Market Newsdesk

May 18, 2026 3:03 am

Aon to modernize how brokers access capital and syndicate risk with new Digital Placement Exchange (Aon DPX) trading platform

PR Newswire

DUBLIN, May 18, 2026 /PRNewswire/ — Aon plc (NYSE: AON), a leading global professional services firm, today announced plans to launch Aon Digital Placement Exchange (Aon DPX), a new digital trading platform designed to modernize how brokers access capital and syndicate risk.

Aon DPX will be Aon’s digital approach to placing Follow Line business in the London Market, using structured data and algorithmic trading to connect risk and capital more efficiently. The platform will enable insurers to digitally express and deploy their underwriting appetite, helping accelerate execution and improve consistency in placement – reducing friction across the placement lifecycle and delivering more predictable outcomes for brokers and clients alike. The platform is scheduled to go live for U.S. Property risks in the second half of 2026, with more than a dozen leading insurers expected to participate at launch.

“The way Follow Line business has been placed has not kept pace with the scale and complexity of today’s risks,” said Joe Peiser, CEO of Risk Capital for Aon. “Aon DPX introduces a more efficient and data-driven approach to connecting risk and capital aimed at giving clients greater clarity, choice and control.”

Modernizing Open Market Follow Line placement

Traditionally, placing Follow Line business has relied on manual, repetitive processes across distribution and underwriting. Aon DPX modernizes this approach by enabling insurers to define their underwriting appetite digitally, giving brokers faster access to Follow Line capacity once Lead terms are established.

“Aon DPX offers a progressive way for insurers to retain control of their view of risk and underwriting strategy while delivering a fast and sustainable model for the deployment of capital,” said Clyde Bernstein, global lead of Aon Broker Copilot and Aon DPX.

Aon DPX is built on Aon-designed logic and configurable parameters that allow insurers to articulate their view of risk digitally. Each participating carrier retains full control over how their underwriting appetite is defined and deployed, with no visibility by Aon into individual appetite positions. Supported by advanced trading analytics, Aon DPX will be a useful tool to help insurers improve their competitiveness and service as client needs and market conditions evolve.

Built around Aon’s Digital and Analytics Ecosystem

Aon DPX is expected to integrate with Aon Broker Copilot, Aon’s integrated placement, analytics and broking technology, embedding digital trading into brokers’ workflows to support more consistent execution and access to capacity.

Aon DPX is another example of Aon’s 3×3 plan in action, building on the firm’s $1 billion investment in integrated data, analytics and technology capabilities, including Aon’s Risk Analyzers, Diagnostic tools and Aon Broker Copilot and Claims Copilot, to modernize how risk is placed, managed and resolved across the risk lifecycle.

About Aon

Aon plc (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Through actionable analytic insight, globally integrated Risk Capital and Human Capital expertise, and locally relevant solutions, our colleagues provide clients in over 120 countries with the clarity and confidence to make better risk and people decisions that help protect and grow their businesses.

Follow Aon on LinkedIn, X, Facebook and Instagram. Stay up-to-date by visiting Aon’s newsroom and sign up for news alerts here.

Media Contact

[email protected]

Toll-free (U.S., Canada and Puerto Rico): +1 833 751 8114
International: +1 312 381 3024

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SOURCE Aon plc

May 18, 2026 3:03 am

Quantum BioPharma Reaches Key Midpoint Milestone in Groundbreaking Imaging Study with Massachusetts General Hospital

Promising Early Data Strengthens Potential of Novel PET Technology to Advance Development of Lucid-MS for Multiple Sclerosis

TORONTO, May 18, 2026 (GLOBE NEWSWIRE) — Quantum BioPharma Ltd. (NASDAQ: QNTM) (CSE: QNTM) (FRA: 0K91) (“Quantum” or the “Company”), a biopharmaceutical company focused on advancing innovative therapies and technologies, today announced a significant milestone in its collaborative study with Massachusetts General Hospital (MGH): patient enrollment has reached the halfway mark, accompanied by encouraging preliminary imaging results. This pioneering study is designed to validate a novel positron emission tomography (PET) imaging technique capable of directly assessing demyelinated neurons with intact axons and tracking demyelination in patients with multiple sclerosis (MS)—a critical step toward transforming how disease progression and treatment response are measured.

At the center of this effort is the PET tracer [¹⁸F]3F4AP, developed by Pedro Brugarolas, an investigator in the Department of Radiology at MGH and Assistant Professor at Harvard Medical School. In prior preclinical and clinical studies, [¹⁸F]3F4AP demonstrated high sensitivity for detecting demyelinated lesions along with favorable pharmacokinetics, positioning it as a promising biomarker for monitoring myelin damage and repair.

Importantly, early data from the ongoing study reinforce this potential. The first cohort of participants has been successfully imaged using both advanced PET/MR and total-body PET platforms. Preliminary analyses indicate robust signal in acute MS lesions and potential sensitivity to gray matter lesions.

If validated, this imaging approach could represent a major advancement in MS research and drug development—enabling more precise, real-time measurement of how therapies impact myelin preservation and regeneration. Such capabilities may significantly enhance the evaluation of next-generation treatments, including Quantum’s investigational candidate, Lucid-MS (Lucid-21-302).

“We are excited to reach this important midpoint in our study with MGH and encouraged by the strength of the preliminary imaging data,” said Dr. Andrzej Chruscinski, Vice-President, Scientific and Clinical Affairs at Quantum BioPharma. “PET imaging with [¹⁸F]3F4AP has the potential to fundamentally change how we assess demyelination—providing a direct window into axonal health and enabling us to more clearly demonstrate the impact of therapies like Lucid-MS that aim to protect and restore the myelin sheath in MS.”

“From a scientific perspective, the ability to directly quantify demyelinated lesions with intact axons in vivo represents an important unmet need in multiple sclerosis research,” said Dr. Pedro Brugarolas of Massachusetts General Hospital. “If further validated, this imaging approach could provide a more direct and quantitative measure of myelin loss and repair, which may help improve the evaluation of disease mechanisms and therapeutic response in MS.”

Looking ahead, the Company believes that this novel biomarker platform could play a pivotal role in accelerating the development of effective treatments for MS such as Lucid-MS by delivering more accurate and actionable insights into disease activity over time.

Lucid-MS is designed to provide neuroprotection through the inhibition of demyelination—a key driver of disease progression in MS. This innovative mechanism represents a differentiated therapeutic approach in the global MS market, where most existing therapies focus primarily on modulating the immune response rather than addressing the underlying neurodegeneration. By targeting protein arginine deiminase 2 (PAD2), a key enzyme implicated in myelin degradation, Lucid-MS has demonstrated in preclinical models the ability to prevent and reverse myelin breakdown—offering the potential for a truly disease-modifying therapy in an indication with limited options.

The Phase 2 clinical trial will evaluate the efficacy, safety, and tolerability of Lucid-MS in people with MS. In prior Phase 1 clinical trials, Lucid-MS demonstrated a favorable safety profile and was well-tolerated in healthy participants, providing a strong foundation for continued development. The successful completion of Phase 1 supports advancement into this next pivotal study, which is designed to generate meaningful clinical data across both clinical and radiological endpoints. The IND submission for Phase 2 approval has been submitted to the FDA in March 2026.

About Quantum BioPharma Ltd.

Quantum is a biopharmaceutical company dedicated to building a portfolio of innovative assets and biotech solutions for the treatment of challenging neurodegenerative and metabolic disorders and alcohol misuse disorders with drug candidates in different stages of development. Through its wholly owned subsidiary, Lucid Psycheceuticals Inc. (“Lucid”), Quantum is focused on the research and development of its lead compound, Lucid-MS. Lucid-MS is a patented new chemical entity shown to prevent and reverse myelin degradation, the underlying mechanism of multiple sclerosis, in preclinical models. Quantum invented UNBUZZD™ and spun out its OTC version to a company, Unbuzzd Wellness Inc. (“Unbuzzd”) (formerly, Celly Nutrition Corp.), led by industry veterans. Quantum retains ownership of 19.84% (as of March 31, 2026) of Unbuzzd at www.unbuzzd.com. The agreement with Unbuzzd also includes royalty payments of 7% of sales from unbuzzd™ until payments to Quantum total $250 million. Once $250 million is reached, the royalty drops to 3% in perpetuity. Quantum retains 100% of the rights to develop similar products or alternative formulations specifically for pharmaceutical and medical uses.

Forward Looking Information

This news release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian and United States securities laws (collectively, “forward-looking statements”). Forward-looking statements in this release include, but are not limited to, statements regarding: the continued advancement and completion of the collaborative imaging study with Massachusetts General Hospital (“MGH”); the potential validation and future utility of the [¹⁸F]3F4AP PET imaging technique; the ability of the imaging platform to assess demyelination, myelin integrity and treatment response in multiple sclerosis (“MS”); the potential application of the imaging technology in future clinical trials and drug development programs; the therapeutic potential, efficacy, safety, and development of Lucid-MS (Lucid-21-302); the anticipated initiation, timing, design, regulatory progress, and outcomes of the Company’s planned Phase 2 clinical trial; the review of the Company’s IND submission by the U.S. Food and Drug Administration (“FDA”); and the potential for Lucid-MS to become a disease-modifying therapy for MS.

Forward-looking statements are frequently identified by words such as “expects”, “anticipates”, “believes”, “intends”, “plans”, “may”, “will”, “could”, “potential”, “continue”, “aims”, “designed”, and similar expressions intended to identify forward-looking statements.

These forward-looking statements are based on management’s current expectations, assumptions, and beliefs, including assumptions relating to: the continued progression of the MGH imaging study; the reproducibility and clinical relevance of preliminary imaging data; the ability of the Company to continue advancing Lucid-MS through clinical development; the availability of funding and resources; favorable regulatory interactions and approvals; and the continued advancement of scientific and clinical research relating to MS and demyelinating diseases.

Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied herein. Such risks and uncertainties include, among others: the possibility that preliminary imaging results may not be replicated in larger patient populations; risks associated with clinical trial enrollment, timing, delays, costs, or outcomes; uncertainty regarding regulatory approvals, including FDA review of the IND submission; scientific and technological uncertainties; changes in market conditions or competitive developments; the Company’s ability to obtain additional financing; and risks relating to the biotechnology and pharmaceutical industries generally.

Readers are cautioned not to place undue reliance on forward-looking statements, as actual results may differ materially from those expressed or implied by such statements. Although the Company believes that the assumptions and expectations reflected in the forward-looking statements are reasonable as of the date of this news release, no assurance can be given that such assumptions or expectations will prove to be correct.

The forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement and are made as of the date hereof. The Company undertakes no obligation to update or revise any forward-looking statements contained herein, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

Contacts:

Quantum BioPharma Ltd.

Zeeshan Saeed, Founder, CEO and Executive Co-Chairman of the Board
Email: [email protected]
Telephone: (833) 571-1811

May 18, 2026 2:03 am

Compass Lexecon Adds Leading Competition and Regulatory Economist in London

LONDON, May 18, 2026 (GLOBE NEWSWIRE) — Compass Lexecon, a subsidiary of FTI Consulting, Inc. (NYSE: FCN), today announced the appointment of Nicola Mazzarotto as an Executive Vice President in London.

Mr. Mazzarotto has more than 26 years of competition and regulatory economics expertise. He has advised corporate clients across a diverse range of sectors on complex competition matters, merger reviews, regulatory investigations and strategic regulatory planning.

“We are delighted to welcome Nicola to Compass Lexecon,” said Justin Coombs, an Executive Vice President and Head of the International Executive Committee at Compass Lexecon. “He brings extensive experience across competition policy, regulation and litigation, and will further strengthen our ability to support clients on complex competition matters.”

Mr. Mazzarotto has represented clients in high-stakes competition cases before authorities in the UK and Europe and has served as an expert witness in court and arbitration proceedings across Europe and North America. He is also the author of numerous papers and articles on competition economics, business-to-business negotiation and the use of economic evidence in fast-changing industries.

Jorge Padilla, Chairman of Compass Lexecon International, said, “Nicola is not only a great economist and a very nice fellow. His familiarity with the EU and UK competition and regulatory frameworks places him, and by extension Compass Lexecon, exceptionally well to support clients facing complex cross-border challenges. Navigating the intricacies of jurisdictions all around the world is of key importance for our clients. Nicola’s expertise will contribute to our ability to assist them effectively wherever they operate.”

Prior to joining Compass Lexecon, Mr. Mazzarotto was a Partner in the Economics practice at AlixPartners. Before that, he was Global Head of Economics at KPMG, where he led a team advising on complex competition, regulatory and macroeconomic issues.

Commenting on his appointment, Mr. Mazzarotto said, “I have long had a great deal of respect for Compass Lexecon, both as a regulator and as a competitor. The firm’s focus on rigorous economic analysis is critical to addressing the complex competition challenges we see today, and I am delighted to be joining such a highly regarded team.”

The appointment of Mr. Mazzarotto is the latest senior addition to Compass Lexecon’s bench of antitrust and competition experts. These recent appointments include academic experts Dr. Ori Heffetz, an expert in applied economics, behavioural research, survey methodology, experimental economics, consumer behaviour and mechanism design, and Dr. Xi Chen, an award-winning expert in machine learning, artificial intelligence, quantitative economics and digital platforms.

In addition, Dr. Jeremy Verlinda, who has more than 20 years of experience analysing competition and consumer protection issues, and Dr. Ron Laschever, who has nearly two decades of experience in applied microeconomics, industrial organization, labour economics, and econometric analysis, joined Compass Lexecon as Executive Vice Presidents in late 2025.

