Sunlands Technology Group Announces Unaudited Second Quarter 2026 Financial Results

BEIJING, Aug. 20, 2026 (GLOBE NEWSWIRE) — Sunlands Technology Group (NYSE: STG) (“Sunlands” or the “Company”), a leader in China’s adult online education market and China’s adult personal interest learning market, today announced its unaudited financial results for the second quarter ended June 30, 2026.

Second Quarter 2026 Financial and Operational Snapshots

  • Net revenues were RMB406.4 million (US$59.9 million), compared to RMB539.0 million in the second quarter of 2025.
  • Gross billings (non-GAAP) were RMB286.2 million (US$42.2 million), compared to RMB400.3 million in the second quarter of 2025.
  • Gross profit was RMB349.2 million (US$51.5 million), compared to RMB469.4 million in the second quarter of 2025.
  • Net income was RMB83.5 million (US$12.3 million), compared to RMB126.6 million in the second quarter of 2025.
  • Net income margin1 was 20.5%, compared to 23.5% in the second quarter of 2025.
  • New student enrollments2 were 95,280, compared to 159,154 in the second quarter of 2025.
  • As of June 30, 2026, the Company’s deferred revenue balance was RMB433.5 million (US$63.9 million), compared to RMB585.3 million as of December 31, 2025.

___________________________

1 Net income margin is defined as net income as a percentage of net revenues.

2 New student enrollments for a given period refer to the total number of orders placed by students that newly enroll in at least one course during that period, including those students that enroll and then terminate their enrollment with us, excluding orders of our low-price courses, such as “mini courses” and “RMB1 courses”, which we offer in the form of recorded videos or short live streaming, to strengthen our competitiveness and improve customer experience.

Mr. Tongbo Liu, Chief Executive Officer of Sunlands, commented, “During the second quarter of 2026, we continued to refine our course offerings and customer acquisition activities in response to evolving learner needs. Our focus remained on strengthening the quality and sustainability of the business while continuing to improve operating efficiency. In May 2026, we announced a new share repurchase program, reflecting our confidence in the Company’s long-term prospects and intrinsic value. Looking ahead, we will continue to improve our products and services and pursue new opportunities at a measured pace.”

Mr. Hangyu Li, Finance Director of Sunlands, added, “In the second quarter of 2026, net revenues were RMB406.4 million and net income was RMB83.5 million, representing a net income margin of 20.5%. We delivered our 21st consecutive profitable quarter, supported by disciplined cost management, while gross billings per new student enrollment increased by 19.4% year-over-year. With a solid liquidity position, we retain the flexibility to invest selectively in courses, services and technology, advance our share repurchase program, and maintain prudent capital allocation.”

Financial Results for the Second Quarter of 2026

Net Revenues

In the second quarter of 2026, net revenues decreased by 24.6% to RMB406.4 million (US$59.9 million) from RMB539.0 million in the second quarter of 2025. The decrease was primarily due to the year-over-year decline in gross billings.

Cost of Revenues

Cost of revenues decreased by 17.9% to RMB57.2 million (US$8.4 million) in the second quarter of 2026 from RMB69.6 million in the second quarter of 2025. The decrease was mainly due to declined service fees paid to educational institutions.

Gross Profit

Gross profit decreased by 25.6% to RMB349.2 million (US$51.5 million) in the second quarter of 2026 from RMB469.4 million in the second quarter of 2025.

Operating Expenses

In the second quarter of 2026, operating expenses were RMB265.7 million (US$39.2 million), representing a 22.5% decrease from RMB342.6 million in the second quarter of 2025.

Sales and marketing expenses decreased by 24.5% to RMB228.4 million (US$33.7 million) in the second quarter of 2026 from RMB302.5 million in the second quarter of 2025. The decrease was mainly due to the decreases of compensation for sales personnel and the spending on branding and marketing activities focused on interest courses offerings.

General and administrative expenses decreased by 4.0% to RMB31.8 million (US$4.7 million) in the second quarter of 2026 from RMB33.2 million in the second quarter of 2025.

Product development expenses decreased by 20.8% to RMB5.5 million (US$0.8 million) in the second quarter of 2026 from RMB6.9 million in the second quarter of 2025. The decrease was mainly due to declined compensation expenses related to the Company’s product development personnel.

Net Income

Net income for the second quarter of 2026 was RMB83.5 million (US$12.3 million), as compared to RMB126.6 million in the second quarter of 2025.

Basic and Diluted Net Income Per Share

Basic and diluted net income per share was RMB12.58 (US$1.85) in the second quarter of 2026, as compared to RMB18.75 in the second quarter of 2025.

Cash, Cash Equivalents and Short-term Investments

As of June 30, 2026, the Company had RMB520.6 million (US$76.7 million) of cash, cash equivalents and RMB336.9 million (US$49.6 million) of short-term investments, as compared to RMB576.8 million of cash, cash equivalents and restricted cash and RMB235.9 million of short-term investments as of December 31, 2025.

Deferred Revenue

As of June 30, 2026, the Company had a deferred revenue balance of RMB433.5 million (US$63.9 million), as compared to RMB585.3 million as of December 31, 2025.

Share Repurchase

On May 29, 2026, the Company’s board of directors authorized a share repurchase program, under which the Company may repurchase up to US$50.0 million of Class A ordinary shares in the form of ADSs over the next 36 months. As of August 17, 2026, the Company had repurchased an aggregate of 680,353 ADSs for approximately US$2.3 million under the share repurchase program.

Financial Results for the First Six Months of 2026

Net Revenues

In the first six months of 2026, net revenues decreased by 17.5% to RMB847.0 million (US$124.8 million) from RMB1,026.6 million in the first six months of 2025. The decrease was primarily due to the year-over-year decline in gross billings.

Cost of Revenues

Cost of revenues decreased by 17.8% to RMB116.7 million (US$17.2 million) in the first six months of 2026 from RMB142.0 million in the first six months of 2025. The decrease was mainly due to declined cost of revenues from sales of goods such as learning materials and books and decreased service fees paid to educational institutions.

Gross Profit

Gross profit decreased by 17.5% to RMB730.3 million (US$107.6 million) from RMB884.7 million in the first six months of 2025.

Operating Expenses

In the first six months of 2026, operating expenses were RMB550.0 million (US$81.1 million), representing a 19.6% decrease from RMB683.8 million in the first six months of 2025.

Sales and marketing expenses decreased by 22.0% to RMB470.2 million (US$69.3 million) in the first six months of 2026 from RMB603.0 million in the first six months of 2025. The decrease was mainly due to the decreases of compensation for sales personnel and the spending on branding and marketing activities focused on interest courses offerings.

General and administrative expenses increased by 0.1% to RMB67.7 million (US$10.0 million) in the first six months of 2026 from RMB67.6 million in the first six months of 2025.

Product development expenses decreased by 8.3% to RMB12.1 million (US$1.8 million) in the first six months of 2026 from RMB13.2 million in the first six months of 2025.

Net Income

Net income for the first six months of 2026 was RMB160.3 million (US$23.6 million), compared with RMB201.8 million in the first six months of 2025.

Basic and Diluted Net Income Per Share

Basic and diluted net income per share was RMB24.05 (US$3.54) in the first six months of 2026, compared with RMB29.87 in the first six months of 2025.

Outlook

For the third quarter of 2026, Sunlands currently expects net revenues to be between RMB330 million to RMB350 million, which would represent a decrease of between 33.1% to 36.9% year-over-year. The above outlook is based on the current market conditions and reflects the Company’s current and preliminary estimates of market and operating conditions and customer demand, which are all subject to substantial uncertainty.

Exchange Rate

The Company’s business is primarily conducted in China and all revenues are denominated in Renminbi (“RMB”). This announcement contains currency conversions of RMB amounts into U.S. dollars (“US$”) solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at a rate of RMB6.7851 to US$1.00, the effective noon buying rate for June 30, 2026 as set forth in the H.10 statistical release of the Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on June 30, 2026, or at any other rate.


About Sunlands

Sunlands Technology Group (NYSE: STG) (“Sunlands” or the “Company”), formerly known as Sunlands Online Education Group, is a leader in China’s adult online education market and China’s adult personal interest learning market. With a one to many live streaming platform, Sunlands offers various degree- or diploma-oriented post-secondary courses as well as professional certification preparation, professional skills and interest courses. Students can access the Company’s services either through PC or mobile applications. The Company’s online platform cultivates a personalized, interactive learning environment by featuring a virtual learning community and a vast library of educational content offerings that adapt to the learning habits of its students. Sunlands offers a unique approach to education research and development that organizes subject content into Learning Outcome Trees, the Company’s proprietary knowledge management system. Sunlands has a deep understanding of the educational needs of its prospective students and offers solutions that help them achieve their goals.


About Non-GAAP Financial Measures

We use gross billings, EBITDA, non-GAAP operating cost and expenses, non-GAAP income from operations and non-GAAP net income per share, each a non-GAAP financial measure, in evaluating our operating results and for financial and operational decision-making purposes.

We define gross billings for a specific period as the total amount of cash received for the sale of course packages, net of the total amount of refunds paid in such period. Our management uses gross billings as a performance measurement because we generally bill our students for the entire course tuition at the time of sale of our course packages and recognize revenue proportionally over a period. EBITDA is defined as net income excluding depreciation and amortization, interest expense, interest income, and income tax expenses. Adjusted EBITDA is defined as net income excluding depreciation and amortization, interest expense, interest income, income tax expenses and impairment loss on long-lived assets. We believe that gross billings, EBITDA and adjusted EBITDA provide valuable insight into the sales of our course packages and the performance of our business.

These non-GAAP financial measures should not be considered in isolation from, or as a substitute for, their most directly comparable financial measures prepared in accordance with GAAP. A reconciliation of the historical non-GAAP financial measures to their respective most directly comparable GAAP measure has been provided in the tables included below. Investors are encouraged to review the reconciliation of the historical non-GAAP financial measures to their respective most directly comparable GAAP financial measures. As gross billings, EBITDA, adjusted EBITDA, operating cost and expenses excluding share-based compensation expenses, general and administrative expenses excluding share-based compensation expenses, sales and marketing expenses excluding share-based compensation expenses, product development expenses excluding share-based compensation expenses, income from operations excluding share-based compensation expenses, and basic and diluted net income per share excluding share-based compensation expenses have material limitations as an analytical metric and may not be calculated in the same manner by all companies, it may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider gross billings, EBITDA and adjusted EBITDA as a substitute for, or superior to, their respective most directly comparable financial measures prepared in accordance with GAAP. We encourage investors and others to review our financial information in its entirety and not rely on a single financial measure.

Safe Harbor Statement

This press release contains forward-looking statements made under the “safe harbor” provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Sunlands may also make written or oral forward-looking statements in its reports filed with or furnished to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about Sunlands’ beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the following: Sunlands’ goals and strategies; its expectations regarding demand for and market acceptance of its brand and services; its ability to retain and increase student enrollments; its ability to offer new courses and educational content; its ability to improve teaching quality and students’ learning results; its ability to improve sales and marketing efficiency and effectiveness; its ability to engage, train and retain new faculty members; its future business development, results of operations and financial condition; its ability to maintain and improve technology infrastructure necessary to operate its business; competition in the online education industry in China; relevant government policies and regulations relating to Sunlands’ corporate structure, business and industry; and general economic and business condition in China. Further information regarding these and other risks, uncertainties or factors is included in Sunlands’ filings with the U.S. Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and Sunlands does not undertake any obligation to update such information, except as required under applicable law.

