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Flutter Entertainment PLC: Publication of Annual Report and Accounts 2025

DUBLIN and TORONTO, Feb. 27, 2026 (GLOBE NEWSWIRE) —

Flutter Entertainment plc

(the “Company”)

Publication of Annual Report and Accounts 2025

Flutter Entertainment plc announces that its Annual Report on Form 10-K for the financial year ended 31 December 2025 (the “Annual Report on Form 10-K”) has been published and filed with the U.S. Securities and Exchange Commission (the “SEC”)

In connection with its reporting obligations under the Listing Rules of the UK Financial Conduct Authority, the Company has also prepared a UK annual report, incorporating the Annual Report on Form 10-K (the “Annual Report and Accounts 2025”). A copy of the Annual Report and Accounts 2025 is available at http://www.rns-pdf.londonstockexchange.com/rns/6194U_1-2026-2-26.pdf and has been submitted to the UK National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

The Annual Report on Form 10-K and the Annual Report and Accounts 2025 are also publicly available on the Company’s website at https://flutter.com/investors/investor-hub/results-reports/.

Enquiries:

Edward Traynor
Company Secretary
+353 (87) 2232455

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.



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Tidewater Announces Earnings Release and Conference Call

Tidewater Announces Earnings Release and Conference Call

HOUSTON–(BUSINESS WIRE)–
Tidewater Inc. (NYSE: TDW) (“Tidewater” or the “Company”) announced today that it will release financial results for the three and twelve months ending December 31, 2025, on Monday, March 2, 2026, after market close. An earnings conference call has been scheduled for Tuesday, March 3, 2026, at 8:00 a.m. Central Time, during which President and Chief Executive Officer Quintin Kneen will discuss results for the three and twelve months ending December 31, 2025.

Investors and interested parties may listen to the earnings conference call via telephone by calling +1.800.715.9871 if calling from the U.S. or Canada (+1.647.932.3411 if calling from outside the U.S.) and provide Conference ID: 8745688 prior to the scheduled start time. A live webcast of the call will also be available in the Investor Relations section of Tidewater’s website at investor.tdw.com.

A replay of the conference call will be available beginning at 11:00 a.m. Central Time on March 3, 2026. To access the replay, access the Investor Relations section of Tidewater’s website at investor.tdw.com.

The conference call will contain forward-looking statements in addition to statements of historical fact. The actual achievement of any forecasted results or the unfolding of future economic or business developments in a way anticipated or projected by the Company involves numerous risks and uncertainties that may cause the Company’s actual performance to be materially different from that stated or implied in the forward-looking statements. Such risks and uncertainties include, among other things, risks associated with the general nature of the oilfield service industry and other factors discussed within the “Risk Factors” section of Tidewater’s most recent Forms 10-Q and 10-K.

Tidewater owns and operates the largest fleet of offshore support vessels in the industry, with more than 70 years of experience supporting offshore energy exploration, production and offshore wind activities worldwide. To learn more, visit www.tdw.com.

West P. Gotcher

Senior Vice President – Strategy, Corporate Development & Investor Relations

+1.713.470.5285

[email protected]

KEYWORDS: Texas United States North America

INDUSTRY KEYWORDS: Other Energy Oil/Gas Natural Resources Energy Other Transport Maritime Other Natural Resources Transport

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Buenaventura Announces Fourth Quarter and Full Year 2025 Results

Buenaventura Announces Fourth Quarter and Full Year 2025 Results

LIMA, Peru–(BUSINESS WIRE)–
Compañia de Minas Buenaventura S.A.A. (“Buenaventura” or “the Company”) (NYSE: BVN; Lima Stock Exchange: BUE.LM), Peru’s largest publicly-traded precious metals mining company, today announced results for the fourth quarter (4Q25) and full year (FY25) ended December 31, 2025. All figures have been prepared in accordance with IFRS (International Financial Reporting Standards) on a non-GAAP basis and are stated in U.S. dollars (US$).

Fourth Quarter and Full Year 2025 Highlights:

  • Buenaventura’s 4Q25 consolidated silver production increased by 2% YoY driven by increased production at Tambomayo. Lead production increased by 58% YoY and zinc production increased by 43% YoY, as mining activities at Uchucchacua remained focused on polymetallic stopes during the quarter. Gold production decreased by 11% YoY due to decreased output primarily at Tambomayo. Copper production was in line with 4Q24 levels.

  • 4Q25 EBITDA from direct operations was US$ 353.5 million, compared to US$ 93.4 million reported in 4Q24. FY25 EBITDA from direct operations reached US$ 811.9 million, compared to US$ 431.2 million reported in FY24, which excluded the sale of Chaupiloma Royalty Company.

  • 4Q25 net income reached US$ 383.6 million, compared to US$ 33.6 million in the same period of 2024. FY25 net income was US$ 782.1 million, compared to US$ 402.7 million in FY24, which included the sale of the Chaupiloma Royalty Company.

  • 4Q25 CAPEX related to San Gabriel totaled US$153.4 million, primarily allocated to the completion of the processing plant construction.

  • Buenaventura ended the year with a cash position of US$ 529.8 million, while net debt amounted to US$ 179.8 million, resulting in a leverage ratio of 0.22x.

  • On January 29, 2026, subsequent to the quarter’s end, Buenaventura received US $97.9 million in dividends related to its stake in Cerro Verde.

  • Buenaventura’s Board of Directors has proposed a dividend payment of US$ 0.9904 per share/ADS.

Financial Highlights (in millions of US$, excluding EPS):

 

4Q25

4Q24

Var %

FY25

FY24

Var %

Total Revenues

623.4

299.6

108%

1,731.6

1,154.6

50%

Operating Income

297.2

45.8

549%

633.2

445.7

42%

EBITDA Direct Operations (1)

353.5

93.4

279%

811.9

431.2

88%

EBITDA Including Affiliates (1)

555.3

185.9

199%

1,392.6

850.2

64%

Net Income (2)

383.6

33.6

1,041%

782.1

402.7

94%

EPS (3)

1.51

0.13

1,041%

3.08

1.59

94%
  1. Does not include US$ 208.9 million from the sale of Chaupiloma Royalty Company in 3Q24.

  2. Net Income attributable to owners of the parent.

  3. As of December 31, 2025, Buenaventura had a weighted average number of shares outstanding of 253,986,867.

For a full version of Compañía de Minas Buenaventura Fourth Quarter 2025 Earnings Release, please visit: https://buenaventura.com/informes-y-reportes

CONFERENCE CALL INFORMATION:

Compañia de Minas Buenaventura will host a conference call on Friday, February 27, 2026, to discuss these results at 10:00 am Eastern Time / 10:00 a.m. Lima Time.

To participate in the conference call, please dial:

Toll-Free US:

+1 844 481 2914

Toll International:

+1 412 317 0697

Passcode:

Please ask to be joined into the Compañía de Minas Buenaventura’s call.

Live Webcast: Click here

If you would prefer to receive a call rather than dial-in, please use the following link 10-15 minutes prior to the conference call start time:

Call Me Link:Click Here

Passcode: 7581884

Participants who do not wish to be interrupted to have their information gathered may have Chorus Call dial out to them by clicking on the above link, filling in the information, and pressing the green phone button at the bottom. The phone number provided will be automatically called and connected to the conference without any interruption to the participant. (Please note: Participants will be joined directly to the conference and will hear hold music until the call begins. No confirmation message will be played when joined.)

Company Description

Compañía de Minas Buenaventura S.A.A. is Peru’s largest, publicly traded precious and base metals company and a major holder of mining rights in Peru. The Company is engaged in the exploration, mining development, processing and commercialization of gold, silver and other base metals through wholly-owned mines and its participation in joint venture projects. Buenaventura currently operates several mines in Peru (Orcopampa*, Uchucchacua*, Julcani*, Tambomayo*, La Zanja*, El Brocal and Coimolache).

The Company owns 19.58% of Sociedad Minera Cerro Verde, a major Peruvian copper producer (a partnership with Freeport-McMorRan Inc. and Sumitomo Corporation).

For a printed version of the Company’s 2024 Form 20-F, please contact the investor relations contacts on page 1 of this report or download the PDF format file from the Company’s web site at www.buenaventura.com.

(*) Operations wholly owned by Buenaventura

Note on Forward-Looking Statements

This press release and related conference call contain, in addition to historical information, forward-looking statements including statements related to the Company’s ability to manage its business and liquidity during and after the COVID-19 pandemic, the impact of the COVID-19 pandemic on the Company’s results of operations, including net revenues, earnings and cash flows, the Company’s ability to reduce costs and capital spending in response to the COVID-19 pandemic if needed, the Company’s balance sheet, liquidity and inventory position throughout and following the COVID-19 pandemic, the Company’s prospects for financial performance, growth and achievement of its long-term growth algorithm following the COVID-19 pandemic, future dividends and share repurchases.

This press release may also contain forward-looking information (as defined in the U.S. Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties, including those concerning the Company’s, Cerro Verde’s costs and expenses, results of exploration, the continued improving efficiency of operations, prevailing market prices of gold, silver, copper and other metals mined, the success of joint ventures, estimates of future explorations, development and production, subsidiaries’ plans for capital expenditures, estimates of reserves and Peruvian political, economic, social and legal developments. These forward-looking statements reflect the Company’s view with respect to the Company’s, Cerro Verde’s future financial performance. Actual results could differ materially from those projected in the forward-looking statements as a result of a variety of factors discussed elsewhere in this Press Release.

