Market Newsdesk

December 22, 2025 6:11 am

HONEYWELL PROVIDES SUPPLEMENTAL FINANCIAL INFORMATION FOR PLANNED SEGMENT REALIGNMENT; ADJUSTS OUTLOOK TO EXCLUDE ADVANCED MATERIALS

PR Newswire

CHARLOTTE, N.C., Dec. 22, 2025 /PRNewswire/ — Honeywell (NASDAQ: HON) today released supplemental 2024 and year-to-date 2025 financial information to reflect its updated business segment structure expected to become effective for the first quarter of 2026, which it previously announced on October 22, 2025.

The company also announced today that it will report its Advanced Materials business unit as discontinued operations beginning the fourth quarter of 2025, following the successful spin of Solstice Advanced Materials (NASDAQ: SOLS) on October 30, 2025. As a result, the company adjusts its full-year and fourth quarter 2025 guidance, and otherwise re-affirms its expectations for fourth quarter performance.

In addition, Honeywell is providing an update on its previously disclosed Flexjet-related litigation matters, which it expects will result in a one-time charge in the fourth quarter. This charge will not impact the company’s non-GAAP financial metrics or guidance. Any potential settlements of these litigation matters are anticipated to include one-time cash payments totaling approximately $470 million in the aggregate to the involved parties.

Supplemental Financial Information

In the attached supplemental financial information, Honeywell provides historical financial information consistent with its previously announced new business segment structure (anticipated to begin in the first quarter of 2026) and reports its Advanced Materials business unit, previously part of Energy and Sustainability Solutions, as discontinued operations beginning in the fourth quarter of 2025. Corporate expenses previously allocated to Advanced Materials will be included as part of Corporate and All Other segment profit of Honeywell.

The new business segment structure aligns to the company’s go-forward strategy for its automation business ahead of the planned spin-off of its Aerospace business in the second half of 2026. The structure will consist of four reportable business segments: Aerospace Technologies, Building Automation, Process Automation and Technology, and Industrial Automation. The three automation segments will each further report two business units aligned to the business models through which the company delivers value for its customers. Reporting for Aerospace Technologies is unchanged.

Honeywell Adjusts 2025 Outlook

As a result of the reclassification of Advanced Materials to discontinued operations, Honeywell adjusts its full-year and fourth quarter adjusted sales, segment margin, adjusted earnings per share, and free cash flow guidance. Excluding the reclassification, there is no change to the company’s expectations for its fourth quarter non-GAAP financial guidance. A summary of the change in guidance is provided in tables 1 and 2 below.

TABLE 1: FULL-YEAR 2025 GUIDANCE RECONCILIATION

¹

	October Guidance	Impact from Advanced Materials Discontinued Operations	Current Guidance³
Adjusted Sales^2,3	$40.7B – $40.9B	($3.2B)	$37.5B – $37.7B
Organic³ Growth	~6%	~0%	~6%
Segment Margin	22.9% – 23.0%	~(0.4%)	22.5% – 22.6%
Expansion	Up 30 – 40 bps		Up 40 – 50 bps
Adjusted Earnings Per Share⁴	$10.60 – $10.70	~($0.90)	$9.70 – $9.80
Operating Cash Flow	$6.4B – $6.8B	~($0.5B)	$5.9B – $6.3B
Free Cash Flow³	$5.2B – $5.6B	~($0.4B)	$4.8B – $5.2B

TABLE 2: FOURTH QUARTER GUIDANCE RECONCILIATION

¹

	October Guidance	Impact from Advanced Materials Discontinued Operations	Current Guidance³
Adjusted Sales^2,3	$10.1B – $10.3B	($0.3B)	$9.8B – $10.0B
Organic³ Growth	8% – 10%	~0%	8% – 10%
Segment Margin	22.5% – 22.8%	~Neutral	22.5% – 22.8%
Expansion	Up 160 – 190 bps		Up 210 – 240 bps
Adjusted Earnings Per Share⁴	$2.52 – $2.62	~($0.04)	$2.48 – $2.58

1		Segment margin and adjusted EPS are non-GAAP financial measures. Management cannot reliably predict or estimate, without unreasonable effort, the impact and timing on future operating results arising from items excluded from segment margin and adjusted EPS. We therefore, do not present a guidance range, or a reconciliation to, the nearest GAAP financial measures of operating margin or EPS.
2		Adjusted Sales is a non-GAAP financial measure and reflects an adjustment to add back approximately $310 million reported as a contra revenue accounting reduction to GAAP Sales as a result of the potential settlements of the Flexjet-related litigation matters. Previously provided October Guidance for Sales did not reflect any such adjustments.
3		See additional information at the end of this release regarding non-GAAP financial measures.
4		Adjusted EPS guidance excludes items identified in the non-GAAP reconciliation of adjusted EPS at the end of this release, and any potential future one-time items that we cannot reliably predict or estimate such as pension mark-to-market. Tax rates used for the impacts of Advanced Materials discontinued operations are based on preliminary estimates.

Flexjet-Related Litigation Matters Update

Honeywell is providing an update with respect to the previously disclosed Flexjet-related litigation matters. The company is in ongoing settlement negotiations with Flexjet and the other parties to the litigation matters. Based on negotiations to date, Honeywell expects to record a one-time charge within its Aerospace Technologies segment in the fourth quarter of 2025 that will reduce GAAP sales (due to contra-revenue accounting) and operating income by approximately $310 million and $370 million, respectively. However, this charge will not impact Honeywell’s non-GAAP financial metrics. The company further expects that any settlements will include one-time cash payments to the parties to the Flexjet-related litigation matters totaling approximately $470 million in the aggregate. There can be no assurance that any settlements will be reached, and the foregoing financial impacts are subject to change based on the final terms of any such settlements.

For additional information, please see our Current Report on Form 8-K, filed with the SEC on December 22, 2025, available at http://www.sec.gov.

About Honeywell
Honeywell is an integrated operating company serving a broad range of industries and geographies around the world, with a portfolio that is underpinned by our Honeywell Accelerator operating system and Honeywell Forge platform. As a trusted partner, we help organizations solve the world’s toughest, most complex challenges, providing actionable solutions and innovations for aerospace, building automation, industrial automation, process automation, and process technology, that help make the world smarter and safer as well as more secure and sustainable. For more news and information on Honeywell, please visit www.honeywell.com/newsroom.

Additional Information
Honeywell uses our Investor Relations website, www.honeywell.com/investor, as a means of disclosing information which may be of interest or material to our investors and for complying with disclosure obligations under Regulation FD. Accordingly, investors should monitor our Investor Relations website, in addition to following our press releases, SEC filings, public conference calls, webcasts, and social media.

Forward Looking Statements
We describe many of the trends and other factors that drive our business and future results in this release. Such discussions contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, including statements related to the proposed separation of Automation and Aerospace Technologies, the realignment of the Company’s reportable business segments, the Company’s full year guidance, the accounting impact of any potential settlements of the Flexjet-related litigation matters, and the evaluation of strategic alternatives for the Productivity Solutions and Services and Warehouse and Workflow Solutions businesses. Forward-looking statements are those that address activities, events, or developments that we or our management intend, expect, project, believe, or anticipate will or may occur in the future. They are based on management’s assumptions and assessments in light of past experience and trends, current economic and industry conditions, expected future developments, and other relevant factors, many of which are difficult to predict and outside of our control, including the Company’s realignment of its reportable business segments, the Company’s current expectations, estimates, and projections regarding the proposed separation of Automation and Aerospace Technologies, the accounting impact of any potential settlements of the Flexjet-related litigation matters, and the evaluation of strategic alternatives for the Productivity Solutions and Services and Warehouse and Workflow Solutions businesses. They are not guarantees of future performance, and actual results, developments, and business decisions may differ significantly from those envisaged by our forward-looking statements. We do not undertake to update or revise any of our forward-looking statements, except as required by applicable securities law. Our forward-looking statements are also subject to material risks and uncertainties, including ongoing macroeconomic and geopolitical risks, such as changes in or application of trade and tax laws and policies, including the impacts of tariffs and other trade barriers and restrictions, lower GDP growth or recession in the U.S. or globally, supply chain disruptions, capital markets volatility, inflation, and certain regional conflicts, that can affect our performance in both the near- and long-term. In addition, no assurance can be given that any plan, initiative, projection, goal, commitment, expectation, or prospect set forth in this release can or will be achieved. These forward-looking statements should be considered in light of the information included in this release, our Form 10-K, and other filings with the SEC. Any forward-looking plans described herein are not final and may be modified or abandoned at any time.

This release contains financial measures presented on a non-GAAP basis. Honeywell’s non-GAAP financial measures used in this release are as follows:

Segment profit, on an overall Honeywell basis;
Segment profit margin, on an overall Honeywell basis;
Organic sales growth;
Adjusted sales;
Free cash flow; and
Adjusted earnings per share.

Management believes that, when considered together with reported amounts, these measures are useful to investors and management in understanding our ongoing operations and in the analysis of ongoing operating trends. These measures should be considered in addition to, and not as replacements for, the most comparable GAAP measure. Certain measures presented on a non-GAAP basis represent the impact of adjusting items net of tax. The tax-effect for adjusting items is determined individually and on a case-by-case basis. Refer to the Appendix attached to this release for reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures.

Appendix

Non-GAAP Financial Measures

The following information provides definitions and reconciliations of certain non-GAAP financial measures presented in this press release to which this reconciliation is attached to the most directly comparable financial measures calculated and presented in accordance with generally accepted accounting principles (GAAP).

Management believes that, when considered together with reported amounts, these measures are useful to investors and management in understanding our ongoing operations and in the analysis of ongoing operating trends. These measures should be considered in addition to, and not as replacements for, the most comparable GAAP measure. Certain measures presented on a non-GAAP basis represent the impact of adjusting items net of tax. The tax-effect for adjusting items is determined individually and on a case-by-case basis. Other companies may calculate these non-GAAP measures differently, limiting the usefulness of these measures for comparative purposes.

