Market Newsdesk

PHILADELPHIA, Feb. 20, 2026 (GLOBE NEWSWIRE) — National plaintiffs’ law firm Berger Montague PC announces that a class action lawsuit has been filed against NuScale Power Corporation (NYSE: SMR) (“NuScale” or the “Company”) on behalf of investors who purchased or otherwise acquired NuScale securities during the period from May 13, 2025 through November 6, 2025 (the “Class Period”).

Investor Deadline:

Investors who purchased NuScale securities during the Class Period may, no later than

 April 20, 2026

, seek to be appointed as a lead plaintiff representative of the class. To learn your rights,



CLICK HERE


.

NuScale, headquartered in Corvallis, Oregon, develops small modular nuclear reactors (SMRs) and innovative nuclear energy solutions for global power generation. Its core technology, the NuScale Power Module (“NPM”), is designed to generate energy within a broader power plant.

The Complaint alleges that during the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (i) NuScale’s exclusive commercialization partner, ENTRA1 Energy LLC, had no meaningful experience in owning, financing, or operating nuclear power projects; (ii) the purported experience and qualifications attributed to ENTRA1 actually referred to principals of the Habboush Group, a distinct entity without significant nuclear energy experience; and (iii) NuScale’s commercialization strategy was exposed to undisclosed risks of failure, delays, regulatory challenges, and other setbacks.

According to the lawsuit, the truth was revealed on November 6, 2025, when NuScale disclosed that general and administrative expenses had surged more than 3,000% to $519 million for the third fiscal quarter, primarily due to a $495 million payment to ENTRA1 under an agreement with the Tennessee Valley Authority. The Company also revealed that its net loss skyrocketed to $532 million for the quarter.

On this news, NuScale Class A shares declined more than 12% over a two-day trading period, from a closing price of $32.46 per share on November 6, 2025 to a close of $28.43 per share on November 10.

If you are an NuScale investor and would like to learn more about this action,




CLICK HERE




or please contact Berger Montague: Andrew Abramowitz at




[email protected]




or (215) 875-3015, or Caitlin Adorni at




[email protected]




or (267)764-4865.

About Berger Montague

Berger Montague is one of the nation’s preeminent law firms focusing on complex civil litigation, class actions, and mass torts in federal and state courts throughout the United States. With more than $2.4 billion in 2025 post-trial judgments alone, the Firm is a leader in the fields of complex litigation, antitrust, consumer protection, defective products, environmental law, employment law, securities, and whistleblower cases, among many other practice areas. For over 55 years, Berger Montague has played leading roles in precedent-setting cases and has recovered over $50 billion for its clients and the classes they have represented. Berger Montague is headquartered in Philadelphia and has offices in Chicago; Malvern, PA; Minneapolis; San Diego; San Francisco; Toronto, Canada; Washington, D.C., and Wilmington, DE.

For more information or to discuss your rights, please contact:

Andrew Abramowitz
Berger Montague
(215) 875-3015
[email protected]

Caitlin Adorni
Berger Montague
(267) 764-4865
[email protected]

NEW YORK, Feb. 20, 2026 (GLOBE NEWSWIRE) — K2 Capital Acquisition Corp. (the “Company”) today announced that, commencing on February 25, 2026, holders of the 13,800,000 units (the “Units”) sold in the Company’s initial public offering (the “Offering”), including Units sold upon full exercise of the underwriters’ over-allotment option, may elect to separately trade the Class A ordinary shares and rights included in the Units. Any Units not separated will continue to trade on the NASDAQ Global Market (“NASDAQ”) under the symbol “KTWOU.” Any underlying Class A ordinary shares and rights that are separated will trade on the NASDAQ under the symbols “KTWO” and “KTWOR,” respectively. Holders of Units will need to have their brokers contact the Company’s transfer agent, VStock Transfer, in order to separate the holders’ Units into Class A ordinary shares and rights.

The Units were initially offered by the Company in an underwritten offering. D. Boral Capital (“D. Boral”) acted as sole book-running manager of the Offering. A registration statement on Form S-1 (File No. 333-293034) relating to these securities was declared effective by the Securities and Exchange Commission (the “SEC”) on January 28, 2026. The offering is being made only by means of a prospectus. Copies of the final prospectus relating to this offering may be obtained from D. Boral Capital, 590 Madison Ave 39th floor, New York, NY 10022, by email at [email protected], or by accessing the SEC’s website, www.sec.gov.