Contacts in Lima:

Daniel Dominguez, Chief Financial Officer

(511) 419 2540

Sebastián Valencia, Head of Investor Relations

(511) 419 2591 / [email protected]

Contact in NY:

Barbara Cano

(646) 452 2334

[email protected]

Company Website: https://buenaventura.com/en/inversionista/

KEYWORDS: Latin America Peru South America

INDUSTRY KEYWORDS: Mining/Minerals Natural Resources

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LSI Industries Prices Public Offering of Common Stock

LSI Industries Prices Public Offering of Common Stock

CINCINNATI–(BUSINESS WIRE)–
LSI Industries Inc. (Nasdaq: LYTS, “LSI” or the “Company”) a leading U.S. based manufacturer of commercial lighting and display solutions, announced today that it has priced its previously announced underwritten public offering.

The Company is offering 4,600,000 shares of its common stock at a public offering price of $19.75 per share. The gross proceeds to LSI from the offering, before deducting the underwriting discounts and commissions and offering expenses, are expected to be approximately $90 million. LSI has granted the underwriters a 30-day option to purchase up to an additional 690,000 shares of its common stock at the public offering price, less underwriting discounts and commissions. The offering is expected to close on or about March 2, 2026, subject to the satisfaction of customary closing conditions. All of the shares of common stock are being offered by LSI.

LSI intends to use the net proceeds from this offering to implement its growth and acquisition strategy, including (i) payment of a portion of the purchase price for its proposed Royston Group acquisition pursuant to the Agreement and Plan of Merger, dated February 20, 2026, by and between LSI and Royston Group; (ii) repayment of borrowings under the proposed Senior Secured Credit Facility Commitment Letter, dated January 21, 2026, by and between LSI, PNC Capital Markets LLC, and PNC Bank, National Association, to be used to fund the purchase price of the Royston Group acquisition, which is expected to close in the third quarter of LSI’s 2026 fiscal year; and/or (iii) for general working capital and corporate purposes.

Oppenheimer & Co. and Craig-Hallum are acting as joint lead book-running managers for the offering. H.C. Wainwright & Co. and Texas Capital Securities are acting as co-managers for the offering.

A shelf registration statement on Form S-3 relating to the shares of common stock to be issued in the offering was filed with the Securities and Exchange Commission (“SEC”) and is effective. The securities may be offered only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A preliminary prospectus supplement and accompanying prospectus relating to and describing the terms of the offering was filed with the SEC on February 25, 2026. The final prospectus supplement and the accompanying prospectus relating to the offering will be filed with the SEC. Copies of the final prospectus supplement and the accompanying prospectus relating to the securities being offered may also be obtained, when available, from Oppenheimer & Co. Inc., Attention: Syndicate Prospectus Department, 85 Broad Street, 26th Floor, New York, NY 10004, or by telephone at (212) 667-8563, or by email at [email protected] or Craig-Hallum Capital Group LLC, 222 South Ninth Street, Suite 350, Minneapolis, MN 55402, Attn: Equity Capital Markets, or by telephone at (612) 334-6300, or by email at [email protected]. Electronic copies of the final prospectus supplement and accompanying prospectus will also be available on the SEC’s website at http://www.sec.gov.

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

ABOUT LSI INDUSTRIES

Headquartered in Cincinnati, LSI is a publicly held company traded over the NASDAQ Stock Exchange under the symbol LYTS. The Company manufactures advanced lighting, graphics, and display solutions across strategic vertical markets. The Company’s American-made products, which include non-residential indoor and outdoor lighting, print graphics, digital graphics, refrigerated and custom displays, help create value for customer brands and enhance the consumer experience. LSI also provides comprehensive project management services in support of large-scale product rollouts. The Company employs approximately 2,000 people at 18 manufacturing plants in the United States and Canada.

FORWARD-LOOKING STATEMENTS

This press release contains statements that, to the extent they are not recitations of historical fact, constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All such statements are intended to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and this statement is included for purposes of such safe harbor provisions.

“Forward-looking” statements, as such term is defined by the SEC in its rules, regulations and releases, represent our expectations or beliefs, including, but not limited to, statements concerning our expectations regarding the offering of common stock, including the expected use of proceeds, our expectation that we will complete the offering, our operations, economic performance, financial condition, growth and acquisition strategies, investments and future operational plans. Without limiting the generality of the foregoing, words such as “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “forecast,” “seek,” “plan,” “predict,” “project,” “could,” “estimate,” “might,” “continue,” “seeking” or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements.

These statements speak only as of the date of this press release and we undertake no ongoing obligation, other than that imposed by law, to update these statements. These statements relate to, among other things, our intent, belief or current expectations with respect to the offering of common stock, the anticipated use of proceeds from the offering and other statements relating to the offering. You are cautioned that any such forward-looking statements are not guarantees of future performance and involve significant risks and uncertainties, certain of which are beyond our control, and that actual results may differ materially from those contained in or implied by the forward-looking statements as a result of various factors, some of which are unknown, including, without limitation, risks related to:

  • our ability to complete the offering of common stock on favorable terms or at all;

  • reliance on key customers;

  • global economic and political conditions;

  • product demand and market acceptance risks;

  • competition from existing and new competitors;

  • our ability to consummate, successfully integrate, and achieve the strategic and other objectives, including any expected synergies, relating to pending acquisitions, including the acquisition of Royston Group and other recently completed acquisitions;

  • prolonged periods of inflation and our ability to mitigate the impact thereof;

  • our ability to mitigate the impacts of increased costs related to tariffs;

  • technology and cybersecurity threats and incidents;

  • our outstanding indebtedness;

  • market volatility in the debt and equity capital markets;

  • our ability to continue to pay dividends at current levels or at all;

  • our published financial guidance;

  • our expected use of proceeds from the offering; and

  • the other factors identified in our reports filed or expected to be filed with the SEC, including our Annual Report on Form 10-K for the year ended June 30, 2025 and our Quarterly Reports on Form 10-Q for the quarterly periods ended September 30, 2025 and December 31, 2025.

You are advised, however, to consult any further disclosures we make on related subjects in our periodic reports on Forms 10-K, 10-Q or 8-K filed with or furnished to the SEC.

INVESTOR CONTACT

Noel Ryan or Bill Seymour

[email protected]

KEYWORDS: Ohio United States North America

INDUSTRY KEYWORDS: Utilities Specialty Energy Other Construction & Property Commercial Building & Real Estate Construction & Property Retail Engineering Building Systems Manufacturing Home Goods Interior Design

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Avalon GloboCare Announces up to $9.75 Million Private Placement Priced At-the-Market under Nasdaq Rules

$3.25 Million Upfront With up to Approximately $6.5 Million of Potential Aggregate Proceeds Upon the Exercise in Full of Warrants

FREEHOLD, N.J., Feb. 26, 2026 (GLOBE NEWSWIRE) — Avalon GloboCare Corp. (“Avalon” or the “Company”) (NASDAQ: ALBT), a diversified company focused on the development of precision diagnostic consumer products and generative AI publishing and software, today announced that it has entered into definitive agreements for the issuance and sale of 6,372,550 shares of its common stock (or pre-funded warrants in lieu thereof), Series A-1 warrants to purchase up to an aggregate of 6,372,550 shares of common stock and Series A-2 warrants to purchase up to an aggregate of 6,372,550 shares of common stock, at a purchase price of $0.51 per share (or pre-funded warrant in lieu thereof) and associated warrants in a private placement priced at-the-market under Nasdaq rules. The warrants will have an exercise price of $0.51 per share and will be exercisable beginning on the effective date of stockholder approval of the issuance of the shares upon exercise of the warrants. The Series A-1 warrants will expire five years from the date of stockholder approval and the Series A-2 warrants will expire eighteen months from the date of stockholder approval.

H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.

The aggregate gross proceeds to the Company from the offering are expected to be approximately $3.25 million, before deducting placement agent fees and other offering expenses. The offering is expected to close on or about February 27, 2026, subject to the satisfaction of customary closing conditions. The potential additional gross proceeds to the Company from the warrants, if fully-exercised on a cash basis, will be approximately $6.5 million. No assurance can be given that any of such warrants will become exercisable or will be exercised. The Company intends to use the net proceeds from the offering for the repayment of certain outstanding debt and for working capital and general corporate purposes.

The securities described above were offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Act”) and Regulation D promulgated thereunder and, along with the shares of common stock underlying the warrants sold in the offering, have not been registered under the Act or applicable state securities laws. Accordingly, such securities may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from such registration requirements. The securities were offered only to accredited investors. Pursuant to a registration rights agreement, the Company has agreed to file one or more registration statements with the SEC covering the resale of the unregistered securities to be issued in the offering.

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

About Avalon GloboCare Corp.

Avalon GloboCare Corp. (NASDAQ: ALBT) is a technology-focused company developing and acquiring innovative artificial intelligence platforms. Through its AI-driven subsidiary, Avalon Quantum AI LLC, the Company is advancing next-generation AI systems, including automated video generation, enterprise documentation, and workflow automation solutions. Avalon is also expanding its intellectual property portfolio in cellular therapy and generative AI publishing and software. In addition, Avalon is marketing the KetoAir™ breathalyzer device, which is registered with the U.S. Food and Drug Administration as a Class I medical device, and plans to pursue additional diagnostic applications for the technology.