For investor and media enquiries, please contact:

Sunlands Technology Group
Investor Relations
Email: [email protected]
SOURCE: Sunlands Technology Group

SUNLANDS TECHNOLOGY GROUP

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except for share and per share data, or otherwise noted)
 
    As of December 31,   As of June 30,
    2025   2026
    RMB   RMB   US$
ASSETS            
Current assets            
Cash and cash equivalents   575,740   520,635   76,732
Restricted cash   1,023    
Short-term investments   235,937   336,876   49,649
Prepaid expenses and other current assets   82,566   93,852   13,832
Deferred costs, current   22,125   14,029   2,068
Total current assets   917,391   965,392   142,281
Non-current assets            
Property and equipment, net   662,178   528,254   77,855
Intangible assets, net   250   95   14
Right-of-use assets   99,111   94,324   13,902
Deferred costs, non-current   10,643   6,502   958
Long-term investments   318,791   339,178   49,989
Deferred tax assets   19,104   17,149   2,527
Other non-current assets   19,750   18,274   2,693
Total non-current assets   1,129,827   1,003,776   147,938
TOTAL ASSETS   2,047,218   1,969,168   290,219
             
LIABILITIES AND SHAREHOLDERS’ EQUITY            
             
LIABILITIES            
Current liabilities            
Accrued expenses and other current liabilities   366,011   317,064   46,730
Deferred revenue, current portion   384,334   266,443   39,269
Lease liabilities, current portion   9,104   9,347   1,378
Total current liabilities   759,449   592,854   87,377



SUNLANDS TECHNOLOGY GROUP

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS-continued

(Amounts in thousands, except for share and per share data, or otherwise noted)
 
    As of December 31,   As of June 30,
    2025   2026
    RMB   RMB   US$
Non-current liabilities            
Deferred revenue, non-current portion   200,960     167,011     24,614  
Lease liabilities, non-current portion   129,564     123,761     18,240  
Deferred tax liabilities   5,786     9,596     1,414  
Other non-current liabilities   7,392     6,650     980  
Total non-current liabilities   343,702     307,018     45,248  
TOTAL LIABILITIES   1,103,151     899,872     132,625  
             
SHAREHOLDERS’ EQUITY            
Class A ordinary shares (par value of US$0.00005, 796,062,195 shares            
authorized; 3,131,807 and 3,131,807 shares issued as of December 31, 2025            
and June 30, 2026, respectively; 2,538,047 and 2,227,653 shares            
outstanding as of December 31, 2025 and June 30, 2026, respectively)   1     1      
Class B ordinary shares (par value of US$0.00005, 826,389 shares            
authorized; 826,389 and 826,389 shares issued and outstanding            
as of December 31, 2025 and June 30, 2026, respectively)            
Class C ordinary shares (par value of US$0.00005, 203,111,416 shares            
authorized; 3,332,062 and 3,332,062 shares issued and outstanding            
as of December 31, 2025 and June 30, 2026, respectively)   1     1      
Treasury stock            
Statutory reserves   22,440     22,440     3,307  
Accumulated deficit   (1,486,011 )   (1,325,704 )   (195,385 )
Additional paid-in capital   2,287,553     2,273,605     335,088  
Accumulated other comprehensive income   121,570     100,440     14,803  
Total Sunlands Technology Group shareholders’ equity   945,554     1,070,783     157,813  
Non-controlling interest   (1,487 )   (1,487 )   (219 )
TOTAL SHAREHOLDERS’ EQUITY   944,067     1,069,296     157,594  
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY   2,047,218     1,969,168     290,219  

SUNLANDS TECHNOLOGY GROUP

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in thousands, except for share and per share data, or otherwise noted)
 
    For the Three Months Ended June 30,
    2025   2026
    RMB   RMB   US$
Net revenues   539,015     406,367     59,891  
Cost of revenues   (69,641 )   (57,201 )   (8,430 )
Gross profit   469,374     349,166     51,461  
             
Operating expenses            
Sales and marketing expenses   (302,527 )   (228,378 )   (33,659 )
Product development expenses   (6,946 )   (5,498 )   (810 )
General and administrative expenses   (33,150 )   (31,811 )   (4,688 )
Total operating expenses   (342,623 )   (265,687 )   (39,157 )
Income from operations   126,751     83,479     12,304  
Interest income   6,734     5,753     848  
Interest expense   (273 )        
Other income, net   7,240     8,314     1,225  
Gain on disposal of subsidiaries       661     97  
Income before income tax expenses            
and loss from equity method investments   140,452     98,207     14,474  
Income tax expenses   (13,550 )   (14,158 )   (2,087 )
Loss from equity method investments   (257 )   (589 )   (87 )
Net income   126,645     83,460     12,300  
             
Less: Net loss attributable to non-controlling interest            
Net income attributable to Sunlands Technology Group   126,645     83,460     12,300  
Net income per share attributable to ordinary shareholders of            
Sunlands Technology Group:            
Basic and diluted   18.75     12.58     1.85  
Weighted average shares used in calculating net income            
per ordinary share:            
Basic and diluted   6,753,895     6,633,622     6,633,622  



SUNLANDS TECHNOLOGY GROUP

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Amounts in thousands)
 
    For the Three Months Ended June 30,
    2025   2026
    RMB   RMB   US$
Net income   126,645     83,460     12,300  
Other comprehensive (loss)/gain, net of tax effect of nil:            
Change in cumulative foreign currency translation adjustments   (7,885 )   (12,510 )   (1,844 )
Unrealized gain on available-for-sale investments, net of tax effect of nil   11,311     6,510     959  
Total comprehensive income   130,071     77,460     11,415  
Less: comprehensive income attributable to non-controlling interest            
Comprehensive income attributable to Sunlands Technology Group   130,071     77,460     11,415  



SUNLANDS TECHNOLOGY GROUP

RECONCILIATION OF GAAP AND NON-GAAP RESULTS

(Amounts in thousands)
 
    For the Three Months Ended June 30,
    2025   2026
    RMB   RMB
Net revenues   539,015     406,367  
Less: other revenues   (60,566 )   (51,826 )
Add: tax and surcharges   19,761     12,928  
Add: ending deferred revenue   814,277     433,454  
Add: ending refund liability   77,942     43,368  
Less: beginning deferred revenue   (891,617 )   (500,548 )
Less: beginning refund liability   (98,516 )   (57,553 )
Gross billings (non-GAAP)   400,296     286,190  
         
         
         
Net income   126,645     83,460  
Add: income tax expenses   13,550     14,158  
Add: depreciation and amortization   7,205     4,783  
Add: interest expense   273      
Less: interest income   (6,734 )   (5,753 )
EBITDA (non-GAAP)   140,939     96,648  
Add: Impairment loss on long-lived assets        
Adjusted EBITDA (non-GAAP)   140,939     96,648  

SUNLANDS TECHNOLOGY GROUP

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in thousands, except for share and per share data, or otherwise noted)
 
    For the Six Months Ended June 30,
    2025   2026
    RMB   RMB   US$
Net revenues   1,026,640     847,027     124,836  
Cost of revenues   (141,977 )   (116,740 )   (17,205 )
Gross profit   884,663     730,287     107,631  
             
Operating expenses            
Sales and marketing expenses   (602,971 )   (470,238 )   (69,305 )
Product development expenses   (13,188 )   (12,092 )   (1,782 )
General and administrative expenses   (67,609 )   (67,680 )   (9,975 )
Total operating expenses   (683,768 )   (550,010 )   (81,062 )
Income from operations   200,895     180,277     26,569  
Interest income   12,141     10,973     1,617  
Interest expense   (680 )        
Other income, net   13,857     12,955     1,909  
Gain on disposal of subsidiaries       661     97  
Income before income tax expenses            
and loss from equity method investments   226,213     204,866     30,192  
Income tax expenses   (23,324 )   (42,963 )   (6,332 )
Loss from equity method investments   (1,068 )   (1,596 )   (235 )
Net income   201,821     160,307     23,625  
             
Less: Net loss attributable to non-controlling interest            
Net income attributable to Sunlands Technology Group   201,821     160,307     23,625  
Net income per share attributable to ordinary shareholders of            
Sunlands Technology Group:            
Basic and diluted   29.87     24.05     3.54  
Weighted average shares used in calculating net income            
per ordinary share:            
Basic and diluted   6,756,532     6,664,889     6,664,889  



SUNLANDS TECHNOLOGY GROUP

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Amounts in thousands)
 
    For the Six Months Ended June 30,
    2025   2026
    RMB   RMB   US$
Net income   201,821     160,307     23,625  
Other comprehensive (loss)/gain, net of tax effect of nil:            
Change in cumulative foreign currency translation adjustments   (11,481 )   (21,666 )   (3,193 )
Unrealized gain on available-for-sale investments, net of tax effect of nil   52     536     79  
Total comprehensive income   190,392     139,177     20,511  
Less: comprehensive income attributable to non-controlling interest            
Comprehensive income attributable to Sunlands Technology Group   190,392     139,177     20,511  



SUNLANDS TECHNOLOGY GROUP

RECONCILIATION OF GAAP AND NON-GAAP RESULTS

(Amounts in thousands)
 
    For the Six Months Ended June 30,
    2025   2026
    RMB   RMB
Net revenues   1,026,640     847,027  
Less: other revenues   (119,486 )   (112,355 )
Add: tax and surcharges   42,051     29,151  
Add: ending deferred revenue   814,277     433,454  
Add: ending refund liability   77,942     43,368  
Less: beginning deferred revenue   (916,510 )   (585,294 )
Less: beginning refund liability   (112,342 )   (64,393 )
Gross billings (non-GAAP)   812,572     590,958  
         
         
         
Net income   201,821     160,307  
Add: income tax expenses   23,324     42,963  
Add: depreciation and amortization   14,423     11,953  
Add: interest expense   680      
Less: interest income   (12,141 )   (10,973 )
EBITDA (non-GAAP)   228,107     204,250  
Add: Impairment loss on long-lived assets        
Adjusted EBITDA (non-GAAP)   228,107     204,250  



Futu Announces Second Quarter 2026 Unaudited Financial Results

HONG KONG, Aug. 20, 2026 (GLOBE NEWSWIRE) — Futu Holdings Limited (“Futu” or the “Company”) (Nasdaq: FUTU), a leading tech-driven online brokerage and wealth management platform, today announced its unaudited financial results for the second quarter ended June 30, 2026.

Second Quarter 2026 Operational Highlights

  • Total number of
    funded
    account
    s
    1 increased 33.6% year-over-year to 3,842,667 as of June 30, 2026.
  • Total number of
    brokerage account
    s
    2 increased 26.6% year-over-year to 6,639,583 as of June 30, 2026.
  • Total number of users
    3 increased 15.2% year-over-year to 31.3 million as of June 30, 2026.
  • Total client assets increased 43.6% year-over-year to HK$1.40 trillion as of June 30, 2026.
  • Daily average client assets were HK$1.39 trillion in the second quarter of 2026, an increase of 55.6% from the same period in 2025.
  • Total trading volume in the second quarter of 2026 increased by 78.8% year-over-year to HK$6.42 trillion, in which trading volume for U.S. stocks was HK$5.02 trillion, and trading volume for Hong Kong stocks was HK$1.17 trillion.
  • Margin financing and securities lending balance increased 85.1% year-over-year to HK$95.1 billion as of June 30, 2026.

Second Quarter 2026 Financial Highlights 

  • Total revenues increased 35.6% year-over-year to HK$7,200.2 million (US$918.2 million). 
  • Total gross profit increased 33.9% year-over-year to HK$6,214.8 million (US$792.5 million).
  • Net income increased 41.6% year-over-year to HK$3,641.9 million (US$464.4 million). 
  • Non-GAAP adjusted net income⁴ increased 40.1% year-over-year to HK$3,725.1 million (US$475.0 million). 

Mr. Leaf Hua Li, Futu’s Chairman and Chief Executive Officer, said, “In the second quarter, we added 252 thousand net new funded accounts, bringing total funded accounts to 3.8 million, up 33.6% year-over-year. Growth in funded accounts this quarter was supported by continued momentum across our international markets, reinforcing the diversification of our client base. Malaysia led new funded account additions for the third consecutive quarter. Hong Kong and Singapore followed as key contributors, with new client cohorts in both markets demonstrating stronger initial monetization compared with prior periods, a signal of ongoing quality improvement in our more established markets.”

“Total client assets were HK$1.40 trillion as of quarter end, up 43.6% year-over-year and 14.5% quarter-over-quarter. The growth was mainly attributable to higher market valuation of clients’ stock holdings, and to a lesser extent, net asset inflow. Margin financing and securities lending balance rose 30.5% quarter-over-quarter to HK$95.1 billion, driven by an active Hong Kong IPO market, alongside upbeat sentiment that fueled higher utilization of leverage.”

“Total trading volume reached a record HK$6.42 trillion, up 78.8% year-over-year and 54.6% quarter-over-quarter, supported by a meaningful acceleration in U.S. stock trading activity. U.S. stock trading volume rose 67.2% sequentially to HK$5.02 trillion, driven by heightened client interest in semiconductor and other AI value chain names. Hong Kong stock trading volume grew 15.9% quarter-over-quarter to HK$1.17 trillion, reflecting client engagement in semiconductor, China internet, and newly listed AI names.”

“Total client assets in wealth management increased 10.4% year-over-year and 1.0% quarter-over-quarter to HK$180.2 billion, primarily supported by growth in equity fund holdings amid strong global equity market performance. In Hong Kong, we added new global equity mutual funds to our platform and expanded thematic investor engagement around frontier areas such as the space economy. In Singapore, we further broadened our fund shelf with new local equity strategies aligned with the country’s capital markets development priorities.”

“As of quarter end, we cumulatively served 683 IPO distribution and IR clients, up 32.1% year-over-year. Against a robust Hong Kong IPO backdrop, we provided investment banking services to nearly 60% of new listings during the quarter, including those of Star Sports Medicine, Lightelligence, and Metis TechBio.”

