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BELLINGHAM, Wash., May 11, 2026 (GLOBE NEWSWIRE) — eXp World Holdings, Inc. (Nasdaq: AGNT) (the “Company,” “eXp” or “we”), the holding company for eXp Realty®, NextHome, Inc., FrameVR.io and SUCCESS® Enterprises, today announced financial results for the first quarter 2026 ended March 31, 2026.

“Our first quarter results exceeded our revenue expectations as agent productivity continues to increase,” said Leo Pareja, CEO of eXp Realty. “We have always been a company built by agents, built for agents, and this quarter we’ve taken a meaningful step in broadening that mission. The addition of NextHome creates maximum optionality across our platform. This multi-model approach serves the full spectrum of real estate entrepreneurs on a single, unified global platform that empowers every agent to grow their business on their own terms.”

“With the acquisition of NextHome, eXp World Holdings has evolved into a borderless, multi-model leader,” said Glenn Sanford, Founder, Chairman and CEO of eXp World Holdings. “This strategic move, punctuated by our new ticker ‘AGNT,’ reflects our position as a forward-thinking operating platform built to power the modern agent. By integrating a best-in-class franchise vehicle into our technology-driven ecosystem, we are providing the infrastructure for agent entrepreneurs to scale without the traditional friction of brick-and-mortar overhead. This evolution makes our entire network more valuable for everyone, creating a more durable organization designed to thrive throughout any market cycle.”

“I am pleased with our first quarter results, which are a direct reflection of the company’s scale and our focus on operational efficiency across eXp World Holdings,” said Jesse Hill, Chief Financial Officer of eXp World Holdings. “We generated revenue of $1.0 billion and Adjusted EBITDA of $4.1 million, an 88% improvement that further strengthened our financial position. More recently, we executed the strategic NextHome acquisition using cash on hand and zero debt. Moving forward, we remain committed to maintaining our financial discipline, with an acute focus on continued operational efficiency and cost management.”

First Quarter 2026 Consolidated Financial Highlights as Compared to the Same Year-Ago Period:

• Revenue increased 5% to $1.0 billion from $954.9 million.
• Net loss was $(5.1) million and net loss per diluted share was $(0.03) per share, compared to net loss of $(11.0) million and net loss per diluted share of $(0.07).
• Operating expenses of $84.1 million, a 3% decrease from $86.5 million.
• Adjusted EBITDA¹ (a non-GAAP financial measure) of $4.1 million, an 88% increase from $2.2 million.
• As of March 31, 2026, cash and cash equivalents totaled $122.1 million, compared to $115.7 million as of March 31, 2025.
• Net cash provided by operating activities was $20.6 million, compared to $39.8 million.
• Adjusted operating cash flow² (a non-GAAP financial measure) was $9.6 million, compared to $28.2 million.
• Distributed $8.0 million of cash dividends to shareholders.
• The Company paid a cash dividend for the first quarter of 2026 of $0.05 per share of common stock on March 27, 2026. On April 23, 2026, the Company’s Board of Directors declared a cash dividend of $0.05 per share of common stock for the second quarter of 2026, expected to be paid on June 5, 2026 to stockholders of record on May 22, 2026.

First Quarter 2026 Operational Highlights as Compared to the Same Year-Ago Period:

• eXp ended the first quarter of 2026 with a global agent Net Promoter Score (“aNPS”) of 67, compared to 78 in the prior-year period. aNPS is a measure of agent satisfaction and an important key performance indicator given the Company’s intense focus on improving the agent experience.
• Agents and brokers on the eXp Realty platform were 82,332 as of March 31, 2026, a 1% increase.
• First quarter 2026 real estate sales transactions increased 2% year-over-year to 91,598.
• First quarter 2026 real estate sales volume increased 5% year-over-year to $40.7 billion.

Second Quarter 2026 Outlook:

• Revenue between $1.36 billion and $1.45 billion.
• Operating expenses between $93 million and $97 million.
• Adjusted EBITDA¹ between $16 million and $21 million.

Full-Year 2026 Outlook:

• Revenue between $4.85 billion and $5.15 billion.
• Operating expenses between $325 million and $345 million.
• Adjusted EBITDA¹ between $50 million and $75 million.

Adjusted EBITDA is a non-GAAP financial measure and has not been reconciled to the most comparable GAAP outlook because it is not possible to do so without unreasonable efforts due to the uncertainty and potential variability of reconciling items, which are dependent on future events and often outside of management’s control and which could be significant. Because such items cannot be reasonably predicted with the level of precision required, we are unable to provide outlook for the comparable GAAP measures. Forward-looking estimates of Adjusted EBITDA are made in a manner consistent with the relevant definitions and assumptions noted in our filings with the Securities and Exchange Commission.

For a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures on a historical basis, see “US-GAAP Net Income (Loss) to Adjusted EBITDA Reconciliation” and “Adjusted Operating Cash Flow” included in this press release.

First Quarter 2026 Results – Virtual Fireside Chat

The Company will hold a virtual fireside chat and investor Q&A with eXp World Holdings Founder and Chief Executive Officer Glenn Sanford, eXp Realty Chief Executive Officer Leo Pareja, eXp Realty and eXp World Holdings Chief Financial Officer Jesse Hill on Monday, May 11, 2026 at 5:30 a.m. PT / 8:30 a.m. ET.

The investor Q&A is open to investors, current shareholders and anyone interested in learning more about eXp World Holdings and its companies. Submit questions in advance to [email protected].

Date: Monday, May 11, 2026

Time: 5:30 a.m. PT / 8:30 a.m. ET

Location: exp.world. Join at https://exp.world/earnings

Livestream:

expworldholdings.com/events

About eXp World Holdings, Inc.

Built by Agents. Built for Agents. eXp World Holdings, Inc. (Nasdaq: AGNT) is the global parent company of eXp Realty®, the most agent-centric™ real estate brokerage on the planet, NextHome, Inc., an award-winning national real estate franchise, FrameVR.io, a virtual collaboration platform, and SUCCESS® Enterprises, a leading personal development and media brand for entrepreneurs. Together, the AGNT platform provides a world-class multi-model operating system empowering independent agents, franchise owners, and team leaders across the Americas, Europe, the Middle East, Asia Pacific, and South Africa. As a publicly traded company, eXp World Holdings prioritizes transparency, innovation, and long-term value for agents, franchise owners, staff, and shareholders.

eXp World Holdings, Inc. uses its website, www.expworldholdings.com, as a means of disclosing information which may be of interest or material to its investors and for complying with disclosure obligations under Regulation FD. We intend to announce material information to the public through filings with the Securities and Exchange Commission, our website (www.expworldholdings.com), press releases, public conference calls, public webcasts, and our Facebook, LinkedIn and Instagram pages for eXp Realty, eXp International and eXp World Holdings. Accordingly, investors should monitor each of these disclosure channels.

Use of Non-GAAP Financial Measures

To provide investors with additional information regarding our financial results, this press release includes references to adjusted EBITDA and adjusted operating cash flow which are non-U.S. GAAP financial measures that may be different from similarly titled measures used by other companies. These measures are presented to enhance investors’ overall understanding of the Company’s financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP.

The Company’s non-U.S. GAAP financial measures provide useful information about financial performance, enhance the overall understanding of past performance and future prospects, and allow for greater transparency with respect to key metrics used by management for financial and operational decision-making. These measures may also provide additional tools for investors to use in comparing core financial performance over multiple periods with other companies in the industry.

• Adjusted EBITDA helps the reader identify underlying trends in the business that could otherwise be masked by the effect of the expenses excluded in adjusted EBITDA. In particular, the Company believes the exclusion of agent growth incentive stock-based compensation and stock compensation expense related to business acquisitions and stock option expenses provides a useful supplemental measure in evaluating the performance of operations and provides better transparency into results of operations. The Company defines the non-U.S. GAAP financial measure of adjusted EBITDA to mean net income, excluding other income (expense), income tax benefit (expense), depreciation, amortization, impairment charges, stock-based compensation expense and stock option expense and other items that are not core to the operating activities of the Company.
• Adjusted operating cash flow helps the reader understand the Company’s cash flow. The Company defines adjusted operating cash flow to mean net cash provided by operating activities, excluding the change in customer deposits.

Adjusted EBITDA and adjusted operating cash flow should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with U.S. GAAP.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect the Company’s current expectations, estimates, projections and assumptions about future events and financial performance and involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements.

Forward-looking statements in this press release include, but are not limited to, statements regarding: the Company’s financial outlook for the second fiscal quarter of 2026 and full year 2026, including revenue, operating expenses and Adjusted EBITDA; expectations regarding operating leverage, profitability, and cash generation; anticipated benefits from prior operational discipline initiatives and key leadership appointments; capital allocation priorities; potential growth and enhancement opportunities; international expansion; development, deployment and integration of artificial intelligence and other technology initiatives; agent productivity, attraction and retention; dividend payments; and long-term shareholder value creation.

The Company’s 2026 guidance and other forward-looking statements are based on assumptions and expectations as of the date of this release, including assumptions regarding housing market conditions, transaction volumes, agent count and productivity, competitive dynamics, the successful integration and operation of the NextHome franchise model and the realization of anticipated strategic benefits; macroeconomic trends, capital market conditions, regulatory environment, expense management, stock-based compensation, foreign currency impacts, and the absence of significant unforeseen events. These assumptions may prove to be incorrect.

Important factors that could cause actual results to differ materially from those indicated in forward-looking statements include, but are not limited to: adverse changes in residential real estate market conditions, interest rates, consumer confidence, or broader macroeconomic factors; fluctuations in agent attraction, retention, and productivity; the Company’s ability to achieve anticipated operating efficiencies and cost management objectives; variability in stock-based compensation expense and other non-cash charges; risks related to expansion into new markets, models or international jurisdictions; the successful development, integration and adoption of AI-enabled tools and other technology initiatives; competitive pressures, including changes in commission structures or brokerage models; regulatory, tax, or legal developments, including litigation outcomes; cybersecurity incidents or technology disruptions; capital allocation decisions, including dividends or share repurchases; and the timing, structure, or completion of potential growth and enhancement opportunities, if any, and the Company’s ability to realize anticipated benefits therefrom.

Forward-looking statements are not guarantees of future performance. The Company’s guidance represents management’s estimates as of the date of this release and should not be relied upon as necessarily indicative of future results. Actual results may vary materially and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

Additional information regarding risks and uncertainties that could affect the Company’s results is included in the Company’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q.

Media Relations Contact:

eXp World Holdings, Inc.

[email protected]

Investor Relations Contact:

Denise Garcia

[email protected]

________________________________

<sub>¹ A reconciliation of adjusted EBITDA, a non-GAAP measure, to net income and a discussion of why management believes adjusted EBITDA is useful is included below.


² A reconciliation of adjusted operating cash flow, a non-GAAP measure, to net cash provided by operating activities and a discussion of why management believes adjusted operating cash flow is useful is included below.</sub>

EXP WORLD HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share amounts and per share data)
(UNAUDITED)
		Three Months Ended March 31,
			2026				2025
Revenues		$	1,005,541			$	954,906
Commissions and other agent-related costs			930,194				878,771
Gross profit			75,347				76,135
Operating expenses
General and administrative expenses			64,213				66,871
Technology and development expenses			17,595				16,805
Sales and marketing expenses			2,327				2,835
Total operating expenses			84,135				86,511
Operating income (loss)			(8,788	)			(10,376	)
Other (income) expense
Other (income) expense, net			(268	)			(943	)
Equity in (income) losses of unconsolidated affiliates			130				(80	)
Other (income) expense, net			(138	)			(1,023	)
Income (loss) before income tax expense			(8,650	)			(9,353	)
Income tax (benefit) expense			(3,552	)			1,671
Net income (loss)		$	(5,098	)		$	(11,024	)
Earnings (loss) per share
Basic, net income (loss)		$	(0.03	)		$	(0.07	)
Diluted, net income (loss)		$	(0.03	)		$	(0.07	)
Weighted average shares outstanding
Basic			162,017,200				154,738,167
Diluted			162,017,200				154,738,167
Comprehensive income (loss):
Net income (loss)		$	(5,098	)		$	(11,024	)
Other comprehensive income (loss):
Foreign currency translation gain (loss), net of tax			(1,874	)			313
Comprehensive income (loss)		$	(6,972	)		$	(10,711	)

EXP WORLD HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share amounts)
		(Unaudited)
		March 31, 2026				December 31, 2025
ASSETS
CURRENT ASSETS
Cash and cash equivalents		$	122,149			$	124,245
Restricted cash			68,210				57,218
Accounts receivable, net of allowance for credit losses of $2,539 and $2,690, respectively			123,176				108,838
Prepaids and other assets			15,142				14,567
TOTAL CURRENT ASSETS			328,677				304,868
Property and equipment, net			15,149				14,314
Other noncurrent assets			23,106				23,495
Intangible assets, net			3,413				4,421
Deferred tax assets, net			79,186				77,510
Goodwill			17,635				17,872
TOTAL ASSETS		$	467,166			$	442,480
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Accounts payable		$	13,529			$	14,613
Customer deposits			68,224				57,204
Accrued expenses			110,753				108,208
Litigation contingency			17,000				17,000
Other current liabilities			1,760				2,676
TOTAL CURRENT LIABILITIES			211,266				199,701
TOTAL LIABILITIES			211,266				199,701
EQUITY
Common Stock, $0.00001 par value 900,000,000 shares authorized; 211,059,707 issued and 164,323,924 outstanding at March 31, 2026 and 207,785,762 issued and 161,049,979 outstanding at December 31, 2025			2				2
Additional paid-in capital			1,133,497				1,105,434
Treasury stock, at cost: 46,735,783 shares held at March 31, 2026 and December 31, 2025			(742,879	)			(742,879	)
Accumulated earnings (deficit)			(134,690	)			(121,622	)
Accumulated other comprehensive income (loss)			(30	)			1,844
TOTAL EQUITY			255,900				242,779
TOTAL LIABILITIES AND EQUITY		$	467,166			$	442,480