About Compass Lexecon
Compass Lexecon is internationally recognized as a leading economic consulting firm with preeminent competition, finance, intellectual property, international arbitration, and energy practices. With more than 600 professionals in 25 offices around the world, Compass Lexecon offers a global perspective on economic matters. For the past 19 years, Compass Lexecon has been ranked as one of the leading antitrust economics firms in the world by the Global Competition Review. To learn more about Compass Lexecon or to find one of our professionals, please visit www.compasslexecon.com.

About FTI Consulting

FTI Consulting, Inc. is a leading global expert firm for organisations facing crisis and transformation, with more than 8,100 employees located in 32 countries and territories as of March 31, 2026. In certain jurisdictions, FTI Consulting’s services are provided through distinct legal entities that are separately capitalised and independently managed. The Company generated $3.8 billion in revenues during fiscal year 2025. More information can be found at www.fticonsulting.com.

FTI Consulting, Inc.

200 Aldersgate
Aldersgate Street
London, EC1A 4HD

Investor Contact:

Mollie Hawkes
+1.617.747.1791
[email protected]

Media Contact:

Helen Obi
+44 20 7632 5071
[email protected]

May 18, 2026 1:03 am

SOHU.COM REPORTS FIRST QUARTER 2026 UNAUDITED FINANCIAL RESULTS

PR Newswire

BEIJING, May 18, 2026 /PRNewswire/ — Sohu.com Limited (NASDAQ: SOHU) (“Sohu” or the “Company”), a leading Chinese online media platform and game business group, today reported unaudited financial results for the first quarter ended March 31, 2026.

First Quarter Highlights

Total revenues were US$141 million, up 4% year-over-year and down 1% quarter-over-quarter.
Marketing services revenues were US$13 million, down 8% year-over-year and 26% quarter-over-quarter.
Online game revenues were US$125 million, up 6% year-over-year and 3% quarter-over-quarter.
GAAP net loss attributable to Sohu.com Limited was US$4 million, compared with net income^[1] of US$182 million in the first quarter of 2025 and net income^[2] of US$223 million in the fourth quarter of 2025.
Non-GAAP^[3] net loss attributable to Sohu.com Limited was US$4 million, compared with a net loss of US$16 million in the first quarter of 2025 and net income^[2] of US$261 million in the fourth quarter of 2025.

^[1] In the first quarter of 2025, due to the expiration during the quarter of the statutory period for the U.S. Internal Revenue Service to conduct an examination of the Company’s filing in connection with a one-time transition tax (the “Toll Charge”) imposed by the U.S. Tax Cuts and Jobs Act, the Company fully reversed a tax expense that it had recognized as an uncertain tax position in the fourth quarter of 2018 upon the Company’s re-evaluation and adjustment of a tax expense initially recognized in the fourth quarter of 2017 with respect to the Toll Charge. This reversal resulted in recognition during the first quarter of 2025 of a previously unrecognized income tax benefit and reversal of related accrued interest in a total amount of approximately $199 million.

^[2] In the fourth quarter of 2025, due to a revision of the dividend policy for Changyou, previously accrued withholding income tax of approximately US$285 million was fully reversed.

^[3] Non-GAAP results exclude share-based compensation expense; impairment of goodwill; and the income tax benefit in connection with the Toll Charge and related accrued interest expense. Explanation of the Company’s non-GAAP financial measures and related reconciliations to GAAP financial measures are included in the accompanying “Non-GAAP Disclosure” and “Reconciliations of Non-GAAP Results of Operation Measures to the Nearest Comparable GAAP Measures.”

Dr. Charles Zhang, Chairman and CEO of Sohu.com Limited, commented, “In the first quarter of 2026, our marketing services revenues, online game revenues, and bottom-line performance all exceeded our previous guidance. For the Sohu media platform, we continued to focus on promoting a healthy and vibrant atmosphere on our platform with a series of differentiated events. At the same time, we kept refining our products to cater to users’ needs. Leveraging our unique events and brand influence, we were able to explore new monetization opportunities. For our online games, we delivered another solid quarter, driven by a wealth of high-quality content and targeted operational refinements that resonated with our diverse player base.”

First Quarter Financial Results

Revenues

Total revenues were US$141 million, up 4% year-over-year and down 1% quarter-over-quarter.

Marketing services revenues were US$13 million, down 8% year-over-year and 26% quarter-over-quarter.

Online game revenues were US$125 million, up 6% year-over-year and 3% quarter-over-quarter.

Cost of Revenues

Both GAAP and non-GAAP total cost of revenues were US$30 million, down 10% year-over-year and 15% quarter-over-quarter.

Both GAAP and non-GAAP cost of marketing services revenues were US$13 million, up 2% year-over-year and down 21% quarter-over-quarter.

Both GAAP and non-GAAP cost of online game revenues were US$16 million, down 12% year-over-year and 11% quarter-over-quarter.

Operating Expenses

GAAP operating expenses were US$118 million, down 3% year-over-year and 32% quarter-over-quarter. GAAP operating expenses for the fourth quarter of 2025 included a goodwill impairment charge of approximately US$37 million.

Non-GAAP operating expenses were US$118 million, down 3% year-over-year and 13% quarter-over-quarter.

O

perating Loss

GAAP operating loss was US$7 million, compared with an operating loss of US$19 million in the first quarter of 2025 and an operating loss of US$66 million in the fourth quarter of 2025.

Non-GAAP operating loss was US$6 million, compared with an operating loss of US$19 million in the first quarter of 2025 and an operating loss of US$29 million in the fourth quarter of 2025.

Income Tax Expense/(Benefit)

GAAP income tax expense was US$7 million, compared with income tax benefit of US$189 million in the first quarter of 2025 and income tax benefit of US$280 million in the fourth quarter of 2025. GAAP income tax benefit for the first quarter of 2025 included a reversal of a tax expense that had been recognized as an uncertain tax position in previous years, and related accrued interest expense, in a total amount of approximately $199 million. Non-GAAP income tax expense was US$7 million, compared with income tax expense of US$10 million in the first quarter of 2025 and income tax benefit of US$280 million in the fourth quarter of 2025. Both GAAP and non-GAAP income tax benefit for the fourth quarter of 2025 reflected the reversal in that quarter of previously accrued withholding income tax of approximately US$285 million, due to a revision of the dividend policy for Changyou.

Net Income/(Loss)

GAAP net loss attributable to Sohu.com Limited was US$4 million, or net loss of US$0.17 per fully-diluted American depositary share (“ADS,” each ADS representing one Sohu ordinary share), compared with net income of US$182 million in the first quarter of 2025 and net income of US$223 million in the fourth quarter of 2025.

Non-GAAP net loss attributable to Sohu.com Limited was US$4 million, or net loss of US$0.16 per fully-diluted ADS, compared with a net loss of US$16 million in the first quarter of 2025 and net income of US$261 million in the fourth quarter of 2025.

Liquidity and Capital Resources

As of March 31, 2026, cash and cash equivalents, short-term investments and long-term time deposits totaled approximately US$1.2 billion.

Supplementary Information for Changyou Results
^[4]

First Quarter 2026 Operating Results

For PC games, total average monthly active user accounts^[5] (MAU) were 2.7 million, an increase of 17% year-over-year and a decrease of 2% quarter-over-quarter. Total quarterly aggregate active paying accounts^[6] (APA) were 1.0 million, an increase of 7% year-over-year and a decrease of 4% quarter-over-quarter. The year-over-year increases in MAU and APA were mainly from Changyou’s PC game Tian Long Ba Bu (“TLBB”): Return, which was launched during the third quarter of 2025.

For mobile games, total average MAU were 1.7 million, a decrease of 20% year-over-year and 9% quarter-over-quarter. Total quarterly APA were 0.3 million, a decrease of 22% year-over-year and 12% quarter-over-quarter. The decreases in MAU and APA were mainly due to the natural decline of Changyou’s older games.

^[4] “Changyou Results” consist of the results of Changyou’s online game business and its 17173.com Website.

^[5] Monthly active user accounts refers to the number of registered accounts that are logged in to these games at least once during the month.

^[6] Quarterly aggregate active paying accounts refers to the number of accounts from which game points are utilized at least once during the quarter.

First Quarter 2026 Unaudited Financial Results

Total revenues were US$125 million, an increase of 6% year-over-year and 3% quarter-over-quarter. Online game revenues were US$125 million, an increase of 6% year-over-year and 3% quarter-over-quarter.

Both GAAP and non-GAAP total cost of revenues were US$16 million, a decrease of 15% year-over-year and 13% quarter-over-quarter.

GAAP operating expenses were US$44 million, a decrease of 3% year-over-year and 24% quarter-over-quarter.

Non-GAAP operating expenses were US$44 million, a decrease of 2% year-over-year and 24% quarter-over-quarter.

GAAP operating profit was US$65 million, compared with US$54 million for the first quarter of 2025 and US$45 million for the fourth quarter of 2025.

Non-GAAP operating profit was US$66 million, compared with US$55 million for the first quarter of 2025 and US$45 million for the fourth quarter of 2025.

Recent Development

Under the previously-announced share repurchase program of up to US$150 million of the outstanding ADSs, Sohu had repurchased 8.7 million ADSs for an aggregate cost of approximately US$116 million as of May 13, 2026.

Business Outlook

For the second quarter of 2026, Sohu estimates:

Marketing services revenues to be between US$13 million and US$14 million; this implies an annual decrease of 10% to 17%, and a sequential increase of 4% to 11%.
Online game revenues to be between US$104 million and US$114 million; this implies an annual decrease of 2% to an annual increase of 8%, and a sequential decrease of 8% to 17%.
Both non-GAAP and GAAP net loss attributable to Sohu.com Limited to be between US$15 million and US$25 million.

For the second quarter 2026 guidance, the Company has adopted a presumed exchange rate of RMB6.87=US$1.00, as compared with the actual exchange rate of approximately RMB7.19=US$1.00 for the second quarter of 2025, and RMB6.95=US$1.00 for the first quarter of 2026.

This forecast reflects Sohu’s management’s current and preliminary view, which is subject to substantial uncertainty.

Non-GAAP Disclosure

To supplement the unaudited consolidated financial statements presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”), Sohu’s management uses non-GAAP measures of gross profit, operating profit/(loss), net income/(loss), net income/(loss) attributable to Sohu.com Limited and diluted net income/(loss) attributable to Sohu.com Limited per ADS, which are adjusted from results based on GAAP to exclude the impact of share-based compensation expense; impairment of goodwill; and the income tax benefit in connection with the Toll Charge and related accrued interest expense. These measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results.

Sohu’s management believes excluding share-based compensation expense; impairment of goodwill; and the income tax benefit in connection with the Toll Charge and related accrued interest expense from the Company’s non-GAAP financial measures is useful for itself and investors. Further, the impact of share-based compensation expense; impairment of goodwill; and the income tax benefit in connection with the Toll Charge and related accrued interest expense could not be anticipated by management and business line leaders, and these expenses were not built into the annual budgets and quarterly forecasts that have been the basis for information Sohu provides to analysts and investors as guidance for future operating performance. As share-based compensation expense, and impairment of goodwill do not involve subsequent cash outflow and are not reflected in the cash flows at the equity transaction level, Sohu does not factor in their impact when evaluating and approving expenditures or when determining the allocation of its resources to its business segments. As a result, in general, the monthly financial results for internal reporting and any performance measures for commissions and bonuses are based on non-GAAP financial measures that exclude share-based compensation expense, and impairment of goodwill, and also exclude the income tax benefit in connection with the Toll Charge and related accrued interest expense.

The non-GAAP financial measures are provided to enhance investors’ overall understanding of Sohu’s current financial performance and prospects for the future. A limitation of using non-GAAP gross profit, operating profit/(loss), net income/(loss), net income/(loss) attributable to Sohu.com Limited, and diluted net income/(loss) attributable to Sohu.com Limited per ADS excluding share-based compensation expense is that this expense has been and can be expected to continue to recur in Sohu’s business. It is also possible that impairments of goodwill will recur in the future. In order to mitigate these limitations Sohu has provided specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying tables include details on the reconciliation between the GAAP financial measures that are most directly comparable to the non-GAAP financial measures that have been presented.

Notes to Financial Information

Financial information in this press release other than the information indicated as being non-GAAP is derived from Sohu’s unaudited financial statements prepared in accordance with GAAP.

Safe Harbor Statement

This announcement contains forward-looking statements. It is currently expected that the Business Outlook will not be updated until release of Sohu’s next quarterly earnings announcement; however, Sohu reserves right to update its Business Outlook at any time for any reason. Statements that are not historical facts, including statements about Sohu’s beliefs and expectations, are forward-looking statements. These statements are based on current plans, estimates and projections, and therefore you should not place undue reliance on them. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, instability in global financial and credit markets and its potential impact on the Chinese economy; exchange rate fluctuations, including their potential impact on the Chinese economy and on Sohu’s reported U.S. dollar results; fluctuations in Sohu’s quarterly operating results; the possibilities that Sohu will be unable to recoup its investment in content and will be unable to develop a series of successful games for mobile platforms or successfully monetize mobile games it develops or acquires; and Sohu’s reliance on marketing services offerings and online games for its revenues. Further information regarding these and other risks is included in Sohu’s annual report on Form 20-F for the year ended December 31, 2025, and other filings with and information furnished to the U.S. Securities and Exchange Commission.

Conference Call and Webcast

Sohu’s management team will host a conference call at 5:00 a.m. U.S. Eastern Time, May 18, 2026 (5:00 p.m. Beijing/Hong Kong time, May 18, 2026) following the quarterly results announcement. Participants can register for the conference call by clicking here, which will lead them to the conference registration website. Upon registration, participants will receive details for the conference call, including the dial-in numbers and a unique access PIN. Please dial in 10 minutes before the call is scheduled to begin.