“In recent months, we made meaningful progress across our global franchise. In June, Moomoo launched Prediction Markets in the U.S., broadening the ways our clients can engage with financial markets and real-world developments, driving active client participation. Futu Securities also received SFC approval to launch a virtual asset financing service through our proprietary trading platform PantherTrade, further expanding our product runway within Hong Kong’s evolving virtual asset framework. In July, we obtained a Type A license from the Thailand Securities and Exchange Commission, positioning us to launch Moomoo Thailand and further extend our footprint across Southeast Asia. Together, these developments deepen the product breadth and expand the geographic reach of our platform for global investors.”

Mr. Arthur Yu Chen, Futu’s Chief Financial Officer, added, “As of June 30, 2026, we have repurchased approximately 3.8 million ADSs for an aggregate consideration of approximately US$418 million in open market transactions in accordance with the authorization under the current share repurchase program.”

Second Quarter 2026 Financial Results

Revenues

Total revenues were HK$7,200.2 million (US$918.2 million), an increase of 35.6% from HK$5,310.9 million in the second quarter of 2025. 

Brokerage commission and handling charge income was HK$3,360.6 million (US$428.5 million), an increase of 30.3% from the second quarter of 2025. This was mainly due to higher trading volume, partially offset by a decline in blended commission rate. 

Interest income was HK$3,123.8 million (US$398.3 million), an increase of 36.5% from the second quarter of 2025. The increase was mainly driven by higher interest income from margin financing and bank deposit. 

Other income was HK$715.8 million (US$91.3 million), an increase of 61.2% from the second quarter of 2025. The increase was primarily attributable to higher currency exchange income and IPO financing service income. 

Costs

Total costs were HK$985.4 million (US$125.7 million), an increase of 46.9% compared to HK$670.9 million in the second quarter of 2025. 

Brokerage commission and handling charge expenses were HK$247.5 million (US$31.6 million), an increase of 54.1% from the second quarter of 2025. The increase was primarily due to higher trading volume.

Interest expenses were HK$512.9 million (US$65.4 million), an increase of 35.8% from the second quarter of 2025. The increase was primarily due to higher expenses associated with our margin financing. 

Processing and servicing costs were HK$225.0 million (US$28.7 million), an increase of 69.6% from the second quarter of 2025. The increase was primarily due to increasing cloud service fees in AI capabilities. 

Gross Profit

Total gross profit was HK$6,214.8 million (US$792.5 million), an increase of 33.9% from HK$4,639.9 million in the second quarter of 2025. Gross margin was 86.3%, as compared to 87.4% in the second quarter of 2025. 

Operating Expenses

Total operating expenses were HK$1,751.3 million (US$223.3 million), an increase of 35.1% from HK$1,296.0 million in the second quarter of 2025. 

Research and development expenses were HK$501.0 million (US$63.9 million), an increase of 13.4% from the second quarter of 2025. This was primarily driven by increased investment in strategic initiatives.

Selling and marketing expenses were HK$657.1 million (US$83.8 million), an increase of 53.1% from HK$429.1 million in the second quarter of 2025. This was driven by the increase of new funded accounts. 

General and administrative expenses were HK$593.1 million (US$75.6 million), an increase of 39.6% from the second quarter of 2025. The increase was primarily due to an increase in general and administrative personnel to support business development.

Income from Operations

Income from operations increased by 33.5% to HK$4,463.5 million (US$569.2 million) from HK$3,344.0 million in the second quarter of 2025. Operating margin declined to 62.0% from 63.0% in the second quarter of 2025. 

Net Income

Net income increased by 41.6% to HK$3,641.9 million (US$464.4 million) from HK$2,572.6 million in the second quarter of 2025. Net income margin for the second quarter of 2026 increased to 50.6% from 48.4% in the year-ago quarter.

Non-GAAP adjusted net income increased by 40.1% to HK$3,725.1million (US$475.0 million) from the second quarter of 2025. Non-GAAP adjusted net income is defined as net income excluding share-based compensation expenses. For further information, see “Use of Non-GAAP Financial Measures” at the bottom of this press release.

Net Income per ADS

Basic net income per American Depositary Share (“ADS”) was HK$26.32 (US$3.36), compared with HK$18.48 in the second quarter of 2025. Diluted net income per ADS was HK$26.08 (US$3.33), compared with HK$18.24 in the second quarter of 2025. Each ADS represents eight Class A ordinary shares.

Conference Call and Webcast

Futu’s management will hold an earnings conference call on Thursday, August 20, 2026, at 7:30 AM U.S. Eastern Time (7:30 PM on the same day, Beijing/Hong Kong Time).

Please note that all participants will need to pre-register for the conference call, using the link

https://register-conf.media-server.com/register/BIc3f2e0e4bf004756b6d281e81ca215dd

It will automatically lead to the registration page of “Futu Holdings Ltd First Quarter 2026 Earnings Conference Call”, where details for RSVP are needed.

Upon registering, all participants will be provided in confirmation emails with participant dial-in numbers and personal PINs to access the conference call. Please dial in 10 minutes prior to the call start time using the conference access information.

Additionally, a live and archived webcast of this conference call will be available at https://ir.futuholdings.com/.

About Futu Holdings Limited

Futu Holdings Limited (Nasdaq: FUTU) is an advanced technology company transforming the investing experience by offering fully digitalized financial services. Through its proprietary digital platforms, Futubull and Moomoo, the Company provides a full range of investment services, including trade execution and clearing, margin financing and securities lending, and wealth management. The Company has embedded social media tools to create a network centered around its users and provide connectivity to users, investors, companies, analysts, media and key opinion leaders. The Company also provides corporate services, including IPO distribution, investor relations and ESOP solution services.

Use of Non-GAAP Financial Measures

In evaluating the business, the Company considers and uses non-GAAP adjusted net income, a non-GAAP measure, as a supplemental measure to review and assess its operating performance. The presentation of the non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company defines non-GAAP adjusted net income as net income excluding share-based compensation expenses. The Company presents the non-GAAP financial measure because it is used by the management to evaluate the operating performance and formulate business plans. Non-GAAP adjusted net income enables the management to assess the Company’s operating results without considering the impact of share-based compensation expenses, which are non-cash charges. The Company also believes that the use of the non-GAAP measure facilitates investors’ assessment of its operating performance.

Non-GAAP adjusted net income is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. This non-GAAP financial measure has limitations as analytical tools. One of the key limitations of using non-GAAP adjusted net income is that it does not reflect all items of expense that affect the Company’s operations. Share-based compensation expenses have been and may continue to be incurred in the business and is not reflected in the presentation of non-GAAP adjusted net income. Further, the non-GAAP measure may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited.

The Company compensates for these limitations by reconciling the non-GAAP financial measure to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating the Company’s performance.

For more information on this non-GAAP financial measure, please see the table captioned “Unaudited Reconciliations of Non-GAAP and GAAP Results” set forth at the end of this press release.

Exchange Rate Information

This announcement contains translations of certain HK dollars (“HK$”) amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from HK$ to US$ were made at the rate of HK$7.8420 to US$1.00, the noon buying rate in effect on June 30, 2026 in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the HK$ or US$ amounts referred could be converted into US$ or HK$, as the case may be, at any particular rate or at all.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the quotations from the management team of the Company, contain forward-looking statements. Futu may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Futu’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Futu’s goal and strategies; Futu’s expansion plans; Futu’s future business development, financial condition and results of operations; Futu’s expectations regarding demand for, and market acceptance of, its credit products; Futu’s expectations regarding keeping and strengthening its relationships with borrowers, institutional funding partners, merchandise suppliers and other parties it collaborates with; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Futu’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Futu does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor inquiries, please contact:

Investor Relations
Futu Holdings Limited
[email protected]

_________________

1 The number of funded accounts refers to the number of brokerage accounts with Futu that have a positive account balance. Multiple funded accounts by one client are counted as one funded account.
2 Multiple brokerage accounts by one client are counted as one brokerage account.
3 The number of users refers to the number of user accounts registered with Futu.
4 Non-GAAP adjusted net income is defined as net income excluding share-based compensation expenses.

FUTU HOLDINGS LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except for share and per share data)

       
  As of
December
31,
  As of
June
3
0,
  2025   2026   2026
  HK$   HK$   US$
ASSETS          
Cash and cash equivalents 10,465,888   18,380,950   2,343,911
Cash held on behalf of clients 113,398,356   135,824,565   17,320,143
Restricted cash 2,510   110,479   14,088
Term deposit   202,212   25,786
Short-term investments 6,688,871   6,612,010   843,154
Securities purchased under agreements to resell 507,767   451,189   57,535
Loans and advances-current (net of allowance of HK$374,604 thousand and HK$1,212,916 thousand as of December 31, 2025 and June 30, 2026, respectively) 64,607,370   91,875,630   11,715,842
Receivables:          
Clients 838,521   817,675   104,269
Brokers 18,459,373   22,416,500   2,858,518
Clearing organizations 5,522,472   6,455,474   823,192
Fund management companies and fund distributors 1,997,086   514,423   65,598
Interest 852,186   950,861   121,252
Amounts due from related parties 6,780   5,100   650
Prepaid assets 77,960   151,625   19,335
Other current assets 225,478   450,466   57,445
Total current assets 223,650,618   285,
219,159
  36,3
70,718
           
Operating lease right-of-use assets 569,939   698,407   89,060
Long-term investments 615,220   921,141   117,463
Loans and advances-non-current 139,668   67,002   8,544
Other non-current assets 3,461,431   5,701,904   727,096
Total non-current assets 4,786,258   7,388,454   942,163
Total assets 228,436,876   292,
607,613
  37,
312,881

LIABILITIES          
Amounts due to related parties 67,143     130,170     16,599  
Payables:          
Clients 125,249,957     145,416,920     18,543,345  
Brokers 38,678,396     66,150,701     8,435,438  
Clearing organizations 750,964     5,119,024     652,770  
Fund management companies and fund distributors 1,277,467     165,342     21,084  
Interest 62,527     103,922     13,252  
Borrowings 12,143,237     15,735,475     2,006,564  
Securities sold under agreements to repurchase 4,743,096     11,844,449     1,510,386  
Lease liabilities-current 200,089     211,910     27,022  
Accrued expenses and other current liabilities 4,527,129     7,842,828     1,000,105  
Total current liabilities 187,700,005     252,
720,741
    32,22
6,565
 
           
Lease liabilities-non-current 393,843     527,530     67,272  
Other non-current liabilities 21,906     154,873     19,749  
Total non-current liabilities 415,749     682,403     87,021  
Total liabilities 188,115,754     253,
403,144
    32,3
13,586
 
           
           
SHAREHOLDERS’ EQUITY          
Class A ordinary shares 73     61     8  
Class B ordinary shares 27     27     3  
Additional paid-in capital 19,158,175     14,096,984     1,797,626  
Treasury Stock (5,199,257 )   (3,275,796 )   (417,725 )
Accumulated other comprehensive income 51,503     426,150     54,342  
Retained earnings 25,990,667     27,629,264     3,523,243  
Total shareholders’ equity 40,001,188     38,876,690     4,957,497  
           
           
Non-controlling interests 319,934     327,779     41,798  
Total equity 40,321,122     39,204,469     4,999,295  
Total
liabilities and
equity
228,436,876     292,
607,613
    37,
312,881
 
           

FUTU HOLDINGS LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME

(In thousands, except for share and per share data)

       
  For the T
hree
Months Ended
  For the Six Months Ended
  June 30,

202
5
  June 30,

202
6
  June 30,

202
6
  June 30,

202
5
  June 30,

202
6
  June 30,

202
6
  HK$   HK$   US$   HK$   HK$   US$
Revenues                      
Brokerage commission and handling charge income 2,578,602     3,360,646     428,545     4,888,822     6,002,080     765,376  
Interest income 2,288,156     3,123,775     398,339     4,358,625     5,774,009     736,293  
Other income 444,132     715,793     91,276     758,080     1,280,115     163,238  
Total revenues 5,310,890     7,200,214     918,160     10,005,527     13,056,204     1,664,907  
Costs                      
Brokerage commission and handling charge expenses (160,597 )   (247,503 )   (31,561 )   (304,102 )   (411,977 )   (52,535 )
Interest expenses (377,629 )   (512,877 )   (65,401 )   (846,962 )   (927,564 )   (118,282 )
Processing and servicing costs (132,716 )   (225,033 )   (28,696 )   (268,831 )   (395,153 )   (50,389 )
Total costs (6
70
,
942
)   (985,413 )   (125,658 )   (1,41
9
,
895
)   (1,734,694 )   (221,206 )
Total gross profit 4,6
39
,
948
    6,214,801     792,502     8,58
5
,
632
    11,321,510     1,443,701  
                       