EXP WORLD HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
		Three Months Ended March 31,
			2026				2025
OPERATING ACTIVITIES
Net income (loss)		$	(5,098	)		$	(11,024	)
Reconciliation of net income (loss) to net cash provided by operating activities:
Depreciation expense			1,679				1,945
Amortization expense – intangible assets			643				616
Credit (benefit) losses on receivables/bad debt on receivables			(151	)			605
Equity in loss of unconsolidated affiliates			165				(80	)
Agent growth incentive stock-based compensation expense			9,073				8,119
Other stock-based compensation			1,446				1,853
Agent equity stock-based compensation expense			18,555				20,756
Deferred income taxes, net			(1,675	)			(1,509	)
Changes in operating assets and liabilities:
Accounts receivable			(14,023	)			(15,808	)
Prepaids and other assets			(575	)			(2,963	)
Customer deposits			11,020				11,685
Accounts payable			(1,083	)			(369	)
Accrued expenses			1,512				25,828
Other operating activities			(917	)			184
NET CASH PROVIDED BY OPERATING ACTIVITIES			20,571				39,838
INVESTING ACTIVITIES
Purchases of property and equipment			(2,514	)			(2,553	)
Investments in unconsolidated affiliates			60				(11,244	)
Capitalized software development costs in intangible assets			365				(450	)
NET CASH USED IN INVESTING ACTIVITIES			(2,089	)			(14,247	)
FINANCING ACTIVITIES
Repurchase of common stock			–				(4,982	)
Proceeds from exercise of options			21				300
Dividends declared and paid			(7,970	)			(7,602	)
NET CASH USED IN FINANCING ACTIVITIES			(7,949	)			(12,284	)
Effect of changes in exchange rates on cash, cash equivalents and restricted cash			(1,637	)			329
Net change in cash, cash equivalents and restricted cash			8,896				13,636
Cash, cash equivalents and restricted cash, beginning balance			181,463				168,588
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, ENDING BALANCE		$	190,359			$	182,224
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION:
Cash paid for income taxes			1,397				1,480
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING ACTIVITIES:
Property and equipment purchases in accounts payable			177				214

CONSOLIDATED US-GAAP NET INCOME (LOSS) TO CONSOLIDATED ADJUSTED EBITDA RECONCILIATION
(In thousands)
(UNAUDITED)
		Three Months Ended March 31,
			2026				2025
Net income (loss)		$	(5,098	)		$	(11,024	)
Total other (income) expense, net			(138	)			(1,023	)
Income tax (benefit) expense			(3,552	)			1,671
Depreciation and amortization			2,322				2,561
Stock-based compensation expense(1)			9,073				8,119
Other stock-based compensation expense			1,446				1,853
Consolidated adjusted EBITDA		$	4,053			$	2,157
(1) This includes agent growth incentive stock compensation expense and stock compensation expense related to business acquisitions.

ADJUSTED OPERATING CASH FLOW
(In thousands)
(UNAUDITED)
		Three Months Ended March 31,
			2026				2025
Net Cash Provided by Operating Activities		$	20,571			$	39,838
Less: Customer Deposits			11,020				11,685
Adjusted Operating Cash Flow		$	9,551			$	28,153

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/da46898b-37b9-46e0-a3e7-6a5e3f0e465e

RA’ANANA, Israel, May 11, 2026 (GLOBE NEWSWIRE) — Inspira™ Technologies OXY B.H.N. Ltd. (NASDAQ: IINN, IINNW) (“Inspira,” “Inspira Technologies,” or the “Company”), today issued a letter to its shareholders from its Chief Executive Officer, Dagi Ben-Noon.

Dear Valued Shareholders,
The past several months have marked a defining period in our Company’s evolution. We have taken decisive steps to reshape Inspira around a sharper strategic focus, a stronger asset base, and multiple near-term and long-term pathways to shareholder value creation. This letter is intended to clearly outline where we are heading, why we believe this moment is important, and how our Additively Manufactured Electronics (“AME”) platform, quantum connectivity strategy, and medical business each contribute to a broader plan to convert our assets into measurable value.

Our strategy is built around three distinct value tracks: a commercially active AME platform, a focused quantum connectivity program targeting one of the industry’s most important scaling bottlenecks, and a medical business being positioned as a wholly owned subsidiary with meaningful near-term strategic potential. Each track has its own timeline, execution path, and value driver. Together, they form a coordinated framework designed to convert the Company’s assets into measurable business outcomes and long-term shareholder returns.

Importantly, our recent commercial activity should not be viewed as an isolated event, but as clear evidence of a broader revenue ramp now developing across the Company. This ramp up is expected to be supported by AME system sales, recurring consumables and service revenues, and continued monetization of our medical technologies. Our objective is to convert this commercial activity into a scalable revenue base that grows consistently quarter over quarter. This revenue ramp will be reflected in the Company’s upcoming financial reports.

At the same time, the Company’s management has actively reduced the burn rate of the legacy medical business while reallocating capital toward the AME platform and quantum connectivity program. This is not a passive increase in expenses; it is a deliberate shift in the Company’s cost structure from legacy medical operating expenses toward commercial AME execution, quantum development, customer deployments, and revenue-generating activity. Our execution priorities are clear: accelerate cash collection, expand recurring revenue, improve gross margins, increase capital efficiency, and convert commercial activity into scalable revenue growth.

1. Quantum Computing Connectivity 
We are positioning Inspira to become a foundational connectivity layer for the quantum computing industry, one of the most strategically important and fastest-growing sectors in advanced technology. Our recent acquisition of the AME platform from Nano Dimension Ltd. (“Nano”), backed by more than $200 million of prior research and development investment, gives us a mature, IP-protected, production-ready technology stack to address what we believe is quantum computing’s defining hardware bottleneck. This AME technology is deeply connected to our team’s history. I was one of the original inventors of Nano’s AME technology, and several members of Inspira’s management and development teams have spent significant parts of their careers building, advancing, and commercializing this platform. For us, AME is not a newly discovered opportunity; it is a technology we know intimately, understand deeply, and believe is now ready to be directed toward one of the most important infrastructure challenges in quantum computing.

We believe the highest-value application of the AME platform lies in addressing one of quantum computing’s defining hardware bottlenecks: connectivity inside dilution cryostats. Quantum computers are not limited by qubits alone; they are increasingly limited by the wiring required to control and read them. Today, those lines are typically assembled from separate cables, connectors, shields, thermal anchors, and mechanical components, an approach that can support small systems, but does not scale as qubit counts increase. More qubits require more wires, and more wires introduce more heat, noise, space constraints, RF loss, and mechanical complexity into the cryogenic system. This is the connectivity wall.

Our approach is not to improve a single cable or connector, but to build a complete monolithic interconnect architecture. This architecture is built as a single engineered structure from the outset, combining the conductor, RF dielectric, shielding, thermal management, and mechanical routing rather than assembling them as separate components. As a result, it removes unnecessary connectors and RF discontinuities, embeds shielding to suppress crosstalk, incorporates thermal traps and anchoring to intercept heat before it reaches the coldest stage, and enables approximately 20 fully shielded conductors per square centimeter. Just as important, it preserves the material purity, continuity, and clean interfaces required for quantum environments. In simple terms, traditional quantum wiring is assembled; our solution is engineered as one monolithic system.

Last week we signed a joint development agreement with Qarakal Quantum Ltd., a leading quantum hardware initiative connected to Israel Aerospace Industries and the Hebrew University of Jerusalem, to jointly advance and validate our quantum connectivity architecture for cryogenic quantum systems. This collaboration moves our solution from internal development toward system-level validation in a working quantum environment, and we expect to announce additional collaborations with leading quantum ecosystem participants in the coming weeks.

The market opportunity is significant. McKinsey projects the quantum computing market could reach up to $72 billion by 2035, according to McKinsey’s 2025 Quantum Technology Monitor¹,  while the Boston Consulting Group estimates the broader quantum ecosystem could approach $170 billion by 2040². We are positioning the Company to participate in this market through a focused connectivity strategy aimed at one of the sector’s most critical scaling constraints. To align our corporate identity with this strategic direction, shareholders have approved changing the Company’s name to QTREX Quantum Ltd.

2. The AME Platform
The AME platform is generating commercial traction at a significant pace. Within weeks of closing the acquisition, we have deployed a commercial AME system at a Tier-1 U.S. defense customer, commenced an implementation process with one of the “Magnificent Seven” U.S. technology companies, and generated more than $1 million from recent transactions- the majority of which has already been received in cash by the Company.

 This level of commercial activity, achieved in such a compressed timeframe, demonstrates not only the strength of the underlying platform but also the depth of demand from leading organizations operating in the most demanding hardware environments in the world. We currently see a robust pipeline of additional engagements developing, including organizations operating at the intersection of advanced computing and quantum infrastructure, and we expect commercial momentum to continue building over the coming quarters.

A significant portion of the AME platform’s customer base is concentrated in the aerospace, missile, and defense sectors, and we are experiencing growing interest from additional leading organizations across these markets. This interest is driven by AME’s ability to deliver capabilities that conventional electronics manufacturing does not offer. By combining advanced conductive materials, specialized RF dielectrics, complex 3D geometries, and high-density electronic structures in a single manufacturing platform, AME creates a powerful technology stack for mission-critical environments. This combination of unique materials and integrated manufacturing capabilities makes AME especially suited for customers that require compact, rugged, high-performance electronic systems where size, weight, signal integrity, and reliability are critical.

Beyond the immediate commercial opportunity, AME also gives us strategic access to organizations that are active in quantum and next-generation computing. Several current and new AME customers, maintain relevant programs in quantum computing or related advanced computing infrastructure. We are working to expand these commercial relationships into additional units and programs within the same organizations, creating a potential bridge between AME’s current traction and our broader quantum connectivity strategy.

3. Medical Business 
We are repositioning our existing medical business to sharpen operational focus and unlock strategic value. We are actively working to sell certain parts of our medical business and are engaged in discussions with several parties regarding potential transactions. Management’s objective is to transform at least one of these discussions into a formal term sheet or definitive strategic framework by the end of the third quarter of 2026, with certain discussions already advanced enough to potentially mature sooner. Such a transaction could materially strengthen the Company’s balance sheet and provide significant non-dilutive capital. At the same time, we have actively reduced the medical business burn rate to preserve capital and align the cost structure with our strategic monetization process.

This monetization effort is supported by several advanced medical assets with regulatory, clinical, and commercial validation. The INSPIRA™ ART100 is FDA-cleared for cardiopulmonary bypass procedures in the U.S. and is in active clinical use at leading U.S. institutions, including top academic medical centers. To date, the ART100 has been used clinically in more than 40 patients and continues to be used actively and routinely. In addition, the HYLA™ platform has recently been validated in a next-generation standalone configuration with high parameter accuracy, targeting the broader heart-lung surgery market. We are preparing to submit the HYLA platform for FDA clearance in the coming months.

Beyond the Company’s current clinical and regulatory milestones, the broader critical care environment continues to demonstrate the strategic relevance of advanced oxygenation technologies. Severe infectious disease events, including recent Andes virus, associated hantavirus infections and Hantavirus Pulmonary Syndrome (“HPS”) cases monitored by global health authorities, continue to underscore the importance of ICU readiness, advanced blood oxygenation, and extracorporeal support infrastructure. The Centers for Disease Control and Prevention clinical guidance from May 2026 notes that early ECMO initiation in deteriorating HPS patients has been associated with approximately 80% survival. Inspira’s FDA cleared ART100 platform remains a meaningful medical asset within the Company’s broader portfolio. In this context, the Company has notified relevant U.S. public health authorities of its manufacturing readiness for broader critical care preparedness planning.

Across all three tracks, disciplined capital allocation remains our operating principle. The termination of our ATM and SEPA facilities in March 2026 reflects our commitment to a cleaner capital structure and a more deliberate financing strategy. With a revenue ramp up now developing, the medical monetization process underway, and burn reduction already implemented, our priority is to preserve capital, extend runway, and convert strategic progress into measurable financial results.

Looking ahead, we believe Inspira is at an inflection point. The convergence of an actively scaling AME commercial platform, a quantum connectivity strategy targeting one of the largest emerging hardware markets in technology, and a medical monetization process designed to deliver non-dilutive capital, creates what we believe is a unique combination of near-term commercial visibility and long-term strategic upside. We expect the coming weeks and months to bring continued execution milestones across all three tracks.