Management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitations of these non-GAAP financial measures are that they exclude significant expenses and income that are required by GAAP to be recognized in the consolidated financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expenses and income are excluded or included in determining these non-GAAP financial measures. Investors are urged to review the reconciliation of the non-GAAP financial measures to the comparable GAAP financial measures and not to rely on any single financial measure to evaluate Honeywell’s business.

Organic Sales Percent Change

We define organic sales percentage as the year-over-year change in adjusted sales from continuing operations relative to the comparable period, excluding the impact on sales from foreign currency translation, and acquisitions, net of divestitures, for the first 12 months following the transaction date. We believe this measure is useful to investors and management in understanding our ongoing operations and in analysis of ongoing operating trends.

A quantitative reconciliation of reported sales percent change to organic sales percent change has not been provided for the forward-looking measure of organic sales percent change because management cannot reliably predict or estimate, without unreasonable effort, the fluctuations in global currency markets that impact foreign currency translation, nor is it reasonable for management to predict the timing, occurrence and impact of acquisition and divestiture transactions, all of which could significantly impact our reported sales percent change.

Honeywell International Inc.
Reconciliation of Expected Sales to Expected Adjusted Sales
(Unaudited)
(Dollars in billions)

	Three Months Ended December 31, 2025 (E)	Twelve Months Ended December 31, 2025 (E)
Sales	~$9.5 – $9.7	~$37.2 – $37.4
Flexjet-related litigation matters¹	~0.3	~0.3
Adjusted sales	~$9.8 – $10.0	~$37.5 – $37.7

For the three and twelve months ended December 31, 2025, reflects an approximately $310 million impact to sales due to contra revenue accounting as a result of a pending settlement with an existing customer.

We define adjusted sales as sales from continuing operations less the sales impact of the Flexjet-related litigation matters. Management considers the nature and significance of these litigation matters to be unusual and not indicative of the Company’s ongoing performance.

We believe that adjusted sales is a non-GAAP measure that is useful to investors and management as a measure of ongoing operations and in analysis of ongoing operating trends.

Honeywell International Inc.
Reconciliation of Operating Income to Segment Profit, Calculation of Operating Income and Segment Profit Margins
(Unaudited)
(Dollars in millions)

	Three Months Ended December 31, 2024		Twelve Months Ended December 31, 2024
	Continuing Operations	Discontinued Operations¹	Continuing Operations	Discontinued Operations¹
Operating income	$ 1,521	$ 224	$ 6,449	$ 992
Stock compensation expense²	39	2	189	5
Repositioning, Other^3,4	58	15	265	27
Pension and other postretirement service costs⁵	16	1	61	4
Amortization of acquisition-related intangibles⁶	139	1	411	4
Acquisition-related costs⁷	—	—	25	—
Indefinite-lived intangible asset impairment²	—	—	48	—
Impairment of assets held for sale	94	—	219	—
Segment profit	$ 1,867	$ 243	$ 7,667	$ 1,032

Operating income	$ 1,521	$ 224	$ 6,449	$ 992
÷ Net sales	$ 9,169	$ 919	$ 34,717	$ 3,781
Operating income margin %	16.6 %	24.4 %	18.6 %	26.2 %
Segment profit	$ 1,867	$ 243	$ 7,667	$ 1,032
÷ Net sales	$ 9,169	$ 919	$ 34,717	$ 3,781
Segment profit margin %	20.4 %	26.4 %	22.1 %	27.3 %

1		Effective October 30, 2025, Honeywell completed the spin-off of its Advanced Materials business into an independent, publicly traded company, Solstice Advanced Materials. The Advanced Materials business had historically been part of the Energy and Sustainability Systems reportable segment. In connection with the spin-off, the Advanced Materials business is reported as discontinued operations in all periods presented.
2		Included in Selling, general and administrative expenses.
3		Includes repositioning, asbestos, environmental expenses, equity income adjustment, and other charges.
4		Included in Cost of products and services sold and Selling, general and administrative expenses.
5		Included in Cost of products and services sold, Research and development expenses, and Selling, general and administrative expenses.
6		Included in Cost of products and services sold.
7		Included in Other (income) expense. Includes acquisition-related fair value adjustments to inventory and third-party transaction and integration costs.

We define operating income as net sales less total cost of products and services sold, research and development expenses, impairment of assets held for sale, and selling, general and administrative expenses. We define segment profit, on an overall Honeywell basis, as operating income, excluding stock compensation expense, pension and other postretirement service costs, amortization of acquisition-related intangibles, certain acquisition- and divestiture-related costs and impairments, and repositioning and other charges. We define segment profit margin, on an overall Honeywell basis, as segment profit divided by net sales. We believe these measures are useful to investors and management in understanding our ongoing operations and in analysis of ongoing operating trends.

A quantitative reconciliation of operating income to segment profit, on an overall Honeywell basis, has not been provided for all forward-looking measures of segment profit and segment profit margin included herein. Management cannot reliably predict or estimate, without unreasonable effort, the impact and timing on future operating results arising from items excluded from segment profit, particularly pension mark-to-market expense as it is dependent on macroeconomic factors, such as interest rates and the return generated on invested pension plan assets. The information that is unavailable to provide a quantitative reconciliation could have a significant impact on our reported financial results. To the extent quantitative information becomes available without unreasonable effort in the future, and closer to the period to which the forward-looking measures pertain, a reconciliation of operating income to segment profit will be included within future filings.

Acquisition amortization and acquisition- and divestiture-related costs are significantly impacted by the timing, size, and number of acquisitions or divestitures we complete and are not on a predictable cycle and we make no comment as to when or whether any future acquisitions or divestitures may occur. We believe excluding these costs provides investors with a more meaningful comparison of operating performance over time and with both acquisitive and other peer companies.

Honeywell International Inc.
Reconciliation of Earnings per Share to Adjusted Earnings per Share
(Unaudited)

	Three Months Ended December 31, 2025 (E)	Twelve Months Ended December 31, 2025 (E)
Earnings per share of common stock from continuing operations – diluted¹	$1.79 – $1.89	$9.23 – $9.33
Pension mark-to-market expense	No Forecast	No Forecast
Amortization of acquisition-related intangibles²	0.20	0.72
Acquisition-related costs³	0.02	0.05
Divestiture-related costs	No Forecast	No Forecast
Impairment of assets held for sale⁴	—	0.02
Loss on sale of business⁵	—	0.04
Gain related to Resideo indemnification and reimbursement agreement termination⁶	—	(1.25)
Adjustment to estimated future environmental liabilities⁷	—	0.25
Loss on expected settlement of divestiture of asbestos liabilities⁸	—	0.17
Flexjet-related litigation matters⁹	0.47	0.47
Adjusted earnings per share of common stock from continuing operations – diluted	$2.48 – $2.58	$9.70 – $9.80

1		For the three and twelve months ended December 31, 2025, expected earnings per share utilizes weighted average shares of approximately 639 million and 643 million, respectively.
2		For the three and twelve months ended December 31, 2025, expected acquisition-related intangibles amortization includes approximately $130 million and $460 million, net of tax benefit of approximately $35 million and $110 million, respectively.
3		For the three and twelve months ended December 31, 2025, the expected adjustment for acquisition-related costs, which is principally comprised of third-party transaction and integration costs and acquisition-related fair value adjustments to inventory, is approximately $15 million and $35 million, net of tax benefit of approximately $5 million and $10 million, respectively.
4		For the twelve months ended December 31, 2025, the expected impairment charge of assets held for sale is $15 million, without tax benefit.
5		For the twelve months ended December 31, 2025, the expected adjustment for loss on sale of the personal protective equipment business is $28 million, net of tax benefit of $2 million.
6		For the twelve months ended December 31, 2025, the expected gain related to the Resideo indemnification and reimbursement agreement termination is $802 million, without tax expense.
7		In the three months ended September 30, 2025, the Company enhanced its process for estimating environmental liabilities at sites undergoing active remediation, which led to earlier recognition of the estimated probable liabilities and an increase to estimated environmental liabilities. For the twelve months ended December 31, 2025, the expected adjustment is $161 million, net of tax benefit of $50 million.
8		For the twelve months ended December 31, 2025, the expected adjustment for loss on expected settlement of divestiture of asbestos liabilities is $112 million, net of tax benefit of $36 million.
9		For the three and twelve months ended December 31, 2025, the expected charge for the Flexjet-related litigation matters is approximately $300 million, net of tax benefit of $70 million. Management considers the nature and significance of these litigation matters to be unusual and not indicative of the Company’s ongoing performance.

We define adjusted earnings per share as diluted earnings per share from continuing operations adjusted to exclude various charges as listed above. We believe adjusted earnings per share is a measure that is useful to investors and management in understanding our ongoing operations and in analysis of ongoing operating trends. For forward-looking information, management cannot reliably predict or estimate, without unreasonable effort, the pension mark-to-market expense or the divestiture-related costs. The pension mark-to-market expense is dependent on macroeconomic factors, such as interest rates and the return generated on invested pension plan assets. The divestiture-related costs are subject to detailed development and execution of separation restructuring plans for the announced separation of Automation and Aerospace Technologies. We therefore do not include an estimate for the pension mark-to-market expense or divestiture-related costs. Based on economic and industry conditions, future developments, and other relevant factors, these assumptions are subject to change.

Honeywell International Inc.
Reconciliation of Expected Cash Provided by Operating Activities to Expected Free Cash Flow
(Unaudited)
(Dollars in billions)

	Twelve Months Ended December 31, 2025 (E)
Cash provided by operating activities from continuing operations	~$5.9 – $6.3
Capital expenditures	~(1.0)
Spin-off and separation-related cost payments	~0.1
Resideo indemnification and reimbursement agreement termination payment	~(1.6)
Impact of expected settlement of divestiture of asbestos liabilities	~1.4
Free cash flow from continuing operations	~$4.8 – $5.2

We define free cash flow as cash provided by operating activities from continuing operations less cash for capital expenditures and excluding spin-off and separation-related cost payments, the Resideo indemnification and reimbursement agreement termination payment, and the cash payment for settlement of divestiture of asbestos liabilities.