Operating expenses                      
Research and development expenses (441,925 )   (501,021 )   (63,889 )   (827,904 )   (979,901 )   (124,955 )
Selling and marketing expenses (429,132 )   (657,127 )   (83,796 )   (888,334 )   (1,213,878 )   (154,792 )
General and administrative expenses (424,908 )   (593,112 )   (75,633 )   (840,153 )   (1,134,029 )   (144,610 )
Total operating expenses (1,29
5
,
965
)   (1,751,260 )   (223,318 )   (2,55
6
,
391
)   (3,327,808 )   (424,357 )
                       
Income from operations 3,343,983     4,463,541     569,184     6,029,241     7,993,702     1,019,344  
                       
Others, net (168,114 )   (188,648 )   (24,056 )   (188,712 )   (2,322,072 )   (296,107 )
                       
Income before income tax expense and share of (loss)/gain from equity
method investments
3,175,869     4,274,893     545,128     5,840,529     5,671,630     723,237  
                       
Income tax expense (579,809 )   (698,375 )   (89,056 )   (1,070,768 )   (1,305,359 )   (166,457 )
Share of (loss)/gain from equity method investments (23,500 )   65,338     8,332     (54,497 )   106,570     13,590  
                       
Net income 2,572,560     3,641,856     464,404     4,715,264     4,472,841     570,370  
                       
Attributable to:                      
Ordinary shareholders of the Company 2,574,209     3,646,775     465,031     4,719,532     4,497,325     573,492  
Non-controlling interests (1,649 )   (4,919 )   (627 )   (4,268 )   (24,484 )   (3,122 )
  2,572,560     3,641,856     464,404     4,715,264     4,472,841     570,370  

Net income per share attributable to ordinary shareholders of the

Company
                     
Basic 2.31     3.29     0.42     4.24     4.03     0.51  
Diluted 2.28     3.26     0.42     4.19     3.99     0.51  
                       
Net income per ADS                      
Basic 18.48     26.32     3.36     33.92     32.24     4.11  
Diluted 18.24     26.08     3.33     33.52     31.92     4.07  
                       
Weighted average number of ordinary shares used in computing

net income per share
                     
Basic 1,114,047,038     1,109,913,839     1,109,913,839     1,113,738,611     1,115,651,677     1,115,651,677  
Diluted 1,128,991,818     1,120,132,347     1,120,132,347     1,127,802,882     1,126,861,434     1,126,861,434  
                       
Net income 2,572,560     3,641,856     464,404     4,715,264     4,472,841     570,370  
Other comprehensive income
/(loss)
, net of tax
                     
Changes in the fair value of financial assets     (3,233 )   (412 )       (15,392 )   (1,963 )
Foreign currency translation adjustment 327,589     125,697     16,029     392,804     386,179     49,245  
Total comprehensive income 2,900,149     3,764,320     480,021     5,108,068     4,843,628     617,652  
                       
Attributable to:                      
Ordinary shareholders of the Company 2,902,320     3,769,417     480,671     5,112,872     4,871,972     621,266  
Non-controlling interests (2,171 )   (5,097 )   (650 )   (4,804 )   (28,344 )   (3,614 )
  2,900,149     3,764,320     480,021     5,108,068     4,843,628     617,652  
                       

FUTU HOLDINGS LIMITED

UNAUDITED RECONCILIATIONS OF NON-GAAP AND GAAP RESULTS

(In thousands)

       
  For the T
hree
Months Ended
  For the Six Months Ended
  June 30,

202
5
  June 30,

202
6
  June 30,

202
6
  June 30,

202
5
  June 30,

202
6
  June 30,

202
6
  HK$   HK$   US$   HK$   HK$   US$
                       
Net income 2
,
572
,
560
  3,641,856   464,404   4
,
715
,
264
  4,472,841   570,370
Add: Share-based compensation expenses 87,254   83,253   10,616   161,453   171,799   21,908
Adjusted net income 2
,
659
,
814
  3,725,109   475,020   4
,
876
,
717
  4,644,640   592,278
                       

Non-GAAP to GAAP reconciling items have no income tax effect. 



Omdia: Foldable smartphone shipments will double to 36 million units by 2028.

Omdia: Foldable smartphone shipments will double to 36 million units by 2028.

LONDON–(BUSINESS WIRE)–
The foldable smartphone market is expected to grow by more than 20% annually through 2028, with shipments reaching 36 million units, as leading vendors introduce innovative form factors, according to Omdia’s Smartphone Feature Forecast.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260819141961/en/

Worldwide top five book-type foldable smartphone market share in 1H'26

Worldwide top five book-type foldable smartphone market share in 1H’26

Annual shipments are projected to more than double compared with 2025, supported by the emergence of a new wide-format design that is gaining adoption among major smartphone vendors.

“In a year defined by supply chain constraints and market uncertainty, foldable smartphones stand out as the industry’s most compelling growth story,” commented Zaker Li, Principal Analyst. “Huawei pioneered this new wide-format design with the Pura X Max in May 2026, followed by Samsung’s Galaxy Z Fold 8 in August. With other leading vendors set to launch similar products in the coming months, this new category is driving a fresh wave of growth in the foldable smartphone market.”

Wide-format foldable smartphones emerge as a new growth driver

This new wide-format foldable design features a shorter and wider aspect ratio, giving the device a more tablet-like format when unfolded. Compared with traditional book-type foldables, this design can improve portability by reducing overall device volume and weight while providing a larger viewing area for productivity and content consumption. Its wider external sub-display allows more horizontal content to be shown during everyday use, while the unfolded internal display delivers a full-screen, tablet-like experience for multitasking, media consumption, and mobile productivity. This form factor is expected to become an important trend for the next generation of foldable smartphones.

According to Omdia smartphone shipment data, global foldable smartphone shipments reached 18.2 million units in 2025, with year-on-year (YoY) growth slowing to 6%, the lowest rate recorded in recent years. During the first half of 2026, shipments reached 5.1 million units, down 21.6% YoY. Flip-type foldable smartphones declined 47% compared with 1H25, while book-type foldable smartphone shipments remained broadly flat. Book-type shipments accounted for 69% of global foldable smartphone shipments in 1H26, with Huawei and Samsung together dominating 75% of the segment. The emerging wide-format book-type foldable design is projected to support future growth in the category, while demand for flip-type continues to weaken. Leading vendors have already increased production targets for wide-format foldable smartphones in 2026, and more Android brands are expected to adopt similar designs in 2027. As production expands across vendors, these devices are projected to contribute to stronger growth in global foldable smartphone shipments.

Foldable smartphones remain a premium niche despite long-term growth

Omdia forecasts global foldable smartphone shipments to exceed 22 million units in 2026, with YoY growth recovering to more than 22%. Over the long term, foldable smartphones are expected to remain a premium niche within the global smartphone market, with shipments forecast to reach 45 million units by 2030, accounting for less than 3% of total global smartphone shipments.

Foldable smartphones continue to face structural cost barriers, with complex components including large displays, hinges, and specialized glass keeping bill of materials (BOM) costs high. Vendors are therefore prioritizing premium positioning rather than volume, while consumers must weigh higher prices against product trade-offs, including camera performance and repair costs. To drive adoption beyond early adopters, vendors will need to develop differentiated, value-added services that take advantage of the foldable form factor, while exploring strategic partnerships that can reduce ownership costs and demonstrate clearer use-case benefits over conventional smartphones.

ABOUT OMDIA

Omdia, part of TechTarget, Inc. d/b/a Informa TechTarget (Nasdaq: TTGT), is a technology research and advisory group. Our deep knowledge of tech markets grounded in real conversations with industry leaders and hundreds of thousands of data points, make our market intelligence our clients’ strategic advantage. From R&D to ROI, we identify the greatest opportunities and move the industry forward.

Fasiha Khan: [email protected]

Eric Thoo: [email protected]

KEYWORDS: Europe United Kingdom Asia Pacific

INDUSTRY KEYWORDS: Professional Services Consumer Electronics Data Analytics Technology Telecommunications Mobile/Wireless Wearables/Mobile Technology

MEDIA:

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Worldwide top five book-type foldable smartphone market share in 1H’26
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Smartphone Average Selling Price by form factor
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Global foldable smartphone shipment forecast
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EHang Partners with CSCEC Sixth Engineering Bureau on Low-Altitude Infrastructure, with Hainan Lingao Corridor Project Underway

GUANGZHOU, China, Aug. 20, 2026 (GLOBE NEWSWIRE) — EHang Holdings Limited (Nasdaq: EH) (“EHang” or the “Company”), a world-leading advanced air mobility (“AAM”) technology platform company, today announced a strategic cooperation framework agreement of intent with China Construction Sixth Engineering Bureau Corp., Ltd. (“CSCEC Sixth Engineering Bureau”), a top-tier state-owned infrastructure giant in China. The partnership intends to focus on low-altitude infrastructure development and operational scenario planning. The Cross-Sea Low-Altitude Corridor Project in Lingao, Hainan (the “Project”) marks the first project to break ground under the partnership, aiming to establish a closed-loop low altitude economy ecosystem that integrates infrastructure and commercial operations.

Under the framework agreement, China Construction Sixth Engineering Bureau will draw on its industrial chain strengths and state-owned enterprise resources to jointly develop low‑altitude infrastructure such as general aviation airports, eVTOL vertiports and hangars tailored for low‑altitude flight operations and project planning and implementation. EHang, in turn, will deploy its core expertise in R&D, airworthiness certification and operations of pilotless passenger‑grade eVTOLs, providing aircraft alongside supporting operational and technical solutions.

The Project, as the first implementation of the partnership, has officially commenced construction, with Hainan Fuma General Aviation, a client and partner of EHang, as the project owner, CSCEC Sixth Engineering Bureau as the main constructor and EHang providing joint planning of infrastructure and operational sites, aircraft, operational services and technical support.

Centered around the Maniao General Aviation Airport, the Project will develop multiple eVTOL operational sites and vertiports along Lingao’s coastline, with plans to implement point-to-point passenger eVTOL routes and cross-sea shuttle services. The first key flight station, the WingHub South Sea, is taking shape and will include an operations and exhibition center, vertiports compatible with EHang’s pilotless eVTOL aircraft, and testing zones. The center’s application rollout will be implemented in phases: starting from offering aerial sightseeing, low-altitude logistics, training, and testing, followed by expansion to cross-sea passenger transport.

In December 2025, EH216-S completed a 22-kilometer cross-sea flight across the Qiongzhou Strait in 18 minutes, from Haikou in Hainan to Xuwen Port in Guangdong, validating the technical capabilities and efficiency of pilotless eVTOLs in cross-sea applications.

Hainan’s 15th Five-Year Comprehensive Transportation Plan calls for the development of island-wide and cross-sea low-altitude route networks, as well as upgrades of general aviation airports and construction of low-altitude vertical takeoff and landing infrastructure. The Maniao General Aviation Airport in Lingao has been included among 36 major low-altitude infrastructure projects of Hainan’s 15th Five-Year plan. Upon completion, the airport is expected to support point-to-point eVTOL flights between Lingao in Hainan and Xuwen in Guangdong, serving as the key base of an “aerial express corridor” across the inter-provincial Qiongzhou Strait.

A representative of CSCEC Sixth Engineering Bureau, stated, “As a strategic emerging industry and an important area of future development, the low-altitude economy is becoming an important driver of new quality productive forces and urban development. We will leverage its strengths in engineering construction, infrastructure investment and urban development to work with EHang, a leading eVTOL enterprise, on low-altitude infrastructure and application scenarios, supporting the standardized and high-quality development of the low-altitude economy in China.”

Zhao Wang, Chief Operating Officer of EHang, said, “With our pilotless human-carrying eVTOL aircraft that have met the technical and airworthiness requirements for commercial operations, infrastructure remains a critical enabler for scaling real-world applications. Our strategic partnership with CSCEC Sixth Engineering Bureau will bring together infrastructure development capabilities and EHang’s pilotless eVTOL technology to accelerate the build-out of AAM operational infrastructure and flight route network. Starting with the Project in Lingao, Hainan, EHang will work with CSCEC Sixth Engineering Bureau from infrastructure planning through operation launch. We look forward to applying this integrated approach to more cities and regions.”