On behalf of the entire team, thank you for your continued support and confidence. We are committed to executing this strategy with discipline, transparency, urgency, and a clear focus on measurable milestones. Our priority is to translate the Company’s assets, strategic partnerships, and commercial progress into concrete results for our shareholders.

Dagi Ben-Noon

Chief Executive Officer
Inspira Technologies

About Inspira Technologies

Inspira Technologies OXY B.H.N. Ltd. (Nasdaq: IINN, IINNW) is a technology company focused on advanced connectivity and electronics manufacturing solutions for next-generation hardware markets. Following its acquisition of the Additively Manufactured Electronics (AME) platform, the Company is developing high-density, thermally optimized quantum connectivity solutions for dilution cryostats and advancing AME applications for defense, aerospace, missile, space, and other mission-critical environments. Inspira also continues to advance its medical technology portfolio, including respiratory support and blood monitoring platforms, while actively working to monetize certain parts of the medical business. For more information, please visit: www.q-trex.com and www.inspira-technologies.com

Forward-Looking Statement Disclaimer

This press release contains express or implied forward-looking statements pursuant to U.S. Federal securities laws. These forward-looking statements are based on the current expectations of the management of the Company only and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. For example, the Company is using forward-looking statements when it discusses that  it is positioning itself to become a foundational connectivity layer for the quantum computing industry, broader revenue ramp up developing across the Company, its objective to convert this commercial activity into a scalable revenue base that grows consistently quarter over quarter, its execution priorities, a shift in the Company’s cost structure,  that quantum computing industry is one of the most strategically important and fastest-growing sectors in advanced technology, that it expects to announce additional collaborations with leading quantum ecosystem participants in the coming weeks, its expectation that commercial momentum will continue building over the coming quarters, expansion of commercial relationships into additional units and programs within the same organizations, creating a potential bridge between AME’s current traction and the Company’s broader quantum connectivity strategy, that the Company is at an inflection point, its belief that the convergence of an actively scaling AME commercial platform, a quantum connectivity strategy targeting one of the largest emerging hardware markets in technology, and a medical monetization process designed to deliver non-dilutive capital, creates a unique combination of near-term commercial visibility and long-term strategic upside , its three distinct value tracks and overall business strategy that is designed to convert the Company’s assets into measurable business outcomes and long-term shareholder returns, the benefits, advantages and capabilities of its AME platform, repositioning of its medical business to sharpen operational focus and unlock strategic value, the potential for a transaction relating to its existing medical business and the timing thereof, its belief that the resulting value from a potential transaction could materially strengthen its balance sheet, provide significant non-dilutive capital, its preparation to submit the HYLA platform for FDA clearance and the timing thereof, its goal to advance the AME platform, quantum connectivity program, and medical monetization process while preserving shareholder value, reducing unnecessary dilution, and its priority to preserve capital. These forward-looking statements and their implications are based solely on the current expectations of the Company’s management and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Except as otherwise required by law, the Company undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. More detailed information about the risks and uncertainties affecting the Company is contained under the heading “Risk Factors” in the Company’s annual report on Form 20-F for the fiscal year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission (the “SEC”), which is available on the SEC’s website at www.sec.gov.

Company Contact

Inspira Technologies
Email: [email protected]
Phone: +972-9-9664485

Investor Relations Contact

Arx Investor Relations
North American Equities Desk
[email protected]
__________________________________________________________________________________

¹
https://www.mckinsey.com/capabilities/tech-and-ai/our-insights/the-year-of-quantum-from-concept-to-reality-in-2025

² https://www.bcg.com/press/18july2024-quantum-computing-create-up-to-850-billion-of-economic-value-2040

• ROE triples its manufacturing capacity for high-precision, multi-material monolithic dentures, capitalizing on early success with the NextDent® 300 jetted-denture solution to meet accelerating U.S. demand.
• Expansion highlights rapid commercial adoption of 3D Systems’ industry-first multi-material Jetted Denture Solution.
• Reinforces 3D Systems’ leadership in digital dentistry as labs shift from conventional methods to scalable, high-margin digital workflows.

ROCK HILL, S.C., May 11, 2026 (GLOBE NEWSWIRE) — 3D Systems (NYSE: DDD) today announced that ROE Dental Laboratory, one of the nation’s premier full-service dental labs, has purchased additional NextDent® 300 3D printers to expand its digital denture manufacturing capacity. With multiple systems in multiple locations now coming online, ROE becomes the leading dental laboratory in the U.S. to scale at this pace with the NextDent Jetted Denture Solution, dramatically increasing throughput and validating the platform for digital denture production.

This fleet expansion enables ROE to triple production capacity for next-generation jetted dentures, meeting strong clinician demand for faster turnaround, superior fit, and attractive aesthetic outcomes.

NextDent 300: The Industry’s First True Multi-Material Jetted Denture Platform

The NextDent 300 powers 3D Systems’ breakthrough Jetted Denture Solution — the only system capable of producing monolithic dentures (base + teeth in one print) using two specialized materials in a single build. Key advantages include:

• Exceptional precision and fit with minimal post-processing.
• Multi-material jetting: NextDent Jet Base (high-impact, four shades) + NextDent Jet Teeth (rigid, esthetic, wear resistant, color-blended).
• High-volume output with limited hands-on labor.
• Full digital workflow: Seamless integration with leading CAD software for streamlined design-to-delivery.

This technology replaces labor-intensive traditional processes with a repeatable, scalable digital solution, reducing costs, improving fit and product consistency, and shortening turnaround times.

ROE Positions Itself at the Forefront of Digital Denture Innovation

ROE Dental Laboratory has long been an early leader in digital dentistry. Its rapid expansion of NextDent 300 systems since product launch in the Fall of 2025 demonstrates strong confidence in the platform’s clinical and operational performance.

“The NextDent 300 has exceeded our expectations in production efficiency, dentist acceptance, and patient satisfaction. Adding more systems at this early stage allows us to triple output while maintaining the high standards of quality and consistency. Being first to scale this technology gives us a competitive edge.” said BJ Kowalski, CEO of ROE Dental Laboratory.

3D Systems Strengthens Leadership in High-Growth Digital Dentistry

ROE’s aggressive adoption underscores the momentum behind 3D Systems’ digital dentistry portfolio. As more labs modernize, the NextDent platform is emerging as the preferred solution for high-volume, high-precision denture manufacturing. With U.S. and EU regulatory approvals now in place, the combined addressable market exceeds 60 million edentulous patients, representing a multi-billion-dollar opportunity.

“ROE’s rapid expansion of NextDent 300 systems is powerful validation of our Jetted Denture Solution,” said Jeff Graves, President and CEO of 3D Systems. “This technology is transforming denture production from a craft into a scalable, profitable digital workflow. Labs can now deliver a superior product with shorter lead times, getting better solutions to patients faster and more economically than ever before. We’re excited to support innovators like ROE as they capitalize on this shift.”

For more information about the NextDent Jetted Denture Solution, visit: www.3dsystems.com/dental-jetted-dentures

About 3D Systems

For nearly 40 years, Chuck Hull’s curiosity and desire to improve the way products were designed and manufactured gave birth to 3D printing, 3D Systems, and the additive manufacturing industry. Since then, that same spark continues to ignite the 3D Systems team as we work side-by-side with our customers to change the way industries innovate. As a full-service solutions partner, we deliver industry-leading 3D printing technologies, materials and software to high-value markets such as medical and dental; aerospace, space and defense; transportation and motorsports; AI infrastructure; and durable goods. Each application-specific solution is powered by the expertise and passion of our employees who endeavor to achieve our shared goal of Transforming Manufacturing for a Better Future.  More information on the company is available at www.3dsystems.com.

Forward-Looking Statements

Certain statements made in this release that are not statements of historical or current facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including statements regarding the timing of product launches, regulatory approvals, market opportunities, expected revenue impact, and shareholder value. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to be materially different from historical results or from any future results or projections expressed or implied by such forward-looking statements. In many cases, forward-looking statements can be identified by terms such as “believes,” “belief,” “expects,” “may,” “will,” “estimates,” “intends,” “anticipates” or “plans” or the negative of these terms or other comparable terminology. Forward-looking statements are based upon management’s beliefs, assumptions, and current expectations and may include comments as to the company’s beliefs and expectations as to future events and trends affecting its business and are necessarily subject to uncertainties, many of which are outside the control of the company. The factors described under the headings “Forward-Looking Statements” and “Risk Factors” in the company’s periodic filings with the Securities and Exchange Commission, as well as other factors, could cause actual results to differ materially from those reflected or predicted in forward-looking statements. Although management believes that the expectations reflected in the forward-looking statements are reasonable, forward-looking statements are not, and should not be relied upon as a guarantee of future performance or results, nor will they necessarily prove to be accurate indications of the times at which such performance or results will be achieved. The forward-looking statements included are made only as of the date of the statement. 3D Systems undertakes no obligation to update or review any forward-looking statements made by management or on its behalf, whether as a result of future developments, subsequent events or circumstances or otherwise.

Investor Contact:
[email protected]

Media Contact:
[email protected]

Net revenue in Q1 2026 increased by 
40%
year-over-year to
$45.2 million

Achieved record net revenue and gross profit in Q1 2026

Reached #1 market share in vapes in Canada

¹

Ninth consecutive quarter of record net revenue in Israel, where PEACE NATURALS

^®

continues to be the number one cannabis brand

²

Industry-leading balance sheet with $822 million
in total cash and cash equivalents

TORONTO, May 11, 2026 (GLOBE NEWSWIRE) — Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) (“Cronos” or the “Company”), today announced its 2026 first quarter business results.

“Cronos delivered record net revenue and gross profit in the first quarter, as we continue to execute against our borderless products strategy and as additional supply from the expansion at Cronos GrowCo fuels our next phase of growth. Cronos Israel delivered another record quarter, further cementing PEACE NATURALS^® as the #1 cannabis brand in the country. In other international markets, we achieved record quarterly net revenue, and we continue to see robust growth potential for our products in Europe. In Canada, the Spinach^® brand claimed the #1 position in vapes for the first time, while maintaining its outstanding #1 ranking in edibles,¹ a testament to the strength of our brand portfolio and our innovation platform,” said Mike Gorenstein, Chairman, President and CEO of Cronos.

“We are executing on a clear and focused growth strategy. We are benefitting from increased volume following Cronos GrowCo’s expansion and sustained growth in our proprietary products across categories, with significant momentum in international markets, positioning Cronos to deliver sustainable net revenue and Adjusted EBITDA growth. Our pending acquisition of CanAdelaar, the leading operator in the Netherlands’ legal market, is expected to establish a strategic footprint for Cronos in Europe and enable us to leverage our borderless product strategy in a scaled adult-use market. Backed by an industry-leading balance sheet, we have the financial strength and flexibility to invest with discipline and deliver value to our shareholders.”

Consolidated Financial Results

The tables below set forth our condensed consolidated results of operations, expressed in thousands of United States (“U.S.”) dollars for the periods presented. Our condensed consolidated financial results for these periods are not necessarily indicative of the consolidated financial results that we will achieve in future periods.

(in thousands of USD)	Three months ended March 31,								Change
		2026				2025			$				%
Net revenue	$	45,210			$	32,262			$	12,948			40	%
Cost of sales		25,392				18,528				6,864			37	%
Inventory write-down		665				—				665			N/A
Gross profit	$	19,153			$	13,734			$	5,419			39	%
Gross margin(i)		42	%			43	%		N/A				(1)pp
Inventory step-up recorded to cost of sales		—				517				(517	)		N/A
Adjusted Gross Profit(ii)	$	19,153			$	14,251			$	4,902			34	%
Adjusted Gross Margin(iii)		42	%			44	%		N/A				(2)pp
Net income	$	15,711			$	7,723			$	7,988			103	%
Adjusted EBITDA(ii)	$	5,079			$	2,289			$	2,790			122	%
Other Data
Cash and cash equivalents(iv)	$	821,856			$	797,819			$	24,037			3	%
Short-term investments(iv)		—				40,000				(40,000	)		N/A
Capital expenditures(v)		1,971				15,356				(13,385	)		(87	)%

(i)   
Gross margin is defined as gross profit divided by net revenue.
(ii)   See “Non-GAAP Measures” for more information, including a reconciliation of adjusted earnings (loss) before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) to net income (loss) and a reconciliation of Adjusted Gross Profit to gross profit.
(iii)   Adjusted Gross Margin is defined as Adjusted Gross Profit divided by net revenue. See Non-GAAP Measures for more information.
(iv)   Dollar amounts are as of the last day of the period indicated.
(v)   Capital expenditures represent component information of investing activities and is defined as the sum of purchase of property, plant and equipment, and purchase of intangible assets.