The live Webcast and archive of the conference call will be available on the Investor Relations section of Sohu’s website at https://investors.sohu.com/.

About Sohu

Sohu.com Limited (NASDAQ: SOHU) was established by Dr. Charles Zhang, one of China’s internet pioneers, in the 1990s. Sohu operates one of the leading Chinese online media platforms and also engages in the online game business in the Chinese mainland. Sohu has built one of the most comprehensive matrices of Chinese language web properties, consisting of Sohu News App, Sohu Video App, the mobile portal m.sohu.com, the PC portal www.sohu.com, and the online games platform www.changyou.com/en/.

As a mainstream media platform with social features, Sohu is indispensable to the daily life of millions of Chinese, providing to a vast number of users a network of web properties and community based products, which offer a broad array of content, such as news and information, in the form of text, picture, video, and live broadcasting. Sohu also attracts users to actively engage in content generation and distribution, and actively interact with each other on the platform. Sohu’s online game business is conducted by its subsidiary Changyou, which develops and operates a diverse portfolio of PC and mobile games, such as the well-known TLBB PC and Legacy TLBB Mobile.

For investor and media inquiries, please contact:

Sohu.com Limited

Ms. Pu Huang
Tel: +86 (10) 6272-6645
E-mail: [email protected]

Christensen Advisory
E-mail: [email protected]

SOHU.COM LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED, IN THOUSANDS EXCEPT PER SHARE AMOUNTS)

		Three Months Ended
		Mar. 31, 2026		Dec. 31, 2025		Mar. 31, 2025
Revenues:
Marketing services	$	12,560	$	17,027	$	13,725
Online games		124,567		120,361		117,347
Others		4,157		4,872		4,573
Total revenues		141,284		142,260		135,645

Cost of revenues:
Marketing services		12,583		15,959		12,341
Online games		15,899		17,947		18,136
Others		1,326		1,280		2,669
Total cost of revenues		29,808		35,186		33,146

Operating expenses:
Product development		61,883		63,891		62,972
Sales and marketing (includes share-based compensation expense of nil, $nil, and $1, respectively)		42,850		45,159		45,586
General and administrative (includes share-based compensation expense of $244, $324, and $391, respectively)		13,475		27,111		12,969
Goodwill impairment^[7]		–		36,955		–
Total operating expenses		118,208		173,116		121,527

Operating loss		(6,732)		(66,042)		(19,028)

Other income, net		4,682		3,725		4,199
Interest income		5,995		6,719		7,708
Exchange difference		(1,318)		(908)		(119)
Income/(loss) before income tax expense		2,627		(56,506)		(7,240)

Income tax expense/(benefit)^[8]		6,942		(279,791)		(189,391)
Net income/(loss)		(4,315)		223,285		182,151

Less: Net loss attributable to the noncontrolling interest shareholders		–		–		(9)

Net income/(loss) attributable to Sohu.com Limited		(4,315)		223,285		182,160

Basic net income/(loss) per share/ADS attributable to Sohu.com Limited	$	(0.17)	$	8.38	$	6.07
Shares/ADSs used in computing basic net income/(loss) per share/ADS attributable to Sohu.com Limited^[9]		26,058		26,658		30,008

Diluted net income/(loss) per share/ADS attributable to Sohu.com Limited	$	(0.17)	$	8.38	$	6.07
Shares/ADSs used in computing diluted net income/(loss) per share/ADS attributable to Sohu.com Limited		26,058		26,658		30,008



^[7]In the fourth quarter of 2025, the Company recognized a goodwill impairment loss of approximately US$37 million.
^[8]See footnote 1 and footnote 2.
^[9]Each ADS represents one ordinary share.

SOHU.COM LIMITED
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED, IN THOUSANDS)

		As of Mar. 31, 2026		As of Dec. 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	110,360	$	128,308
Short-term investments		698,136		702,372
Accounts receivable, net		41,787		43,335
Prepaid and other current assets		98,815		93,903
Total current assets		949,098		967,918
Fixed assets, net		247,337		246,263
Goodwill		10,257		10,257
Long-term investments, net		44,244		43,939
Intangible assets, net		3,797		4,692
Long-term time deposits		357,900		350,659
Other assets		12,027		12,325
Total assets	$	1,624,660	$	1,636,053

LIABILITIES
Current liabilities:
Accounts payable	$	38,991	$	36,215
Accrued liabilities		98,662		95,430
Receipts in advance and deferred revenue		50,087		54,878
Accrued salary and benefits		37,091		55,018
Taxes payables		20,371		15,571
Other short-term liabilities		75,954		76,601
Total current liabilities	$	321,156	$	333,713

Long-term other payables		3,199		2,896
Long-term tax liabilities		21,363		21,051
Other long-term liabilities		382		322
Total long-term liabilities	$	24,944	$	24,269
Total liabilities	$	346,100	$	357,982


SHAREHOLDERS’ EQUITY:
Sohu.com Limited shareholders’ equity		1,278,216		1,277,727
Noncontrolling interest		344		344
Total shareholders’ equity	$	1,278,560	$	1,278,071

Total liabilities and shareholders’ equity	$	1,624,660	$	1,636,053

SOHU.COM LIMITED
RECONCILIATIONS OF NON-GAAP RESULTS OF OPERATIONS MEASURES TO THE NEAREST COMPARABLE GAAP MEASURES
(UNAUDITED, IN THOUSANDS EXCEPT PER SHARE AMOUNTS)

		Three Months Ended Mar. 31, 2026							Three Months Ended Dec. 31, 2025							Three Months Ended Mar. 31, 2025
		GAAP		Non-GAAP Adjustment			Non- GAAP		GAAP		Non-GAAP Adjustment			Non- GAAP		GAAP		Non-GAAP Adjustment			Non- GAAP

				(244)	(a)						(324)	(a)						(392)	(a)
				–							(36,955)	(c)						–
Operating expenses	$	118,208	$	(244)		$	117,964	$	173,116	$	(37,279)		$	135,837	$	121,527	$	(392)		$	121,135

Operating loss	$	(6,732)	$	244	(a)	$	(6,488)	$	(66,042)	$	37,279	(a,c)	$	(28,763)	$	(19,028)	$	392	(a)	$	(18,636)

Income tax expense/(benefit)^[10]	$	6,942	$	–		$	6,942	$	(279,791)	$	–		$	(279,791)	$	(189,391)	$	199,018	(b)	$	9,627
Net income/(loss) before non-controlling interest	$	(4,315)	$	244	(a)	$	(4,071)	$	223,285	$	37,279	(a,c)	$	260,564	$	182,151	$	(198,626)	(a,b)	$	(16,475)
Net income/( loss) attributable to Sohu.com Limited for diluted net income/( loss) per share/ADS	$	(4,315)	$	244	(a)	$	(4,071)	$	223,285	$	37,279	(a,c)	$	260,564	$	182,160	$	(198,626)	(a,b)	$	(16,466)
Diluted net income/( loss) per share/ADS attributable to Sohu.com Limited	$	(0.17)				$	(0.16)	$	8.38				$	9.77	$	6.07				$	(0.55)
Shares/ADSs used in computing diluted net income/( loss) per share/ADS attributable to Sohu.com Limited		26,058					26,058		26,658					26,658		30,008					30,008


Note:
(a) Share-based compensation expense
(b) Reversal of the tax expense in connection with the Toll Charge and related accrued interest expense
(c) Impairment of goodwill

^[10] See footnote 1 and footnote 2.

View original content to download multimedia:https://www.prnewswire.com/news-releases/sohucom-reports-first-quarter-2026-unaudited-financial-results-302774377.html

SOURCE Sohu.com Limited

May 18, 2026 12:17 am

Bitcoin Depot Initiates Voluntary Chapter 11 Process to Facilitate an Orderly Wind-Down and Sale of the Company’s Assets

ATLANTA, May 18, 2026 (GLOBE NEWSWIRE) — Bitcoin Depot (NASDAQ: BTM), a U.S.-based Bitcoin ATM (“BTM”) operator and leading fintech company, today announced that it has initiated a voluntary Chapter 11 process in the U.S. Bankruptcy Court for the Southern District of Texas to effect an orderly wind-down of the Company’s operations and facilitate a sale of its assets.

“Over time, the Company has continued to strengthen its protocols and procedures to combat fraud and protect the customers who use its BTMs, including enhanced identity verification, customer fraud warnings, and its more recent adoption of lower transaction limits for its customers,” said Alex Holmes, CEO of Bitcoin Depot. “Nevertheless, the regulatory environment for BTM operators has shifted significantly: states have imposed increasingly stringent compliance obligations, including new transaction limits, and in some jurisdictions, outright restrictions or bans on BTM operations; and operators have faced increasing litigation and regulatory enforcement. These developments have materially affected Bitcoin Depot’s business and financial position. Under these circumstances, the Company’s current business model is unsustainable.”

Holmes continued, “After evaluating all options, we determined to initiate this court-supervised process to facilitate an orderly wind-down of operations and a sale of the Company’s assets. We are grateful to our customers, suppliers, and business partners for their support. I also want to thank our employees across the globe for their continued hard work and dedication.”

The Company’s network of BTMs has been taken offline. Bitcoin Depot has filed a number of customary “first day” motions with the Court.

The Company’s Canadian entities are included in the U.S. Court-supervised process and it expects to commence restructuring proceedings in Canada in due course. The Company’s other non-U.S. entities will be winding down under applicable foreign law.

Court filings and other information related to the proceedings are available through the Company’s claims agent at https://restructuring.ra.kroll.com/bitcoindepot, by calling the restructuring hotline at (844) 339-4117 (Toll-Free US/Canada) / + 1 (332) 232-7827 (International) or emailing [email protected].

Vinson & Elkins LLP is serving as legal advisor, Portage Point Partners is serving as restructuring advisor, and Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to Bitcoin Depot.

About Bitcoin Depot

Bitcoin Depot Inc. (Nasdaq: BTM) was founded in 2016 with the mission to connect those who prefer to use cash to the broader, digital financial system. Bitcoin Depot provides its users with simple, efficient and intuitive means of converting cash into Bitcoin, which users can deploy in the payments, spending and investing space. Users can convert cash to bitcoin at Bitcoin Depot kiosks in 47 states and at thousands of name-brand retail locations in 31 states through its BDCheckout product. The Company has the largest market share in North America and operates over 9,000 kiosk locations globally as of August 2025. Learn more at www.bitcoindepot.com.

Contacts

Investors

Gateway Group, Inc.
949-574-3860
[email protected]

Media

Michael Freitag / Aaron Palash
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449

Gateway Group, Inc.
[email protected]

May 17, 2026 6:29 pm

Faraday Future Founder and Global CEO YT Jia Shares Weekly Investor Update: Announces the Company’s Comprehensive Transformation Across Five Areas: Strategy; Product, Technology and Business; Finance; Capital; and FF’s AI Operating System

Faraday Future Founder and Global CEO YT Jia Shares Weekly Investor Update: Announces the Company’s Comprehensive Transformation Across Five Areas: Strategy; Product, Technology and Business; Finance; Capital; and FF’s AI Operating System

Company’s goal is to become one of the top three robotics companies in North America within five years by real-world deployment volume in EAI humanoid and bionic robots and becoming a leader in the North American EAI MPV market with EAI automotive robots.
New $25 million in financing combined with the $45 million announced in April, for a total of $70 million in financing over the past two months, will fully support the Phase 1 (by end of 2026) objective of the Company’s EAI robotics strategy.

LOS ANGELES–(BUSINESS WIRE)–
Faraday Future Intelligent Electric Inc. (NASDAQ: FFAI) (“Faraday Future”, “FF” or the “Company”), a California-based global Embodied AI (EAI) ecosystem company, today shared a weekly business update from YT Jia, Founder and Global CEO of FF.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260517296928/en/

Faraday Future Founder and Global CEO YT Jia Shares Weekly Investor Update: Announces the Company’s Comprehensive Transformation Across Five Areas: Strategy; Product, Technology and Business; Finance; Capital; and FF’s AI Operating System

“Dear investors, stockholders, and Futurists, I hope this message finds you well.

Ten days ago, FF celebrated its 12th anniversary. Last week, after seven years, I returned to the role of Global CEO of FF. Two days ago, FF completed its latest round of $25 million financing. With $70 million in financing raised recently, we believe this is enough to support the first-phase strategic goals of our robotics business.

Today, standing at the forefront of a new wave of industrial revolution, I release this letter to all of you with great excitement and a deep sense of purpose. Our goal is to lead the team, over the next two years, to finally realize the dream that FF has been fighting for over the past 12 years. With AI First and Stockholders First as our core principles, we will build the Three-in-One ecosystem strategy around EAI, and truly rebuild FF into a Physical AI ecosystem company. This is a mission we must win. There will be no excuses. After years of life-and-death struggles, major ups and downs, and hard-earned lessons, FF’s differentiated advantages and value in this new wave of industrial competition have become even more clear. We must seize this momentum. Through five new transformations, we will move quickly to strengthen the Company’s five unique values:

First, the value created by FF becoming the first U.S company to sell and deliver both humanoid and bionic EAI robots, and by our full ramp-up toward scaled deployment. We aim to take the lead in large-scale deployment across real-world use cases and strengthen our first-mover advantage.

Second, the value created by the continuous evolution of the EAI Brain and Developer Platform.