We believe that free cash flow is a non-GAAP measure that is useful to investors and management as a measure of cash generated by operations that will be used to repay scheduled debt maturities and can be used to invest in future growth through new business development activities or acquisitions, pay dividends, repurchase stock, or repay debt obligations prior to their maturities. This measure can also be used to evaluate our ability to generate cash flow from operations and the impact that this cash flow has on our liquidity.

Contacts:

Media	Investor Relations
Stacey Jones	Sean Meakim
(980) 378-6258	(704) 627-6200
[email protected]	[email protected]

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SOURCE Honeywell

December 22, 2025 6:08 am

T1 and Treaty Oak Execute Strategic Partnership

Treaty Oak Secures Traceable, High-Performance Modules with Advanced Domestic Cells through Multiyear Agreement

AUSTIN, Texas and NEW YORK, Dec. 22, 2025 (GLOBE NEWSWIRE) — T1 Energy Inc. (NYSE: TE) (“T1,” “T1 Energy,” or the “Company”) announced this morning the Company has signed a three-year contract to supply independent power producer Treaty Oak Clean Energy, LLC (“Treaty Oak”) with a minimum of 900MW of solar modules built with domestic solar cells from T1’s planned G2_Austin solar cell fab.

Under the agreement, Treaty Oak secures a supply of high-performance, silicon-based solar modules expected to be fully compliant with new federal rules governing foreign content. For T1, the deal marks a continuation of its commercial strategy to offer customers a traceable and reliable solar supply chain. T1’s 5GW solar module facility in Texas utilizes high-efficiency TOPCon technology and allows the company to offer structured solutions to enhance client’s project planning, financing, and returns.

T1 continues to increase the domestic content of its modules. With the first phase of G2_Austin scheduled to begin production by the end of 2026, T1 expects to offer modules with greater than 60% domestic content. T1 expects the domestic content percentage to continue to grow. Domestic modules with domestic cells are highly valued given rising uncertainty around trade and tariff policy.

“The U.S. solar market is moving toward domestically produced solar and momentum is growing for modules manufactured in America,” said T1’s Chairman and CEO Dan Barcelo. “G2_Austin is a centerpiece of our strategy to build an integrated U.S. polysilicon solar supply chain, and we’re pleased Treaty Oak shares our belief in the value of American modules.”

For Treaty Oak, this partnership strengthens its ability to deliver competitively priced, regulatory compliant renewable energy at scale. The agreement further enhances Treaty Oak’s development certainty and underscores our commitment to sourcing technology that aligns with industry leading traceability, quality, and domestic content standards.

“This partnership solidifies our commitment to build a U.S. based supply chain, supporting growth and value for our customers,” said Chris Elrod, CEO of Treaty Oak. “T1 is the right partner for us as they share in our commitment and focus to secure domestic cell supply and predictable delivery—reducing risk, improving financing, and delivering better value for our customers.”

Construction of the first 2.1GW phase of T1’s G2_Austin solar cell fab started earlier this month. T1 plans to develop G2_Austin in two phases totaling 5.3GW to complement its existing, operational 5GW G1_Dallas solar module facility. Together, these facilities are intended to satisfy rising demand from customers such as Treaty Oak for FEOC-compliant, high-domestic content, high efficiency and technologically advanced solar energy materials.

About T1 Energy

T1 Energy Inc. (NYSE: TE) is an energy solutions provider building an integrated U.S. supply chain for solar and batteries. In December 2024, T1 completed a transformative transaction, positioning the Company as one of the leading solar manufacturing companies in the United States, with a complementary solar and battery storage strategy. Based in the United States with plans to expand its operations in America, the Company is also exploring value optimization opportunities across its portfolio of assets in Europe.

To learn more about T1, please visit www.T1energy.com and follow us on social media.

About Treaty Oak Clean Energy, LLC

Headquartered in Austin, Texas, Treaty Oak develops, builds, and operates clean energy projects in targeted US markets. It works with consumers and communities to create reliable, cost-effective energy solutions benefiting generations to come. Treaty Oak is a Macquarie Asset Management portfolio company, operating on a stand-alone basis.

More information on Treaty Oak is available at treatyoakcleanenergy.com.

Investor contact:

Jeffrey Spittel

EVP, Investor Relations and Corporate Development
[email protected]
Tel: +1 409 599 5706

Media contact:

Russell Gold

EVP, Strategic Communications
[email protected]
Tel: +1 214 616 9715

Cautionary Statement Concerning Forward-Looking Statements:

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation with respect to: solar modules produced in compliance with new federal rules governing foreign content; any expected benefits or outcomes of the agreement between T1 and Treaty Oak (any operational, strategic and business commitments enhanced by the agreement); any projected or scheduled production timelines of T1; any projections or expectations around the domestic content percentage of modules; T1’s ability to secure domestic cell supply and predictable delivery; the planned development phases of G2_Austin (and any expected production outputs); Treaty Oak’s ability to deliver competitively priced, regulatory compliant renewable energy at scale; and the ability of T1’s facilities to satisfy the rising demand of its customers. These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual future events, results, or achievements to be materially different from the Company’s expectations and projections expressed or implied by the forward-looking statements. Important factors include, but are not limited to, those discussed under the caption “Risk Factors” in (i) T1’s annual report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission (the “SEC”) on March 31, 2025, as amended and supplemented by Amendment No. 1 on Form 10-K/A filed with the SEC on April 30, 2025, (ii) T1’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025 filed with the SEC on May 15, 2025, as amended and supplemented by Amendment No. 1 on Form 10-Q/A filed with the SEC on August 18, 2025, (iii) T1’s Quarterly Report on Form 10-Q for the period ended June 30, 2025, filed with the SEC on August 19, 2025 and (iv) T1’s Quarterly Report on Form 10-Q for the period ended September 30, 2025, filed with the SEC on November 14, 2025. All of the above referenced filings are available on the SEC’s website at www.sec.gov. Forward-looking statements speak only as of the date of this press release and are based on information available to the Company as of the date of this press release, and the Company assumes no obligation to update such forward-looking statements, all of which are expressly qualified by the statements in this section, whether as a result of new information, future events or otherwise, except as required by law.

T1 intends to use its website as a channel of distribution to disclose information which may be of interest or material to investors and to communicate with investors and the public. Such disclosures will be included on T1’s website in the ‘Investor Relations’ section. T1, and its CEO and Chairman of the Board, Daniel Barcelo, also intend to use certain social media channels, including, but not limited to, X, LinkedIn and Instagram, as means of communicating with the public and investors about T1, its progress, products, and other matters. While not all the information that T1 or Daniel Barcelo post to their respective digital platforms may be deemed to be of a material nature, some information may be. As a result, T1 encourages investors and others interested to review the information that it and Daniel Barcelo posts and to monitor such portions of T1’s website and social media channels on a regular basis, in addition to following T1’s press releases, SEC filings, and public conference calls and webcasts. The contents of T1’s website and its and Daniel Barcelo’s social media channels shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

December 22, 2025 6:05 am

The9 Limited Announces Result of Annual General Meeting

PR Newswire

SHANGHAI, Dec. 22, 2025 /PRNewswire/ — The9 Limited (the “Company”) (Nasdaq: NCTY), an established Internet company, today announced that the following proposed resolution submitted for shareholder approval have been duly adopted at its annual general meeting (the “AGM”) of shareholders held in Hong Kong today:

as an ordinary resolution, that Mr. Zhu Jun, whose term of office shall expire on the date of this Annual General Meeting, be re-elected and appointed as a Class III Director of the Company, effective from the closing of this Annual General Meeting, to serve for a three (3) year term ending at the 2028 Annual General Meeting or until his successor is duly elected and qualified.

About The9 Limited

The9 Limited (The9) is an Internet company listed on Nasdaq in 2004. The9 is committed to become a global diversified high-tech Internet company and is engaged in online games operation and Bitcoin mining business.

Website: http://www.the9.com/

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SOURCE The9 Limited

December 22, 2025 6:05 am

U.S. Luxury Home Market Shows Mixed Pricing and Divergent Selling Speeds

PR Newswire

National luxury prices ease while select markets see rapid turnover

AUSTIN, Texas, Dec. 22, 2025 /PRNewswire/ — National luxury home prices continued to soften in November 2025, with the 90th-percentile threshold dipping to $1.20 million, down 2.3% from a year ago, according to the November Realtor.com^® Luxury Housing Report. While the ultraluxury segment showed modest monthly growth, the broader luxury market is experiencing a mixed landscape, with some metros moving quickly and others seeing slower turnover.

Among the nation’s most expensive markets, eight of the top 10 posted annual price declines, led by Kahului–Wailuku, HI, where luxury thresholds fell 21% year over year. By contrast, Heber, UT, saw its luxury threshold climb nearly 10%, and Key West–Key Largo, FL, remained steady, underscoring the market’s divergent trends.

“Luxury home dynamics are increasingly driven by local factors rather than national trends,” said Antony Smith, senior economist at Realtor.com^®. “Some high-cost metros are experiencing brisk demand and fast turnover, while others face slower sales even at elevated price points. Understanding these local dynamics is key for both buyers and sellers in today’s luxury market.”

National Overview

	November 2025	Monthly Change	YoY Change
Luxury Threshold 90th Percentile	$1,199,977	-2.0 %	-2.3 %
High-End Luxury Threshold 95th Percentile	$1,930,853	-1.2 %	-2.7 %
Ultra Luxury Threshold 99th Percentile	$5,490,492	0.5 %	-2.4 %
National Median Listing Price	$415,000	-2.2 %	-0.4 %
Million-Dollar Listing Share	12.8 %	-0.4pp	0.0pp

Fastest and Slowest Luxury Markets

Nationally, luxury homes spent a median of 78 days on the market in November, unchanged from the prior year. Yet the variation across metros was striking. San Jose–Sunnyvale–Santa Clara, CA, led the nation with top-tier homes selling in a median of 56 days, while Bend, OR, recorded the slowest pace at 146 days.

Naples–Marco Island, FL, emerged as a standout, with luxury homes selling 23.5% faster year over year. The metro’s luxury threshold sits at $3.50 million, slightly down from last year, while the top 10% of listings are moving quickly amid ample inventory, reflecting strong demand and post-hurricane market dynamics following Hurricane Milton in one of Florida’s most desirable coastal markets.