First Quarter
2026

• Net revenue of $45.2 million in Q1 2026 increased by $12.9 million from Q1 2025. The increase was primarily due to higher cannabis flower sales in Israel and other countries, which carry no excise taxes, and higher cannabis extract and flower sales in the Canadian market.
• Gross profit of $19.2 million in Q1 2026 increased by $5.4 million from Q1 2025. The increase was primarily due to higher average sales prices, largely driven by a mix shift to Israel and other countries, which carry no excise taxes, and higher sales volumes. For the three months ended March 31, 2025, gross profit was reduced by $0.5 million as a result of the impact of the inventory step-up from the transaction (the “Cronos GrowCo Transaction”) by which we obtained majority control of the board of directors of Cronos Growing Company Inc. (“Cronos GrowCo”) that was recorded into cost of sales. No such costs were recognized for the three months ended March 31, 2026.
• Adjusted Gross Profit of $19.2 million in Q1 2026 increased by $4.9 million from Q1 2025. The increase was primarily due to higher average sales prices, largely driven by a mix shift to Israel and other countries, which carry no excise taxes, and higher sales volumes.
• Net income of $15.7 million in Q1 2026 increased by $8.0 million from Q1 2025. The increase was primarily due to higher gross profit and other income, partially offset by higher operating expenses.
• Adjusted EBITDA of $5.1 million in Q1 2026 improved by $2.8 million from Q1 2025. The improvement was primarily driven by higher gross profit, partially offset by higher operating expenses due to higher sales and marketing, general and administrative, and research and development (“R&D”) costs.

Business Updates

Renewed Share Repurchase Authorization

On May 8, 2026, the Board unanimously authorized a share repurchase program of up to $50 million, which is intended to succeed the Company’s existing share repurchase program upon its scheduled expiration on May 13, 2026. The share repurchase program is expected to commence on May 14, 2026 and terminate on May 13, 2027, unless earlier terminated. Repurchases under the program may be made from time to time, either through open market purchases at then-prevailing market prices through the facilities of the Nasdaq Global Market or other U.S. published markets, privately negotiated transactions or otherwise. Open market repurchases will be limited to 5% of the number of common shares outstanding as of the applicable measurement time, the maximum amount permitted by applicable securities laws. The timing and amount of repurchases are subject to market conditions, compliance with applicable laws and regulations and any other factors management of the Company may deem relevant. The program does not obligate Cronos to acquire any specific dollar amount or number of shares and may be modified, suspended, or discontinued at any time.

From May 14, 2025 through May 6, 2026, Cronos repurchased a total of 13,394,475 shares at a cost of approximately $33.5 million, inclusive of commissions and excise taxes.

Brand and Product Portfolio

Spinach

<sup>®

3</sup>

The Spinach^® brand delivered outstanding results in Q1 2026, reinforcing its standing among Canada’s favorite cannabis brands. The brand held 5.5% total market share nationally, maintaining its position as the #2 brand in Canada. In flower, the Spinach^® brand rose to #3 with 5.0% market share, reflecting increased product availability following the Cronos GrowCo expansion and continued consumer demand for the brand’s core offerings.

The Spinach^® brand’s most significant achievement in Q1 2026 was reaching #1 in the vape category for the first time in the brand’s history, capturing 9.8% total vape market share across all formats in Canada, a milestone that underscores the brand’s growing strength in one of Canada’s fastest-growing cannabis categories. In vape cartridges specifically, Spinach^® reached 11.1% market share in the quarter, also ranking #1, and the three best-selling vape SKUs nationwide across all formats were Spinach^® vape cartridges. Canadian distribution of Spinach^® PUFFERZ^TM all-in-one vapes broadened in the quarter, with PUFFERZ^TM reaching the #2 market share position in all-in-one vapes in March 2026, just four months after launch.

In edibles, Spinach^® retained its outstanding #1 position with a 20.8% share of the Canadian market, powered by the continued success of SOURZ by Spinach^® gummies, which held 22.7% of the gummies segment. In Q1 2026, four SOURZ by Spinach^® gummies products ranked among the top 10 edibles nationally, including the top-selling edibles SKU in Canada, the Fully Blasted Blue Raspberry Watermelon 10 Pack.

During Q1 2026, Cronos launched a series of new pre-roll products for the Canadian market, including limited edition Sour Chem and Space Cake 10 x 0.4g Spinach^® STIX and Sour Chem and GMO Cookies 2 x 1g Spinach^® pre-rolls, offering consumers distinctive and accessible ways to experience the brand’s most popular genetics.

PEACE NATURALS


<sup>®


4</sup>

Cronos Israel delivered another record quarter in Q1 2026, with the PEACE NATURALS^® brand expanding its lead in the Israeli medical cannabis market, resulting in net revenue growth of 53% year-over-year. The sustained leadership of PEACE NATURALS^® products reflects the strength of Cronos’ advanced genetic breeding program, and industry-leading cultivation capabilities.

Cronos continued to build on its international presence in Q1 2026, with net revenue in international markets outside Israel growing 97% year-over-year, reaching record levels in the quarter. The Company’s global platform continues to be a key differentiator, enabling Cronos to leverage its genetics, cultivation expertise, and brand equity across multiple regulatory environments and patient populations.

LIT
™

In Q1 2026, Cronos further expanded sales of its value-focused medical brand LIT™ across Israel and Europe, reflecting the Company’s strategy of building a tiered product portfolio, from premium to accessible price points, that serves the spectrum of medical cannabis patients.

Lord Jones


<sup>®


5</sup>

The Lord Jones^® brand continued to serve the premium cannabis consumer in Q1 2026, with a focused presence across several key categories. The brand held a 9.1% market share in chocolate cannabis edibles, ranking #3 in Canada.

The Lord Jones^® brand also made its entry into the Israeli medical cannabis market in Q1 2026, where its five premium flower strains were met with strong demand from patients. The brand’s expansion into Israel underscores Cronos’ commitment to thoughtful international growth driven by disciplined execution and differentiated brand experiences.

CanAdelaar Acquisition

On December 9, 2025, the Company entered into a definitive share sale and purchase agreement (the “SPA”) to acquire all of the issued and outstanding shares of CanAdelaar B.V. (“CanAdelaar”), one of ten licensed cannabis producers participating in the Dutch Controlled Cannabis Supply Chain Experiment.

On May 8, 2026, the Company entered into an amendment to the SPA pursuant to which the parties agreed to extend the Long Stop Date (as defined in the SPA) for closing of the acquisition from June 9, 2026 to September 9, 2026. The extension provides additional time to satisfy certain closing conditions, including obtaining required regulatory clearances in the Netherlands, receipt of confirmations relating to CanAdelaar’s licenses and completion of the Bibob review (a background check conducted by Dutch authorities). No other material changes were made to the terms of the transaction.

The Company expects the acquisition to close in the summer of 2026.

Conference Call

The Company will host a conference call and live audio webcast on Monday, May 11, 2026, at 8:30 a.m. ET to discuss 2026 first quarter business results. An audio replay of the call will be archived on the Company’s website for replay. Instructions for the live audio webcast are provided on the Company’s website at https://ir.thecronosgroup.com/events-presentations.

About Cronos

Cronos is a global cannabis company focused on scaling leading consumer goods products through research and development and innovation. With a passion to responsibly elevate the consumer experience, Cronos is building an iconic brand portfolio. Cronos’ diverse international brand portfolio includes Spinach^®, PEACE NATURALS^®, LIT^™ and Lord Jones^®. For more information about Cronos and its brands, please visit: thecronosgroup.com.

Forward-Looking Statements

This press release contains information that may constitute forward-looking information and forward-looking statements within the meaning of applicable U.S. and Canadian securities laws and court decisions (collectively, “Forward-Looking Statements”), which are based upon our current internal expectations, estimates, projections, assumptions and beliefs. Information that is not clearly historical in nature may constitute Forward-Looking Statements. In some cases, Forward-Looking Statements can be identified by the use of forward-looking terminology, such as “expect,” “likely,” “may,” “will,” “should,” “intend,” “anticipate,” “potential,” “proposed,” “estimate,” “believe,” “plan” and other similar words, expressions and phrases, including negative and grammatical variations thereof, or statements that certain events or conditions “may” or “will” happen, or by discussion of strategy. Forward-Looking Statements include estimates, plans, expectations, opinions, forecasts, projections, targets, guidance or other statements that are not statements of historical fact.

Forward-Looking Statements include, but are not limited to, statements with respect to:

• the ongoing impact of the public investigation into Canadian licensed producers of alleged dumping of medical cannabis imports from Canada into Israel by the Trade Levies Commissioner of the Israel Ministry of Economy and Industry (the “Anti-Dumping Investigation”) and the proposed anti-dumping duty to which the Company’s imports would be subject;
• expectations related to the conflict involving the United States, Israel, Hamas, Hezbollah, Houthis, Iran, Iran’s proxies and other stakeholders in the region (the “Middle East Conflict”) and its impact on our operations in Israel, the supply of product in the market and the demand for product by medical patients in Israel, as well as any regional or global escalations and their impact to global commerce and stability;
• expectations related to markets outside of Canada and Israel, and our ability to successfully distribute the PEACE NATURALS^® brand in those markets;
• expectations related to the impact of our decision to exit our U.S. hemp-derived cannabinoid product operations and any future plans to re-enter the U.S. market;
• the ongoing impact of our announced realignment (inclusive of any revisions thereto, the “Realignment”) and any progress, challenges and effects related thereto as well as changes in strategy, metrics, investments, reporting structure, costs, operating expenses, employee turnover and other changes with respect thereto;
• our expectations as to the use and expansion of our facility in Stayner, Ontario (the “Peace Naturals Campus”);
• our ability to acquire raw materials from suppliers, including Cronos GrowCo, and the costs and timing associated therewith;
• expectations regarding the potential success of, and the costs and benefits associated with, our joint ventures, strategic alliances and equity investments;
• expectations related to the expansion of Cronos GrowCo’s purpose-built cultivation and processing facilities and any additional supply or growth opportunities (including in the wholesale market) provided thereby;
• expectations related to the transaction by which we, as lender, obtained junior secured convertible debt (the “High Tide Loan”) from High Tide Inc. (“High Tide”), as borrower, and a warrant (the “High Tide Warrant”) to purchase common shares of High Tide, the performance of the High Tide Loan and the High Tide Warrant, and High Tide’s ability to repay the High Tide Loan;
• expectations related to our agreement to acquire CanAdelaar, including the timing and completion of the transaction, and the anticipated costs, benefits and integration matters associated therewith and the performance of the business from and following closing;
• expectations related to the impact of the renewed share repurchase program that was authorized on May 8, 2026, including the timing and amount of repurchases;
• our ability or plans to identify, develop, commercialize or expand our technology and R&D initiatives in cannabinoids, or the success thereof;
• expectations regarding revenues, expenses, gross margins and capital expenditures;
• expectations regarding our future production and manufacturing strategy and operations, the costs and timing associated therewith and the receipt of applicable production and sale licenses;
• the ongoing impact of the legalization of additional cannabis product types and forms for adult-use in Canada, including federal, provincial, territorial and municipal regulations pertaining thereto, the related timing and impact thereof and our intentions to participate in such markets;
• the legalization of the use of cannabis for medical or adult-use in jurisdictions outside of Canada, the related timing and impact thereof and our intentions to participate in such markets, if, when and to the extent such use is legalized;
• the grant, renewal, withdrawal, suspension, delay and impact of any license or supplemental license to conduct activities with cannabis or any amendments thereof;
• our ability to successfully create, launch and scale brands and cannabis products;
• expectations related to the differentiation of our products, including through the utilization of rare cannabinoids;
• the benefits, viability, safety, efficacy, dosing and social acceptance of cannabis, including CBD and other cannabinoids;
• laws and regulations and any amendments thereto applicable to our business and the impact thereof, including uncertainty regarding the application of U.S. state and federal law to cannabis and U.S. hemp (including CBD and other U.S. hemp-derived cannabinoids) products and the scope of any regulations by the U.S. Department of Health and Human Services, U.S. Food and Drug Administration, the U.S. Drug Enforcement Administration, the U.S. Federal Trade Commission, the U.S. Patent and Trademark Office and any state equivalent regulatory agencies over cannabis and U.S. hemp (including CBD and other U.S. hemp-derived cannabinoids) products, including the final order issued by the U.S. Department of Justice (the “DOJ”) moving certain categories of marijuana products from Schedule I to Schedule III under the U.S. Controlled Substances Act and any future actions that may be taken or considered by the DOJ or other government agencies;
• the anticipated benefits and impact of Altria Group, Inc.’s investment in the Company (the “Altria Investment”), pursuant to a subscription agreement dated December 7, 2018;
• expectations regarding the implementation and effectiveness of key personnel changes;
• expectations regarding business combinations and dispositions and the anticipated benefits therefrom;
• expectations of the amount or frequency of impairment losses, including as a result of the write-down of intangible assets, including goodwill;
• the impact of the ongoing military conflict between Russia and Ukraine (and resulting sanctions) on our business, financial condition and results of operations or cash flows;
• our compliance with the terms of the settlement (the “Settlement Order”) with the SEC and the settlement agreement with the Ontario Securities Commission (the “OSC”); and
• the impact of the loss of our ability to rely on private offering exemptions under Regulation A and Regulation D of the Securities Act of 1933, as amended, as a result of the Settlement Order.

Certain of the Forward-Looking Statements contained herein concerning the industries in which we conduct our business are based on estimates prepared by us using data from publicly available governmental sources, market research, industry analysis and on assumptions based on data and knowledge of these industries, which we believe to be reasonable. However, although generally indicative of relative market positions, market shares and performance characteristics, such data is inherently imprecise. The industries in which we conduct our business involve risks and uncertainties that are subject to change based on various factors, which are described further below.