Third, the value created by real-world data from the EAI Data Factory. In the AI era, core competitiveness is not only about models and computing power. It is also about the ability to collect real-world, high-frequency, multi-dimensional data.

Fourth, the value created by FF’s role as a global EAI industry bridge, especially in cost and efficiency. FF connects the world’s most advanced technology chain, the highest-quality industrial chain, and the most valuable users and use cases. This bridge can help deeply integrate global industrial resources, create stronger coordination, and amplify value.

Fifth, the value created by strategic vision and focus. Together, the four values above — the Three-in-One ecosystem plus the global EAI industry bridge — will form the evolutionary flywheel of the EAI ecosystem. This is our most important long-term value and competitive moat.

On execution, compared with Tesla, one of the leading companies in Embodied AI, FF has six clear points of differentiation:

1. Ecosystem model: FF combines in-house development, an open-source and open developer platform, and a data factory. Tesla follows a full-stack in-house development model, with data mainly used within its own ecosystem.

2. EAI device portfolio: FF offers robots in three humanoid forms and multiple bionic forms. Tesla is focused on one general-purpose humanoid robot.

3. Price range: FF offers a disruptive entry price starting at $10,000, while Tesla is expected to start at approximately $20,000 to $30,000.

4. First-phase market: FF is pioneering the education market and building deep capabilities in B2C family education. Tesla is focused on B2B industrial applications.

5. Technology Approach: FF combines a general-purpose EAI Brain with use-case-specific profession. Tesla focuses on a generalized universal brain.

6. Capital investment: FF combines core in-house AI development with its Bridge model, creating a more asset-light path. Tesla follows a full-stack in-house development model that requires heavier capital investment.

Next, we will carry out a comprehensive transformation across five areas: strategy; product, technology and business; finance; capital; and our AI operating system. We will move forward in three major stages — 2026, the next two years, and the next five years — to maximize FF’s five unique values.

I. Strategic Transformation:

FF has officially upgraded into a U.S.-based Physical AI ecosystem company. Guided by the AI First principle, FF is focused on EAI robotics technology and two major product engines: EAI humanoid and bionic robots, and EAI automotive robots. We are building three major sub-strategies: EAI Devices, EAI Data Factory, and EAI Brain & Open-Source and Open Platform. Together, they form the Three-in-One EAI ecosystem, creating an evolutionary flywheel effect and maximizing commercial value. Our goal is to become one of the top three robotics companies in North America within five years by real-world deployment volume in EAI humanoid and bionic robots. In EAI automotive robots, our goal is to become a leader in the North American EAI MPV market.

II. Product, Technology, and Business Transformation:

In Phase one, the company will concentrate resources on fully scaling our EAI humanoid and bionic robot business. On the EAI Device side, based on our four major product lines and key use cases—including education, security and inspection, reception and guidance, performances, and university research—we have increased our 2026 robot shipment target from 1,000 units to 1,500 units.

We believe the education sector, especially family education—will become the primary use case for the first phase of the 2C robotics market. FF aims not only to pioneer robotics education products, but also to become one of the primary driving forces behind the inaugural year of the U.S. EAI robotics education ecosystem.

For EAI Brain and the Open Source & Open Developer Platform, through our 5×4 architecture, we aim to evolve robots from task-level autonomy toward long-horizon autonomy using VAM, world models, and WBC force-control systems, while leveraging shadow-mode iterations on weekly and monthly cycles. At the same time, we are accelerating commercialization of the EAI Brain, building an open platform architecture, and closing the ‘platform-deployment-data feedback’ loop. Our goal is to attract more than 100 developers and launch over 100 Skills and Agents, significantly enhancing the practical use value of our robots.

For the EAI Data Factory, our goal is to turn real-world data collection and deployment into a flagship industry use case, complete full in-house development of our data software stack, and scale our data business to over $1 million in revenue.

For our Middle East business, our goal is to achieve positive operating cash flow, exceed 200 robot sales and deployments, and expand operations across three countries in the region. The upside potential of our Phase One strategy is that once we secure strategic or long-term investment sufficient to fully fund Super One mass production, we will comprehensively accelerate our EAI EV business and establish dual growth engines.

III. Financial Transformation:

We will continue advancing a balanced approach between financial discipline and business growth, while rapidly improving operating quality and key financial metrics. Our target is to achieve positive operating cash flow by Q4 2027. The core measures include: maintaining the comprehensive gross profit margin of the humanoid and bionic robot device sales, maintaining high gross profit for ecosystem business revenue; shifting from relying on financing cash flow to focusing on operating cash flow; reconstructing the AI system to achieve real-time cost control and operational analysis capabilities; managing the income statement, cash flow statement, and balance sheet well, and maximizing the ‘Three-in-One’ business operating results.

IV. Capital Transformation:

Our goal is to restore the market value of FFAI back to the level it was at when it went public on the NASDAQ in 2021 within two years. This is our most important commitment to stockholders and the most critical performance benchmark for our company. The recent $70 million fundraising from institutional investors is an important starting point for the company’s financing structure to transition from ‘liquidity-driven’ to ‘capital structure governance-driven.’ Going forward, we will gradually transition toward medium to long-term financial investors and strategic investors, while building a financing structure centered on operating cash flow, industrial partnerships, and long-term capital. At the same time, we aim to reduce our reliance on highly dilutive convertible debt financing instruments with short investment cycles. We will continue optimizing our stockholder structure for long-term alignment, while also continuing legal actions against illegal short selling and market manipulation activities.

V. AI System Transformation:

We will not only make AI robots but also transform the company into an AI. We are fully upgrading FF into an AI First operating and management system, transitioning from ‘PPTIA’ toward ‘AI-PPTI,’ while building an AI-native enterprise operating system and a hybrid organization combining humans and AI Agents. This will accelerate the adoption of AI across governance, decision-making, operations, products, and execution. More detailed information regarding Phase One, as well as our goals and initiatives for Phases Two and Three, will be shared during upcoming company all-hands meetings.

Over all these years, many things have changed. But for me personally, three things have never changed: My belief in originality for both technology and product innovation. My commitment to rewarding our stockholders and investors. And my determination to deliver on our promises.

FF will rebuild organizational execution around founder spirit and partner spirit, entering a ‘zero excuses, zero internal friction, results-oriented’ operating mode as we work tirelessly to deliver on our commitments to stockholders and users.

Every day when I walk into the office and see the fire in our team’s eyes, I become even more convinced that the spark we ignited 12 years ago is now burning stronger than ever. The next two years will be the most critical two years in FF’s history. The era of physical AI has arrived, and FF has the opportunity to once again stand at the forefront of the times and become an important driver of the commercialization of real EAI scenarios. FF’s brightest days are ahead of us! Thank you.”

ABOUT FARADAY FUTURE

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

FORWARD LOOKING STATEMENTS

This press release includes “forward looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “plan to,” “can,” “will,” “should,” “future,” “potential,” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements, which include statements regarding potential future legal actions against alleged illegal market manipulation or similar improper activities, and FF’s entry into the embodied AI robotics market and robotics deliveries and development, involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, which could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements.

Important factors, that may affect actual results or outcomes include, among others: the Company’s ability to timely regain compliance with Nasdaq’s minimum bid requirement; the Company’s common stock will be suspended from trading on Nasdaq if it’s closing price is $0.10 or less for 10 consecutive trading days; the Company’s ability to continue as a going concern and improve its liquidity and financial position; the Company’s ability to pay its outstanding obligations, which it currently lacks; the availability of sufficient share capital to meet its current obligations and execute on its strategy, which the Company currently lacks; the agreement of stockholders to substantially increase the Company’s share capital, which could result in substantial additional dilution; the willingness of convertible debt investors to fund the Company while it lacks sufficient share capital for conversions; demand for the Company’s robotics products; the ability of B2B preorder companies to locate customers to purchase our robotics products, on which their nonbinding preorders substantially depend; competition in the robotics industry, which includes companies with far superior experience, funding and name recognition; the Company’s reliance on a single OEM for most of its robotics products; the Company’s ability to get the planned robotics products to comply with all applicable U.S. rules and regulations; the ability of the robotics OEM to timely supply robotics to the Company; tariff uncertainty for imported products, particularly from China; demand from automobile dealers for robotics products; the Company’s ability to homologate FX vehicles for sale; the Company’s ability to secure the necessary funding to execute on the FX strategy, which is substantial; the Company’s ability to secure an occupancy certificate covering all of its Hanford facility; the Company’s ability to remediate its material weaknesses in internal control over financial reporting and the risks related to the restatement of previously issued consolidated financial statements; the Company’s limited operating history and the significant barriers to growth it faces; the Company’s history of substantial losses and expectation of continued losses; the success of the Company’s payroll expense reduction plan; the Company’s ability to execute on its plans to develop and market its vehicles and the timing of these development programs; the Company’s estimates of the size of the markets for its vehicles and cost to bring those vehicles to market; the rate and degree of market acceptance of the Company’s vehicles; the Company’s ability to cover future warranty claims; the success of other competing manufacturers; the performance and security of the Company’s vehicles; current and potential litigation involving the Company; the Company’s ability to receive funds from, satisfy the conditions precedent of and close on the various financings described elsewhere by the Company; the result of future financing efforts, the failure of any of which could result in the Company seeking protection under the Bankruptcy Code; the Company’s indebtedness; the Company’s ability to use its “at-the-market” program; insurance coverage; general economic and market conditions impacting demand for the Company’s products; potential negative impacts of a reverse stock split; potential cost, headcount and salary reduction actions may not be sufficient or may not achieve their expected results; circumstances outside of the Company’s control, such as natural disasters, climate change, health epidemics and pandemics, terrorist attacks, and civil unrest; risks related to the Company’s operations in China; the success of the Company’s remedial measures taken in response to the Special Committee findings; the Company’s dependence on its suppliers and contract manufacturer; the Company’s ability to develop and protect its technologies; the Company’s ability to protect against cybersecurity risks; and the ability of the Company to attract and retain employees, any adverse developments in existing legal proceedings or the initiation of new legal proceedings, and volatility of the Company’s stock price. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the Company’s Form 10-Q for the quarter ended March 31, 2026, filed with the SEC on May 14, 2026, and Form 10-K filed with the SEC on March 31, 2026, and other documents filed by the Company from time to time with the SEC.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260517296928/en/

Investors (English): [email protected]

Investors (Chinese): [email protected]

Media: [email protected]

KEYWORDS: California China United States North America Asia Pacific

INDUSTRY KEYWORDS: Vehicle Technology Performance & Special Interest EV/Electric Vehicles Robotics Alternative Vehicles/Fuels General Automotive Technology Automotive Artificial Intelligence Automotive Manufacturing Other Technology Manufacturing

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May 17, 2026 6:03 pm

AVITA Medical to Host Investor Webinar Briefing

VALENCIA, Calif., May 17, 2026 (GLOBE NEWSWIRE) — AVITA Medical, Inc. (NASDAQ: RCEL, ASX: AVH), a leading therapeutic acute wound care company delivering transformative solutions, invites shareholders and prospective investors to attend its investor webinar briefing and presentation by Cary Vance, President and Chief Executive Officer, and David O’Toole, Chief Financial Officer, on May 20, 2026, at 4:00 p.m. Pacific Time (May 21, 2026, at 9:00 a.m. Australian Eastern Standard Time).

The webinar presentation will cover financial and business results from AVITA Medical’s recent first quarter 2026 earnings webcast and will conclude with a Q&A session. Participants are invited to submit their questions via the registration page.

To register for the presentation, please follow this Zoom link:
https://us06web.zoom.us/webinar/register/WN_331aOhhgT3mn94RX0_bEaw

A replay will be available on the AVITA Medical website at: https://ir.avitamedical.com/

Armchair Discussion with Cary Vance in Melbourne, Australia

AVITA Medical also invites investors to an armchair investor discussion at a pivotal point in the Company’s commercialization of its acute wound care platform.

Join Cary Vance, President and Chief Executive Officer, in conversation with Michael Woods, Chief Executive Officer of Newburyport Partners and veteran healthcare investor, for a live discussion and Q&A.

The session will provide an overview of AVITA Medical’s integrated portfolio, commercial progress and execution priorities for 2026.

Date & Time: 4pm AEST, Thursday 21 May 2026
Venue: FB Rice — Level 33, 477 Collins St, Melbourne

To register for the Melbourne briefing, please visit: bit.ly/avh0526

A replay will be available on the AVITA Medical website, https://ir.avitamedical.com/, following the event.

About AVITA Medical, Inc.

AVITA Medical^® is a leading therapeutic acute wound care company delivering transformative solutions. Our technologies are designed to optimize wound healing, effectively accelerating the time to patient recovery. At the forefront of our platform is RECELL^®, approved by the FDA for the treatment of thermal burn and trauma wounds. RECELL harnesses the healing properties of a patient’s own skin to create Spray-On Skin™, offering an innovative solution for improved clinical outcomes at the point-of-care. In the U.S., AVITA Medical also holds the exclusive rights to market, sell, and distribute Cohealyx^®, an AVITA Medical-branded collagen-based dermal matrix, and the exclusive rights to manufacture, market, sell, and distribute PermeaDerm^®, a biosynthetic wound matrix.

In international markets, RECELL is approved to promote skin healing in a wide range of applications, including thermal burn and trauma wounds. RECELL and RECELL GO^® are CE-marked in Europe, have TGA certification in Australia, and Medsafe WAND listing in New Zealand; RECELL is PMDA-approved in Japan.

To learn more, visit www.avitamedical.com.

Investor & Media Contact:

Ben Atkins
Phone +1-805 341 1571
[email protected]
[email protected]

Authorized for release by the Chief Financial Officer of AVITA Medical, Inc.