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

About K2 Capital Acquisition Corp.

K2 Capital Acquisition Corporation is a blank check company, also commonly referred to as a special purpose acquisition company, or SPAC, formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.

Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the anticipated use of the net proceeds. No assurance can be given that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Registration Statement and related prospectus filed in connection with the initial public offering with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contacts

Karan Thakur
Chairman & Chief Executive Officer
Email: [email protected]
Phone: +1-236-521-6500

SAN CARLOS, Calif., Feb. 20, 2026 (GLOBE NEWSWIRE) — Iovance Biotherapeutics, Inc. (NASDAQ: IOVA) (“Iovance” or the “Company”), a biotechnology company focused on innovating, developing, and delivering novel polyclonal tumor infiltrating lymphocyte (“TIL”) therapies for patients with cancer, today announced that on February 19, 2026 (the “Date of Grant”), the Company approved the grant of inducement stock options covering an aggregate of 3,600 shares of Iovance’s common stock to two new, non-executive employees.

The awards were granted under Iovance’s Amended and Restated 2021 Inducement Plan, which was adopted on September 22, 2021 and amended and restated on January 12, 2022, March 13, 2023, February 26, 2024, and November 22, 2024, and provides for the granting of equity awards to new employees of Iovance by the Company’s compensation committee in accordance with Nasdaq Listing Rule 5635(c)(4). Each of the stock options granted as referenced in this press release has an exercise price of $2.85, the closing price of Iovance’s common stock on the Date of Grant. Each stock option vests over a three-year period, with one-third of the shares vesting on the first anniversary of the employee’s start date (the “First Vesting Date”) and the remaining shares vesting in eight quarterly installments over the next two years, commencing with the first quarter following the First Vesting Date, subject to continued employment with the Company through the applicable vesting dates.

About Iovance Biotherapeutics, Inc.

Iovance Biotherapeutics, Inc. aims to be the global leader in innovating, developing, and delivering tumor infiltrating lymphocyte (“TIL”) therapies for patients with cancer. We are pioneering a transformational approach to cure cancer by harnessing the human immune system’s ability to recognize and destroy diverse cancer cells in each patient. The Iovance TIL platform has demonstrated promising clinical data across multiple solid tumors. Iovance’s Amtagvi^® is the first FDA-approved T cell therapy for a solid tumor indication. We are committed to continuous innovation in cell therapy, including gene-edited cell therapy, that may extend and improve life for patients with cancer. For more information, please visit www.iovance.com.

Amtagvi^® and its accompanying design marks, Proleukin^®, Iovance^®, and IovanceCares™ are trademarks and registered trademarks of Iovance Biotherapeutics, Inc. or its subsidiaries. All other trademarks and registered trademarks are the property of their respective owners.

Forward-Looking Statements

Certain matters discussed in this press release are “forward-looking statements” of Iovance Biotherapeutics, Inc. (hereinafter referred to as the “Company,” “we,” “us,” or “our”) within the meaning of the Private Securities Litigation Reform Act of 1995 (the “PSLRA”). Without limiting the foregoing, we may, in some cases, use terms such as “predicts,” “believes,” “potential,” “continue,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “forecast,” “guidance,” “outlook,” “may,” “can,” “could,” “might,” “will,” “should,” or other words that convey uncertainty of future events or outcomes and are intended to identify forward-looking statements. Forward-looking statements are based on assumptions and assessments made in light of management’s experience and perception of historical trends, current conditions, expected future developments, and other factors believed to be appropriate. Forward-looking statements in this press release are made as of the date of this press release, and we undertake no duty to update or revise any such statements, whether as a result of new information, future events or otherwise. Forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, many of which are outside of our control, that may cause actual results, levels of activity, performance, achievements, and developments to be materially different from those expressed in or implied by these forward-looking statements. Important factors that could cause actual results, developments, and business decisions to differ materially from forward-looking statements are described in the sections titled “Risk Factors” in our filings with the U.S. Securities and Exchange Commission, including our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

CONTACTS

Investors

[email protected]

650-260-7120 ext. 150

Media

[email protected]

650-260-7120 ext. 150

CALGARY, Alberta, Feb. 20, 2026 (GLOBE NEWSWIRE) — Parex Resources Inc. (“Parex” or the “Company”) (TSX: PXT), which has an approximate 11.8% ownership position in GeoPark Limited (“GeoPark”) (NYSE: GPRK), announced today that it has nominated six highly qualified director candidates for election to GeoPark’s Board of Directors (the “GeoPark Board”) at its upcoming 2026 Annual Meeting of Shareholders (the “Annual Meeting”). Each of the nominees is independent of both GeoPark and Parex under applicable securities laws and stock exchange rules.