The Forward-Looking Statements contained herein are based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including: (i) our ability to effectively navigate developments related to the Anti-Dumping Investigation and the proposed anti-dumping duty to which the Company’s imports would be subject and its impact on our operations in Israel; (ii) our ability to effectively navigate developments related to the Middle East Conflict and its impact on our employees and operations in Israel, the supply of product in the market and demand for product by medical patients in Israel; (iii) our ability to efficiently and effectively distribute our PEACE NATURALS^® brand in markets outside of Canada and Israel; (iv) expectations related to the impact of our decision to exit our U.S. hemp-derived cannabinoid product operations; (v) our ability to realize the expected cost-savings, efficiencies and other benefits of our Realignment and other announced cost-cutting measures and employee turnover related thereto; (vi) our ability to efficiently and effectively manage our operations at our Peace Naturals Campus; (vii) our ability to efficiently and effectively acquire raw materials on a timely and cost-effective basis from third parties or Cronos GrowCo; (viii) our ability to realize the expected benefits related to the expansion of Cronos GrowCo’s purpose-built cannabis facility (including the quantity and quality of any additional supply provided thereby and the stability of pricing and demand with respect to such supply) and the ability of Cronos GrowCo to repay the credit facility provided by Cronos; (ix) High Tide’s ability to repay the High Tide Loan, the performance of the High Tide Loan and the High Tide Warrant, and our ability to realize benefits related to the performance of the High Tide Warrant; (x) our ability to complete the acquisition of CanAdelaar on the terms and within the timelines anticipated, including the timely receipt of required regulatory approvals and the satisfaction of other closing conditions, and our ability to realize any expected benefits, synergies and operational performance associated with such acquisition; (xi) our ability to realize anticipated benefits, synergies or generate revenue, profits or value from our business combinations and strategic investments; (xii) the production and manufacturing capabilities and output from our facilities and our joint ventures, strategic alliances and equity investments; (xiii) government regulation of our activities and products including, but not limited to, the areas of cannabis taxation and environmental protection; (xiv) the timely receipt of any required regulatory authorizations, approvals, consents, permits and/or licenses; (xv) consumer interest in and the scalability of our products; (xvi) our ability to differentiate our products, including through the utilization of rare cannabinoids; (xvii) competition; (xviii) anticipated and unanticipated costs; (xix) our ability to generate cash flow from operations; (xx) our ability to conduct operations in a safe, efficient and effective manner; (xxi) our ability to hire and retain qualified staff and acquire equipment and services in a timely and cost-efficient manner; (xxii) our ability to complete planned dispositions and, if completed, obtain our anticipated sales price; (xxiii) general economic, financial market, regulatory and political conditions in which we operate; (xxiv) management’s perceptions of historical trends, current conditions and expected future developments; and (xxv) other considerations that management believes to be appropriate in the circumstances. While our management considers these assumptions to be reasonable based on information currently available to management, there is no assurance that such expectations will prove to be correct.

By their nature, Forward-Looking Statements are subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct, and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the Forward-Looking Statements in this press release and other reports we file with, or furnish to, the SEC and other regulatory agencies and made by our directors, officers, other employees and other persons authorized to speak on our behalf. Such factors include, without limitation, negative impacts on our business and operations in Israel due to the Anti-Dumping Investigation, including that we may not be able to produce, import or sell our products in Israel as a result thereof; negative impacts on our employees, business and operations in Israel due to the Middle East Conflict, including that we may not be able to produce, import or sell our products or protect our people or facilities in Israel during the Middle East Conflict, the supply of product in the market and the demand for product by medical patients in Israel, and inflationary pressures and related increases in input, production, transportation and other operating costs, as well as potential impacts on consumer purchasing power; that we may not be able to successfully maintain or expand distribution of our products in our markets outside of Canada or Israel or generate meaningful revenue in those markets; that we may be unable to further streamline our operations and expenses; that we may not be able to effectively and efficiently re-enter the U.S. market in the future; that we may not be able to access raw materials on a timely and cost-effective basis from third parties or Cronos GrowCo; that the expected benefits of the expansion of Cronos GrowCo’s purpose-built cannabis facility (including any additional supply provided thereby) may not be fully realized within a reasonable time or at all or that Cronos GrowCo may not be able to repay its borrowings under the credit facility provided by Cronos; that the expected benefits of the High Tide Warrant and the High Tide Loan may not be fully realized within a reasonable time or at all or that High Tide may not be able to repay its borrowings under the High Tide Loan; that we may not be able to consummate our planned acquisition of CanAdelaar on the anticipated timeline or at all; the military conflict between Russia and Ukraine may disrupt our operations and those of our suppliers and distribution channels and negatively impact the demand for and use of our products; the risk that cost savings and any other synergies from the Altria Investment may not be fully realized or may take longer to realize than expected; failure to execute key personnel changes; that our Realignment and our further leveraging of our strategic partnerships will not result in the expected cost-savings, efficiencies and other benefits or will result in greater than anticipated turnover in personnel; that we may not be able to efficiently and effectively manage our operations, and any changes thereto, at our Peace Naturals Campus; lower levels of revenues; the lack of consumer demand for or our inability or challenges in successfully scaling our products; our inability to manage disruptions in credit markets; unanticipated future levels of capital, environmental or maintenance expenditures, general and administrative and other expenses; failure to realize expected growth opportunities; the lack of cash flow necessary to execute our business plan (either within the expected timeframe or at all); difficulty raising capital; the potential adverse effects of judicial, regulatory or other proceedings, or threatened litigation or proceedings, on our business, financial condition, results of operations and cash flows; volatility in and/or degradation of general economic, market, industry or business conditions; compliance with applicable environmental, economic, health and safety, energy and other policies and regulations and in particular health concerns with respect to vaping and the use of cannabis and U.S. hemp products in vaping devices; the unexpected effects of actions of third parties such as competitors, activist investors or federal (including U.S. federal), state, provincial, territorial or local regulatory authorities or self-regulatory organizations; adverse changes in regulatory requirements in relation to our business and products; our failure to improve our internal control environment and our systems, processes and procedures; and the factors discussed under Part I, Item 1A “Risk Factors” of the Annual Report on Form 10-K for the year ended December 31, 2025 and under Part II, Item 1A “Risk Factors” in our Quarterly Reports. Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on Forward-Looking Statements.

Forward-Looking Statements are provided for the purposes of assisting the reader in understanding our financial performance, financial position and cash flows as of and for periods ended on certain dates and to present information about management’s current expectations and plans relating to the future, and the reader is cautioned not to place undue reliance on these Forward-Looking Statements because of their inherent uncertainty and to appreciate the limited purposes for which they are being used by management. While we believe that the assumptions and expectations reflected in the Forward-Looking Statements are reasonable based on information currently available to management, there is no assurance that such assumptions and expectations will prove to have been correct. Forward-Looking Statements are made as of the date they are made and are based on the beliefs, estimates, expectations and opinions of management on that date. We undertake no obligation to update or revise any Forward-Looking Statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such Forward-Looking Statements. The Forward-Looking Statements contained in this press release and other reports we file with, or furnish to, the SEC and other regulatory agencies and made by our directors, officers, other employees and other persons authorized to speak on our behalf are expressly qualified in their entirety by these cautionary statements.

As used in this press release, “CBD” means cannabidiol and “U.S. hemp” has the meaning given to the term “hemp” in the U.S. Agricultural Improvement Act of 2018, including hemp-derived CBD.

Cronos Group Inc. Condensed Consolidated Balance Sheets (In thousands of U.S. dollars, except share amounts, unaudited)
	As of March 31, 2026				As of December 31, 2025
Assets
Current assets
Cash and cash equivalents	$	821,856			$	791,794
Short-term investments		—				40,000
Accounts receivable, net		32,962				34,099
Interest receivable		5,734				8,654
Other receivables		13,546				14,445
Current portion of loans receivable, net		128				—
Inventory, net		48,676				46,750
Prepaids and other current assets		4,974				8,344
Total current assets		927,876				944,086
Other investments		5,199				7,664
Non-current portion of loans receivable, net		20,803				20,847
Property, plant and equipment, net		142,102				145,865
Right-of-use assets		1,303				1,422
Goodwill		65,436				66,478
Intangible assets, net		8,549				8,890
Deferred tax assets		841				1,888
Total assets	$	1,172,109			$	1,197,140
Liabilities
Current liabilities
Accounts payable	$	10,281			$	11,640
Income taxes payable		1,369				—
Accrued liabilities		30,601				36,210
Current portion of lease obligation		169				337
Total current liabilities		42,420				48,187
Non-current portion due to non-controlling interests		749				733
Non-current portion of lease obligation		1,142				1,172
Deferred tax liabilities		3,984				4,089
Total liabilities		48,295				54,181
Shareholders’ equity
Share capital and additional paid-in capital (no par value; authorized for issue as of March 31, 2026 and December 31, 2025: unlimited; shares outstanding as of March 31, 2026 and December 31, 2025: 376,258,707 and 381,592,969, respectively)		647,040				662,983
Retained earnings		460,540				447,756
Accumulated other comprehensive loss		(33,918	)			(16,842	)
Total equity attributable to shareholders of Cronos Group		1,073,662				1,093,897
Non-controlling interests		50,152				49,062
Total shareholders’ equity		1,123,814				1,142,959
Total liabilities and shareholders’ equity	$	1,172,109			$	1,197,140

Cronos Group Inc. Condensed Consolidated Statements of Net Income (Loss) and Comprehensive Income (Loss)
	Three months ended March 31,
(In thousands of U.S. dollars, except share and per share amounts, unaudited)		2026				2025
Net revenue, before excise taxes	$	58,965			$	41,898
Excise taxes		(13,755	)			(9,636	)
Net revenue		45,210				32,262
Cost of sales		25,392				18,528
Inventory write-down		665				—
Gross profit		19,153				13,734
Operating expenses
Sales and marketing		5,615				4,565
Research and development		1,413				793
General and administrative		11,736				9,309
Restructuring costs		484				555
Share-based compensation		1,313				2,088
Depreciation and amortization		425				496
Total operating expenses		20,986				17,806
Operating loss		(1,833	)			(4,072	)
Other income (expense)
Interest income, net		8,853				9,665
Gain (loss) on revaluation of financial instruments		(2,484	)			49
Foreign currency gain		13,699				1,583
Change in allowance for credit loss on non-operating loan		(106	)			—
Other, net		10				43
Total other income		19,972				11,340
Income before income taxes		18,139				7,268
Income tax provision (benefit)		2,428				(455	)
Net income		15,711				7,723
Net income attributable to non-controlling interest		1,959				1,601
Net income attributable to Cronos Group	$	13,752			$	6,122
Comprehensive income (loss)
Net income	$	15,711			$	7,723
Other comprehensive loss
Foreign exchange loss on translation		(17,945	)			(3,082	)
Comprehensive income (loss)		(2,234	)			4,641
Comprehensive income attributable to non-controlling interests		1,090				1,443
Comprehensive income (loss) attributable to Cronos Group	$	(3,324	)		$	3,198
Net income per share
Basic net income per share attributable to Cronos Group	$	0.04			$	0.02
Diluted net income per share attributable to Cronos Group	$	0.04			$	0.02

Cronos Group Inc. Condensed Consolidated Statements of Cash Flows (In thousands of U.S. dollars, except share amounts, unaudited)
	Three months ended March 31,
		2026				2025
Operating activities
Net income	$	15,711			$	7,723
Adjustments to reconcile net income to net cash used in operating activities:
Share-based compensation		1,313				2,088
Depreciation and amortization		3,727				2,840
Loss from investments		2,484				68
Changes in expected credit losses on long-term financial assets		107				9
Inventory step-up recorded to cost of sales		—				517
Foreign currency gain		(13,699	)			(1,583	)
Other non-cash operating activities, net		979				779
Changes in operating assets and liabilities:
Accounts receivable, net		879				(3,409	)
Interest receivable		2,360				3,453
Other receivables		724				(2,379	)
Prepaids and other current assets		3,310				(60	)
Inventory, net		(2,039	)			(1,631	)
Accounts payable		(1,206	)			(1,637	)
Income taxes payable		1,387				4
Accrued liabilities		(5,139	)			(8,878	)
Net cash provided by (used in) operating activities		10,898				(2,096	)
Investing activities
Purchase of short-term investments		—				(40,000	)
Proceeds from short-term investments		40,000				—
Purchase of property, plant and equipment		(1,875	)			(15,258	)
Purchase of intangible assets		(96	)			(98	)
Net cash provided by (used in) investing activities		38,029				(55,356	)
Financing activities
Repurchases of common stock		(16,730	)			—
Withholding taxes paid on share-based awards		(1,538	)			(2,930	)
Net cash used in financing activities		(18,268	)			(2,930	)
Effect of foreign currency translation on cash and cash equivalents		(597	)			(604	)
Net change in cash and cash equivalents		30,062				(60,986	)
Cash and cash equivalents, beginning of period		791,794				858,805
Cash and cash equivalents, end of period	$	821,856			$	797,819
Supplemental cash flow information
Interest paid	$	—			$	—
Interest received	$	9,370			$	13,052
Income taxes paid	$	8			$	50

Non-GAAP Measures

Cronos reports its financial results in accordance with Generally Accepted Accounting Principles in the United States (“U.S. GAAP”). This press release refers to measures not recognized under U.S. GAAP (“non-GAAP measures”). These non-GAAP measures do not have a standardized meaning prescribed by U.S. GAAP and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these non-GAAP measures are provided as a supplement to corresponding U.S. GAAP measures to provide additional information regarding the results of operations from management’s perspective. Accordingly, non-GAAP measures should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP. All non-GAAP measures presented in this press release are reconciled to their closest reported U.S. GAAP measure. Reconciliations of historical adjusted financial measures to corresponding U.S. GAAP measures are provided below.