©2026 AVITA Medical. AVITA Medical^®, Cohealyx^®, RECELL^®, RECELL GO^®, and Spray-On Skin™ are trademarks of AVITA Medical. PermeaDerm^® is a registered trademark owned by Stedical Scientific, Inc. All other trademarks are the properties of their respective owners.

May 17, 2026 5:03 pm

Life360 Board of Directors Authorizes Up to $225 Million Multi-Year Share Repurchase Program to Offset Stock-Based Compensation Dilution

SAN FRANCISCO, May 17, 2026 (GLOBE NEWSWIRE) — Life360, Inc. (NASDAQ: LIF; ASX: 360), the provider of the market-leading family safety and connection mobile application, today announced that its Board of Directors has authorized management’s deployment of a multi-year share repurchase program of up to $225 million (the “Program”).

The objective of the Program is designed to return value to our shareholders by minimizing dilution from stock-based instruments. The Program represents a productive deployment of the Company’s capital, supported by a strong balance sheet and twelve consecutive quarters of positive operating cash flow.

“We remain focused on investing in the Life360 platform as we grow our global member base and deepen the value we deliver to families,” said Life360 Chief Executive Officer Lauren Antonoff. “This targeted share repurchase program reflects the Board’s confidence in the durability of our model, our disciplined capital allocation, and our ability to generate consistent long-term cash flow.”

Under the Program, Life360 may repurchase shares of its common stock in the United States from time to time in the open market over a multi-year period, at prevailing market prices, in privately negotiated transactions, in block trades, and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations (including through Rule 10b5-1 trading plans and under 10b-18 of the Exchange Act). The timing and amount of repurchases will be determined at management’s discretion based on market conditions, share price, liquidity, and other factors. The Program does not obligate the Company to acquire any specific number or dollar amount of shares and may be suspended, modified, or discontinued at any time.

About Life360, Inc.

Life360, a family connection and safety company, keeps people close to the ones they love. The category-leading mobile app and hardware tracking devices empower members to stay connected to the people, pets, and things they care about most, with a range of services, including location sharing, safe driver reports, and crash detection with emergency dispatch. As a remote-first company based in the San Francisco Bay Area, Life360 serves approximately 97.8 million monthly active users (MAU), as of March 31, 2026, across more than 180 countries. Life360 delivers peace of mind and enhances everyday family life in all the moments that matter, big and small. For more information, please visit life360.com

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. Forward-looking statements include statements regarding the Company’s intended share repurchases, capital allocation priorities, financial performance, and strategic plans. Such statements involve risks and uncertainties that could cause actual results to differ materially, including changes in market conditions, the Company’s financial position, and factors described under “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q filed with the SEC and available on the ASX Market Announcements Platform. The Company undertakes no obligation to update any forward-looking statements except as required by law.

Contacts

For U.S. investor inquiries:	For U.S. media inquiries:
Raymond (RJ) Jones	Lynnette Bruno
[email protected]	[email protected]

For Australian investor inquiries:	For Australian media inquiries:
Jolanta Masojada, +61 417 261 367	Giles Rafferty, +61 481 467 903
[email protected]	[email protected]

May 17, 2026 4:03 pm

Design Therapeutics to Host Investor Webcast to Review Data from RESTORE-FA Trial of DT-216P2 for Friedreich’s Ataxia on Monday, May 18, 2026

CARLSBAD, Calif., May 17, 2026 (GLOBE NEWSWIRE) — Design Therapeutics, Inc. (Nasdaq: DSGN), a clinical-stage biotechnology company developing treatments for serious degenerative genetic diseases, will announce data from the ongoing Phase 1/2 RESTORE-FA trial evaluating DT-216P2 in patients with Friedreich’s ataxia (FA) on Monday, May 18, 2026. Management will host a conference call and webcast at 8:00 a.m. ET.

A live webcast of the presentation will be available here and in the investors section of the company’s website at www.designtx.com. The webcast will be archived for at least 30 days following the presentation.

About Design Therapeutics

Design Therapeutics is a clinical-stage biotechnology company developing a new class of therapies based on its platform of GeneTAC^® gene targeted chimera small molecules. The company’s GeneTAC^® molecules are designed to either dial up or dial down the expression of a specific disease-causing gene to address the underlying cause of disease. In addition to its clinical-stage GeneTAC^® programs, DT-216P2, in development for patients with Friedreich ataxia, DT-168, for Fuchs endothelial corneal dystrophy, and DT-818, for myotonic dystrophy type-1, the company is advancing a program in Huntington’s disease. Discovery efforts are underway for multiple genomic medicines. For more information, please visit designtx.com.

Contact:

Renee Leck, THRUST
[email protected]

May 17, 2026 12:04 pm

LiveRamp Announces Fourth Quarter and Fiscal Year 2026 Results

Q4 Revenue up 9% year-over-year

Q4 Annual Recurring Revenue up 8% year-over-year

Q4 Subscription Net Retention improved to 107%

FY26 record annual Operating Cash Flow of $168 million and
Share Repurchases of $194 million

LiveRamp Enters into Definitive Agreement to be Acquired by Publicis Groupe in All-Cash Transaction with an Equity Value of $2.5 billion

SAN FRANCISCO, May 17, 2026 (GLOBE NEWSWIRE) — LiveRamp^® (NYSE: RAMP), a leading data collaboration platform, today announced its financial results for the quarter and fiscal year ended March 31, 2026.

Q4 Financial Highlights

Unless otherwise indicated, all comparisons are to the prior year period.

Total revenue was $206 million, up 9%.
Subscription revenue was $158 million, up 9%.
Marketplace & Other revenue was $49 million, up 11%.
GAAP gross profit was $146 million, up 11%. GAAP gross margin of 71% expanded by 1 percentage point. Non-GAAP gross profit was $149 million, up 10%. Non-GAAP gross margin of 72% expanded by 1 percentage point.
GAAP income from operations was $15 million compared to a loss of $12 million. GAAP operating margin of 7% expanded by 14 percentage points. Non-GAAP operating income was $40 million, up 75%. Non-GAAP operating margin of 20% expanded by 7 percentage points.
GAAP and non-GAAP diluted earnings per share was $1.12 and $0.52, respectively. GAAP diluted EPS benefited from the release of deferred tax valuation allowances.
Net cash provided by operating activities was $59 million compared to $63 million.
Share repurchases in the fourth quarter totaled approximately 2.8 million shares for $76 million.

Fiscal Year 2026 Financial Highlights

Unless otherwise indicated, all comparisons are to the prior year period.

Total revenue was $813 million, up 9%.
Subscription revenue was $614 million, up 8%.
Marketplace & Other revenue was $199 million, up 12%.
GAAP gross profit was $575 million, up 9%. GAAP gross margin of 71% was flat. Non-GAAP gross profit was $591 million, up 7%, and non-GAAP gross margin of 73% compressed by 1 percentage point.
GAAP Income from operations was $83 million compared to $5 million. GAAP operating margin of 10% expanded by 10 percentage points. Non-GAAP operating income was $182 million, up 34%. Non-GAAP operating margin of 22% expanded by 4 percentage points.
GAAP diluted earnings per share was $2.24, and non-GAAP diluted EPS was $2.27. GAAP diluted EPS benefited from the release of deferred tax valuation allowances.
Net cash provided by operating activities was $168 million compared to $154 million.
Share repurchases in fiscal 2026 totaled approximately 7.1 million shares for $194 million. As of March 31, 2026, there was $262 million in remaining capacity under the recently modified share repurchase authorization that expires on December 31, 2027.

A reconciliation between GAAP and non-GAAP results is provided in the schedules in this press release.

Commenting on the results, CEO Scott Howe said: “We finished FY26 on a strong note, with Q4 revenue and operating income ahead of consensus and ARR growth accelerating sequentially. We also achieved record operating cash flow in FY26, and returned over 100% to shareholders through buybacks. We continue to leverage AI to make our platform faster, more effective and easier to use, including the recent introduction of AI agent accessibility, enabling specialized AI agents to autonomously collaborate with any partner.”

Howe continued: “In addition, we announced an agreement to be acquired by Publicis Groupe, delivering significant and certain value to LiveRamp shareholders. This transaction reflects the strength of our business, the value of our platform and the strategic role LiveRamp plays in an AI-driven market. Together, we believe we can accelerate data collaboration and the delivery of AI capabilities that help customers and partners advance agentic transformation and derive more value, faster.”

GAAP and Non-GAAP Results

The following table summarizes the Company’s financial results for the fourth quarter and fiscal year ended March 31, 2026 ($ in millions, except per share amounts):

	GAAP						Non-GAAP
	Q4 FY26			FY26			Q4 FY26			FY26
Subscription revenue	$	158		$	614			—			—
YoY change %		9	%		8	%		—			—
Marketplace & Other revenue	$	49		$	199			—			—
YoY change %		11	%		12	%		—			—
Total revenue	$	206		$	813			—			—
YoY change %		9	%		9	%		—			—

Gross profit	$	146		$	575		$	149		$	591
% Gross margin		71	%		71	%		72	%		73	%
YoY change, pts	1 pt			0 pts			1 pt			(1) pt

Operating income	$	15		$	83		$	40		$	182
% Operating margin		7	%		10	%		20	%		22	%
YoY change, pts	14 pts			10 pts			7 pts			4 pts

Net earnings	$	71		$	146		$	33		$	148
Diluted earnings per share	$	1.12		$	2.24		$	0.52		$	2.27

Shares to calculate diluted EPS		63.4			65.0			63.4			65.0
YoY change %	(4) %			(2) %			(6) %			(4) %

Operating cash flow	$	59		$	168
Free cash flow							$	59		$	166

Totals and year-over-year changes may not reconcile due to rounding.

A detailed discussion of our non-GAAP financial measures and a reconciliation between GAAP and non-GAAP results is provided in the schedules to this press release.

Additional Business Highlights & Metrics

We announced the launch of new AI capabilities to help transform how marketers plan, execute, measure, and optimize campaigns agentically. We introduced agent-powered access to the LiveRamp platform, enabling specialized AI agents to autonomously collaborate with any partner, moving from manual, fragmented workflows to intelligent, governed execution that delivers better performance (link).
We announced native support for NVIDIA AI infrastructure, upgrading our clean room architecture to handle the world’s most advanced and compute-intensive AI workloads. AI partners and brands can now securely and seamlessly train and deploy sophisticated models using LiveRamp clean rooms or via the LiveRamp Marketplace at up to 15x speed, without exposing data or model weights (link).
We announced an expanded partnership with Unity, a leading game engine, to help marketers more effectively reach mobile users and generate better marketing returns. The partnership will make LiveRamp’s durable, interoperable identifier – RampID – available across Unity Exchange, enabling marketers, agencies, and platforms to apply identity-based buying strategies within Unity’s mobile ecosystem that includes 2.9 billion monthly active mobile devices (link).
In March we hosted our annual customer and partner conference, RampUp, bringing together more than 2,300 leaders from across the digital advertising ecosystem. The event included more than 40 presentations and panels featuring some of our largest customers and partners, such as General Motors, JPMorgan Chase, Netflix, and Meta. Video replays of these sessions are available here. Also, we hosted an investor presentation that can be accessed here.
On February 12, 2026 we announced an increase in our share repurchase authorization by $200 million and extended the expiration by one year to December 31, 2027. As of March 31, 2026, there was $262 million in remaining capacity under the authorization.
On February 11, 2026 we appointed to our Board of Directors Kristi Argyilan, who currently serves as Global Head of Advertising at Uber. Widely recognized as the pioneer of retail media, Argyilan previously led the Albertsons Media Collective and championed the industry-wide move toward measurement standardization (link).
LiveRamp ended the fiscal year with 133 customers whose annualized subscription revenue exceeds $1 million, compared to 128 in the prior year period.
LiveRamp ended the fiscal year with 846 direct subscription customers, compared to 840 in the prior year period.
Subscription net retention was 107% and platform net retention was 108%.
Annualized recurring revenue (ARR), which is the last month of the quarter fixed subscription revenue annualized, was $545 million, up 8% compared to the prior year period.
Current remaining performance obligations (CRPO), which is contracted and committed revenue expected to be recognized over the next 12 months, was $518 million, up 10% compared to the prior year period.

Transaction with Publicis Groupe

In a separate press release issued today, LiveRamp announced that it has entered into a definitive agreement to be acquired by Publicis Groupe. Under the terms of the agreement, Publicis Groupe will acquire all of the outstanding shares of LiveRamp for $38.50 per share in an all-cash transaction for an equity value of $2.5 billion. This represents a premium of 30% to LiveRamp’s closing stock price on May 15, 2026, the last full trading day prior to the transaction announcement. The transaction is expected to close by the end of calendar 2026, subject to customary closing conditions, including approval by LiveRamp shareholders. The transaction press release is available on the LiveRamp investor relations website.

Given the announced transaction, LiveRamp will not host its previously scheduled earnings conference call or provide financial guidance in conjunction with this earnings release.

About LiveRamp

LiveRamp is a leading data collaboration technology company, empowering marketers and media owners to deliver and measure marketing performance everywhere it matters. LiveRamp’s data collaboration network seamlessly unites data across advertisers, ad tech platforms, publishers, data providers, and commerce media networks—unlocking insights that deliver transformational consumer experiences, and drive measurable business outcomes. As consumers embrace AI-powered experiences, the LiveRamp data collaboration network expands the breadth and accuracy of the data on which marketing AI capabilities operate. Our platform is engineered for AI agent accessibility, facilitating autonomous data collaboration between the specialized AI agents utilized by our customers and partners. Built on a foundation of strict neutrality, interoperability, and global scale, LiveRamp enables organizations to maximize the value of their data while accelerating business growth.