Other fast-moving markets include Riverside–San Bernardino–Ontario, CA, and the Washington, D.C., area, where median selling times ranged from 57 to 58 days. Meanwhile, Heber, UT, Kahului–Wailuku, HI, and Santa Rosa–Petaluma, CA, remained among the slowest-moving luxury markets, highlighting that elevated prices and specialized buyer pools can slow sales even in desirable locales.

Luxury Pricing Trends

Overall, November’s results illustrate a luxury market defined less by national trends than by localized pricing, inventory alignment, and buyer urgency. Markets where pricing and demand are well-matched are seeing homes move rapidly, while other high-priced metros face slower sales, reflecting a nuanced landscape for high-end buyers and sellers alike.

Fastest Moving Luxury Markets

Rank	Area	10% Most Expensive Listings Start at:	Median Days on Market for Top 10%:	Median Days on Market for Top 10% YoY:
0	USA	$1,199,977	78	0.0 %
1	San Jose-Sunnyvale-Santa Clara, CA	$3,798,000	56	-6.7 %
2	Riverside-San Bernardino-Ontario, CA	$1,249,999	57	0.0 %
3	Washington-Arlington-Alexandria, DC-VA-MD-WV	$1,471,468	58	5.5 %
4	Chicago-Naperville-Elgin, IL-IN	$894,561	58	-7.9 %
5	Boise City, ID	$1,349,960	60	-25.5 %
6	Houston-Pasadena-The Woodlands, TX	$794,576	61	3.4 %
7	Phoenix-Mesa-Chandler, AZ	$1,377,525	64	1.6 %
8	Philadelphia-Camden-Wilmington, PA-NJ-DE-MD	$898,989	64	-9.9 %
9	Seattle-Tacoma-Bellevue, WA	$1,791,469	65	0.0 %
10	Naples-Marco Island, FL	$3,497,370	65	-23.5 %

Slowest Moving Luxury Markets

Rank	Area	10% Most Expensive Listings Start at:	Median Days on Market for Top 10%:	Median Days on Market for Top 10% YoY:
0	USA	$1,199,977	78	0.0 %
1	Bend, OR	$1,850,000	146	14.1 %
2	Heber, UT	$6,637,500	136	-0.7 %
3	Kahului-Wailuku, HI	$3,659,000	119	-17.4 %
4	Santa Rosa-Petaluma, CA	$3,500,000	116	-17.14 %
5	Crestview-Fort Walton Beach-Destin, FL	$2,895,000	116	-3.8 %
6	Portland-Vancouver-Hillsboro, OR-WA	$1,293,535	114	9.1 %
7	Oxnard-Thousand Oaks-Ventura, CA	$2,996,400	100	25.9 %
8	San Antonio-New Braunfels, TX	$766,548	99	7.0 %
9	Port St. Lucie, FL	$1,053,500	99	-4.8 %
10	Tampa-St. Petersburg-Clearwater, FL	$1,090,656	93	8.1 %

Top 10 Markets by 90th Percentile Listing Price

Rank	Area	Metro/Micro	10% Most Expensive Listings Start at:	10% Most Expensive Listings YoY	Average Annual Million-Dollar Listing Count	Multiple Median Listing Price
1	Heber, UT	Micro	$6,637,500	9.9 %	858	4.6
2	Key West-Key Largo, FL	Micro	$5,000,000	0.0 %	835	3.8
3	Los Angeles-Long Beach-Anaheim, CA	Metro	$4,002,585	-4.9 %	9,199	3.7
4	Bridgeport-Stamford-Danbury, CT	Metro	$3,999,600	-11.0 %	544	5.2
5	San Jose-Sunnyvale-Santa Clara, CA	Metro	$3,798,000	-5.1 %	1,020	2.9
6	Kahului-Wailuku, HI	Metro	$3,659,000	-21.0 %	697	3.5
7	Santa Rosa-Petaluma, CA	Metro	$3,500,000	-12.3 %	502	3.6
8	Naples-Marco Island, FL	Metro	$3,497,370	-3.1 %	2,465	4.8
9	Oxnard-Thousand Oaks-Ventura, CA	Metro	$2,996,400	-8.6 %	658	3.0
10	New York-Newark-Jersey City, NY-NJ	Metro	$2,995,000	-9.1 %	11,624	4.0

Methodology
All data in this report is sourced from Realtor.com® listing trends as of November 2025, reflecting active inventory of existing homes, including single-family residences, condos, townhomes, row homes, and co-ops. Listings reflect only those posted on MLS platforms that provide listing feeds to Realtor.com. New-construction listings are excluded unless actively listed on participating MLSs.

Luxury segmentation is based on market-specific price percentiles, with the 90th percentile representing entry-level luxury, the 95th percentile marking high-end luxury, and the 99th percentile indicating ultraluxury. All calculations are based on listing prices, not final sales prices.

Metropolitan and micropolitan areas are defined using the Office of Management and Budget’s OMB-2023 delineations, with Claritas 2025 household estimates used for relative comparisons. Where appropriate, we limited analysis to metros or micros with a minimum threshold of active million-dollar listings on average over the past year to ensure meaningful comparisons.

Historical listing trend data extends to July 2016, but year-over-year comparisons in this report use November 2024 as the baseline.

About Realtor.com^®Realtor.com^® pioneered online real estate and has been at the forefront for over 25 years, connecting buyers, sellers, and renters with trusted insights, professional guidance and powerful tools to help them find their perfect home. Recognized as the No. 1 site trusted by real estate professionals, Realtor.com^® is a valued partner, delivering consumer connections and a robust suite of marketing tools to support business growth. Realtor.com^® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc.

Media contact: Mallory Micetich, [email protected]

View original content:https://www.prnewswire.com/news-releases/us-luxury-home-market-shows-mixed-pricing-and-divergent-selling-speeds-302647514.html

SOURCE Realtor.com

December 22, 2025 6:05 am

Greenwich LifeSciences Provides Additional Updates on FLAMINGO-01 and Corporate Strategy

STAFFORD, Texas, Dec. 22, 2025 (GLOBE NEWSWIRE) — Greenwich LifeSciences, Inc. (Nasdaq: GLSI) (the “Company”), a clinical-stage biopharmaceutical company focused on its Phase III clinical trial, FLAMINGO-01, which is evaluating Fast Track designated GLSI-100, an immunotherapy to prevent breast cancer recurrences, today provided additional updates on FLAMINGO-01 and the Company’s corporate strategy.

Corporate Strategy

The Company recently attended a Noble Capital conference on December 3, 2025, where further details of the Company’s FLAMINGO-01 clinical strategy, financing strategy, and partnering strategy were discussed in a fireside chat with the Noble analyst. The video is now available on the Company’s website at the bottom of the Welcome page: https://greenwichlifesciences.com/

Below are highlights from the discussion with additional information:

Clinical strategy – The FLAMINGO-01 clinical strategy continues to evolve with various options to further reduce risk and increase the chances of marketing approval supported by the current financing strategy that is supporting the current burn rate, the increasing interest from investigators and patients, cost reduction activities, and continued interest to add additional sites and countries to the study.
- Approximately 140 sites are actively enrolling patients, and there are plans to activate an additional 10 already approved sites in 2026 and additional EU countries.
- Quality improvement and cost reduction may be realized by moving more clinical trial operations internally and ending the use of a CRO for the US operations and global management.
- The study has transitioned from strong interest from principal investigators to patient driven interest, including the formation of wait lists at certain sites.
- The Company has entered into discussions with leading clinical sites in the United Kingdom and Canada regarding joining the study, which would require regulatory approval in each country, independent from the FDA and EMA regulatory approval that the Company has already received.
Financing strategy – The ATM financing is being used judiciously and efficiently to keep up with the burn rate in 2025, potentially exceeding the burn rate by year end. This ATM strategy reduces the likelihood of the Company doing a near term financing, increasing the chances for non-dilutive strategic partnerships at any time before or after an interim analysis.
- The Company’s annual burn rate was approximately $7 million in 2024 and 2023. The income statements for these periods have been reported as losses of $16 million and $9 million respectively, but the cash flow used for operations is much lower at $7 million due to the non-cash stock and options expenses added to the income statements.
- For the first three quarters of 2025, the burn rate is approximately $7 million, representing a gradual increase in burn rate over 2024, but not a substantial increase due to the Company’s lean structure and ongoing cost saving initiatives. In addition, a large part of the clinical expenses is from the upfront costs and the first 6 months of monthly vaccinations or Primary Immunization Series, after which the cost per patient should be lower when boosters are given once every 6 months.
Partnering strategy – The Company continues to attend partnering conferences.
- Large pharma dominates the breast cancer drug market, including acquiring or partnering with smaller biotechs who have promising new breast cancer drugs.
- We believe patent filings for treating non-HLA-A*02 patients with GLSI-100 will strengthen the patent portfolio for GLSI-100, in addition to the biologics data exclusivity available to GLSI-100 in the US.

FLAMINGO-01 Data Safety Monitoring Board (DSMB) & Steering Committee

The FLAMINGO-01 DSMB met twice in 2025, most recently in December 2025, and recommended to continue the study as is without modification. The Steering Committee also met at SABCS 2025 and discussed the clinical strategy, endorsing the planned modifications to FLAMINGO-01. The planned modifications subject to regulatory approval include:

increasing the size of the study, which would increase the power of the study thus decreasing the risk by designing the study to assume more recurrences even though fewer recurrences may be anticipated and observed,
doubling or quadrupling the enrollment rate, which will increase the patient years in the study more rapidly thus proportionately increase the event rate, which may shorten the time to reach an interim analysis or milestone,
continuing to enroll past the interim analyses so that the current momentum at the clinical sites continues,
using the interim analysis to potentially resize the study or to change the subsequent interim analysis, to change the number of events triggering an analysis, or to change the timing of the study based on recommendations by an independent committee, and
using a recently manufactured GP2 commercial drug product lot in FLAMINGO-01

CEO Snehal Patel commented, “We are looking forward to continuing our financing strategy and implementing the planned Phase III trial derisking modifications, pending regulatory approvals. The discussions with clinicians at SABCS 2025 were encouraging, as the study has become more widely recognized by the breast cancer community, leading to patient and investigator driven interest to expand FLAMINGO-01 into the United Kingdom and Canada. The potential for GLSI-100 to save lives by preventing metastatic breast cancer recurrences and thus reduce overall healthcare costs was also highlighted at the Noble conference. The open label data of FLAMINGO-01 in the non-HLA-A*02 arm has helped to increase the probability of success, while potentially doubling the market for GLSI-100, and will continue to be analyzed as we may provide updates or publications at any time.”