Adjusted EBITDA

Management reviews Adjusted EBITDA, a non-GAAP measure, which excludes non-cash items and items that do not reflect management’s assessment of ongoing business performance. Management defines Adjusted EBITDA as net income (loss) before interest, tax expense (benefit), depreciation and amortization adjusted for: share of (income) loss from equity method investments; impairment loss on goodwill and intangible assets; impairment loss on long-lived assets; (gain) loss on revaluation of derivative liabilities; (gain) loss on revaluation of financial instruments; gain on revaluation of loan receivable; gain on revaluation of equity method investment; transaction costs related to strategic projects; loss on held-for-sale assets; impairment loss on other investments; foreign currency transaction (gain) loss; other, net; loss from discontinued operations; change in allowance for credit loss on non-operating loan; restructuring costs; inventory write-downs resulting from restructuring actions; share-based compensation; costs related to the Israel Ministry of Economy and Industry dumping inquiry; purchase accounting adjustment-related inventory step-up adjustments recorded through cost of sales; and restatement litigation costs and reserves related to the restatements of our 2019 and 2021 interim financial statements (the “Restatements”), including the costs related to the settlement of the SEC’s and the OSC’s investigations of the Restatements and legal costs of defending shareholder class action complaints brought against us as a result of the 2019 restatement (see Note 10(b) “Contingencies,” to the condensed consolidated financial statements under Item 1 of our Quarterly Report for a discussion of the shareholder class action complaints relating to the restatement of the 2019 interim financial statements and the settlement of the SEC’s and the OSC’s investigations of the Restatements). Results are reported as total consolidated results, reflecting our reporting structure of one reportable segment.

Management believes that Adjusted EBITDA provides useful insight into underlying business trends and results and facilitates comparison of period-over-period results. Management uses Adjusted EBITDA for planning, forecasting and evaluating business and financial performance, including allocating resources and evaluating results relative to employee compensation targets.

Beginning in 2025, the Company modified the composition of Adjusted EBITDA to exclude the impact of the provision for expected credit losses recognized under ASC 326 solely with respect to the High Tide Loan (see Note 4 “Loans Receivable, net” to the condensed consolidated financial statements under Item 1 of our Quarterly Report for further information). Management determined that excluding this non-cash provision provides investors with additional insight into period-over-period operating performance by isolating credit-risk movements unrelated to the Company’s core operations.

Management believes that this change provides additional information regarding the Company’s ongoing operational results and enhances comparability with peers that do not routinely extend credit to third parties. This change does not affect the Company’s GAAP financial statements.

The following tables set forth a reconciliation of Net income as determined in accordance with U.S. GAAP to Adjusted EBITDA for the periods indicated:

	Three months ended March 31, 2026
Net income	$	15,711
Interest income, net		(8,853	)
Income tax provision		2,428
Depreciation and amortization		3,727
EBITDA		13,013
Loss on revaluation of financial instruments(i)		2,484
Foreign currency transaction gain		(13,699	)
Transaction costs(ii)		959
Other, net(iii)		(10	)
Restructuring costs(iv)		484
Share-based compensation(v)		1,313
Restatement litigation costs(vi)		411
Israel Ministry of Economy and Industry dumping inquiry expense(vii)		18
Change in allowance for credit loss on non-operating loan(viii)		106
Adjusted EBITDA	$	5,079

	Three months ended March 31, 2025
Net income	$	7,723
Interest income, net		(9,665	)
Income tax benefit		(455	)
Depreciation and amortization		2,840
EBITDA		443
Gain on revaluation of financial instruments(i)		(49	)
Foreign currency transaction gain		(1,583	)
Transaction costs(ii)		40
Other, net(iii)		(43	)
Restructuring costs(iv)		555
Share-based compensation(v)		2,088
Restatement litigation costs(vi)		47
Israel Ministry of Economy and Industry dumping inquiry expense(vii)		274
Inventory step-up recorded to cost of sales(ix)		517
Adjusted EBITDA	$	2,289

⁽ⁱ⁾     For the three months ended March 31, 2026, the loss on revaluation of financial instruments was driven by a loss related to the Company’s High Tide Warrant and the Company’s equity securities in Vitura. For the three months ended March 31, 2025, the gain on revaluation of financial instruments related primarily to the revaluation of the Company’s DSU liability, partially offset by a loss on the Company’s equity securities in Vitura.

⁽ⁱⁱ⁾     For the three months ended March 31, 2026, transaction costs represented fees related to the pending acquisition of CanAdelaar. For the three months ended March 31, 2025, transaction costs represented legal, financial and other advisory fees and expenses incurred in connection with the Cronos GrowCo Transaction. These costs are included in general and administrative expenses on the condensed consolidated statements of net income (loss) and comprehensive income (loss).

⁽ⁱⁱⁱ⁾     For the three months ended March 31, 2026, other, net related to rental income. For the three months ended March 31, 2025, other, net related to (gain) loss on disposal of assets and (gain) loss on revaluation of derivative liabilities.

^(iv)     For the three months ended March 31, 2026 and 2025, restructuring costs related to employee-related severance costs and IT infrastructure and finance transformation costs associated with the Realignment.

^(v)     For the three months ended March 31, 2026, share-based compensation related to the expenses of share-based compensation awarded to employees and DSUs issued to our Board of Directors, each under the Company’s share-based award plans. For the three months ended March 31, 2025, share-based compensation related to the expenses of share-based compensation awarded to employees, each under the Company’s share-based award plans.

^(vi)     For the three months ended March 31, 2026 and 2025, restatement litigation costs included legal costs incurred defending shareholder class action complaints brought against the Company as a result of the 2019 restatement.

^(vii)     For the three months ended March 31, 2026 and 2025, Israel Ministry of Economy and Industry dumping inquiry expense included expenditures relating to the regulatory inquiry about alleged dumping of medical cannabis products in Israel and related litigation and external relations expenses.

^(viii)     For the three months ended March 31, 2026, change in allowance for credit loss on non-operating loan represents the allowance recognized on the High Tide loan receivable.

^(ix)     For the three months ended March 31, 2025, inventory step-up recorded to cost of sales represents the portion of the inventory step-up from the Cronos GrowCo Transaction that was recorded through the condensed consolidated statements of net income (loss) and comprehensive income (loss).

For the three months ended March 31, 2026, Adjusted EBITDA was $5.1 million, representing an improvement of $2.8 million from the three months ended March 31, 2025. The improvement was primarily due to higher gross profit, partially offset by higher operating expenses due to higher sales and marketing, general and administrative, and research and development costs.

Adjusted Gross Profit and Adjusted Gross Margin

To supplement the consolidated financial statements presented in accordance with U.S. GAAP, we have presented Adjusted Gross Profit and Adjusted Gross Margin, non-GAAP measures that exclude the impacts of inventory-related purchase accounting adjustments from the calculations of gross profit and gross margin, which resulted from the Cronos GrowCo Transaction. Results are reported as total consolidated results, reflecting our reporting structure of one reportable segment.

Management believes that Adjusted Gross Profit and Adjusted Gross Margin provide useful insight into underlying business trends to facilitate comparisons of period-over-period results by removing the impacts of inventory-related purchase accounting adjustments resulting from the Cronos GrowCo Transaction, which reflect a one-time event and do not reflect management’s assessment of ongoing business performance.

The following table sets forth a reconciliation of Gross profit and Gross margin, each as determined in accordance with U.S. GAAP, to Adjusted Gross Profit and Adjusted Gross Margin, respectively, for the periods indicated:

(in thousands of USD)	Three months ended March 31,								Change
		2026				2025			$				%
Net revenue	$	45,210			$	32,262			$	12,948			40	%
Gross profit	$	19,153			$	13,734			$	5,419			39	%
Inventory step-up recorded to cost of sales		—				517				(517	)		N/A
Adjusted Gross Profit	$	19,153			$	14,251			$	4,902			34	%
Gross margin(i)		42	%			43	%		N/A				(1)pp
Adjusted Gross Margin(ii)		42	%			44	%		N/A				(2)pp

⁽ⁱ⁾     Gross margin is defined as gross profit divided by net revenue.

⁽ⁱⁱ⁾     Adjusted Gross Margin is defined as Adjusted Gross Profit divided by net revenue.

For the three months ended March 31, 2026, Adjusted Gross Profit was $19.2 million, representing an increase of $4.9 million from the three months ended March 31, 2025. The increase was primarily due to higher average sales prices, largely driven by a mix shift to Israel and other countries, which carry no excise taxes, and higher sales volumes.

Constant Currency

To supplement the consolidated financial statements presented in accordance with U.S. GAAP, we have presented constant currency adjusted financial measures for net revenue, gross profit, gross profit margin, operating expenses, net income (loss) and Adjusted EBITDA for the three months ended March 31, 2026, as well as cash and cash equivalents and short-term investment balances as of March 31, 2026 compared to December 31, 2025, which are considered non-GAAP financial measures. We present constant currency information to provide a framework for assessing how our underlying operations performed excluding the effect of foreign currency rate fluctuations. To present this information, current and comparative prior period income statement results in currencies other than U.S. dollars are converted into U.S. dollars using the average exchange rates from the three month comparative period in 2025 rather than the actual average exchange rates in effect during the respective current period; constant currency current and prior comparative balance sheet information is translated at the prior year-end spot rate rather than the current period spot rate. All growth comparisons relate to the corresponding period in 2025. We have provided this non-GAAP financial information to aid investors in better understanding the performance of our operations. The non-GAAP financial measures presented in this press release should not be considered as a substitute for, or superior to, the measures of financial performance prepared in accordance with U.S. GAAP.

The table below sets forth certain measures of consolidated results from continuing operations on a constant currency basis for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 as well as cash and cash equivalents and short-term investments as of March 31, 2026 and December 31, 2025, both on an as-reported and constant currency basis (in thousands):

	As Reported															As Adjusted for Constant Currency
	Three months ended March 31,								As Reported Change							Three months ended March 31,				Constant Currency Change
		2026				2025			$				%				2026			$				%
Net revenue	$	45,210			$	32,262			$	12,948			40	%		$	41,913			$	9,651			30	%
Gross profit		19,153				13,734				5,419			39	%			17,588				3,854			28	%
Gross margin		42	%			43	%		N/A				(1)pp				42	%		N/A				(1)pp
Operating expenses		20,986				17,806				3,180			18	%			20,005				2,199			12	%
Net income		15,711				7,723				7,988			103	%			14,809				7,086			92	%
Adjusted EBITDA	$	5,079			$	2,289			$	2,790			122	%		$	4,153			$	1,864			81	%
	As of March 31,				As of December 31,				As Reported Change							As of March 31,				Constant Currency Change
		2026				2025			$				%				2026			$				%
Cash and cash equivalents	$	821,856			$	791,794			$	30,062			4	%		$	822,316			$	30,522			4	%
Short-term investments		—				40,000				(40,000	)		N/A				—				(40,000	)		N/A
Total cash and cash equivalents and short-term investments	$	821,856			$	831,794			$	(9,938	)		(1	)%		$	822,316			$	(9,478	)		(1	)%

Net revenue

	As Reported													As Adjusted for Constant Currency
	Three months ended March 31,						As Reported Change							Three months ended March 31,			Constant Currency Change
	2026			2025			$				%			2026			$				%
Cannabis flower	$	33,734		$	23,344		$	10,390			45	%		$	30,972		$	7,628			33	%
Cannabis extracts		11,457			8,608			2,849			33	%			10,923			2,315			27	%
Other		19			310			(291	)		(94	)%			18			(292	)		(94	)%
Net revenue	$	45,210		$	32,262		$	12,948			40	%		$	41,913		$	9,651			30	%

	As Reported												As Adjusted for Constant Currency
	Three months ended March 31,						As Reported Change						Three months ended March 31,			Constant Currency Change
	2026			2025			$			%			2026			$			%
Canada	$	25,351		$	20,130		$	5,221		26	%		$	24,221		$	4,091		20	%
Israel		14,151			9,229			4,922		53	%			12,240			3,011		33	%
Other countries		5,708			2,903			2,805		97	%			5,452			2,549		88	%
Net revenue	$	45,210		$	32,262		$	12,948		40	%		$	41,913		$	9,651		30	%

For the three months ended March 31, 2026, net revenue on a constant currency basis was $41.9 million, representing a 30% increase from the three months ended March 31, 2025. On a constant currency basis, net revenue increased for the three months ended March 31, 2026, primarily due to higher cannabis flower sales in Israel and other countries, which carry no excise taxes, and higher cannabis extract and flower sales in the Canadian market.

Gross profit

For the three months ended March 31, 2026, gross profit on a constant currency basis was $17.6 million, representing a 28% increase from the three months ended March 31, 2025. On a constant currency basis, gross profit increased for the three months ended March 31, 2026, primarily due to higher average sales prices, largely driven by a mix shift to Israel and other countries, which carry no excise taxes, and higher sales volumes. For the three months ended March 31, 2025, we recognized $0.5 million of inventory step-up from the Cronos GrowCo Transaction in cost of sales. No such costs were recognized for the three months ended March 31, 2026.