LiveRamp is headquartered in San Francisco, California, with offices worldwide. Learn more at LiveRamp.com.

Forward-Looking Statements

This communication contains forward-looking statements within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, concerning LiveRamp, Publicis, the proposed transaction and other matters. Forward-looking statements contained herein could include, among other things, statements regarding the anticipated timing of the consummation of the proposed transaction; statements about management’s confidence in and strategies for performance of the combined businesses; expectations for new and existing products, technologies and opportunities; and expectations regarding growth, sales, cash flows, and earnings. Forward-looking statements can be identified by the use of such terms as “may,” “could,” “expect,” “anticipate,” “intend,” “believe,” “likely,” “estimate,” “outlook,” “plan,” “contemplate,” “project,” “target” or other comparable terms. These forward-looking statements are not guarantees of future performance. Actual results may differ materially from the forward-looking statements as a result of a number of risks and uncertainties, many of which are outside the control of LiveRamp or Publicis. Many factors could cause actual future events to differ materially from the forward-looking statements in this communication including, but not limited to: economic uncertainties that could impact LiveRamp or LiveRamp’s suppliers, customers and partners, geopolitical circumstances, including risk related to tariffs and other trade restrictions, the possibility of a recession, general inflationary pressure and high interest rates; the ability and willingness of LiveRamp’s customers to renew their agreements with LiveRamp upon their expiration; LiveRamp’s ability to add new customers and upsell within LiveRamp’s subscription business; LiveRamp’s reliance upon partners, including data suppliers, who may withdraw or withhold data from LiveRamp; increased competition and rapidly changing technology that could impact LiveRamp’s products and services; LiveRamp’s ability to keep up with rapidly changing technology practices in LiveRamp’s products and services or that expected benefits from utilization of technological innovations (including AI) may not be realized as soon as expected or at all; the risk that LiveRamp fails to realize the potential benefits of or have difficulty integrating acquired businesses; and LiveRamp’s inability to attract, motivate and retain talent. Additional risks include maintaining LiveRamp’s culture and LiveRamp’s ability to innovate and evolve while operating in a hybrid work environment, with some employees working remotely at least some of the time within a rapidly changing industry, while also avoiding disruption from reductions in LiveRamp’s current workforce as well as disruptions resulting from acquisition, divestiture and other activities affecting LiveRamp’s workforce. LiveRamp’s global workforce strategy could possibly encounter difficulty and not be as beneficial as planned. LiveRamp’s international operations are also subject to risks, including the performance of third parties as well as impacts from war and civil unrest, that may harm LiveRamp’s business. The risk of a significant breach of the confidentiality of the information or the security of LiveRamp’s or LiveRamp’s customers’, suppliers’, or other partners’ data and/or computer systems, or the risk that LiveRamp’s current insurance coverage may not be adequate for such a breach, that an insurer might deny coverage for a claim or that such insurance will continue to be available to LiveRamp on commercially reasonable terms, or at all, could be detrimental to LiveRamp’s business, reputation and results of operations. Other business risks include unfavorable publicity and negative public perception about LiveRamp’s industry; interruptions or delays in service from data center or cloud hosting vendors LiveRamp relies upon; and LiveRamp’s dependence on the continued availability of third-party data hosting and transmission services. LiveRamp’s clients’ ability to use data on LiveRamp’s platform could be restricted if the industry’s use of third-party cookies and tracking technology declines due to technology platform changes, regulation or increased user controls. Continued changes in the judicial, legislative, regulatory, accounting, cultural and consumer environments affecting LiveRamp’s business, including but not limited to litigation, investigations, legislation, regulations and customs at the state, federal and international levels relating to information collection and use represents a risk, as well as changes in tax laws and regulations that are applied to LiveRamp’s customers which could cause enterprise software budget tightening. In addition, third parties may claim that LiveRamp is infringing their intellectual property or may infringe LiveRamp’s intellectual property which could result in competitive injury and / or the incurrence of significant costs and draining of LiveRamp’s resources. Factors that could cause actual future events to differ materially from the forward looking-statements in this communication in regard to the proposed transaction concerning LiveRamp and Publicis include, but are not limited to: (1) failure of the closing conditions in the merger agreement to be satisfied, or any unexpected delay in closing the proposed transaction or the occurrence of any event, change, or other circumstance that could give rise to the right of one or multiple of the parties to terminate the definitive agreement between Publicis and LiveRamp; (2) the possibility that the transaction does not close when expected or at all because required regulatory, shareholder, or other approvals are not received or satisfied on a timely basis or at all; (3) the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events, including those resulting from the announcement, pendency or completion of the transaction; (4) risks that the new businesses will not be integrated successfully or that the combined companies will not realize estimated cost savings, value of certain tax assets, synergies and growth or that such benefits may take longer to realize than expected; (5) failure to realize anticipated benefits of the combined operations; (6) risks relating to unanticipated costs of integration; (7) ability to hire and retain key personnel; (8) ability to successfully integrate the companies’ businesses; (9) the potential impact of announcement or consummation of the proposed transactions on relationships with third parties, including clients, employees and competitors, including reputational risk; (10) ability to attract new clients and retain existing clients in the manner anticipated; (11) reliance on and integration of information technology systems; (12) suffering reduced profits or losses as a result of intense competition; or (13) potential litigation that may be instituted against LiveRamp or its directors or officers related to the proposed transaction or the merger agreement. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties that affect the parties’ businesses, including those described in LiveRamp’s Annual Report on Form 10-K for the year ended March 31, 2025, in Part I “Cautionary Statements Relevant to Forward-Looking Information” and Part I, Item 1A, “Risk Factors,” as updated by subsequent Quarterly Reports on Form 10-Q, which are filed with the Securities and Exchange Commission (the “SEC”) and those described in documents Publicis has filed with the Autorité des Marchés Financiers (the French securities regulator). The parties do not undertake, nor do they have, any obligation to provide updates or to revise any forward-looking statements.

NO OFFER OR SOLICITATION

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and applicable regulations.

ADDITIONAL INFORMATION AND WHERE TO FIND IT

In connection with the proposed transaction, LiveRamp Holdings, Inc. will be filing documents with the SEC, including preliminary and definitive proxy statements relating to the proposed transaction (the “proxy statement”). The definitive proxy statement will be mailed to LiveRamp’s shareholders in connection with the proposed transaction. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PRELIMINARY AND DEFINITIVE PROXY STATEMENTS AND ANY OTHER DOCUMENTS TO BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION OR INCORPORATED BY REFERENCE IN THE PROXY STATEMENT WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Any vote in respect of resolutions to be proposed at LiveRamp’s shareholder meeting to approve the proposed transaction should be made only on the basis of the information contained in LiveRamp’s proxy statement and documents incorporated by reference therein. Investors and security holders may obtain free copies of these documents (when they are available) and other related documents filed with the SEC at the SEC’s website at www.sec.gov or on LiveRamp’s website at www.liveramp.com.

PARTICIPANTS IN THE SOLICITATION

Publicis, LiveRamp and their respective directors and certain of their respective executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of LiveRamp in respect of the proposed transactions contemplated by the proxy statement. Information regarding the persons who are, under the rules of the SEC, participants in the solicitation of the shareholders of LiveRamp in connection with the proposed transaction, including a description of their direct or indirect interests, by security holdings or otherwise, will be set forth in the proxy statement when it is filed with the SEC. Information about the directors and executive officers of LiveRamp and their ownership of shares of LiveRamp common stock and other securities of LiveRamp can be found in the sections entitled “Nominees and Continuing Directors,” “Stock Ownership,” “Compensation Discussion and Analysis,” “Compensation Tables,” and “Non-Employee Director Compensation” included in LiveRamp’s proxy statement in connection with its 2025 Annual Meeting of Shareholders, filed with the SEC on June 27, 2025; in the Form 3 and Form 4 initial statements of beneficial ownership and statements of changes in beneficial ownership filed with the SEC by LiveRamp’s directors and executive officers; and in other documents subsequently filed by LiveRamp with the SEC, including LiveRamp’s proxy statement relating to the proposed transaction when it becomes available. Investors and security holders may obtain free copies of these documents and other related documents filed with the SEC at the SEC’s website at www.sec.gov or on LiveRamp’s website at www.liveramp.com.

The financial information set forth in this press release reflects estimates based on information available at this time.

LiveRamp assumes no obligation and does not currently intend to update these forward-looking statements.

To automatically receive LiveRamp financial news by email, please visit www.LiveRamp.com and subscribe to email alerts.

For more information, contact:

LiveRamp Investor Relations
[email protected]

LiveRamp^Ⓡ and RampID^™ and all other LiveRamp marks contained herein are trademarks or service marks of LiveRamp, Inc. All other marks are the property of their respective owners.

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except per share amounts)

	For the three months ended March 31,
					$		%
	2026		2025		Variance		Variance

Revenues	206,092		188,724		17,368		9.2	%
Cost of revenue	60,548		57,929		2,619		4.5	%
Gross profit	145,544		130,795		14,749		11.3	%
*% Gross margin*	*70.6*	%	*69.3*	%

Operating expenses
Research and development	37,756		45,926		(8,170	)	(17.8	)%
Sales and marketing	56,192		56,961		(769	)	(1.4	)%
General and administrative	32,988		32,175		813		2.5	%
Gains, losses and other items, net	3,315		7,241		(3,926	)	(54.2	)%
Total operating expenses	130,251		142,303		(12,052	)	(8.5	)%

Income (loss) from operations	15,293		(11,508	)	26,801		N/A
*% Margin*	*7.4*	%	*(6.1*	)%

Total other income, net	3,967		4,762		(795	)	(16.7	)%
Income (loss) from continuing operations before income taxes	19,260		(6,746	)	26,006		N/A
Income tax benefit	(50,476	)	(479	)	(49,997	)	(10,437.8	)%
Net earnings (loss) from continuing operations	69,736		(6,267	)	76,003		N/A

Earnings from discontinued operations, net of tax	1,176		—		1,176		N/A

Net earnings (loss)	70,912		(6,267	)	77,179		1,231.5	%

Basic earnings (loss) per share:
Continuing operations	1.12		(0.10	)	1.21		N/A
Discontinued operations	0.02		—		0.02		N/A
Basic earnings (loss) per share	1.14		(0.10	)	1.23		N/A

Diluted earnings (loss) per share:
Continuing operations	1.10		(0.10	)	1.20		N/A
Discontinued operations	0.02		—		0.02		N/A
Diluted earnings (loss) per share	1.12		(0.10	)	1.21		N/A

Basic weighted average shares	62,382		65,957
Diluted weighted average shares	63,382		65,957

Some totals may not sum due to rounding.

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except per share amounts)

	For the twelve months ended March 31,
					$		%
	2026		2025		Variance		Variance

Revenues	812,940		745,580		67,360		9.0	%
Cost of revenue	238,117		215,910		22,207		10.3	%
Gross profit	574,823		529,670		45,153		8.5	%
*% Gross margin*	*70.7*	%	*71.0*	%

Operating expenses
Research and development	148,139		176,668		(28,529	)	(16.1	)%
Sales and marketing	205,647		213,106		(7,459	)	(3.5	)%
General and administrative	132,581		126,499		6,082		4.8	%
Gains, losses and other items, net	4,990		7,993		(3,003	)	(37.6	)%
Total operating expenses	491,357		524,266		(32,909	)	(6.3	)%

Income from operations	83,466		5,404		78,062		1,444.5	%
*% Margin*	*10.3*	%	*0.7*	%

Total other income, net	14,598		17,436		(2,838	)	(16.3	)%
Income from continuing operations before income taxes	98,064		22,840		75,224		329.4	%
Income tax expense (benefit)	(46,712	)	25,342		(72,054	)	N/A
Net earnings (loss) from continuing operations	144,776		(2,502	)	147,278		N/A

Earnings from discontinued operations, net of tax	1,176		1,688		(512	)	(30.3	)%

Net earnings (loss)	145,952		(814	)	146,766		18,030.2	%

Basic earnings (loss) per share:
Continuing operations	2.26		(0.04	)	2.30		N/A
Discontinued operations	0.02		0.03		(0.01	)	(28.1	)%
Basic earnings (loss) per share	2.28		(0.01	)	2.29		N/A

Diluted earnings (loss) per share:
Continuing operations	2.23		(0.04	)	2.26		N/A
Discontinued operations	0.02		0.03		(0.01	)	(29.2	)%
Diluted earnings (loss) per share	2.24		(0.01	)	2.26		N/A

Basic weighted average shares	64,105		66,126
Diluted weighted average shares	65,045		66,126

Some totals may not sum due to rounding.

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP EPS (1)
(Unaudited)
(Dollars in thousands, except per share amounts)

	For the three months ended March 31,				For the twelve months ended March 31,
	2026		2025		2026		2025

Income (loss) from continuing operations before income taxes	19,260		(6,746	)	98,064		22,840
Income tax expense (benefit)	(50,476	)	(479	)	(46,712	)	25,342
Net earnings (loss) from continuing operations	69,736		(6,267	)	144,776		(2,502	)
Earnings from discontinued operations, net of tax	1,176		—		1,176		1,688
Net earnings (loss)	70,912		(6,267	)	145,952		(814	)

Basic earnings (loss) per share	1.14		(0.10	)	2.28		(0.01	)
Diluted earnings (loss) per share	1.12		(0.10	)	2.24		(0.01	)

Excluded items:
Purchased intangible asset amortization (cost of revenue)	2,750		3,135		11,000		14,415
Non-cash stock compensation (cost of revenue and operating expenses)	18,930		24,166		82,988		107,979
Restructuring and merger charges (gains, losses, and other)	3,315		7,241		4,990		7,993
Total excluded items from continuing operations	24,995		34,542		98,978		130,387

Income from continuing operations before income taxes and excluding items	44,255		27,796		197,042		153,227
Income tax expense (2)	11,064		7,759		49,261		38,296
Non-GAAP net earnings from continuing operations	33,191		20,037		147,781		114,931

Non-GAAP earnings per share from continuing operations
Basic	0.53		0.30		2.31		1.74
Diluted	0.52		0.30		2.27		1.70

Basic weighted average shares	62,382		65,957		64,105		66,126
Diluted weighted average shares	63,382		67,479		65,045		67,499

(1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A.

