included in the Company's Exchange Act reports. There have been no significant changes in the Company's internal controls or in other factors which could significantly affect internal controls subsequent to the date the Company carried out its evaluation.

Other Information

Item 9b. Other Information None.

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections Not applicable. PART III

Directors, Executive Officers, and Corporate Governance

Item 10. Directors, Executive Officers, and Corporate Governance. Steven Cardin, 75, an economist, formerly with The Conference Board and the consulting firm, National Economics Research Associates, has been Chairman and CEO of the Company since 1985, and a Director since 1984. Jeffrey Chernow, 74, a lawyer, formerly Director of Enforcement in the Division of Securities, State of Maryland, Office of the Attorney General, has been in private practice in Maryland for over five years, and a Director since 1989. Stephen Fante, 69, a CPA, was Chairman and CEO of IMS, which provided computerized accounting systems to the oil and gas industry and was a reseller of microcomputer products to the Fortune 1000, and was Chairman and CEO of Seca Graphics, Inc., which provided design and mapping services and software to the cable television and telecommunications industries. Mr. Fante has been a private investor for the last five years. Mr. Fante has been a Director since 1989. Messrs. Chernow's, Cardin's, and Fante's terms as Directors continue until their successors are duly elected and qualified. The Company has adopted a code of ethics that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.

Executive Compensation

Item 11. Executive Compensation. The following table sets forth the compensation earned by the Company's only executive officer during the last two fiscal years. Summary Compensation Table Name and Principal Position Year Salary ($) Bonus ($) Total ($) Steven Cardin, CEO 2025 3,000 87,000 90,000 Steven Cardin, CEO 2024 3,000 -- 3,000 Effective October 1, 2021, the Company renewed its Employment Agreement with Mr. Cardin. The Agreement has an initial term of five years and provides an annual base salary equal to the maximum annual contribution to a Health Flexible Spending Arrangement (FSA) and an annual bonus of no less than 20% of the Company's earnings before tax, payable, at Mr. Cardin's election, in either cash or common stock of the Company at then fair market value. The Company will match any contribution that Mr. Cardin makes to the Company's FSA. Mr. Cardin has deferred payment of the bonus earned in 2025, but he may cause the Company to pay the bonus in cash or common stock at any time. The Employment Agreement also provides that, in the event the Company terminates Mr. Cardin's employment by reason of his permanent disability, the Company shall (1) pay Mr. Cardin a total sum, payable in 24 equal monthly installments, equal to 50% of the base salary to which he would have been entitled had he performed his duties for the Company for a period of two years after his termination, less the amount of any disability insurance benefits he receives under policies maintained by the Company for his benefit, and (2) continue to provide Mr. Cardin with all fringe benefits provided to him at the time of his permanent disability for a period of two years following such permanent disability. The Employment Agreement also provides that, in the event the Company terminates Mr. Cardin's employment in breach of the agreement, or in the event that Mr. Cardin terminates his employment because his circumstances of employment shall have changed subsequent

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters The following table sets forth information concerning each person who, as of November 28, 2025, is known to the Company to be the beneficial owner of more than five percent of the Company's common stock and information regarding common stock of the Company beneficially owned, as of November 28, 2025, by all Directors and executive officers and by all Directors and executive officers as a group. Name and Address of Beneficial Owner Shares of Common Stock Beneficially Owned Percent of Class Steven Cardin (Director and Executive Officer) 700 Colorado Blvd #273 Denver CO 80206-4084 7,233,866 64.7% All Directors and Executive Officers as a Group (1 Person) 7,233,866 64.7% Except for Mr. Cardin's right to receive a bonus as common stock, the Company has no compensation plan under which equity securities of the Company are authorized for issuance.

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence. Messrs. Fante and Chernow are both independent under the NASDAQ independence standards.

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services Audit Fees. Billed for FY25: $21,450. Billed for FY24: $19,550. Audit-Related Fees. None. Tax Fees. None. All Other Fees. None. The Company does not engage an accountant to render audit or non-audit services unless the engagement is pre-approved by the Company's Audit Committee. PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 3(i) Articles of Incorporation - Incorporated herein by reference to Exhibit B to August 20, 1985 Proxy Statement 3(ii) Bylaws - Incorporated herein by reference to Exhibit C to August 20, 1985 Proxy Statement 10 Employment Agreement between the Company and Steven Cardin – Incorporated herein by reference to Form 10-K for the fiscal year ended September 30, 2021 14 Code of Ethics - Incorporated herein by reference to Form 10-K for fiscal year ended September 30, 2003 21 List of subsidiaries - Incorporated herein by reference to Form 10-K for fiscal year ended September 30, 1997 31 Rule 13a-14(a)/15d-14(a) Certifications 32 * Section 1350 Certifications 101.xml XBRL Instance Document 101.xsd XBRL Taxonomy Extension Schema Document 101.cal XBRL Taxonomy Extension Calculation Linkbase Document 101.def XBRL Taxonomy Extension Definition Linkbase Document 101.lab XBRL Taxonomy Extension Label Linkbase Document 101.pre XBRL Taxonomy Extension Presentation Linkbase Document ___________________________ * Furnished. Not Filed. Not incorporated by reference. Not subject to liability.

Form 10-K Summary

Item 16. Form 10-K Summary. None.

SIGNATURES

SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. ALTEX INDUSTRIES, INC. /s/ STEVEN CARDIN By: Steven Cardin, CEO Date: November 28, 2025 Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. /s/ STEVEN CARDIN By: Steven Cardin, Director, Principal Executive Officer, Principal Financial Officer, and Principal Accounting Officer Date: November 28, 2025 /s/ JEFFREY CHERNOW By: JEFFREY CHERNOW, Director Date: November 28, 2025 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Shareholders Altex Industries, Inc. Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Altex Industries, Inc. (the Company) as of September 30, 2025 and 2024, and the related consolidated statements of operations, stockholders' equity, and cash flows for the years then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of September 30, 2025 and 2024, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America. Basis for Opinion These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Compa

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