Operating expenses

For the three months ended March 31, 2026, operating expenses on a constant currency basis were $20.0 million, representing a 12% increase from the three months ended March 31, 2025. On a constant currency basis, operating expenses increased for the three months ended March 31, 2026, primarily due to higher salaries and benefits, transaction costs and product development costs, partially offset by lower share-based compensation expense.

Net income

For the three months ended March 31, 2026, net income on a constant currency basis was $14.8 million, representing a higher net income of $7.1 million from the three months ended March 31, 2025. On a constant currency basis, the improvement in net income for the three months ended March 31, 2026, was primarily due to higher gross profit and other income, partially offset by higher operating expenses.

Adjusted EBITDA

For the three months ended March 31, 2026, Adjusted EBITDA on a constant currency basis was $4.2 million, representing a $1.9 million improvement from the three months ended March 31, 2025. The improvement in Adjusted EBITDA for the three months ended March 31, 2026 on a constant currency basis was driven by higher gross profit, partially offset by higher operating expenses due to higher sales and marketing, general and administrative, and research and development costs.

Cash and cash equivalents & short-term investments

Cash and cash equivalents and short-term investments on a constant currency basis decreased 1% to $822.3 million as of March 31, 2026, from $831.8 million as of December 31, 2025. The decrease in cash and cash equivalents and short-term investments on a constant currency basis is primarily due to repurchases of common stock, purchases of property, plant and equipment, and withholding taxes paid on share-based awards, partially offset by positive cash from operating activities.

Foreign currency exchange rates

All currency amounts in this press release are stated in U.S. dollars, which is our reporting currency, unless otherwise noted. All references to “dollars” or “$” are to U.S. dollars. The assets and liabilities of our foreign operations are translated into dollars at the exchange rate in effect as of March 31, 2026, March 31, 2025, and December 31, 2025. Transactions affecting the shareholders’ equity (deficit) are translated at historical foreign exchange rates. The condensed consolidated statements of net income (loss) and comprehensive income (loss) and condensed consolidated statements of cash flows of our foreign operations are translated into dollars by applying the average foreign exchange rate in effect for the reporting period as reported on Bloomberg.

The exchange rates used to translate from Canadian dollars (“C$”) to dollars are shown below:

(Exchange rates are shown as C$ per $)	As of
	March 31, 2026		March 31, 2025		December 31, 2025
Spot rate	1.3916		1.4393		1.3698
Year-to-date average rate	1.3720		1.4356		N/A

The exchange rates used to translate from Israeli New Shekels (“ILS”) to dollars are shown below:

(Exchange rates are shown as ILS per $)	As of
	March 31, 2026		March 31, 2025		December 31, 2025
Spot rate	3.1441		3.7191		3.1863
Year-to-date average rate	3.1240		3.6145		N/A

For further information, please contact:
Harrison Aaron
Investor Relations
Tel: (416) 504-0004
[email protected]

¹ Hifyre Retail Analytics – National Retail Dollar by Brand in Canada – Q1 2026.
² Market share and ranking information from pharmacy data collected by Cronos – Q1 2026.
³ Hifyre Retail Analytics – National Retail Dollar by Brand in Canada – Q1 2026.
⁴ Market share and ranking information from pharmacy data collected by Cronos – Q1 2026.
⁵ Hifyre Retail Analytics – National Retail Dollar by Brand in Canada – Q1 2026.

• Presented positive Phase 3 HAELO topline clinical data for lonvo-z in HAE; initiated rolling BLA submission; anticipate U.S. launch in first half of 2027
• Recently resumed patient screening in MAGNITUDE and MAGNITUDE-2 Phase 3 clinical trials of nex-z in ATTR-CM and ATTRv-PN, respectively
• Including proceeds from underwritten public offering in April, existing cash resources expected to fund operations at least into 2028
  
  

CAMBRIDGE, Mass., May 11, 2026 (GLOBE NEWSWIRE) — Intellia Therapeutics, Inc. (Nasdaq: NTLA), a leading biopharmaceutical company focused on revolutionizing medicine leveraging CRISPR gene editing and other core technologies, today reported business updates and financial results for the first quarter ended March 31, 2026.

“It has been a remarkable start to 2026 for Intellia,” said John Leonard, M.D., Intellia President and Chief Executive Officer. “With lonvo-z, we achieved a historic milestone by presenting the world’s first Phase 3 data for an in vivo gene editing candidate and initiated a rolling BLA submission as we seek to provide a highly differentiated one-time treatment option to people living with HAE. We also recently resumed patient screening for both of our Phase 3 clinical trials in ATTR and strengthened our balance sheet with an underwritten public offering. We look forward to achieving additional important milestones during the remainder of the year.”

Lonvoguran Ziclumeran (Lonvo-z) for Hereditary Angioedema (HAE)

Designed as a one-time treatment that is administered in an outpatient setting, lonvo-z is an in vivo CRISPR gene editing candidate that is intended to inactivate the kallikrein B1 (KLKB1) gene to permanently lower kallikrein and bradykinin levels and to eliminate HAE attacks.

• In April, Intellia announced positive topline results from the global Phase 3 HAELO clinical trial of lonvo-z in HAE.
  • The trial met its primary endpoint. For the six-month efficacy evaluation period (weeks 5 to 28), a one-time infusion of lonvo-z reduced attacks by 87% versus placebo, with a mean monthly attack rate of 0.26 in the lonvo-z arm compared with 2.10 in the placebo arm (p<0.0001).
  • The trial met all of its key secondary endpoints with statistical significance (p<0.0001). These included a 62% rate of patients who were entirely attack free and therapy free in the lonvo-z arm for the six-month efficacy evaluation period, compared with 11% of patients in the placebo arm.
  • Favorable safety and tolerability data were observed for lonvo-z. The most common treatment emergent adverse events (TEAEs) during the primary observation period (infusion through week 28) were infusion-related reactions, headache and fatigue. All TEAEs reported as of the data cutoff (February 10, 2026) were mild or moderate (Grade 1 or Grade 2) and there were no serious adverse events observed in the lonvo-z arm.
  • As of the data cutoff, all patients who received lonvo-z at baseline or in crossover after week 28 remained free from long-term prophylaxis therapy.
• Intellia announced in April that it has initiated a rolling biologics license application (BLA) submission to the U.S. Food and Drug Administration (FDA) to seek regulatory approval for lonvo-z. Pursuant to the regenerative medicine advanced therapy (RMAT) designation granted to lonvo-z by the FDA, a rolling BLA allows the company to submit portions of the BLA on an ongoing basis and provides the FDA with an opportunity to accelerate its review. Intellia plans to complete its BLA submission in the second half of 2026 to support a potential U.S. launch of lonvo-z in the first half of 2027.
• In the first quarter, Intellia presented several posters at the 2026 American Academy of Allergy, Asthma & Immunology (AAAAI) Annual Meeting. The presentations included three-year follow-up data from patients receiving a one-time 50 milligram dose of lonvo-z and new survey findings assessing the chronic treatment burden and unmet needs among patients living with HAE.
• Additional clinical data from HAELO will be presented at the 2026 European Academy of Allergy and Clinical Immunology Congress (EAACI), taking place June 12-15 in Istanbul, Türkiye (abstract #100217).

Nexiguran Ziclumeran (Nex-z) for Transthyretin (ATTR) Amyloidosis

Nex-z is an investigational in vivo CRISPR-based therapeutic candidate designed to inactivate the TTR gene in the liver, thereby preventing the production of transthyretin (TTR) protein. Nex-z offers the possibility of halting and reversing disease by driving a deep, consistent and potentially lifelong reduction in TTR protein after a one-time treatment. Intellia leads the development and commercialization of nex-z in collaboration with Regeneron Pharmaceuticals, Inc. (Regeneron).

• In the first quarter, the FDA lifted the clinical holds from the MAGNITUDE and MAGNITUDE-2 Phase 3 clinical trials of nex-z in ATTR amyloidosis with cardiomyopathy (ATTR-CM) and hereditary ATTR amyloidosis with polyneuropathy (ATTRv-PN), respectively. Patient screening activities are advancing in both trials.
• Intellia plans to complete patient enrollment in MAGNITUDE-2 in the second half of 2026.

Upcoming Events

The company will participate in the following events during the second quarter of 2026:

• Bank of America Securities Health Care Conference, May 12, Las Vegas
• RBC Capital Markets Global Healthcare Conference, May 20, New York
• Jefferies Global Healthcare Conference, June 3, New York
• EAACI Congress, June 12-15, Istanbul, Türkiye

First Quarter 2026 Financial Results

• Cash Position: Cash, cash equivalents and marketable securities were $517.2 million as of March 31, 2026, compared to $605.1 million as of December 31, 2025. Additionally, in April 2026, the company executed an underwritten public offering of its common stock for approximately $207 million in gross proceeds. The company’s existing cash resources are expected to fund its operations at least into 2028 and well beyond lonvo-z’s anticipated U.S. commercial launch for HAE in the first half of 2027. This guidance excludes all potential commercial revenues from lonvo-z.
• Collaboration Revenue: Collaboration revenue was $15.0 million for the first quarter of 2026, compared to $16.6 million for the first quarter of 2025.
• R&D Expenses: Research and development (R&D) expenses were $80.7 million for the first quarter of 2026, compared to $108.4 million for the first quarter of 2025. The decrease was primarily driven by lower costs for research materials and contracted services, employee-related expenses, and stock-based compensation. Stock-based compensation expense included in R&D expenses was $7.6 million for the first quarter of 2026.
• G&A Expenses: General and administrative (G&A) expenses were $34.8 million for the first quarter of 2026, compared to $29.0 million for the first quarter of 2025. The increase was primarily driven by the ongoing buildout of the company’s commercial infrastructure and higher legal expenses, partially offset by lower stock-based compensation. Stock-based compensation expense included in G&A expenses was $5.9 million for the first quarter of 2026.
• Net Loss: Net loss was $96.2 million for the first quarter of 2026, compared to $114.3 million for the first quarter of 2025.

About Intellia Therapeutics

Intellia Therapeutics, Inc. (Nasdaq: NTLA) is a leading clinical-stage biopharmaceutical company focused on revolutionizing medicine leveraging CRISPR gene editing and other core technologies. The company’s mission is to transform the lives of people with severe diseases by developing and commercializing potentially curative treatments. With deep scientific, technical and clinical development experience, Intellia aims to reset the standard for medicine by durably treating the root causes of disease. Learn more at intelliatx.com and follow us @intelliatx.

Forward-Looking Statements

This press release contains “forward-looking statements” of Intellia Therapeutics, Inc. (“Intellia” or the “company”) within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, express or implied statements regarding Intellia’s beliefs and expectations concerning: the success and advancement of its clinical programs for lonvoguran ziclumeran or “lonvo-z” (previously referred to as NTLA-2002) for the treatment of hereditary angioedema (“HAE”) and nexiguran ziclumeran or “nex-z” (previously referred to as NTLA-2001) for transthyretin (“ATTR”) amyloidosis, including its plan to complete the submission of a biologics license application (“BLA”) for lonvo-z in the second half of 2026, its expectations regarding review and approval of that BLA, including the potential for accelerated review, its expectations regarding a planned U.S. launch of lonvo-z in the first half of 2027, and its plans to complete patient enrollment in MAGNITUDE-2 of nex-z for hereditary ATTR amyloidosis with polyneuropathy in the second half of 2026; the potential of lonvo-z to inactivate the KLKB1 gene to permanently lower kallikrein and bradykinin levels and to eliminate HAE attacks via a highly differentiated one-time treatment that is administered in an outpatient setting; the potential of nex-z to halt and reverse disease by driving a deep, consistent and potentially lifelong reduction in TTR protein after a one-time treatment; its ability to optimize the impact of its collaborations on its development programs, including, but not limited to, its collaboration with Regeneron Pharmaceuticals, Inc. (“Regeneron”) and their co-development program for ATTR amyloidosis; and its growth as a company and expectations regarding its uses of capital, expenses, future accumulated deficit and financial results, including its ability to fund operations at least into 2028 and well beyond lonvo-z’s anticipated U.S. commercial launch for HAE in the first half of 2027.

Any forward-looking statements in this press release are based on management’s current expectations and beliefs of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: uncertainties related to the conduct of clinical studies and other development and commercialization requirements for its product candidates, including lonvo-z and nex-z, including risks related to the ability to develop and successfully commercialize lonvo-z, nex-z or any of Intellia’s product candidates; risks related to Intellia’s ability to protect and maintain its intellectual property position; risks related to Intellia’s relationship with third parties, including its contract manufacturers, collaborators, licensors and licensees; risks related to the ability of its licensors to protect and maintain their intellectual property position; uncertainties related to the authorization, initiation and conduct of preclinical and clinical studies and other development requirements for its product candidates, including uncertainties related to regulatory approvals to conduct clinical trials; risks related to the results of preclinical studies or clinical studies not being predictive of future results in connection with future studies; the risk that clinical study results will not be positive; risks related to the potential delay of planned clinical trials due to regulatory feedback or other developments; and risks related to Intellia’s collaborations with Regeneron, or its other collaborations not continuing or not being successful. For a discussion of these and other risks and uncertainties, and other important factors, any of which could cause Intellia’s actual results to differ from those contained in the forward-looking statements, see the section entitled “Risk Factors” in Intellia’s most recent annual report on Form 10-K, as well as discussions of potential risks, uncertainties, and other important factors in Intellia’s other filings with the Securities and Exchange Commission, including its quarterly report on Form 10-Q. All information in this press release is as of the date of the release, and Intellia undertakes no duty to update this information unless required by law.