(2) Non-GAAP income taxes were calculated by applying the estimated annual effective tax rate to year-to-date pretax income. The differences between our GAAP and non-GAAP effective tax rates were primarily due to the net tax effects of the excluded items, coupled with the valuation allowance and smaller pre-tax income for GAAP purposes.

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP INCOME FROM OPERATIONS (1)
(Unaudited)
(Dollars in thousands)

	For the three months ended March 31,				For the twelve months ended March 31,
	2026		2025		2026		2025

Income (loss) from operations	15,293		(11,508	)	83,466		5,404
Operating income (loss) margin	7.4	%	(6.1	)%	10.3	%	0.7	%

Excluded items:
Purchased intangible asset amortization (cost of revenue)	2,750		3,135		11,000		14,415
Non-cash stock compensation (cost of revenue and operating expenses)	18,930		24,166		82,988		107,979
Restructuring and merger charges (gains, losses, and other)	3,315		7,241		4,990		7,993
Total excluded items	24,995		34,542		98,978		130,387

Income from operations before excluded items	40,288		23,034		182,444		135,791
Non-GAAP operating income margin	19.5	%	12.2	%	22.4	%	18.2	%

(1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A.

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF ADJUSTED EBITDA (1)
(Unaudited)
(Dollars in thousands)

	For the three months ended March 31,				For the twelve months ended March 31,
	2026		2025		2026		2025

Net earnings (loss) from continuing operations	69,736		(6,267	)	144,776		(2,502	)
Income tax expense (benefit)	(50,476	)	(479	)	(46,712	)	25,342
Total other income, net	(3,967	)	(4,762	)	(14,598	)	(17,436	)

Income (loss) from operations	15,293		(11,508	)	83,466		5,404
Depreciation and amortization	3,320		3,803		13,399		17,207

EBITDA	18,613		(7,705	)	96,865		22,611

Other adjustments:
Non-cash stock compensation (cost of revenue and operating expenses)	18,930		24,166		82,988		107,979
Restructuring and merger charges (gains, losses, and other)	3,315		7,241		4,990		7,993

Other adjustments	22,245		31,407		87,978		115,972

Adjusted EBITDA	40,858		23,702		184,843		138,583


(1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures, the usefulness of these measures and the material limitations on the usefulness of these measures, please see Appendix A.

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)

	March 31,		March 31,		$		%
	2026		2025		Variance		Variance
Assets
Current assets:
Cash and cash equivalents	379,547		413,331		(33,784	)	(8.2	)%
Restricted cash	—		595		(595	)	(100.0	)%
Short-term investments	7,500		7,500		—		—	%
Trade accounts receivable, net	212,977		186,169		26,808		14.4	%
Refundable income taxes, net	10,243		9,708		535		5.5	%
Other current assets	42,874		38,886		3,988		10.3	%
Total current assets	653,141		656,189		(3,048	)	(0.5	)%

Property and equipment	23,396		23,813		(417	)	(1.8	)%
Less – accumulated depreciation and amortization	18,246		17,629		617		3.5	%
Property and equipment, net	5,150		6,184		(1,034	)	(16.7	)%

Intangible assets, net	9,167		20,167		(11,000	)	(54.5	)%
Goodwill	502,067		501,756		311		0.1	%
Deferred commissions, net	40,727		44,452		(3,725	)	(8.4	)%
Deferred income taxes	57,873		1,982		55,891		2,819.9	%
Other assets, net	26,052		28,641		(2,589	)	(9.0	)%
	1,294,177		1,259,371		34,806		2.8	%

Liabilities and Stockholders’ Equity
Current liabilities:
Trade accounts payable	129,730		112,271		17,459		15.6	%
Accrued payroll and related expenses	55,063		50,776		4,287		8.4	%
Other accrued expenses	40,280		38,586		1,694		4.4	%
Deferred revenue	39,714		45,885		(6,171	)	(13.4	)%
Total current liabilities	264,787		247,518		17,269		7.0	%

Other liabilities	57,411		62,994		(5,583	)	(8.9	)%

Stockholders’ equity:
Preferred stock	—		—		—		n/a
Common stock	16,183		15,918		265		1.7	%
Additional paid-in capital	2,129,554		2,045,316		84,238		4.1	%
Retained earnings	1,459,310		1,313,358		145,952		11.1	%
Accumulated other comprehensive income	5,640		4,295		1,345		31.3	%
Treasury stock, at cost	(2,638,708	)	(2,430,028	)	(208,680	)	8.6	%
Total stockholders’ equity	971,979		948,859		23,120		2.4	%
	1,294,177		1,259,371		34,806		2.8	%

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
	For the three months ended March 31,
	2026		2025
Cash flows from operating activities:
Net earnings (loss)	70,912		(6,267	)
Earnings from discontinued operations, net of tax	(1,176	)	—
Non-cash operating activities:
Depreciation and amortization	3,320		3,803
Loss on disposal or impairment of assets	8		44
Lease-related impairment and restructuring charges	—		(28	)
Gain on sale of strategic investments	(112	)	(515	)
Loss on marketable equity securities	124		206
Provision for doubtful accounts	696		(453	)
Deferred income taxes	(56,385	)	(496	)
Non-cash stock compensation expense	18,930		24,166
Changes in operating assets and liabilities:
Accounts receivable, net	4,909		25,187
Deferred commissions	(492	)	46
Other assets	4,314		4,703
Accounts payable and other liabilities	15,915		11,738
Income taxes	4,142		(523	)
Deferred revenue	(6,203	)	969
Net cash provided by operating activities	58,902		62,580
Cash flows from investing activities:
Capital expenditures	(289	)	(293	)
Proceeds from sale of strategic investment	112		763
Net cash provided by (used in) investing activities	(177	)	470
Cash flows from financing activities:
Proceeds related to the issuance of common stock under stock and employee benefit plans	103		202
Shares repurchased for tax withholdings upon vesting of stock-based awards	(570	)	(1,026	)
Acquisition of treasury stock	(75,604	)	(25,447	)
Net cash used in financing activities	(76,071	)	(26,271	)
Net cash provided by (used in) continuing operations	(17,346	)	36,779
Cash flows from discontinued operations:
From operating activities	1,176		(798	)
Net cash provided by (used in) discontinued operations	1,176		(798	)
Net cash provided by (used in) continuing and discontinued operations	(16,170	)	35,981
Effect of exchange rate changes on cash	(171	)	580

Net change in cash, cash equivalents and restricted cash	(16,341	)	36,561
Cash, cash equivalents and restricted cash at beginning of period	395,888		377,365
Cash, cash equivalents and restricted cash at end of period	379,547		413,926

Supplemental cash flow information:
Cash paid for income taxes, net	1,642		558
Cash received for income taxes, net from discontinued operations	(1,863	)	—
Cash received for tenant improvement allowances	—		(870	)
Cash paid for operating lease liabilities	2,492		2,426
Operating lease assets obtained in exchange for operating lease liabilities	426		—
Operating lease assets, and related lease liabilities, relinquished in lease terminations	—		(40	)
Purchases of property, plant and equipment remaining unpaid at period end	44		20
Marketable equity securities obtained in disposition of strategic investment	—		652
Excise tax payable on net stock repurchases	690		64

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
	For the twelve months ended March 31,
	2026		2025
Cash flows from operating activities:
Net earnings (loss)	145,952		(814	)
Earnings from discontinued operations, net of tax	(1,176	)	(1,688	)
Non-cash operating activities:
Depreciation and amortization	13,399		17,207
Loss on disposal or impairment of assets	148		85
Lease-related impairment and restructuring charges	617		14
Gain on sale of strategic investments	(159	)	(515	)
Loss on marketable equity securities	260		206
Provision for doubtful accounts	1,991		695
Deferred income taxes	(56,272	)	(447	)
Non-cash stock compensation expense	82,988		107,979
Changes in operating assets and liabilities:
Accounts receivable, net	(28,345	)	3,547
Deferred commissions	3,725		3,691
Other assets	2,477		2,105
Accounts payable and other liabilities	3,023		3,573
Income taxes	5,437		3,430
Deferred revenue	(6,310	)	14,897
Net cash provided by operating activities	167,755		153,965
Cash flows from investing activities:
Capital expenditures	(1,376	)	(1,042	)
Cash paid in acquisitions, net of cash received	(595	)	(1,951	)
Purchases of investments	—		(1,967	)
Proceeds from sales of investments	—		26,989
Proceeds from sale of strategic investment	359		763
Purchases of strategic investments	(3,320	)	(1,400	)
Net cash provided by (used in) investing activities	(4,932	)	21,392
Cash flows from financing activities:
Proceeds related to the issuance of common stock under stock and employee benefit plans	8,207		8,833
Shares repurchased for tax withholdings upon vesting of stock-based awards	(13,017	)	(10,331	)
Acquisition of treasury stock	(194,534	)	(101,198	)
Net cash used in financing activities	(199,344	)	(102,696	)
Net cash provided by (used in) continuing operations	(36,521	)	72,661
Cash flows from discontinued operations:
From operating activities	1,176		1,688
Net cash provided by discontinued operations	1,176		1,688
Net cash provided by (used in) continuing and discontinued operations	(35,345	)	74,349
Effect of exchange rate changes on cash	966		106

Net change in cash, cash equivalents and restricted cash	(34,379	)	74,455
Cash, cash equivalents and restricted cash at beginning of period	413,926		339,471
Cash, cash equivalents and restricted cash at end of period	379,547		413,926

Supplemental cash flow information:
Cash paid for income taxes, net from continuing operations	3,963		22,548
Cash received for income taxes, net from discontinued operations	(1,863	)	(2,486	)
Cash received for tenant improvement allowances	—		(2,628	)
Cash paid for operating lease liabilities	9,963		9,798
Operating lease assets obtained in exchange for operating lease liabilities	1,173		2,327
Operating lease assets, and related lease liabilities, relinquished in lease terminations	—		(595	)
Purchases of property, plant and equipment remaining unpaid at period end	44		20
Marketable equity securities obtained in disposition of strategic investment	—		652
Excise tax payable on net stock repurchases	1,257		128

LIVERAMP HOLDINGS, INC AND SUBSIDIARIES
CALCULATION OF FREE CASH FLOW (1)
(Unaudited)
(Dollars in thousands)


		6/30/2024			9/30/2024			12/31/2024			3/31/2025			FY2025			6/30/2025			9/30/2025			12/31/2025			3/31/2026			FY2026

Net cash provided by (used in) operating activities		$	(9,328	)	$	55,596		$	45,117		$	62,580		$	153,965		$	(15,821	)	$	57,408		$	67,266		$	58,902		$	167,755

Less:
	Capital expenditures		(226	)		(241	)		(282	)		(293	)		(1,042	)		(336	)		(589	)		(162	)		(289	)		(1,376	)

Free Cash Flow		$	(9,554	)	$	55,355		$	44,835		$	62,287		$	152,923		$	(16,157	)	$	56,819		$	67,104		$	58,613		$	166,379


(1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A.