For more information about Avalon, please visit www.avalon-globocare.com. Information on the Company’s website does not constitute a part of and is not incorporated by reference into this press release.

Forward-Looking Statements

Certain statements contained in this press release are “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements are made based on our expectations and beliefs concerning future events impacting the Company and therefore involve several risks and uncertainties. You can identify these statements by the fact that they use words such as “will”, “anticipate”, “estimate”, “expect”, “should”, “may”, and other words and terms of similar meaning or use of future dates; however, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact, including statements regarding the completion of the offering, satisfaction of the closing conditions and use of proceeds therefrom, the receipt of stockholder approval for the warrants and the exercise of the warrants prior to their expiration. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as disclosed in our filings with the SEC, accessible through the SEC’s website (http://www.sec.gov), including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K filed or furnished with the SEC. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors, including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company’s views as of the date of this press release and these views could change. The Company disclaims any obligation to update forward-looking statements. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of the press release. The contents of any website referenced in this press release are not incorporated by reference herein.

Contact Information:

Avalon GloboCare Corp.
4400 Route 9 South, Suite 3100
Freehold, NJ 07728
[email protected]

Investor Relations:
Crescendo Communications, LLC
Tel: (212) 671-1020 Ext. 304
[email protected]



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Goldman Sachs BDC, Inc. Reports December 31, 2025 Financial Results and Announces First Quarterly 2026 Base Dividend of $0.32 Per Share and Fourth Quarter 2025 Supplemental Dividend of $0.03 Per Share.

Goldman Sachs BDC, Inc. Reports December 31, 2025 Financial Results and Announces First Quarterly 2026 Base Dividend of $0.32 Per Share and Fourth Quarter 2025 Supplemental Dividend of $0.03 Per Share.

NEW YORK–(BUSINESS WIRE)–
Goldman Sachs BDC, Inc. (“GSBD”, the “Company”, “we”, “us”, or “our”) (NYSE: GSBD) today reported financial results for the fourth quarter and year ended December 31, 2025 and filed its Form 10-K with the U.S. Securities and Exchange Commission.

QUARTERLY HIGHLIGHTS

  • Net investment income and adjusted net investment income per share for the quarter ended December 31, 2025 was $0.37, equating to an annualized net investment income yield on book value of 11.7%.1 Earnings per share for the quarter ended December 31, 2025 was $0.21.

  • Net asset value (“NAV”) per share as of December 31, 2025 decreased 0.9% to $12.64 from $12.75 as of September 30, 2025.

  • As of December 31, 2025, the Company’s total investments at fair value and commitments were $3,898.2 million, comprised of investments in 171 portfolio companies across 40 industries. The investment portfolio was comprised of 98.4% senior secured debt, including 96.9% in first lien investments.

  • During the quarter, the Company had new investment commitments of approximately $394.9 million of which $230.2 million were funded. Fundings of previously unfunded commitments for the quarter were $90.9 million and sales and repayments activity totaled $251.6 million, resulting in net funded investment activity of $69.5 million.

  • During the quarter, the Company’s 1st Lien/Senior Secured Debt position in Pluralsight, Inc. was placed on non-accrual status due to financial underperformance. As of December 31, 2025, the Company had certain investments held in nine portfolio companies on non-accrual status. As of December 31, 2025, investments on non-accrual status amounted to 1.9% and 2.8% of the total investment portfolio at fair value and amortized cost, respectively.

  • The Company’s ending net debt-to-equity ratio was 1.27x as of December 31, 2025 compared to 1.17x as of September 30, 2025.

  • As of December 31, 2025, 68.9% of the Company’s approximately $1,885.8 million aggregate principal amount of debt outstanding was comprised of unsecured debt and 31.1% was comprised of secured debt.3

  • On January 15, 2026, the Company borrowed approximately $505.0 million under the Truist Revolving Credit Facility and used the proceeds, together with cash on hand, to repay the 2026 Notes plus accrued and unpaid interest. On January 28, 2026, the Company also closed an offering of $400.0 million aggregate principal amount of 5.100% unsecured notes due 2029.

  • The Company’s Board of Directors declared a first quarter 2026 Base Dividend of $0.32 per share payable to shareholders of record as of March 31, 2026.4

  • The Company’s Board of Directors also declared a fourth quarter 2025 Supplemental Dividend of $0.03 per share payable on or about March 20, 2026 to shareholders of record as of March 9, 2026. Adjusted for the impact of the Supplemental Dividend related to the fourth quarter’s earnings, the Company’s fourth quarter adjusted NAV per share was $12.61.5

  • On June 13, 2025, the Company entered into a 10b5-1 stock repurchase plan, which allows the Company to repurchase up to $75.0 million of shares of the Company’s common stock if the common stock trades below the most recently announced quarter-end NAV per share, subject to certain limitations. During the three months ended December 31, 2025, the Company repurchased 1,544,029 shares for $15.0 million, inclusive of commission and direct acquisition costs.

SELECTED FINANCIAL HIGHLIGHTS

(in $ millions, except per share data)

As of

December 31, 2025

 

 

As of

September 30, 2025

 

Investment portfolio, at fair value2

$

3,261.7

 

 

$

3,196.9

 

Total debt outstanding3

$

1,885.8

 

 

$

1,853.0

 

Net assets

$

1,423.0

 

 

$

1,454.8

 

Ending net debt to equity11

1.27x

 

 

1.17x

 

Net asset value per share

$

12.64

 

 

$

12.75

 

Less: Supplemental Dividend per share declared post-quarter

$

0.03

 

 

$

0.04

 

Adjusted net asset value per share5

$

12.61

 

 

$

12.71

 

(in $ millions, except per share data)

Three Months Ended

December 31, 2025

 

 

Three Months Ended

September 30, 2025

 

Total investment income

$

86.1

 

 

$

91.6

 

 

 

 

 

 

 

Net investment income after taxes

$

42.2

 

 

$

45.3

 

Less: Purchase discount amortization

$

0.4

 

 

 

0.5

 

Adjusted net investment income after taxes1

$

41.8

 

 

$

44.8

 

 

 

 

 

 

 

Net realized and unrealized gains (losses)

$

(18.5

)

 

$

(20.6

)

Add: Realized/Unrealized depreciation from the purchase discount

 

0.4

 

 

 

0.5

 

Adjusted net realized and unrealized gains (losses)1

$

(18.1

)

 

$

(20.1

)

 

 

 

 

 

 

Net investment income per share (basic and diluted)

$

0.37

 

 

$

0.40

 

Less: Purchase discount amortization per share

$

—

 

 

 

—

 

Adjusted net investment income per share1

$

0.37

 

 

$

0.40

 

 

 

 

 

 

 

Weighted average shares outstanding

 

113.5

 

 

 

114.4

 

Total Quarterly Distributions per share

$

0.36

 

 

$

0.51

 

Total investment income for the three months ended December 31, 2025 and September 30, 2025 was $86.1 million and $91.6 million, respectively. The decrease in total investment income was primarily due to a decline in base interest rates and tightening of credit spreads.

Net expenses before taxes for the three months ended December 31, 2025 and September 30, 2025 were $43.0 million and $45.4 million, respectively. Net expenses decreased by $2.4 million, primarily driven by a decrease in incentive fees, partially offset by higher interest and other debt expenses.

INVESTMENT ACTIVITY2

The following table summarizes investment activity for the three months ended December 31, 2025:

 

 

New Investment Commitments

 

 

Sales and Repayments

 

Investment Type

 

$ Millions

 

 

% of Total

 

 

$ Millions

 

 

% of Total

 

1st Lien/Senior Secured Debt

 

$

330.6

 

 

 

83.7

%

 

$

237.0

 

 

 

94.2

%

1st Lien/Last-Out Unitranche

 

 

64.3

 

 

 

16.3

 

 

 

14.6

 

 

 

5.8

 

2nd Lien/Senior Secured Debt

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Unsecured Debt

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Preferred Stock

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Common Stock

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

$

394.9

 

 

 

100.0

%

 

$

251.6

 

 

 

100.0

%

During the three months ended December 31, 2025, new investment commitments were across 7 new portfolio companies and 20 existing portfolio companies. Sales and repayments were primarily driven by the exit and refinancing of our investments in 13 portfolio companies.