The nominations follow Parex’s attempts to explore value-maximizing transactions for GeoPark shareholders, including a proposal by Parex to acquire GeoPark in late 2025. Parex has nominated these director candidates in advance of the Annual Meeting in accordance with GeoPark’s advance notice bylaw. As one of GeoPark’s largest shareholders, Parex believes this action will help to ensure that all options to maximize shareholder value are independently evaluated.

Following a thorough director search process, Parex has identified six independent, highly qualified director nominees. The slate of nominees consists of current and former senior executives and directors with deep industry expertise and a track record of maximizing shareholder value. The nominees are:

• Jim Davidson – former co-founder and CEO of FirstEnergy Capital Corp
• David French – former Partner at McKinsey & Company, and former President & CEO of Obsidian Energy and Bankers Petroleum
• Matthew Rees – former CEO of Vesta Energy
• Michael Stewart – former Director at TC Energy, Bonterra Energy, C&C Energia, and Pengrowth Energy
• Walter Vrataric – currently the VP, Business Development & Land at Woodcote Oil & Gas, and former CEO of Chinook Energy
• Ian Weatherdon – former CFO of Gulf Keystone Petroleum Limited

More detailed biographical information about the nominees can be found below. Additional information about the earlier proposal by Parex to acquire GeoPark can be found in Parex’s October 29, 2025, news release.

Parex has retained Scotiabank as its financial advisor; Paul, Weiss, Rifkind, Wharton & Garrison LLP, Norton Rose Fulbright Canada LLP, and Appleby (Bermuda) Limited LLP as its legal counsel; and Innisfree as its proxy solicitor.

Director Nominees

Jim Davidson

• With decades of energy sector investment banking experience, Mr. Davidson has served as the former co-founder and Chief Executive Officer of FirstEnergy Capital Corp, formerly Canada’s leading energy-focused investment bank, was a governor of the former Alberta Stock Exchange, and was on the Board of the Calgary Humane Society. Mr. Davidson currently serves on the boards of Topaz Energy and the Fraser Institute.
• Mr. Davidson graduated from the University of Waterloo and holds the ICD.D designation from the Institute of Corporate Directors. He has been inducted into the IIAC Investment Industry Hall of Fame, awarded a Lifetime Achievement Award by the Oil & Gas Council, was recognized as one of Canada’s Top 50 Most Powerful Business People by Canadian Business Magazine, and is a recipient of the Queen Elizabeth II Diamond and Platinum Jubilee Medal by the Governor General of Canada.

David French

• With over 30 years of experience in both the oil & gas and advisory sectors, Mr. French was most recently a Partner at McKinsey & Company where he led the Technical & Commercial Advisory teams in operations, joint ventures and merger integrations. He was also the President & Chief Executive Officer at Rosehill Resources, Obsidian Energy and Bankers Petroleum.
• Mr. French holds an MBA from Harvard Business School and a Bachelor of Science in Mechanical Engineering from Rice University.

Matthew Rees

• With over 25 years of experience in the energy sector, Mr. Rees was most recently the President & Chief Executive Officer of Vesta Energy, a private equity owned upstream producer with assets in the Duvernay. He was also the President & Chief Executive Officer of Orlen Upstream Canada, and was on the Board of Directors for Bonavista Energy and Pieridae Energy.
• Mr. Rees has significant experience across Latin America, where he held senior leadership roles for Talisman Energy in business development, including leading the Commercial and Planning Colombia team from Bogotá.
• Mr. Rees holds an MBA from the University of Calgary, a Bachelor of Engineering degree with mechanical specialization from the University of Victoria, and holds the ICD.D designation from the Institute of Corporate Directors.