About FLAMINGO-01 Open Label Phase III Data

More than 1,000 patients have been screened with a current screen rate of approximately 600 patients per year. The 250 patient non-HLA-A*02 arm is now fully enrolled, where all patients received GLSI-100, which is 5 times more treated patients and recurrence rate data than the approximately 50 patients treated in the Phase IIb trial. The Primary Immunization Series (PIS), which includes the first 6 GLSI-100 injections over the first 6 months and is required to reach peak protection, is followed by 5 booster injections given every 6 months to prolong the immune response, thereby providing longer-term protection.

In the non-HLA-A*02 arm, a preliminary analysis of recurrence rates after the PIS is completed shows an approximately 80% reduction in recurrence rate.
This observation is trending similarly to the Phase IIb trial results and hazard ratio where HLA-A*02 patients were treated and where breast cancer recurrences were reduced up to 80% compared to a 20-50% reduction in recurrence rate by other approved products.
The immune response at baseline prior to any GLSI-100 treatment, the increasing immune response during the PIS, and the safety profile of non-HLA-A*02 patients is trending similarly to the HLA-A*02 arms of FLAMINGO-01 and to the Phase IIb study.

Analysis of the open label data from FLAMINGO-01 has been conducted in a manner that maintains the study blind. The open label recurrence rate, immune response, and safety data is based on the patients enrolled to date in FLAMINGO-01 and the data provided by the clinical sites so far, which is not completed or fully reviewed, and is thus preliminary. While comparing any preliminary FLAMINGO-01 data to the Phase IIb clinical trial data may be possible, these preliminary results are not a prediction of future results, and the results at the end of the study may differ.

About GLSI-100 Phase IIb Study

In the prospective, randomized, single-blinded, placebo-controlled, multi-center (16 sites led by MD Anderson Cancer Center) Phase IIb clinical trial of HLA-A*02 breast cancer patients, 46 HER2/neu 3+ over-expressor patients were treated with GLSI-100, and 50 placebo patients were treated with GM-CSF alone. After 5 years of follow-up, there was an 80% or greater reduction in cancer recurrences in the HER2/neu 3+ patients who were treated with GLSI-100, followed, and remained disease free over the first 6 months, which we believe is the time required to reach peak immunity and thus maximum efficacy and protection. The Phase IIb results can be summarized as follows:

80% or greater reduction in metastatic breast cancer recurrence rate over 5 years of follow-up with a peak immune response at 6 months and well-tolerated safety profile.
The PIS elicited a potent immune response as measured by local skin tests and immunological assays.

About FLAMINGO-01 and GLSI-100

FLAMINGO-01 (NCT05232916) is a Phase III clinical trial designed to evaluate the safety and efficacy of Fast Track designated GLSI-100 (GP2 + GM-CSF) in HER2 positive breast cancer patients who had residual disease or high-risk pathologic complete response at surgery and who have completed both neoadjuvant and postoperative adjuvant trastuzumab based treatment. The trial is led by Baylor College of Medicine and currently includes US and European clinical sites from university-based hospitals and academic and cooperative networks with plans to open up to 150 sites globally. In the double-blinded arms of the Phase III trial, approximately 500 HLA-A*02 patients are planned to be randomized to GLSI-100 or placebo, and up to 250 patients of other HLA types are planned to be treated with GLSI-100 in a third arm. The trial has been designed to detect a hazard ratio of 0.3 in invasive breast cancer-free survival, where 28 events will be required. An interim analysis for superiority and futility will be conducted when at least half of those events, 14, have occurred. This sample size provides 80% power if the annual rate of events in placebo-treated subjects is 2.4% or greater.

For more information on FLAMINGO-01, please visit the Company’s website here and clinicaltrials.gov here. Contact information and an interactive map of the majority of participating clinical sites can be viewed under the “Contacts and Locations” section. Please note that the interactive map is not viewable on mobile screens. Related questions and participation interest can be emailed to: [email protected]

About Breast Cancer and HER2/

neu

Positivity

One in eight U.S. women will develop invasive breast cancer over her lifetime, with approximately 300,000 new breast cancer patients and 4 million breast cancer survivors. HER2 (human epidermal growth factor receptor 2) protein is a cell surface receptor protein that is expressed in a variety of common cancers, including in 75% of breast cancers at low (1+), intermediate (2+), and high (3+ or over-expressor) levels.

About Greenwich LifeSciences, Inc.

Greenwich LifeSciences is a clinical-stage biopharmaceutical company focused on the development of GP2, an immunotherapy to prevent breast cancer recurrences in patients who have previously undergone surgery. GP2 is a 9 amino acid transmembrane peptide of the HER2 protein, a cell surface receptor protein that is expressed in a variety of common cancers, including expression in 75% of breast cancers at low (1+), intermediate (2+), and high (3+ or over-expressor) levels. Greenwich LifeSciences has commenced a Phase III clinical trial, FLAMINGO-01. For more information on Greenwich LifeSciences, please visit the Company’s website at www.greenwichlifesciences.com and follow the Company’s Twitter at https://twitter.com/GreenwichLS.

Forward-Looking Statement Disclaimer

Statements in this press release contain “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will,” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Greenwich LifeSciences Inc.’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict, including statements regarding the intended use of net proceeds from the public offering; consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section entitled “Risk Factors” in Greenwich LifeSciences’ Annual Report on the most recent Form 10-K for the year ended December 31, 2024, and other periodic reports filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date, and Greenwich LifeSciences, Inc. undertakes no duty to update such information except as required under applicable law.

Company Contact

Snehal Patel
Investor Relations
Office: (832) 819-3232
Email: [email protected]

Investor & Public Relations Contact for Greenwich LifeSciences

Dave Gentry
RedChip Companies Inc.
Office: 1-800-RED CHIP (733 2447)
Email: [email protected]

December 22, 2025 6:05 am

Azureon Selects ServiceTitan as Core Technology Platform to Modernize Pool Construction and Service Operations to Scale End-to-End Management

LOS ANGELES, Dec. 22, 2025 (GLOBE NEWSWIRE) — ServiceTitan (Nasdaq: TTAN), the software platform that powers the trades, today announced that Azureon, a leading provider of ongoing pool care services, pool remodels, and pool construction in the United States, has selected ServiceTitan as its core technology platform. By standardizing Azureon’s growing network of locations on ServiceTitan, the company will operate its recurring service operations and project-based construction work under a single enterprise-grade system, designed to accelerate expansion, enhance operational consistency, and support both organic and acquisition-driven growth across the markets it serves.

“The pool care industry is rapidly evolving, which demands enterprise-grade technology built for efficiency and scale,” said Connor Theilmann, Chief Business Officer of ServiceTitan. “ServiceTitan enables pool builders and operators to manage construction projects, renovations, and design work alongside ongoing service and maintenance, all within one system. For a multi-location operator like Azureon, a unified foundation is critical to scaling efficiently, integrating acquired businesses, and operating an enterprise-scale business.”

Founded with a mission to elevate the pool care industry, Azureon partners with growth-driven businesses committed to improving customer experience, strengthening employee support, and leveraging innovative technology to transform operations. With eleven locations serving five states, Azureon offers a comprehensive suite of services, including recurring pool maintenance, repair services and renovations, upgrades, design/build projects, and pool construction, for both residential and commercial customers.

“Azureon is redefining what pool care means, and cutting-edge technology is at the heart of that transformation,” said John Tisera, CEO of Azureon. “Our business spans everything from large-scale construction projects to long-term service relationships, so we needed a single, powerful platform to unify and elevate both. By choosing ServiceTitan as our end-to-end software solution, we’re building the foundation to scale confidently, integrate acquisitions seamlessly, and set a new benchmark for operational excellence across our growing network. This partnership is more than technology—it’s a commitment to our philosophy of delivering an unparalleled pool care experience through exceptional people and innovative solutions.”

ServiceTitan continues to invest in purpose-built technology for the trades, including capabilities designed specifically for project-based construction businesses with recurring service models and distributed, multi-location operators. From project management, scheduling, and job costing to route optimization, automated customer follow-ups, and centralized reporting, ServiceTitan is the trusted enterprise-grade solution that simplifies both construction and service at scale.

Click here
for more information about ServiceTitan’s software for pool service.

About ServiceTitan

ServiceTitan
is the software platform that powers trades businesses. The company’s cloud-based, end-to-end solution gives contractors the tools they need to run and grow their business, manage their back office, and provide a stellar customer experience. By bringing an integrated SaaS platform to an industry historically underserved by technology, ServiceTitan is equipping tradespeople with the technology they need to keep the world running.

About Azureon

Azureon is a leading provider of pool care services in the United States. With eleven locations across five states, Azureon provides a comprehensive suite of services, including pool maintenance, repair, upgrades, renovations, and design/build solutions to customers across the Northeast. Additional information is available at www.azureon.com.

Press Contact

Max Wertheimer
ServiceTitan, Inc.
[email protected]

© 2025 ServiceTitan. All rights reserved. ServiceTitan, the ServiceTitan logo, and all ServiceTitan product and service names mentioned herein are registered trademarks or unregistered trademarks of ServiceTitan, Inc. in the United States and other countries. Other brand names and marks mentioned herein are for identification purposes only and may be the trademarks of their respective holder(s).

December 22, 2025 6:04 am

Radware Announces Major New Customer Win

Multi-year, multimillion-dollar agreement signed with top-ten SaaS and IT service management leader

MAHWAH, N.J., Dec. 22, 2025 (GLOBE NEWSWIRE) — Radware^® (NASDAQ: RDWR), a global leader in application security and delivery solutions for multi-cloud environments, today announced a significant new multi-year customer win with a leading global SaaS enterprise software company.