INTELLIA THERAPEUTICS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(Amounts in thousands, except per share data)
		Three Months ended March 31,
			2026				2025
Collaboration revenue		$	15,048			$	16,627
Operating expenses:
Research and development			80,737				108,427
General and administrative			34,843				29,007
Total operating expenses			115,580				137,434
Operating loss			(100,532	)			(120,807	)
Other income, net:
Interest income			5,205				8,603
Change in fair value of investments, net			(904	)			(2,125	)
Total other income, net			4,301				6,478
Net loss		$	(96,231	)		$	(114,329	)
Net loss per share, basic and diluted		$	(0.81	)		$	(1.10	)
Weighted average shares outstanding, basic and diluted			118,490				103,500

INTELLIA THERAPEUTICS, INC.
CONSOLIDATED BALANCE SHEET DATA (UNAUDITED)
(Amounts in thousands)
		March 31, 2026				December 31, 2025
Cash, cash equivalents and marketable securities		$	517,247			$	605,134
Total assets			758,779				842,127
Total liabilities			137,840				170,733
Total stockholders’ equity			620,939				671,394

Investor Contact:


Jason Fredette
Vice President, Investor Relations and Corporate Communications
Intellia Therapeutics, Inc.
[email protected]

Media Contact:


Mike Tattory
Vice President
LifeSci Communications
[email protected]

– Positive pre-BLA meeting completed with FDA for z-rostudirsen in exon 51 DMD; on track for BLA submission in Q2 2026 and potential launch in Q1 2027 –

– Positive cardiopulmonary results and long-term dystrophin data from Phase 1/2 DELIVER trial of z-rostudirsen in exon 51 DMD presented at MDA conference –

– Completion of enrollment in registrational expansion cohort of Phase 1/2 ACHIEVE trial of z-basivarsen in DM1 on track for Q2 2026; global confirmatory Phase 3 HARMONIA trial initiated –

– New preclinical data to be presented at ASGCT underscore differentiated capability of clinically validated FORCE

^TM

platform to cross the blood-brain barrier –

WALTHAM, Mass., May 11, 2026 (GLOBE NEWSWIRE) — Dyne Therapeutics, Inc. (Nasdaq: DYN), a clinical-stage company focused on delivering functional improvement for people living with genetically driven neuromuscular diseases, today reported financial results for the first quarter of 2026 and recent business highlights.

“Following positive topline data late last year, we continue to ramp up activities to support a potential launch of z-rostudirsen in DMD in the first quarter of 2027,” said John Cox, president and chief executive officer of Dyne. “We are grateful to the FDA for a collaborative pre-BLA meeting, where we aligned on the contents of our planned BLA submission for U.S. Accelerated Approval of z-rostudirsen, which is on track for this quarter.”

“In DM1, we have reached our target of 60 participants in the registrational expansion cohort of the ACHIEVE trial of z-basivarsen. Based on a recent acceleration in the number of participants in screening, we currently expect to exceed this target when we complete enrollment later this quarter. As we look toward the important expected readout in the first quarter of 2027, we continue to be driven by our goal to deliver functional improvement for individuals living with DM1. We remain committed to disciplined execution as we advance our two lead programs and broader pipeline and aim to maximize returns for our shareholders,” concluded Mr. Cox.    

Zeleciment rostudirsen (z-rostudirsen, also known as DYNE-251) in DMD (Duchenne muscular dystrophy)

Positive cardiopulmonary results and long-term dystrophin data from the DELIVER trial

• In March 2026, at the 2026 Muscular Dystrophy Association (MDA) Clinical & Scientific Conference, Dyne presented positive results of new analyses of cardiac and pulmonary function among all DELIVER participants who were randomized to z-rostudirsen treatment at baseline (any dose¹) and for whom cardiac magnetic resonance imaging and/or pulmonary function data were available.
• At the 2026 MDA Conference, Dyne also presented long-term data on dystrophin production from four participants in the DELIVER trial who had been dosed with 20 mg/kg Q4W for at least 12 months (67-104 weeks) at the time of an optional biopsy. Unadjusted dystrophin production in these participants reached an average of 9.48% of normal (n=4) as compared to 0.52% at baseline (n=3), and muscle content-adjusted dystrophin production reached an average of 18.33% of normal (n=4) as compared to 1.47% at baseline (n=3).
• In previously reported safety and tolerability data from 86 total participants enrolled in the DELIVER trial and followed for up to 36 months, z-rostudirsen demonstrated a favorable safety profile,² and most related treatment emergent adverse events (TEAEs) were mild or moderate. The most commonly reported related TEAEs were pyrexia (fever) and headache. No related serious TEAEs were observed in the registrational expansion cohort (REC).

Key milestones for z-rostudirsen

• Dyne has completed a positive pre-BLA meeting with the U.S. Food and Drug Administration (FDA) and remains on track to submit a Biologics License Application (BLA) for U.S. Accelerated Approval in Q2 2026.
• Dyne plans to initiate a global confirmatory Phase 3 clinical trial of z-rostudirsen in Q2 2026. Dyne has aligned with the FDA on the Phase 3 trial design and protocol.
• Dyne continues to expect a potential U.S. launch of z-rostudirsen in Q1 2027, assuming the FDA grants Priority Review and approval is received on the anticipated timeline.
• Dyne also continues to pursue approval pathways outside of the U.S. for z-rostudirsen in patients with DMD who are amenable to exon 51 skipping.
• In addition to z-rostudirsen, Dyne is advancing four development candidates (DYNE-253, DYNE-245, DYNE-244 and DYNE-255) for the potential treatment of DMD amenable to skipping of exons 53, 45, 44, and 55, respectively.

Zeleciment basivarsen (z-basivarsen, also known as DYNE-101) in DM1 (myotonic dystrophy type 1)

Phase 3 HARMONIA trial underway

• Dyne initiated the global confirmatory Phase 3 HARMONIA trial of z-basivarsen in March 2026. Dyne has aligned with the FDA on the Phase 3 trial design and protocol, which was presented at the 2026 MDA Clinical & Scientific Conference.

Key milestones for z-basivarsen

• Dyne has reached its enrollment target of 60 participants in the ACHIEVE REC. Dyne plans to allow any participants currently in screening to enroll if they meet all eligibility criteria. As a result, Dyne expects to complete enrollment of more than 60 participants in Q2 2026.
• Data from this cohort are planned for Q1 2027 to support a potential BLA submission for U.S. Accelerated Approval in early Q3 2027.
  • Dyne intends to use data from the REC and from the already enrolled participants in the multiple ascending dose (MAD) and ongoing long-term extension portions of the ACHIEVE trial to support a potential submission for Accelerated Approval in the U.S.
• Dyne expects a potential U.S. launch of z-basivarsen in Q1 2028, assuming FDA grants Priority Review and approval is received on the anticipated timeline.
• Dyne also continues to pursue approval pathways outside of the U.S. for z-basivarsen in DM1.

New preclinical data showing robust central nervous system (CNS) activity in nonhuman primates with FORCE platform

• This week, Dyne is presenting new preclinical data highlighting the differentiated capability of the clinically validated FORCE platform to cross the blood-brain barrier. The oral presentation will take place on Wednesday, May 13, at 10:30 a.m. ET at the American Society of Gene + Cell Therapy (ASGCT) 2026 Annual Meeting being held in Boston, MA, and virtually.

First Quarter Financial Results

Cash position: Cash, cash equivalents and marketable securities were $972.2 million as of March 31, 2026. The Company continues to expect that its cash, cash equivalents and marketable securities as of March 31, 2026, will be sufficient to fund its operations into the first quarter of 2028.

Research and development (R&D) expenses: R&D expenses were $100.9 million for the three months ended March 31, 2026 compared to $106.4 million for the three months ended March 31, 2025. The decrease in R&D expense was primarily due to the timing of manufacturing batches of z-rostudirsen and z-basivarsen.

General and administrative (G&A) expenses: G&A expenses were $24.4 million for the three months ended March 31, 2026 compared to $15.9 million for the three months ended March 31, 2025. The increase in G&A expenses was primarily due to increased costs in preparation for the potential launch of z-rostudirsen.

Net loss: Net loss for the three months ended March 31, 2026 was $120.9 million, or $0.73 per basic and diluted share. This compares with a net loss of $115.4 million, or $1.05 per basic and diluted share, for the three months ended March 31, 2025.

About Dyne Therapeutics

Dyne Therapeutics is focused on delivering functional improvement for people living with genetically driven neuromuscular diseases. We are developing therapeutics that target muscle and the central nervous system (CNS) to address the root cause of disease. The company is advancing clinical programs for Duchenne muscular dystrophy (DMD) and myotonic dystrophy type 1 (DM1) as well as preclinical programs for facioscapulohumeral muscular dystrophy (FSHD), Pompe disease and multiple DMD mutations. At Dyne, we are on a mission to deliver functional improvement for individuals, families and communities. Learn more at https://www.dyne-tx.com/, and follow us on X, LinkedIn and Facebook.

Forward-Looking Statements

This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, contained in this press release, including statements regarding: Dyne’s strategy, future operations, prospects, projections and plans; objectives of management; the potential of the FORCE platform; the potential of zeleciment basivarsen (z-basivarsen, also known as DYNE-101) and zeleciment rostudirsen (z-rostudirsen, also known as DYNE-251); the anticipated timelines for initiating additional clinical trials, reporting data from clinical trials, enrolling registrational cohorts, submitting applications for marketing approval and launching commercially; the availability of expedited approval pathways for z-basivarsen and z-rostudirsen; expectations regarding the potential timing of regulatory approval, commercial launch and the outcome of interactions with regulatory authorities; and the sufficiency of Dyne’s cash resources for the period anticipated, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “objective,” “ongoing,” “plan,” “predict,” “project,” “potential,” “should,” “will” or “would,” or the negative of these terms, or other comparable terminology are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Dyne may not actually achieve the plans, intentions or expectations disclosed in these forward-looking statements, and you should not place undue reliance on these forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in these forward-looking statements as a result of various important factors, including: uncertainties inherent in the identification and development of product candidates, including the initiation and completion of clinical trials; uncertainties as to the availability and timing of results from clinical trials; uncertainties as to the timing of and Dyne’s ability to enroll patients in clinical trials; whether results from preclinical studies and data from clinical trials will be predictive of the final results of the clinical trials or other trials; whether data from clinical trials will support submission for regulatory approvals; uncertainties as to the FDA’s and other regulatory authorities’ interpretation of the data from Dyne’s clinical trials and acceptance of Dyne’s clinical programs and as to the regulatory approval process for Dyne’s product candidates; whether Dyne’s cash resources will be sufficient to fund its foreseeable and unforeseeable operating expenses, debt service obligations and capital expenditure requirements; as well as the risks and uncertainties identified in Dyne’s filings with the Securities and Exchange Commission (SEC), including the company’s most recent Form 10-Q and in subsequent filings Dyne may make with the SEC. In addition, the forward-looking statements included in this press release represent Dyne’s views as of the date of this press release. Dyne anticipates that subsequent events and developments will cause its views to change. However, while Dyne may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Dyne’s views as of any date subsequent to the date of this press release.

1. The majority of participants at the 24 month timepoint initiated treatment at the 0.7–2.8 mg/kg Q4W dose levels. Because most participants accrued substantial time on doses lower than the registrational dose of 20 mg/kg z-rostudirsen Q4W, the observed long-term efficacy potentially does not reflect the effect of continuously maintaining 20 mg/kg Q4W.
2. Z-rostudirsen (DYNE-251) safety data as of August 19, 2025.

Dyne Therapeutics, Inc.
Condensed Consolidated Statement of Operations
(in thousands, except share and per share data)
	Three Months Ended
	March 31,
	2026				2025
Operating expenses:
Research and development	$	100,889			$	106,447
General and administrative		24,387				15,925
Total operating expenses		125,276				122,372
Loss from operations		(125,276	)			(122,372	)
Other income, net		4,422				7,011
Net loss	$	(120,854	)		$	(115,361	)
Net loss per share, basic and diluted	$	(0.73	)		$	(1.05	)
Weighted average common shares outstanding, basic and diluted		165,036,604				109,911,628

Dyne Therapeutics, Inc.
Condensed Consolidated Balance Sheet Data
(in thousands)
		March 31,				December 31,
		2026					2025
Assets
Cash, cash equivalents and marketable securities		$	972,156				$	1,110,562
Other assets			107,794					76,396
Total assets		$	1,079,950				$	1,186,958
Liabilities and Stockholders’ Equity
Liabilities			214,895					214,829
Stockholders’ equity			865,055					972,129
Total liabilities and stockholders’ equity		$	1,079,950				$	1,186,958

Contacts:

Investors

Mia Tobias
[email protected]
781-317-0353

Media

Stacy Nartker
[email protected]
781-317-1938