Michael Stewart

• Mr. Stewart has served as a director of public companies in aggregate for over 50 years, including on the Boards of TC Energy, Pengrowth Energy, CES Energy Solutions, C&C Energia, and Bonterra Energy. He also held several senior executive positions at Westcoast Energy.
• Mr. Stewart graduated from Queen’s University with a Bachelor of Science degree (Honours) in geological sciences and is a non-practicing member of the Association of Professional Engineers and Geoscientists of Alberta (APEGA).

Walter Vrataric

• Mr. Vrataric has more than 30 years of experience in the energy sector.
• Currently, Mr. Vrataric is the Vice President of Business Development & Land at Woodcote Oil & Gas, an exploration company focused on the Clearwater in Western Canada. He also served as the President & Chief Executive Officer of Chinook Energy, where he gained international experience, and as the President, Chief Executive Officer & Founder of One Exploration.
• Mr. Vrataric graduated from the University of Calgary with a Bachelor of Commerce degree.

Ian Weatherdon

• With over 35 years of international oil & gas experience, Mr. Weatherdon was most recently the Chief Financial Officer and Director of Gulf Keystone Petroleum, a London-listed company with one of the largest oil developments in the Kurdistan region. He also served as the Chief Financial Officer of Sino Gas & Energy Holdings, Vice President of Finance & Planning Asia Pacific at Talisman Energy, and Chief Financial Officer of Equión Energía Limited JV in Colombia.
• Mr. Weatherdon holds a FT Non-Executive Director Diploma, is a Chartered Professional Accountant, and holds a Bachelor of Commerce degree from the University of Calgary.

About Parex Resources Inc.

Parex is one of the largest independent oil and gas companies in Colombia, focusing on sustainable, conventional production. The Company’s corporate headquarters are in Calgary, Canada, with an operating office in Bogotá, Colombia. Parex shares trade on the Toronto Stock Exchange under the symbol PXT.

For more information, please contact:

Mike Krutchen

Senior Vice President, Capital Markets & Corporate Planning
Parex Resources Inc.
403-517-1733
[email protected]

Steven Eirich

Senior Investor Relations & Communications Advisor
Parex Resources Inc.
587-293-3286
[email protected] 

Advisory on Forward-Looking Statements

Certain information regarding Parex set forth in this document contains forward-looking statements that involve substantial known and unknown risks and uncertainties. The use of any of the words “plan”, “expect”, “intend”, “believe”, “should”, “anticipate” or other similar words, or statements that certain events or conditions “may” or “will” occur, are intended to identify forward-looking statements. These statements are only predictions, and actual events may differ materially. Many factors could cause actual events to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Parex. In particular, forward-looking statements contained in this document include, but are not limited to, statements with respect to the anticipated impact of the director nominees on the corporate governance of the GeoPark Board. These forward-looking statements are subject to numerous risks and uncertainties, including but not limited to, the risk that one or more nominees becomes unable to continue to stand for nomination or act as director of GeoPark. Readers are cautioned that the foregoing list of factors is not exhaustive. Although the forward-looking statements contained in this document are based upon assumptions which Management believes to be reasonable, the Company cannot assure investors that actual events will be consistent with these forward-looking statements. With respect to forward-looking statements contained in this document, Parex has made assumptions regarding, among other things, the actions of the existing GeoPark Board. These forward-looking statements are made as of the date of this document and Parex disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

No Solicitation

This press release is not intended to, and does not, constitute the solicitation of a proxy from any shareholder of GeoPark. Such a solicitation of proxies will only be made pursuant to a proxy statement provided to shareholders of GeoPark in accordance with applicable law and made available on the Company’s website at www.parexresources.com, on EDGAR at www.sec.gov, on SEDAR+ at www.sedarplus.ca or otherwise upon request from the Company. This press release is not a substitute for any such proxy statement, and shareholders of GeoPark are urged to read such proxy statement, when available, as well as any amendments or supplements thereto, carefully and in their entirety because they will contain important information regarding such a solicitation of proxies.

TORONTO, Feb. 20, 2026 (GLOBE NEWSWIRE) — Xanadu Quantum Technologies Inc. (“Xanadu”), a leading photonic quantum computing company, today announced that it will host an Analyst Day on Wednesday, March 4, 2026 at 9:00 am ET.