As part of the agreement, the customer has deployed Radware’s DefensePro^® DDoS mitigation solution to protect its critical applications and infrastructure. Prior to selecting Radware, the company had been experiencing repeated DDoS attacks ranging from approximately 30 Gbps to more than 600 Gbps and required a solution capable of providing consistently fast and reliable mitigation.

In addition to addressing immediate threat mitigation needs, the organization sought a more “service provider–class” DDoS solution to overcome the scalability limitations of its previous vendor. Radware’s architecture, automation capabilities, and flexible deployment options were key differentiators in the decision.

“Our new customer had experienced several large-scale DDoS attacks and recognized the need for an effective solution with extremely low time to mitigation,” said Randy Wood, senior vice president, North America sales, at Radware. “At the same time, the organization was facing growing scalability challenges as its revenue increased tenfold over the past decade. To support its rapidly expanding global customer base, the company required a world-class DDoS solution that delivers superior scalability, resilience, automation, and flexibility—and Radware met those requirements.”

Radware has earned numerous awards for its DDoS mitigation capabilities. Industry analysts, including G2, PeerSpot, and QKS Group, continue to recognize the company as a market leader in DDoS protection based on customer reviews, satisfaction scores, and market presence.

About Radware

Radware
^® (NASDAQ: RDWR) is a global leader in application security and delivery solutions for multi-cloud environments. The company’s cloud application, infrastructure, and API security solutions use AI-driven algorithms for precise, hands-free, real-time protection from the most sophisticated web, application, and DDoS attacks, API abuse, and bad bots. Enterprises and carriers worldwide rely on Radware’s solutions to address evolving cybersecurity challenges and protect their brands and business operations while reducing costs. For more information, please visit the Radware website.

Radware encourages you to join our community and follow us on: Facebook, LinkedIn, Radware Blog, X, and YouTube.

©2025 Radware Ltd. All rights reserved. Any Radware products and solutions mentioned in this press release are protected by trademarks, patents, and pending patent applications of Radware in the U.S. and other countries. For more details, please see: https://www.radware.com/LegalNotice/. All other trademarks and names are property of their respective owners.

Radware believes the information in this document is accurate in all material respects as of its publication date. However, the information is provided without any express, statutory, or implied warranties and is subject to change without notice.

The contents of any website or hyperlinks mentioned in this press release are for informational purposes and the contents thereof are not part of this press release.

Safe Harbor Statement

This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements made herein that are not statements of historical fact, including statements about Radware’s plans, outlook, beliefs, or opinions, are forward-looking statements. Generally, forward-looking statements may be identified by words such as “believes,” “expects,” “anticipates,” “intends,” “estimates,” “plans,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may,” and “could.” For example, when we say in this press release that attackers are leveraging AI-driven
tools, automation, and increasingly sophisticated botnets to launch massive, complex, highly disruptive, multi-vector DDoS campaigns that are harder to detect and mitigate, we are using forward-looking statements. Because such statements deal with future events, they are subject to various risks and uncertainties, and actual results, expressed or implied by such forward-looking statements, could differ materially from Radware’s current forecasts and estimates. Factors that could cause or contribute to such differences include, but are not limited to: the impact of global economic conditions, including as a result of the state of war declared in Israel in October 2023 and instability in the Middle East, the war in Ukraine, tensions between China and Taiwan, financial and credit market fluctuations (including elevated interest rates), impacts from tariffs or other trade restrictions, inflation, and the potential for regional or global recessions; our dependence on independent distributors to sell our products; our ability to manage our anticipated growth effectively; our business may be affected by sanctions, export controls, and similar measures, targeting Russia and other countries and territories, as well as other responses to Russia’s military conflict in Ukraine, including indefinite suspension of operations in Russia and dealings with Russian entities by many multi-national businesses across a variety of industries; the ability of vendors to provide our hardware platforms and components for the manufacture of our products; our ability to attract, train, and retain highly qualified personnel; intense competition in the market for cybersecurity and application delivery solutions and in our industry in general, and changes in the competitive landscape; our ability to develop new solutions and enhance existing solutions; the impact to our reputation and business in the event of real or perceived shortcomings, defects, or vulnerabilities in our solutions, if our end-users experience security breaches, or if our information technology systems and data, or those of our service providers and other contractors, are compromised by cyber-attackers or other malicious actors or by a critical system failure; our use of AI technologies that present regulatory, litigation, and reputational risks; risks related to the fact that our products must interoperate with operating systems, software applications and hardware that are developed by others; outages, interruptions, or delays in hosting services; the risks associated with our global operations, such as difficulties and costs of staffing and managing foreign operations, compliance costs arising from host country laws or regulations, partial or total expropriation, export duties and quotas, local tax exposure, economic or political instability, including as a result of insurrection, war, natural disasters, and major environmental, climate, or public health concerns; our net losses in the past and the possibility that we may incur losses in the future; a slowdown in the growth of the cybersecurity and application delivery solutions market or in the development of the market for our cloud-based solutions; long sales cycles for our solutions; risks and uncertainties relating to acquisitions or other investments; risks associated with doing business in countries with a history of corruption or with foreign governments; changes in foreign currency exchange rates; risks associated with undetected defects or errors in our products; our ability to protect our proprietary technology; intellectual property infringement claims made by third parties; laws, regulations, and industry standards affecting our business; compliance with open source and third-party licenses; complications with the design or implementation of our new enterprise resource planning (“ERP”) system; our reliance on information technology systems; our ESG disclosures and initiatives; and other factors and risks over which we may have little or no control. This list is intended to identify only certain of the principal factors that could cause actual results to differ. For a more detailed description of the risks and uncertainties affecting Radware, refer to Radware’s Annual Report on Form 20-F, filed with the Securities and Exchange Commission (SEC), and the other risk factors discussed from time to time by Radware in reports filed with, or furnished to, the SEC. Forward-looking statements speak only as of the date on which they are made and, except as required by applicable law, Radware undertakes no commitment to revise or update any forward-looking statement in order to reflect events or circumstances after the date any such statement is made. Radware’s public filings are available from the SEC’s website at

www.sec.gov

or may be obtained on Radware’s website at

www.radware.com

.

Media Contact:

Gina Sorice
Radware
[email protected]

December 22, 2025 6:04 am

Walker & Dunlop Arranges $867 Million Financing Package for the Largest Single-Building, Office-to-Residential Conversion in the U.S.

Walker & Dunlop Arranges $867 Million Financing Package for the Largest Single-Building, Office-to-Residential Conversion in the U.S.

BETHESDA, Md.–(BUSINESS WIRE)–Walker & Dunlop, Inc. announced today that it has arranged a $778.6 million construction loan to facilitate the office-to-residential conversion of 111 Wall Street, located along the East River waterfront in Lower Manhattan’s Financial District. The closing of this financing marks the largest single-building office-to-residential conversion loan in New York City history, and the country.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20251222794121/en/

111 Wall Rendering. Photo Credit: Gensler

The Walker & Dunlop Capital Markets Institutional Advisory Practice arranged the loan on behalf of InterVest capital partners, a global alternative investment manager. Dustin Stolly, Aaron Appel, Adam Schwartz, Keith Kurland, Jonathan Schwartz, Sean Reimer, and Sean Bastian, arranged the financing from Apollo Global Management, J.P. Morgan Chase & Co., and TYKO Capital. Walker & Dunlop also advised on the extension of an existing $88.4 million C-PACE loan from Petros that remained in the capitalization, bringing the total financing package to $867 million.

Originally built in 1968, 111 Wall Street is currently a 24-story, fully vacant office tower being converted into a 30-story luxury residential rental community. The project includes a five-story overbuild, a fully redesigned lobby, and will feature approximately 1,568 rental units across more than 899,000 rentable square feet, including open layouts, perpetually protected water views, condo-level finishes, and over 100,000 square feet of luxury amenities. The redevelopment will also include 7,000 rentable square feet of ground floor retail. Approximately 25% of the units will be designated as affordable housing for residents earning an average of 80% of Area Median Income (AMI), qualifying the project for New York City’s Affordable Housing Conversion Program.

“With office vacancies still elevated post-pandemic, we are seeing developers and global capital providers increasingly turning to residential conversions as a practical path forward,” said Stolly, senior managing director at Walker & Dunlop. “Manhattan’s apartment demand remains exceptionally strong, and projects like 111 Wall Street address both the growing need for housing and the repositioning of outdated, underutilized office assets. This project underscores continued investor confidence in large-scale adaptive reuse in core urban markets. We are pleased to work with InterVest, its development partners, and trusted lenders on this transformative conversion.”

The amenity program is designed to rival luxury condominium offerings and position 111 Wall Street as a premier downtown Manhattan rental property. Highlights include a wellness and recreation suite with a spa, golf simulator, bowling alley, and social lounges; a full-service, state-of-the-art fitness center, café, and co-working spaces; and a signature rooftop with climate-controlled basketball and padel courts and New York City’s only rooftop NBA regulation court, along with a pool, jogging track, outdoor fitness area, and panoramic views of the waterfront and Manhattan and Brooklyn skylines. Additional amenities include a 24/7 lobby, concierge services, tenant storage, and a curated mix of lifestyle spaces.

“111 Wall Street exemplifies InterVest’s commitment to identifying and executing complex, value-add opportunities in dynamic urban markets,” said Michael Gontar, CEO at InterVest capital partners. “This project captures the evolving demand for high-quality residential living in Lower Manhattan. The building’s scale, prime waterfront location, and exceptional amenity offering positions it to attract strong and sustained tenant interest. Adaptive reuse projects like this are a hallmark of one of our investment strategies, transforming underutilized assets into best-in-class residential communities that serve growing populations, revitalize neighborhoods, and address the housing shortage in New York City. We’re grateful to Walker & Dunlop, our lending partners, and the entire development team for their collaboration in bringing this transformative vision to life.”

The development team includes MetroLoft Development as developer, Collaborative Construction Management as construction manager, Gensler as architect of record, and Corcoran New Development as marketing and leasing agent.