(Image: EHang and CSCEC Sixth Engineering Bureau Sign Strategic Cooperation Framework Agreement)

(Image: Conceptual Planning Rendering of the WingHub South Sea)

About EHang

EHang (Nasdaq: EH) is the world’s leading advanced air mobility (“AAM”) technology platform company, committed to making safe, autonomous, and eco-friendly air mobility accessible to everyone. The company develops and manufactures a diversified portfolio of pilotless electric vertical take-off and landing (“eVTOL”) aircraft for a wide range of use cases, including aerial tourism, intra-city transport, intercity travel, logistics and emergency firefighting. Its flagship model, EH216-S, has obtained the world’s first type certificate, production certificate and standard airworthiness certificate for pilotless eVTOL issued by the Civil Aviation Administration of China, and is now commercially operated under the country’s first Air Operator Certificates for human-carrying eVTOL services. Complementing this, EHang’s VT35 expands its reach into long-range and intercity scenarios, supporting the development of a multi-tiered low-altitude mobility network. By integrating advanced autonomous technologies with scalable operational infrastructure, EHang is redefining how people and goods move—across cities, regions, and natural barriers—shaping the future of air mobility. For more information, please visit www.ehang.com.

About CSCEC Sixth Engineering Bureau

China Construction Sixth Engineering Bureau Corp., Ltd. (“CSCEC Sixth Engineering Bureau”) is a core member of China State Construction Engineering Corporation, a Fortune Global 500 company. With registered capital of RMB6.278 billion, the company holds top-tier qualifications in building construction, municipal engineering and highway construction, and first-class qualifications in water conservancy, river and lake management and real estate development. Its core businesses include infrastructure, high-end building construction and real estate. The company provides integrated services covering planning, investment, design, construction, operations and technical consulting, with a focus on developing capabilities across the full project lifecycle.

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to” and similar statements. Statements that are not historical facts, including statements about management’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to those relating to certifications, our expectations regarding demand for, and market acceptance of, our products and solutions and the commercialization of UAM services, our relationships with strategic partners, and current litigation and potential litigation involving us. Management has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While they believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond management’s control. These statements involve risks and uncertainties that may cause EHang’s actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements.

Investor Contact: [email protected]
Media Contact: [email protected]

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/5981942a-774d-412d-9c50-5b89ec9b17e0

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Santander Expands U.S. Presence with Completion of Webster Acquisition

Santander Expands U.S. Presence with Completion of Webster Acquisition

  • The combination of Santander’s and Webster’s highly complementary businesses creates a leading retail and commercial bank in the United States with an expanded presence in the Northeast.

  • Building on its decades-long commitment to the United States, this transaction demonstrates the significance of the U.S. market to Santander’s growth strategy.

  • The transaction expands Santander’s scale and capabilities in the United States, growing its customer base to nearly eight million customers nationally and supporting its efforts to achieve around 18% return on tangible equity (RoTE) in the United States by 2028.

  • For now, most everyday banking experiences will remain unchanged for Santander Bank and Webster Bank customers. Accounts and products can continue to be accessed and used exactly as they are today. Customers of both banks will benefit from expanded ATM access without any fees.

BOSTON–(BUSINESS WIRE)–
Santander Holdings USA, Inc. (“Santander US”), the intermediate holding company for Banco Santander, S.A. (“Santander”) in the United States, today announced that, through a series of transactions, it has completed the acquisition of Webster Financial Corporation (“Webster”), the holding company for Webster Bank, N.A. (“Webster Bank”). Building on Santander’s decades-long commitment to the United States, the combined organization brings together two highly complementary businesses. The transaction was first announced in February 2026 and has been completed following the receipt of required shareholder and regulatory approvals and the satisfaction of other customary closing conditions under the terms previously announced.

The acquisition marks a significant milestone in Santander’s growth strategy in the United States and creates a leading U.S. retail and commercial bank by assets. Over the long term, with expanded scale and capabilities, customers will benefit from a broader branch and service footprint, enhanced digital and product offerings, and continued local relationship-based service. The enhancements to its Retail and Commercial segments will also help round out Santander’s diverse business model in the United States, including its Auto, Wealth and Corporate and Investment Banking franchises.

“This is a pivotal moment in Santander’s long journey in the United States that underscores our confidence in the strength and opportunity in the U.S. market,” said Christiana Riley, CEO of Santander US. “By bringing together Santander and Webster, we are combining two organizations with shared values and strong customer relationships. Our five growing businesses will now serve nearly eight million customers across the U.S., with expanded reach and resources to better support their needs and the communities we serve.”

Following the close of the transaction, the combined business emerges as a stronger, more competitive banking organization for customers in the United States, with a pro forma balance sheet of approximately $327 billion in assets, $185 billion in loans, and $172 billion in deposits based on balances as of December 31, 2025*.

“Today marks the beginning of an exciting next chapter for our customers and communities,” said John Ciulla, former CEO of Webster Bank and now CEO of Santander Bank, N.A. (“Santander Bank”). “This combination allows us to further deepen our local relationships with the support of Santander’s global scale, financial strength, and investment capabilities. Together we are enhancing our ability to deliver broader products and services, and remain committed to the trusted partnerships that have always been at the center of how we serve our customers.”

Webster brings a high-quality, relationship-driven deposit base, deeper commercial banking capabilities, and a distinctive Healthcare Financial Services platform, which together improve Santander US’s funding profile, business mix, and competitive relevance. The combination is expected to help Santander achieve its objective of around 18% return on tangible equity (RoTE) in the United States by 2028.

Upon closing, most of Webster’s businesses have become part of Santander Bank. Santander’s and Webster’s experienced integration teams will support a disciplined transition, focused on service continuity for customers and communities, employee engagement, and timely delivery of synergies.

In the coming months, the vast majority of everyday banking experiences with Santander Bank and Webster Bank will remain unchanged as a result of the acquisition. Accounts and products can continue to be accessed and used in the same way. Customers of both banks will now be able to use Webster Bank and Santander Bank ATMs within the United States for cash access without any fees. Any future changes will be communicated well in advance, and no action is required of customers at this time. An FAQ for customers is available on SantanderBank.com.

Following the close of the transaction, Christiana Riley remains Santander’s country head in the United States and CEO of Santander US. John Ciulla, formerly the CEO of Webster Bank, is now the CEO of Santander Bank, and Luis Massiani, formerly the President and Chief Operating Officer of Webster Bank, is now the Chief Operating Officer of Santander US and Santander Bank. Tim Ryan continues to chair the board of directors of Santander Holdings US.

Webster’s former headquarters in Stamford, Connecticut, is now a corporate hub for Santander in the United States, alongside its U.S. headquarters in Boston and corporate hubs in New York, Miami and Dallas.

*Figures based on pro forma of Webster and combined U.S. operations of Santander, as of year-end 2025. The combined U.S. operations of Santander consist of Santander US and Santander’s New York branch.

Santander Holdings USA, Inc. (“Santander US”) is a wholly-owned subsidiary of Madrid-based Banco Santander, S.A. (NYSE: SAN) (“Santander”), recognized as one of the world’s most admired companies by Fortune Magazine in 2026, with more than 182 million customers in the United States, Europe and Latin America. Santander US is the intermediate holding company for Santander’s five growing businesses in the United States. Santander’s U.S. presence consists of auto lending, retail and digital banking, commercial banking, corporate and investment banking, and wealth management businesses. In August 2026,Santander closed on its acquisition of Webster Financial Corporation and, indirectly, Webster Bank, N.A, creating a leading retail and commercial bank in the United States by assets with an expanded presence in the Northeast. In the U.S. market, Santander also is recognized as a top-10 auto lender and a top-10 multifamily bank lender and servicer, and operates one of the fastest growing digital banks, Openbank by Santander, as a division of Santander Bank, N.A. For more information about Santander US, please visit www.santanderus.com.

This press release of Santander Holdings USA, Inc. (“SHUSA”) contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the financial condition, results of operations, business plans and future performance of SHUSA. Words such as “may,” “could,” “should,” “will,” “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” “goal” or similar expressions are intended to indicate forward-looking statements. Although SHUSA believes that the expectations reflected in these forward-looking statements are reasonable as of the date on which the statements are made, factors such as the risks and uncertainties described in SHUSA’s filings with the Securities and Exchange Commission from time to time may cause SHUSA’s performance to differ materially from that suggested by the forward-looking statements. If one or more of the factors affecting SHUSA’s forward-looking statements renders those statements incorrect, SHUSA’s actual results, performance or achievements could differ materially from those expressed in or implied by the forward-looking statements. Readers should not consider these factors to be a complete set of all potential risks or uncertainties as new factors emerge from time to time.

Additionally, Webster Financial Corporation’s (“Webster”) and SHUSA’s actual results, financial condition and achievements may differ materially from those indicated in these forward-looking statements. Important factors that could cause Webster’s and SHUSA’s actual results, financial condition and achievements to differ materially from those indicated in such forward-looking statements include, in addition to those set forth in Webster’s and SHUSA’s filings with the SEC: (1) the risk that the cost savings, synergies and other benefits from the merger of Webster into SHUSA (the “Transaction”) may not be fully realized or may take longer than anticipated to be realized, including as a result of changes in, or problems arising from, general economic and market conditions, interest and exchange rates, monetary policy, laws and regulations and their enforcement, and the degree of competition in the geographic and business areas in which Webster and SHUSA operate; (2) the outcome of any legal or regulatory proceedings or governmental inquiries or investigations that may be currently pending or later instituted against Webster, SHUSA, Banco Santander, S.A. (“Santander”) or the combined company; (3) risks related to management and oversight of the expanded business and operations of the combined company following the closing of the Transaction; (4) the risk that the integration of Webster’s operations with SHUSA’s will be materially delayed or will be more costly or difficult than expected or that the parties are otherwise unable to successfully integrate each party’s businesses into the other’s businesses; (5) reputational risk and potential adverse reactions of Webster’s or SHUSA’s customers, employees, vendors, contractors or other business partners, including those resulting from completion of the Transaction; (6) the dilution caused by Santander’s issuance of additional ordinary shares and corresponding American depositary shares, each representing the right to receive one of its ordinary shares (“ADSs”), in connection with the Transaction; (7) the possibility that any announcements relating to the Transaction could have adverse effects on the market price of Webster’s common stock and Santander’s ordinary shares and ADSs; (8) a material adverse change in the condition of Webster or SHUSA; (9) the extent to which Webster’s or SHUSA’s businesses perform consistent with management’s expectations; (10) Webster’s and SHUSA’s ability to take advantage of growth opportunities and implement targeted initiatives in the timeframe and on the terms currently expected; (11) the inability to sustain revenue and earnings growth; (12) the execution and efficacy of recent strategic investments; (13) the impact of macroeconomic factors, such as changes in general economic conditions and monetary and fiscal policy, particularly on interest rates; (14) changes in customer behavior; (15) unfavorable developments concerning credit quality; (16) declines in the businesses or industries of Webster’s or SHUSA’s customers; (17) the possibility that the combined company is subject to additional regulatory requirements as a result of the Transaction or expansion of the combined company’s business operations following the Transaction; (18) general competitive, political and market conditions and other factors that may affect future returns of Webster and SHUSA, including changes in asset quality and credit risk; (19) security risks, including cybersecurity and data privacy risks, and capital markets; (20) inflation; (21) the impact, extent and timing of technological changes; (22) capital management activities; (23) competitive product and pricing pressures; (24) the outcomes of legal and regulatory proceedings and related financial services industry matters; and (25) compliance with regulatory requirements. Any forward-looking statement made in this communication is based solely on information currently available to us and speaks only as of the date on which it is made.

Forward-looking statements are based on current expectations and future estimates about SHUSA’s and third-parties’ operations and businesses and address matters that are uncertain to varying degrees. Forward-looking statements are aspirational, should be regarded as indicative, preliminary and for illustrative purposes only, speak only as of the date of this report and are informed by the knowledge, information and views available on such date and are subject to change without notice. SHUSA is not required to update or revise any forward-looking statements, regardless of new information, future events or otherwise, except as required by applicable law.

In this press release, we may sometimes refer to certain non-GAAP figures. This information supplements our results as reported in accordance with generally accepted accounting principles (“GAAP”) and should not be viewed in isolation from, or as a substitute for, our GAAP results. We believe that this additional information we provide may be useful to investors, analysts, regulators and others as they evaluate the impact of these items on our results for the periods presented due to the extent to which the items are indicative of our ongoing operations.

The information in this press release is intended only to assist investors and does not constitute legal, tax, accounting, financial or investment advice or an offer to invest. In making this press release, SHUSA gives no advice and makes no recommendation to buy, sell, or otherwise deal in shares or other securities of Santander, SHUSA, Santander Bank, N.A., or any other securities or investments. It is not our intention to state, indicate, or imply in any manner that current or past results are indicative of future results or expectations. As with all investments, there are associated risks, and you could lose money investing. Prior to making any investment, a prospective investor should consult with its own investment, accounting, legal, and financial advisors and independently evaluate the risks, consequences, and suitability of that investment. No offering of securities shall be made in the United States except pursuant to registration under the Securities Act of 1933, as amended, or an exemption therefrom.