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except per share amounts)
																															Yr-to-Yr
	FY2025															FY2026															FY2026 to FY2025
	6/30/2024			9/30/2024			12/31/2024			3/31/2025			FY2025			6/30/2025			9/30/2025			12/31/2025			3/31/2026			FY2026			%		$

Revenues		175,961			185,483			195,412			188,724			745,580			194,822			199,829			212,197			206,092			812,940		9.0	%	67,360
Cost of revenue		51,749			51,234			54,998			57,929			215,910			58,319			59,594			59,656			60,548			238,117		10.3	%	22,207
Gross profit		124,212			134,249			140,414			130,795			529,670			136,503			140,235			152,541			145,544			574,823		8.5	%	45,153
*% Gross margin*		*70.6*	%		*72.4*	%		*71.9*	%		*69.3*	%		*71.0*	%		*70.1*	%		*70.2*	%		*71.9*	%		*70.6*	%		*70.7*	%

Operating expenses
Research and development		44,118			43,889			42,735			45,926			176,668			39,608			36,952			33,823			37,756			148,139		(16.1	)%	(28,529	)
Sales and marketing		54,175			51,107			50,863			56,961			213,106			51,906			48,685			48,864			56,192			205,647		(3.5	)%	(7,459	)
General and administrative		30,961			31,369			31,994			32,175			126,499			37,345			33,170			29,078			32,988			132,581		4.8	%	6,082
Gains, losses and other items, net		206			397			149			7,241			7,993			423			—			1,252			3,315			4,990		(37.6	)%	(3,003	)
Total operating expenses		129,460			126,762			125,741			142,303			524,266			129,282			118,807			113,017			130,251			491,357		(6.3	)%	(32,909	)

Income (loss) from operations		(5,248	)		7,487			14,673			(11,508	)		5,404			7,221			21,428			39,524			15,293			83,466		1,444.5	%	78,062
*% Margin*	(3.0) %				4.0	%		7.5	%	(6.1) %				0.7	%		3.7	%		10.7	%		18.6	%		7.4	%		10.3	%

Total other income, net		4,444			4,197			4,033			4,762			17,436			3,709			3,544			3,378			3,967			14,598		(16.3	)%	(2,838	)

Income (loss) from continuing operations before income taxes		(804	)		11,684			18,706			(6,746	)		22,840			10,930			24,972			42,902			19,260			98,064		329.4	%	75,224
Income tax expense (benefit)		6,685			9,952			9,184			(479	)		25,342			3,183			(2,448	)		3,029			(50,476	)		(46,712	)	N/A		(72,054	)
Net earnings (loss) from continuing operations		(7,489	)		1,732			9,522			(6,267	)		(2,502	)		7,747			27,420			39,873			69,736			144,776		N/A		147,278

Earnings from discontinued operations, net of tax		—			—			1,688			—			1,688			—			—			—			1,176			1,176		(30.3	)%	(512	)

Net earnings (loss)	$	(7,489	)	$	1,732		$	11,210		$	(6,267	)	$	(814	)	$	7,747		$	27,420		$	39,873		$	70,912		$	145,952		N/A		146,766

Basic earnings (loss) per share:
Continuing Operations		(0.11	)		0.03			0.15			(0.10	)		(0.04	)		0.12			0.42			0.63			1.12			2.26		N/A		2.30
Discontinued Operations		0.00			0.00			0.03			0.00			0.03			0.00			0.00			0.00			0.02			0.02		(28.1	)%	(0.01	)
Basic earnings (loss) per share		(0.11	)		0.03			0.17			(0.10	)		(0.01	)		0.12			0.42			0.63			1.14			2.28		N/A		2.29

Diluted earnings (loss) per share:
Continuing Operations		(0.11	)		0.03			0.14			(0.10	)		(0.04	)		0.12			0.42			0.62			1.10			2.23		N/A		2.26
Discontinued Operations		0.00			0.00			0.03			0.00			0.03			0.00			0.00			0.00			0.02			0.02		(29.2	)%	(0.01	)
Diluted earnings (loss) per share		(0.11	)		0.03			0.17			(0.10	)		(0.01	)		0.12			0.42			0.62			1.12			2.24		N/A		2.26


Basic weighted average shares		66,621			66,294			65,631			65,957			66,126			65,448			65,074			63,517			62,382			64,105
Diluted weighted average shares		66,621			67,309			66,743			65,957			66,126			66,731			65,781			64,285			63,382			65,045

Some earnings (loss) per share amounts may not add due to rounding.

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP EXPENSES (1)
(Unaudited)
(Dollars in thousands)
	FY2025															FY2026
	6/30/2024			9/30/2024			12/31/2024			3/31/2025			FY2025			6/30/2025		9/30/2025		12/31/2025		3/31/2026		FY2026
Expenses:
Cost of revenue	$	51,749		$	51,234		$	54,998		$	57,929		$	215,910		58,319		59,594		59,656		60,548		238,117
Research and development		44,118			43,889			42,735			45,926			176,668		39,608		36,952		33,823		37,756		148,139
Sales and marketing		54,175			51,107			50,863			56,961			213,106		51,906		48,685		48,864		56,192		205,647
General and administrative		30,961			31,369			31,994			32,175			126,499		37,345		33,170		29,078		32,988		132,581
Gains, losses and other items, net		206			397			149			7,241			7,993		423		—		1,252		3,315		4,990

Gross profit, continuing operations:		124,212			134,249			140,414			130,795			529,670		136,503		140,235		152,541		145,544		574,823
% Gross margin		70.6	%		72.4	%		71.9	%		69.3	%		71.0	%	70.1	%	70.2	%	71.9	%	70.6	%	70.7	%

Excluded items:
Purchased intangible asset amortization (cost of revenue)		3,846			3,748			3,686			3,135			14,415		2,750		2,750		2,750		2,750		11,000
Non-cash stock compensation (cost of revenue)		1,596			1,499			1,455			1,615			6,165		1,541		1,452		1,033		891		4,917
Non-cash stock compensation (research and development)		10,205			10,920			10,085			10,494			41,704		8,332		6,503		5,634		5,093		25,562
Non-cash stock compensation (sales and marketing)		7,093			7,383			7,278			5,716			27,470		6,014		5,469		5,018		6,419		22,920
Non-cash stock compensation (general and administrative)		9,091			9,266			7,942			6,341			32,640		9,523		7,093		6,446		6,527		29,589
Restructuring charges (gains, losses, and other)		206			397			149			7,241			7,993		423		—		1,252		3,315		4,990
Total excluded items		32,037			33,213			30,595			34,542			130,387		28,583		23,267		22,133		24,995		98,978

Expenses, excluding items:
Cost of revenue		46,307			45,987			49,857			53,179			195,330		54,028		55,392		55,873		56,907		222,200
Research and development		33,913			32,969			32,650			35,432			134,964		31,276		30,449		28,189		32,663		122,577
Sales and marketing		47,082			43,724			43,585			51,245			185,636		45,892		43,216		43,846		49,773		182,727
General and administrative		21,870			22,103			24,052			25,834			93,859		27,822		26,077		22,632		26,461		102,992

Gross profit, excluding items:	$	129,654		$	139,496		$	145,555		$	135,545		$	550,250		140,794		144,437		156,324		149,185		590,740
% Gross margin		73.7	%		75.2	%		74.5	%		71.8	%		73.8	%	72.3	%	72.3	%	73.7	%	72.4	%	72.7	%

(1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures, the usefulness of these measures and the material limitations on the usefulness of these measures, please see Appendix A.

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP EPS (1)
(Unaudited)
(Dollars in thousands, except per share amounts)
	FY2025								FY2026
	6/30/2024		9/30/2024	12/31/2024	3/31/2025		FY2025		6/30/2025	9/30/2025		12/31/2025	3/31/2026		FY2026

Income (loss) from continuing operations before income taxes	(804	)	11,684	18,706	(6,746	)	22,840		10,930	24,972		42,902	19,260		98,064
Income tax expense (benefit)	6,685		9,952	9,184	(479	)	25,342		3,183	(2,448	)	3,029	(50,476	)	(46,712	)
Net earnings (loss) from continuing operations	(7,489	)	1,732	9,522	(6,267	)	(2,502	)	7,747	27,420		39,873	69,736		144,776

Earnings from discontinued operations, net of tax	—		—	1,688	—		1,688		—	—		—	1,176		1,176

Net earnings (loss)	(7,489	)	1,732	11,210	(6,267	)	(814	)	7,747	27,420		39,873	70,912		145,952

Earnings (loss) per share:
Basic	(0.11	)	0.03	0.17	(0.10	)	(0.01	)	0.12	0.42		0.63	1.14		2.28
Diluted	(0.11	)	0.03	0.17	(0.10	)	(0.01	)	0.12	0.42		0.62	1.12		2.24

Excluded items:
Purchased intangible asset amortization (cost of revenue)	3,846		3,748	3,686	3,135		14,415		2,750	2,750		2,750	2,750		11,000
Non-cash stock compensation (cost of revenue and operating expenses)	27,985		29,068	26,760	24,166		107,979		25,410	20,517		18,131	18,930		82,988
Restructuring and merger charges (gains, losses, and other)	206		397	149	7,241		7,993		423	—		1,252	3,315		4,990
Total excluded items from continuing operations	32,037		33,213	30,595	34,542		130,387		28,583	23,267		22,133	24,995		98,978

Income from continuing operations before income taxes and excluding items	31,233		44,897	49,301	27,796		153,227		39,513	48,239		65,035	44,255		197,042
Income tax expense	7,371		10,745	12,421	7,759		38,296		9,878	12,060		16,259	11,064		49,261
Non-GAAP net earnings from continuing operations	23,862		34,152	36,880	20,037		114,931		29,635	36,179		48,776	33,191		147,781

Non-GAAP earnings per share from continuing operations
Basic	0.36		0.52	0.56	0.30		1.74		0.45	0.56		0.77	0.53		2.31
Diluted	0.35		0.51	0.55	0.30		1.70		0.44	0.55		0.76	0.52		2.27

Basic weighted average shares	66,621		66,294	65,631	65,957		66,126		65,448	65,074		63,517	62,382		64,105
Diluted weighted average shares	68,463		67,309	66,743	67,479		67,499		66,731	65,781		64,285	63,382		65,045


Some totals may not add due to rounding

(1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures and the material limitations on the usefulness of these measures, please see Appendix A.

APPENDIX A

LIVERAMP HOLDINGS, INC. AND SUBSIDIARIES

Q4 FISCAL 2026 FINANCIAL RESULTS

EXPLANATION OF NON-GAAP MEASURES AND OTHER KEY METRICS

To supplement our financial results, we use non-GAAP measures which exclude certain acquisition related expenses, non-cash stock compensation and restructuring charges. We believe these measures are helpful in understanding our past performance and our future results. Our non-GAAP financial measures and schedules are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated GAAP financial statements. Our management regularly uses these non-GAAP financial measures internally to understand, manage and evaluate our business and to make operating decisions. These measures are among the primary factors management uses in planning for and forecasting future periods. Compensation of our executives is also based in part on the performance of our business based on these non-GAAP measures.

Our non-GAAP financial measures, including non-GAAP earnings (loss) per share, non-GAAP income (loss) from operations, non-GAAP operating income (loss) margin, non-GAAP expenses and adjusted EBITDA reflect adjustments based on the following items, as well as the related income tax effects when applicable:

Purchased intangible asset amortization: We incur amortization of purchased intangibles in connection with our acquisitions. Purchased intangibles include (i) developed technology, (ii) customer and publisher relationships, and (iii) trade names. We expect to amortize for accounting purposes the fair value of the purchased intangibles based on the pattern in which the economic benefits of the intangible assets will be consumed as revenue is generated. Although the intangible assets generate revenue for us, we exclude this item because this expense is non-cash in nature and because we believe the non-GAAP financial measures excluding this item provide meaningful supplemental information regarding our operational performance.

Non-cash stock compensation: Non-cash stock compensation consists of charges for employee restricted stock units, performance shares and stock options in accordance with current GAAP related to stock-based compensation including expense associated with stock-based compensation related to unvested options assumed in connection with our acquisitions. As we apply stock-based compensation standards, we believe that it is useful to investors to understand the impact of the application of these standards to our operational performance. Although stock-based compensation expense is calculated in accordance with current GAAP and constitutes an ongoing and recurring expense, such expense is excluded from non-GAAP results because it is not an expense that typically requires or will require cash settlement by us and because such expense is not used by us to assess the core profitability of our business operations.

Restructuring charges: During the past several years, we have initiated certain restructuring activities in order to align our costs in connection with both our operating plans and our business strategies based on then-current economic conditions. As a result, we recognized costs related to termination benefits for employees whose positions were eliminated, lease and other contract termination charges, and asset impairments. These items, as well as third party expenses associated with business acquisitions in the prior years, reported as gains, losses, and other items, net, are excluded from non-GAAP results because such amounts are not used by us to assess the core profitability of our business operations.

Transformation costs: In previous years, we incurred significant expenses to separate the financial statements of our operating segments, with particular focus on segment-level balance sheets, and to evaluate portfolio priorities. Our criteria for excluding transformation expenses from our non-GAAP measures is as follows: 1) projects are discrete in nature; 2) excluded expenses consist only of third-party consulting fees that we would not incur otherwise; and 3) we do not exclude employee related expenses or other costs associated with the ongoing operations of our business. We substantially completed those projects during the third quarter of fiscal year 2018. Beginning in the fourth quarter of fiscal 2018, and through most of fiscal 2019, we incurred transaction support expenses and system separation costs related to the Company’s announced evaluation of strategic options for its Marketing Solutions (AMS) business. In the first and second quarters of fiscal 2021 in response to the potential COVID-19 pandemic impact on our business and again during fiscal 2023 in response to macroeconomic conditions, we incurred significant costs associated with the assessment of strategic and operating plans, including our long-term location strategy, and assistance in implementing the restructuring activities as a result of this assessment. Our criteria for excluding these costs are the same. We believe excluding these items from our non-GAAP financial measures is useful for investors and provides meaningful supplemental information.

Our non-GAAP financial schedules are:

Non-GAAP EPS, Non-GAAP Income from Operations, and Non-GAAP expenses
: Our Non-GAAP earnings per share, Non-GAAP income from operations, Non-GAAP operating income margin, and Non-GAAP expenses reflect adjustments as described above, as well as the related tax effects where applicable.

Adjusted EBITDA: Adjusted EBITDA is defined as net income from continuing operations before income taxes, other income and expenses, depreciation and amortization, and including adjustments as described above. We use Adjusted EBITDA to measure our performance from period to period both at the consolidated level as well as within our operating segments and to compare our results to those of our competitors. We believe that the inclusion of Adjusted EBITDA provides useful supplementary information to and facilitates analysis by investors in evaluating the Company’s performance and trends. The presentation of Adjusted EBITDA is not meant to be considered in isolation or as an alternative to net earnings as an indicator of our performance.

Free Cash Flow: To supplement our statement of cash flows, we use a non-GAAP measure of cash flow to analyze cash flows generated from operations. Free cash flow is defined as operating cash flow less capital expenditures. Management believes that this measure of cash flow is meaningful since it represents the amount of money available from continuing operations for the Company’s discretionary spending. The presentation of non-GAAP free cash flow is not meant to be considered in isolation or as an alternative to cash flows from operating activities as a measure of liquidity.