“We’re excited to be working with InterVest and Walker & Dunlop on this iconic property, which will bring much-needed new housing to the city and one of its most vibrant neighborhoods,” said Nathan Berman, managing principal and founder of Metro Loft.

111 Wall Street’s premier waterfront location along South Street and the East River waterfront distinguishes it from most other residential offerings in the Financial District, offering sweeping views of the East River, Brooklyn skyline, the Brooklyn and Manhattan bridges, as well as city views. Its positioning within the neighborhood also provides for ease of access to various transportation options, including immediate access to premier lifestyle amenities including Brookfield Place, the South Street Seaport, Westfield World Trade Center Mall, and the Tin Building by Jean-Georges.

In 2024, Walker & Dunlop’s Capital Markets team sourced over $16 billion from non-Agency capital providers. This vast experience has made them a top advisor on all asset classes for many of the industry’s top developers, owners, and operators. To learn more about Walker & Dunlop’s broad financing options, visit our website.

About Walker & Dunlop

Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in the United States and internationally. Our ideas and capital create communities where people live, work, shop, and play. Our innovative people, breadth of our brand, and our technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry.

About InterVest capital partners

InterVest capital partners (“InterVest”) is a New York-based global alternative investment manager specializing in real estate, specialty finance, and asset-based lending. Since its inception, InterVest has invested $25 billion in alternative strategies and is 100% employee-owned and controlled, with teams in New York, London, and Luxembourg investing across North America, the United Kingdom, and Europe. To date, the company has invested over $10.7 billion in US real estate mandates.

About Metro Loft

MetroLoft Developers, LLC is a vertically integrated real estate development and management company founded in 1995 by Nathan Berman, who continues to serve as the managing principal. As a pioneer in the residential development of Lower Manhattan, MetroLoft has spent the past three decades redeveloping some of the most iconic buildings in downtown New York City, including landmarks such as 443 Greenwich St., 20 Exchange Place and 63 Wall St. Metro Loft is responsible for the acquisition, development and management of some of the most notable condominium and rental buildings in Lower Manhattan. Our reputation as a leading commercial-to-residential development firm is built upon our approach and vision to preserve the details that make each property unique and to elevate them through modern design and amenities.

View source version on businesswire.com: https://www.businesswire.com/news/home/20251222794121/en/

Investors:

Kelsey Duffey

Investor Relations

Phone 301.202.3207

[email protected]

Media:

Nina H. von Waldegg

VP, Public Relations

Phone 301.564.3291

[email protected]

Phone 301.215.5500

7272 Wisconsin Avenue, Suite 1300

Bethesda, Maryland 20814

KEYWORDS: United States North America New York Maryland

INDUSTRY KEYWORDS: Commercial Building & Real Estate Construction & Property Finance Public Relations/Investor Relations Consulting Urban Planning REIT Communications Professional Services Residential Building & Real Estate

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111 Wall Rendering. Photo Credit: Gensler

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December 22, 2025 6:03 am

KalVista Pharmaceuticals Announces Approval of EKTERLY® (sebetralstat) in Japan, First and Only Oral On-demand Treatment for Hereditary Angioedema

KalVista Pharmaceuticals Announces Approval of EKTERLY® (sebetralstat) in Japan, First and Only Oral On-demand Treatment for Hereditary Angioedema

FRAMINGHAM, Mass. & SALISBURY, England–(BUSINESS WIRE)–KalVista Pharmaceuticals, Inc. (Nasdaq: KALV) today announced that the Ministry of Health, Labor and Welfare (MHLW) in Japan has granted marketing and manufacturing approval for EKTERLY® (sebetralstat), a novel plasma kallikrein inhibitor, for the treatment of acute attacks of hereditary angioedema (HAE) in adults and adolescents aged 12 years and older. EKTERLY is the first and only oral on-demand treatment for HAE approved in Japan.

EKTERLY will be commercialized in Japan by KalVista’s partner, Kaken Pharmaceutical Co., Ltd. Kaken will launch EKTERLY shortly after it is listed on the Japanese National Health Insurance System (NHI).

“The approval of EKTERLY in Japan marks another major milestone in our global pursuit to bring the first and only oral on-demand treatment to people living with HAE,” said Ben Palleiko, CEO of KalVista. “We recognize the significant efforts of our Japanese team in achieving this outcome. We also appreciate the diligent commercial preparations by Kaken and look forward to their continued leadership in making this therapy available to patients in Japan. This approval underscores both the urgent need for new, effective therapies and the potential of EKTERLY to meaningfully improve the lives of individuals and families affected by HAE across the world.”

In December 2024, KalVista received Orphan Drug designation for EKTERLY in Japan. The approval is based on results from the phase 3 KONFIDENT clinical trial, which was the largest clinical study ever conducted in HAE. Data from KONFIDENT were published in the New England Journal of Medicine in May 2024, showing that EKTERLY achieved significantly faster symptom relief, reduction in attack severity, and attack resolution than placebo, and was well-tolerated with a safety profile similar to placebo. The trial randomized 136 HAE patients from 66 clinical sites across 20 countries.

Since July 3, 2025, EKTERLY has received seven regulatory approvals across major global markets, including in the United States, United Kingdom, European Union, Switzerland, Australia, Singapore, and Japan. Each approval authorizes its use for treating HAE attacks in individuals aged 12 and older.

About Hereditary Angioedema

Hereditary angioedema (HAE) is a rare genetic disease resulting in deficiency or dysfunction in the C1 esterase inhibitor (C1INH) protein and subsequent uncontrolled activation of the kallikrein-kinin system. People living with HAE experience painful and debilitating attacks of tissue swelling in various locations of the body that can be life-threatening depending on the area affected. Treatment guidelines recommend treating attacks as early as possible to prevent progression of swelling and shorten the time to attack resolution, and to consider treatment for all attacks, regardless of anatomic location or severity.

About EKTERLY® (sebetralstat)

EKTERLY (sebetralstat) is a novel plasma kallikrein inhibitor approved in the United States, European Union, United Kingdom, Switzerland, Australia, Singapore and Japan for the treatment of acute attacks of hereditary angioedema (HAE) in people 12 years of age and older. EKTERLY is the first and only oral on-demand treatment for HAE, offering efficacious and safe treatment of attacks without the burden of injections. With ongoing studies exploring its use in children aged two to 11 and multiple regulatory applications under review in key global markets, EKTERLY has the potential to become the foundational therapy for HAE management worldwide. For more information, including the full U.S. Prescribing Information, visit EKTERLY.com.

About KalVista Pharmaceuticals, Inc.

KalVista is a global pharmaceutical company dedicated to delivering life-changing oral therapies for individuals affected by rare diseases with significant unmet needs. The KalVista team discovered and developed EKTERLY®—the first and only oral on-demand treatment for hereditary angioedema (HAE)—and continues to work closely with the global HAE community to improve treatment and care for this disease around the world. For more information about KalVista, please visit www.kalvista.com and follow us on LinkedIn, X, Facebook and Instagram.

About Kaken Pharmaceutical Co., Ltd.

Kaken Pharmaceutical is a specialty pharmaceutical company in Japan with strong experience in developing and commercializing novel pharmaceuticals in the fields of orthopedics and dermatology. Kaken concentrates its R&D resources in areas such as immune system, nervous system, infectious diseases and rare diseases with unmet medical needs. Kaken, in its philosophy, strives to improve the quality of life of patients through the development and distribution of superior pharmaceuticals. For further information, visit www.kaken.co.jp/english.

Forward-Looking Statements

This press release contains “forward-looking” statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “position,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. These statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from what we expect. Examples of forward-looking statements include, among others, information relating to our business and business plans, the success of our efforts to commercialize EKTERLY® (sebetralstat), our ability to successfully obtain foreign regulatory approvals for sebetralstat, our expectations about the safety and efficacy of sebetralstat, the timing of clinical trials and their results, our ability to commence clinical studies or complete ongoing clinical studies, including our KONFIDENT-S and KONFIDENT-KID trials, and the ability of EKTERLY to treat HAE. Further information on potential risk factors that could affect our business and financial results are detailed in our filings with the Securities and Exchange Commission, including in our annual report on Form 10-K for the year ended April 30, 2025, our quarterly reports on Form 10-Q, and our other reports that we may make from time to time with the Securities and Exchange Commission. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20251222393408/en/

Ryan Baker

Head, Investor Relations

(617) 771-5001

[email protected]

Molly Cameron

Director, Corporate Communications

(978) 339-3378

[email protected]

KEYWORDS: Massachusetts United States United Kingdom Japan North America Asia Pacific Europe

INDUSTRY KEYWORDS: Health Clinical Trials Research Pharmaceutical Science Biotechnology

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December 22, 2025 6:03 am

Ennis, Inc. Reports Results for the Quarter Ended November 30, 2025 and Declares Quarterly Dividend

Ennis, Inc. Reports Results for the Quarter Ended November 30, 2025 and Declares Quarterly Dividend

MIDLOTHIAN, Texas–(BUSINESS WIRE)–
Ennis, Inc. (the “Company”), (NYSE: EBF), today reported financial results for the quarter ended November 30, 2025. Highlights include:

Revenues were $100.2 million for the quarter compared to $99.8 million for the same quarter last year, an increase of $0.4 million or 0.4%.

Earnings per diluted share for the current quarter were $0.42 compared to $0.39 for the comparative quarter last year.

Our gross profit margin for the quarter was 31.9% compared to 29.3% for the comparative quarter last year.

Financial Overview

The Company’s revenues for the quarter ended November 30, 2025 were $100.2 million compared to $99.8 million for the same quarter last year, an increase of $0.4 million, or 0.4%. Gross profits totaled $32.0 million for a gross profit margin of 31.9%, as compared to $29.2 million, or 29.3%, for the same quarter last year. Net earnings for the quarter were $10.8 million, or $0.42 per diluted share, as compared to $10.2 million, or $0.39 per diluted share for the same quarter last year.