No offer or solicitation

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended (the “Securities Act”). No investment activity should be undertaken on the basis of the information contained in this communication. By making this communication available, no advice or recommendation is being given to buy, sell or otherwise deal in any securities or investments whatsoever.

Past performance does not indicate future outcomes

Statements about historical performance or growth rates must not be construed as suggesting that future performance, share price or earnings (including earnings per share) will necessarily be the same or higher than in previous periods. Nothing mentioned in this communication should be taken as a profit and loss forecast.

Andrew Simonelli

[email protected]

KEYWORDS: Massachusetts United States North America

INDUSTRY KEYWORDS: Banking Professional Services Finance

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Uber Launches Baidu’s Fully Driverless Apollo Go in Dubai, Establishing the First Multi-Partner Autonomous Network Globally

Uber Launches Baidu’s Fully Driverless Apollo Go in Dubai, Establishing the First Multi-Partner Autonomous Network Globally

  • Baidu’s fully driverless Apollo Go vehicles are now available to riders on the Uber platform in Dubai, the first market where this partnership comes to reality.

  • Riders may be matched with an Apollo Go vehicle when booking Uber Comfort or UberX, or by selecting the “Autonomous” option in the Uber app.

DUBAI, United Arab Emirates–(BUSINESS WIRE)–
Uber Technologies, Inc (NYSE: UBER) today announced that Baidu, Inc.’s (NASDAQ: BIDU and HKEX: 9888) fully driverless Apollo Go vehicles are officially available to riders on the Uber platform in Dubai, with New Horizon Luxury Transport serving as the fleet operator. This milestone reinforces Uber’s position as the platform of choice for autonomous vehicles (AVs) and marks a leap forward in expanding autonomous technology worldwide. As the inaugural step in a multi-year strategic partnership, Dubai serves as the launchpad for scaling thousands of Apollo Go vehicles across Uber’s global network.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260819810612/en/

Apollo Go’s sixth-generation RT6 is a purpose-built, fully electric robotaxi designed for fully driverless operations

Apollo Go’s sixth-generation RT6 is a purpose-built, fully electric robotaxi designed for fully driverless operations

Starting today, riders in Dubai requesting an UberX or Uber Comfort may be matched with a fully driverless Apollo Go vehicle. To increase the chances of being matched with a robotaxi, riders can also select the dedicated “Autonomous” option directly in the Uber app. At initial launch, the fully autonomous service will be available in select locations in Umm Suqeim and Jumeirah, with plans to expand the operating territory in the future.

“Bringing our partnership with Baidu to life is a major step forward as we expand autonomous mobility globally,” said Sarfraz Maredia, Global Head of Autonomous at Uber. “Launching in Dubai marks the first time our multi-partner vision comes to life on public roads, demonstrating how combining advanced autonomous technology with our global marketplace can accelerate an electric, shared, and autonomous future.”

“This launch marks a meaningful milestone in our partnership with Uber, with Dubai serving as the launchpad as the partnership grows its footprint,” saidNan Yang, Vice President of Baidu and General Manager of Overseas Business Unit, Intelligent Driving Group. “Dubai is also the first city where we’ve successfully established a dual-model offering both self-operated and partner-based autonomous ride-hailing services internationally. With this launch, we are excited to offer another way for riders in Dubai to enjoy the benefits of autonomous mobility.”

The service will use Apollo Go’s sixth-generation RT6, a purpose-built, fully electric robotaxi designed for fully driverless operations. Accommodating up to three passengers, each vehicle is equipped with more than 30 sensors for comprehensive perception of its surroundings and real-time onboard data processing.

Apollo Go brings deep experience in large-scale, real-world deployment and continues to rapidly expand its global footprint. To date, Apollo Go has spanned 28 cities globally, and its fleets have accumulated over 350 million autonomous kilometers, including over 240 million fully driverless autonomous kilometers, with an outstanding safety record.

Safety remains Uber’s top priority. All autonomous vehicles, including Baidu’s Apollo Go, must adhere to Uber’s stringent Safety Guidelines before operating on the network.

Uber is focused on making electric, shared, and autonomous transportation a reality. With more than 30 AV partners and millions of autonomous trips completed each year, the company is building the industry’s first hybrid network—where autonomous vehicles and drivers work side by side to make transportation more affordable, sustainable, and accessible for all.

About Uber

Uber’s mission is to create opportunity through movement. We started in 2010 to solve a simple problem: how do you get access to a ride at the touch of a button? More than 79 billion trips later, we’re building products to get people closer to where they want to be. By changing how people, food, and things move through cities, Uber is a platform that opens up the world to new possibilities.

About Baidu

Founded in 2000, Baidu’s mission is to make the complicated world simpler through technology. Baidu is a leading AI company with strong internet foundation, trading on the NASDAQ under “BIDU” and HKEX under “9888.” One Baidu ADS represents eight Class A ordinary shares.

Uber

[email protected]

Baidu

[email protected]

KEYWORDS: Hong Kong United Arab Emirates Middle East Asia Pacific

INDUSTRY KEYWORDS: Autonomous Driving/Vehicles Automotive Other Transport Technology Apps/Applications Transport Retail Delivery Services

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Apollo Go’s sixth-generation RT6 is a purpose-built, fully electric robotaxi designed for fully driverless operations
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Odysight.ai Inc. Announces Pricing of $11 million Public Offering of Common Stock

Ramat Gan, Israel, Aug. 20, 2026 (GLOBE NEWSWIRE) — Odysight.ai Inc. (the “Company”) (Nasdaq/TASE: ODYS) today announced the pricing of its public offering of 3,437,500 shares of its common stock at a public offering price of $3.20 per share. The gross proceeds to the Company from the offering are expected to be $11 million, before deducting underwriting discounts and commissions and estimated offering expenses payable by the Company. All shares in the offering are being sold by the Company.

In addition, the Company has granted Roth Capital Partners a 30-day option to purchase up to an additional 515,625 shares of common stock, representing 15% of the number of shares sold in the offering, at the public offering price per share, less underwriting discounts and commissions.

The offering includes participation from certain directors, including Benad Goldwasser, the chairman of our Board, and Mori Arkin, as well as certain existing shareholders, who each purchased shares of common stock in this offering at the public offering price per share and on the same terms as the other purchasers in this offering.

The Company intends to use the net proceeds from this offering for research and development, sales and marketing, including activities to scale commercial operations, and for working capital and other general corporate purposes.

Roth Capital Partners is acting as the sole book-running manager for the offering.

The offering is expected to close on or about August 21, 2026, subject to the satisfaction of customary closing conditions.

The offering is being made pursuant to an effective shelf registration statement on Form S-3 (File No. 333-293080), which was previously filed with the Securities and Exchange Commission (SEC) on January 30, 2026, and declared effective on February 6, 2026.

A preliminary prospectus supplement and accompanying prospectus relating to the offering have been filed with the SEC. A final prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC and will be available on the SEC’s website at sec.gov. Electronic copies of the final prospectus supplement may also be obtained from Roth Capital Partners, LLC, Attention: Equity Capital Markets, 888 San Clemente Drive, Newport Beach, CA 92660, or by calling (949) 720-5700 or emailing [email protected].

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Odysight.ai Inc.

Odysight.ai Inc. is a pioneer in the development, production and marketing of an innovative visual monitoring AI solution that deploys small visual sensors to monitor critical safety components in hard-to-reach locations and harsh environments. The Company aims to be the industry benchmark for real-time, visual-based machine and infrastructure health monitoring and predictive maintenance analysis through AI and machine learning data analytics. Odysight’s solutions are successfully deployed by NASA and customers in the aerospace, Industry 4.0, transportation and energy markets. The Company is headquartered in Ramat Gan, Israel. For more information, visit https://www.odysight.ai/.

Forward-Looking Statements

Information set forth in this news release contains forward-looking statements within the meaning of safe harbor provisions of the Private Securities Litigation Reform Act of 1995 relating to future events or our future performance. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, but not limited to, statements regarding the public offering, including statements regarding the completion of the offering, the satisfaction of customary closing conditions related to the offering, and the intended use of net proceeds from the offering. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other comparable terminology. Those statements are based on information we have when those statements are made or our management’s current expectation and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward- looking statements. These risks and uncertainties include, among others, uncertainties related to market conditions, the satisfaction of customary closing conditions, and the completion, timing and size of the proposed offering. Factors that may affect our results, performance, circumstances or achievements include, but are not limited to the following: (i) our ability to scale up our operations, including market acceptance and large-scale adoption of our vision-based sensor products, (ii) the amount and timing of future sales and our long and unpredictable sales cycles, (iii) our ability to maintain product quality and performance at an acceptable cost and meet technical and quality specifications, (iv) our ability to accurately estimate the future supply and demand for our solutions and changes to various factors in our supply chain, (v) the market for adoption of vision-based sensor technologies, (vi) compliance with existing laws and regulations and regulatory developments in the United States, Israel, and other jurisdictions, including trade control laws, export authorizations and safety regulations, (vii) our plans and ability to obtain, maintain, and protect intellectual property rights, including extensions of patent terms, and our ability to avoid infringing the intellectual property rights of others, (viii) the need to hire additional personnel and our ability to attract and retain such personnel, including key members of our senior management, (ix) our estimates regarding expenses, backlog, future revenue, capital requirements and need for additional financing, (x) our dependence on third parties, including suppliers and strategic partners, (xi) our dependence on a limited number of customers for a substantial portion of our revenues, and the impact if order volumes from existing or anticipated customers do not meet expectations (xii) our financial performance and history of operating losses, (xiii) the growth of regulatory requirements and incentives, (xiv) the incorporation of artificial intelligence, or AI, and machine learning, or ML, into our products, (xv) risks related to product liability claims or product recalls, (xvi) cybersecurity risks and potential data security breaches, (xvii) the overall global economic environment and trade tensions, including the adoption or expansion of economic sanctions, tariffs or trade restrictions, (xviii) challenges and risks related to sales to government entities and highly regulated organizations, (xix) the impact of competition and new technologies, (xx) limitations and exclusivity provisions in our customer agreements and restrictions on the use of intellectual property, (xxi) our ability to ensure that our solutions interoperate with a variety of hardware and software platforms, (xxii) our plans to continue to invest in research and develop technology for new products, (xxiii) our plans to potentially acquire complementary businesses, (xxiv) the impact of future pandemics on our business and on the business of our customers, (xxv) fluctuations in foreign currency exchange rates, (xxvi) security, political and economic instability in the Middle East that could harm our business, including due to the security situation in Israel; and military conflicts with Iran and terrorist organizations, (xxvii) the increased expenses and requirements associated with being a listed public company on the Nasdaq Capital Market, or Nasdaq, and (xxviii) risks associated with our dual listing on the Tel Aviv Stock Exchange, or the TASE, including price volatility, liquidity and regulatory requirements. These and other important factors discussed in Odysight.ai’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 19, 2026, and our other reports filed with the SEC, could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Except as required under applicable securities legislation, Odysight.ai undertakes no obligation to publicly update or revise forward-looking information.

Investor Contact:

Odysight.ai Inc.
12 Abba Hilel Silver RD, Sasson Hugi Tower,
Ramat Gan 5250606, Israel.
Tel: +972 73 370-4690



Nebius Group announces pricing of upsized private offering of $5.0 billion of convertible senior notes

Nebius Group announces pricing of upsized private offering of $5.0 billion of convertible senior notes

AMSTERDAM–(BUSINESS WIRE)–
Nebius Group N.V. (“Nebius Group” or the “Company”; NASDAQ: NBIS), the AI cloud company, today announced the pricing of its offering of $5.0 billion aggregate original principal amount of convertible senior notes, in two series: $3.0 billion aggregate original principal amount of 0.50% convertible notes due 2030 (the “2030 Notes”) and $2.0 billion aggregate original principal amount of 4.50% convertible notes due 2034 (the “2034 Notes”, and together with the 2030 Notes, the “Notes”), in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The offering was upsized from the previously announced offering size of $4.5 billion aggregate original principal amount of the Notes. The issuance and sale of the Notes are expected to settle on August 24, 2026, subject to customary closing conditions. Nebius Group has also granted the initial purchasers of the Notes an option to purchase, for settlement within a period of 13 days from, and including, the date the Notes are first issued, up to an additional $450 million aggregate original principal amount of 2030 Notes and up to an additional $300 million aggregate original principal amount of 2034 Notes.