Christian Weedbrook, Founder and Chief Executive Officer; Michael Trzupek, Chief Financial Officer; and Rafal Janik, Chief Operating Officer; will provide commentary on Xanadu’s current position, corporate strategy, and approach to scaling its photonic quantum platform.

The live webcast as well as the post-event replay will be available via the webcast link provided below. A copy of the presentation will be available on the day of the event on Crane Harbor Acquisition Corp’s website under Events & Presentations.

Xanadu Analyst Day

Date: March 4, 2026

Time: 9:00 am ET

Webcast link:

https://app.webinar.net/9PwE0wg0Dod

As previously announced on November 3, 2025, Xanadu entered into a definitive business combination agreement with Crane Harbor Acquisition Corp. (“Crane Harbor”) (Nasdaq: CHAC), a publicly traded special purpose acquisition company. The proposed transaction is expected to close in the first quarter of 2026, subject to the Registration Statement being declared effective by the SEC, the approval by Crane Harbor and Xanadu shareholders, and the satisfaction of other customary closing conditions. Upon completion of the transaction, the combined company’s shares are expected to trade on the Nasdaq and the Toronto Stock Exchange under the ticker symbol “XNDU”.

About Xanadu

Xanadu is a Canadian quantum computing company with the mission to build quantum computers that are useful and available to people everywhere. Founded in 2016, Xanadu has become one of the world’s leading quantum hardware and software companies. The Company also leads the development of PennyLane, an open-source software library for quantum computing and application development. Visit xanadu.ai or follow us on X @XanaduAI.

Business Combination

Xanadu recently announced a business combination agreement with Crane Harbor Acquisition Corp. (“Crane Harbor”) (Nasdaq: CHAC), a publicly traded special purpose acquisition company. The combined company, Xanadu Quantum Technologies Limited (“NewCo”), is expected to be capitalized with approximately US$500 million in gross proceeds, comprising approximately US$225 million from Crane Harbor’s trust account, assuming no redemptions by Crane Harbor’s public stockholders, as well as US$275 million from a group of strategic and institutional investors participating in the transaction via a common equity committed private placement investment. NewCo is expected to be listed on the Nasdaq Stock Market and on the Toronto Stock Exchange.

About Crane Harbor Acquisition Corp

Crane Harbor Acquisition Corp is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.

Additional Information About the Proposed Transaction and Where to Find It

The proposed business combination transaction will be submitted to shareholders of Crane Harbor and Xanadu for their consideration. NewCo and Crane Harbor have jointly filed a registration statement on Form F-4 (the “Registration Statement”) to the U.S. Securities and Exchange Commission (the “SEC”). The Registration Statement includes a proxy statement/prospectus to be distributed to Crane Harbor’s shareholders in connection with Crane Harbor’s solicitation of proxies for the vote by Crane Harbor’s shareholders in connection with the proposed transaction and other matters to be described in the Registration Statement, as well as the prospectus relating to the offer of the securities to be issued to Xanadu’s shareholders in connection with the completion of the proposed transaction. After the Registration Statement has been publicly filed and declared effective by the SEC, a definitive proxy statement/prospectus and other relevant documents will be mailed to Crane Harbor shareholders as of the record date established for voting on the proposed transaction. Before making any voting or investment decision, Crane Harbor’s shareholders and other interested persons are advised to read, once available, the preliminary proxy statement/prospectus and any amendments thereto and, once available, the definitive proxy statement/prospectus, as well as other documents filed with the SEC by NewCo and/or Crane Harbor in connection with the proposed transaction, as these documents will contain important information about NewCo, Crane Harbor, Xanadu and the proposed transaction. Shareholders may obtain a copy of the preliminary or definitive proxy statement/prospectus, once available, as well as other documents filed by NewCo and/or Crane Harbor with the SEC, without charge, at the SEC’s website located at www.sec.gov, Crane Harbor’s website at www.craneharboracquisition.com or by emailing [email protected].

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. This communication is not, and under no circumstances is to be construed as, a prospectus, an advertisement or a public offering of the securities described herein in the United States or any other 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, or exemptions therefrom. INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED BY THE SEC OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. This press release is not, and under no circumstances is to be construed as, a prospectus, an advertisement or a public offering in any province or territory of Canada. In addition, no securities commission or similar regulatory authority in Canada has reviewed or in any way passed upon this press release or the merits of any of the securities described herein and any representation to the contrary is an offense.