PORTFOLIO SUMMARY2

As of December 31, 2025, the Company’s investments consisted of the following:

 

 

Investments at Fair Value

 

Investment Type

 

$ Millions

 

 

% of Total

 

1st Lien/Senior Secured Debt

 

$

3,028.8

 

 

 

92.8

%

1st Lien/Last-Out Unitranche

 

 

135.1

 

 

 

4.1

 

2nd Lien/Senior Secured Debt

 

 

47.9

 

 

 

1.5

 

Unsecured Debt

 

 

8.5

 

 

 

0.3

 

Preferred Stock

 

 

26.4

 

 

 

0.8

 

Common Stock

 

 

14.7

 

 

 

0.5

 

Warrants

 

 

0.3

 

 

 

— (6)

 

Total

 

$

3,261.7

 

 

 

100.0

%

The following table presents certain selected information regarding the Company’s investments:

 

 

As of

 

 

 

December 31, 2025

 

 

December 31, 2024

 

Number of portfolio companies

 

 

171

 

 

 

164

 

Percentage of performing debt bearing a floating rate7

 

 

99.4

%

 

 

99.4

%

Percentage of performing debt bearing a fixed rate7

 

 

0.6

%

 

 

0.6

%

Weighted average yield on debt and income producing investments, at amortized cost8

 

 

9.9

%

 

 

11.2

%

Weighted average yield on debt and income producing investments, at fair value8

 

 

10.9

%

 

 

14.1

%

Weighted average leverage (net debt/EBITDA)9

 

5.9x

 

 

6.2x

 

Weighted average interest coverage9

 

2.0x

 

 

1.8x

 

Median EBITDA9

$

71.75 million

 

$

66.14 million

 

During the quarter, one investment was placed on non-accrual status due to financial underperformance. As of December 31, 2025, investments on non-accrual status amounted to 1.9% and 2.8% of the total investment portfolio at fair value and amortized cost, respectively.

LIQUIDITY AND CAPITAL RESOURCES

As of December 31, 2025, the Company had $1,885.8 million aggregate principal amount of debt outstanding, comprised of $585.8 million of outstanding borrowings under its senior secured revolving credit facility (“Revolving Credit Facility”), with Truist Bank, as administrative agent, and Bank of America, N.A., as syndication agent, $500.0 million of unsecured notes due 2026, $400.0 million of unsecured notes due 2027 and $400.0 million of unsecured notes due 2030.As of December 31, 2025, the Company had $1,110.0 million of availability under its Revolving Credit Facility and $78.9 million in cash and cash equivalents.3,10

The Company’s ending net debt-to-equity leverage ratio was 1.27x for the three months ended December 31, 2025, as compared to 1.17x for the three months ended September 30, 2025. 11

CONFERENCE CALL

The Company will host an earnings conference call on Friday, February 27, 2026 at 9:00 am Eastern Time. All interested parties are invited to participate in the conference call by dialing (800) 289-0459; international callers should dial +1 (929) 477-0443; conference ID 427709. All participants are asked to dial in approximately 10-15 minutes prior to the call, and reference “Goldman Sachs BDC, Inc.” when prompted. For a slide presentation that the Company may refer to on the earnings conference call, please visit the Investor Resources section of the Company’s website at www.goldmansachsbdc.com. An archived replay will be available on the Company’s webcast link located on the Investor Resources section of the Company’s website.

Please direct any questions regarding the conference call to Goldman Sachs BDC, Inc. Investor Relations, via e-mail, at [email protected].

ENDNOTES

1)

 On October 12, 2020, we completed our merger (the “Merger”) with Goldman Sachs Middle Market Lending Corp. (“MMLC”). The Merger was accounted for as an asset acquisition in accordance with ASC 805-50, Business Combinations — Related Issues. The consideration paid to MMLC’s shareholders was less than the aggregate fair values of the assets acquired and liabilities assumed, which resulted in a purchase discount (the “purchase discount”). The purchase discount was allocated to the cost of MMLC investments acquired by us on a pro-rata basis based on their relative fair values as of the closing date. Immediately following the Merger with MMLC, we marked the investments to their respective fair values and, as a result, the purchase discount allocated to the cost basis of the investments acquired was immediately recognized as unrealized appreciation on our Consolidated Statement of Operations. The purchase discount allocated to the loan investments acquired will amortize over the life of each respective loan through interest income, with a corresponding adjustment recorded as unrealized appreciation on such loan acquired through its ultimate disposition. The purchase discount allocated to equity investments acquired will not amortize over the life of such investments through interest income and, assuming no subsequent change to the fair value of the equity investments acquired and disposition of such equity investments at fair value, we will recognize a realized gain with a corresponding reversal of the unrealized appreciation on disposition of such equity investments acquired.
 
As a supplement to our financial results reported in accordance with generally accepted accounting principles in the United States of America (“GAAP”), we have provided, as detailed below, certain non-GAAP financial measures to our operating results that exclude the aforementioned purchase discount and the ongoing amortization thereof, as determined in accordance with GAAP. The non-GAAP financial measures include i) Adjusted net investment income per share; ii) Adjusted net investment income after taxes; and iii) Adjusted net realized and unrealized gains (losses). We believe that the adjustment to exclude the full effect of the purchase discount is meaningful because it is a measure that we and investors use to assess our financial condition and results of operations. Although these non-GAAP financial measures are intended to enhance investors’ understanding of our business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. The aforementioned non-GAAP financial measures may not be comparable to similar non-GAAP financial measures used by other companies.
 

2)

 The discussion of the investment portfolio excludes the investment, if any, in a money market fund managed by an affiliate of Goldman Sachs Group, Inc. (the “Money Market Fund”). As of December 31, 2025, the Company had an investment of $35.7 million in the Money Market Fund.
 

3)

 Total debt outstanding excludes netting of debt issuance costs of $8.2 million and $9.6 million as of December 31, 2025 and September 30, 2025, respectively. Total debt outstanding also excludes cumulative hedging adjustments for those borrowings that are designated in a fair value hedging relationship of $(3.0) million and $(2.6) million as of December 31, 2025 and September 30, 2025, respectively. In the third quarter of 2025, the Company entered into interest rate swaps to more closely align the interest rates of some of the Company’s fixed rate liabilities with its investment portfolio, which consists of predominately floating rate loans. The Company designated these interest rate swaps as the hedging instrument in a qualifying fair value hedge accounting relationship.
 

4)

 The $0.32 per share Base Dividend is payable on or about April 28, 2026 to shareholders of record as of March 31, 2026.
 

5)

 On February 26, 2025, we announced a distribution framework that is comprised of a quarterly base distribution declared in the relevant quarter and a variable supplemental distribution declared in the following quarter, subject to satisfaction of certain measurement tests and the approval of our Board.
 
As a supplement, we have provided a non-GAAP financial measure of our financial condition that adjusts the net asset value per share for the declared and unpaid supplemental distribution per share. We believe that the adjustment to the net asset value per share for the supplemental dividend is meaningful because it aligns the supplemental distribution to its relevant quarter earnings.
 
Although this non-GAAP financial measure is intended to enhance investors’ understanding of our business and performance, this non-GAAP financial measure should not be considered an alternative to GAAP. The aforementioned non-GAAP financial measure may not be comparable to similar non-GAAP financial measures used by other companies.
 

6)

 Amount rounds to less than 0.1%.
 

7)

 The fixed versus floating composition has been calculated as a percentage of performing debt investments measured on a fair value basis, including income producing preferred stock investments and excludes investments, if any, placed on non-accrual status.
 

8)

 Computed based on the (a) annual actual interest rate or yield earned plus amortization of fees and discounts on the performing debt and other income producing investments as of the reporting date, divided by (b) the total performing debt and other income producing investments (excluding investments on non-accrual) at amortized cost or fair value, respectively. This calculation excludes exit fees that are receivable upon repayment of the investment. Excludes the purchase discount and amortization related to the Merger.
 

9)

 For a particular portfolio company, we calculate the level of contractual indebtedness net of cash (“net debt”) owed by the portfolio company and compare that amount to measures of cash flow available to service the net debt. To calculate net debt, we include debt that is both senior and pari passu to the tranche of debt owned by us but exclude debt that is legally and contractually subordinated in ranking to the debt owned by us. We believe this calculation method assists in describing the risk of our portfolio investments, as it takes into consideration contractual rights of repayment of the tranche of debt owned by us relative to other senior and junior creditors of a portfolio company. We typically calculate cash flow available for debt service at a portfolio company by taking net income before net interest expense, income tax expense, depreciation and amortization (“EBITDA”) for the trailing twelve month period. Weighted average net debt to EBITDA is weighted based on the fair value of our debt investments and excludes investments where net debt to EBITDA may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue.
 

For a particular portfolio company, we also compare that amount of EBITDA to the portfolio company’s contractual interest expense. We believe this calculation method assists in describing the risk of our portfolio investments, as it takes into consideration contractual interest obligations of the portfolio company. Weighted average interest coverage is weighted based on the fair value of our performing debt investments and excludes investments where interest coverage may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue.
 
Median EBITDA is based on our debt investments and excludes investments where net debt-to-EBITDA may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue.
 
Portfolio company statistics are derived from the financial statements most recently provided to us of each portfolio company as of the reported end date. Statistics of the portfolio companies have not been independently verified by us and may reflect a normalized or adjusted amount. As of December 31, 2025 and September 30, 2025, investments where net debt-to-EBITDA may not be the appropriate measure of credit risk represented 14.2% and 14.7%, respectively, of total debt investments at fair value.
 

10)

 The Company’s Revolving Credit Facility has debt outstanding denominated in currencies other than U.S. Dollars (“USD”). These balances have been converted to USD using applicable foreign currency exchange rates as of December 31, 2025. As a result, the Revolving Credit Facility’s outstanding borrowings and the available debt amounts may not sum to the total debt commitment amount.
 

11)

 The ending net debt-to-equity leverage ratio is calculated by using the total borrowings net of cash and cash equivalents divided by equity as of December 31, 2025 and excludes unfunded commitments.

Goldman Sachs BDC, Inc.