Concurrently with the pricing of the offering of the Notes, in separate, privately negotiated transactions, the Company entered into exchange agreements with a limited number of holders of the Company’s 2.00% Convertible Senior Notes due 2029 (the “2029 Notes”) and 3.00% Convertible Senior Notes due 2031 (the “2031 Notes” and, together with the 2029 Notes, the “Existing Notes”), pursuant to which the Company will exchange $400 million aggregate original principal amount of the 2029 Notes and $400 million aggregate original principal amount of the 2031 Notes for an aggregate of approximately 15.8 million of its Class A ordinary shares, par value €0.01 (“Class A shares”) . The terms of each such exchange were individually negotiated with each participating holder. Holders of the Existing Notes that participated in such exchanges may sell the Class A shares in the open market and/or enter into or unwind various derivative transactions in connection with hedge positions they may have with respect to the Existing Notes. These activities could decrease (or reduce the size of any increase in) the market price of the Class A shares or the trading price of the Company’s other securities. The completion of the Notes offering is not contingent upon the completion of the exchange transactions. The exchange transactions are expected to settle on or about August 24, 2026, subject to customary closing conditions.

The Company estimates that the net proceeds from the offering of the Notes will be approximately $4.94 billion (or approximately $5.68 billion if the initial purchasers fully exercise their option to purchase additional Notes), after deducting the initial purchasers’ discounts and commissions and estimated offering expenses.

The Company intends to use the net proceeds from the offering of the Notes to finance the continuing growth of its business, including expenditures related to the construction and build-out of its data centers, investments to develop its full-stack AI cloud, the expansion of its data center footprint and the procurement of key components (including GPUs), and for general corporate purposes.

The Notes will be issued pursuant to respective indentures (the “Indentures”) between the Company and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”). The Notes will be senior, unsecured obligations of the Company and will bear interest on the original principal amount thereof at an annual rate of 0.50%, in the case of the 2030 Notes, and 4.50%, in the case of the 2034 Notes, payable semi-annually in arrears on February 15 and August 15 of each year, beginning on February 15, 2027.

The initial conversion rate for the 2030 Notes is 3.1902 Class A shares per $1,000 original principal amount of Notes, which represents an initial conversion price of approximately $313.46 per Class A share. The initial conversion price of the 2030 Notes represents a premium of approximately 40.0% over the last reported sale price of $223.90 per Class A share on Nasdaq on August 19, 2026. The initial conversion rate for the 2034 Notes is 3.0802 Class A shares per $1,000 original principal amount of Notes, which represents an initial conversion price of approximately $324.65 per Class A share. The initial conversion price of the 2034 Notes represents a premium of approximately 45.0% over the last reported sale price of $223.90 per Class A share on Nasdaq on August 19, 2026. The conversion rate and conversion price of each series of Notes will be subject to adjustment upon the occurrence of certain events. For conversions made in connection with a “make-whole fundamental change,” as defined in the respective Indenture, the conversion rate will be increased based on a customary make-whole table. For the avoidance of doubt, for the purposes of the exercise of any conversion rights in respect of the Notes, the conversion rate and conversion price will be based on the original principal amount of Notes, and not the Accreted Principal Amount (as defined below).

The 2030 Notes and the 2034 Notes will mature, and the original principal amount of such Notes plus an amount accreted thereon (together, the “Accreted Principal Amount” in respect of the relevant series of Notes) will be payable, on February 15, 2030 and February 15, 2034, respectively, unless the relevant Notes have been earlier repurchased, redeemed or converted in accordance with their terms. The Accreted Principal Amount for the relevant series of Notes will be calculated in accordance with an accretion schedule to be included in the respective Indenture such that, in the case of the 2030 Notes, it reaches 110% of the original principal amount of the 2030 Notes on the respective maturity date and, in the case of the 2034 Notes, it reaches 125% of the original principal amount of the 2034 Notes on the respective maturity date.

Taking into account the Accreted Principal Amount payable at the respective maturity date, the effective conversion price of the 2030 Notes is equal to approximately $344.81 per Class A share at maturity, implying an effective conversion premium of approximately 54.0%, and the effective conversion price of the 2034 Notes is equal to approximately $405.82 per Class A share at maturity, implying an effective conversion premium of approximately 81.3%.

Prior to the close of business on the business day immediately before the date that is two months prior to the respective maturity date of each series of Notes, the Notes of such series will be convertible only upon satisfaction of certain conditions and during certain periods, including if the last reported sale price of the Class A shares over a specified period of time is equal to or greater than 130% of the product of the conversion price for the relevant series of the notes and the then-applicable ratio of the Accreted Principal Amount at the time to the original principal amount of the Notes (the “Accretion Ratio”). From the date that is two months prior to the respective maturity date of each series of Notes, the Notes of such series will be convertible at any time at the election of the holders of such Notes until the close of business on the second scheduled trading day immediately preceding the respective maturity date. The Company will settle conversions of the Notes by paying or delivering, as applicable, cash, Class A shares or a combination of cash and Class A shares, at the Company’s election (subject to certain conditions related to Dutch tax laws).

The Company may not redeem the Notes prior to February 21, 2028 in the case of the 2030 Notes, and August 21, 2028 in the case of the 2034 Notes, except in the event of certain tax law changes. The Notes will be redeemable, in whole or in part (subject to certain limitations), for cash on or after February 21, 2028 in the case of the 2030 Notes, and August 21, 2028 in the case of the 2034 Notes, and on or before the 30th scheduled trading day immediately before the relevant maturity date, but only if (i) such Notes are freely tradable (as defined in the Indentures) and all accrued and unpaid additional interest thereon, if any, has been paid as of the date the Company sends the related redemption notice and (ii) the last reported sale price per Class A share is equal to or exceeds 130% of, or in the case of any 2034 Notes that are to be redeemed on or after August 21, 2028 and prior to August 21, 2029, 150% of, the product of the conversion price for the relevant series of Notes and the then applicable accretion ratio for such series of Notes for a specified period of time. The redemption price for the relevant series of Notes will be equal to the Accreted Principal Amount as of the redemption date of the Notes being redeemed, plus accrued and unpaid interest, if any, on the original principal amount thereof to, but excluding, the redemption date. Following delivery of a redemption notice by the Company in respect of a series of the Notes, holders of the Notes of such series will have the right, at their option, to convert their Notes prior to the close of business on the second business day immediately preceding the redemption date, at the conversion rate applicable at the time. No make-whole adjustments to the conversion rate will be made in connection with any optional redemption or tax redemption.

If certain corporate events that constitute a “fundamental change” occur, then, subject to a limited exception, noteholders may require the Company to repurchase their Notes for cash. The repurchase price will be equal to the Accreted Principal Amount of the relevant series of Notes to be repurchased as of the fundamental change repurchase date, plus accrued and unpaid interest, if any, on the original principal amount thereof to, but excluding, such repurchase date.

The offer and sale of the Notes and any Class A shares deliverable upon conversion of the Notes or deliverable in the exchange transactions described above have not been, and will not be, registered under the Securities Act or any other securities laws, and the Notes and any such Class A shares cannot be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any other applicable securities laws.

This press release does not and shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities, nor shall there be any offer, solicitation or sale of such securities in any state or other jurisdiction in which such offer, sale or solicitation would be unlawful. This press release does not constitute an offer to exchange or purchase or a notice of redemption with respect to the Existing Notes.

About Nebius

Nebius, the AI cloud company, is building the full-stack platform for developers and companies to take charge of their AI future — from data and model training to production deployment. Founded on deep in-house technological expertise and operating at scale with a rapidly expanding global footprint, Nebius serves startups and enterprises building AI products, agents and services worldwide.

Nebius is listed on Nasdaq (Nasdaq: NBIS) and headquartered in Amsterdam.

For more information please visit www.nebius.com.

Media kit nebius.com/media-kit.

Disclaimer

Forward-looking statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties. All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding our ability to successfully complete the offering and exchange transactions described herein, our future financial and business performance, strategy, expected growth, planned investments and capital expenditures, capacity expansion plans, anticipated future financing transactions and expected financial results, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “estimate,” “expect,” “guide,” “intend,” “likely,” “may,” “will” and similar expressions and their negatives are intended to identify forward-looking statements.

These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. Actual results may differ materially from the results predicted or implied by such statements, and our reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted or implied by such statements include, among others: market, macroeconomic and geopolitical conditions; our ability to build, operate and manage our businesses to the desired scale; competitive pressures; technological developments; our ability to secure and retain clients; our ability to secure additional capital to enable the growth of the business; unpredictable sales cycles; and potential pricing pressures; as well as those risks and uncertainties related to our continuing businesses included under the captions “Risk Factors” and “Operating and Financial Review and Prospects” in our Annual Report on Form 20-F for the year ended December 31, 2025, filed with the Securities and Exchange Commission (“SEC”) on April 30, 2026, as amended.

All information in this press release is as of the time of its issuance on August 19, 2026 (unless stated otherwise). Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this press release and, while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements.

Media relations: [email protected]

Investor relations: [email protected]

KEYWORDS: Europe United States Netherlands North America

INDUSTRY KEYWORDS: Data Management Technology Other Technology Mobile/Wireless Software Artificial Intelligence Hardware

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Amylyx Pharmaceuticals Announces Pricing of an Upsized $500 Million Underwritten Public Offering of Common Stock

Amylyx Pharmaceuticals Announces Pricing of an Upsized $500 Million Underwritten Public Offering of Common Stock

CAMBRIDGE, Mass.–(BUSINESS WIRE)–
Amylyx Pharmaceuticals, Inc. (Nasdaq: AMLX) (“Amylyx” or the “Company”) today announced the pricing of an upsized underwritten public offering of 14,090,000 shares of its common stock at a public offering price of $35.50 per share. In addition, Amylyx has granted the underwriters a 30-day option to purchase up to an additional 2,113,500 shares of its common stock at the public offering price per share, less underwriting discounts and commissions. All of the shares of common stock are being offered by Amylyx. The gross proceeds to Amylyx from this offering are expected to be $500.2 million, before deducting underwriting discounts and commissions and offering expenses and excluding any exercise of the underwriters’ option to purchase additional shares.

Amylyx intends to use the net proceeds from this offering, together with existing cash, cash equivalents and marketable securities, for:

  • Pre-commercial activities for avexitide, including securing additional manufacturing capacity;

  • Research and development; and

  • Working capital and other general corporate purposes.

The offering is expected to close on or about August 21, 2026, subject to the satisfaction of customary closing conditions.

Leerink Partners, Morgan Stanley, Guggenheim Securities and LifeSci Capital are acting as joint bookrunning managers for the offering.

The shares described above are being offered pursuant to a shelf registration statement on Form S-3ASR (File No. 333-293956) that became automatically effective upon filing with the Securities and Exchange Commission (the “SEC”) on March 3, 2026. This offering is being made only by means of a prospectus supplement and an accompanying prospectus that form a part of the registration statement.

A preliminary prospectus supplement and accompanying prospectus relating to the offering were filed with the SEC on August 18, 2026, and are available on the SEC’s website located at www.sec.gov. A final prospectus supplement containing additional information relating to the offering and accompanying prospectus will be filed with the SEC and will be available on the SEC’s website at www.sec.gov. When available, copies of the final prospectus supplement and the accompanying prospectus relating to this offering may also be obtained by contacting: Leerink Partners LLC, Syndicate Department, 53 State Street, 40th Floor, Boston, MA 02109, or by telephone at (800) 808-7525 ext. 6105, or by email at [email protected]; Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, or by email at [email protected]; Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison Avenue, 8th Floor, New York, NY 10017, telephone: (212) 518-9544, email: [email protected]; and LifeSci Capital LLC, Attention: LifeSci Capital LLC, 1700 Broadway, 40th Floor, New York, NY 10019, or by email at [email protected].

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of that state or jurisdiction.

About Amylyx Pharmaceuticals

Amylyx’s mission is to usher in a new era of treating diseases with high unmet needs. Where others see challenges, Amylyx sees opportunities and pursues them with urgency, rigorous science, and unwavering commitment to the communities it serves. Amylyx is currently focused on four investigational therapies across several endocrine conditions and neurodegenerative diseases in which it believes it can make the greatest impact.

Forward-Looking Statements

Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including with respect to the completion of the offering, the potential exercise by the underwriters of the option to purchase additional shares, the anticipated closing date of the offering, the expected gross proceeds from the offering and the expected use of proceeds from the offering. No assurance can be given that the offering will be completed. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Any forward-looking statements in this press release are based on management’s current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. Risks that contribute to the uncertain nature of the forward-looking statements include those risks and uncertainties set forth in Amylyx’s SEC filings, including Amylyx’s Annual Report on Form 10-K for the year ended December 31, 2025, Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2026 and its subsequent filings with the SEC. All forward-looking statements contained in this press release speak only as of the date on which they were made. Amylyx undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made except as required by law. In light of the foregoing, investors are urged not to rely on any forward-looking statement in reaching any conclusion or making any investment decision about any securities of Amylyx.