Participants in the Solicitation

NewCo, Crane Harbor, Xanadu and certain of their respective directors, executive officers and other members of management and employees may, under SEC rules, be deemed to be participants in the solicitation of proxies from Crane Harbor’s shareholders in connection with the proposed transaction. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of Crane Harbor’s shareholders in connection with the proposed transaction will be set forth in proxy statement/prospectus when it is filed by NewCo with the SEC. You can find more information about Crane Harbor’s directors and executive officers in Crane Harbor’s final prospectus related to its initial public offering filed with the SEC on April 25, 2025 and in the subsequent Quarterly Reports on Form 10-Q filed by Crane Harbor with the SEC. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests will be included in the proxy statement/prospectus when it becomes available. Shareholders, potential investors and other interested persons should read the proxy statement/prospectus carefully when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents from the sources described above.

Press Contact:


[email protected]

Investor Relations:


[email protected]

RANCHO CUCAMONGA, Calif., Feb. 20, 2026 (GLOBE NEWSWIRE) — iPower Inc. (Nasdaq: IPW) (“iPower” or the “Company”) today reported financial results for the fiscal second quarter ended December 31, 2025. Revenue was $7.1 million, reflecting the Company’s deliberate supply chain restructuring and transition to predominantly U.S.-based sourcing during the quarter, while gross profit was $3.1 million and gross margin remained strong at 44.0%. Total operating expenses declined 28% year-over-year to $5.6 million compared to the quarter ended December 31, 2024. Net loss attributable to iPower was $1.2 million, or $(1.08) per share. The Company reported $2.0 million of cash and cash equivalents, $2.2 million of restricted cash, and approximately $2.2 million of digital assets.

During December 2025, the Company implemented a Digital Asset Treasury (“DAT”) strategy with an institutional investor after closing on the first tranche of an up to $30 million convertible note offering, receiving $6.5 million in gross proceeds. Subsequent to quarter-end, in February 2026, iPower completed the divestiture of Global Product Marketing Inc. (“GPM”) for approximately $2.3 million in total consideration and authorized a $2 million share repurchase program.

Management Commentary

“Our fiscal second quarter reflects a deliberate strategic transition,” said Lawrence Tan, CEO of iPower. “In December 2025, we implemented our first institutional Digital Asset Treasury strategy, advancing our crypto infrastructure initiatives while maintaining disciplined execution across our core operations.”

“At the same time, we made the active decision to restructure our supply chain, consolidate vendors, and shift toward primarily U.S.-based sourcing. While this transition temporarily reduced revenue levels, we believe this transition will strengthen long-term reliability, margin stability, and operational control. Subsequent to quarter-end, we divested GPM, which historically represented a significant operating cost center, materially lowering our forward expense base.”

“Importantly, our Board authorized iPower’s first-ever $2 million share repurchase program, reflecting confidence in our strengthened balance sheet and the long-term value of our business.

“The February restructuring was not simply a divestiture — it marked the beginning of a new chapter for iPower. We streamlined our sourcing, strengthened our financial position, reduced structural costs, and positioned our business to selectively invest in infrastructure-driven growth opportunities.”

Fiscal Second Quarter 2026 Financial Summary

Revenue for the fiscal second quarter of 2026 was $7.1 million. The decline from prior-year levels was primarily attributable to the Company’s proactive supply chain restructuring. During the quarter, iPower intentionally reduced purchase volumes from certain legacy international vendors and paused selected SKUs while transitioning to a predominantly U.S.-based sourcing model. This deliberate shift temporarily reduced available inventory and sales volume but was undertaken to improve supply chain transparency, reduce geopolitical and logistics risk, and enhance long-term gross margin durability.

Gross profit was $3.1 million, and gross margin remained stable at 44.0%, demonstrating that the core economics of the Company’s supply chain platform remained intact despite lower revenue during the transition period.

Total operating expenses declined to $5.6 million, down 28% year-over-year, driven by personnel reductions, tighter expense controls, and operational efficiencies implemented alongside our supply chain restructuring.

Net loss attributable to iPower was $1.2 million, or $(1.08) per share, reflecting lower revenue during the transition period and ongoing strategic investments, including the initial implementation of the Company’s Digital Asset Treasury initiative.