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share amounts)
 

 

 

December 31, 2025

 

 

December 31, 2024

 

Assets

 

 

 

 

 

 

Investments, at fair value

 

 

 

 

 

 

Non-controlled/non-affiliated investments (cost of $3,285,039 and $3,533,627)

 

$

3,171,677

 

 

$

3,368,503

 

Non-controlled affiliated investments (cost of $110,127 and $139,955)

 

 

90,044

 

 

 

106,755

 

Total investments, at fair value (cost of $3,395,166 and $3,673,582)

 

$

3,261,721

 

 

$

3,475,258

 

Investments in affiliated money market fund (cost of $35,724 and $25,238)

 

 

35,724

 

 

 

25,238

 

Cash

 

 

43,211

 

 

 

61,795

 

Interest and dividends receivable

 

 

26,927

 

 

 

28,092

 

Deferred financing costs

 

 

13,245

 

 

 

11,897

 

Other assets

 

 

2,419

 

 

 

1,103

 

Total assets

 

$

3,383,247

 

 

$

3,603,383

 

Liabilities

 

 

 

 

 

 

Debt (net of debt issuance costs of $8,169 and $8,176)

 

$

1,874,620

 

 

$

1,926,452

 

Interest and other debt expenses payable

 

 

25,546

 

 

 

21,289

 

Management fees payable

 

 

8,181

 

 

 

8,780

 

Incentive fees payable

 

 

3,844

 

 

 

6,330

 

Distribution payable

 

 

36,022

 

 

 

52,784

 

Unrealized depreciation on derivatives

 

 

—

 

 

 

38

 

Secured borrowings

 

 

3,366

 

 

 

2,920

 

Accrued expenses and other liabilities

 

 

8,649

 

 

 

12,090

 

Total liabilities

 

$

1,960,228

 

 

$

2,030,683

 

Commitments and contingencies (Note 8)

 

 

 

 

 

 

Net assets

 

 

 

 

 

 

Preferred stock, par value $0.001 per share (1,000,000 shares authorized, no shares issued and outstanding)

 

$

—

 

 

$

—

 

Common stock, par value $0.001 per share (200,000,000 shares authorized, 112,569,067 and 117,297,222 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively)

 

 

113

 

 

 

117

 

Paid-in capital in excess of par

 

 

1,879,601

 

1,946,253

 

Distributable earnings (loss)

 

 

(456,695)

 

 

 

(373,670

)

Total net assets

 

$

1,423,019

 

 

$

1,572,700

 

Total liabilities and net assets

 

$

3,383,247

 

 

$

3,603,383

 

Net asset value per share

 

$

12.64

 

 

$

13.41

 

Goldman Sachs BDC, Inc.

Consolidated Statements of Operations

(in thousands, except share and per share amounts)
 

 

 

For the Years Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Investment income:

 

 

 

 

 

 

 

 

 

From non-controlled/non-affiliated investments:

 

 

 

 

 

 

 

 

 

Interest income

 

$

322,663

 

 

$

374,200

 

 

$

414,711

 

Payment-in-kind income

 

 

30,413

 

 

 

50,094

 

 

 

33,662

 

Other income

 

 

4,172

 

 

 

3,733

 

 

 

3,099

 

Dividend income

 

 

—

 

 

 

2

 

 

 

—

 

From non-controlled affiliated investments:

 

 

 

 

 

 

 

 

 

Interest income

 

 

4,882

 

 

 

3,912

 

 

 

2,286

 

Dividend income

 

 

785

 

 

 

1,970

 

 

 

908

 

Payment-in-kind income

 

 

2,488

 

 

 

335

 

 

 

207

 

Other income

 

 

165

 

 

 

128

 

 

 

41

 

Total investment income

 

$

365,568

 

 

$

434,374

 

 

$

454,914

 

Expenses:

 

 

 

 

 

 

 

 

 

Interest and other debt expenses

 

$

111,558

 

 

$

113,718

 

 

$

111,302

 

Management fees

 

 

33,449

 

 

 

35,232

 

 

 

35,470

 

Incentive fees

 

 

26,224

 

 

 

17,212

 

 

 

49,417

 

Professional fees

 

 

3,324

 

 

 

4,998

 

 

 

3,536

 

Directors’ fees

 

 

828

 

 

 

828

 

 

 

823

 

Other general and administrative expenses

 

 

4,592

 

 

 

4,535

 

 

 

4,269

 

Total expenses

 

$

179,975

 

 

$

176,523

 

 

$

204,817

 

Fee waivers

 

$

—

 

 

$

—

 

 

$

(1,986

)

Net expenses

 

$

179,975

 

 

$

176,523

 

 

$

202,831

 

Net investment income before taxes

 

$

185,593

 

 

$

257,851

 

 

$

252,083

 

Income tax expense, including excise tax

 

$

4,026

 

 

$

5,298

 

 

$

4,842

 

Net investment income after taxes

 

$

181,567

 

 

$

252,553

 

 

$

247,241

 

Net realized and unrealized gains (losses) on investment transactions:

 

 

 

 

 

 

 

 

 

Net realized gain (loss) from:

 

 

 

 

 

 

 

 

 

Non-controlled/non-affiliated investments

 

$

(89,292

)

 

$

(155,950

)

 

$

(49,409

)

Non-controlled affiliated investments

 

 

(33,824

)

 

 

(2,015

)

 

 

—

 

Controlled affiliated investments

 

 

—

 

 

 

—

 

 

 

(22,366

)

Foreign currency forward contracts

 

 

—

 

 

 

(703

)

 

 

—

 

Foreign currency and other transactions

 

 

506

 

 

 

5,236

 

 

 

404

 

Net change in unrealized appreciation (depreciation) from:

 

 

 

 

 

 

 

 

 

Non-controlled/non-affiliated investments

 

 

51,535

 

 

 

(35,110

)

 

 

5,529

 

Non-controlled affiliated investments

 

 

13,117

 

 

 

(1,947

)

 

 

(2,532

)

Controlled affiliated investments

 

 

—

 

 

 

—

 

 

 

22,366

 

Foreign currency forward contracts

 

 

(214

)

 

 

688

 

 

 

(242

)

Foreign currency translations and other transactions

 

 

(4,048

)

 

 

299

 

 

 

(4,482

)

Net realized and unrealized gains (losses)

 

$

(62,220

)

 

$

(189,502

)

 

$

(50,732

)

(Provision) benefit for taxes on realized gain/loss on investments

 

$

(80

)

 

$

(492

)

 

$

(1,210

)

(Provision) benefit for taxes on unrealized appreciation/depreciation on investments

 

 

—

 

 

 

308

 

 

 

575

 

Net increase (decrease) in net assets from operations

 

$

119,267

 

 

$

62,867

 

 

$

195,874

 

Weighted average shares outstanding

 

 

115,576,890

 

 

 

114,673,460

 

 

 

108,305,428

 

Basic and diluted net investment income per share

 

$

1.57

 

 

$

2.20

 

 

$

2.28

 

Basic and diluted earnings (loss) per share

 

$

1.03

 

 

$

0.55

 

 

$

1.81

 

ABOUT GOLDMAN SACHS BDC, INC.

Goldman Sachs BDC, Inc. is a specialty finance company that has elected to be regulated as a business development company under the Investment Company Act of 1940. GSBD was formed by The Goldman Sachs Group, Inc. (“Goldman Sachs”) to invest primarily in middle-market companies in the United States, and is externally managed by Goldman Sachs Asset Management, L.P., an SEC-registered investment adviser and a wholly-owned subsidiary of Goldman Sachs. GSBD seeks to generate current income and, to a lesser extent, capital appreciation primarily through direct originations of secured debt, including first lien, first lien/last-out unitranche and second lien debt, and unsecured debt, including mezzanine debt, as well as through select equity investments. For more information, visit www.goldmansachsbdc.com. Information on the website is not incorporated by reference into this press release and is provided merely for convenience.

FORWARD-LOOKING STATEMENTS

This press release may contain forward-looking statements that involve substantial risks and uncertainties. You can identify these statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “target,” “estimate,” “intend,” “continue,” or “believe” or the negatives thereof or other variations thereon or comparable terminology. You should read statements that contain these words carefully because they discuss our plans, strategies, prospects and expectations concerning our business, operating results, financial condition and other similar matters. These statements represent the Company’s belief regarding future events that, by their nature, are uncertain and outside of the Company’s control. Any forward-looking statement made by us in this press release speaks only as of the date on which we make it. Factors or events that could cause our actual results to differ, possibly materially from our expectations, include, but are not limited to, the risks, uncertainties and other factors we identify in the sections entitled “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements” in filings we make with the Securities and Exchange Commission, and it is not possible for us to predict or identify all of them. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Goldman Sachs BDC, Inc.

Investor Contact: John Psyllos, 212-902-1000

Media Contact: Victoria Zarella, 212-902-5400

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Finance Consulting Banking Professional Services Insurance

MEDIA:

Posted on

Kratos Defense & Security Solutions, Inc. Prices Public Offering of Common Stock

SAN DIEGO, Feb. 26, 2026 (GLOBE NEWSWIRE) — Kratos Defense & Security Solutions, Inc. (“Kratos”) (NASDAQ: KTOS), a Technology, Hardware, Products, System and Software Company addressing the Defense, National Security and Commercial Markets, today announced the pricing of an underwritten offering of 14,285,714 shares of its common stock at a public offering price of $84.00 per share pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission (the “SEC”). The net proceeds to Kratos from the offering, after deducting underwriting discounts and commissions, are expected to be approximately $1,172,999,977. Kratos has also granted the underwriters a 30-day option to purchase up to an additional 2,142,857 shares of common stock. All of the shares in the offering are to be sold by Kratos. The offering is expected to close on March 2, 2026, subject to customary closing conditions.