The Company’s revenues for the nine-month period ended November 30, 2025 were $296.0 million compared to $301.9 million for the same period last year, a decrease of $5.9 million or 2.0%. Gross profit margin was $92.3 million, or 31.2%, as compared to $89.9 million, or 29.8% for the nine-month periods ended November 30, 2025 and 2024, respectively. Net earnings for the nine-month period ended November 30, 2025 were $33.8 million, or $1.31 per diluted share compared to $31.2 million, or $1.19 per diluted share for the same period last year.

Keith Walters, Chairman, Chief Executive Officer and President, commented by stating, “Our performance for the quarter met our expectations. Our sales increased and we achieved a gross margin of 31.9%, up nearly 260 basis points from 29.3% in the same period last year, and up 140 basis points from 30.5% in the prior quarter. We achieved an increase in gross profit margin as a percentage of sales, supported by continued operational efficiencies and the favorable margin profile of our recent acquisitions. EBITDA was $19.2 million, or 19.2% of sales. While this compares to $22.5. million, or 22.8% of sales, in the preceding quarter, those results benefited from a one-time $5.7 million judgment collection. Our EBITDA performance reflects continued year-over-year growth from the $18.2 million, or 18.2% of sales, reported in the same quarter last year.

“We completed the acquisition of CFC Print & Mail (CFC) at the end of the current quarter. CFC, based in Grand Prairie, Texas and founded in 2009, is a wholesale provider of business-document printing, mailing and commercial print solutions. The contribution from acquired businesses, including acquisitions completed in the current and prior year and reflecting partial-period results where applicable, was approximately $5.8 million in revenues for the quarter and $16.4 million in revenues for the nine-month period. Diluted earnings per share were positively impacted by $0.05 per diluted share for the quarter and positively impacted by $0.11 per diluted share for the nine-month period.

“In the previous quarters, we strategically used cash to increase inventory in response to the announced closure of the only domestic producer of carbonless paper. During the third quarter we successfully reduced inventory from $62.1 million to $60.8 million through the conversion of inventory to sales. As we transition to alternative sources of carbonless paper, we do not anticipate any supply disruptions.

“Year to date, we have repurchased approximately 793,000 shares of our company stock at various points during the year when market prices were attractive. On a weighted-average basis, these repurchases resulted in an estimated $0.02 increase in earnings per share. Had all repurchases occurred at the beginning of the year, the estimated impact would have been approximately $0.04 increase in earnings per share. The cumulative effect of year-to-date repurchase activity contributed approximately $0.01 to earnings per share in the current quarter. Any future share repurchases will be evaluated based on market conditions, capital allocation priorities, and other relevant factors.

“We maintain a strong balance sheet, with no debt and ample cash reserves. As noted last quarter, we expect cash flow to improve in the coming periods. With our inventory levels now enhanced, purchasing requirements are expected to decline over the next several quarters, supporting the rebuilding of our cash position. Our profitability and financial strength allows us to operate and pursue acquisitions without reliance on debt, while retaining access to credit for larger initiatives if needed. We remain focused on sustaining profitability and delivering returns to our shareholders.”

Reconciliation Non-GAAP Measure

To provide important supplemental information to both management and investors regarding financial and business trends used in assessing its results of operations, from time to time the Company reports the non-GAAP financial measure of EBITDA (EBITDA is calculated as net earnings before interest expense, tax expense, depreciation, and amortization). The Company may also report adjusted gross profit margin, adjusted earnings and adjusted diluted earnings per share, each of which is a non-GAAP financial measure.

Management believes that these non-GAAP financial measures provide useful information to investors as a supplement to reported GAAP financial information. Management reviews these non-GAAP financial measures on a regular basis and uses them to evaluate and manage the performance of the Company’s operations. Other companies may calculate non-GAAP financial measures differently than the Company, which limits the usefulness of the Company’s non-GAAP measures for comparison with these other companies. While management believes the Company’s non-GAAP financial measures are useful in evaluating the Company, when this information is reported it should be considered as supplemental in nature and not as a substitute or an alternative for, or superior to, the related financial information prepared in accordance with GAAP. These measures should be evaluated only in conjunction with the Company’s comparable GAAP financial measures.

The following table reconciles EBITDA, a non-GAAP financial measure, for the three and nine-months ended November 30, 2025 and 2024 to the most comparable GAAP measure, net earnings (dollars in thousands).

	Three months ended						Nine months ended
	November 30,			November 30,			November 30,			November 30,
		2025			2024			2025			2024
Net earnings	$	10,827		$	10,204		$	33,779		$	31,199
Income tax expense		4,107			3,871			12,812			11,834
Depreciation and amortization		4,289			4,079			12,782			12,509
EBITDA (non-GAAP)	$	19,223		$	18,154		$	59,373		$	55,542
% of sales		19.2	%		18.2	%		20.1	%		18.4	%

In Other News

On December 18, 2025 the Board of Directors declared a quarterly cash dividend of 25.0 cents per share on the Company’s common stock. The dividend is payable on February 5, 2026 to shareholders of record on January 8, 2026.

About Ennis

Founded in 1909, the Company is one of the largest private-label printed business product suppliers in the United States. Headquartered in Midlothian, Texas, Ennis has production and distribution facilities strategically located throughout the USA to serve the Company’s national network of distributors. Ennis manufactures and sells business forms, other printed business products, printed and electronic media, integrated forms and labels, presentation products, flex-o-graphic printing, advertising specialties, internal bank forms, plastic cards, secure and negotiable documents, specialty packaging, direct mail, envelopes, tags and labels and other custom products. For more information, visit www.ennis.com.

Safe Harbor under the Private Securities Litigation Reform Act of 1995

Certain statements that may be contained in this press release that are not historical facts are forward-looking statements that involve a number of known and unknown risks, uncertainties and other factors that could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievement expressed or implied by such forward-looking statements. The words “anticipate,” “preliminary,” “expect,” “believe,” “intend” and similar expressions identify forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for such forward-looking statements. In order to comply with the terms of the safe harbor, the Company notes that a variety of factors could cause actual results and experience to differ materially from the anticipated results or other expectations expressed in such forward-looking statements. These statements are subject to numerous uncertainties, which include, but are not limited to, the erosion of demand for our printer business documents as the result of digital technologies, risk or uncertainties related to the completion and integration of acquisitions, and the limited number of available suppliers and variability in the prices of paper and other raw materials. Other important information regarding factors that may affect the Company’s future performance is included in the public reports that the Company files with the Securities and Exchange Commission, including but not limited to, its Annual Report on Form 10-K for the fiscal year ending February 28, 2025. The Company does not undertake, and hereby disclaims, any duty or obligation to update or otherwise revise any forward-looking statements to reflect events or circumstances occurring after the date of this release, or to reflect the occurrence of unanticipated events, although its situation and circumstances may change in the future. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The inclusion of any statement in this release does not constitute an admission by the Company or any other person that the events or circumstances described in such statement are material.

Ennis, Inc.
Unaudited Condensed Consolidated Financial Information
(In thousands, except share and per share amounts)

	Three months ended						Nine months ended
Condensed Consolidated Operating Results	November 30,			November 30,			November 30,			November 30,
		2025			2024			2025			2024
Net sales	$	100,167		$	99,771		$	296,039		$	301,917
Cost of goods sold		68,215			70,522			203,757			211,985
Gross profit		31,952			29,249			92,282			89,932
Selling, general and administrative		16,990			16,341			51,656			50,068
(Gain) loss from disposal of assets		(19	)		(138	)		(19	)		(95	)
Income from operations		14,981			13,046			40,645			39,959
Other expense (income)		47			(1,029	)		(5,946	)		(3,074	)
Earnings before income taxes		14,934			14,075			46,591			43,033
Income tax expense		4,107			3,871			12,812			11,834
Net earnings	$	10,827		$	10,204		$	33,779		$	31,199

Weighted average common shares outstanding
Basic		25,439,979			26,013,892			25,708,846			26,028,596
Diluted		25,526,261			26,088,957			25,783,285			26,192,008

Earnings per share
Basic	$	0.43		$	0.39		$	1.31		$	1.20
Diluted	$	0.42		$	0.39		$	1.31		$	1.19

							November 30,			February 28,
Condensed Consolidated Balance Sheet Information								2025			2025
Assets
Current assets
Cash							$	31,283		$	67,000
Short-term investments								—			5,475
Accounts receivable, net								35,307			37,037
Other receivables								1,577			1,716
Inventories, net								60,802			38,797
Prepaid expenses								3,611			2,715
Total Current Assets								132,580			152,740
Property, plant & equipment, net								57,424			52,586
Operating lease right-of-use assets, net								10,647			9,833
Goodwill and intangible assets, net								147,490			127,619
Other assets								6,115			6,157
Total Assets							$	354,256		$	348,935
Liabilities and Shareholders’ Equity
Current liabilities
Accounts payable							$	12,886		$	13,799
Accrued expenses								17,542			15,339
Current portion of operating lease liabilities								4,599			4,166
Total Current Liabilities								35,027			33,304
Other non-current liabilities								14,435			13,651
Total liabilities								49,462			46,955
Shareholders’ equity								304,794			301,980
Total Liabilities and Shareholders’ Equity							$	354,256		$	348,935

							Nine months ended
							November 30,			November 30,
Condensed Consolidated Cash Flow Information								2025			2024
Cash provided by operating activities							$	34,859		$	53,097
Cash provided by (used in) investing activities								(36,653	)		7,919
Cash used in financing activities								(33,923	)		(86,909	)
Change in cash								(35,717	)		(25,893	)
Cash at beginning of period								67,000			81,597
Cash at end of period							$	31,283		$	55,704

View source version on businesswire.com: https://www.businesswire.com/news/home/20251222424485/en/

For Further Information Contact:

Mr. Keith S. Walters, Chairman, Chief Executive Officer and President

Ms. Vera Burnett, Chief Financial Officer

Mr. Dan Gus, General Counsel and Secretary

Ennis, Inc.

2441 Presidential Parkway

Midlothian, Texas 76065

Phone: (972) 775-9801

Fax: (972) 775-9820

www.ennis.com

KEYWORDS: Texas United States North America

INDUSTRY KEYWORDS: Natural Resources Office Products Other Retail Other Manufacturing Packaging Manufacturing Retail Forest Products

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