Media

Amylyx Media Team

(857) 320-6191

[email protected]

Investors

Lindsey Allen

(857) 320-6244

[email protected]

KEYWORDS: Massachusetts United States North America

INDUSTRY KEYWORDS: Biotechnology Pharmaceutical Health Neurology

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Litchfield Hills Research Reiterates Buy Rating and $66 Price Target; Faraday Future Global CEO YT Jia and the Founding Team Affirm Their Commitment to Long-Term Share Ownership

Litchfield Hills Research Reiterates Buy Rating and $66 Price Target; Faraday Future Global CEO YT Jia and the Founding Team Affirm Their Commitment to Long-Term Share Ownership

  • Litchfield Hills Research reiterates its Buy rating and 12-month price target of $66.00 per share and raises its 2026 revenue estimate to approximately $5.8 million from $4.5 million.

  • In the second half of July, the Company began implementing adjustments to management compensation by reducing short-term cash compensation and introducing equity incentives linked to the Company’s long-term value. The adjustments are intended to optimize cash resource allocation, support core business operations and strengthen the long-term alignment of interests among management, employees, the Company and its stockholders.

  • The Form 4 filings made on August 19 mark the first step in the disclosure process related to these management compensation adjustments. Based on information currently available to the Company, the relevant executives have not initiated discretionary open-market sales of FF shares for personal investment purposes. Future Form 4 filings may reflect shares withheld or sold solely to satisfy required tax withholding obligations arising upon the vesting or settlement of equity awards; such tax-driven transactions should not necessarily be interpreted as voluntary sales for personal investment purposes or as a change in the reporting person’s view of FF’s long-term value.

LOS ANGELES–(BUSINESS WIRE)–
Faraday Future Intelligent Electric Inc. (NASDAQ: FFAI) (“Faraday Future,” “FF” or the “Company”), a U.S.-based Physical AI ecosystem company, today noted the publication of an updated research report by Litchfield Hills Research LLC covering FF’s second-quarter 2026 results and business progress. Separately, the Company provided an update on the management compensation adjustments it began implementing in the second half of July and additional context regarding related Form 4 disclosures.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260819101157/en/

Litchfield Hills Research Reiterates Buy Rating and $66 Price Target; Faraday Future Global CEO YT Jia and the Founding Team Affirm Their Commitment to Long-Term Share Ownership

Litchfield Hills Research Reiterates Buy Rating and $66 Price Target; Faraday Future Global CEO YT Jia and the Founding Team Affirm Their Commitment to Long-Term Share Ownership

Litchfield Hills Research

In the report, dated August 19, 2026, analyst Theodore R. O’Neill reiterates Litchfield Hills Research’s Buy rating and 12-month price target of $66.00 per share. The price target is based on the research firm’s discounted future earnings methodology.

Litchfield Hills Research states that FF continued positive execution in the rollout of its EAI robotics business during the second quarter of 2026. The report highlights cumulative revenue of approximately $1.35 million for the first half of 2026, compared with approximately $370,000 for the prior-year period, as well as positive product gross margins and the Company’s target of shipping 2,000 robots by the end of 2026.

The report also views the recent FCC policy on robotics compliance as a potential structural opportunity for FF to strengthen its U.S.-based manufacturing and supply chain. It notes FF’s continued efforts to connect intelligent mobility with its broader EAI ecosystem, including intelligent electric vehicles, robotics, AI-enabled technologies and related platform initiatives.

Following FF’s second-quarter results, Litchfield Hills Research raised its 2026 revenue estimate to approximately $5.8 million from $4.5 million. The firm also revised its estimated 2026 loss per share to $59.21 from $71.00.

Litchfield Hills Research notes that its 2026 revenue estimate only partially reflects the potential contribution from FF’s targeted full-year robotics deliveries. The report states that actual revenue could exceed the firm’s estimate if FF achieves its stated delivery target. This observation is an analyst view and is not Company guidance.

Disclosure: The report states that Litchfield Hills Research is not a U.S. broker-dealer registered with the SEC or a member of FINRA. It also states that the analyst owns no shares of FF and that the analyst and his family have no known material conflicts of interest in authoring the report. Litchfield Hills Research states that it has not received compensation from FF for advisory or investment-banking services during the preceding 12 months, but has received compensation from the Company for distribution and investor-targeting services.

Management Compensation Adjustments, Form 4 Filings and Long-Term Share Ownership

To further optimize the Company’s allocation of cash resources and strengthen the alignment of the management team’s long-term interests with those of the Company and all stockholders, the Company began adjusting management compensation in the second half of July, reducing short-term cash compensation while providing equity incentives linked to the Company’s long-term value.

This adjustment reflects the management team’s commitment to sharing the Company’s near-term operating pressures and remaining firmly committed to its long-term development.

The Form 4 filings made on August 19 mark the first step in the disclosure process related to the management compensation adjustments described above. As of the date of this release, and based on information currently available to the Company, the relevant executives have not initiated discretionary open-market sales of FF shares for personal investment purposes.

Through this arrangement, the Company aims to more closely align management’s personal rewards with the Company’s long-term operating performance and stockholder value. In the short term, the arrangement is intended to ease pressure on cash expenditures and allow more resources to be directed toward core business operations. Over the long term, it is intended to enable management, employees, the Company and its stockholders to create and share value together.

The Company also wishes to provide advance context regarding potential future Form 4 disclosures. As equity awards vest or settle, future Form 4 filings may reflect share dispositions or changes in holdings resulting from required tax withholding obligations. Depending on the applicable equity incentive plan, award agreement and administrative arrangements, the Company may withhold a portion of the shares otherwise deliverable, or shares may be sold through a broker-assisted transaction commonly referred to as “sell-to-cover,” with the resulting funds used to satisfy required tax withholding obligations.

As equity awards vest, future Form 4 filings may show share dispositions or changes in holdings resulting from required tax withholding. Such changes should not necessarily be interpreted as voluntary sales based on the reporting person’s assessment of the Company’s prospects, nor should they be viewed as a change in that person’s view of the Company’s long-term value.

“FF’s long-term value will be realized through the execution of the Company’s strategy and the alignment of our team’s interests with those of our stockholders. I have strong confidence in FF’s strategic direction and long-term potential, and I am firmly committed to remaining a long-term holder of my FF shares. I do not intend to make discretionary sales of those shares for personal liquidity or investment purposes,” said YT Jia, FF Founder and Global CEO.

In addition, the Company will continue to make timely and accurate disclosures in accordance with applicable U.S. securities laws and regulations.

ABOUT FARADAY FUTURE

Founded in 2014, Faraday Future (FF) is a U.S.-based Physical AI ecosystem company dedicated to reshaping the future of robotics and mobility solutions through AI innovation and technologies. FF focuses on two major product strategies within the Embodied AI (EAI) robotics business: EAI humanoid and bionic robots, and EAI automotive-focused robots. By building a “Four-Core Full-Stack AI” ecosystem of EAI Brain, Device, Industry Productivity Solutions and Developer Platform, and Data Factory, FF aims to create an evolutionary flywheel: scaled device delivery, data collection and training, continuous evolution of the EAI Brain, stronger product capability, and even larger-scale delivery and deployment. Through this flywheel, FF seeks to maximize its commercial value and lead to the advancement of Physical AI. For more information, please visit Faraday Future’s official website: https://www.ff.com/.

Disclosure: The report states that Litchfield Hills Research is not a U.S. broker-dealer registered with the SEC or a member of FINRA. It also states that the analyst owns no shares of FF and that the analyst and his family have no known material conflicts of interest in authoring the report. Litchfield Hills Research states that it has not received compensation from FF for advisory or investment-banking services during the preceding 12 months, but has received compensation from the Company for distribution and investor-targeting services.

FORWARD LOOKING STATEMENTS

This press release includes “forward looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “plan to,” “can,” “will,” “should,” “future,” “potential,” “intend,” “commit,” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements include statements regarding the implementation and anticipated effects of the Company’s compensation structure optimization; the intended alignment of employees, executives, the founding team, the Company and stockholders; future vesting of equity awards and the potential use of share withholding or sell-to-cover transactions to satisfy tax withholding obligations; intentions regarding future holdings or sales of Company shares; FF’s vehicle business; FF’s entry into the embodied AI robotics market; robotics deliveries and development; and the potential effects of U.S. robotics policy developments. These statements involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, which could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Statements regarding future share ownership or sales reflect present intentions and remain subject to applicable law, tax obligations, award terms and future circumstances.

Important factors that may affect actual results or outcomes include, among others: the Company’s ability to implement the compensation structure adjustment as intended; the tax treatment, vesting and administration of equity awards; the ability of the Company to attract and retain employees; the possibility that future dispositions of shares may occur as a result of tax withholding obligations, applicable law, award terms or other circumstances; the Company’s ability to continue as a going concern and improve its liquidity and financial position; the Company’s ability to pay its outstanding obligations, which it currently lacks; the availability of sufficient share capital to meet its current obligations and execute on its strategy; the willingness of convertible debt investors to fund the Company; demand for the Company’s robotics products; the ability of B2B preorder companies to locate customers to purchase the Company’s robotics products, on which their nonbinding preorders substantially depend; competition in the robotics industry, which includes companies with far superior experience, funding and name recognition; the ability of the Company to build an EAI education ecosystem that serves both the B2C consumer market and the B2B institutional education market; the acceptance by teachers and students of the Company’s robotics products in the education market; the ability of the Company to expand into additional markets for its robotics products; the Company’s reliance on a single OEM for most of its robotics products; the Company’s reliance on Chinese OEMs for all of its robotics products; the possibility of the federal government banning imports of Chinese robotics products; the Company’s ability to get the planned robotics products to comply with all applicable U.S. rules and regulations; the ability of the robotics OEM to timely supply robotics to the Company; tariff uncertainty for imported products, particularly from China; demand from automobile dealers for robotics products; the Company’s ability to homologate FX vehicles for sale; the Company’s ability to secure the necessary funding to execute on the FX strategy, which is substantial; the Company’s ability to secure an occupancy certificate covering all of its Hanford facility; the Company’s ability to remediate its material weaknesses in internal control over financial reporting and the risks related to the restatement of previously issued consolidated financial statements; the Company’s limited operating history and the significant barriers to growth it faces; the Company’s history of substantial losses and expectation of continued losses; the success of the Company’s payroll expense reduction plan; the Company’s ability to execute on its plans to develop and market its vehicles and the timing of these development programs; the Company’s estimates of the size of the markets for its vehicles and cost to bring those vehicles to market; the rate and degree of market acceptance of the Company’s vehicles; the Company’s ability to cover future warranty claims; the success of other competing manufacturers; the performance and security of the Company’s vehicles; current and potential litigation involving the Company; the Company’s ability to receive funds from, satisfy the conditions precedent of and close on the various financings described elsewhere by the Company; the result of future financing efforts, the failure of any of which could result in the Company seeking protection under the Bankruptcy Code; the Company’s indebtedness; the Company’s ability to use its “at-the-market” program; insurance coverage; general economic and market conditions impacting demand for the Company’s products; potential negative impacts of a reverse stock split; potential cost, headcount and salary reduction actions may not be sufficient or may not achieve their expected results; circumstances outside of the Company’s control, such as natural disasters, climate change, health epidemics and pandemics, terrorist attacks and civil unrest; risks related to the Company’s operations in China; the success of the Company’s remedial measures taken in response to the Special Committee findings; the Company’s dependence on its suppliers and contract manufacturer; the Company’s ability to develop and protect its technologies; the Company’s ability to protect against cybersecurity risks; any adverse developments in existing legal proceedings or the initiation of new legal proceedings; and volatility of the Company’s stock price. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the Company’s Form 10-Q for the quarter ended June 30, 2026, filed with the SEC on August 13, 2026; the Company’s Form 10-Q for the quarter ended March 31, 2026, filed with the SEC on May 14, 2026; the Company’s Form 10-K filed with the SEC on March 31, 2026; and other documents filed by the Company from time to time with the SEC.

Investor Relations (English): [email protected]

Investors (Chinese): [email protected]

Media: [email protected]

KEYWORDS: California China United States North America Asia Pacific

INDUSTRY KEYWORDS: Technology EV/Electric Vehicles Automotive Vehicle Technology Other Technology Automotive Manufacturing Manufacturing Robotics Artificial Intelligence

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Litchfield Hills Research Reiterates Buy Rating and $66 Price Target; Faraday Future Global CEO YT Jia and the Founding Team Affirm Their Commitment to Long-Term Share Ownership
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