Kratos expects to use the net proceeds of the offering (i) to continue to make important capital expenditures to scale operations and meet the growing demands of The Department of War and our National Security customers with respect to existing programs, recently awarded contracts and new opportunities, (ii) to continue to invest in new product, system and software product development, including building and being first to market with National Security Systems, including in coordination with our customers and partners, (iii) to strengthen the Company’s balance sheet to allow us to be responsive to anticipated contract awards from our large, strategic pipeline of opportunities, (iv) to fund the recent acquisition of Nomad, pending acquisition of Orbit and select future strategic M&A opportunities, and (v) for general corporate purposes, including to pay fees and expenses in connection with the offering.

Baird, Raymond James, RBC Capital Markets and Truist Securities are acting as joint book-running managers for the offering.

The securities described above are being offered pursuant to an automatic shelf registration statement on Form S-3ASR (File No. 333-293786) that was previously filed by Kratos with the SEC and automatically became effective upon filing on February 26, 2026. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, these securities, nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale is not permitted.

The offering will be made only by means of a prospectus supplement and the accompanying prospectus. The preliminary prospectus supplement and accompanying prospectus describing the terms of the offering have been filed with the SEC and a final prospectus supplement will be filed with the SEC. Copies of the final prospectus supplement and accompanying prospectus relating to the offering may be obtained, when available, from Robert W. Baird & Co. Incorporated, 777 E. Wisconsin Avenue, Milwaukee, Wisconsin 53202, by telephone at (800) 792-2473, or by email at [email protected], Raymond James & Associates, Inc., 880 Carillon Parkway, St. Petersburg, FL 33716, by telephone at (800) 248-8863, or by email at [email protected], RBC Capital Markets, LLC, 200 Vesey Street, New York, New York 10281, by telephone at (877) 822-4089, or by email at [email protected], and Truist Securities, Inc., 740 Battery Ave. SE, 3rd Floor, Atlanta, Georgia 30339, Attention: Equity Capital Markets or by email at [email protected]. Electronic copies of the final prospectus supplement and accompanying prospectus will also be available on the SEC’s website at www.sec.gov.

About Kratos Defense & Security Solutions

Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS) a technology, hardware, products, system and software company addressing the defense, national security, and commercial markets. Kratos makes true internally funded research, development, capital and other investments, to rapidly develop, produce and field relevant solutions that address our customers’ mission critical needs and requirements. At Kratos, affordability is a technology, and we seek to utilize proven, leading-edge approaches and technology, not unproven bleeding edge approaches or technology, with Kratos’ approach designed to reduce cost, schedule and risk, enabling us to be first to market with cost effective solutions. We believe that Kratos is known as the innovative disruptive change agent in the industry, a company that is an expert in designing products and systems up front for successful rapid, large quantity, low-cost future manufacturing, which is a value-add competitive differentiator for our large traditional prime system integrator partners and also to our government and commercial customers. Kratos intends to pursue program and contract opportunities as the prime or lead contractor when we believe our probability of win is high and any investment required by Kratos is within our capital resource comfort level. We intend to partner and team with a large, traditional system integrator when our assessment of probability of win is greater or required investment is beyond Kratos’ comfort level. Kratos’ primary business areas include, virtualized ground systems for satellites and space vehicles including software for command & control (C2) and telemetry, tracking and control (TT&C), jet powered unmanned aerial drone systems, hypersonic vehicles and rocket systems, propulsion systems for drones, missiles, loitering munitions, supersonic systems, space craft and launch systems, command, control, communication, computing, combat, intelligence surveillance and reconnaissance (C5ISR) and microwave electronic products for missile, radar, air defense, missile defense, space, satellite, counter unmanned aircraft systems (CUAS), directed energy, communication and other systems, and virtual & augmented reality training systems for the warfighter.

Notice Regarding Forward-Looking Statements

Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements relate to a variety of matters, including, without limitation, Kratos’ expectations regarding the sale of shares of its common stock in the proposed public offering, use of the expected proceeds from the proposed public offering and other statements that are not purely statements of historical fact. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Kratos and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Kratos undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Kratos believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements including, but not limited to: risks and uncertainties related to market conditions, the satisfaction of customary closing conditions related to the proposed public offering, and general economic factors. There can be no assurance that Kratos will be able to complete the proposed public offering on the anticipated terms, or at all. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Kratos in general, see the risk disclosures in the Annual Report on Form 10-K of Kratos for the year ended December 28, 2025 and in subsequent reports on Forms 10-Q and 8-K and other filings made with the SEC by Kratos.

Press Contact:

Claire Cantrell
[email protected]

Investor Information:

877-934-4687
[email protected]



Posted on

Duos Technologies Group, Inc. Announces Pricing of $65 Million Public Offering of Common Stock

JACKSONVILLE, Fla., Feb. 26, 2026 (GLOBE NEWSWIRE) — Duos Technologies Group, Inc. (“Duos” or the “Company”) (Nasdaq: DUOT), a leading provider of adaptive, modular, and scalable Edge Data Center (“EDC”) solutions, today announced the pricing of its underwritten public offering of 8,666,666 shares of its common stock for total gross proceeds of approximately $65 million, before deducting underwriting discounts, commissions, and offering expenses. In addition, the Company has granted the underwriters a 30-day option to purchase up to an additional 1,299,999 shares to cover over-allotments at the public offering price. The offering is expected to close on or about March 2, 2026, subject to customary closing conditions.

The net proceeds from the offering will be used to expand, accelerate, and further commercialize the Company’s Edge Data Center business and for working capital and general corporate purposes.

Titan Partners, a division of American Capital Partners, is acting as the sole bookrunner for the offering.

The offering is being made pursuant to a shelf registration statement on Form S-3 (File No. 333-293372) filed with the Securities and Exchange Commission (“SEC”) on February 11, 2026, and declared effective by the SEC on February 12, 2026. A preliminary prospectus supplement and accompanying prospectus relating to the offering have been filed with the SEC and are available on the SEC’s website at www.sec.gov. A final prospectus supplement will be filed with the SEC. Copies of the final prospectus supplement and accompanying prospectus relating to the offering, when available, may also be obtained by contacting Titan Partners Group LLC, a division of American Capital Partners, LLC, 4 World Trade Center, 49th Floor, New York, NY 10007, by phone at (929) 833-1246 or by email at [email protected].

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor will there be any sale of these securities in any state or other 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 other jurisdiction.

About Duos Technologies Group, Inc.
Duos Technologies Group, Inc. (Nasdaq: DUOT), based in Jacksonville, Florida, through its wholly owned subsidiaries, Duos Technologies, Inc., Duos Edge AI, Inc., and Duos Energy Corporation, designs, develops, deploys and operates intelligent technology solutions for Machine Vision and Artificial Intelligence (“AI”) applications including real-time analysis of fast-moving vehicles, Edge Data Centers, and power consulting. For more information, visit www.duostech.com, www.duosedge.ai and www.duosenergycorp.com.


Forward-Looking Statements


This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things our expectations regarding the completion, terms, size, and timing of the public offering, and with respect to granting the underwriters a 30-day option to purchase additional shares, in addition to our plans, strategies and prospects — both business and financial. Although we believe that our plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, we cannot assure you that we will achieve or realize these plans, intentions or expectations. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Many of the forward-looking statements contained in this news release may be identified by the use of forward-looking words such as “believe,” “expect,” “anticipate,” “should,” “planned,” “will,” “may,” “intend,” “estimated,” and “potential,” among others. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this news release include risks and uncertainties related to completion of the public offering on the anticipated terms or at all, market conditions and the satisfaction of customary closing conditions related to the public offering and those set forth in reports or documents that we file from time to time with the United States Securities and Exchange Commission. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law. All forward-looking statements attributable to Duos Technologies Group, Inc. or a person acting on its behalf are expressly qualified in their entirety by this cautionary language.

This press release was published by a CLEAR® Verified individual.



Contacts
Corporate
Fei Kwong
VP, Investor Relations and Corporate Communications
Duos Technologies Group, Inc. (Nasdaq: DUOT)
+1.904.652.1625 | [email protected]

Duos Edge AI
Media Contact
iMiller Public Relations
+1.914.315.6424 | [email protected]

Posted on

Illumination Acquisition Corp I Announces Pricing of $200,000,000 Initial Public Offering

Illumination Acquisition Corp I Announces Pricing of $200,000,000 Initial Public Offering

NEW YORK–(BUSINESS WIRE)–
Illumination Acquisition Corp I (the “Company”) announced today that it priced its initial public offering of 20,000,000 units at $10.00 per unit. The units will be listed on the Nasdaq Global Market (“Nasdaq”) and are expected to begin trading under the ticker symbol “ILLUU” on February 27, 2026. Each unit consists of one Class A ordinary share and one-third of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment. Only whole warrants are exercisable and will trade. Once the securities comprising the units begin separate trading, the Class A ordinary shares and redeemable warrants are expected to be listed on Nasdaq under the symbols “ILLU” and “ILLUW,” respectively. The offering is expected to close on March 2, 2026, subject to customary closing conditions.