During the quarter, iPower continued to reduce traditional borrowings, with short-term debt declining to $2.6 million as of December 31, 2025 from $3.7 million as of June 30, 2025. As of December 31, 2025, the Company reported $2.0 million of cash and cash equivalents, $2.2 million of restricted cash, and approximately $2.2 million of digital assets; total debt was approximately $8.4 million, including $5.8 million of convertible notes.

Post-Quarter Strategic Update

In February 2026, subsequent to the quarter close, iPower completed the divestiture of GPM, eliminating a major operating cost center while retaining iPower’s core supply chain, fulfillment, and infrastructure assets. The transaction generated approximately $2.3 million in consideration and reduces forward operating expense requirements.

Because the divestiture was completed after December 31, 2025, the reported Q2 results do not reflect the full impact of the restructuring. Management expects the streamlined operating model and predominantly U.S.-based supply chain to provide a stronger and more resilient operating foundation going forward.

The Company also authorized its first-ever $2 million share repurchase program, under which repurchases may be made from time to time through open market purchases or privately negotiated transactions, subject to market conditions and applicable legal requirements.

About iPower Inc.

iPower Inc. (Nasdaq: IPW) is a technology- and data-driven supply chain and infrastructure provider for online retailers and brands, operating at the intersection of digital assets and real-world commerce. The Company delivers procurement, fulfillment, logistics, and software-enabled services, and is executing a broader crypto strategy through licensed partners and compliant infrastructure. For more information, please visit www.meetipower.com.

Forward-Looking Statements

All statements other than statements of historical fact in this press release are forward-looking statements, including statements regarding the share repurchase program, the anticipated benefits of the financing, the implementation of iPower’s digital asset strategy, and iPower’s future business plans. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that iPower believes may affect its financial condition, results of operations, business strategy, and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. iPower undertakes no obligation to update forward-looking statements except as may be required by law. Actual results may differ materially from those anticipated. Investors are encouraged to review iPower’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other SEC filings.

Media & Investor Contact

[email protected]

iPower Inc. and Subsidiaries
Consolidated Balance Sheets
As of December 31, 2025 and June 30, 2025
					December 31,				June 30,
					2025				2025
					(Unaudited)
ASSETS
Current assets
	Cash and cash equivalent				$	2,011,738			$	2,007,890
	Accounts receivable, net					5,168,143				6,124,008
	Inventories, net					3,611,859				8,131,203
	Restricted Cash – BitGo					2,209,000				–
	Prepayments and other current assets, net					1,691,476				3,111,210
			Total current assets			14,692,216				19,374,311
Non-current assets
	Right of use – non-current					3,286,752				3,915,539
	Property and equipment, net					187,372				390,349
	Deferred tax assets, net					4,753,025				3,724,462
	Goodwill					3,034,110				3,034,110
	Investment in joint venture					678,706				385,180
	Intangible assets, net					2,656,643				2,981,328
	Digital assets					2,214,759				–
	Other non-current assets					2,493,705				1,837,488
			Total non-current assets			19,305,072				16,268,456
			Total assets		$	33,997,288			$	35,642,767
LIABILITIES AND EQUITY
Current liabilities
	Accounts payable, net					3,056,935				7,180,009
	Other payables and accrued liabilities					981,832				1,893,921
	Lease liability – current					1,418,909				1,361,111
	Short-term loan payable					1,500,000				–
	Short-term loan payable – related party					1,063,278				–
	Revolving loan payable, net					–				3,737,602
	Income taxes payable					3,512				280,155
			Total current liabilities			8,024,466				14,452,798
Non-current liabilities
	Convertible notes payable					4,381,531				–
	Derivative liability – Conversion option					1,413,100				–
	Lease liability – non-current					2,193,849				2,913,967
			Total non-current liabilities			7,988,480				2,913,967
			Total liabilities			16,012,946				17,366,765
Commitments and contingency						–				–
Stockholders’ Equity
	Preferred stock, $0.001 par value; 20,000,000 shares authorized; 0 shares issued and
		outstanding at September 30, 2025 and June 30, 2025				–				–
	**Common stock, $0.001 par value; 180,000,000 shares authorized; 1,081,460 and
		1,045,330 shares issued and outstanding at December 31, 2025 and June 30, 2025				1,082				1,045
	Additional paid in capital					34,891,869				33,481,201
	Accumulated deficits					(16,925,818	)			(15,198,889	)
	Non-controlling interest					(47,462	)			(47,462	)
	Accumulated other comprehensive loss					64,671				40,107
			Total stockholders’ equity			17,984,342				18,276,002
			Total liabilities and stockholders’ equity		$	33,997,288			$	35,642,767