Illumination Acquisition Corp I is a Cayman Islands exempted company incorporated for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company may pursue an initial business combination in any industry or geographic location. However, it expects to focus on identifying a growth company in a vertical where its management team has domain expertise, including but not limited to the nuclear, artificial intelligence/high performance computing, technology, industrial growth and financial services industries.

BTIG, LLC is acting as the sole book-running manager for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,000,000 units at the initial public offering price to cover over-allotments, if any.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission (“SEC”) and was declared effective on February 26, 2026. The offering is being made only by means of a prospectus. Copies of the prospectus may be obtained, when available, from BTIG, LLC, 65 East 55th Street, New York, New York 10022, Attn: Syndicate Department, (212) 593 7555, by email at: [email protected], or by visiting the SEC’s website at www.sec.gov.

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

FORWARD-LOOKING STATEMENTS

This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering, the anticipated use of net proceeds and search for an initial business combination. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated in the offering prospectus, or that the Company will ultimately complete a business combination transaction. 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 Company’s registration statement and preliminary prospectus for the offering filed 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.

Illumination Acquisition Corp I

John Lipman

Chief Executive Officer

[email protected]

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Professional Services Technology Energy Finance Nuclear Artificial Intelligence

MEDIA:

Posted on

Ryoncil® Profits Underpinning Substantial Growth Pipeline

Financial Results and Operational Update for Half-Year Ended December 31, 2025

NEW YORK, Feb. 26, 2026 (GLOBE NEWSWIRE) — Mesoblast Limited (Nasdaq:MESO; ASX:MSB), global leader in allogeneic cellular medicines for inflammatory diseases, today provided financial results and an operational update for the period ended December 31, 2025 (H1 FY2026).

FINANCIAL HIGHLIGHTS FOR H1 FY2026

1

Performance driven by successful commercial launch of Ryoncil

®

  • Total revenue of US$51.3 million (A$78.3 million),2 up from US$3.2 million.
  • Successful U.S. commercial launch of Ryoncil® (remestemcel-L-rknd) generated gross sales of US$57.0 million and revenue of US$48.7 million after gross to net adjustment.
  • Ryoncil® gross profit, excluding amortization, was US$44.2 million versus nil in the prior year period. Direct selling costs were US$7.7 million.
  • The strong operating performance in the period allowed us to invest in R&D, including to support the Phase 3 trial on the blockbuster chronic low back pain indication, for clinical programs for lifecycle extension, and for commercial manufacturing of Ryoncil® inventory as well as for launch of second-generation product.
  • Reported net loss of US$40.2 million compared to US$47.9 million, an improvement of US$7.8 million. Excluding a US$23.0 million inventory reversal reported in the prior year period, the improvement in net loss year-over-year would have been US$30.7 million.
  • Net operating cash spend of US$30.3 million. Mesoblast expects to see reduction in net cash spend over the remainder of the fiscal period based on projected receipts from quarterly revenues.
  • Period-end cash balance of US$130.0 million. Mesoblast entered into a US$125.0 million five-year non-dilutive credit-line facility. The second tranche of US$50.0 million is available to be drawn at our option until June 30, 2026.

OPERATIONAL HIGHLIGHTS FOR H1 FY2026

Successful Ryoncil

®

commercial launch

  • To date 49 transplant centers have been onboarded, with a target of 64 centers which account for 94% of transplants performed in the U.S. Ryoncil®.
  • Coverage by government and commercial payers already extends to 280 million U.S. lives with Federal Medicaid coverage by U.S. Centers for Medicare & Medicaid Services (CMS) and mandatory fee-for-service Medicaid coverage in all U.S. states.
  • Issuance on October 1, 2025, of a specific Healthcare Common Procedure Coding System (HCPCS) J-Code by CMS for billing and reimbursement resulted in growth of Ryoncil® usage under CMS coverage versus commercial coverage in the last quarter.3
  • 84% of patients in ‘real-world’ clinical setting able to complete the initial 28-day treatment regimen as per the FDA approval label and alive.4
  • These early data are consistent with the prior clinical experience with Ryoncil®. The outcomes highlight our focus on getting patients on Ryoncil® therapy as early as possible following steroid resistance to enable completion of an initial 28-day treatment course and maximize survival.
  • Ryoncil

    ®

    lifecycle extension: Mesoblast intends to expand the clinical indications of Ryoncil® for life-cycle extension in both adults and children with life-threatening inflammatory conditions. The final protocol design for the Phase 3 trial of Ryoncil® as part of the second-line treatment regimen in adults with steroid-refractory acute graft versus host disease (SR-aGvHD), a population approximately three times the size of the pediatric SR-aGvHD population, is locked down following a recent meeting with FDA and will be provided to the Institutional Review Board (IRB) in March for site initiation.

Mesoblast’s second generation product rexlemestrocel-L to create multiple revenue streams in blockbuster indications

  • Mesoblast will seek to use its data from large randomized controlled trials in chronic discogenic low back pain (CLBP) and inflammatory chronic heart failure with low ejection fraction to support approvals for rexlemestrocel-L, aligning with recent announcements by the FDA that a single pivotal trial is the new default option for FDA approval.5
  • Confirmatory Phase 3 trial for chronic discogenic low back pain (CLBP): During the period, Mesoblast received positive feedback from FDA on potential filing of a Biologics License Application (BLA) confirming that a clinically meaningful reduction in pain intensity in the active arm versus placebo at 12 months can support product efficacy and stated that the robust results on opioid reduction from at least one adequate and well controlled trial could be included in the Clinical Studies section of product labeling. Mesoblast’s second randomized controlled Phase 3 trial in CLBP is on track to complete its 300-patient enrollment target in March/April this year with the trial actively recruiting across 40 sites in the U.S.
  • BLA filing for end-stage patients with chronic heart failure with low ejection fraction (HFrEF): Mesoblast has generated new data showing that a single administration of rexlemestrocel-L at the time of open heart surgery and device implantation to support the left ventricle in end-stage patients with HFrEF, reduces right heart failure hospitalizations, mortality from right heart failure, and portal hypertension with major bleeding events. With these new data, existing Orphan Drug designation for treating this group of patients, and FDA’s stated preference for randomized controlled trials, Mesoblast is moving from filing for accelerated approval to filing for full FDA approval next quarter. A confirmatory study would no longer be needed, if approved.
  • Commercial manufacturing: scale-up work for rexlemestrocel-L is well progressed to support BLA filings for both CLBP and, in the first instance, for end-stage HFrEF patients with LVADs.

FY2026 Net Revenue Guidance

Mesoblast anticipates full-year fiscal 2026 Ryoncil® net revenue to range between US$110 million and US$120 million.

Commentary

Mesoblast Chief Executive Dr. Silviu Itescu, commented on the result: “Today we report strong operational and financial performance for the first half of FY2026, a period that marks an important inflection point in Mesoblast’s evolution from clinical development to sustainable commercial execution. Sales momentum for Ryoncil® continued to build, driving meaningful revenue and reinforcing the product’s value in addressing significant unmet medical need and the strength of our commercial strategy.

Importantly, we have improved the Company’s financial position with positive cash flow generated from Ryoncil® sales, disciplined cost management, and a strategic refinancing, providing greater flexibility to support expansion and late-stage clinical programs.

As we enter the second half of FY2026, we remain focused on accelerating commercial uptake, advancing regulatory and label expansion opportunities, and maintaining financial discipline to deliver sustainable long-term shareholder value.”

Conference Call

There will be a webcast today, beginning at 5.00pm EST (Thursday, February 26); 9.00am AEDT (Friday, February 27). It can be accessed via: https://webcast.openbriefing.com/msb-hyr-2026/

The archived webcast will be available on the Investor page of the Company’s website: www.mesoblast.com

Other

Please refer ‘Risk Factors’ and ‘Management’s Discussion and Analysis’ sections in our Form 6-K filed with SEC and Appendix 4D filed with ASX.

About Mesoblast

Mesoblast (the Company) is a world leader in developing allogeneic (off-the-shelf) cellular medicines for the treatment of severe and life-threatening inflammatory conditions. The therapies from the Company’s proprietary mesenchymal lineage cell therapy technology platform respond to severe inflammation by releasing anti-inflammatory factors that counter and modulate multiple effector arms of the immune system, resulting in significant reduction of the damaging inflammatory process.

Mesoblast’s Ryoncil® (remestemcel-L-rknd) for the treatment of steroid-refractory acute graft versus host disease (SR-aGvHD) in pediatric patients 2 months and older is the first FDA-approved mesenchymal stromal cell (MSC) therapy. Please see the full Prescribing Information at www.ryoncil.com.

Mesoblast is committed to developing additional cell therapies for distinct indications based on its remestemcel-L and rexlemestrocel-L allogeneic stromal cell technology platforms. Ryoncil® is being developed for additional inflammatory diseases including SR-aGvHD in adults and biologic-resistant inflammatory bowel disease. Rexlemestrocel-L is being developed for heart failure and chronic low back pain. The Company has established commercial partnerships in Japan, Europe and China.

About Mesoblast intellectual property: Mesoblast has a strong and extensive global intellectual property portfolio, with over 1,000 granted patents or patent applications covering mesenchymal stromal cell compositions of matter, methods of manufacturing and indications. These granted patents and patent applications provide commercial protection extending through to at least 2044 in all major markets.

About Mesoblast manufacturing: The Company’s proprietary manufacturing processes yield industrial-scale, cryopreserved, off-the-shelf, cellular medicines. These cell therapies, with defined pharmaceutical release criteria, are planned to be readily available to patients worldwide.

Mesoblast has locations in Australia, the United States and Singapore and is listed on the Australian Securities Exchange (MSB) and on the Nasdaq (MESO). For more information, please see www.mesoblast.com, LinkedIn: Mesoblast Limited and Twitter: @Mesoblast

References / Footnotes

  1. See summary consolidated financial tables at the end of this release.
  2. Translated at the average US$:A$ exchange rate for the six months ended December 31, 2025 as reported by the Reserve Bank of Australia, being 0.65539.
  3. Coding and coverage decisions are made by payers, and coverage cannot be guaranteed.
  4. Mesoblast ASX announcement January 27, 2026.
  5. Prasad V, Makary MA. One Pivotal Trial, the New Default Option for FDA Approval — Ending the Two-Trial Dogma. N Engl J Med 2026;394:815-817.

Forward-Looking Statements

This press release includes forward-looking statements that relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. We make such forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Forward-looking statements should not be read as a guarantee of future performance or results, and actual results may differ from the results anticipated in these forward-looking statements, and the differences may be material and adverse. Forward-looking statements include, but are not limited to, statements about: the initiation, timing, progress and results of Mesoblast’s preclinical and clinical studies, and Mesoblast’s research and development programs; Mesoblast’s ability to advance product candidates into, enroll and successfully complete, clinical studies, including multi-national clinical trials; Mesoblast’s ability to advance its manufacturing capabilities; the timing or likelihood of regulatory filings and approvals, manufacturing activities and product marketing activities, if any; the commercialization of Mesoblast’s RYONCIL for pediatric SR-aGVHD and any other product candidates, if approved; regulatory or public perceptions and market acceptance surrounding the use of stem-cell based therapies; the potential for Mesoblast’s product candidates, if any are approved, to be withdrawn from the market due to patient adverse events or deaths; the potential benefits of strategic collaboration agreements and Mesoblast’s ability to enter into and maintain established strategic collaborations; Mesoblast’s ability to establish and maintain intellectual property on its product candidates and Mesoblast’s ability to successfully defend these in cases of alleged infringement; the scope of protection Mesoblast is able to establish and maintain for intellectual property rights covering its product candidates and technology; estimates of Mesoblast’s expenses, future revenues, capital requirements and its needs for additional financing; Mesoblast’s financial performance; developments relating to Mesoblast’s competitors and industry; and the pricing and reimbursement of Mesoblast’s product candidates, if approved. You should read this press release together with our risk factors, in our most recently filed reports with the SEC or on our website. Uncertainties and risks that may cause Mesoblast’s actual results, performance or achievements to be materially different from those which may be expressed or implied by such statements, and accordingly, you should not place undue reliance on these forward-looking statements. We do not undertake any obligations to publicly update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.

Not financial product advice

This announcement does not constitute financial product advice or investment advice (nor tax, accounting or legal advice) and has been prepared without taking into account the objectives, financial situation or needs of individuals. Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs and seek appropriate professional advice.

Disclaimer

To the maximum extent permitted by law, Mesoblast and its directors, officers, employees, advisers and agents disclaim any obligation or undertaking to release any updates or revisions to the information to reflect any change in expectations or assumptions, and disclaim all responsibility and liability for these forward-looking statements (including, without limitation, any liability for negligence).

Release authorized by the Chief Executive.

For more information, please contact:


Corporate Communications / Investors
 		 
Paul Hughes  
T: +61 3 9639 6036  
   

Media – Global

Media – Australia
Rubenstein BlueDot Media
Caroline Nelson Steve Dabkowski
T: +1 703 489 3037 T: +61 419 880 486
E: [email protected] E: [email protected]
   


Consolidated Income Statement

    Six Months Ended

December 31,
(in U.S. dollars, in thousands, except per share amount)   2025
   2024
Revenue:        
Product sales, net   48,685     —  
Royalty revenue   2,657     3,156  
Total revenues   51,342     3,156  
Cost of revenues (including amortization of currently marketed intangible assets, December 31, 2025: $3.082 million & 2024: $Nil)   (7,604 )   —  
Research & development   (46,162 )   (5,085 )
Selling, general and administration   (28,541 )   (18,012 )
Fair value remeasurement of contingent consideration   7,641     (4,303 )
Fair value remeasurement of warrant liability   (4,498 )   (11,978 )
Other operating income and expenses   3,217     (673 )
Finance costs   (15,112 )   (10,827 )
Loss before income tax   (39,717 )   (47,722 )
Income tax benefit/(expense)   (445 )   (212 )
Loss attributable to the owners of Mesoblast Limited   (40,162 )   (47,934 )
         
Losses per share from continuing operations attributable to the ordinary equity holders of the Group:   Cents   Cents
Basic – losses per share   (3.11 )   (4.20 )
Diluted – losses per share   (3.11 )   (4.20 )
             


Consolidated Statement of Comprehensive Income

    Six Months Ended

December 31,
(in U.S. dollars, in thousands)   2025
   2024
Loss for the period   (40,162 )   (47,934 )
Other comprehensive income/(loss)        
Items that may be reclassified to profit and loss        
Exchange differences on translation of foreign operations   237     (113 )
Items that will not be reclassified to profit and loss        
Financial assets at fair value through other comprehensive income   163     194  
Other comprehensive income for the period, net of tax   400     81  
Total comprehensive losses attributable to the owners of Mesoblast Limited   (39,762 )   (47,853 )
             


Consolidated Balance Sheet

(in U.S. dollars, in thousands)

  As of

December 31,

2025 		  As of

June 30,

2025
Assets        
Current Assets        
Cash & cash equivalents   129,975     161,551  
Trade & other receivables   43,300     14,866  
Inventory   21,664     22,246  
Prepayments   7,544     5,687  
Total Current Assets   202,483     204,350  
         
Non-Current Assets        
Property, plant and equipment   1,793     1,702  
Right-of-use assets   6,486     4,121  
Financial assets at fair value through other comprehensive income   1,551     1,388  
Other non-current assets   1,194     1,296  
Intangible assets   568,800     571,826  
Total Non-Current Assets   579,824     580,333  
Total Assets   782,307     784,683  
         
Liabilities        
Current Liabilities        
Trade and other payables   33,576     19,082  
Provisions and other liabilities   11,201     20,985  
Borrowings   66,738     54,155  
Lease liabilities   2,382     2,680  
Warrant liability   14,172     5,724  
Total Current Liabilities   128,069     102,626  
         
Non-Current Liabilities        
Provisions and other liabilities   11,030     10,793  
Borrowings   60,132     67,739  
Lease liabilities   5,892     3,583  
Deferred consideration   2,500     2,500  
Total Non-Current Liabilities   79,554     84,615  
Total Liabilities   207,623     187,241  
Net Assets   574,684     597,442  
         
Equity        
Issued Capital   1,519,456     1,508,846  
Reserves   106,293     99,499  
Accumulated losses   (1,051,065 )   (1,010,903 )
Total Equity   574,684     597,442  
             


Consolidated Statement of Cash Flow

    Six Months Ended

December 31,
(in U.S. dollars, in thousands)   2025
   2024
Cash flows from operating activities        
Receipts from customers   28,033     3,063  
Payments to suppliers and employees (inclusive of goods and services tax)   (61,020 )   (24,159 )
Interest received   2,642     441  
Income taxes refund/(paid)   1     (2 )
Government grants and tax incentives and credits received   —     2  
Net cash (outflows) in operating activities   (30,344 )   (20,655 )
         
Cash flows from investing activities        
Payments for property, plant and equipment   (422 )   (106 )
(Payments for)/Receipt from investment in sublease   (125 )   124  
Payments for intellectual property   (60 )   —  
Receipt of security deposits   —     609  
Net cash (outflows)/inflows in investing activities   (607 )   627  
         
Cash flows from financing activities        
Proceeds from borrowings   71,039     —  
Proceeds from issue of warrants   3,961     —  
Repayment of borrowings   (69,338 )   (2,608 )
Payment of transaction costs from borrowings   (4,288 )   (644 )
Interest and other costs of finance paid   (7,099 )   (2,720 )
Proceeds from issues of shares and other equity securities   1,557     —  
Payment of transaction costs from issues of shares and other equity securities   (128 )   (24 )
Proceeds from exercise of options   3,994     1,341  
Proceeds from settlement of lease liabilities   314     —  
Payments for lease liabilities   (1,140 )   (971 )
Proceeds from exercise of warrants   —     1,362  
Net cash (outflows) by financing activities   (1,128 )   (4,264 )
         
Net (decrease) in cash and cash equivalents   (32,079 )   (24,292 )
Cash and cash equivalents at beginning of period   161,551     62,960  
Foreign exchange gains/(losses) on the translation of foreign bank accounts   503     (639 )
Cash and cash equivalents at end of period   129,975     38,029