 

**all shares of common stock and per share numbers in the unaudited condensed consolidated financial statements have been adjusted retroactively to reflect the 1-for-30 reverse stock split effected on October 27, 2025 for all periods presented.

iPower Inc. and Subsidiaries
Consolidated Statements of Operations and Comprehensive Loss
For the Three and Six Months Ended December 31, 2025 and 2024
				For the Three Months Ended December 31,								For the Six Months Ended December 31,
				2025				2024				2025				2024
				(Unaudited)				(Unaudited)				(Unaudited)				(Unaudited)
REVENUES
	Product sales			$	7,133,602			$	17,606,889			$	17,618,347			$	35,882,301
	Service income				–				1,465,682				1,532,722				2,198,791
		Total revenues			7,133,602				19,072,571				19,151,069				38,081,092
COST OF REVENUES
	Product costs				3,994,680				9,461,119				9,872,942				19,378,567
	Service costs				–				1,221,566				1,332,681				1,824,742
		Total cost of revenues			3,994,680				10,682,685				11,205,623				21,203,309
GROSS PROFIT					3,138,922				8,389,886				7,945,446				16,877,783
OPERATING EXPENSES:
	Selling and fulfillment				3,075,161				4,628,914				8,255,351				10,543,722
	General and administrative				2,501,738				3,077,365				3,823,251				8,396,888
		Total operating expenses			5,576,899				7,706,279				12,078,602				18,940,610
INCOME (LOSS) FROM OPERATIONS					(2,437,977	)			683,607				(4,133,156	)			(2,062,827	)
OTHER INCOME (EXPENSE)
	Interest expenses				(167,222	)			(140,672	)			(228,941	)			(280,634	)
	Loss on equity method investment				–				(802	)			–				(1,721	)
	Loss on deconsolidation of VIE				–				–				(39,624	)			–
	Unrealized gain (loss) on digital assets				5,759				–				5,759				–
	Change in fair value of derivative liability				176,600				–				176,600				–
	Loss on extinguishment of debt				(24,100	)			–				(24,100	)			–
	Other non-operating income (expenses)				433,151				(205,958	)			1,232,441				12,728
		Total other income (expenses), net			424,188				(347,432	)			1,122,135				(269,627	)
INCOME (LOSS) BEFORE INCOME TAXES					(2,013,789	)			336,175				(3,011,021	)			(2,332,454	)
PROVISION FOR INCOME TAX EXPENSE (BENEFIT)					(820,508	)			120,511				(1,284,092	)			(516,001	)
NET INCOME (LOSS)					(1,193,281	)			215,664				(1,726,929	)			(1,816,453	)
	Non-controlling interest				–				(3,155	)			–				(5,991	)
NET INCOME (LOSS) ATTRIBUTABLE TO IPOWER INC.				$	(1,193,281	)		$	218,819			$	(1,726,929	)		$	(1,810,462	)
OTHER COMPREHENSIVE INCOME (LOSS)
	Foreign currency translation adjustments				(379	)			156,130				24,564				101,076
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO IPOWER INC.				$	(1,193,660	)		$	374,949			$	(1,702,365	)		$	(1,709,386	)
WEIGHTED AVERAGE NUMBER OF COMMON STOCK
	Basic**				1,102,378				1,047,917				1,075,986				1,047,570
	Diluted**				1,102,378				1,047,917				1,075,986				1,047,570
EARNINGS (LOSSES) PER SHARE
	Basic			$	(1.08	)		$	0.21			$	(1.60	)		$	(1.73	)
	Diluted			$	(1.08	)		$	0.21			$	(1.60	)		$	(1.73	)

**all shares of common stock and per share numbers in the unaudited condensed consolidated financial statements have been adjusted retroactively to reflect the 1-for-30 reverse stock split effected on October 27, 2025 for all periods presented.